Core systems

Spun off from Fiserv, the well-known insurance tech giant will take the name StoneRiver—a brand signifying “strength and transformation,” and akin to its adoptive parents, Stone Point Capital LLC.

According to a new Impact Forecasting LLC report, approximately 86% of Californian homeowners do not have earthquake coverage, despite most of them having mortgaged their homes.

The industry won't be without challenges, maintains Willis, as access to new capital in 2009 will become more difficult and expensive because of the current economic climate.

For the time being, tech takes a back seat to cost minimization and operational efficiency, which are at the top of the operational agenda for many in financial services, according to the New York research firm.

American Council of Life Insurers (ACLI) proposed a plan to the National Association of Insurance Commissioners (NAIC) to loosen capital requirements to help life insurers meet required reserve levels amid falling stock prices and a worsening economic climate.

Despite last year’s variable annuity sales drop off, experts believe they should rebound along with the stock market.

Allegations of mismanagement at the life insurer are incurring the wrath of state regulators.

Insurance association says ordering insurers to surrender customer data poses a risk.

According to a new book, an IT professional's knowledge constitutes precious currency in a world dependent on computer technology, regardless of vertical market selected.

The Dutch company says its four newly assigned U.S. business units will create “appropriate alignment” for the U.S. retirement savings market.

A group of insurers says that more needs to be done to enable insurers to fairly present their financial statements for year-end 2008.

Recent deals for technology software and services

GUIDEWIRE RELEASES VERSION 3.0 OF POLICYCENTER

Unrelenting pressure on expenses, improvements in networking and communication technology and an increased appreciation for flexible business models are driving insurers to outsource core processes.

National Association of Mutual Insurance Companies (NAMIC) says the Federal Trade Commission’s (FTC) decision to order nine major insurance companies to provide data for a study of credit-based insurance scoring and homeowners insurance is unnecessary and a waste of money.

The 10-year moving average of insured catastrophe losses costs continued to rise in 2008, increasing by 7% over 2007—from $35.5 billion to $38 billion.

Advisen Ltd. predicts that general commercial insurance prices will begin increasing by the fourth quarter of 2009 or the first quarter of 2010.

The move should allow the insurer to cancel an equivalent amount of swaps contracts that its finance subsidiary had written on those securities.

Some of the new statutes are designed to reduce claims for accidents or medical needs, push the current limits of employee benefits and refresh the staid regulatory rating environment.

Swiss Re says the catastrophes led to overall financial losses of $61 billion across the globe, with property insurers contending with losses totaling $25 billion.