Category: Show on Homepage

According to the J.D. Power and Associates 2008 “Insurance Escaped Shopper Study” released last week, on average auto insurance companies quote and successfully sign only 2 percent of all auto insurance shoppers.    The inaugural study examines the behaviors of auto insurance customers who recently shopped for a new insurance company. The study, which aims… Continue reading Study Shows Auto Carriers Capture Only Two Percent of Shoppers

American International Group Inc., selling assets to repay a U.S. government loan, may seek buyers for some of its $16 billion in global real estate holdings.     The largest U.S. insurer, which agreed last week to an $85 billion federal loan to stay afloat, may find eager buyers for property it owns in more… Continue reading Real Estate Holdings May Be on AIG’s Asset List for Sale

New York State Attorney General Andrew Cuomo acting on a request made by the Governor David A. Paterson began investigating allegations of fraud in federal disability pension payments made to retirees of the Long Island Rail Road (LIRR).      The probe comes on the heels of a published report that found “virtually every employee of… Continue reading Allegations of Disability Fraud Made Against NY’s Long Island Rail Road

This morning the Senate Banking committee is meeting to discuss the proposed $700 billion Treasury plan to stem the crisis that is hitting the global markets. Congress is being urged by U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to act swiftly. Senate Banking Chairman Christopher Dodd and others, however, have reservations… Continue reading Breaking News: Senate Banking Chairman Dodd: We Have to Get This Plan Right

The American Bankers Association (ABA) in its survey shows that about a quarter of the nation’s banks lost a combined $10 billion to $15 billion in the wake of the federal government’s takeover of mortgage giants Fannie Mae and Freddie Mac. The ABA reported that 27% of the nation’s 8,500 banks held preferred shares in… Continue reading Banks Lose Big to Fannie, Freddie Takover

Liberty Mutual Group today announced that it finalized its acquisition of Safeco Corporation (“Safeco”) effective today. With the addition of Safeco, Liberty Mutual Group becomes the fifth largest property and casualty insurer in the U.S., with more than $32 billion in direct written premium based on 2007 results for both companies. Safeco joins Liberty Mutual’s… Continue reading Liberty Finalizes Safeco Acquisition Today

According to a revised estimate from Oakland, California-based risk modeling firm EQECAT Inc., U.S. onshore insured losses from Hurricane Ike are estimated to range from $8 billion to $12 billion. Previous estimates were in the range of $8 billion to $18 billion.    In addition, EQECAT said the total economic loss to offshore oil and… Continue reading EQECAT Revises Ike Loss Estimates

President George W. Bush in an effort to pressure Congress to quickly agree on plan to stop a financial meltdown said that the “whole world” is watching to see if lawmakers can come together without adding extra elements to the legislation.      Bush’s move Monday came as some leading congressional Democrats called for a cautious,… Continue reading Bush Urges Congress to Act Quickly on Relief Legislation, Dems Look to Add Measures

As residents begin the process of recovery from Hurricane Ike, the Property Casualty Insurers Association of America (PCI) urges consumers to report instances of price gouging and home repair scams to the state attorney general. “After suffering from the effects of a hurricane consumers should not be victimized for a second time by the actions… Continue reading PCI Urges Consumers Hit by Ike in TX to Report Price Gouging

In an exclusive interview with CNBC this morning, newly appointed Chairman CEO Edward Liddy of American International Group Inc. (AIG) spoke with Maria Bartirimo and said that within a week to ten days a list of the company’s assets to be sold will be released.         “I feel energized. I think I can help.… Continue reading New AIG CEO Liddy Speaks to CNBC, Plans to Release List of Assets to be Sold Within a Week