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Real estate data firm RealtyTrac said on Friday that U.S. home foreclosure filings in May increased from April and were a whopping 48 percent higher than a year earlier. In its U.S.Foreclosure Market Report, RealtyTrac Home stated that foreclosure filings in May totaled 261,255, up 7 percent from April. The figure is a total of… Continue reading Foreclosures in May a Soaring 48% Higher than Last Year this Time

OLDWICK, N.J. June 12 (BestWire) — A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of AmTrust Group (AmTrust) (New York, NY). The ratings apply to AmTrust International Insurance, Ltd. (AII) (Bermuda), Technology Insurance Company, Inc. (Technology) (Nashua, NH), Rochdale Insurance Company (Rochdale) (New… Continue reading A.M. Best Revises Outlook to Positive for AmTrust Group; Downgrades Ratings of Recently Acquired Unitrin Companies

A U.S. judge has ruled in favor of insurer Allianz S.E. in a dispute with World Trade Center developer Larry Silverstein about recovering money from third parties if they are found to be at fault in the Sept. 11, 2001, attacks.The list of third parties could include, for example, the airlines whose planes were flown… Continue reading US Judge Rules in Favor of Allianz in World Trade Center Dispute with Developer

The Travelers Companies, Inc today announced that Chief Operating Officer Brian W. MacLean, 54, has been promoted from Executive Vice President to President.    “I am fortunate to work with a tremendous team at Travelers, notable for its substantial breadth and depth of talent,” said Jay S. Fishman, Chairman and Chief Executive Officer. “No one… Continue reading Travelers COO MacLean Becomes President

According to Fitch Ratings, property/casualty insurers in the U.S. will see underwriting losses due to a softening market conditions in 2008. This is after coming off several years of strong profits.     Fitch said on Wednesday it sees a flattening of growth for policy sales in that sector.     The rating agency also… Continue reading Fitch Ratings: Carriers to See Underwriting Loss for 2008

In an area that has been among the brightest spots in the U.S. economy recently, torrential rain and widespread floods in the Midwest are threatening to reverse this. Meat processor Tyson Foods Inc. is temporarily suspending work at two Iowa plants, while farm-equipment maker Deere & Co. was forced by rising rivers to evacuate a… Continue reading Floods in Midwest a Threat to Area’s Economy

According to a new study by Conning Research & Consulting, property/casualty insurers are competing aggressively for the small commercial market, which is worth $95 billion in premiums. “The small commercial market has become increasingly competitive in recent years because more insurers have entered or expanded their footprint in this market,” said Clint Harris, analyst at… Continue reading Conning Study: Regional Carriers Competing for Small Commercial Market, Worth $95B

As the company re-evaluates its business strategy, MBIA Inc. has decided not to contribute the $900 million it raised through the sale of shares in February to its bond-insurance unit. The unit was downgraded from AAA by Standard & Poor’s last week. The holding company will keep the money as it considers options for “supporting… Continue reading MBIA Evaluating Business Strategy, Reconsiders Capital Infusion in Insurance Unit

Lehman Brothers Holdings has demoted its chief financial officer, Erin Callan, and chief operating officer, Joseph Gregory.The company said Herbert “Bart” McDade will take over as president and COO and Ian Lowitt will succeed Callan in the CFO position. Callan and Gregory are expected to stay with the company in different capacities.    The news… Continue reading Top Changes at Lehman’s after Huge Losses

The world’s second-biggest insurance broker, Aon Corp., is in acquisition mode as insurance rates drop, according to Chief Executive Officer Gregory Case.     “Aon is in a very privileged position right now,” Case said yesterday in an interview in Chicago. “We’re going to continue to make acquisitions.”     The biggest insurance brokers are… Continue reading In the Soft Market Aon Sees Acquisition Opportunities