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Industry Wary of New Draft of Systemic Risk Bill
A new draft bill offers a detailed look at what Congress might consider in its effort to control major company failures that could risk the health of the U.S. economy. The draft, released by Rep. Barney Frank, the chairman of the House Fina...
Health-Insurance Rates Set To Rise In 2010
More survey findings Preliminary findings from Mercer's National Survey of Employer-Sponsored Health Plans 2009, released Sept. 10, indicate that respondents plan to shave 3 percentage points off their annual-renewal rates through a variety...
NAMIC Applauds Measure to Maintain NFIP
The National Association of Mutual Insurance Companies today commended Congress for including an extension of the National Flood Insurance Program in a continuing resolution, keeping the program in place until December 18. We applaud Congre...
Rising unemployment forces in Florida, 21 other states to borrow money from the federal government
Rising unemployment has now forced 22 states, including Florida, to borrow money from the federal government to keep paying unemployment insurance benefits, and another 10 states are expected to follow suit soon. That's the conclusion of a...
Three Former Marsh Execs Found Not Guilty in Bid Rigging
Three of eight former Marsh Inc. executives indicted about four years ago have been acquitted of criminal charges they were involved in an insurance bid-rigging scheme. Joseph Peiser, former head of Marsh's global excess casualty unit, and...
Perspectives: Is it Time to Make Annuity Income Automatic?
For about 25 years, employees have been told that saving for retirement is important, but they haven't heard much about how to turn those savings into dependable retirement income. There was discussion, however, at the American Council of L...
Illinois Suspends Medical Professional Liability Insurer
The Illinois Insurance Department suspended Professional Liability Insurance Company of America, citing hazardous losses that put policyholders and creditors at risk. The order bars the St. Louis-based medical professional liability insurer...
Senate Majority Leader Puts Public Option in Chamber's Health Reform Bill
Senate Majority Leader Harry Reid said the health care reform bill he'll put on the Senate floor includes a version of the public option that the insurance industry opposes. Reid, who is sending the legislation to the Congressional Budget O...
Serious Threat to Insurers' Antitrust Exemption Emerges
At the same time that health insurance groups received a backlash of heavy criticism from Democratic lawmakers for releasing reports that health reform efforts could lead to much higher premiums, another legislative effort saw a jolt of int...
Treasury: Half of AIG's Top Execs From 2008 Now Gone; Rest To Be Paid 58% Less in Total Compensation
After the U.S. Department of the Treasury said the major recipients of federal bailout money would have their highest executives' pay cut dramatically, a memo shows that American International Group Inc.'s top executives will see a 91% slas...
Three other Florida banks fail, pushing the total this year to 9
Bank regulators on Friday closed three banks in Florida, pushing the number of state bank failures in 2009 to nine and the total number of nationwide failures past 100. It is the largest number of bank failures in one year since 1992, amid...
West Coast Bancorp raised $ 155 million in capital through private placement and announces Q3 Financial Results
West Coast Bancorp (Nasdaq: WCBO) (WCB or the Company) today announced that it has received capital investments with gross aggregate proceeds in the amount of $155.0 million, $134.2 million of which has been contributed to its wholly owned...
AIR provides Risk Modeling and analysis services for over 80% of catastrophe bonds issued to date in 2009
AIR Worldwide Corporation (AIR) today announced that it has provided risk modeling and analytical services for over 80% of the $2.1 billion of catastrophe bonds issued to date in 2009. AIR has been the modeling and calculation agent for man...
Miami seminar to assist SMEs to enhance trade
Six federal agencies are holding an export event in Miami aimed at helping South Florida small businesses expand their sales abroad. Sponsoring the half-day seminar are the Export-Import Bank of the United States, the U.S. Department of Com...
A microloan from a community-based lender can provide the cash you need.
Twitter, the social media micro-blogging service, just received $100 million innew fundingfrom T. Rowe Price and New York's Insight Venture Partners, according to recent reports. Its a staggering amount when you think of Twitters modest beg...
CRM Holdings Leads Wednesday's AMBG as Global Insurance Index Declines 0.79%
The AMBG closed Wednesday, Oct. 21, at 824.00 (-0.79%). Of the 15 A.M. Best stock indexes, one rose and 14 declined. Leading A.M. Best's Global Insurance Composite Index (AMBG) were CRM Holdings (+7.37%) and United American Healthcare (+4.2...
Moore-Paulsen Amendment Provides Clarity to CFPA Legislation
The House Financial Services Committee today adopted an amendment ensuring that all lines of property/casualty insurance would be exempted from the jurisdiction of the Consumer Financial Protection Agency. Proposed by Rep. Gwen Moore, D-Wis...
TARP Inspector Notes AIG's Failure to Meet Required Payments
The special inspector general assigned to monitor the massive Troubled Asset Relief Program, Neil M. Barofsky, said that portions of the money have returned to federal accounts but that it's unlikely the rescue will pay for itself in the lo...
Poll: Americans Skittish Over Health Changes; But Most Trust President Over GOP On Issue
WASHINGTON -- Americans are increasingly worried about the cost and quality of medical care that could result from President Obama's effort to revamp health care, but a majority still trust him more than Republicans to change the system, a...
AmTrust to Invest $42 Million in ACAC Acquisition of GMAC P/C Insurance
AmTrust Financial Services, Inc. is making an investment in American Capital Acquisition Corp. in connection with the acquisition by ACAC of GMAC's U.S. consumer property/ casualty insurance business. AmTrust said it will initially invest a...
Louisiana Commissioner: $29 Million Paid to Five Insurers Was an Oversight
Louisiana Insurance Commissioner Jim Donelon agrees that his department incorrectly paid $29 million to five insurers as part of a state incentive program before the insurers signed cooperative endeavor agreements, as was found by a report...
Best's Rating Notification - MAPFRE Insurance Company of Florida
A.M. Best Company has made the following rating update: Company: MAPFRE Insurance Company of Florida AMB Number: 10805 Current Rating: A Previous Rating: A- To obtain more information about this company, please visit: http://www3.ambest.com/...
Best's Rating Notification - Mapfre Insurance Company
A.M. Best Company has made the following rating update: Company: Mapfre Insurance Company AMB Number: 2365 Current Rating: A- Previous Rating: A- To obtain more information about this company, please visit: http://www3.ambest.com/frames/fs....
Insurance brokers in a fix over IRDA red tape
Brokers who sell insurance policies to companies are miffed with the industry regulator for its delays in approving a renewal of their licences, saying it is hurting their business. The regulator, on the other hand, says the delay is arisin...
Wiener Stadtische Versicherung sells 99.99% stake in VAB Life
Wiener Stadtische Versicherung AG Vienna Insurance Group (Vienna Insurance), an Austrian commercial and personal insurance services provider, has sold its 99.99% stake in Closed Joint Stock Company VAB Life, a Ukraine-based life insurance c...
Kingsway Financial Services Leads AMBG Tuesday that the cuts Global Insurance Index 0.80%
The AMBG closed Tuesday, Oct. 20, at 830.53 (-0.80%). Of the 15 A.M. Best stock indexes, two rose and 13 declined. Leading A.M. Best's Global Insurance Composite Index (AMBG) were Kingsway Financial Services (+8.41%) and Hardy Underwriting...
Busbey documents released: Records reveal mayor, city attorney negotiated $93K settlement with ex-CFO
A legal document the city of Decatur delayed releasing until Monday shows Mayor Don Stanford and City Attorney Herman Marks negotiated a $93,000 legal settlement with former Chief Financial Officer Gail Busbey. The document does not give St...
Today's Picks
AIG Confirms Loss of Directors at Banque AIG
(BestWire Services Via Acquire Media NewsEdge) American International Group Inc
Kingsway Financial Services Leads AMBG Tuesday that
The AMBG closed Tuesday, Oct. 20, at 830.53 (-0.80%). Of the 15 A.M. Best stock
Divided Democrats Put Obama In Health Care Bind
As President Obama struggles to regain control of the health care debate, he's
Why Does This Doctor Want to Be a Lawyer?
S In December, the same month he turns 44, Levine will graduate from Stetson
Washington State Enacts STOLI Bill With Mandatory
Washington Gov. Christine Gregoire signed a life settlement bill that includes
Sun Alliance Expects to Make Profit in 2010
The premium revenue Sun Alliance Insurance (China) Ltd. gained in China in the
Sens.Dodd,Corker Try to Bring New Life to Financial
Sen. Chris Dodd, the chief author of the Senate's financial system reform
Six in ten say Turn off family medical care because of
Copyright: Unknown Source: PR Newswire US Wordcount: PUBLIC CONTINUES TO
Rising unemployment forces in Florida, 21 other states
Rising unemployment has now forced 22 states, including Florida, to borrow
Hanover Insurance launches new management liability
US-based The Hanover Insurance Group has launched a new nonprofit management
Geithner seeks new powers over financial corporations
Copyright: The Associated Press. All rights reserved. This material May not be
Mitsui Sumitomo To Offer Coverage Against Cloud Risk
Mitsui Sumitomo Insurance Co. is offering companies protection against computer
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