Data security

Chicago — Taking a step toward putting its financial house in order, New York-based American International Group (AIG) has sold its specialty insurance subsidiary HSB Group to Munich Re for $742 million in cash. The transaction marks the first major divestiture for beleaguered AIG after it agreed to accept a bailout from the U.S. Treasury.

Zurich, Switzerland — Acknowledging the need to improve its capital position, insurance giant Swiss Re has secured $1.5 billion in loans from New York-based JP Morgan. The insurer says the loan will guarantee it access to financing at competitive rates for years to come.

Karen Clark tells INN that insurers should not rely solely on near-term catastrophe modeling in light of overestimating the previous three hurricane seasons.

A survey from Application Security Inc. finds that nearly 60% of organizations keep the majority of confidential data in databases, with 56% having had a data breach in the past year.

Munich Re and Risk Management Solutions (RMS) seek to identify and pursue shared research priorities for new and emerging sources of risk, as well as risk areas that continue to present challenges in modeling.

The goal of the partnerships is to enhance its business intelligence and integration solutions and increase its breadth of expertise and specialized knowledge, says the company.

As documented in a recent report, more than half of states score seven or lower out of 10 on key indicators that assess health emergency preparedness.

AssureNET GL 4.1 is designed to provide increased management oversight and reduced costs through higher levels of automation.

Figure less than the 2008 season, but higher than previously predicted.

The financial services meltdown may pressure a new congress and new administration to revamp how the insurance industry is regulated.

AIR’s new model includes three views of seismic risk in Japan.

IASA’s Executive Edge speakers offer divergent views on the state of the economy, its affect on insurance and what insurers can do about it.

Most recently, Harpreet Ubhi was AVP of Marsh’s private equity and mergers & acquisitions practice, where he led the financial products operations on the West Coast.

Former CEO of Allianz Life says regulators barked up the wrong tree: The objective of regulations should be aimed at “protecting the insurance companies from themselves.”

The reinsurer will use AIR’s model to analyze catastrophe exposures.

TowerGroup expects "four Rs"—risk, revenue, regulation and retirement—to shape the insurance industry in 2009.

Aon's CEO says the new business unit will leverage the talent within the former Benfield Corporate Risk division to bring global solutions to its construction, energy, marine, space and aviation clients.

The Public Entity Risk Institute's (PERI) says its program's expansion signifies increased awareness on the part of government entities of the value of benchmarking and performance measurement to control costs.

While few will fault insurers for focusing on survival during these turbulent times, a chance to redefine themselves now exists.

NAMIC says small insurance companies at risk unless plan is reformed.