Author: Farkas Laura

Hit by a steep decline in pick-up truck and sport-utility vehicle sales, General Motors Corp. announced today plans to close four North American plants, while outlining efforts to introduce more fuel-efficient cars and engines.     The top-selling U.S. auto maker, which announced its latest restructuring moves ahead of its 100th annual shareholders meeting, also… Continue reading GM No Longer to Hum Along: Auto Giant Unveils New Plans to Close Plants, Introduce Greener Cars

The number of people injured in crashes on our nation’s highways has declined every year since 1995, Transportation Secretary Mary E. Peters announced in May, noting that there were 4.8 percent fewer injuries in 2006 (2,575,000) than in 2005. The trend also extends to teenaged drivers, with a more than 6 percent decline from 2005… Continue reading Study Shows Fewer People Injured in Highway Car Crashes

The National Association of Insurance Commissioners (NAIC) on Monday adopted a new white paper, The Potential Impacts of Climate Change on Insurance Regulation. It documents the potential insurance-related impacts of climate change on insurance consumers, insurers and insurance regulators.    “Nearly anything that is insured — property, crops and livestock, business operations or human life… Continue reading NAIC Study Focuses on Climate Change Impact on Insurance Regulation

The AP wire reported this morning that Democratic presidential candidate, Senator Hillary Clinton (NY), who is now back in New York, will be conceding the nomination to her opponent Senator Barak Obama (IL) tonight. However, after the news broke, Clinton’s campaign denied that she is planning to make such an announcement.     Senator Obama… Continue reading AP Wire Says Clinton to Concede Nomination to Obama Tonight, Campaign Says No

This morning Federal Reserve Chairman Ben S. Bernanke signaled that interest rates will hold steady for now while he raised concerns about the inflationary effects of a dollar down 16 percent in the past year against the euro.     The Fed is working with the Treasury to “carefully monitor developments in foreign exchange markets”… Continue reading Bernanke Says Fed Monitoring Weak Dollar Effect on Inflation, and Putting the Break on Interest Rates Cuts

The Colorado State University (CSU) forecasting team reported that the 2008 Atlantic hurricane season will likely be a busy one with 15 tropical storms, of which eight will turn into hurricanes,    The prediction mirrors what was forecasted by the CSU in April, which called for four of the eight hurricanes to become “major” storms,… Continue reading On the Hurricane Front: CO State University Forecasters Predict Busy Season

CHICAGO–(BUSINESS WIRE)–June 2, 2008–Fitch Ratings has placed Reinsurance Group of America, Inc. ([RGA, Inc.] IDR rated ‘A+’) and RGA Reinsurance Company ([RGA US] IFS rated ‘AA-‘) on Rating Watch Negative. See all ratings listed below.    The ratings action follows MetLife, Inc.’s (NYSE:MET) announcement that it plans to split-off its 52% stake in RGA, Inc.… Continue reading Fitch Places RGA, Inc. on Rating Watch Negative Following Announcement of MetLife Split-off

OLDWICK, N.J.–(BUSINESS WIRE)–June 2, 2008–A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and issuer credit rating (ICR) to “bbb+” from “a-”of American Millers Insurance Company (American Millers) (Wilkes-Barre, PA). Previously, American Millers was group rated with Penn Millers Insurance Company (Penn Millers) (Wilkes-Barre, PA). However, due to… Continue reading A.M. Best Downgrades Ratings of American Millers Insurance Company

On Sunday early morning, parts of Universal Studios in Los Angeles, California went up in flames. King Kong, the giant ape from Skull Island, the courtyard used in “Spider-Man 2” and “Bruce Almighty” and a tape vault were destroyed in the fire. The blaze was reported about 4:45 a.m. local time in an area of… Continue reading Fire Strikes at Univeral Studios

According to BestWeek, after years of insurance distribution consolidation, small agents and brokers are feeling the greatest impact of this trend as they struggle to find a way to grow, are bought or are forced out of business.    “Consolidation on the distribution side is continuing to happen, and it’s happening very, very aggressively,” said… Continue reading Smaller Agency Offices Closing Doors as Consolidation Continues its Rise