Industry News
Non-Life Cat Bond Volumes Hit Q2 Record: Willis Capital Markets
The non-life catastrophe bond market issued record volumes during the second quarter, Willis Capital Markets & Advisory (WCMA) said, adding that it expects full-year issuance to be between $8 ...
ACE Buying Itaú Seguros for $685M to Become Top P/C Insurer in Brazil
ACE Limited announced Friday that it will acquire the large corporate property/casualty business of Itaú Seguros, S.A. from Itaú Unibanco S.A. for roughly $685 million—a deal that will make ACE ...
After several years in which much of P&C was focused on restoring rate adequacy and profitability, the market is finally...
AIG Units Suing to See Asbestos Trust Records; Millions in Fraudulent Payments Suspected
Six insurance companies are suing an asbestos personal injury trust set up by a U.S. unit of Philips that the insurers suspect has been making millions of dollars in fraudulent payments to parties ...
CEO of Oregon WC Writer Accused of Harassment Plans Lawsuit After Firing
The man fired as leader of Oregon's workers compensation agency after just three months on the job has filed notice that he plans to sue over his ouster. John Plotkin alleges his predecessor at SAIF ...
Zurich Sells Underperforming Russian Retail Unit to Olma Group; Keeps Corporate Biz
Zurich Insurance Group AG, the largest Swiss insurer, said the sale of its Russian retail unit will lead to an estimated loss of about $300 million. The insurer said it is selling the business to ...
Private Insurers Taking to South Carolina Coast
More private insurers are selling wind coverage to South Carolina coastal property owners, leading to a decline in the population of the state's windpool. The South Carolina Wind and Hail ...
Sparking F-35 Fighter Jet Spurs Pre-Air Show Inspection Push
U.S. and British military officials are working on a joint directive to require mandatory inspections of engines on all Lockheed Martin Corp F-35 fighter jets, after an Air Force F-35A caught fire at ...
Progressive Boosts Ad Spending, But GEICO Still #1: SNL
Progressive Corp. boosted its advertising spending by nearly $70 million year over year to $595.4 million in 2013, the largest aggregate dollar increase among all U.S. property/casualty insurers, ...