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Swiss insurer Zurich Financial Services announced that it is purchasing two Brazilian insurance companies, paying up to $241 million and adding to a string of recent smaller acquisitions.     Zurich plans to buy 87.35 percent of Companhia de Seguros Minas Brasil and 100 percent of Minas Brasil Seguradora Vida e Previdencia from Banco Mercantil… Continue reading Zurich Expands in Brazil, Will Buy Two Companies

American International Group Inc.’s (AIG) named former Goldman Sachs vice chairman Suzanne Nora Johnson to its board of directors this week.     Ms. Johnson retired from The Goldman Sachs Group, Inc. in 2007. She was with the firm for more than 20 years and served in various roles, including head of the group’s Global… Continue reading Former Goldman Sachs Vice Chairman Named to AIG Board

In an amended complaint filed Thursday by the California attorney general related to a suit against Countrywide Financial Corp, the poor quality of loans the company was planning to sell to investors becomes even clearer. The new data provide a close look at 158,000 mortgages that had been slated for sale by Countrywide Homes Loans… Continue reading Filing in CA Against Countrywide Spotlights Loan Quality Sales

Member agencies of the Independent Insurance Agents & Brokers of New York, Inc. (IIABNY) are feeling better about their relationships with the insurers they represent, according to the association’s latest study of carrier performance. The overall scores for the 31 companies researched in IIABNY’s newly released Industry Index show improvements in all categories versus the… Continue reading Study: IIABNY Agents More Positive About Carrier Relationships

Today the largest U.S. bank, Citigroup Inc., posted a narrower second-quarter loss than analysts had expected, at $2.5 billion, due to write-downs and credit losses tied to deteriorating credit markets and the slumping economy. The net loss totaled 54 cents per share, and compared with a year-earlier profit of $6.23 billion, or $1.24 per share.… Continue reading Citigroup Posts Loss, Performs Better Than Expected in Second Quarter

The National Conference of Insurance Legislators (NCOIL) advised a slowdown of a market conduct annual statement (MCAS) proposal being considered by the National Association of Insurance Commissioners (NAIC), naming critical concerns regarding confidentiality and authority. The NCOIL Executive and State-Federal Relations Committees on July 11 and 13 unanimously adopted a resolution questioning an NAIC plan… Continue reading NCOIL Tells NAIC to Slow Down on Market Conduct Plan

A report released on Thursday by non-profit Commonwealth Fund indicates that the United States fails on most measures of health care quality, with Americans waiting longer to see doctors and more likely to die of preventable or treatable illnesses than people in other industrialized countries.     Americans spend money on wasteful administrative costs, illnesses… Continue reading Commonwealth Fund Report: US Fares Poorly on Healthcare Quality Measures

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