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OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has downgraded the debt rating to “a” from “aaa” of the $134 million floating rate insured notes, due December 15, 2018, issued by FLAC Holdings, LLC (FLAC Holdings) (New York NY). The rating remains under review with negative implications. The rating took into consideration the following: the financial strength rating… Continue reading A.M. Best Downgrades Debt Rating on Insured Notes of FLAC Holdings, LLC

On Thursday, San Francisco Federal Reserve Bank President Janet Yellen indicated a willingness to cut U.S. interest rates further and said she was “not confident” a recession can be avoided this year. Speaking to reporters after an event in Honolulu, Yellen said an extended spell of slow economic growth was the most likely outcome, but… Continue reading Fed Reserve Bank President Yellen Talks “Recession”, Indicates Possible Additional Rate Cuts

Aon Corporation, the leading provider of global risk management and consulting services, today announced that Andrew Appel, previously chief executive officer of Aon Consulting, has assumed the role of chief executive officer of Aon Re Global, the world’s largest global reinsurance intermediary. Appel additionally will serve as chairman of Aon Consulting. In the Aon Re… Continue reading Aon Appoints Appel CEO of Aon Re Global

Gov. Marc Racicot, president of the American Insurance Association (AIA), today assured victims that the insurance industry would be focused on a quick response in assessing the damage and paying policyholder claims in the aftermath of the devastating tornadoes that have torn through Tennessee and other parts the South, during the past two days.  … Continue reading AIA: Insurers to Respond Quickly to Tornado Victims

According to the “Wall Street Journal”, federal criminal prosecutors shoring up interest in Wall Street’s mortgage-securities activities. The Justice Department’s U.S. attorney’s office in Manhattan has notified the Securities and Exchange Commission (SEC) that it wants to see information the agency is gathering in its investigation of Merrill Lynch & Co. The SEC is examining,… Continue reading Prosecutors Increase Interest in Wall Street’s Role in Sub-Prime

Making the way for more than 130 million households to start receiving rebate checks this spring, the U.S. Congress approved a $168 billion bill to boost the economy.    The Senate passed the measure by 81-16 after Democrats withdraw demands for billions in extra spending and tax breaks, which were opposed by most Republicans. The… Continue reading Stimulus Bill Approved by Congress, Bush to Sign

On Thursday the defense lawyers in the five-week General Re Corp. finite trial rested their cases after calling several character witnesses and introducing a handful of documents to bolster their positions.     With the evidentiary phase of the trial over, U.S. District Judge Christopher F. Droney denied a defense motion to exclude dozens of… Continue reading Defense Rests its Case in Gen Re Trial

This spring, the U.S. Senate Banking Committee will devote hearings to legislation that looks to streamline state regulation of the surplus lines and reinsurance markets, the bill’s primary Republican sponsor told attendees of the 2008 Insurance Legislative Summit. But on another insurance-related bill strongly supported by his home state constituents — a proposal to create… Continue reading FL Senator Martinez Not Optimistic on National Cat Fund

In an effort to protect its AAA insurance rating, the world’s biggest bond insurer, MBIA raised $1 billion by selling shares at $12.15 each in an effort to protect its AAA insurance rating. As a result, shares of troubled bond insurer are expected to open lower today because of this dilution in the value of… Continue reading MBIA Raises More Funds than Previously Announced, Stock Expected to Drop

On Thursday Aon Corp reported a seven percent decrease in fourth-quarter net income, although its results beat Wall Street expectations.    One of world’s top insurance brokers by market capitalization, Aon’s net profit fell to $207 million, or 64 cents a share, from $223 million, or 67 cents a share, a year earlier.    Net… Continue reading Aon Reports Fourth-Quarter Drop in Net Income, Revamps Global Retail Operations