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Evan Greenberg, Chairman and Chief Executive Officer of ACE Group and Chairman of the American Insurance Association (AIA) issued the following statement on Monday as the U.S. Treasury Department deliberates on if it will include insurance companies under the Capital Purchase Program (CPP) that is part of the $700 billion emergency economic stabilization package approved… Continue reading AIA: No Support for Treasury Capital Purchase Program for P/C Insurers

The Commerce Department reported that sales of newly constructed U.S. single-family homes rose in September and inventories shrank as builders slashed prices to their lowest level in four years to move property as a financial crisis deepens. The annual sales pace of 464,000 homes was up 2.7 percent from the revised August figure of 452,000,… Continue reading Some Good News: New Home Sales Up in September

A senior US. Treasury official said that the department will begin sending $125 billion to the first nine banks to sign up for its capital program early this week, and is willing to listen to other industries seeking government assistance. David Nason, the U.S. Treasury’s Assistant Secretary for Financial Institutions, told CNBC television that the… Continue reading US Treasury to Begin Bank Capital Program this Week

According to a recent study by Mercer L.L.C., as the economic situation gets increasingly difficult, insurance companies may be putting more focus on performance-based pay practices for chief executive officers of U.S. insurers. The Mercer study says that CEO pay levels for property/casualty insurers decreased by 15%, while pay levels for life and health insurers… Continue reading Mercer Study: In Existing Economic Climate, Insurer CEO Pay Becomes Focus

Loews Corp., the holding company run by New York’s Tisch family, will inject $1.25 billion into CNA Financial Corp. after the insurance unit posted a third-quarter loss on investment declines and hurricane claims. Loews fell 9 percent in New York trading and CNA dropped 12 percent.      Loews posted a net loss of $137 million,… Continue reading CNA to Get Capital Infusion from Loews; CNA CEO to Resign at Year-End

Markets around the world remained volatile as investors worried that a flurry of central bank moves this week would not be enough to stave off a global recession. US stocks were set to open lower as Japanese stocks tumbled to 26-year lows and European markets fell heavily in chaotic trade. Little that officials said could… Continue reading Markets Around the World Volatile, Investors Worried About Global Recession

The National Association of Realtors reported that sales of previously owned U.S. homes rose 5.5 percent last month, the biggest gain since July 2003, and the inventory of unsold homes fell, a hopeful sign for a housing market mired in a long slump. The agency reported on Friday that sales of existing homes rose to… Continue reading Home Sales Rose Last Month

Global share markets are falling amid investors’ widening fears of a sustained worldwide economic recession.    Wall Street tumbled sharply in early trading, following similar falls in markets across Europe and Asia.    The Dow Jones Industrial Average fell nearly 5% during the morning session, while the hi-tech Nasdaq index declined by more than 4%. … Continue reading Stock Markets Plummet Worldwide

Marsh today announced that it has formed Marsh & McLennan Agency LLC, a new business dedicated to serving the insurance needs of small and emerging growth U.S. companies. The agency will conduct its business separately from Marsh’s insurance brokerage operations. “This is a very exciting step in the growth of our United States operations,” said… Continue reading Marsh to Serve Small and Emerging US Companies with New Agency

Congress must remain focused in order to bring about the appropriately targeted reforms needed to protect the country’s struggling economy. That was the message of the National Association of Mutual Insurance Companies as the House Financial Services Committee held another hearing yesterday in response to the current financial crisis. The committee was assessing the need… Continue reading NAMIC: Turmoil in Financial Markets Unrelated to State-based Insurance Regulation