The Deepwater Horizon oil spill disaster in the Gulf of Mexico could cost insurers up to $3.5 billion, Moody's said.

The Deepwater Horizon oil spill disaster in the Gulf of Mexico could cost insurers up to $3.5 billion, Moody's said, but A.M. Best affirmed the oil rig owner's captive insurer rating despite the losses it faces.

A survey of statutory underwriting results of 19 U.S. property and casualty reinsurers found that net premiums were down 9.4 percent with the combined ratio increasing by 6.7 points.

State Farm Insurance requests to hike Texas homeowners rates by over 13 percent have sparked an extended battle with the Texas Department of Insurance, which called the proposed hikes "excessive."

Reinsurance pricing at the June 1, Florida renewals declined by 10 to 12 percent on average compared to last year, reflecting a return of significant reinsurer capital into the marketplace, according to Carpenter & Company, LLC.

The New York Insurance Department expressed "disappointment" at the decision by two producer groups to file suit last week to stop implementation of a compensation disclosure regulation.

A New York agents' association defended its lawsuit opposing a producer compensation regulation after a New York State Insurance Department representative questioned the group's motive in opposing disclosure and asked what the association has to hide.

The New York Insurance Department expressed "disappointment" over the decision by two producer groups to file suit to stop implementation of a compensation disclosure law, wondering what brokers might be "trying to hide."