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A hydrofracking well exploded near Leroy Township, Pennsylvania on Tuesday, spilling chemically treated water into a nearby creek that feeds the Susquehanna River and prompting the evacuation of certain residents.  The incident occurred while a crew from Chesapeake Energy Corporation was in the midst of “fracking” the well, a method by which one injects a mixture of water, sand and chemicals into dense rock at high pressures in order to release oil and gas.  The cause of the spill was reportedly due to equipment failure. …
Read More Breaking News: Hydrofracking-Related Spill in Pennsylvania

This updates our April 14, 2011 blog posting.

Michigan Governor Rick Snyder has announced that Kevin Clinton has been named as the head of the Office of Financial and Insurance Regulation (“OFIR”).  Gov. Snyder remarked that Mr. Clinton, in addition to his responsibility for consumer protection, will lead the effort to make Michigan a more favorable regulatory environment for the insurance industry by eliminating burdensome regulations. …
Read More Kevin Clinton Named Michigan Insurance Commissioner

Acting Pennsylvania Commissioner, Michael Consedine, announced that Randy Rohrbaugh has been named Executive Deputy Insurance Commissioner.  Mr. Rohrbaugh’s duties will include helping the Commissioner in the daily activities of the running the Pennsylvania Insurance Department.  The Executive Deputy Commissioner will also oversea all operational day to day issues. …
Read More Pennsylvania Executive Deputy Commissioner Named

Forecasters at Colorado State University (“CSU”) predict that the 2011 Atlantic hurricane season will be above average and will have about nine hurricanes, 16 named storms, 80 named storm days, 35 hurricane days, and 10 major hurricane days.  CSU also predicts that nine of the 16 named storms will turn into hurricanes, with five of them developing into major hurricanes of Category 3 or higher on the five-step Saffir/Simpson. …
Read More Above Average Hurricane Season Predicted for 2011

Earlier this month, Alterra Capital Holdings Ltd. and Stone Point Capital LLC announced that they formed a sidecar named New Point IV, both agreeing to commit up to $100 million. According to the press release, New Point IV was created due to “the recent series of global catastrophic events . . reducing the capital supporting the international property catastrophe reinsurance market . . . .” …
Read More Formation of Alterra/Stone Point Side Car May Mark Start of a Trend

A criminal indictment recently unsealed in the United States District Court for the District of Columbia against an Iranian businessman who allegedly conspired to violate the U.S. embargo of Iran by funneling U.S.-origin goods to Iran through front companies in Turkey, highlights one of the biggest risks faced by U.S. exporters: You never know where your goods or technology will end up. …
Read More Client Advisory – Recent Government Enforcement Actions Regarding the Iranian Embargo Highlight the Hidden Risks of International Trade

Insurance Commissioner Kevin McCarty of the Florida Office of Insurance Regulation (FOIR) has announced the appointments of Al Willis, Steve Szypula and Toma Wilkerson to new positions within the FOIR.  Willis will now be the acting Deputy Commissioner for Property & Casualty.  Previously he was the Director of Life & Health Financial Oversight.  Szypula will now be the acting Director of Property & Casualty Financial Oversight. …
Read More Florida Insurance Commissioner Announces New Staff Appointments