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The world’s second-largest bond insurer, Ambac Financial Group Inc., announced it has terminated a $400 million credit line because it was not in shareholders’ best interest. A spokesperson for Ambac says that, as of last month, the company was in violation of certain net asset covenants in the credit agreement. Furthermore, Ambac management determined that… Continue reading Ambac Cuts $400M Credit Line

According to Moody’s Investors Service, the ratings outlook for the global reinsurance industry remains stable despite all of the recent hurricane activity and shakeups in the capital markets. Moody’s released its “Global Reinsurance Industry Outlook” today, which finds that Hurricane Gustav was a “near miss” for reinsurers and not likely to have a meaningful influence… Continue reading Moody’s Report Finds Global Reinsurance Industry Still Stable

As states along the Atlantic batten down the hatches in preparation for Tropical Storm Hanna, tropical storm watches or warnings were extended today from Georgia to areas just south of New York City. Weather forecasters say Hanna could still become a hurricane before its expected arrival on U.S. shores after pummeling the edge of the… Continue reading Trop Storm Watches, Warnings Continue

Hurricane Ike has weakened from a Category 4 to a Category 3 storm in the Atlantic, reports the National Hurricane Center. Ike’s maximum sustained winds have dropped to near 125 mph as of 5 a.m. EDT Friday, and are expected to continue weakening over the weekend. Nevertheless, Ike remains a dangerous hurricane capable of causing… Continue reading Ike Downgraded to Category 3 But Still Dangerous

Dragged down by heavy losses in the manufacturing sector, private industry lost 33,000 jobs in August on a seasonally adjusted basis, according to payroll manager ADP, which released its report today. “The decline in August continues the recent trend in employment that is consistent with an economy that is growing slowly but has not fallen… Continue reading Private Sector Lost More than 30,000 Jobs Last Month

Colorado State University hurricane researchers in an updated forecast announced this week that a total of five tropical storms would form in the Atlantic Ocean in September, which includes four hurricanes. Of those four hurricanes, two of them are expected to be major, with wind speeds above 110 mph. Major hurricanes are Categories 3, 4,… Continue reading Researchers Say We’re In for A Stormy September

California legislators adopted a bill on Saturday that if signed into law would double workers compensation permanent disability benefits over three years. The bill, sponsored by Senator Don Perata (Dem) of Oakland, would double benefit payments by increasing the number of weeks injured workers receive benefits. It is opposed by employers. Governor Arnold Schwarzenegger has… Continue reading Bill in CA Would Double Comp Benefits

Two days after Hurricane Gustav made landfall in Louisiana, public officials and local authorities are focused on restoring power, clearing roads, ensuring public safety and addressing other emergency activities. The storm forced the largest evacuation of the Louisiana coast in history and many residents in Mississippi and Louisiana will be away from their homes for… Continue reading PCI Offers Post-Gustav Insurance Recovery Tips

The New York Post reported today that insurance behemoth American International Group Inc. (AIG) is considering forming a separate company to hold risky credit assets that have caused the carrier record losses in the past three quarters. According to the Post, AIG is working with investment bank JPMorgan Chase to arrange the structure of the… Continue reading AIG Looking into Forming New Company to Park Risky Assets

Ike became a Category 4 hurricane in the open Atlantic yesterday as it gained strength rapidly, and Tropical Storm Hanna intensified to a lesser degree as it swirled over the Bahamas toward the southeast U.S. Coast.     Growing in the space of a few hours from a tropical storm to an intense Category 4… Continue reading Ike Gains Steam as Category 4 Hurricane; Hanna Heads for the U.S.