New York has officially adopted its $132.5 billion budget, which gives the rubber stamp on a proposal to merge the state’s banking and insurance departments.

Chartis, the property and casualty unit of American International Group Inc. (AIG), says it has reorganized the structure of its management team, with Peter D. Hancock replacing Kristian P. Moor as chief executive officer.

Flagstone Reinsurance Holdings puts its losses related to the Tohoku earthquake in Japan in the range of $80 million to $130 million net of reinstatement premiums and retrocession.

A U.S. District Court judge has granted the National Football League Players Association a permanent injunction against the league, resolving a workers’ compensation-related dispute that has gone on for decades.

Foreign reinsurers may be permitted to post less collateral when doing business in New Jersey with legislation passed that gives regulators the ability to cut previous full-collateral requirements.

New York Gov. Andrew Cuomo and legislative leaders have agreed on a state budget that still includes merging the state’s insurance and banking departments.

The Texas Windstorm Insurance Association chose to immediately relieve its general manager of his duties rather than keep him until a replacement is found.

Louisiana Insurance Commissioner Jim Donelon has rejected State Farm’s request for a statewide 14.3 percent homeowners rate hike and approved a reduced rate increase for Louisiana Citizens Insurance Corp., the state’s last resort insurer.