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U.S. home prices continued to worsen in May according to the S&P/Case-Shiller home-price index. The indices show year-over-year drops for the second straight month in every region measured.     Home prices in 10 major metropolitan areas fell by a record 17% from a year earlier and 1% from April. In 20 major metropolitan areas,… Continue reading Home Prices Continue to Fall

New York Governor David A. Paterson announced Friday that he has signed a law to aid livery drivers in New York City, and in Westchester and Nassau counties, giving them better access to workers’ benefits.     Injured livery drivers up to now could go years without compensation as their cases bounced between the no-fault… Continue reading New Legislation in NY Provides Livery Drivers with Better Access to Workers’ Benefits

Property and casualty insurer Safeco Corp on Tuesday said second-quarter profit fell 20 percent as the percentage of premiums it used to pay claims increased. In April, Safeco agreed to an acquisition by Liberty Mutual Group for $6.2 billion. Net income for Safeco fell to $149.5 million, or $1.65 per share, from $186.4 million, or… Continue reading Safeco Reports 20% Decrease in Profits

The third-biggest U.S. securities firm, Merrill Lynch & Co., plans to sell $8.5 billion of stock and liquidate $30.6 billion of bonds at a fifth of their face value to shore up credit ratings imperiled by mortgage losses.    In a statement yesterday Merrill said Temasek Holdings Pte., the Singapore-owned fund that became the New… Continue reading Merrill to Sell $8.5BB in Shares in Effort to Shore Up Credit Rating

Much has changed in the catastrophe insurance landscape since October 2005, when Hurricane Wilma became the last serious hurricane to make landfall on the U.S. mainland. Thousands of claims have been paid, thousands of others litigated. A few smaller companies lapsed into insolvency, while billions were raised for new offshore capitalizations. Despite more than two… Continue reading New Storms Could Blow Cat Debate Back on the Radar

Leading lawmakers this week accused the Bush administration of moving with unusual speed to push through a rule making it tougher to regulate workers’ on-the-job exposure to chemicals and toxins. The agency did not disclose the proposal, as required, in public notices of regulatory plans that it filed in December and May. Instead, Labor Secretary… Continue reading Dems Question Labor Dept on Proposed Workplace Toxin Rule Change

Two Bush administration officials said today that the federal budget deficit will approach $490 billion in fiscal 2009, confirming the negative impact of the economic slowdown on the nation’s finances.    The projected deficit for the fiscal year that begins Oct. 1 is far higher than the $407 billion forecast by President George W. Bush… Continue reading Federal Budget Deficit to Reach $490B in 2009

Marsh, the world’s leading insurance broker and risk advisor, today announced it has developed a breakthrough insurance program that can help companies manage the financial consequences of a disruption to their critical supply chains.    Marsh developed the program, known as Global Supply SecureSM, in conjunction with Lexington Insurance Company, a unit of AIG Commercial… Continue reading March Reveals New Program to Help Companies Protect Against Financial Consequences of Supply Chain Disruptions

Commercial insurer CNA Financial Corp. reported on Monday that second-quarter profit fell about 17 percent, reflecting lower premiums and realized investment losses. CNA’s majority owner is Loews Corp.    Net income for Chicago-based CNA fell to $181 million, or 67 cents per share, from $217 million, or 80 cents per share, a year earlier.   … Continue reading CNA Posts 2nd-Quarter Results, Profits Down

New York State Attorney General Andrew Cuomo filed a lawsuit alleging that senior executives at the U.S.-based unit of Swiss bank UBS misled investors about the potential risks of $25 billion in securities.The suit was filed on July 24 in New York’s Supreme Court, and charges Weehawken, New Jersey-based UBS Financial Services with failing to… Continue reading NY AG Files Lawsuit Against UBS