Jury Finds Against A.I.G. in Greenberg Case
A federal jury on Tuesday ruled in favor of Maurice R. Greenberg, the former chief executive of the American International Group, in a case involving $4.3 billion stock dispute, The New York Times’s Mary Williams Walsh reported.
In what was considered an advisory decision, the jury found that the investment firm run by Mr. Greenberg did not have to reimburse A.I.G. for shares removed from a retirement bonus fund. (Read more!)
Also see: AIG slumps after analyst warns of zero equity value
Market Barometer Report: Rate Moderation Is Slow But Steady
MarketScout, the Dallas, Texas based insurance exchange, reports that rate declines for US property and casualty insurance placements continue to moderate at a slow but steady pace. The composite rate index for June 2009 was minus 6% compared to minus 11% for June 2008. According to Richard Kerr, CEO of MarketScout, "June renewals show rate declines that continue to moderate with many insurers waiting to determine how the July 1 reinsurance renewals will impact capacity.
According to early reports, capacity for coastal property decreased and property catastrophe capacity in general is going to be tougher to secure. Berkshire Hathaway's decision to curtail property catastrophe capacity has some speculating whether Berkshire is trying to avoid losses and the resulting pressure on their balance sheet or simply limiting capacity anticipating higher rates. Smart insurers are retaining their capacity until sensible risk return ratios are available.
Poor underwriting results are pending for some major insurers. Expect significant market movement in the next twelve months with clear winners and losers." (Read more!)
Cyber liability making the news
President Barack Obama pledged to make securing the nation's most vital computer networks a top economic and national security priority, broadly detailing the results of 60-day cyber security review that calls for a range of responses to help improve the security of information networks that power the government and the U.S. economy.(Read more!)
Seattle doctors try flat-rate no-limit primary care
A Seattle clinic for people fed up with insurance, started by doctors fed up with insurance, has gotten $4 million in private venture capital money to expand, it announced on Monday.
Qliance says it has a profit-making solution to the problems of long waits, rushed doctors and cursory care that bother patients, at the same time that it eliminates the paperwork and pressure that plague primary care doctors. (Read more!)
EXCLUSIVE: Self Confidence... Your Most Important Life Skill
We again welcome Scott Addis, exclusive to MarketScout's Insurance Voice Newsletter, for a look at how to transform your agency.
From the quiet analytical physician to the superstar professional athlete to the composed musician, self confident people have qualities everyone admires.
Self confidence is an attitude that is characterized by a positive belief that you can take control of your life and of your plans. It is a belief in your abilities. Confidence is the state of being certain that a chosen course of action is the most effective given the circumstances. People who are self confident are those who acknowledge their capacity to do something and then proceed to do these things. (Read more!)
Life, property-casualty M&A insurance activity could heat up
The insurance merger and acquisition engine may be firing up.
Insurers and financial institutions appear ready to fund their potential capital shortfalls by divesting non-core insurance businesses at attractive valuations, setting the stage for a buyers’ market, according to a new report from Deloitte.
“There is currently an imbalance in supply and demand, with more companies seeking to divest than companies seeking to acquire,” said Rebecca Amoroso, head of Deloitte’s U.S. insurance practice, in a statement. (Read more!)
Workers comp claims frequency falls: NCCI
NCCI Holdings Inc. said Wednesday that it expects the frequency of workers compensation claims to continue declining this year while preliminary results show frequency falling 4% last year.
“While the overall decline is widespread and good news for workers, employers and their insurers, high-cost permanent total (disability) claims have emerged recently as a noticeable exception to this decline,” Boca Raton, Fla.-based NCCI said in a research brief. (Read more!)
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MarketScout Adds Force Placed Hazard and Flood / Foreclosed Insurance Specialist
MarketScout is pleased to announce Jim Lloyd of J.B. Lloyd & Associates as our specialist for Force Placed Hazard and Flood / Foreclosed Insurance.
Jim Lloyd has over 28 years of experience in providing comprehensive insurance programs to financial institutions including banks, credit unions and mortgage companies as well as real estate investors.
In 1988, Jim established J. B. Lloyd & Associates focusing on the multi-state distribution of specialty insurance programs for the financial industry.
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A.M. Best Affirms Ratings of Argo Group International Holdings, Ltd. and Its Subsidiaries
A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of "a" of Argo Re Ltd. and its U.S. subsidiaries. A.M. Best also has affirmed the ICR of "bbb" of the parent holding company, Argo Group International Holdings, Ltd. The outlook for all ratings is stable.
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