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Due to a charge related to the sale of its life business unit, Hanover Insurance Group Inc. posted a second-quarter loss. However, the company’s earnings before charges beat analysts’ expectations. “Solid underwriting performance in our property and casualty business enabled us to withstand the losses resulting from high catastrophe activity observed industry wide in the… Continue reading Sale of Life Unit Results in Second-Quarter Loss for Hanover

Philadelphia-based insurer Cigna Corp., which specializes in employer-sponsored health benefits, reported that its profit rose 37 percent as acquisitions added to membership. Second-quarter net income grew to $272 million, or 97 cents a share, from $198 million, or 68 cents, a year earlier, according to a statement by Cigna. Profit per share, excluding certain items,… Continue reading Cigna Reports Profit Increase, Membership Up

Despite a down economy and an increase in risks, private companies may not be purchasing sufficient management liability insurance to help protect their bottom line from a costly liability lawsuit,” said Lisa Jones, vice president, Chubb & Son, and private commercial product manager for Chubb Specialty Insurance. “In addition, companies that are uninsured and experience… Continue reading Chubb Survey Finds Private Companies More Exposed to Liability Risks, But Less Protected

Driven in large part by the current subprime and credit crisis, shareholder class action filings continued to increase in the first half of 2008, according to this newly released edition of the NERA Economic Consulting semi-annual study. NERA is a unit of Marsh & McLennan Cos. Inc. Co-authored by Senior Consultant Dr. Stephanie Plancich, Consultant… Continue reading Study Shows Shareholder Lawsuits Due to Subprime Crises on the Rise

Catastrophe modeler EQECAT said in a note to its clients that Tuesday’s Los Angeles-area earthquake should not result in insured property losses of more than $100 million. “This was a relatively small event occurring in a remote area of the Los Angeles basin,” EQECAT said. “Larger-magnitude earthquakes will affect a much larger area with longer… Continue reading LA Earthquake to Result in Light Insured Losses

Alleging that they gave artificially low credit ratings to states, municipalities and other public entities, Connecticut Attorney General Richard Blumenthal is suing the three major credit-rating firms.     In three separate lawsuits, Mr. Blumenthal alleged Moody’s Investors Service, Fitch Ratings and Standard & Poor’s Ratings Services “systematically and intentionally” gave lower ratings to states,… Continue reading Connecticut Sues Top Rating Agencies

The world’s third largest insurance broker, Willis Group Holdings Ltd., said on Wednesday that its quarterly net income tumbled 50 percent on charges for contract buyouts, severance and other costs. Willis’ second-quarter net fell to $39 million, or 27 cents a share, from $78 million, or 54 cents, a year-ago. Willis said it took a… Continue reading Willis Group’s Quaterly Income Falls Fifty Percent

The shareholders of Safeco Corporation today voted overwhelmingly to approve the merger agreement entered into on April 23, 2008 with Liberty Mutual Group. Of those Safeco shareholders who voted, 99.5 percent voted to approve the transaction. Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco… Continue reading Safeco Corporation Shareholders Approve Proposed Merger with Liberty Mutual

Today Deutsche Bank AG announced fresh write-downs, taking its bill from the global financial crisis beyond $11 billion. Germany’s leading financier had originally been seen as one of the few to emerge unscathed from the crisis, but as the problems on global markets continue Deutsche Bank is being sucked ever deeper into trouble. The group’s… Continue reading Deutsche Bank Reports $11B in Write-Downs

The Occupational Safety and Health Administration (OSHA) today issued citations proposing penalties totaling $8,777,500 against the Imperial Sugar Co. and its two affiliates alleging violations at their plants in Port Wentworth, Ga., and Gramercy, La. OSHA initiated the inspections following an explosion and fire on Feb. 7, 2008, at the Port Wentworth refinery that claimed… Continue reading OSHA Issues Third-Largest Penalty in its History Against Sugar Company