Category: Show on Homepage

Insurance Superintendent Eric Dinallo has recommended that the state of New York should centralize its workers’ compensation data in a comprehensive information bank that then could be used to analyze, benchmark and improve the system. The secure information bank would correlate and translate detailed medical and other claim-related costs as well as measurements of quality… Continue reading NY Dinallo Report Recommends Centralized WC Database

According to a new study by Conning Research & Consulting, mutual property/casualty insurers are likely to face increased competition over the next few years due to overall capital buildup in the insurance industry, but they are well positioned to compete.    “Property/casualty insurers are coming off five years of strong operating performance and capital buildup,”… Continue reading Research Shows Mutual Insurers Poised for Increased Competition in Soft Market

Fed Vice Chairman Donald Kohn during a Senate Banking Committee hearing stated that the central bank failed to fully appreciate risks that financial institutions were taking before the recent credit problems, and it is reviewing its regulations. Kohn stated that the central bank is likely to become “more forceful” with the financial institutions it supervises.… Continue reading Fed Official Cedes Bank Risks Not Fully Appreciated

Banks are close to working out a rescue plan for troubled bond insurer Ambac Financial Group, though no deal has been reached yet, according to CNBC who spoke with people familiar with the matter. Talks are expected to continue through the night, and the banks hope to reach an agreement by today. Ambac’s stock rose… Continue reading CNBC: Ambac Rescue Close

According to a report scheduled to be released by AAA today shows that automobile crashes cost the U.S. $164.2 billion annually, or $1,051 per person. AAA says that even though drivers tend to focus more on how traffic congestion hurts productivity and makes travelers miserable, the actual cost of crashes totals more than twice the… Continue reading AAA Study Shows Car Crashes Cost $164.2B Annually

According to company disclosures and people familiar with the issue, federal authorities are preparing to charge more than two dozen people and a handful of financial firms amid an investigation of municipal contract awards. The Justice Department, the Securities and Exchange Commission and the Internal Revenue Service have been focusing on how firms are selected… Continue reading Fed Set to File Charges on Muni Contracts

The state of California, the country’s largest issuer of municipal bonds, has decided to stop using municipal-bond insurance, a huge blow to the struggling industry, according to a report on CNBC.    “In the current market–and given the condition of the bond insurers–it makes no sense,” Tom Dresslar, the Director of Communication for California State… Continue reading CA Stops Using Muni-Bond Insurance

Early Tuesday morning Federal Reserve Chairman Ben Bernanke called for additional action to be taken to prevent more distressed homeowners from falling into foreclosure.     In a speech to a banking group in Florida, Bernanke said “the situation calls for a vigorous response.”     Bernanke warned that even with some relief efforts under… Continue reading Fed Chairman Calls for More Action to Stave Off Foreclosures

According to CNBC, Citigroup’s job cuts could reach 30,000 or more over the next year and a half because of increasing write-downs from sub-prime-related debt.     The layoffs would exceed the previously reported 24,000 job cuts that had been expected at the banking giant.     Chief Executive Vikram S. Pandit is currently conducting… Continue reading CNBC: Citigroup Could Cut 30,000 Jobs Over Next Eighteen Months

The largest U.S. mortgage insurer MGIC Investment Corp announced on Monday that it plans to sell shares to help increase capital at its main subsidiary Mortgage Guaranty Insurance Co. The company has yet to decide on the size of the planned offering, but planned to make that decision by mid-to-late-March.     The funds from… Continue reading MGIC Plans to Sell Shares in Effort to Increase Capital