Author: Farkas Laura

The largest insurance broker in the world, Aon Corp., announced an agreement to purchase Britain’s Benfield Group Ltd. at the tune of almost $1.6 billion in cash. According to a spokesperson for the Chicago-based broker, Aon said combining Benfield, with its existing reinsurance operations would create a global, diverse franchise. Benfield is a leading independent… Continue reading Aon to Buy Benfield Group

The Professional Insurance Agents of New York State Inc., announce a new workers’ compensation market option available to members throughout the state. “Our association is committed to helping members meet the needs of their clients quickly and effectively,” said Ken Bessette, chief executive officer of PIA Management Services Inc. “By providing a first-rate alternative for… Continue reading New Workers Comp Market Option Debuted by PIANY

Australia’s largest insurance company, QBE Insurance Group Ltd., posted a 7% drop in profits, citing declining equity markets and gains in the nation’s currency. Net income for the second quarter ended June 30 dipped to A$859 million ($750 million), down from A$921 million in the year-ago period, said a spokesperson for QBE. The rising Australian… Continue reading Aussie Insurer Posts Dip in Profit

The U.S. Agriculture Department (USDA) has approved the expansion of a risk management program that will reduce crop insurance costs for farmers who plant 75% of their corn crops using certain biotechnically engineered corn seeds.    According to the USDA, the program covers certain corn seed hybrids with specific traits that enhance protection against above-ground… Continue reading Hybrid Corn Reaps Insurance Premium Savings for Farmers

In the two years since a Massachusetts mandatory health-care law went into effect almost half a million people have obtained health insurance, resulting in nearly all state residents being covered and making Massachusetts the first U.S. state with near-universal health insurance, say state officials.    “To have insured nearly a half-million people in less than… Continue reading State Law Sparks Rise in Health Coverage

The cost of a cervical cancer vaccine makes it not worthwhile to administer to women over 18 years old, finds a study that may affect the maker of the drug’s efforts to market to that age group. Gardasil, manufactured by Merck & Co., is available for females ages 9 to 26, a prescribed treatment that… Continue reading Study Finds Cancer-Preventing Shot “Not Economical” for Adult Women

For the third time this week tropical storm Fay is expected to pummel Florida, and hit Georgia as well. The storm, whose maximum winds reached near 60 mph, is lurking 20 miles east-southeast of Daytona Beach currently, and is expected to weaken once moving back over land. Despite never achieving hurricane status, the storm has… Continue reading She’s Back… Fay to Hit Florida for Third Time

In troubling times when the threat of bank failures is being realized time and time again, the Federal Deposit Insurance Corp. (FDIC) is facing pressure to determine how it will restock the fund that insures consumer deposits at failed financial institutions. At present, the fund is stocked mostly by fees levied on U.S. banks. But… Continue reading FDIC Has Its Work Cut Out to Stock Deposit Insurance Fund

The Federal Deposit Insurance Corp. (FDIC) has announced that a foreclosure avoidance program will soon be available for thousands of homeowners with distressed mortgage loans linked to the now-defunct IndyMac, the third-largest bank failure in U.S. history. The FDIC said 4,000 mortgage modification proposals are being mailed this week to IndyMac customers, with 25,000 modification… Continue reading FDIC to Aid Mortgage Holders in Failed Bank

The Mortgage Bankers Association (MBA) reported that applications for U.S. home mortgages last week fell to their slowest pace since December 2000, hurt by refinancing loan requests that are now just a quarter of March levels. The MBA said its seasonally adjusted index of mortgage application activity declined 1.5 percent to 419.3 in the week… Continue reading Mortgage Apps Lowest Since 2000