Category: Show on Homepage

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

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