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March 2010
The WTC Captive Insurance Company has announced a settlement with attorneys for more than 10,000 plaintiffs claiming injuries related to the rescue, recovery and debris removal operations following the September 11 2001 terrorist attacks.
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The Federation of European Risk Management Associations (Ferma) has voiced concerns about the effect Solvency II and capital requirements put forward by the Committee of European Insurance and Occupational Pensions Supervisors will have.
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Marsh and Aon should be more vocal about whether they will accept contingent commissions now that their ban has been lifted.
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After the ban on contingent commissions was lifted for the world’s three biggest three brokers, Reactions spoke to Pat Gallagher, chairman, president and CEO of the fourth-largest US broker Arthur J Gallagher & Co to see what his opinion is on the controversial payments.
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February 2010
With Aon, Marsh and Willis now able to accept contingent commissions again, the market is abuzz with questions about which of them will accept the controversial payments, how much business this could bring and what buyers’ reaction will be.
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Bermuda’s regulator is making strides towards its goal of achieving regulatory equivalence. It also revealed that the island’s insurance market’s assets grew by 7% last year.
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Bermuda’s regulator is making strides towards its goal of achieving regulatory equivalence. It also revealed that the island’s insurance market’s assets grew by 7% last year.
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The Spitzer-era ban on contingent commissions for the world’s biggest insurance brokers, Aon, Marsh and Willis, has been lifted. An equity analyst believes Aon and Marsh could now receive as much as $200m a year in contingent commissions.
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The Risk and Insurance Management Society today announced its dismay at a decision by the New York insurance department and attorney general to allow the big three brokers to resume taking contingent commissions.
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US insurance broker Aon Corporation has today announced that it has reached an amended and restated agreement on the issue of compensation business practices with three states.
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Insurance broker Willis Group Holdings today entered into agreement with the attorney general and the superintendent of insurance of the state of New York to amend and restate its 2005 Assurance of Discontinuance and Stipulation (the AOD).
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MMC today reported a decline of net income to $38m in the fourth quarter of 2009, compared with net income of $80m in 2008. Marsh’s revenue for the quarter fell 4% while Guy Carpenter’s revenue for the year was up 23%.
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The Terrorism Risk Insurance Program Reauthorisation Act provides important solvency protection for property/casualty insurers in the event of catastrophic acts of terrorism and a scaling back of the programme will increase property/casualty insurers’ exposure to terrorism, says rating agency Moody’s.
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The Risk and Insurance Management Society today expressed concerns with two Obama administration US budget proposals that it feels will be detrimental to commercial insurance consumers.
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Global specialty insurer Torus has appointed Carl Groth as group chief risk officer with immediate effect.
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January 2010
Risk Management Solutions has launched a new parametric index for estimating insured industry losses from US earthquakes.
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Recent analysis of near-term US hurricane models has found that models for the cumulative seasons from 2006 to 2009 have greatly overestimated losses.
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Read a selection of stories from the December 2009/January 2010 issue of Reactions.
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The US state of Vermont licensed 39 new captive insurance companies in 2009, nearing it closer to a 900-licence milestone, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration.