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Testifying before the U.S. House Financial Services Committee yesterday, New York State Insurance Superintendent Eric Dinallo discussed on efforts stabilizing the bond insurance market and protecting insurance consumers. “The best way to protect policyholders is to preserve the triple-A ratings of the bond insurers where that is possible,” Dinallo said. “So we have been facilitating… Continue reading NY Insurance Regulator Provides Bond Insurance Update

Massachusetts Attorney General Martha Coakley and the State Rating Bureau are recommending that the Division of Insurance not approve rate hikes proposed by the state’s insurer of last resort because the rates are “excessive and insupportable,” Coakley said.    In a brief filed with the Division of Insurance as part of a hearing on the… Continue reading MA Attorney General, Rating Bureau Oppose FAIR Plan Rate Hikes

On Thursday, AIG shares fell as much as 8 percent on concern the world’s largest insurer could face larger-than-expected losses from a credit derivatives portfolio that has already led it to $11 billion in write-downs. “AIG believes economic losses from its (credit default swap) exposures are unlikely to exceed $900 million. However, Morgan Stanley analyst… Continue reading AIG Shares Fall as More Losses Are Expected

According to an article published by Standard & Poor’s Ratings Services, the ratings on workers’ compensation insurers could face negative pressure in the latter part of 2008 and in 2009, as workers’ compensation rates have been declining, significantly reducing the margins of insurers that write this business.    In a report, the agency added that… Continue reading S&P Reports WC Rates Declining

According to the latest Wall Street Journal forecasting survey conducted March 7-111, economists are increasingly certain that the U.S. has slid into recession, a view underscored by new data showing a sharp drop in retail sales last month. “The evidence is now beyond a reasonable doubt,” said Scott Anderson of Wells Fargo & Co. More… Continue reading Wall Street Analysts: We’re In A Recession

Earlier today the nation’s top economic policy makers released a blueprint to avoid another occurence of the credit crunch now threatening the economy. Treasury Secretary Henry Paulson told The Wall Street Journal today that the recommendations of the President’s Working Group on Financial Markets, which he leads, include strengthening state and federal oversight of mortgage… Continue reading BREAKING NEWS: US Economic Policymakers Release Mortgage Revamping Plan

On Thursday Standard & Poor’s Ratings Services stated that it expected banks to record $285 billion in write-downs, hiking its estimate from a previous $265 billion. The rating agency, did say however, that Wall Street is likely more than halfway through its write-downs and the end is in sight.     Banks including Citigroup Inc.… Continue reading S&P Ups Its Estimate of Bank Write-downs

Potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry, with demographic changes taking priority for the life insurance industry, according to a new study by Ernst & Young, closely followed by demographic change and catastrophic events.     For the new study, “Strategic business risk 2008”, Ernst & Young and… Continue reading Ernst & Young Study Finds Climate Change as Greatest Risk for P/C Insurers

A Belgian-sponsored commission announced yesterday that its country, banks and insurance companies will pay out $54.5 million to compensate for the theft of possessions from Jews during World War II. Additionally, another $115.5 million has been allocated for a Belgian foundation to honor the victims of the Holocaust and for social, religious and cultural projects… Continue reading Nazi Germany Theft Victims to be Reimbursed by Belgian Banks, Insurance Companies and State

The key triple-A ratings of Ambac Financial Group Inc.’s insurance subsidiaries by Moody’s Investors and Standard & Poor’s Rating Services were affirmed, but said the ratings are more likely to fall than to rise in the longer term.     Fimalac SA’s Fitch Ratings, which has been more aggressive in its actions against bond insurers,… Continue reading Moody’s & S&P: Ambac’s Triple A Rating Remains Unchanged