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The mandated waiting period required for the proposed acquisition of Safeco by Liberty Mutual has expired. The expiration of the waiting period, required by the Hart Scott Rodino Antitrust Act, satisfies a condition to the closing of the proposed acquisition the companies announced in April in which Liberty Mutual would buy Safeco for about $6.2… Continue reading Liberty Mutual Cleared to Acquire Safeco

An agreement was reached between the three top credit rating agencies and New York’s attorney general on Thursday to change the way they charge fees for reviewing mortgage-backed securities, the latest development in a probe into the U.S. home loan industry. The pact was reached with Moody’s Corp’s Moody’s Investors Service, McGraw-Hill Co’s Standard &… Continue reading Rating Agency Reforms Underway in NY

The Wall Street Journal reported today that sources familiar with the matter have indicated that the U.S. Securities and Exchange Commission is investigating whether American International Group (AIG) overstated the value of contracts linked to subprime mortgages.     The way AIG valued credit default swaps, including those backed by subprime mortgages, is at issue,… Continue reading WSJ: SEC Probes AIG on Subprime Mortgages

Moody’s Investors Service and other rating agencies have signed an agreement with New York Attorney General Andrew Cuomo addressing rating practices, including fees, Moody’s Chairman Ray McDaniel said announced early this morning.    The New York Attorney General is expected to sign the agreement on Thursday, said McDaniel, speaking at a Moody’s conference for investors… Continue reading BREAKING NEWS: NY Attorney General to Unveil Deal with Ratings Agencies

Today many U.S. retailers reported better-than-expected May sales, with discounters and dollar stores attracting customers looking to save money in the weak economy, while department stores continued to struggle.     The world’s largest retailer, Wal-Mart Stores Inc., posted a better-than-expected 3.9 percent increase in sales at U.S. stores open at least a year, excluding… Continue reading Retail Sales for May Better than Expected, Discounters See More Consumer Spending

After Moody’s Investors Service put the world’s largest bond insurers under review for a second time this year, MBIA Inc. and Ambac Financial Group Inc. may give up attempts to retain the Aaa credit ratings of their bond insurance units.    The companies, which have raised $4.1 billion combined in the past six months, said… Continue reading Largest Bond Insurers May Give Up on Retaining Moody’s Top Rating

The number of home foreclosures during the first quarter faced by Americans is the highest it’s been in almost thirty years, as borrowers who fell behind on payments were unable to sell their homes.     The Mortgage Bankers Association said in a report today that new foreclosures rose to a seasonally adjusted 0.99 percent… Continue reading Foreclosures, Mortgage Delinquencies Highest in Nearly 30 Years

A House subcommittee hearing is scheduled for next week to review a proposal to create a federal insurance information agency. Congressman Paul E. Kanjorski, who is chairman of Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, announced that the hearing on his Insurance Information Act of 2008 (H.R. 5840,) legislation will take place on… Continue reading OFC Proposal Hearing Scheduled for Next Week

As the estimated 80 million people born between 1981 and 2001 enter the workforce and become active consumers, technology will play a critical role for insurance firms targeting potential employees and consumers in the so-called “millennial generation,” according to a new survey released last month by Insurity and Microsoft Corp. at the ACORD LOMA Insurance… Continue reading Study Shows How Tech-Savvy Younger Employees View Insurance Industry

The National Association of Insurance Commissioners (NAIC) has expanded its award-winning Insure U consumer education program with new topic areas aimed at consumers in four life situations: domestic partners; single parents; grandparents raising grandchildren; and members of the military.     “Expanding our Insure U program directly reflects the varied life situations and needs that… Continue reading NAIC Expands Insure U Consumer Education Program