Reinsurance

The movement toward stronger enterprise-wide risk management (ERM) practices following the 2008 financial crisis has continued gathering steam among insurers and reinsurers this year, according to a new study.

They say those who live in glass houses should not throw stones. Yet Maurice Greenberg, AIG's former CEO, was quick to blame just about everybody but his own kind for our current economic mess during a recent lecture.

The Association of Insurance and Reinsurance Run-Off Companies has launched an arbitration procedure designed to expedite small and "less-complicated" claims between insurers and reinsurers.

With U.S. tax and regulatory legislation up in the air for insurers and reinsurers, even if offshore moves adversely affect Bermuda's longtime insurance supremacy, don't expect carriers to abandon the island in droves anytime soon, analysts suggest.

Reinsurance broker Willis Re in New York announced it has made a series of chief executive appointments and other management changes as part of a new organizational structure.

W Maurice Greenberg, AIG's former chief executive, said rating agencies need government supervision, while credit default swaps should be regulated as insurance.