Reinsurance

Willis Group, the third-largest insurance broker by market value, said its in exclusive talks with Miller Insurance Services LLP to take a majority stake and combine some of their businesses.

The Federal Insurance Office will likely ask congressional permission early next to year to negotiate a uniform reinsurance collateral agreement for U.S. and European reinsurers domiciled in qualified jurisdictions.

Willis North America on Monday reinforced its position as a cyber risk advisor and insurance broker with a series of key appointments.

The Firemans Fund commercial P&C business will be integrated into Allianz Global Corporate & Specialty, the global corporate insurance company of Allianz.

Risks related to terrorism, compensation structures for long-term bodily injury, and casualty catastrophes are still emerging.

"Whatever numbers Congress ultimately agrees to, lawmakers should be aware of this: markets are fully capable of taking on more terrorism risk and it clearly would be in taxpayers' interest to let them."