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The Federal Reserve’s new direct lending program is in full gear with Wall Street firms submitting their hard-to-trade securities for funds from the central bank.     According to the Fed, the program, which began on Monday, drew an average of $13.4 billion in daily borrowing in the week ending Wednesday. The firms had $28.8… Continue reading Investment Firms Borrowing from Fed’s New Program

First homeowners lost their properties to foreclosures due to the sub-prime debacle. Now, many US small n and mid-size home builders are feeling the pain and are facing losing their businesses.     Bill Whitlatch, long-time owner of one of the leading home builders here in northeast Ohio, is among the casualties. Three years ago,… Continue reading Small Builders Feeling the Squeeze by Credit and Sub-Prime Crisis

The Financial Services Authority (FSA) in the United Kingdom is considering options that will include the requiring the disclosure of broker commissions to solve continued concerns over conflicts of interest and transparency in the commercial insurance market.    The watchdog has been looking at broker fees for more than a year, but a report in… Continue reading UK Financial Regulatory Body Wants More Commercial Insurance Transparency

Consumers affected by last Saturday’s crane collapse on Manhattan’s East Side can get on-site help with insurance issues from the New York State Insurance Department. Department personnel deployed at the site can help consumers file claims for damages caused by the incident.     Eighteen buildings and more than 250 dwelling units were affected by… Continue reading NY Residents Affected by Crane Collapse Get On-Site Claims Help from Insurance Department

Michigan House Democrats’ attack on the insurance industry is misguided and the House Insurance Committee should not support the onerous and unneeded legislation up for consideration tomorrow [March 20], said the American Insurance Association (AIA).      “These bills will do nothing to get at the high systemic costs that drive premium increases, such as Michigan’s… Continue reading AIA Weighs In On Democrats’ Proposed Insurance Bills in Michigan

On Tuesday, House Democrats in Michigan said they’ll move to stop insurance carriers from using consumers’ credit scores to determine auto insurance rates, and to give the state more clout against high rates. But a leading Democrat admitted that approval in the Republican-controlled Senate is doubtful until perhaps this year’s lame-duck session. “You never know… Continue reading Michigan: Democrats Aim to Stop Use of Credit Scores in Auto Rates

According to a Research and Markets in its newly released book “Asian Catastrophe Insurance”, catastrophes have had a more devastating impact on insurers over the past 15 years than in the entire history of insurance. Despite its rapidly developing economies and cutting-edge technological base, catastrophes particularly blight the Asian continent. Natural hazards such as earthquakes,… Continue reading Asia Sees Greater Impact from Catastrophes on Insurers in Past 15 Years

Europe’s biggest insurer, Allianz, said on Thursday that the global financial market turmoil will make it financial targets for this year and in 2009 harder to reach.     Allianz’s aim of increase operating profit by an average 10 percent in 2008 and 2009 had become more difficult and the company faced additional write-downs on… Continue reading Allianz Pessimistic on Reaching Financial Targets, Expects More Write-Downs

Patrick G. Ryan, founder and executive chairman of Aon Corporation, today announced he intends to retire from Aon effective August 1, 2008. Aon is the world’s largest insurance and reinsurance intermediary, and a global leader in human capital consulting. Ryan commented, “The transition to a new management team under the sound leadership of Greg Case… Continue reading Aon Founder/Chairman Announces His Retirement

The largest US bank, Citigroup, plans further job cuts in its securities operations in an effort to put decrease costs after suffering record quarterly losses due to sub-prime mortgage and credit problems.     These job losses would be in addition to the 4,200 cuts company-wide announced in January by Chief Executive Vikram Pandit, and… Continue reading Additional Securities Job Cuts Planned at Citigroup