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Citing weakness in a death benefits business it no longer actively markets, Cigna Corp. cut its full-year profit outlook on Friday. However, the the health insurer affirmed its 2009 outlook.    Cigna lowered its forecast for 2008 earnings to a range of $920 million to $950 million, excluding special items. It previously forecast $950 million… Continue reading Cigna Cuts its Full-Year Profit Forecast for ’08

On Thursday, the “Daily NewsFlash” reported that EQECAT reported that the total losses from the three California fires last week would run about $500 million. According to AIR Worldwide Corp, these losses which have swept across California are likely to be between $600 and $800 million.    The losses includes damage to or destruction of… Continue reading AIR Worldwide Estimates CA Insured Fire Losses Between $600-$800 Million

The number of U.S. workers filing new claims for unemployment benefits soared again last week to its highest level in 16 years, suggesting more pain ahead for already struggling labor markets. Meanwhile total claims lasting more than one week broke the four-million mark, rising to fresh 25-year highs in a sign of just how hard… Continue reading New Jobless Claims at Highest Level Since 1992; Bush Will Support Extended Benefits

The largest lender to General Motors Corp. car dealers, GMAC LLC, applied for status as a bank holding company so it may obtain access to the Treasury’s $700 billion rescue fund for the financial industry. The lender also began an exchange offer for $38 billion of notes issued by the company and its Residential Capital… Continue reading GMAC Applies for Bank Status for Access to Fed’s Rescue Fund

On Wednesday, Oakland, California-based catastrophe modeler EQECAT Inc. reported that insured property losses from the three California wildfires are likely to exceed $500 million.    The Tea Fire in Santa Barbara County has scorched about 2,000 acres and damaged several hundred homes, with insured property losses estimated at up to $300 million, according to EQECAT’s… Continue reading EQECAT: CA Insured Fire Losses to Top $500 Million

Dealing a blow to insurers who are seeking more centralized oversight of their risk management policies, European Union negotiators scaled back an industry-supported overhaul of insurance rules.    Representatives of the 27 EU countries tentatively endorsed a plan in Brussels yesterday to adjust how much money insurers set aside in case of losses, according to… Continue reading EU Scales Back on Industry-Supported Insurance Oversight

Chief executives of Detroit’s Big Three automakers are before Congress, trying to convince skeptical lawmakers that they should throw them a $25 billion lifeline. Top executives with General Motors, Ford Motor and Chrysler returned to Congress this morning, appearing before a House committee to plead for a “bridge loan” to give them a massive infusion… Continue reading GM, Ford, Chrysler Testify Before Congress Requesting Lifeline

Aon Corporation announced that it has obtained antitrust, competition and regulatory approvals and consents so as to enable it to complete the recommended cash acquisition of Benfield Group Limited by Aon Benfield (Bermuda) Ltd, an indirect wholly owned subsidiary of Aon, to be effected by means of an amalgamation under the Bermuda Companies Act. Aon… Continue reading Aon Gets Greenlight to Complete Benfield Acquisition

According to a person familiar with talks underway, U.S. regulators may require banks and insurers to disclose data about all credit-default swap trades to a central registry to boost transparency in the $47 trillion market.      The Federal Reserve Bank of New York and the U.S. Securities and Exchange Commission want information about credit-default swaps… Continue reading Demand for CDS Regulation Increases

Evidence that the economy is in the worst recession in at least 25 years is reflected in the fact that the cost of living in the U.S. fell by the most on record and construction began on the fewest homes ever last month.      According to the Labor Department, the consumer price index plunged 1… Continue reading Consumer Prices Fall, Raising Deflation Danger