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According to a recent Towers Perrin survey conducted by the firm’s claim management practice, nine out of 10 property/casualty claim officers said increased competition, consolidation and convergence are among the leading challenges facing their industry in 2008.    The claim officer survey also reported on key trends that are reshaping the industry, citing the rapidly… Continue reading P/C Claims Officers Cite Competition Among 2008 Challenges

Former Countrywide Financial Corp. President Stanford Kurland made a fortune helping to build a mortgage-lending empire for 27 years. Now, Kurland and some former colleagues are looking to make another fortune as the parts of the mortgage market collapse. Today, the group will announce the launch of Private National Mortgage Acceptance Company LLC, or PennyMac,… Continue reading Former Countrywide Execs to Form PennyMac, Cash in On Distressed Mortgages

On Friday Standard & Poor’s stated that may downgrade FGIC Corp and its insurance arm, after the bond insurer’s principal owner PMI Group decided not to put additional capital into FGIC.    Mortgage insurer PMI on Monday posted a $1 billion quarterly loss dragged down by its investment in FGIC. PMI highlighted growing problems in… Continue reading S&P Considering Downgrading FGIC Again, Principal Owner PMI Posts $1B Quarterly Loss

Under a plan endorsed by regulators on Monday, the Federal Home Loan Bank system will be permitted to expand their holdings of Fannie Mae and Freddie Mac securities by more than $100 billion. The Federal Housing Finance Board voted to let the banks use their existing capital to increase their holdings of agency mortgage-backed securities… Continue reading Regulators Clear the Way for Home Loan Banks to Increase Mortgage-Backed Holdings

According to banking analyst Richard Bove of Punk Ziegel & Co, the largest U.S. retail bank, Bank of America Corp may set aside a record $6.5 billion in the first quarter to cover possible future loan losses, including in its mortgage and home equity portfolios.    Bove also slashed his earnings forecasts for the bank… Continue reading BofA May be Looking to Set Aside $6.5B for First-Quarter Loan Losses

JPMorgan Chase & Co whose original agreement to buy Bear Stearns for $2 per share is now in talks to raise its offer to about $10 a share in an effort to appease Bear shareholders angry with the cut-rate deal. Talks of the increase may fall apart and the timing of the announcement is still… Continue reading JPMorgan May Raise Takeover Bid of Bear Stearns

Before the official announcement this morning of Treasury Secretary Henry Paulson’s blueprint to overhaul financial regulation, a 22-page summary was obtained by the AP. Here is an at-a-glance look at the proposed plans:    * Expand the role of the President’s Working Group on Financial Markets to include the entire financial sector rather than just… Continue reading Overview of Paulson’s Plan at A Glance

Arthur J. Gallagher & Co. today announced the acquisition of Healthcare Risk Solutions, LLC headquartered in Fort Washington, Pennsylvania. Terms of the transaction were not disclosed. Founded in 2002, Healthcare Risk Solutions, LLC is a property/casualty retail insurance broker providing professional liability insurance products, associated risk mitigation consulting services and specialized program management exclusively to… Continue reading Arthur J. Gallagher Aquires Healthcare Risk Solutions

The National Association of Mutual Insurance Companies (NAMIC) opposes legislation to ban the use of credit-based insurance scoring in Michigan. The House Insurance Committee debated the proposal on Thursday.    “Headline grabbing proposals unveiled at press conferences during an election year is commonplace,” said Joe Thesing, NAMIC’s director of State affairs. “What is not common… Continue reading NAMIC: Michigan Proposal Will Increase, Not Decrease Insurance Rates

The credit-market turmoil has resulted in Washington looking at how the government regulates financial institutions, offering ideas that once would not have been considered feasible. In the wake of the Fed’s announcement to bail-out Bear Stearns, one issue involves to what extent our central bank should become in stabilizing the financial markets.     In… Continue reading New Plans for Financial-Market Regulation by Fed on the Table Amid Crisis