Category: Show on Homepage

According to first estimates from catastrophe modeling firm AIR Worldwide Corp., insured losses from Hurricane Dolly, which made landfall in South Texas with winds of 100 mph Wednesday, are expected to be about $600 million. Dolly came ashore as a Category 2 hurricane at South Padre Island 1 p.m. local time, according to the U.S.… Continue reading Initial Estimates of Dolly Insured Losses at $600M

Two lawsuits against more than 30 Wall Street finance firms have been filed by the city of Los Angeles, alleging municipal bond collusion that cost taxpayers millions of dollars. The firms being sued include some top investment banks. The complaints were filed in Los Angeles Superior Court, according to a press release dated July 23… Continue reading Los Angeles Sues More than 30 Wall Street Firms Over Muni Bond Collusion

Liberty Mutual Group today reported net income of $300 million and $660 million for the three and six months ended June 30, 2008, respectively, decreases of $39 million and $29 million from the same periods in 2007.    “Bad weather tempered another quarter of strong core operating results from each of our SBU’s,” said Edmund… Continue reading Liberty Mutual Reports 2nd-Quarter Results

Small pickups aren’t providing as much protection in side crashes as many new cars and SUVs. The Toyota Tacoma was the only one of five small pickup trucks, all 2008 models, to earn the highest rating of good for occupant protection in recent side crash tests conducted by the Insurance Institute for Highway Safety. The… Continue reading Insurance Safety Group Finds Small Pick-Ups Not As Safe

For the month of June, existing home sales continued to fall and the median price also dropped as inventories crept higher. The National Association of Realtors (NAR) reported today that home resales slid to a 4.86 million annual rate, a 2.6% decrease from May’s unrevised 4.99 million annual pace. The median home price was $215,100… Continue reading Existing Home Sales Fell in June

Professional Insurance Agents of New York State Inc. past President John W. Bailey, CIC, of the George Bailey Agency, Dryden, N.Y., testified on behalf of the association at a joint public hearing on producer compensation and disclosure. The hearing was the second in a series of three this month held by the New York State… Continue reading Past PIANY President Bailey Testfies at Second Compensation Hearing

As banks attempt to stem their real-estate exposure and preserve sorely needed capital, they are triggering lawsuits from builders that say the lenders have unfairly cut off their construction financing, stopped their projects midstream and forced their companies to the brink of bankruptcy.    “Lender-liability lawsuits are coming. It’s only just beginning,” says Michael Hackard,… Continue reading WSJ: Lender-Liability Lawsuits on the Horizon

Lester B. Knight, an independent director since 1999, has been elected non-Executive Chairman of the Board of Aon Corporation. Knight, 50, succeeds Patrick G. Ryan, Aon’s Executive Chairman and founder, who previously announced his intention to retire on August 1, 2008. Aon is the world’s largest insurance and reinsurance intermediary, and a global leader in… Continue reading AON Names Knight as Non-Executive Chairman to Succeed Ryan

Rising prices at the gas pump seem to be affecting the number of traffic deaths, similar to what occurred during the Arab oil embargo three decades ago. Researchers with the National Safety Council report a 9 percent drop in motor vehicle deaths overall through May compared with the first five months of 2007, including a… Continue reading Traffic Death Toll Decreases as Gas Prices Rise

The Travelers Companies, Inc. today reported net income of $942 million, or $1.57 per basic share and $1.54 per diluted share, for the quarter ended June 30, 2008, compared to $1.254 billion, or $1.90 per basic share and $1.86 per diluted share, for the quarter ended June 30, 2007. Operating income in the current quarter… Continue reading Travelers Reports Net Income of $942M for 2nd Quarter