Author: Farkas Laura

Alabama Insurance Commissioner Walter A. Bell announced he will resign his position at the end of the month.      Bell, a former president of the National Association of Insurance Commissioners, is leaving the post for a new position, but no further details were available.       Bell has held the position since his appointment in… Continue reading Insurance Commissioner Resigns

GMAC Financial Services announced $2.48 billion in second-quarter 2008 losses, fueled by a major decline in the values of used trucks and sport utility vehicles.    The second-quarter loss is greater than GMAC’s losses for the entirety of last year, and is in striking contrast to the company’s $293 million profit for the same quarter… Continue reading Multibillion Loss for GMAC

Dutch insurer and bank ING Groep NV announced second-quarter 2008 earnings declined by 25%, primarily due to smaller gains on investments.     ING posted a net profit of 1.92 billion euros ($2.86 billion), down from 2.56 billion euros a year ago in the same period. The results are in line with analysts’ estimates.  … Continue reading ING Posts Decline in Profits

To save money, many Americans are cutting back on medical care — potentially putting their health at risk — according to new research from the National Association of Insurance Commissioners (NAIC). A national survey of 686 consumers, fielded in July, found that 22 percent of U.S. consumers say they have reduced the number of times… Continue reading Research Finds Embattled Economy a Health Risk to Consumers

The fourth-largest insurance group in Europe, Zurich Financial Services Group, reported $2.68 billion in second-quarter profits, slightly higher than analysts’ projections, and says it is well on track to reach its efficiency goals. Thus far, Zurich Financial has been able to weather the financial storm, facing volatile and competitive markets where prices are declining. Said… Continue reading Zurich Financial Posts Profit

Fueled by last month’s economic stimulus payouts and more than $15 billion in payouts that the Federal Deposit Insurance Corp. (FDIC) made to depositors at failed banks, the federal budget deficit climbed to $102.8 billion last month, said the Treasury Department. The deficit amounts to nearly three times the $36.4 billion where it stood a… Continue reading Budget Deficit Bumps Up to Over $102 Billion

Marsh & McLennan Cos., the world’s largest insurance brokerage, is seeking to make acquisitions that will shore up growth, but it’s going outside the U.S. to look, says company chief executive officer Brian Duperreault. Duperreault, who took the helm at Marsh & McLennan just six months ago, said the brokerage could be in line to… Continue reading Marsh & McLennan Says Let’s Make a Foreign Deal

Philadelphia, Pennsylvania-based mortgage and bond insurer Radian Group Inc. posted $392.5 million in net losses after the company set aside $421.8 million to establish a reserve for first-lien mortgage insurance losses. Radian Group’s second-quarter 2008 loss amounted to $4.91 per share in contrast to net income of $21.1 million, or 26 cents, during the year-ago… Continue reading Big Loss for Radian Post Reserve Setup

Next stop for the financial challenges facing much of the world economies? Spanish banks, say some analysts, pointing to the housing bust burdening Spanish builders, homeowners and the Spanish economy in general. The strain is being felt particularly in Spain’s system of local savings banks, which generate roughly half of the country’s lending and deposit-taking.… Continue reading Ay, Carumba! Spanish Banks Feeling Worldwide Financial Crunch

In the wake of four quarterly losses in a row due to subprime- related writedowns, UBS AG, the largest bank in Switzerland, announced it will divide its investment banking and wealth management units. Stock for the Zurich-based bank gained as much as 3.8 percent in Swiss trading after UBS Chairman Peter Kurer said the bank… Continue reading Four Consecutive Losses Prompts Swiss Bank to Break Up Units, Clean House