Author: Farkas Laura

Standard & Poor’s announced it has reduced the counterparty credit rating on Radian Group Inc. to “BB+” from “BBB” and cut ratings on its mortgage insurance subsidiaries. The “BB+” rating is considered one notch below investment grade, or “junk” status. S&P also cut the counterparty and financial strength ratings of Radian’s operating subsidiaries to “BBB+”… Continue reading S&P Cuts Radian Group Rating

The Census Bureau announced that the number of Americans without health insurance decreased slightly last year despite the steady decline of employment-based coverage, in large part due to government insurance programs. According to the Census report, the number of Americans without health insurance fell for the first time in 20 years — to 45.7 million… Continue reading Number of Uninsured Workers Declines

Capping the largest title insurance investigation in the history of the Ohio state Insurance Department, an Ohio jury found Steve Clayton, former owner of the now-defunct Equity Land Title Insurance, guilty of multiple counts of engaging in a pattern of corrupt activity, aggravated theft, and money laundering. Clayton was sentenced to 12 years in prison… Continue reading Former Insurance Agency Owner Found Guilty, Charged $7 Million

To counter the burden of record-high gas prices that their employees are facing, some employers are offering a variety of benefits including a compressed work week and increased use of telecommuting, according to a study by Mercer L.L.C entitled “2008 Gas Price Impact SnapShot Survey.” The survey of 300 U.S.-based companies taken last month found… Continue reading Employers Offering Plans to Counter Pain at the Pump

The world’s largest insurer, American International Group, Inc. (AIG) announced it has acquired 18 percent of MicroCred Nanchong, China (MNC), along with the right to be the exclusive seller of micro insurance to MNC clients for two years. MNC is China’s first wholly foreign-owned micro credit company. MNC is jointly owned by the International Finance… Continue reading AIG Buys Stake in Chinese Insurer, Gets Exclusive Rights to Clients for Two Years

The Federal Deposit Insurance Corp (FDIC) says it may have to get a loan from the Treasury Department to cover short-term cash-flow reductions caused by reimbursing depositors immediately in the wake of a bank failure. (See related story, Number of Banks in Peril Up 30 Percent.) When the failed bank’s assets are sold, the loan… Continue reading FDIC May Need Loan to Cover Bank Failures

Universal Insurance Holdings, Inc. announced it has completed a $3 million common stock repurchase program.    The program, authorized by Universal’s board of directors, repurchased 808,900 shares of Universal stock for an average per-share price of $3.71. Universal says it intends to evaluate the possibility of future stock repurchase programs subject to business conditions, the… Continue reading Florida Insurer Completes $3 Million Repurchase Program

A San Francisco appellate court has affirmed an order vacating $700 million in punitive damages awarded to the California Insurance Commissioner regarding the 1991 sale of now-defunct Executive Life Insurance Co. The ruling also vacated $241 million in restitution that had been awarded to the commissioner. The case has been remanded the case to the… Continue reading Court Affirms Order Vacating $700 Million Award, Sends Case Back to Court

Toronto, Canada-based Manulife Financial Corp. has taken the title of most valuable insurer in North America from New York-based American International Group Inc. (AIG), after the U.S. housing market slump caused the latter to take a dive in value in the past 10 months. Nevertheless, AIG remains the largest North American insurer by assets. Based… Continue reading Manulife Financial Surpasses AIG as North America’s Most Valuable Insurer

Hurricane Gustav is expected to make landfall today in Haiti, which is still recovering from its brush with Tropical Storm Fay, which made an unprecedented four landfalls before finally losing strength over Mississippi. Gustav was upgraded from tropical storm to hurricane status earlier today, is blowing in with winds clocked at 85 mph and may… Continue reading Here We Go Again: Batten Down Hatches, Here Comes Hurricane Gustav