September 27, 2006Insurance Journal"Insurers, agents and business groups called on Congress to create a permanent solution safeguarding the economy against future terrorist attacks at congressional hearing today, 'Protecting Americans from Catastrophic Terrorism Risk,' held jointly by the House Committee on Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises and the Subcommittee on Oversight and Investigations. The hearing focused on how best to protect Americans from catastrophic terrorism risk when the current Terrorism Risk Insurance Act expires at the end of 2007..."
September 26, 2006Insurance Journal"A new federal government report concludes that a totally private market solution to insuring against certain terrorist attacks is unlikely in the near future. The report covers the risk of nuclear, biological, chemical or radiological (NBCR) attacks only and does not address insurance for terrorist attacks by more conventional weapons..."
September 19, 2006The Insurance Journal"Park AVRECO, a member of The Park Group, has opened an office in, Park California, located in San Diego. The Park Group is a global reinsurance and wholesale brokerage operation with offices in Chicago, New York, Philadelphia, Toronto, London and Bermuda..."
September 19, 2006The Insurance Journal"The Park Group, international wholesale insurance and reinsurance brokers, has expanded its operations into Canada with the opening of a new office in Toronto concurrent with the formation of Park Re Canada..."
Publication Date: September 18, 2006Advisen -- PropertySource: PR Newswire"ALEXANDRIA, Va., Sept. 18 /PRNewswire/ -- As the United States observes the fifth anniversary of the 9/11 terrorist attack, 'American taxpayers must understand that they have an important economic stake in making certain that our country has adequate terrorism insurance, backed by the strength of the federal government,' said Jeffrey Mazzella, President of the Center for Individual Freedom (CFIF), a free-market and constitutional advocacy group based in Alexandria, Virginia..."
Publication Date: September 18, 2006Advisen -- Insurance MarketSource: BestWire Services"Direct premium volume for the surplus lines insurance market remained relatively flat in 2005 as it did in 2004, after growing significantly during the three prior calendar years. The significant growth had been a consequence of the hardening market conditions from 2001 into 2004, according to A.M. Best Co.'s Surplus Lines Market 2006 report..."
Publication Date: September 15, 2006Advisen -- Medical MalpracticeSource: BestWire Services"Writers of medical-malpractice insurance returned to profitability last year, but continued profitability could be in jeopardy unless lawmakers approve further limits on jury awards, according to a trade group representing doctor-owned medical-malpractice insurers..."
Publication Date: September 15, 2006Advisen -- Insurance MarketSource: BestWire Services"The U.S. property/casualty industry recorded an underwriting profit of $15.1 billion for the first six months of 2006, a 31.8% increase from the first half of 2005. The industry's combined ratio, a key measure of underwriting profitability, improved to 92 from 93.8 reported in the first half of 2005. Among the leading U.S. property/casualty insurers by net written premiums, 20 of the top 25 reported an improvement over their six-month 2005 combined ratios..."
Publication Date: September 17, 2006Advisen -- Insurance MarketSource: St Petersburg Times"Small business owners desperately seeking commercial property insurance got a boost Friday when state regulators allowed the Florida Property and Casualty Joint Underwriting Association to begin writing policies..."
Publication Date: September 14, 2006Advisen -- Medical MalpracticeSource: San Antonio Express-News"The state's largest provider of medical malpractice insurance for doctors has dropped its rates again because it's more difficult to sue doctors for huge sums of money..."
