Author: Farkas Laura

Willis Group Holdings, the global insurance broker, has released an alert from the Company’s Financial Institutions (FI) practice, which looks at an issue that has dramatically impacted individuals and financial institutions around the world: the meltdown in the U.S. subprime mortgage marketplace. The Alert gives background on the situation, an explanation of what went wrong,… Continue reading Willis Group Publishes Subprime Report on Repercussions in the Insurance Market and Beyond

Wells Fargo announced that it has signed a definitive agreement to acquire Rogers & Belding Insurance Agency, Inc., a single-office agency in El Paso, Texas, and its subsidiaries.     Terms of the transaction were not disclosed.    Rogers & Belding has served customers throughout the Texas region since 1933. The agency’s professional staff will… Continue reading Wells Fargo to Buy Rogers & Belding Insurance Agency, Inc

According to a spokesperson for the container ship that collided Nov. 7 with San Francisco’s Bay Bridge, spilling 58,000 gallons of oil into San Francisco Bay, the clean-up is fully insured for the cleanup through its insurer, Steamship Mutual Underwriters Association. The spokesman for Regal Stone Ltd. of Hong Kong, the owner of the Cosco… Continue reading Oil Spill Clean-up in CA Insured

The subprime-mortgage mess has affected another aspect of the financial industry as on-line brokerage firm E*Trade Financial Corp.’s shares fell 59% over concerns about shaky securities on its books. Although E*Trade’s main business is online investing, the company also runs a bank that makes and buys mortgage loans and invests in securities backed by mortgages.… Continue reading Subprime Debacle Contribute to E-Trade’s Losses

Warren Buffet who heads Berkshire Hathaway Inc. may provide capital relief for bond insurers such as Ambac Financial Group Inc. and MBIA Inc. and even get into bond insurance itself, according to the Wall Street Journal “Heard on the Street” column. All big bond insurers are putting their cases to Berkshire Hathaway while their finances… Continue reading Speaking of Bonds, WSJ Says Buffet May Get into Bond Insurance

Today Munich, Germany-based Allianz S.E. announced that it has closed its first catastrophe bond transaction related to windstorm risks in seven European countries. Issued through Blue Fin Ltd., a Cayman Islands based special purpose entity, the cat bond transfers to investors the risks of windstorms in Austria, Belgium, France, Germany, Ireland, the Netherlands and the… Continue reading Allianz Issues First Windstorm Cat Bond in Europe

On Thursday, Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, introduced two bills aimed at dealing with the coastal insurance issue.Sen. Dodd introduced his bills as debate was launched in the House on similar legislation. The senator’s first measure, the Homeowners Insurance Assistance Act of 2007, would provide tax credits to homeowners who… Continue reading Dodd Introduces Homeowners Defense Act in Senate

Three bills introduced in the U.S. Senate last week add momentum to the current debate on Capitol Hill about the need to establish a public/private partnership for catastrophic risks. The bills, introduced by Sen. Hillary Clinton (D-N.Y.) and Sen. Chris Dodd (D-Conn.), take different approaches to the issue and, combined with the recent legislation passed… Continue reading Senate Bills to Accelerate Catastrophe Debate

Aspen Insurance Holdings Limited (“Aspen”) today announced that it has entered into an accelerated share repurchase program with Goldman, Sachs & Co. to buy back $50 million of Aspen’s ordinary shares, completing the $300 million share repurchase program authorized by the Board of Directors and announced on November 8, 2006. The agreement includes collar provisions… Continue reading Aspen Insurance Completes $300 Million Share Repurchase Program

Gov. Marc Racicot, president of the American Insurance Association (AIA), on Friday issued a statement regarding the House vote to approve H.R. 3355, The Homeowners Defense Act of 2007.    Gov. Racicot’s statement follows:    “This legislation falls short in trying to address the problems in coastal insurance markets. It will not generate new private… Continue reading AIA Comments on Homeowners Defense Act, Feels House Bill Would Push Out Private Insurers