October, 2007
NEW YORK?The outlook for North American property/casualty commercial lines is stable, according to a Moody?s Investors Service Inc. report released Thursday. In the report, analysts with the New York-based investor service concluded that the stability of P/C commercial lines insurance ?reflects the...
WASHINGTON (Reuters)?The House on Thursday failed to overturn President Bush's veto of a plan to expand a popular children's health care program and pay for it by raising tobacco taxes. The 273-156 vote fell short of the two-thirds needed to overturn a presidential veto, giving President Bush a...
STAMFORD, Conn.?A state judge has issued a temporary injunction against Arch Capital Group Ltd. after finding that several Arch facultative reinsurance officials misappropriated General Re Corp. trade secrets when they left Gen Re to join Arch earlier this year. Connecticut Superior Court Judge...
WARREN, N.J.?The China Insurance Regulatory Commission has endorsed Chubb Corp.?s request to convert its Shanghai branch into a wholly owned insurance subsidiary, Chubb announced Thursday. Federal Insurance Co., a unit of Warren, N.J.-based Chubb Corp., received approval Thursday to open new...
ARLINGTON, Va.?Watson Wyatt Worldwide is spinning off its multiemployer retirement plan consulting practice in the United States and Canada, with the business being taken over by two new firms comprised of current Watson Wyatt employees. Currently, U.S. and Canadian multiemployer retirement...
NEW YORK?Highly rated reinsurers would no longer post collateral when conducting business in New York, regardless of where they are domiciled, according to a regulation proposed Thursday by the New York Insurance Department. The proposal, which faces few hurdles, would eliminate an existing...
DUBAI, United Arab Emirates? New York-based Marsh Inc. has announced the establishment of a Forensic Accounting and Claims Service practice for the Middle East and North Africa regions. Based in Dubai, the practice is to be led by Ian Peters, previously senior claims consultant with Marsh?s...
LONDON (Reuters)? Insurer Aviva outlined an extra £350 million ($712 million) of annual cost cuts on Wednesday as part of a long-awaited strategy overhaul, but the plan threw up few surprises and left investors disappointed. Chief Executive Andrew Moss, who took the helm in July, had indicated...
BUDAPEST, Hungary? D. Jeffrey Manners will join MAI Insurance Group as chief executive officer on Jan. 1. Mr. Manners, who previously served as Brussels, Belgium-based chief executive officer of Central and Eastern Europe for Marsh Inc., replaces Christopher Gore, who will remain as executive...
NEW YORK?The New York State Department of Insurance has licensed RP Captive Insurance Co. Inc. to insure the risks of a real estate project developed by Silverstein Properties Inc. RPIC will insure the risks of River Place II L.L.C., a large residential development in midtown Manhattan. The...
