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In a New York appeals court ruling on Thursday, the New York’s attorney general can pursue bid-rigging charges against units of Liberty Mutual Group Inc., but all other claims relating to the insurer’s contingent commission agreements were thrown out.    The ruling is the latest action stemming from the May 2006 fraud and bid-rigging suit… Continue reading NY Attorney General Can Pursue Bid-Rigging Charges Against Liberty Mutual

According to a Financial Times (FT) report on Sunday, bond insurers such as Ambac Financial Group, MBIA Inc., and FGIC are in discussions with banks about wiping out $125 billion of insurance on risky debt securities to limit the damage to the insurers from the credit crisis.    Discussions about “commuting” these insurance contracts, which… Continue reading Bond Insurers Talking to Banks About Eliminating $125B in Insurance on Risky Debt Securities

Today software maker Oracle Corp announced that it agreed to buy the business management software business of privately held Skywire Software, adding programs for insurance companies. Financial terms were not disclosed. The acquisition will help U.S.-based Oracle beef up its offerings to financial services companies, one of several industries the company has targeted for growth.… Continue reading Oracle to Add Insurance Management Software with Purchase of Skywire

According to a new survey by FindLaw.com, the most-visited legal information web site, more than a quarter of American adults say they have been injured while working, often missing substantial time from work as a result.    In accordance with June being designated as National Safety Month by the National Safety Council, FindLaw.com sought to… Continue reading Study Shows More than 25% Americans Injured on the Job

According to the National Association of Mutual Insurance Companies (NAMIC), New York state lawmakers are expected to adopt legislation that could enhance competition in the state’s auto insurance market and aid homeowners insurance consumers living along the coastline. Legislation that would once again allow flex rating has reportedly been endorsed by the Assembly and Senate… Continue reading NAMIC Sees NY Flex-Rating Legislation as Progress

According to an article that appeared in the South Florida Sun-Sentinel over the weekend, nine of 10 local insurance agents who spoke with the paper recently said most of their customers’ yearly property insurance premiums have dropped 15 percent to 40 percent this year. Customers who have bolstered their homes to better withstand hurricanes are… Continue reading FL Homeowners Rates Heading South for Some

Amid continued concern over the credit markets and as a UBS analyst cut his price target on Radian Group Inc., shares of the financial insurer fell for the second straight day. Radian Group shares fell 28 cents, or 11 percent, to $2.32 in morning trading. Earlier in the session, shares hit an all-time low of… Continue reading Radian Group Stocks Tumble

The Property Casualty Insurers Association of America (PCI) is encouraging New York legislators to pass legislation (A-11693/S-8624) introduced today that would reinstate insurance flex rating for auto insurance and address coastal homeowners insurance issues.    “This is a very positive development for consumers,” said Paul Magaril, regional manager and counsel for PCI. “We have been… Continue reading PCI Supports New York’s Competition-based Flex Rating Proposal

Newly appointed American International Group Inc. (AIG) CEO Robert Willumstad reported that he had a “positive” first meeting with former CEO Maurice “Hank” Greenberg on Thursday.     Willumstad, AIG chairman and a former Citigroup executive, took over as CEO at the world’s largest insurer, replacing Martin Sullivan, who succeeded Greenberg in 2005. Sullivan stepped… Continue reading AIG CEO Willumstad and Former Head Greenberg Meet

Citing their impaired ability to raise capital and write new business, Moody’s Investors Service on Thursday stripped the insurance arms of Ambac Financial Group and MBIA of their AAA ratings. Moody’s said earlier this month it was likely to cut the ratings of Ambac Assurance and MBIA Insurance as plunging share prices and the high… Continue reading Moody’s Cuts Ambac and MBIA Insurance Unit Ratings