TRADE LOBBY LEADER MAKES TOP-100 LIST
William T. Hold, president of the National Alliance for Insurance Education & Research, has been named to the Insurance Newscast's annual list of the "100 Most Powerful People in the Insurance Industry" for the second year in a row. The list identifies people who have made the most significant contributions to the insurance industry and its customers during the past year.
XL NAMES NEW EXECUTIVES
Henry C.V. Keeling has been named Global Head of Business Services, XL Capital has announced. He will deal with the infrastructure aspects of XL's activities including information technology, real estate and the coordination of Global Shared Services across the company. The company also announced that Fiona E. Luck will serve as Global Head of Corporate Services, working in strategic planning, human resources, marketing, global communications, public relations and corporate social responsibility.
CONSORTIUM LAUNCHES DATA POOL
SG CIB, Fortis Bank, Bank of Scotland, Calyon and West LB are joining forces with Standard & Poor's Risk Solutions to pool default and recovery data on leveraged loans in Europe. The initiative will provide better risk and profitability analysis.
BROKER PLEDGES TRANSPARENCY
Reinsurance broker Guy Carpenter, a subsidiary of Marsh Inc., has informed its clients of a new "disclosure doctrine" that promises transparency in all transactions with clients in the reinsurance market.The policy ensures that Guy Carpenter will review with the client its anticipated compensation on the client's behalf before all policy renewals and that brokerage for each reinsurance transaction would be displayed on the cover note for all treaty business, the company said.
RIMS MEETS WITH REGULATORS
In response to Attorney General Eliot Spitzer's investigation, officials from the Risk and Insurance Management Society (RIMS) recently met with New York regulators to respond to inquiries regarding contingency fees.
AIG FOUNDER AIDS RELIEF
The Starr Foundation announced that it will donate $2.5 million to disaster recovery and humanitarian efforts in the wake of the December earthquake and tsunamis in South Asia. The Starr Foundation was established in 1955 by Cornelius Vander Starr, the founder of AIG.The foundation distributes grants in education, medicine and health care, public policy, human needs, culture and the environment.
RISKMETER ADDS CITIES
CDS Business Mapping LLC, an online hazard mapping vendor, has added the states of Florida, New Jersey, New York, Oregon and Washington to its Slope/Aspect/Elevation reports, the company has announced. The reports offer insurers user slope and elevation statistics such as the minimum, maximum and average slope and elevation for the area around a property, CDS said.
CALIF. REACTS TO NEW LAW
The new California workers' comp law changes the factors determining how much money permanently injured workers receive as compensation for their injuries. As a result, it will mean some workers who are not severely disabled, and still physically able to earn a living, getting less money for their injuries, according to one analysis. Labor leaders, have criticized the law, while many business owners and executives have expressed their support.
GE COUNTS SUCCESSES
Since the inception of GE Insurance Solutions' Masonic Association insurance program in January 2004, the program has provided coverage for more than 4,200 Masonic Associations generating over $10 million in gross written premium, GE has announced. The program continues to be managed and underwritten by Masons through Thompkins & Co., GE says.
A.M. BEST RATES GULF STATE OF QATAR
A.M. Best Co. has assigned Qatar General Insurance and Reinsurance Co. a financial strength rating of B++ and an issuer credit rating of "bbb," Qatar has announced. The ratings are based on A.M. Best's belief that further gains are likely in 2005 due to investment in Qatar's infrastructure and oil and gas sectors.
VENDOR GEVITY RENEWS AGREEMENT
Gevity announced that it has renewed its agreement with member companies of American International Group Inc. to provide workers' compensation coverage for Gevity's employees in 2005.Enhancements from last year's program include a decrease in required premium payments to cover claims and a reduction in the plan's fixed cost relative to the total premium.
RATING AGENCY S&P RATES ATHILON
Lightyear Capital announced that newly launched Athilon Capital Corp., a financial services company, received ratings of Aaa from Moody's and AAA from Standard & Poor's. Athilon was launched with approximately $250 million in capital, much of which was provided by Lightyear.
CARRIER AND BROKER EXPAND PRODUCT
The WellGuard program, an insurance program designed to protect well drillers, has recently been expanded to covermanufacturers and suppliers in the well- drilling industry, TheHartford and Willis Group have announced. The so-called Supplemental Property Insurance Coverage Endorsement protects property while in transit or at unspecified locations, and also covers the cost of renting equipment to replace company-owned hardware that has been lost.
P/C LOBBY GEARS UP FOR MAINE FIGHT
The Property Casualty Insurance Association of America says it will keep a close eye this year on efforts by the Maine legislature to impose a .5 percent tax on insurance premiums as a way to pay for retiree health benefits for local police and firefighters.
February 1, 2005
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