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A carefully developed Office of Insurance Information could be a step toward modernizing the state-based insurance regulatory system, according to the National Association of Mutual Insurance Companies (NAMIC). NAMIC remains committed to a reformed state-based insurance regulatory system, and told Congress a federal advisory office could help streamline and create more uniformity in the system. … Continue reading NAMIC Sends Congressional Subcommitee its Comments on Establishing Federal Office of Insurance Information

An industry official said on Tuesday that the Florida’s tomato industry is in “complete collapse” and $40 million worth of tomatoes will rot unless federal regulators quickly trace the source of a salmonella outbreak and clear the state’s produce.    “We probably have $40 million worth of product we can’t sell. We’ve had to stop… Continue reading FL Tomato Industry Could Lose $40M in Product Amid Salmonella Outbreak

After Federal Reserve Chairman Ben Bernanke fired another warning shot on inflation, fanning expectations of higher interest rates, world stocks hit their lowest in almost two months, major government bonds fell, and the dollar rose on Tuesday.     The chairman said on Monday that the U.S. central bank will strongly resist rising long-term inflation… Continue reading Bernanke’s Talk of Inflation Fuels Possibility of Rate Hike

Hurt by losses related to trading and hedging, Lehman Brothers Holdings Inc. reported a $2.8 billion second-quarter loss, and announced that it has raised $6 billion to help it survive the collapse of the mortgage market.    Moody’s changed Lehman’s rating outlook to negative after the news broke.    Chief Executive Officer Richard Fuld, who… Continue reading Lehman Raises $6B in Capital after Reporting Significant Quarterly Loss

Longtime American International Group (AIG) executive Richard Booth has been appointed to the new post of chief administrative officer. This move is in sync with one of Chief Executive Martin Sullivan’s main initiatives, cross-selling among business units.    Mr. Booth, who will report directly to Mr. Sullivan, will be responsible for overseeing global operations, research… Continue reading AIG Names Richard Booth as Chief Administrative Officer, Part of Plan to Increase Cross-Selling Efforts

Global insurance broker Willis Group Holdings Limited and Hilb Rogal & Hobbs Company, one of the world’s largest insurance and risk management intermediaries, announced on Sunday that the companies will combine forces in a transaction that will double Willis’s North America revenues and strengthen its leadership in attractive growth markets.     Willis valued the… Continue reading Willis Group Acquires HRH; To Become Willis HRH in North America

In recent months, it seems as though we have been hearing about one crane disaster after another. Two accidents have occurred in New York, with the most recent having occurred last week when a tower crane on the Upper East Side snapped from its turntable some 200 feet above street level, causing its cab, boom… Continue reading Crane Disasters Could Impact Inland Marine Premiums, May Result in Uniform Certification Standards

On June 6, 2008, Standard & Poor’s Ratings Services lowered its financial   strength ratings on XL Capital Assurance Inc. (XLCA) and XL Financial   Assurance Ltd. (XLFA) to ‘BBB-‘ from ‘A-‘. The ratings remain on CreditWatch   with negative implications.    The downgrade reflects our current assessment of potential losses on the   companies’… Continue reading XL Capital Assurance Inc., XL Financial Assurance Ltd. Lowered To ‘BBB-‘; On CreditWatch Neg

Mortgage insurer PMI Group Inc. said Thursday night its recent ratings downgrade by Fitch Ratings will not affect its operations and claims-paying abilities. Earlier Thursday, Fitch cut the insurer financial strength rating of PMI Group’s U.S. mortgage insurance subsidiary to “A+” from “AA.” Both are still considered investment grade. PMI Group said its operations would… Continue reading It’s Business as Usual at PMI after Fitch Lowers its Rating

The think tank of the CEOs of the world’s largest insurers and reinsurers, the Geneva Association, announced on Wednesday the results of a unique survey among 40 industry leaders. The survey covers the insurance-specific ramifications of the credit crisis, developments in solvency regulation and financial reporting, as well as the top corporate and industry risks… Continue reading Insurance CEOs See Economic Slowdown and Credit Crisis as Top Risks