Standard & Poor’s Ratings Services has lowered its counterparty credit rating on San Diego-based Arrowhead General Insurance Agency Inc. to ‘B-‘ from ‘B’. S&P also assigned the rating a negative outlook. “This rating action reflects our view that the company is unable to sustain the financial-performance goals that were established when we initially assigned the… Continue reading Standard & Poor’s Ratings Services has lowered its counterparty credit rating on San Diego-based Arrowhead General Insurance Agency Inc. to ‘B-‘ from ‘B’.
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Eileen Lesberg: She Left Her Heart in Staffing
It is with tremendous sadness that we acknowledge the passing of Chairman, Founder and Friend – Eileen Lesberg of World Wide Specialty Programs. Eileen died May 3, 2008 peacefully and with grace at the age of 79. Eileen’s unique and uncanny ability to perform seemingly impossible or insurmountable tasks was magical, as was… Continue reading Eileen Lesberg: She Left Her Heart in Staffing
FAIR Plan Rate Increase Request for Cape Cod Residents Denied
Cape Cod homeowners dodged a second straight 25 percent increase in insurance premiums after Insurance Commissioner Nonnie Burnes yesterday rejected an insurance association’s request for double-digit rate hikes. The FAIR Plan, as the state’s insurer of last resort is called, had sought a 25 percent rate hike for Cape Cod and the Islands.… Continue reading FAIR Plan Rate Increase Request for Cape Cod Residents Denied
State Insurance Regulators Fine Long-Term Care Provider CONESCO
State insurance regulators, working together through the National Association of Insurance Commissioners (NAIC), today announced the details of a regulatory settlement agreement between 40 jurisdictions and Conseco, Inc., due to a pattern of consumer harm in the company’s long-term care insurance business. This multi-state investigation has resulted in a $2.3 million fine and $30 million… Continue reading State Insurance Regulators Fine Long-Term Care Provider CONESCO
AIA’s Racicot Commends Senate’s Decision to Reject Adding Wind Coverage to NFIP
Governor. Marc Racicot, president, American Insurance Association (AIA), yesterday said the U.S. Senate made the wise choice in defeating an amendment that called for adding wind coverage to the National Flood Insurance Program (NFIP). Mr. Racicot’s statement follows: “We applaud the Senate for its sound and reasonable decision not to add wind coverage… Continue reading AIA’s Racicot Commends Senate’s Decision to Reject Adding Wind Coverage to NFIP
Morning Edition: AIG’s Results and Companies Hit by High Oil Prices Impact Wall Street
The market is experiencing its first weekly drop in a month as it responds to AIG’s losses and its plan to raise $12.5 billion to cover losses, renewing concern on Wall Street that the worst of the credit crisis isn’t over. AIG tumbled to a two-month low after disclosing more than $15 billion in write-downs.… Continue reading Morning Edition: AIG’s Results and Companies Hit by High Oil Prices Impact Wall Street
AIG Needs to Raise $12.5B after Reporting Record Loss
American International Group Inc., the world’s biggest insurer by assets, reported its largest first-quarter net loss ever yesterday of $7.81 billion, compared with earnings of $4.13 billion a year earlier. Additionally, the New York-based insurer disclosed more than $15 billion in pretax write-downs, prompting Standard & Poor’s and Fitch Ratings to cut the… Continue reading AIG Needs to Raise $12.5B after Reporting Record Loss
Citigroup Talks Selling $400B in Assets Over the Next Few Years
In an effort to become more efficient, the largest US bank, Citigroup, stated today that its goal is to slim down and shed $400 billion of assets over the next two to three years. Hit hard by the subprime mortgage meltdown and ensuing turmoil, Citi said it has about $500 billion of “legacy… Continue reading Citigroup Talks Selling $400B in Assets Over the Next Few Years
Senate Rejects Adding Wind Coverage to Federal Program
On Wednesday the Senate overwhelmingly rejected to expand the federal flood insurance program to also cover windstorm damage. Lawmakers from Louisiana and Mississippi cited problems that occurred after Hurricane Katrina and other big 2005 storms when private insurers covering wind damage claimed that destruction to property resulted from flooding, thus shifting the burden… Continue reading Senate Rejects Adding Wind Coverage to Federal Program
Dems and Republicans May be Able to Strike Housing-Market Legislation Deal
Earlier today, Keith Hennessey, director of the White House National Economic Council and one of the administration’s top economic advisers, stated that differences between the White House and Democrats in Congress over proposed housing-market legislation aren’t “insurmountable”. The comments by Mr. Hennessey seem to leave room for an eventual deal with lawmakers, despite a… Continue reading Dems and Republicans May be Able to Strike Housing-Market Legislation Deal