Author: Farkas Laura

After rocking Cuba – toppling trees and power lines, destroying structures and killing four people on the island — a weakened Hurricane Ike is expected to regain strength as it heads toward the oil fields in the Gulf of Mexico. It was expected to emerge into the Gulf today and regain strength on a path… Continue reading Ike May Strengthen on Way Toward Gulf Oil Fields

Swiss Reinsurance Co. on Monday said that Hurricane Gustav will cost the global insurance industry up to $8 billion. Insured damages from natural disasters through the end of August were 20 percent higher than in the same period last year, the company said before an annual industry meeting in Monaco this week. It said the… Continue reading Swiss Re Says Gustav Could Cost Industry Up to $8B

Although it has been downgraded to a Category 2 storm, Hurricane Ike’s winds and massive storm surge ripped apart houses and toppled trees Monday as the deadly storm roared across Cuba toward Havana.     Forecasters said it could enter the Gulf of Mexico next, with Louisiana among the likely targets.    More than 770,000… Continue reading Hurricane Ike Downgraded as It Rips through Cuba, Heads towards the Keys

The New York State Workers’ Compensation Board has issued 1,000 stop-work orders to New York businesses that have failed to carry workers’ compensation insurance. The board was given the authority to take this type of action less than 14 months ago and issued it first stop-work order in July 2007. Also, $7 million in fines… Continue reading NY Workers Comp Board Goes After Businesses without Coverage

Reinsurer Swiss Re is not expecting a complete turnaround in reinsurance rates in the near future, and preserving its margin is its priority, even if that means less business.    “The company expects reinsurance rates to continue their down trend in most locations and lines of business, albeit at a less pronounced pace than last… Continue reading Swiss Re Says Will Accept Less Business to Preserve Margins

Aon Corp on Sunday at the reinsurer gathering in Monte Carlo stated that it sees no threat of a counterbid following its agreed 844 million pound ($1.48 billion) bid for reinsurance broker Benfield and remains on the lookout for further acquisitions. Asked at a press conference at an industry meeting in Monaco whether he feared… Continue reading More News from Monte Carlo: Aon on the Lookout for More Acquisitions

The biggest U.S. savings and loan, Washington Mutua, has replaced Kerry Killinger as chief executive officer with Alan Fishman, 62, of the Meridian Capital Group, after Killinger failed to halt losses tied to home mortgages.       The company said it reached an accord with regulators about improving the lender’s operations that doesn’t include raising… Continue reading Washington Mutual’s CEO Replaced After Three Quarters of Subprime Losses

U.S. Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart on Sunday placed the Fannie Mae and Freddie Mac in a government-operated conservatorship, ousting their chief executives and eliminating their dividends. The Treasury may purchase up to $200 billion of stock in the firms to keep them solvent.    “Some of this… Continue reading Paulson Announces Fed Intervention of Fannie, Freddie

Lloyd’s of London has announced its intent to move into emerging markets in Asia and Latin America and oil rich countries in the Gulf, saying today that a shift in world power cannot be ignored, and scolded U.S. insurers for what he calls their “collective madness.” Lloyds Chairman Peter Levene also offered pricing criticism directed… Continue reading Lloyd’s of London Makes Move to Emerging Markets

As Tropical Storm Hanna and Hurricane Ike develop, and Hurricane Gustav lingers in the Gulf Coast, the Big “I” announced it stands ready to help meet disaster assistance needs through the Trusted Choice® Disaster Relief Fund. Although better planning and disaster preparedness helped to lessen the damage from Gustav, there are still more than two… Continue reading Donations to Disaster Relief Fund Encouraged by Big I