Industry News
New York Regulator Eyes Lloyd’s Internal Probe in Iran Sanctions Inquiry
A New York regulatory investigation of Lloyd's of London for possible violations of Iran sanctions law has led to a government request for files of an internal probe by the insurer, a person familiar ...
2012 Saw Record-Breaking $17.3 Billion in Crop Losses; Top 10 States Ranked
The Federal Crop Insurance Program paid out a record-breaking $17.3 billion in crop losses last year, according to a report by the Natural Resources Defense Council (NRDC). Damage caused by drought, ...
United Insurance Holdings Corp. Appoints Andrew Swenson as VP & CIO
United Insurance Holdings Corp. (UPC Insurance) announced the appointment of Andrew Swenson as vice president and chief information officer on Tuesday. In this newly created position, Swenson will be ...
U.S. Banks’ $100 Billion Legal Tab for Financial Crisis Exceeds Combined Profit
The six biggest U.S. banks, led by JPMorgan Chase & Co. and Bank of America Corp., have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to ...
U.S. 2-Year Note Sale Lures Insurance Companies
The Treasury sold two-year notes at a lower-than-forecast yield as direct bidders, a group that includes pension funds and insurance companies, bought their biggest share of the auction since April. ...Sills Taking Capitol Insurance Reins; Pauly Announces Plan To Retire
Capitol Insurance Companies announced Tuesday that its chairman and chief executive officer, David F. Pauly, intends to retire effective Dec. 31, 2013. In advance of his retirement, Pauly will step ...
Future Profit Projections: Moody’s Analysis of Commercial Combined Ratios
Given the current level of commercial insurance price increases, which are outpacing loss ratio trends, analysts at Moody's Investors Service forecast that underwriting margins will also continue to ...
Commercial Insurance Rate Hikes Continuing; WC Profit Ahead in ’14: Moody’s
Moody's expects property/casualty commercial insurance rate hikes to continue for the balance of the year, making 2013 the third straight full year of rising rates for commercial lines carriers, ...