Category: Show on Homepage

On the heels of Moody’s Investors Service’s announcement that it has placed Bermuda-based reinsurer RAM Holdings Ltd on review for a possible downgrade, the company announced today that it’s looking at a number of alternatives to improve its capital position, including seeking reinsurance and reducing its growth. The company said it does not expect to… Continue reading RAM Holdings Looking to Improve Capital Position After Moody’s Puts Reinsurer on Review

Insurance company Meadowbrook Insurance Group Inc has reported that it has ended the management agreement with the U.S. Specialty Underwriters Inc (USSU) for a termination payment of $21.5 million. Meadowbrook had agreed to acquire the excess workers’ compensation business of USSU for $23 million and reached a management agreement related to the administration of the… Continue reading Meadowbrook Terminates Agreement with US Specialty Underwriters

On Monday Moody’s Investors Service announced that it has placed U.S. bond insurer PMI Mortgage Insurance Ltd on watch for a possible downgrade of A$83 billion ($75.5 billion) worth of Australian mortgage-backed debt,following rising loan losses in the United States.     Since PMI has an Australian operation that guarantees residential mortgage-backed securities (RMBS), some… Continue reading US Sub-Prime Impacts Australian Mortgage Market as Moody’s Contemplates Downgrade

The US Labor Department reported that U.S. employers cut 17,000 non-farm jobs in January, the first time in nearly 4-1/2 years that U.S. payrolls dropped as continuing losses in construction and manufacturing reflected the economy’s slowdown.     January marked the first job losses since August 2003 and some analysts said it painted a picture… Continue reading US Labor Report: Payroll Drops, First Dip Since 2003

Early Friday morning CNBC reported that according to a source eight banks have formed a consortium to seek a rescue plan for bond insurers. With this announcement, shares of bond insurers Ambac and MBIA jumped in trading before the opening bell on Friday.     Shares of Ambac rose 11.7 percent to $13, while MBIA… Continue reading Early Friday Trading Sees Shares of Ambac and MBIA Rise Amid Rescue Plan Reported on CNBC

Hilb Rogal & Hobbs Company has signed a definitive agreement to acquire substantially all of the assets of Talty Insurance Agency. The transaction is expected to be completed today. The terms of the transaction were not disclosed.    Talty is the third organization to join Hilb Rogal & Hobbs Company’s Colorado operation in the past… Continue reading HRH to Acquire Another Agency

Governor Eliot Spitzer signed into law legislation passed by the New State legislature a bill that will implement a loss cost system for the setting of workers’ compensation insurance rates. The legislation was commended by the American Insurance Association (AIA). “This legislation will allow for more competition and more choice in the workers’ compensation system,… Continue reading NY State Passes WC Loss Cost Law

The world’s biggest software maker, Microsoft Corp., made an unsolicited $44.6 billion offer for Yahoo! Inc. in an effort to challenge Google Inc.’s dominance in Internet search services and advertising and what would be the biggest Internet deal since the Time Warner-AOL merger.    The $31-a-share bid of cash or Microsoft stock is 62 percent… Continue reading Microsoft Makes a Bid for Yahoo

Additional increased projections for losses among sub-prime loans by Moody’s Investors Service and the flood of mortgage-debt downgrades from Standard & Poor’s has sent ripples through the credit market, painting a bleak outlook for the housing market.       As a result, debt investors turned their backs on a stock-market rally and looked to the… Continue reading Sub-Prime Losses to Grow

French-based AXA SA, Europe’s second-largest insurer by market value behind Germany’s Allianz SE, reported a 20% increase in revenue last year, due to strong sales growth in the U.S. and Australia and the contribution from its acquisition of Winterthur. The insurer announced that it has barred withdrawals from its AXA Life Property and AXA Pension… Continue reading French Insurer AXA Reports Significant Revenue Increase in ’07, US and Australia Premiums a Factor