Author: Farkas Laura

Global insurance broker Willis Group Holdings Limited and Hilb Rogal & Hobbs Company, one of the world’s largest insurance and risk management intermediaries, announced on Sunday that the companies will combine forces in a transaction that will double Willis’s North America revenues and strengthen its leadership in attractive growth markets.     Willis valued the… Continue reading Willis Group Acquires HRH; To Become Willis HRH in North America

In recent months, it seems as though we have been hearing about one crane disaster after another. Two accidents have occurred in New York, with the most recent having occurred last week when a tower crane on the Upper East Side snapped from its turntable some 200 feet above street level, causing its cab, boom… Continue reading Crane Disasters Could Impact Inland Marine Premiums, May Result in Uniform Certification Standards

On June 6, 2008, Standard & Poor’s Ratings Services lowered its financial   strength ratings on XL Capital Assurance Inc. (XLCA) and XL Financial   Assurance Ltd. (XLFA) to ‘BBB-‘ from ‘A-‘. The ratings remain on CreditWatch   with negative implications.    The downgrade reflects our current assessment of potential losses on the   companies’… Continue reading XL Capital Assurance Inc., XL Financial Assurance Ltd. Lowered To ‘BBB-‘; On CreditWatch Neg

Mortgage insurer PMI Group Inc. said Thursday night its recent ratings downgrade by Fitch Ratings will not affect its operations and claims-paying abilities. Earlier Thursday, Fitch cut the insurer financial strength rating of PMI Group’s U.S. mortgage insurance subsidiary to “A+” from “AA.” Both are still considered investment grade. PMI Group said its operations would… Continue reading It’s Business as Usual at PMI after Fitch Lowers its Rating

The think tank of the CEOs of the world’s largest insurers and reinsurers, the Geneva Association, announced on Wednesday the results of a unique survey among 40 industry leaders. The survey covers the insurance-specific ramifications of the credit crisis, developments in solvency regulation and financial reporting, as well as the top corporate and industry risks… Continue reading Insurance CEOs See Economic Slowdown and Credit Crisis as Top Risks

The mandated waiting period required for the proposed acquisition of Safeco by Liberty Mutual has expired. The expiration of the waiting period, required by the Hart Scott Rodino Antitrust Act, satisfies a condition to the closing of the proposed acquisition the companies announced in April in which Liberty Mutual would buy Safeco for about $6.2… Continue reading Liberty Mutual Cleared to Acquire Safeco

An agreement was reached between the three top credit rating agencies and New York’s attorney general on Thursday to change the way they charge fees for reviewing mortgage-backed securities, the latest development in a probe into the U.S. home loan industry. The pact was reached with Moody’s Corp’s Moody’s Investors Service, McGraw-Hill Co’s Standard &… Continue reading Rating Agency Reforms Underway in NY

The Wall Street Journal reported today that sources familiar with the matter have indicated that the U.S. Securities and Exchange Commission is investigating whether American International Group (AIG) overstated the value of contracts linked to subprime mortgages.     The way AIG valued credit default swaps, including those backed by subprime mortgages, is at issue,… Continue reading WSJ: SEC Probes AIG on Subprime Mortgages

Moody’s Investors Service and other rating agencies have signed an agreement with New York Attorney General Andrew Cuomo addressing rating practices, including fees, Moody’s Chairman Ray McDaniel said announced early this morning.    The New York Attorney General is expected to sign the agreement on Thursday, said McDaniel, speaking at a Moody’s conference for investors… Continue reading BREAKING NEWS: NY Attorney General to Unveil Deal with Ratings Agencies

Today many U.S. retailers reported better-than-expected May sales, with discounters and dollar stores attracting customers looking to save money in the weak economy, while department stores continued to struggle.     The world’s largest retailer, Wal-Mart Stores Inc., posted a better-than-expected 3.9 percent increase in sales at U.S. stores open at least a year, excluding… Continue reading Retail Sales for May Better than Expected, Discounters See More Consumer Spending