Posted by admin on Jan 31, 2010
XL Insurance has announced the appointment of Patrick Tannock as president of XL Insurance (Bermuda) Ltd, and as country manager.
Tannock’s appointment is effective from 22 February, and he will be directly responsible to XL Insurance International Property & Casualty Regional Operating Officer Donal Kelly.
He brings to the post more than two decades of experience of Bermuda, and the international insurance and reinsurance sectors.
Tannock spent a decade with Marsh & McLennan, and 16 years with ACE Bermuda.
Most recently he worked for ACE Bermuda’s subsidiary, Corporate Officers & Directors Assurance Ltd, as executive VP, director and chief underwriting officer.
In his new role Tannock will be responsible for the firm’s daily Bermudan insurance operations, and will be tasked with collaborating with underwriting managers to provide strategic direction.
XL Insurance Chief Executive Dave Duclos has expressed his delight at Tannock’s appointment, praising his diverse experience and strong leadership skills.
Posted by admin on Jan 30, 2010
Democratic Senators had been working diligently to sculpt a health bill that they thought would please enough of the nation to justify being passed. And even though it wasn’t satisfactory to Republicans, it didn’t matter because Democrats carried 60 seats – enough to overcome a Republican filibuster.
That is, until Tuesday, when a shocking event occurred – the Democrats lost their easily-won Senate seat to Republican Scott Brown.
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Posted by admin on Jan 30, 2010
Everyone who watched the State of the Union address on Wednesday were sitting on the edge of their seats waiting for President Barack Obama to discuss the ever-so-controversial health care bill – however, the wait was longer than we’d expected.
The good news is that he did actually touch on the bill in the second-half of his speech. The even better news is in his speech he urged lawmakers to move forward with the health care overhaul that has caused a great deal of dissension between the parties.
He Doesn’t Plan to Scale Back
After Democrats faced their greatest nightmare – Republican Scott Brown winning Ted Kennedy’s seat in Senate – there has been a lot of talk about compromising with the bill so Republicans would support it.
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Posted by admin on Jan 28, 2010
The Chubb Corporation has reported that it made net profits of $695m in the fourth quarter of 2009, equating to $2.03 per share.
This marks an increase of over 50% compared to Q4 2008, when the firm made $407m net profits, or $1.13 per share.
It was also a significant improvement on the Q3 2009 figures, when Chubb saw net profits hit $596m, equating to $1.69 per share.
Operating income was $569m, the same level as recorded in Q4 2008, although operating income per share rose by 5%.
For 2009 as a whole Chubb made $2.2bn net profits, or $6.18 per share, an improvement on the $1.8bn made in 2008, ($4.92 per share).
Chairman, President and Chief Executive Officer John D.
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Posted by admin on Jan 28, 2010
With the school year for high school seniors slowly but surely approaching, it might be beneficial for them to start thinking about their college living situation for next year. After all, once the summer hits, thinking about school will be the last piece of business on their minds. Most universities require their first-year students to experience campus life by shacking in their cozy dorms. Many students and parents fail to realize, however, that just like with any other residence, dorms can become victims of fire, theft and other types of damages. But for as low as $10 per month, students can ensure their valuables are covered should anything happen.
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Posted by admin on Jan 27, 2010
Workers’ compensation costs per claim for injured workers in Minnesota are among the lowest of 15 states, according to a new study by the Workers Compensation Research Institute (WCRI).
The study by the Cambridge, Mass.-based WCRI found that total costs per all paid claims were 30 percent lower in Minnesota and, in claims with more than seven days of lost time, 14 percent lower than the typical or median study state.
Payments per claim for lost wages, known as indemnity benefits, in Minnesota were 27 percent lower than the median study state and a major factor in the lower costs per claim.
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WCRI reported that the lower indemnity benefits per claim in Minnesota were not the result of lower statutory benefits, but because Minnesota workers returned to work faster and fewer cases received permanent partial disability (PPD) benefits or lump-sum settlements.
Workers in Minnesota returned to work faster than in most other study states. F
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Posted by admin on Jan 26, 2010
Pet insurance costs mean some owners put their pet’s health before their own Photograph: Christopher Thomond
Britain’s 1.3 million horse owners face tough choices in the coming months, with rising costs forcing many to make personal sacrifices so they can continue to look after their horses and ponies. Yet despite the constant struggle, for the vast majority of the horse and pony owners the last area they choose to economise on is equine insurance.
Insurers and brokers say they have not seen any tailing-off in the number of policies sold.
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