Regulation & Compliance
P/C Combined 97.6 for 2013; Commercial Outlook Still Negative: A.M. Best
A relatively quiet year for catastrophes helped the U.S. property/casualty industry achieve an underwriting profit for the first time in four years, according to A.M. Best. The industry managed its ...
PCI Adds 3 to Washington Lobbying Operations
The Property Casualty Insurers Association of America (PCI) said it has added three new hires. Tom Glassic will join the association as vice president, policy and government relations; Nicole Austin ...
A.M. Best Incorporates Mexican Subsidiary; Opens Office in Mexico City
A.M. Best Co. announced the incorporation of its new subsidiary, A.M. Best América Latina, S.A. de C.V. The new office will be located in the financial district of Mexico City at Paseo de la Reforma ...
Travelers Increases Board to 12 Members; Ruegger Named a Director
Travelers Cos., the only insurer in the Dow Jones Industrial Average, increased the number of directors on its board from 11 to 12. The board elected Philip T. Ruegger III as a director, the insurer ...
Study of Possible Wall Street Broker Conflicts Leaked; Authors Warn Against Quick Judgments
A new academic paper about potential conflict of interest in large retail brokers' routing of limit orders has stirred controversy on Wall Street and caught regulators' attention—even before the ...
Florida Insurance Fraud Ring Staged Home Floods, Fires
A major fraud ring that staged fires and floods at South Florida homes to collect millions of dollars in claims from insurance companies has been broken up with charges against 22 people, authorities ...
FIO Chief McRaith Dismisses State v. Fed Debate as ‘Relic’
The state versus federal oversight discussion is a "binary debate" that is a relic of a bygone era, the director of the Federal Insurance Office told lawmakers at a Congressional hearing Tuesday. FIO ...
RSA Insurance Turns to Ex-RBS Boss Hester as CEO
RSA Insurance Group Plc hired former Royal Bank of Scotland Group Plc Chief Executive Officer Stephen Hester to lead the U.K. insurer, as it seeks to put a scandal at its Irish unit behind it. ...