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  • A proposed reform of major residual market the Texas Windstorm Insurance Association (TWIA) has cleared its first hurdle after the state house approved a bill that will apply tougher controls to policyholders seeking financial redress in the courts.
  • The failure of a major US P&C insurer would not pose a systemic risk to the financial system or the wider economy, according to a report commissioned by the Property and Casualty Insurers Association of America (PCI).
  • The long-term financial solvency of the National Flood Insurance Program (NFIP) will remain in doubt unless it is able to address the numerous issues currently impeding its performance, the US Government Accountability Office (GAO) warned last week.
  • UK (re)insurers have been given a first taste of next year's regulatory regime after the Bank of England (BoE) published a report on insurance supervision.
  • The European Insurance and Reinsurance Federation (CEA) elected Sergio Balbinot to serve as president at its general assembly in Athens last week.
  • The European Commission may delay implementation of Solvency II regulations for another year, according to reports from the Financial Times.
  • Start-up collateralised reinsurer Catco says it has deployed $700mn of retro reinsurance capacity in the market since it began operations last December, giving a clue to the size of its private investment funds for the first time.
  • Argo Re has gained $100mn of multi-peril retro protection from the capital markets after closing its first cat bond Loma Re on target.
  • S&P placed American Family Mutual Insurance's $100mn tornado cat bond Mariah Re 2010-1 on creditwatch due to fears that the storm that struck Joplin could add $300mn to the bond's aggregate loss tally
  • Modelling firm Eqecat has stuck by its estimate that the 13 June aftershocks could result in losses of $3bn-$5bn, despite the figures being rubbished by the country's leaders