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Daily NewsFlash : July 23, 2013

Daily NewsFlash
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Tuesday, July 23, 2013

A.M. Best: Property/Casualty Insurers Gain in 2013 First Quarter

AM BestRatings firm A.M. Best Co. Inc. reported on Monday that commercial property/casualty insurers posted solid financial results for the first quarter of 2013, with net written premiums rising 1.2% from the first quarter of 2012 to $47.2 billion.

"The sustained growth in premium reflects ongoing recovery in the ...

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Raw Data: Encryption Flaw Makes Phones Possible Accomplices in Theft

smartphoneIf your identity has been stolen, your phone may have been an accomplice to the crime. A German mobile security expert says he has found a flaw in the encryption technology used in some SIM cards, the chips in handsets, that could enable

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Tennessee Captive Market Continues Surge, 20th Participant Licensed

Tennessee CaptivesTennessee's Department of Commerce and Insurance has licensed its 20th captive insurer, continuing a dramatic tenfold increase since initial reform legislation passed in 2011.

Tennessee was among the first states to allow captive insurers when it passed legislation in 1978. In 2011, t...

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W.R. Berkley's Reports Net Premiums Written Up 13% for Second Quarter

W.R. BerkleyW. R. Berkley Corporation on Monday reported net income for the second quarter of 2013 of $116 million, or 82 cents per share, compared with $109 million, or 76 cents per share, for the second quarter of 2012.

Second quarter highlights included:

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Insurance Broker Lockton Reaches $1 Billion Milestone

Lockton revenueLockton, the world's largest privately held insurance broker, posted record revenue in its recently completed fiscal year, exceeding $1 billion in revenue for the first time.

Lockton posted fiscal 2013 revenue of $1,016,751,000, an increase of 11 percent from fiscal 2012 revenue. The privately h...

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Reputation the Hardest Risk to Manage, Says New ACE Research

ACE reportNinety-two percent of companies believe that reputational risk is the most challenging category of risk to manage, according to a major new study from ACE Group conducted across 15 countries within its EMEA (Europe, Middle East and Africa) region.

ACE's report, ‘Reputation at Risk', publi...

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UBS Agrees to Settle U.S. Claims It Misrepresented Mortgage Bonds

UBSUBS said Monday it agreed to settle a lawsuit brought by U.S. regulators alleging the Swiss banking giant misrepresented mortgage-backed securities sold to Fannie Mae and Freddie Mac in the years leading up to the subprime-loan meltdown.

UBS did not specify the size of the settlement with the Federal Housing Finance ...

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Travelers Profit Beats on Fewer Catastrophic Losses

TravelersTravelers reported quarterly earnings that beat Wall Street's expectations on Tuesday, as the company saw fewer catastrophic losses.

The company posted second-quarter earnings excluding items of $2.13 per share, up from $1.26 a share in the year-earlier period. Meanwhile, revenue increased to $5.82 billion f...

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Insurance Industry "Rock for Charity"

IICFThe insurance industry took the spotlight Thursday night at the Insurance Industry Charitable Foundation (IICF) inaugural Rock of Charity. The event, held at Chicago's Hard Rock Cafe', was hosted by the Midwest Division's Associate Board and drew over 300 guests for a unique charity battle of bands fundraiser that featured...

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