Author: Farkas Laura

The United States Court of Appeals for the Second Circuit today released its 58-page decision holding that the City of New York and its contractors are not immune from suit in the World Trade Center Disaster Site litigation. In the decision, the Second Circuit dismissed the defendants’ immunity claims arising from New York State Law,… Continue reading Court Ruling: NYC, Contractors Not Immune from WTC Suits

A proposal ostensibly designed to ensure that insurers are adequately addressing issues of climate change serves no purpose other than to appeal to special interest groups, according to the National Association of Mutual Insurance Companies (NAMIC). NAMIC’s comments came three days before the National Association of Insurance Commissioners is scheduled to discuss the plan at… Continue reading NAMIC Weighs In on NAIC Climate Change Proposal

For the second consecutive year Geico earned top honors among car insurance companies for its ability to create loyal customers in the 2008 Brand Keys Customer Loyalty Engagement Index. GEICO led auto insurers, ranking ahead of State Farm, Allstate, Nationwide, and Progressive.     The annual study examines consumer relationships with 382 brands in 57… Continue reading GEICO Leads in Customer Loyalty, According to Brand Index Study

On Friday home builder KB Home posted a quarterly loss with impairment and abandonment charges as the U.S. housing market continued its steep decline, and said it did not expect conditions to improve in the near term.    The number-five U.S. home builder reported a net loss of $268.2 million, or $3.47 per share, for… Continue reading KB Home Hit with Quarterly Loss as Housing Market Continues Decline

Today U.S. Treasury Secretary Henry Paulson announced that an economic stimulus program that puts $168 billion into consumers’ hands this year and in 2009 could help create hundreds of thousands of new jobs. “We know they’re going to be helpful,” Paulson said on CNN television. “These (tax rebate) checks should be a big part of… Continue reading Stimulus Package Could Create 600,000 Jobs According to Paulson

According to the Real Time/Download Campaign, which is supported by independent agents, trade associations, carriers, and technology providers, less than a year after the launch of an industry-wide campaign to improve the efficiency of communications between independent agents and carriers, several leading national and regional carriers are reporting that their real-time rating and policy inquiry… Continue reading Real Time Transactions Among Agencies and Carriers on the Rise

Fitch reported on Wednesday that the U.S. property and casualty insurance industry reported strong results in 2007 but fell short of the record net profits and underwriting performance of 2006. For the second consecutive year, underwriting results benefited from benign natural catastrophe activity and positive loss reserve development that combined to partially offset the adverse… Continue reading Fitch: Strong Results for P/C Industry for ’07 Yet Not as Good as ’06

Citigroup Inc. and Enron Creditors Recovery Corp., Enron’s successor corporation, reached a $1.66 billion agreement, settling a lawsuit over the bank’s alleged role in Enron’s 2001 collapse.    The settlement came a day before Citigroup was expected to ask a judge to toss out the suit, and represents a huge step toward the final settlement… Continue reading Citigroup Reaches Settlement on Enron Lawsuit

The American Insurance Association (AIA) today said a climate change-related proposal by the National Association of Insurance Commissioners (NAIC) would create unnecessary friction and unproductive controversy between regulators and insurers, and divert attention and resources from possible areas of cooperation to reduce greenhouse gases.     The NAIC Climate Change and Global Warming Task Force… Continue reading AIA Sees NAIC’s Climate Change Proposal as Creating Conflict

Today the Commerce Department reported that gross domestic product increased at a mere 0.6 percent annual rate in the October-to-December quarter, providing stark evidence of just how much the economy has weakened. In the prior quarter, the economy clocked in at a sizzling 4.9 percent growth rate. The gross domestic product (GDP) measures the value… Continue reading Fourth-Quarter ’07 Saw a 0.6% Growth in Economy