Reinsurance

President Barack Obama signed financial services reform into law last week, setting in motion an intense effort by interested parties to shape the regulations and government bodies that will implement the legislation to their liking.

AIG agreed to pay $725 million to Ohio and Florida public pension plan funds in a securities class-action settlement to resolve bid-rigging allegations that the funds said had negatively impacted the company's value.

Agents and underwriters sparred with Agriculture Department (USDA) representatives over agent commission caps put forth as part of the mandated cuts to the federal crop insurance program at a House subcommittee hearing.

Property-catastrophe reinsurance rates in the United States have significantly decreased despite disaster losses from the Chile earthquake and storms in Australia.

American International Group agreed to pay $725 million to Ohio and Florida public pension plan funds in a securities class-action settlement to resolve bid-rigging allegations that the funds said occurred up to 2005.

The ACE Group of insurance and reinsurance companies announced David Furby as division president, Commercial Property & Casualty, for the company's overseas general operations.