Category: Show on Homepage

According to unofficial results, Democrats took four out of five state races for top insurance regulator posts in Tuesday’s balloting.    Voters elected first-term Democrats Karen Weldin Stewart in Delaware, Monica Lindeen in Montana and Wayne Goodwin in North Carolina, and Democratic incumbent Mike Kreidler in Washington.    Republican appointee Adam Hamm was narrowly elected… Continue reading Initial Results Show Four of Five State Regulators Go to Democrats

Citing losses in its investment portfolios and declining revenue, Hartford Financial Services Group Inc. said it will cut 500 jobs, or about 2 percent, of its total work force this month. The Hartford, Connecticut-based insurer said Tuesday the layoffs were announced internally on Monday. It employs about 31,000 people. After reporting disappointing third-quarter results last… Continue reading Hartford to Cut 500 Jobs

To stabilize local neighborhoods suffering from the effects of foreclosures, Miami-Dade County officials have drawn up a spending plan for the $62.2 million in grant money they got as part of a mammoth housing stimulus measure passed earlier this summer by Congress.    The money will primarily be used to buy, rehab and resell or… Continue reading Miami-Dade to Buy Up Bank-owned Homes to Help Stem Foreclosures

Economic turmoil has deeply affected investment markets in 2008. While the U.S. property/casualty insurance industry was less affected by troubles in the subprime mortgage market, more recent volatility in equities, corporate bonds and tax-exempt securities are all having a significant effect on the industry’s financial position as evidenced by larger reported investment losses for the… Continue reading Market Watch: Fitch Issues Report on P/C Insurance Asset Risk

Americans voted Senator Barack Obama as their 44th president, with world leaders hailing the election of the senator as the first black president of the United States.    UK Prime Minister Gordon Brown called Tuesday’s poll historic and said he and Mr. Obama “share many values”. Chinese President Hu Jintao said he looked forward to… Continue reading History is Made with Obama Winning Presidential Election, World Leaders Respond

The Missouri Department of Insurance will be launching an investigation into Brooke Corp., which filed for bankruptcy last Tuesday.    “Recent questions surrounding the financial stability of the insurance entity have triggered the department to open a formal investigation,” the department said in a release.    Brooke Corp. is an Overland, Kansas-based insurance operation that… Continue reading MO Insurance Department to Investigate Brooke

Three of the world’s biggest banks, JPMorgan Chase & Co., UBS AG and Royal Bank of Scotland Group Plc, said they expect further pain from the global financial crisis. JPMorgan Chief Executive Officer Jamie Dimon, speaking to employees in Hong Kong yesterday, said the company faces “highly challenging conditions” next year. UBS of Zurich predicted… Continue reading More Pain in Financial Markets Ahead, Say Big Banks

According to a report released Monday by Standard & Poor’s Corp, carriers writing directors and officers liability coverage could see claims rise due to the volatility of the stock market. Class action lawsuit filings sparked by companies’ investment losses, according to the S&P, are expected to rise in the coming months as a result of… Continue reading S&P: D&O Insurers Face Increased Losses with Financial Crisis

Stocks around the world rallied as Americans began voting for a new president, while an interest rate cut from Australia raised hopes of more aggressive moves to ease the global economic slowdown. Stocks climbed after Australia’s central bank cut interest rates by a bigger-than-expected 3/4 point. Central banks in the euro zone and the Bank… Continue reading Global Stocks Rally as Americans Vote for New President; Australia Cuts Interest Rate

Insurer American International Group Inc. (AIG) said on Monday a director, Fred H. Langhammer, resigned last week. AIG announced Langhammer’s sudden departure in a filing with the U.S. Securities and Exchange Commission.    AIG spokesman Joe Norton said Langhammer, in a letter to his fellow directors on Oct. 28, said other commitments abroad made it… Continue reading AIG Board Director Langhammer Resigns