The Deepwater Horizon oil rig explosion and spill is not a "watershed" event for the property and casualty industry despite an expected $4-to-$6 billion in commercially insured losses, Towers Watson said.

The Deepwater Horizon oil rig explosion and spill is not a "watershed" event for the property and casualty industry despite an expected $4-to-$6 billion in commercially insured losses, Towers Watson said.

A letter to Nevada officials requesting that the state stop discriminating against a risk retention group underscores the need for a Government Accountability Office RRG report, counsel for an RRG association said.

Alabama has made a three-year agreement with Swiss Re in which the insurer will pay the state for wind losses based on documented wind speed in the event of a hurricane.

British Petroleum announced that Tony Hayward, the company's chief executive officer, will step down effective Oct. 1.

Alabama has made a three-year agreement with Swiss Re in which Swiss Re will pay the state for wind losses based on documented wind speed in the event of a hurricane.

A federal probe into whether state insurance regulators are overstepping their authority when it comes to risk retention groups is being hailed by a national self-insurance group.

There appears to be no relief for insurers in the buyer's market for commercial property and casualty coverage, as excess capacity and falling demand have prompted average rate cuts to accelerate.