Reinsurers are increasingly looking to find a home in Europe as companies remain concerned about Bermuda's status with regard to tax legislation in the United States, according to Standard and Poor's.

Two executives of a now liquidated Miami-based insurance company have been arrested and charged with filing false or misleading financial statements, said the Division of Insurance Fraud.

Gainesville, Fla.-based Royal Palm Insurance Company has received approval for an average statewide homeowners insurance rate increase of 15 percent.

Florida regulators agreed that non-hurricane losses and increased reinsurance costs warranted a double-digit rate increase for Allstate subsidiaries operating in the state.

Modeler Risk Management Solutions (RMS) said most of the losses from the earthquake in New Zealand will be residential, with a majority being paid out by the Earthquake Commission.

Modelers estimate insured losses of between $1 billion and $4.5 billion from Saturday's magnitude 7.0 earthquake in New Zealand.

Tropical Storm Hermine, the eighth named storm of the Atlantic hurricane season, is making its way through Texas after making landfall in northern Mexico.

Florida regulators agreed that non-hurricane losses and increased reinsurance costs warranted a double-digit rate increase for Allstate subsidiaries operating in the state.