E&S/Specialty

A storm system wreaked havoc over the mid-Atlantic region over the weekend, causing wide spread destruction, while firefighters in Colorado made some headway against a major wildfire that has consumed close to 18,000 acres and forced thousands to evacuate their homes.

The Reinsurance Association of America said it will start work immediately with the Federal Emergency Management Agency to implement a flood-law provision authorizing the federal agency to buy reinsurance to reduce the costs of funding the National Flood Insurance Program.

Congress today finally passed and sent to the President legislation providing long-term certainty for the National Flood Insurance Program.

While insurance executives typically do all they can to grow their companies, Barry Gilway was hired to do a different kind of job as the new president and chief executive officer of Florida Citizens Property Insurance Corp.

Insurers were able to breathe a collective sigh of relief in 2012s first quarter, as a dramatic drop in catastrophe losses helped the industry realize much needed improvement in profitability, says the Insurance Information Institutes president.

Chartis, the property and casualty unit of American International Group, will revert back to the AIG name, according to internal memos at the insurer, NU has learned.