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Daily NewsFlash : May 07, 2013

Daily NewsFlash
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Tuesday, May 07, 2013

MarketScout: Composite Rate Index Up 5% for April

Commercial insurance ratesMarketScout has computed the April 2013 U.S. composite rate index for property, casualty and professional liability business at plus 5 percent, matching the increase f...

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AIG Property-Casualty Unit Gets First Credit Upgrade Since 2008 Financial Crisis

AIGAmerican International Group Inc.'s (AIG) big property-casualty unit earned an upgrade Monday from Standard & Poor's Ratings Services, the first improvement in the closely watched measure for the division since the company nearly collapsed in 2008.

S&P bumped the long-term counterparty credit rating and financia...

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Fitch: Higher Premiums if Terror Insurance Act Not Renewed

TerrorismFailure to renew the Terrorism Risk Insurance Act (TRIA) could induce commercial insurers to retreat from larger metropolitan areas, reducing availability of coverage and raising premium rates. Lack of terrorism reinsurance coverage would leave individual insurers in the short term with commercial property and...

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BofA, MBIA Agree to Mortgage Deal

BofA deal with MBIABank of America Corp. to pay MBIA Inc. $1.7 billion to settle a dispute over soured mortgage securities issued during the U.S. housing boom, eliminating major legal uncertainties for both companies.

The pact comes as MBIA faced a rise in mortgage-related claims, and it will keep the Armonk, N....

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Fertilizer Plant Blast: How Lax Security Hints at Regulatory Gaps in Texas

Texas fertilizer explosionDuring testimony before a Texas House committee last week, state regulators did not disclose knowing that thieves had for years exploited lackadaisical security to infiltrate the chemical storage areas of the West Fertilizer Co., which vanished in a massive explosion on April 17.


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NHTSA Reminds Motorists to Safely 'Share the Road' with Motorcyclists

MotorcycleMay is Motorcycle Safety Awareness Month and the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) is reminding drivers of cars, trucks and buses to look out for, and share the road with, motorcycle riders.

Despite historical declines in automobile fatalities, m...

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Munich Re Posts First-Quarter Profits

Munich Re resultsThe first three months of 2013 went very well for Munich Re Group-wide. Thus Munich Re posted a consolidated result of €979m (previous year: €782m) for the first quarter of 2013. For the current financial year as a whole, Munich Re is continuing to aim for a profit of close to &euro...

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