Author: Farkas Laura

Bouncing back from the lowest level in more than six years and overcoming a rise in home loan rates, mortgage applications in the U.S. rose after falling for three straight weeks, according to the Mortgage Bankers Association.     The industry group said its seasonally adjusted mortgage application index, boosted by increased demand for both… Continue reading Mortgage Apps Up for the Week

Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Willis Group Holdings Ltd. to ‘BBB-‘ from ‘BBB’ following the recent announcement that it will acquire Richmond, Va.-based insurance broker Hilb Rogal & Hobbs (HRH) for a total purchase price of $2.1 billion. (See IJ web site – http://www.insurancejournal.com/news/national/2008/06/09/90764.htm). S&P has also assigned… Continue reading S&P Lowers Willis Ratings to ‘BBB-‘; Outlook Negative

Governor Marc Racicot, president, American Insurance Association, today commended the House Subcommittee on Capitol Markets for its continued focus on legislation to establish an Office of Insurance Information within the Federal Government. Gov. Racicot’s statement follows: “There is an immediate need for experts at the federal level to collect, analyze and interpret publically available data… Continue reading AIA Continues its Support for OFC

According to a new study to be released today by the Commonwealth Fund, about 25 million Americans — or approximately one of every five adults younger than age 65 with health insurance — did not have sufficient coverage last year to shield them from financial hardship if they ended up in the emergency room or… Continue reading Study Reports Underinsured Americans on the Rise

According to the seasonally adjusted data released by the U.S. Bureau of Labor Statistics, U.S. insurance industry payrolls added 3,200 positions from April to May, marking the third consecutive positive monthly move. But unemployment surged and total U.S. non-farm payrolls continued to shrink. For the month, the industry’s payrolls rose to 2.323 million from 2.321… Continue reading Insurance Jobs Added While Unemployment Surges in April-May

A carefully developed Office of Insurance Information could be a step toward modernizing the state-based insurance regulatory system, according to the National Association of Mutual Insurance Companies (NAMIC). NAMIC remains committed to a reformed state-based insurance regulatory system, and told Congress a federal advisory office could help streamline and create more uniformity in the system. … Continue reading NAMIC Sends Congressional Subcommitee its Comments on Establishing Federal Office of Insurance Information

An industry official said on Tuesday that the Florida’s tomato industry is in “complete collapse” and $40 million worth of tomatoes will rot unless federal regulators quickly trace the source of a salmonella outbreak and clear the state’s produce.    “We probably have $40 million worth of product we can’t sell. We’ve had to stop… Continue reading FL Tomato Industry Could Lose $40M in Product Amid Salmonella Outbreak

After Federal Reserve Chairman Ben Bernanke fired another warning shot on inflation, fanning expectations of higher interest rates, world stocks hit their lowest in almost two months, major government bonds fell, and the dollar rose on Tuesday.     The chairman said on Monday that the U.S. central bank will strongly resist rising long-term inflation… Continue reading Bernanke’s Talk of Inflation Fuels Possibility of Rate Hike

Hurt by losses related to trading and hedging, Lehman Brothers Holdings Inc. reported a $2.8 billion second-quarter loss, and announced that it has raised $6 billion to help it survive the collapse of the mortgage market.    Moody’s changed Lehman’s rating outlook to negative after the news broke.    Chief Executive Officer Richard Fuld, who… Continue reading Lehman Raises $6B in Capital after Reporting Significant Quarterly Loss

Longtime American International Group (AIG) executive Richard Booth has been appointed to the new post of chief administrative officer. This move is in sync with one of Chief Executive Martin Sullivan’s main initiatives, cross-selling among business units.    Mr. Booth, who will report directly to Mr. Sullivan, will be responsible for overseeing global operations, research… Continue reading AIG Names Richard Booth as Chief Administrative Officer, Part of Plan to Increase Cross-Selling Efforts