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Americans are lining up today at polling stations across the country to elect the next president of the United States. Senators John McCain (R-AZ) and Barak Obama (D-IL) have been criss-crossing the country campaigning for the highest position in the land and around the world for the last nearly two years.     Americans voted… Continue reading Americans Go to the Polls

In its filing today, the company stated that its capital margin, the capital in excess of modeled rating agency requirements to maintain AA level ratings, would be approximately $2 billion at year end, assuming a year-end S&P 500 level of 900. This compares to an estimate of $3.5 billion, which was disclosed by the company… Continue reading Hartford Comments on Capital Position

While the volume of mergers and acquisitions may have declined, the phenomenon of “Express M&A” has arrived. And it is not only companies in the financial services sector that are making opportunistic acquisitions in light of the global credit turmoil. Express M&A is taking all sectors by storm, triggering a fundamental reappraisal of how deals… Continue reading Analysis by Towers Perrin Shows Changing Nature of M&A Process

Believing that failing to apply for government investments in coming weeks could make them losers in a banking sector reshaped by the Treasury’s $700 billion rescue plan, Treasury and banking regulators say as many as 1,800 publicly held institutions could be stepping up for funding. Depending upon conditions still being crafted by Treasury, thousands more… Continue reading Up to $1,800 Financial Institutions May Apply for Treasury’s Rescue Plan

U.S. District Judge Christopher Droney ruled Friday that a fraudulent 2000 reinsurance deal between General Re Corp. and American International Group Inc. caused shareholder losses large enough to produce potential life terms for five convicted former executives under federal sentencing guidelines. Judge Droney ruled that news reports about the reinsurance deal and the resignation of… Continue reading Judge Sets Loss Amount Guidelines in Gen Re Case

The Institute for Supply Management reported today that U.S. factory activity contracted sharply in October, falling to its lowest in 26 years as the financial crisis hit the world’s largest economy. “Pretty grim,” said Robert Macintosh, chief economist at Eaton Vance Corp in Boston. “It means we’re in a recession, it’s as simple as that…a… Continue reading Manufacturing in U.S. At Lowest in 26 Years

Hurt by a downturn in property and casualty income and investment losses, insurance holding company Hanover Insurance Group Inc posted a quarterly net loss.    The company reported third-quarter net loss of $61.8 million, or $1.21 a share, compared with a profit of $53.9 million, or $1.03 a share, a year earlier.     Net… Continue reading Hanover Posts Third-Quarter Loss

According to the J.D. Power and Associates “2008 Auto Claims Satisfaction Study”, managing expectations, showing empathy, ensuring convenient service, and effective communication are key themes in enhancing overall insurance customer satisfaction with the claims process. The study measures the experiences of auto physical damage claimants by examining satisfaction with the claims process. Depending upon the… Continue reading JD Powers: Auto-Owners Ranks Highest in Study in Customer Satisfication

The National Association of Mutual Insurance Companies (NAMIC) today said that policyholders should remain confident that they are protected as the property/casualty industry continues to be financially sound. The comments came as the U.S. Treasury Department considers whether to make insurance companies eligible for some of the $700 billion available through the Emergency Economic Stabilization… Continue reading NAMIC Also Says P/C Insurer Participation in Treasury Program Not Needed

The Property Casualty Insurers Association of America (PCI) Board of Directors today discussed an inquiry whether property-casualty insurers would advocate their inclusion in Treasury’s TARP Capital Purchase Program. The board’s position was that the industry is generally well-capitalized and managed and is continuing to provide sound and secure products to consumers. PCI believes that property-casualty… Continue reading PCI Board Says P/C Insurer Participation in Treasury’s Capital Purchase Program Not Needed