Business Insurance
Democrats move closer to health care deal
WASHINGTON (Reuters)—Congressional Democrats drew closer Thursday to agreement on a broad health care overhaul that could lead to a final vote in the next few weeks, but vowed not to be bound by White House deadlines.
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Sen. Dodd to unveil financial services reform bill
WASHINGTON (Reuters)—Sen. Christopher Dodd, D-Conn., said Thursday that he will present on Monday his own version of a financial services reform bill, after compromise talks with Senate Republicans broke down.
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Everest Re estimates Chile quake, Europe storm losses
HAMILTON, Bermuda—Everest Re Group Ltd. made a preliminary estimate Thursday that its loss related to the earthquake in Chile is $225 million and its loss from Windstorm Xynthia in Europe is $25 million.
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Private insured losses from Xynthia could reach $2.7B: RMS
PARIS—Risk Management Solutions Inc. said Thursday it estimates private-market insured losses from Windstorm Xynthia will be between €1 billion ($1.36 billion) and €2 billion ($2.72 billion).
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Total CEO compensation declines, XL reports to SEC
HAMILTON, Bermuda–XL Capital Ltd. awarded CEO Michael S. McGavick total compensation of $6.2 million last year, 16.2% less than the previous year, the Bermuda-based insurer said in a regulatory filing.
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Chartis Europe names president, CEO
LONDON—Chartis Europe Holdings Ltd. has named Alexander Baugh to the new position of president and CEO as the insurance group prepares for Solvency II.
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Hannover Re reports profit for 2009
HANNOVER, Germany (Reuters)—Hannover Reinsurance Co. expects a "good" 2010 after unveiling record 2009 net profit thanks to low payouts for storms and earthquakes and a rebound in capital markets.
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Connecticut sues S&P, Moody’s, claims ‘tainted ratings’
HARTFORD, Conn.—Connecticut Attorney General Richard Blumenthal on Wednesday filed a state lawsuit against ratings agencies Moody’s Investors Service and Standard & Poor’s Corp.
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Bill would allow risk retention groups to write property coverage
WASHINGTON—A bipartisan group of congressmen introduced legislation Wednesday that would allow risk retention groups to write commercial property coverage.
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Insurers oppose debt guarantee of state catastrophe cover
WASHINGTON—Insurer and reinsurer groups reiterated their opposition Wednesday to a bill that would have the federal government guarantee debt issued by eligible state catastrophe insurance programs that cover homeowners insurance.
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Senate passes COBRA premium subsidy extension
WASHINGTON—The U.S. Senate approved tax legislation on a 62-36 vote Wednesday that would further extend COBRA health insurance premium subsidies.
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French insurers to take hit from Xynthia: Moody’s
PARIS—The French insurance industry is expected to suffer “significant” losses as a result of Windstorm Xynthia, Moody’s Investors Services said Wednesday, adding that the costs of the storm will be considerably less for the...
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Quake, windstorm losses pressuring Munich Re: CFO
MUNICH—Catastrophe losses estimated at €500 million ($681.1 million) from the earthquake in Chile and Windstorm Xynthia in Europe will pressure Munich Reinsurance Co.
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Swiss Re estimates earthquake, windstorm losses
ZURICH—Swiss Reinsurance Co. Ltd. said Wednesday it expects $600 million in losses from the earthquake that hit Chile and windstorm that battered parts of Europe.
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Munich Re CEO: Buffett stake backs our strategy
MUNICH (Reuters)—Munich Reinsurance Co. sees star investor Warren Buffett's stake in the reinsurer as evidence that he backs its long-term strategy aimed at creating stability, Munich Re's chief executive said Wednesday.
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AIG devises new formula for employee bonuses: Report
NEW YORK (Reuters)—American International Group Inc. has formulated a new "forced ranking" system to determine bonuses and rate employee performance, the Wall Street Journal said, citing people familiar with the matter.
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Bill would limit Medicare Secondary Payer fines
WASHINGTON—Legislation introduced in the U.S. House would cap penalties and set a three-year statute of limitations for failing to comply with reporting under Section 111 of the Medicare, Medicaid and SCHIP Extension Act.
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COBRA subsidy extension set for full Senate vote
WASHINGTON—Tax legislation that would further extend COBRA health insurance premium subsidies moved closer to passage when the Senate voted 66-34 Tuesday to stop debate on the measure.
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Toyota, U.S. officials investigate runaway Prius
LOS ANGELES and DETROIT (Reuters)—U.S. safety regulators and Toyota Motor Corp. dispatched investigators to San Diego on Tuesday to inspect a Prius that sped out of control on a California freeway a day earlier.
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