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After posting earnings that beat estimates, JPMorgan Chase & Co., the second largest U.S. bank, PNC Financial Services Group Inc., Pennsylvania’s biggest bank, and Huntington Bancshares Inc. of Ohio led bank stocks to a second day of gains. JPMorgan rose as much as 14 percent in New York trading after the New York-based bank reported… Continue reading Better-than-Expected Earnings See Bank Stock Gains

Across the United States, Fortune 500 corporations in the insurance and power sectors, like all employers, are faced with the need to rapidly respond to the growing number of natural disasters. In the process of responding to immediate needs, these companies and others have been and continue to be at risk for failing to properly… Continue reading Bilingual Employees Key to Fast Response to Natural Disasters

Next month, Fireman’s Fund Insurance Company, the U.S. unit of German insurer Allianz SE, will begin offering homeowners’ protection in California to cover the cost of rebuilding houses to environmentally friendly standards. The roll-out of green homeowners’ insurance, which Fireman’s Fund started selling in Illinois last month, comes at a time when consumers are interested… Continue reading Fireman’s Fund “Green” Homeowners Policies Come to CA

The Travelers Companies, Inc., Nationwide Mutual Insurance Company and two leading national insurance agent and broker organizations today yesterday support of a comprehensive, private market approach to improve the affordability and availability of coastal wind storm insurance for homeowners. Federal legislation would be required to enact the outlined concept.    “Travelers is committed to finding… Continue reading Big I, The Council, Nationwide and Travelers Announce Support of Coastal Insurance Solution

In a widening effort to crack down on suspected manipulation of Lehman Brothers Holdings Inc. and Bear Stearns Cos. shares, the U.S. Securities and Exchange Commission subpoenaed Wall Street’s biggest firms and hedge-fund advisers.     The SEC’s enforcement unit demanded information from investment banks including Goldman Sachs Group Inc., Deutsche Bank AG and Merrill… Continue reading SEC Widens Crackdown in Illegal Manipulation of Market Prices

The Institute for Business & Home Safety, the insurance industry’s property protection advocate, has completed comprehensive research on the Witch Creek Wildfire, which damaged or destroyed nearly 1,700 structures in San Diego County, Calif., in 2007 at a cost of $1 billion. While the research focuses on Southern California, the results have applications nationwide, now… Continue reading Landmark Wildfire Study Identifies New Risk Factors and Recommendations for California Homes

The Property Casualty Insurers Association of America (PCI) considers recent modifications to H.R. 5840 to be good steps forward and continues to seek more clarity on how a preemption proposal would impact existing laws such as the McCarran-Ferguson Act. “Preemption of state laws, if necessary, should be accomplished by legislative action, not through an administrative… Continue reading PCI Still Seeks Clarity on OII Preemption Language

Fueled higher by surging energy prices, official figures have shown that US inflation accelerated at the fastest rate in 26 years in June. Consumer prices rose by 1.1% in June, the Labor Department said, more than the 0.7% many analysts had expected. Federal Reserve boss Ben Bernanke said on Tuesday that the threat of rising… Continue reading US Inflation Rate Hits 26-Year High

Liberty Insurance Company Limited (LICL), a wholly owned subsidiary of Liberty Mutual Group, has been granted approval to establish a branch in Beijing by the China Insurance Regulatory Commission (CIRC). Beijing is the first branch established by LICL in China and will offer various personal lines products, including auto, and a wide range of commercial… Continue reading Liberty Mutual Group Expands China Operations with Beijing Branch

Allstate Insurance Co. has agreed to settle a Missouri insurance case that had attracted national attention over the insurer’s refusal, and eventual agreement, to provide key documents on how it evaluates and pays claims. The Northbrook-based company’s reluctance to release the records led to more than $7 million in fines from Jackson County Judge Michael… Continue reading Allstate Settles Dispute on Claims Documents