Category: Show on Homepage

The Wall Street Journal reported today that following criminal-fraud convictions of four former General Re executives earlier this year, federal prosecutors are pressuring Berkshire Hathaway Inc. to replace the chief executive of its reinsurance subsidiary, General Re Corp. According to people familiar with the matter, the removal of Joseph P. Brandon as CEO of General… Continue reading Berkshire Pressured to Replace CEO of Subsidiary Gen Re

In an interview in Spain’s “El Pais” newspaper published on Sunday, Former Federal Reserve Chairman Alan Greenspan state that there is more than a 50 percent chance the United States could go into recession. Yet, according to Greenspan, the U.S. has not yet entered recessionary state marked by sharp falls in orders, strong rises in… Continue reading Greenspan Tells Spain’s “El Pais” Newspaper U.S. Not In Recession Yet

Former President UBS AG and British investor Lugman Arnold is pushing for a break-up of the bank after the Swiss-based company posted $37.7 billion in debt securities write-downs, erasing more than half its market value in the past year.    Luqman Arnold’s activist-shareholder campaign for the UBS to break up marks a rematch with the… Continue reading UBS Former President Pushes for Bank Break-up Amid Losses

The National Association of Insurance Commissioners (NAIC) issued a press release yesterday in response to recent statements attributed to Marc Racicot, president of the American Insurance Association. The following is the release: “High-paid insurance lobbyists consistently criticize and attempt to undermine state insurance regulators for what they consider to be slow filing processes,” said Sandy… Continue reading NAIC Responds to AIA President Racicot

Government data indicates that for the third consecutive month U.S. employers cut payrolls, cutting 80,000 jobs in March, the biggest monthly job decline in five years as the economy headed south.    The Labor Department revised the first two months of the year’s job losses to a total of 152,000 from a previous estimate of… Continue reading US Sees 80,000 Job Losses in March, Biggest Decline in Five Years

Yesterday at the Senate Banking Committee the chief executives at Bear Stearns and JP Morgan Chase said Bear Stearns could not have been saved without the financial aid from the Federal Reserve, and that failing to rescue it would have been a disaster for the markets and the economy.     “The consequences would have… Continue reading Senate Committee Hears Fed’s Defense of Bear Stearns Deal

The weakening economy and credit crunch will have a muted impact on property/casualty insurers, Dr. Robert P. Hartwig, president of the Insurance Information Institute, told the Casualty Actuarial Society Ratemaking Seminar attendees.    In a general session, Hartwig noted that despite the slowdown in the U.S. economy, the property/casualty industry will be somewhat cushioned from… Continue reading Report: U.S. Economic Problems Should Have Muted Impact on Property/Casualty Insurers

Members of the Senate Banking Committee today are looking for answers in the Fed’s role in the Bear Stearns bailout. They want to know among other things did the Fed go too far in his role in the Bear Stearns deal, how the players came up with the $2 per share amount, and did any… Continue reading BREAKING NEWS: Senate Banking Committee Hearing Looks for Answers in Bear Stearns Deal

According to an American Bankers Association survey, consumers have fallen behind in paying car, credit-card and home-equity loans at the highest level in 15 years during the fourth quarter, another sign the U.S. economy is slowing.     Payments at least 30 days past due increased across all eight categories of loans tracked, the Washington-based… Continue reading Survey Reflects Consumer Late Payments at Highest Level Since ’92

A.M. Best Co. has placed the financial strength rating of ‘A-‘ (Excellent) and issuer credit ratings of “a-” under review with negative implications for Philadelphia-based Excess Reinsurance Group. “The group is comprised of Excess Reinsurance Company (Delaware) and its wholly owned subsidiary, Guilderland Reinsurance Company (New York), both of which operate under a reinsurance pooling… Continue reading Ratings Recap: Excess Re