TRIA EXTENSION EXPECTED
Leaders of the property/casualty insurance industry expect Congress to extend the Terrorism Risk and Insurance Act in 2007, according to a survey conducted by the Insurance Information Institute, an industry trade group. A total of 89 percent of the executives surveyed said they were confident the new Congress would extend the law, launched after the Sept. 11, 2001, terrorist attacks and extended in 2005.
CATS CLAWLESS IN 2006
A total of 33 catastrophes in 2006 cost $8.8 billion in insured property damage and resulted in 2.27 million claims, according to Insurance Services Office Inc. In comparison, catastrophes in 2005 caused a total of $61.9 billion in insured losses.
FISERV ALIGNS UNITS
Three vendors selling into the workers' compensation industry, P2P Link, a Dallas-based provider of Internet-based solutions for workers' comp providers and payers; DirectCompRx, a Memphis, Tenn.-based pharmacy care solutions provider; and Third Party Solutions, a third-party billing company, are now part of the workers' compensation division of parent company Fiserv Inc.
BROKER OFFERS BROWSER
Beecher Carlson, the Atlanta-based brokerage and risk management consulting firm, has launched a new tool for doctors, health-care risk managers and other health professionals to purchase and manage large medical-malpractice liability insurance programs. Called Pulse, the new system is browser-based, allowing users to manage their accounts online.
SIIA EXPANDS SCOPE
The Self-Insurance Institute of America Inc. has created a new committee to further research and education on self-insurance around the world. Called the International Committee, it represents SIIA's goal of increasing awareness of U.S.-style self-insurance and alternative risk transfer in other countries. The group was launched at the 2006 SIIA conference with a first-ever international session.
A BUY FOR USI
Broker USI Holdings Corp. gave the green light for its sale to the private equity firm GS Capital Partners, which is an affiliate of Goldman, Sachs & Co. The $1.4 billion deal was recommended by USI's board of directors to its stockholders, following a review by a special committee of the board. Assuming stockholder and regulator approval, the deal is expected to close in the second quarter.
CAPACITY UP AT LLOYDS
Lloyd's of London announced its opening capacity for 2007 is $31.7 billion, up 9 percent compared with the same time last year. The largest direct providers of capital are Catlin Group Ltd., QBE Insurance Group Ltd. and Amlin PLC.
MARKEL LANDS ONSHORE
Markel Global Marine & Energy, a Houston-based member of specialty insurance underwriter Markel Corp., has launched a division to underwrite onshore property, time element and builder's risk coverage, the company said. Called Onshore Energy Property, the division will serve the energy, chemical, petrochemical, gas and oil industries.
NEW CAPACITY LAUNCHED
Marsh Inc. has launched a "sidecar" facility to provide its large corporate clients with access to more capacity to fill gaps in property-catastrophe coverage, the broker has announced. Called Marsh Risk Innovations, or MaRI, it delivers this capacity on admitted paper from A+ rated insurers to the broker's corporate clients.
P/C EXECUTIVES SURVEYED
A total of 81 percent of property/casualty insurance executives said they would prevail in wind vs. water lawuits related to the 2005 storms, according to a questionnaire by the Insurance Information Institute.
--Compiled by staff from news and wire reports.
February 1, 2007
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