P&C News for 3/28/2007

Asbestos Trust Fund Proposal
WASHINGTON—Sen. Arlen Specter, R-Pa., has managed a parliamentary maneuver so he can make another try at passing legislation to create a trust fund for workers injured by asbestos. click here for entire article.

Insurers Tell Congress, We Can Handle Cat Cover
WASHINGTON—Insurance industry groups appearing yesterday at a House Financial Services Subcommittee hearing argued vigorously against an increased government role for insurance against natural catastrophes. click here for entire article.

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Reinsurers & Insurers May Have Katrina Disputes
While courts and regulators wrangle with homeowners’ claims from Hurricane Katrina, another contest may be brewing over carriers’ storm-related reinsurance coverage, according to an attorney. click here for entire article.

Chamber Stance On OFC Worries Agent Groups
WASHINGTON—Two insurance agent trade groups are asking the U.S. Chamber of Commerce to reconsider a decision by an independent commission established by the Chamber to support creation of an optional federal charter for insurers. click here for entire article.

New Senate Surplus Line Bill Has Insurers’ Backing

WASHINGTON —Officials of the National Association of Surplus Lines Offices are voicing strong support for legislation introduced in the Senate that would reform the regulation of multistate surplus lines transactions. click here for entire article.

Environmental Insurance Shows Growth In 2006
The environmental insurance market in London and Europe showed signs of growth in 2006 as insurers say placements increased 100 percent over 2005, according to an insurance brokerage report. click here for entire article.

Insurer Investments Vulnerable To Warming, Says NAIC
Climate change issues have raised substantial challenges for insurers’ investment departments, according to a study by the National Association of Insurance Commissioners. click here for entire article.

Mass. Panel Eyes Reform Of Insurance Rate Process

A panel appointed by Democratic Gov. Deval Patrick to study ways of reforming Massachusetts' auto insurance system has recommended curbing state rate regulation and moving toward a competitive, market-based system. click here for entire article.

New Max Re Unit Approved
The Delaware Department of Insurance approved plans this week by Max Re Capital Ltd. to acquire a U.S.-based excess and surplus lines company. click here for entire article.

Equitas: Berkshire Reinsurance Deal Now Set
Equitas, the London-based runoff entity for Lloyd’s, announced it has completed its reinsurance transaction with the Berkshire Hathaway subsidiary National Indemnity Corp. click here for entire article.

NAPSLO Announces New Insurance Ed Scholarships
The National Association of Professional Surplus Lines Offices said two new insurance education scholarships were established by its members after changes were made allowing individuals or groups to establish scholarships. click here for entire article.

Western States Surplus Lines June Conference Set
The Western States Surplus Lines Conference will be held June 19-23 in Scottsdale, Ariz., the Arizona Surplus Lines Association announced. click here for entire article.

Ara's Blog: The "Silent Majority" Dupes the Public
At the recent AMS Users Group National Conference, the group awarded its 2007 Quantum Award to Selective Insurance of Branchville, New Jersey. According to AMSUG, "This prestigious honor is given to companies who create technology that enables agents to make a quantum leap in productivity and profitability." That's great, but what about the hundreds of insurance companies who don't make tech easier for agents? You know, the real silent majority. click here for entire article.

Sam’s Blog: Another Black Eye

The lead story in Monday's New York Times, headlined --"Aged, Frail and Denied Care By Their Insurers"--was devastating to the insurance industry's already tattered reputation. Even though the article involved long-term care, and not property-casualty coverage, collateral damage will affect all types of carriers, warns NU Editor In Chief Sam Friedman in today’s blog entry at www.property-casualty.com. click here for entire article.