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Daily NewsFlash : February 05, 2013

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Tuesday, February 05, 2013

U.S. Sues S&P Over 2007 Mortgage Bond Ratings

S&P bond ratingsOn March 19, 2007, as the U.S. housing market weakened, an analyst at Standard & Poor's Ratings Service sent out some song lyrics to colleagues, set to the tune of the Talking Heads 1980s so...

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CIAB Survey: Commercial P/C Pricing Rose 4Q, Underwriting Remained Tight

CIAB surveyInsurance brokers across the country reported price increases in the commercial lines market in the 4th quarter of 2012, according to The Council of Insurance Agents & Brokers' quarterly Commercial P/C Market Index Survey. Pricing rose on average at a rate of 5.0 percent, compared with 3.9 percent i...

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PCI: More States to Consider Electronic Proof of Insurance Coverage Legislation

PCIWith almost half of state legislatures in the country likely to consider changing their laws to allow drivers to use their cell phones to show their insurance identification card in order to prove they are insured, electronic proof of coverage is one of the hottest insurance-related legislative trends for 2013, according to t...

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Hannover Re Enjoys Solid Treaty Renewals in Competitive Environment

Hannover ReHannover Re expressed satisfaction with the prices obtained in the treaty renewals as at 1 January 2013. "Although the environment is considerably more competitive than in the previous year, our selective underwriting approach enabled us to achieve a price level at least on a par with the quality of the good 2...

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Brown & Brown, Inc. Announces Record Fourth-Quarter Earnings of $42.6 Million

Brown & Brown resultsBrown & Brown, Inc. announced its preliminary, unaudited financial results for the fourth quarter of 2012.

Net income for the fourth quarter of 2012 was $42,637,000, or $0.29 per share, compared with $36,494,000, or $0.25 per share for the same quarter of 2011, an increase of 16.8%...

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London Company Market Embraces Electronic Claims

electronic claimsThe use of electronic claims files (ECF) in the London company market is much more extensive than previously stated, an improved analysis by the International Underwriting Association has revealed.

New data shows that the percentage of new claims submitted each ...

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More Mismanagement Issues Arise at Citizens Insurance

Citizens in FLAState regulators knocked Citizens Property Insurance Corp. this month for unnecessary travel costs, failing to negotiate on multimillion-dollar vendor contracts and spending more than $10,000 a month on vacant...

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New York State Proposal Seeks to Buy Storm-Wrecked Homes

Sandy damaged homes

New York Gov. Andrew Cuomo wants to spend up to $400 million to buy and demolish homes wrecked by Superstorm Sandy and permanently preserve the land as undeveloped coastline.


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AIG Names Joseph J. Trotti President and CEO of its Aerospace Division


American International Group, Inc. (AIG) announced that Joseph J. Trotti has joined the company as President and CEO of its Aerospace division, part of AIG's Global Specialty business.

Mr. Trotti is responsible for all aspects of AIG's market-leading Aerospace business and will be instrumental...

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