Author: Farkas Laura

Governor Eliot Spitzer signed into law legislation passed by the New State legislature a bill that will implement a loss cost system for the setting of workers’ compensation insurance rates. The legislation was commended by the American Insurance Association (AIA). “This legislation will allow for more competition and more choice in the workers’ compensation system,… Continue reading NY State Passes WC Loss Cost Law

The world’s biggest software maker, Microsoft Corp., made an unsolicited $44.6 billion offer for Yahoo! Inc. in an effort to challenge Google Inc.’s dominance in Internet search services and advertising and what would be the biggest Internet deal since the Time Warner-AOL merger.    The $31-a-share bid of cash or Microsoft stock is 62 percent… Continue reading Microsoft Makes a Bid for Yahoo

Additional increased projections for losses among sub-prime loans by Moody’s Investors Service and the flood of mortgage-debt downgrades from Standard & Poor’s has sent ripples through the credit market, painting a bleak outlook for the housing market.       As a result, debt investors turned their backs on a stock-market rally and looked to the… Continue reading Sub-Prime Losses to Grow

French-based AXA SA, Europe’s second-largest insurer by market value behind Germany’s Allianz SE, reported a 20% increase in revenue last year, due to strong sales growth in the U.S. and Australia and the contribution from its acquisition of Winterthur. The insurer announced that it has barred withdrawals from its AXA Life Property and AXA Pension… Continue reading French Insurer AXA Reports Significant Revenue Increase in ’07, US and Australia Premiums a Factor

Attributing competition in auto insurance and losses from the California wildfires, Safeco Corp announced on Thursday its net income fell by nearly a third in the fourth quarter. Net earnings were $144.5 million or $1.56 a share, compared with $216.4 million or $1.96 a share a year ago. The property/casualty carrier stated that catastrophe losses… Continue reading Auto Competition, CA Wildfire Losses Contribute to Safeco’s Lower Fourth-Quarter Profit

According to data released by the National Association of Insurance Commissioners (NAIC), the top three reasons consumers filed formal complaints against their insurance companies in 2007 were delays, denials of claims and unsatisfactory settlement offers. Policy cancellations and premium/insurance rating issues completed the top five.    The NAIC collected the data through its centralized electronic… Continue reading NAIC Study Reveals Top Consumer Complaints Against Insurers

The Colorado House rejected legislation today that would have made insurance underwriting and rating less accurate and led to higher insurance premiums for most consumers, according to the Property Casualty Insurers Association of America (PCI). On a vote of 26 to 39 the House defeated HB 1143, which would have prohibited an insurer from using… Continue reading CO House Rejects Credit Ban Legislation, PCI Commends Defeat

Calabasas-California lender Countrywide Financial Corp. confirmed yesterday that it received a subpoena from the Florida attorney general seeking information on its business practices.This tops the lender’s problems who has faced the ire of bankruptcy judges, borrowers and consumer groups for months over the sub-prime mess. Florida Attorney General Bill McCollum is seeking information on how… Continue reading FL Subpoenas Countrywide Over Business Practices, Woes Continue for Lender

Marsh & McLennan Cos announced yesterday that it is hiring Brian Duperreault as its new chief executive. Mr. Duppereault had successfully ran insurer ACE Ltd., and Marsh hopes this move will help assuage shareholders who have been frustrated by the company’s poor performance.     Some of those shareholders have called for breaking up the… Continue reading Marsh Hiring Duperreault as CEO

APX has named the former head of the core insurance-brokerage unit at Marsh & McLennan Cos., Brian Storms, as its new chief executive. APX provides trading infrastructure for the environmental-credits market.    The closely held APX company is expected to announce the hiring today.Additionally, it’s also expected to announce that it has gotten a minority… Continue reading Brian Storms to Become CEO of APX Inc.