Topic: Industry Developments

U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers

On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda. 

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Connecticut AG Files Complaint against Guy Carpenter and Excess Re – Direct Summary

On October 9, the Connecticut Attorney General (the “CT AG”) filed a Complaint against Guy Carpenter and Excess Reinsurance Inc.  The Complaint is 107 pages long and contains numerous highly-disputed allegations about the structure of the reinsurance markets over the last fifty years as well as hotly contested claims about the activities of the participants in certain reinsurance facilities. 

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European Commission Issues Final Report on Business Insurance Industry

Over two years ago, the European Commission (“EC”) initiated an inquiry into the state of competition in the European Union (“EU”) business insurance industry.  In explaining the purpose of the inquiry, the EC notes in its Final Report that “[t]aking into account indications that competition in this sector within the common market may be restricted or distorted, the sector inquiry aimed at further investigating the sector and the practices concerned with a view to ultimately identifying any concrete restrictive practices or distortions of competition that may fall within the scope of Articles 81 or 82 of the Treaty.” 

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Reinsurance Reports: Stabilized Market; Softening of Prices

The reports, studies and opinions about the reinsurance market for 2008 have continued to emanate from Monte Carlo over the past two weeks.  Aon and Guy Carpenter released reports timed to the Monte Carlo Reinsurance Rendezvous, which indicate that the reinsurance market stabilized in 2007, with capacity increasing to meet the increased demands in 2006 arising after the large catastrophes of 2005 and prior years. 

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