December, 2007
WASHINGTON?The Senate Friday confirmed President Bush?s nomination of Charles E.F. Millard to be the next director of the Pension Benefit Guaranty Corp. Mr. Millard, who has been serving as interim PBGC director, most recently was a managing director at Broadway Partners L.L.C., a New York...
ANNAPOLIS, Md.?Nearly $100 million will be returned to the State of Maryland and physicians as the result of an agreement reached between the Medical Mutual Liability Insurance Society of Maryland, Gov. Martin O?Malley and Insurance Commissioner Ralph S. Tyler. Under a consent order released...
U.S. tort costs totaled $247 billion in 2006, a 5.5% decline from the previous year, according to a report released by Towers Perrin this week. The decline is the first since 1997, the report states. The report, ?2007 Update on U.S. Tort Cost Trends,? which was published by the Tillinghast...
PROVIDENCE, R.I.?Blue Cross Blue Shield of Rhode Island will pay $20 million to resolve federal public corruption charges over payments that its lobbyists made to state officials, the U.S. Justice Department announced Thursday. As part of the agreement, federal officials agreed not to press...
LONDON?The Financial Services Authority has banned four individuals for dishonest involvement in reinsurance business that funnelled significant losses into Sphere Drake Insurance Ltd. The London-based FSA, the U.K. insurance regulator, said in a statement it had banned John Hubert Whitcombe,...
ZURICH, Switzerland?The European Commission's Environmental Liability Directive (2004/35/EC) offers the insurance industry an opportunity to develop new products, but the process will take some time, according to a newly released report by Swiss Reinsurance Co. in Zurich. The 45-page report, titled...
LONDON? Tokio Marine & Nichido Fire Insurance Co. Ltd., part of Tokyo-based Millea Holdings Inc., has reached an agreement to acquire Lloyd?s of London insurer Kiln Ltd. for £442.2 million ($897.9 million) in cash. The acquisition of Kiln will take a pivotal role in the expansion of the...
PARIS?Paris-based reinsurer SCOR S.E. announced that its Swiss unit, SCOR Holding (Switzerland) Ltd. intends to delist its American depository shares from the New York Stock Exchange and terminate the registration of its securities under the U.S. Securities Exchange Act of 1934. Zurich,...
ZURICH, Switzerland? Zurich Financial Services Group is opening a business unit in Hong Kong to expand its services to large corporate clients in the region. The new unit, Global Corporate in Asia-Pacific, will develop business in Japan, greater China/south east Asia and Australasia. It will...
AUSTIN, Texas?Southwestern Insurance Information Service reported Thursday that insured losses from the Oklahoma ice storm could reach $35 million. The Austin, Texas-based industry trade group that represents insurers writing business in Oklahoma and Texas, said that most of the damage from...
