News

In its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion,…

A hearing by the New York Insurance Department into possible violations by brokerage Marsh has been postponed. The hearing, originally set for November 26 has now been moved into next year, rescheduled for January 18. The reason for the delay…

Swiss Re’s latest annual hurricane report says that changing social, economic and weather patterns makes the use of loss history an inadequate rating tool when determining the risk and cost of large weather related events such as hurricanes. The report…

The financial ratings of European insurers has continued to stabilize over 2004, says a report released by rating agency Standard & Poor’s (S&P). "Only five of the 20 groups covered in this report continue with a negative outlook, compared with…

In what is surely a dubious distinction, California ranks as the top state for auto theft in 2003. According to the U.S. National Insurance Crime Bureau (NICB), six of the top ten worst metropolitan areas in terms of theft rates…

With the third quarter of 2004 presenting a record 69 new securities litigation cases being filed in the U.S., this year’s total number of cases has already reached the level achieved in all of 2003.According to PriceWaterhouse Coopers LLP, in…

The market for single-name credit derivatives has grown in leaps and bounds in recent years, but at the same time has shown volatile performance with respect to liquidity, notes a new report by Fitch Ratings. By the end of 2003,…

Thanks to stronger performance in equity markets, the segregated fund market in Canada is stabilizing, notes a new report by rating agency A.M. Best.According to Best data, at yearend 2003, the top 20 seg fund insurers accounted for basically the…

A five-week internal investigation carried out by Employers Reinsurance Corp. (ERC) has revealed "a limited number of isolated issues" that could pertain in the ongoing Spitzer investigation into questionable business bidding practices within the insurance industry. The "issues" in question…

The legal settlement deal which American International Group (AIG) recently announced that it had struck in principle with the Securities Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) will cost the company’s shareholders about US$126 million, according to…

Nova Scotia’s opposition party, the NDP, has once again taken charge at insurers by adding their voice to the furor surrounding the payment of broker contingency commissions. Citing research carried out by federal regulator, the Office of the Superintendent of…

American International Group (AIG) has made an offer of settlement to the Securities Exchange Commission (SEC) with regard to a civil suit brought against the company and AIG Financial Products Corp. in the Spitzer probe regarding rigged bidding and fees…