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Joseph Brandon resigned Monday as chairman and chief executive of its General Re Corp unit, less than two months after a jury convicted four former executives of the reinsurer of fraud, according to a statement Berkshire Hathaway Inc., which owns the company. Franklin “Tad” Montross, president of Stamford, Connecticut-based General Re, will replace Brandon as… Continue reading Gen Re’s Chairman/CEO Steps Down

Compiled by online foreclosure marketplace RealtyTrac, foreclosures in March surged nearly 60 percent above the year-ago total, with states where the real estate boom rang loudest just a few years ago now the hardest hit, according to a survey. The numbers also reveal show increasing numbers of homeowners content simply to walk away from their… Continue reading Foreclosures in March Up Nearly Sixty Percent from One Year Ago

A global survey of insurance equity analysts found that 85% of respondents expect to see a significant rise in property and casualty (P/C) mergers and acquisitions this year, and Life insurers in particular that expand into emerging markets over the next three years are likely to be rewarded with superior ratings. The survey, conducted by… Continue reading Survey Says Analysts See More P&C Mergers, Acquisitions

Consumers scrambling at the eleventh hour before the April 15th income tax deadline for as many deductions as possible are getting an answer from him that they don’t like, says Norman S. Solomon, a member of the American Institute of Certified Public Accountants: Homeowners insurance is a personal expense, and is not among the items… Continue reading Sorry, Taxpayers: Homeowners Insurance Generally Not Deductible

After three days of top-level meetings among the senior economic officials from around the world, one thing became clear: It is unlikely that there will be a joint international effort to calm the maelstrom currently battering the world’s financial markets. The meetings concluded yesterday with finance ministers and central bankers from the Group of Seven… Continue reading Economic Officials Fail to Make Consensus Over Financial Turmoil

A New York federal appellate court has upheld a Securities and Exchange Commission (SEC) rule that expanded the number of exemptions from the SEC’s ban on so-called short-swing insider trading. Said the court, directors holding more than 10 percent of a company’s shares, and those who have the power to appoint them, are exempt from… Continue reading SEC Upholds Ruling

The new municipal bond insurance company Berkshire Hathaway Assurance Corp. formed by billionaire Warren Buffett received Standard & Poor’s top “AAA” rating based on the venture’s hefty surplus of almost $1 billion. S&P is the first of the major credit agencies to rate the new bond insurer, acting in part at the request of the… Continue reading Buffet’s Muni Bond Insurer Gets Top Rating

The nation’s property/casualty insurers are reporting a decrease of profit by nearly 6% in 2007, a sign that earnings could be heading for a steady decline in coming years. The industry logged $61.9 billion in net income after taxes last year, the second-highest after 2006’s record $65.8 billion, according to data compiled by Insurance Services… Continue reading P/C Insurer Profits Fell for ’07

The subprime mortgage debacle is seeping into various segments of industry, including the compensation of some of the leaders of the insurance industry, according to regulatory filings from companies in the S&P insurance index.     American International Group Inc. cut the 2007 cash bonus for Chief Executive Officer Martin Sullivan by 42 percent as… Continue reading Subprime Mess Cuts Into Insurers’ CEO Compensation

Attorney General Richard Blumenthal according to a ruling by the Connecticut Supreme Court can proceed in trying to recover damages from insurance broker Marsh & McLennan Cos. on the premise that its alleged illegal conduct harmed the state’s general economy. The ruling relates to a 2005 lawsuit Blumenthal brought against Marsh still pending in Superior… Continue reading Ruling Gives Blumenthal Green Light for CT to Pursue Damages Against Marsh