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Tawa interim profits slump on weak sterling
Half-year profits at run-off and insurance services company Tawa have declined by around 40 percent to $1.4mn from last year.
27 September 2010
US Fire settles with Port Authority to close WTC coverage dispute
US Fire Insurance Co has settled its case with the World Trade Center (WTC) site owner, the Port Authority of New York and New Jersey. It is the last insurer to settle in the consolidated litigation brought by a group of insurance companies against the Port Authority in 2005.
27 September 2010
BP fights insurers’ bid to shift lawsuit to New Orleans
BP has accused Lloyd's excess insurers of using delaying tactics in their attempt to transfer a Texas lawsuit involving $750mn worth of coverage for the Deepwater Horizon oil spill to New Orleans.
27 September 2010
FSA sets out spin-doctor guideline
The Financial Services Authority (FSA) is considering rule changes as part of a crackdown on media leaks of inside information, saying that firms may not be doing enough to encourage a "suitable anti-leaking culture".
27 September 2010
Lawmakers vote through EU financial supervision overhaul
The European parliament last week (22 September) voted overwhelmingly for a new European Supervisory Authorities (ESAs) financial package that allows cross-border supervision.
27 September 2010
US watchdog warns of up to $50bn taxpayer loss on AIG
The body set up to scrutinise theTroubled Asset Relief Program (TARP) last week raised questions about AIG's ability to repay all of the $128bn it has received in US government aid.
27 September 2010
Reinsurers gain support for Neal Bill opposition from legislative lobbyists
Free market lobby group the American Legislative Exchange Council has echoed European opposition to Neal Bill proposals to increase taxes for foreign-affiliated reinsurers in the US.
27 September 2010
US flood programme extended amid calls for long-term solution
Legislation to extend the US National Flood Insurance Program (NFIP) will go before President Obama to be signed into law after gaining approval on Capitol Hill last week.
27 September 2010
UK and US financial authorities look to step up transatlantic cooperation
UK regulator the Financial Services Authority has signalled its intent to step up cross-border cooperation by concluding an agreement with the US Financial Industry Regulatory Authority (Finra).
27 September 2010
New York lays out reinsurer collateral framework
The New York Insurance Department (NYID) says its proposals to create a new collateral framework for so-called alien reinsurers will help keep the state competitive and bring the US "into the 21st century of financial services regulation".
27 September 2010
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