1ACE’s Greenberg: Risk-Taking Thwarted by Government
BY CHAD HEMENWAY
EVAN G. GREENBERG, chairman, presi- dent and CEO of ACE Limited, says governments in the United States and
Europe erroneously believe they can create
prosperity in the private sector.
“In the U.S. and much of Europe, we
face an unrelenting assault on business by
government,” says Greenberg in his annual
letter to shareholders. As a result, he says,
these governments are discouraging risk-taking
The effort, especially in Europe, toward universal-
insurance regulations for risk management, capital
and governance is “simply wrong-headed and
ignores cultural, social and economic realities of
He adds, “One size does not fit all.”
2AIG Among 3 TARP Companies to See Top Exec-Compensation Freeze
THE U.S. TREASURY announced that the chief executives of AIG, Ally
Financial and General Motors would have their compensation packages
frozen for a second year in a row. AIG’s highest-paid executive will receive
total direct compensation of $10.5 million.
4Progressive’s March Income Down on Prior-Year, Catastrophe Losses
UNFAVORABLE PRIOR accident-year reserve development and $10
million in catastrophe losses forced Progressive Corp.’s income down 44
percent for the month of March. Net income was $76.3 million.
3House Panel Could Move Soon on MLR Issue
A HOUSE PANEL plans to act on legislation exempting agent commissions
from the Medical Loss Ratio provision of the health care reform law.
Sources say the House Energy and Commerce Committee will take up
the bill, H.R. 1206, shortly after legislators return from recess on April 16.
5Colorado Forecasters Call for 10 Named Storms for 2012
6Louisiana High Court Won’t Stop Multi- Million-Dollar Award Against Citizens
THE COLORADO STATE University hurricane-forecast team says cooling of
the tropical Atlantic and the potential for El Niño conditions will mean a
below-average hurricane season, with 10 named storms to come.
THE LOUISIANA SUPREME Court again ruled against Louisiana Citizens
Property Insurance Corp., the state’s last-resort insurer, lifting a stay on
a $100 million judgment in favor of more than 18,500 policyholders.
8What Are Insurers’ Exposure to Guns and Homeowners’
9Dallas Tornadoes Cause up to $500M
7With May Deadline in Sight, Still No Action on Flood
INSURANCE-INDUSTRY officials are bemoaning the lack of action on an
NFIP extension, saying the primary problem remains with the Senate,
which has not acted on a bill sent to the floor last September.
U.S. Insurers Re-
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April 16, 2012 | National Underwriter Property & Casualty | 7