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Due to a lack of available information to maintain credible ratings after management stopped providing it detailed, non-public portfolio information, Fitch Ratings withdrew its grades on mortgage insurer Radian Group Inc.    However, the ratings agency stated that it will continue to monitor investor interest in its coverage and “may consider reviewing its methodologies and… Continue reading Mortgage Insurer Radian No Longer Graded by Fitch

Aon Corporation today reported results for the first quarter that ended March 31, 2008, with net income increasing 2% to $218 million or $0.68 per share, compared to $213 million or $0.66 per share for the prior year quarter. Net income from continuing operations increased 8% to $179 million or $0.56 per share, compared to… Continue reading AON Posts First-Quarter Growth

On Thursday, the Florida Legislature extended the rate freeze on state-run carrier Citizens Property Insurance by one more year until January 1, 2010.     Although homeowners won’t see any immediate rate relief, lawmakers hailed the bill’s increased consumer protections, such as more notice on cancellations and the ability to sue an insurer if the… Continue reading Florida Legislation Puts Citizens Rates On Ice for One More Year

Warren Buffett’s Berkshire Hathaway Annual Shareholders meeting is taking place beginning today in Omaha, where 30,000 people are expected to attend. Dubbed “Buffettstock” by CNBC, the attendees listen to Buffett and Berkshire Vice Chairman Charles Munger answer questions on business, the economy and life.    In an interview with CNBC, Buffett said, “It’s interesting, there… Continue reading Buffettstock to be Held this Weekend

Although the month of April resulted in fewer job losses than expected, bankruptcy filings by U.S. consumers rose 47.7 percent from one year ago as families cope with fallout from the subprime mortgage crisis.    According to the American Bankruptcy Institute, 92,291 bankruptcy filings in April also marked an increase of 7 percent from March. … Continue reading Consumer Bankruptcies High in April as Families Struggle with Subprime Fallout

A better-than-expected showing materialized in April in which employers cut far fewer jobs than in recent months and the unemployment rate dropped to 5 percent.    For the fourth month in a row, the economy lost jobs, the Labor Department reported Friday.But in April the losses totaled 20,000, an improvement from the 81,000 reductions in… Continue reading April Brings in Fewer Job Losses than Expected

According to the New York appeals court, which is affirming a jury’s verdict, the Port Authority of New York and New Jersey is liable for damages from the 1993 terrorist bombing at the World Trade Center that killed six people and wounded about 1,000 others.    The Port Authority was warned about the WTC’s vulnerability… Continue reading NY Appeals Court Upholds Verdict: Port Authority Liable for Damages in 1993 Terrorist Attack

The world’s biggest home-improvement retailer Home Depot Inc. announced today that it has put the brakes on opening nearly 50 U.S. stores, some that have been in the pipeline for more than 10 years, and will close 15 under-performing stores as it cuts capital spending to improve returns. The closings will eliminate or move 1,300… Continue reading Troubled Housing Market Slows Down Home Depot’s US Plans

Hurricane season begins June 1, and officials of the Federal Emergency Management Agency (FEMA) are stepping up awareness from now, urging Americans to prepare their homes and businesses for the heightened flood risks associated with hurricanes and tropical storms.     In the past, the consequences of seasonal flooding as a result of hurricanes have… Continue reading As Hurricane Season Nears, FEMA Urges Americans to Prepare, Have Flood Insurance

The National Association of Insurance Commissioners (NAIC) recognizes the National Conference of State Legislatures (NCSL) for their commitment to state-based insurance regulation and important consumer-protection measures.    At their Spring Forum, NCSL members approved adoption of the Resolution in Opposition to S. 40/H.R. 3200 – the National Insurance Act of 2007. The resolution opposes the… Continue reading NAIC Commends NCSL’s Commitment for Ongoing State-based Regulation