Reinsurance

Insurers of coastal properties can cut down their risk by inducing homeowners to strengthen dwellings and working to improve building and land use, a reinsurance expert suggested.

Reinsurance Association of America members in the first quarter saw net premiums written increase nearly 3 percent compared with same period in 2008.

Hurricane forecasters William Gray and Phil Klotzbach predict an Atlantic tropical cyclone season of slightly below average frequency, and one consultant said it is in line with reinsurers' expectations.

The Liability Risk Retention Act contains a single-state regulatory framework that enables RRGs to become licensed and regulated under the laws of a domiciliary state, preempting most laws and regulations of nondomiciliary states in which they operate.

American International Group, Inc. announced it will sell off a huge piece of its stake in reinsurance giant Transatlantic Holdings, worth nearly $1 billion.

Last Thursday, Reps. Dennis Moore, D-Kan., and Scott Garrett, R-NJ, introduced legislation in the U.S. House of Representatives modernizing and reforming regulation of the surplus lines (nonadmitted) market.