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National Underwriter Property And Casualty Insurance News.

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CAROLINE MCDONALD
Assistant Managing Editor

cmcdonald@nuco.com

Caroline McDonald is Assistant Managing Editor of NU’s Property & Casualty weekly newsmagazine. She edits NU's 'Corporate Insurance Buyers Report,' with bonus circulation to 15,000 risk managers, employee benefit managers and CFOs of the Fortune 2500. One of her specialties is the alternative markets, particularly captives, as well as coverage of the London insurance market. She also helps edit the NU Online News Service, which posts stories daily at www.property-casualty.com. Before joining NU in 2000, she most recently worked as an editor for New York Life Insurance Company. Prior to that, she was an editor for in ACORD magazine and other publications for ACORD, and a staff writer at Insurance Journal in California. She previously freelanced for United Press International in Los Angeles and for The New York Times metro section in New York. Ms. McDonald holds a bachelor of arts degree from the University of North Carolina at Chapel Hill.

Articles by CAROLINE MCDONALD
Ft. Collins, Colo., Safest Driving City Allstate Says
September 07, 2010
This year's top honor of "America's Safest Driving City" is Fort Collins, Colo., according to a report by Allstate....
Alterra Capital Merges Its Bermuda Holdings
September 07, 2010
Alterra Capital Holdings Limited announced the consolidation of its Bermuda operating subsidiaries, Alterra Insurance Limited (Alterra Insurance) and Harbor Point Re Limited (Harbor Point Re).Alterra Capital Holdings Limited announced the consolidation of its Bermuda operating subsidiaries, Alterra Insurance Limited (Alterra Insurance) and Harbor Point Re Limited (Harbor Point Re)....
Captives Will Survive Challenges, But Risk Managers May Face Changes
September 06, 2010
Facing shrinking resources, an uncertain economy as well as changing political and regulatory landscapes, risk managers might be forced to reassess their particular captive insurance solutions, a new white paper by ACE suggests....
RRGs, Captives Can Be Rehabilitated, Manager Asserts
September 06, 2010
The common perception is that a captive insurer or risk retention group entering rehabilitation has hit the skids and is on its way out, but the opposite is sometimes true, according to a captive management company....
Global Re Market Remains Stable But Soft, With Prices Still Plummeting
September 06, 2010
Even after a number of significant disasters so far in 2010, including the Chilean earthquake and the BP Deepwater Horizon oil spill, rate hikes are more the exception than the rule in the soft global reinsurance market....
U.S. Reinsurers See Drop Of 4% In Net Premiums Written
September 06, 2010
U.S. property and casualty reinsurers saw net premiums written drop 4 percent in the first half of 2010 compared to last year, while underwriting results deteriorated by nearly five points....
Heightened Awareness Of Offshore Exposures Benefits London Underwriters
September 06, 2010
The long-term impact of the BP oil spill could be positive for the London Market as offshore oil operations in particular face tighter regulations and potential coverage vulnerabilities are more readily apparent....
Risk Management Key To Ensure Smooth Globalization, Lloyd’s Warns
September 06, 2010
While globalization has brought many benefits to businesses, companies need to spend more time studying the new and emerging risks involved and planning for low-probability events, Lloyd’s warns....
Firms Going Global Often Overlook Supply Chain Risks
September 06, 2010
More organizations are going global and depending on outsourcing and international supply chains to get projects completed on schedule and within budget......
Captive Opportunities Opening Up For Smaller Organizations, Manager Says
September 06, 2010
New legislation and structuring for captives in a number of domiciles has made formation of captive facilities—once limited to large global organizations—attractive to smaller companies as well....
Global Reinsurers Face Shrinking Profits, But Capitalization To Keep Sector Stable
September 06, 2010
Key challenges facing global reinsurers will drive profits lower, but are unlikely to undermine the current strong levels of capitalization for the majority of carriers over the next 12-to-24 months....
Enterprise Risk Management Can Keep Losses From Becoming Catastrophic
September 06, 2010
Solid enterprise risk management was behind one firm’s recovery from the financial downturn, while another long-established outfit is just allowing the concept to percolate within its operation....
Kane Receives First Qatar License For Captive Management
September 02, 2010
Risk and insurance management services provider Kane said it has received authorization from the Qatar Financial Centre Regulatory Authority (QFCRA) to establish an insurance management company in the Qatar Financial Centre (QFC).Risk and insurance management services provider, Kane, said it has received authorization from the Qatar Financial Centre Regulatory Authority (QFCRA) to establish an insurance management company in the Qatar Financial Centre (QFC)....
BP Pays $399M In Claims Before Transfer To GCCF
September 01, 2010
British Petroleum (BP) said it made claim payments of nearly $400 million during the 16 weeks it managed claims related to the oil spill in the Gulf of Mexico....
Fitch: Global Reinsurers Face Challenges, But Outlook ‘Stable’
September 01, 2010
Key challenges facing global reinsurers are unlikely to impede the stability of earnings or the current strong levels of capitalization for the majority of Key challenges facing global reinsurers are unlikely to impede the stability of earnings or the current strong levels of capitalization for the majority of reinsurers over the next 12-24 months, subject to normal catastrophe experience, Fitch Ratings said....
Insurers Can’t Afford To Ignore Social Media Benefits, Risks
August 31, 2010
Insurers still marketing with telephone calls, conferences, e-mail and live meetings may be missing an opportunity for growth if they ignore social media, according to an industry expert.Insurers still marketing with telephone calls, conferences, e-mail and live meetings may be missing an opportunity for growth if they ignore social media, according to an industry expert....
U.S. Reinsurers’ Written Premiums Drop In 2010
August 30, 2010
U.S. property and casualty reinsurers saw 2010 first-half net premiums written drop 4 percent compared to last year while their combined ratio increased to 98.7 from 93.8.U.S. property and casualty reinsurers saw 2010 first-half net premiums written drop 4 percent compared to last year while their combined ratio increased to 98.7 from 93.8....
BP Spill Creates Coverage Opportunities
August 30, 2010
The ultimate extent of damage and insurance industry losses from the BP Deepwater Horizon oil spill in the Gulf of Mexico is still unknown....
Insurers Queried On Oil Spill Prevention
August 30, 2010
Global investors are asking energy companies for their oil spill prevention measures, but they are also querying insurers....
Fitch Revises SCOR Outlook To ‘Positive’
August 26, 2010
Fitch Ratings said it has upgraded the outlook on its “A” rating of SCOR SE and its subsidiaries to “positive” from “stable” to reflect “the resilience of the group’s financial strength.”Fitch Ratings said it has upgraded the outlook on its “A” rating of SCOR SE and its subsidiaries to “positive” from “stable” to reflect “the resilience of the group’s financial strength.”...
WTC Captive Extends Opt-In Deadline Two Months
August 26, 2010
The WTC Captive Insurance Company announced it would extend the Sept. 8, deadline to opt in to its settlement for two months, until Nov. 8, to give plaintiffs more time to consider whether to accept.The WTC Captive Insurance Company announced it would extend the Sept. 8, deadline to opt in to its settlement for two months, until Nov. 8, to give plaintiffs more time to consider whether to accept....
Hartwig Makes Case For Private Ohio WC Market
August 23, 2010
Privatizing workers’ compensation insurance in Ohio would give more choices to consumers and open up a new market for insurers, the Insurance Information Institute’s (I.I.I.) president told state officials.Privatizing workers’ compensation insurance in Ohio would give more choices to consumers and open up a new market for insurers, the Insurance Information Institute’s (I.I.I.) president told state officials....
CICA, NRRA Announce Early Oct. Meetings
August 20, 2010
The Captive Insurance Companies Association (CICA) and the National Risk Retention Association (NRRA) have both planned events in the Washington D.C. area in October, the organizations said.The Captive Insurance Companies Association (CICA) and the National Risk Retention Association (NRRA) have both planned events in the Washington D.C. area in October, the organizations said....
Producer, Carrier Groups Unite For N.Y. Surplus Lines Hearing
August 20, 2010
A public hearing by the New York Department of Insurance on whether to add coverages to the state’s excess and surplus lines “export” list was deemed successful by an agent trade association.A public hearing by the New York Department of Insurance on whether to add coverages to the state’s excess and surplus lines “export” list was deemed successful by an agent trade association....
Senators Question Storage Of Scanned Body Images
August 20, 2010
Members of the Senate Homeland Security and Governmental Affairs Committee sent a letter to the director of the U.S. Marshals Service, asking for an explanation about the storage of images from whole-body scanning machines.Members of the Homeland Security and Governmental Affairs Committee sent a letter on Thursday to the director of the U.S. Marshals Service, asking for an explanation about the storage of more than 35,000 images from whole body scanning machines, taken at a U.S. courthouse in Orlando, Fla....
RRGs, Captives Can Be Rehabbed, Manager Asserts
August 19, 2010
The common perception is that a captive insurer or risk retention group entering rehabilitation has hit the skids and is on its way out, but the opposite is sometimes true, according to a captive management company.The common perception is that a captive insurer or risk retention group entering rehabilitation has hit the skids and is on its way out, but the opposite is sometimes true, according to a captive management company....
Climate Change Could Take Heavy Toll On Caribbean
August 19, 2010
Climate change could significantly increase Caribbean hurricane risk and raise annual expected losses by another 1 to 3 percent of GDP for some Caribbean countries by 2030, according to a new study.Climate change could significantly increase Caribbean hurricane risk and raise annual expected losses by another 1 to 3 percent of GDP for some Caribbean countries by 2030, according to a new study....
Captive Opportunities Open Up For Smaller Cos., Manager Says
August 18, 2010
New legislation and structuring for captives in a number of domiciles has made formation of captives—once limited to large global organizations—attractive to smaller companies as well, a captive management company said in its newsletter.New legislation and structuring for captives in a number of domiciles has made formation of captives—once limited to large global organizations—attractive to smaller companies as well, a captive management company said in its newsletter....
BP Prepares For Transfer To Claims Facility
August 17, 2010
BP's claims team is in the final stages of preparing to transfer responsibility for individual and business claims related to the oil spill in the Gulf of Mexico to the Gulf Coast Claims Facility (GCCF).BP's claims team is in the final stages of preparing to transfer responsibility for individual and business claims related to the oil spill in the Gulf of Mexico to the Gulf Coast Claims Facility (GCCF)....
Integrated Disability Management Fuels Power Company’s Comp Claim Success
August 16, 2010
Over the past dozen years, AEP has cut its workers’ comp compensation costs in half—from $16 million annually to $8 million—all while growing the employee population via mergers and acquisitions....
Risk Managers Face New Decisions On Captive Insurance Solutions
August 13, 2010
Facing shrinking resources, an uncertain economy, and changing political and regulatory landscapes, risk managers may be forced to reassess their particular captive insurance solutions, a new white paper suggests.Facing shrinking resources, an uncertain economy, and changing political and regulatory landscapes, risk managers may be forced to reassess their particular captive insurance solutions, a new white paper suggests....
Vt. Governor Says Departure Will Not Affect Captive Commitment
August 12, 2010
Serving his last term as Governor of Vermont, Jim Douglas gave assurances that the state’s focus on captive insurers would not waver in his absence.Serving his last term as Governor of Vermont, Jim Douglas gave assurances that the state’s focus on captive insurers would not waver in his absence....
RRG Supporters Say Nevada Dispute Shows Necessity For Federal Intervention
August 09, 2010
A letter to Nevada officials requesting that the state stop discriminating against a risk retention group underscores the need for a Government Accountability Office probe into local interference....
Vermont Sees Captive Growth Even In Soft Market, Tough Economy
August 09, 2010
Vermont is preparing to defend its position as the top U.S. captive domicile by adding additional staff to keep turnaround times to a minimum, as well as updating regulations....
GAO Probe Overdue
August 09, 2010
Does the Government Accountability Office need to look into whether state regulators are overstepping their authority in supervising risk retention groups?...
Lib. Mut. 2Q Net Falls On Cat Losses; Kelly Calls Out Comm. Competitors
August 06, 2010
Catastrophe losses drove a 17.9 percent, or $48 million decline in Liberty Mutual Group’s 2010 second quarter net income compared to a year ago.Catastrophe losses drove a 17.9 percent, or $48 million decline in Liberty Mutual Group’s 2010 second quarter net income compared to a year ago....
Investors Ask Insurers, Oil Cos. For Answers On Spill Prevention
August 05, 2010
Global investors are asking for energy companies’ oil spill prevention measures and information about underwriting changes resulting from the British Petroleum oil spill, according to CERES, a network of investors and environmental groups.Global investors are asking for energy companies’ oil spill prevention measures and information about underwriting changes resulting from the British Petroleum oil spill, according to CERES, a network of investors and environmental groups....
Deepwater Horizon Not A P&C ‘Watershed Event’
August 02, 2010
The Deepwater Horizon oil rig explosion and spill is not a “watershed” event for the property and casualty industry despite an expected $4-to-$6 billion in commercially insured losses, Towers Watson said.The Deepwater Horizon oil rig explosion and spill is not a “watershed” event for the property and casualty industry despite an expected $4-to-$6 billion in commercially insured losses, Towers Watson said....
NRRA: Nevada RRG Discrimination Shows Need For GAO Report
July 29, 2010
A letter to Nevada officials requesting that the state stop discriminating against a risk retention group underscores the need for a Government Accountability Office RRG report, counsel for an RRG association said.A letter to Nevada officials requesting that the state stop discriminating against a risk retention group underscores the need for a Government Accountability Office RRG report, counsel for an RRG association said....
BP Announces CEO Switch, $32.2B In Expected Oil Spill Costs
July 27, 2010
British Petroleum announced that Tony Hayward, the company’s chief executive officer, will step down effective Oct. 1.British Petroleum announced that Tony Hayward, the company’s chief executive officer, will step down effective Oct. 1....
Ala. Uses Parametric Cover For SIF Hurricane Exposure
July 27, 2010
Alabama has made a three-year agreement with Swiss Re in which Swiss Re will pay the state for wind losses based on documented wind speed in the event of a hurricane.Alabama has made a three-year agreement with Swiss Re in which Swiss Re will pay the state for wind losses based on documented wind speed in the event of a hurricane....
BP Spill Creates Coverage Opportunities, Expert Says
July 23, 2010
The extent of damage and insurance industry losses from the BP Gulf of Mexico oil spill disaster is still unknown, but an industry environmental coverage expert said insurers should use the event to create new coverages rather than exclusions.The extent of damage and insurance industry losses from the BP Gulf of Mexico oil spill disaster is still unknown, but an industry environmental coverage expert said insurers should use the event to create new coverages rather than exclusions....
GAO To Probe State Regulation Of RRGs
July 23, 2010
A federal probe into whether state insurance regulators are overstepping their authority when it comes to risk retention groups is being hailed by a national self-insurance group.A federal probe into whether state insurance regulators are overstepping their authority when it comes to risk retention groups is being hailed by a national self-insurance group....
BP Site At Risk Again From Storm; Victim Response Continues
July 22, 2010
A tropical depression is expected to intensify to a tropical storm and enter the Gulf of Mexico late Friday, which could complicate efforts at the British Petroleum oil spill site.A tropical depression is expected to intensify to a tropical storm and enter the Gulf of Mexico late Friday, which could complicate efforts at the British Petroleum oil spill site....
High Capacity, Low Demand Feed Soft Commercial Lines Mkt. In 2Q
July 21, 2010
Commercial lines premiums remained under pressure in the 2010 second quarter due to abundant capacity and lower demand, according to the RIMS Benchmark Survey administered by Advisen Ltd.Commercial lines premiums remained under pressure in the 2010 second quarter due to abundant capacity and lower demand, according to the RIMS Benchmark Survey administered by Advisen Ltd....
Vt. Captive Half-Year Formations Surpass ‘09 Numbers
July 21, 2010
The State of Vermont’s captive insurance sector reported a strong first half of 2010, licensing 17 new captive insurance companies and surpassing 2009 half-year numbers as the state nears its 900-license milestone, officials said.The State of Vermont’s captive insurance sector reported a strong first half of 2010, licensing 17 new captive insurance companies and surpassing 2009 half-year numbers as the state nears its 900-license milestone, officials said....
Fitch Affirms Lloyd’s, Expects Reduced Income In 2010
July 20, 2010
Fitch Ratings said it expects Lloyd’s of London to report a reduced level of income in 2010 compared to 2009, but affirmed the company’s Insurer Financial Strength rating of “A-plus.”Fitch Ratings said it expects Lloyd’s of London to report a reduced level of income in 2010 compared to 2009, but affirmed the company’s Insurer Financial Strength rating of “A-plus.”...
Lloyd's: Businesses Must Better Prepare For New Globalization Risks
July 19, 2010
While globalization has brought many benefits to businesses, companies need to spend more time studying the new and emerging risks and planning for low-probability events, according to Lloyd’s.While globalization has brought many benefits to businesses, companies need to spend more time studying the new and emerging risks and planning for low-probability events, according to Lloyd’s....
Cost Of Claims Top Concern For Risk Managers, Study Finds
July 15, 2010
When it comes to controlling their total cost of risk, 64 percent of corporate risk and finance managers surveyed said their top concern was their retained cost of claims, including from captives, according to professional services company Towers Watson.When it comes to controlling their total cost of risk, 64 percent of corporate risk and finance managers surveyed said their top concern was their retained cost of claims, including from captives, according to professional services company Towers Watson....
Most Organizations That Outsource Do Not Manage Associated Risks
July 14, 2010
Fewer than half of organizations buying or providing outsourced services are able to effectively manage the associated risks, according to an industry survey.Fewer than half of organizations buying or providing outsourced services are able to effectively manage the associated risks, according to an industry survey....

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