Archive for September 2017

By Andrew G. Simpson American International Group announced that Lucy Fato will join the company as executive vice president and general counsel. Fato will oversee the Global Legal, Compliance, Regulatory and Government Affairs function, and will report to AIG President and Chief Executive Officer … Read More Read more here:: Insurance Journal       

By Andrew G. Simpson Hurricane Irma, one of the most powerful Atlantic storms in a century, churned across northern Caribbean islands on Wednesday with a potentially catastrophic mix of fierce winds, surf and rain, en route to a possible Florida landfall at the weekend. … Read More Read more here:: Insurance Journal       

For a second consecutive year, underwriters of surplus lines insurance in the United States generated just modest growth in direct premium of 2.8 percent in 2016, according to a new A.M. Best special report. Surplus lines writers also posted an … Read More Read more here:: Insurance Journal       

By Don Jergler A magnitude 3.3 earthquake has hit the Cook Inlet region of Alaska, the Alaska Earthquake Center confirmed. The center reported the earthquake struck at 6:11 p.m. Sunday eight miles west of Tyonek, a village of about 190 people. The center … Read More Read more here:: Insurance Journal       

By Don Jergler The U.S. Geological Survey confirmed a moderate magnitude 5.3 earthquake has rumbled through southeast Idaho. There were no immediate reports of damage or injuries. The epicenter of the quake was located 11 miles east of Soda Springs, Idaho, and was … Read More Read more here:: Insurance Journal       

By Don Jergler Wildfires forced thousands to flee their homes across the U.S. West during a sweltering, smoke-shrouded holiday weekend of record heat. The fires caused evacuations in Glacier National Park in Montana and many other parts of the West; compelled crews to … Read More Read more here:: Insurance Journal       

By Andrew G. Simpson Global reinsurance rates are likely to fall by up to 7.5 percent at Jan 2018 renewals due to strong competition, despite the impact of Hurricane Harvey, ratings agencies said on Tuesday. Reinsurers, which help insurers shoulder the burden of large … Read More Read more here:: Insurance Journal       

By Stephanie K. Jones A.M. Best reported it has placed under review with negative implications the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Birmingham, Mich.-based Conifer Insurance Co. (Conifer); the FSR of B+ … Read More Read more here:: Insurance Journal       

By Stephanie K. Jones Sergeant Bluff, Iowa, officials say the city’s water treatment plant doesn’t function as promised and so are suing the engineering firm that designed it. The Sioux City Journal reports that the city sued Veenstra & Kimm Inc. in Woodbury County … Read More Read more here:: Insurance Journal