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Despite opposing part of the legislation, the White House said on Wednesday that President George W. Bush will sign a housing rescue package into law, providing the measures to help the worst U.S. home market since the Great Depression. The dropping of the presidential veto threat spurred investors to buy shares and bonds of mortgage… Continue reading President to Sign Housing Rescue Package

The U.S. National Hurricane Center said on Wednesday that Dolly has strengthened to a Category 2 hurricane with winds of 100 miles per hour (160 kph) as it neared the Texas coast.     The petrochemical ports along the Texas coast, according to the U.S. Coast Guard and ship pilots associations said, were closed in… Continue reading Dolly Nears Texas Coast as A Category 2 Hurricane

The commercial property/casualty market remained mired in soft market conditions during the second quarter of 2008, but there were some signs that the steepest decline in rates may be over, according to the latest commercial property/casualty market survey released by The Council of Insurance Agents & Brokers. Agents and brokers responding to the survey said… Continue reading CIAB 2nd Quarter Study Shows Premium Drop Not as Steep

The Professional Insurance Agents of New York State Inc. will testify at hearings being conducted by the New York State Insurance Department in Albany tomorrow, July 23, underscoring its support for contingent commissions paid to independent agents. PIANY past President John Bailey will reiterate the association’s long-standing position that contingent commissions are legal, effective compensation… Continue reading PIANY to Underscore Its Support on Contigent Commissions at NYSID Hearing Wednesday

Automobile insurance rates continued to rise for the second straight quarter according to rate quotes given to customers from more than a dozen insurance companies. Quotes given to customers during the second quarter increased an average of 3.4% when compared with the first quarter 2008 — when auto rates began to rise for the first… Continue reading Insurance.com: Auto Rates Continue to Rise

The 2008 Atlantic hurricane season has begun a month earlier than usually, possibly indicating a rough year for tropical storms for the United States, Caribbean and Central America although not quite a repeat of the devastating 2005 season. On average, the fourth storm of the six-month season does not occur until August 29. This year,… Continue reading Hurricane Season Starts Early, May Indicate Rough Ride

After nearly $2 billion in claims from the Southern California wildfires in 2007, the insurance industry faces the prospect of another rough wildfire season and escalating losses in the years to come. Across the nation, the past two wildfire seasons have been the most severe on record and larger fires are more frequent.    —… Continue reading AM Best Report: Wildfires Could Add to Insurers’ Cat Losses

Continued calls for federal windstorm insurance offered through the National Flood Insurance Program (NFIP) are misguided and would needlessly displace the private market, disrupt existing state funds, and create a significant burden for U.S. taxpayers, according to the Property Casualty Insurers Association of America (PCI). A town-hall hearing scheduled for this evening in Bay St.… Continue reading PCI: Calls for Federal Windstorm Coverage Are Misguided

Tropical Storm Dolly churned toward southern Texas on Monday, with forecasters expecting it to grow into a hurricane before hitting land near the Mexican border later this week.     The storm, with sustained winds of nearly 50 miles per hour (85 km per hour), emerged from the Yucatan Peninsula over the warm waters of… Continue reading Texas, Mexico Meet Dolly as Storm Heads South

A.M. Best Co. has downgraded the issuer credit ratings to “bb-” from “bb” of Kingsway Financial Services Inc. of Ontario and Kingsway America Inc. in Illinois. Concurrently, A.M. Best has downgraded the financial strength ratings to B+ (Good) from B++ (Good) and the ICRs to “bbb-” from “bbb” for most of the subsidiaries of KFSI.… Continue reading Kingsway Financial Downgraded