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Wal-Mart Stores Inc. posted a 4% rise in fiscal fourth-quarter net income, helped by strong international revenue, but the retail giant noted cautious consumer spending and said it expects earnings in the current quarter to come in below analysts’ expectations.    For the quarter ended Jan. 31, the discount retailer reported net income of $4.1… Continue reading Wal-Mart’s Fourth-Quarter Net Profit Rose, Boosted by International Revenue

Under one plan floated by the House Financial Services Subcommittee on Capital Markets and Insurance to quell market unease over the outlook for major financial guaranty insurers, Congress could move quickly to extend a reinsurance-type line of credit guaranteeing the insurance undergirding trillions of dollars in municipal debt obligations. The proposal, suggested by the subcommittee’s… Continue reading Congress Could Extend Liquidity to Bond Insurers

Today MBIA Inc, which is mired in the bond insurance industry-wide crisis, announced that former Chief Executive Jay Brown was returning to the company to replace the current CEO, Gary Dunton.    Brown said in a statement that he had already spoken to New York State Insurance Superintendent Eric Dinallo, who is trying to devise… Continue reading MBIA Former CEO Back in His Old Post

The Xinhua news agency said on Monday that China plans to launch an insurance system to cover environmental disasters, aiming to ensure that the victims of major pollution incidents receive due compensation.    According to Xinhua, Mr. Pan Yue, deputy head of the State Environmental Protection Administration (SEPA, stated that the system would start out… Continue reading China Announces Plan for Environmental Disaster Insurance Program

The uninsured and those covered by Medicaid are more likely than those with private insurance to receive a diagnosis of cancer in late stages, often diminishing their chances of survival, according to a nationwide study. The study by researchers with the American Cancer Society also found that blacks had a higher risk of late diagnosis,… Continue reading Study Shows Uninsured More Likely to Receive Cancer Diagnosis Late

Sandy Praeger, President of the National Association of Insurance Commissioners (NAIC) and Kansas Insurance Commissioner, in a letter dated February 15, reiterated the strengths of state-based regulation and reasserted opposition to federal legislation that would establish an optional federal charter (OFC). The letter, sent to American Insurance Association (AIA) president, Gov. Marc Racicot, reads as… Continue reading NAIC President Questions Motives of OFC Supporters

According to a person familiar with the matter, Ambac Financial Group Inc. is in discussions to effectively split itself up into two companies in a move aimed at ensuring that municipal bonds backed by the company retain high credit ratings. Bond insurers in recent weeks have become ground zero in the global credit crisis because… Continue reading First FGIC, Now Ambac Talks Splitting Up Company

In defending his decision to nationalize mortgage lender Northern Rock PLC, United Kingdom’s Prime Minister Gordon Brown stated on Monday that this the best option for the U.K. taxpayer and that the company will be sold back to the private sector “as soon as possible”.    The U.K. government Sunday announced it had decided to… Continue reading UK Prime Minister Defends Decision to Nationalize Troubled Mortgage Lender

Losses related to sub-prime at Japan’s Aioi Insurance Co are expected to more than triple to more than 80 billion yen ($743 million) in the year to March, according to the Yomiuri newspaper.    Japan’s fourth-largest non-life insurer said in November its paper losses as of the end of September stood at 25.2 billion yen… Continue reading Japanese Non-Life Insurer to See Sub-Prime Losses Triple

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of International Insurance Company of Hannover Limited (Inter Hannover) (United Kingdom), a subsidiary of Hannover Rueckversicherung AG (Hannover Re) (Germany). The outlook for both ratings is stable. A.M. Best expects Inter Hannover’s risk-adjusted capitalisation to… Continue reading A.M. Best Affirms Ratings of International Insurance Company of Hannover Limited