E&S/Specialty

In the face of new technology and insurers offering coverage to customers direct, agencies face challenges, but the threat from this new reality is to the agents traditional business model, not necessarily to their existence.

In one of his last public statements before stepping down as CEO of Philadelphia Insurance Cos. on Jan. 1, Jamie Maguire shared some of the strategies that help set his company apart.

Congress is being told that the NFIP has enough funds to pay Sandy claims until middle or late January as the Senate starts work on an aid package for Sandy victims that includes a 50 percent increase in the program's borrowing authority.

Congress has passed legislation sought by the insurance industry and other stakeholders since late 2008 that streamlines enforcement of the Medicare Secondary Payment program.

Superstorm Sandy is expected to result in a net negative impact of about $333.1 million for Validus Holdings.

Peter Wilson, president and COO of CNA Specialty, is retiring at the end of the year.