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Early Tuesday morning stock index futures fell further towards session lows after Secretary Henry Paulson said the U.S. economy slowed materially in recent weeks. However, as the Fed announced a 75 basis point to 3.50, futures began to recoup.     In early trading, S&P 500 futures had dipped down 67.30 points, far below fair… Continue reading Stock Futures Fall Further as Paulson Comments on US Economy, Begin to Regain as Fed Announces Rate Cut

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has downgraded the financial strength rating (FSR) to B+ (Good) from A- (Excellent) and the issuer credit rating (ICR) to “bbb-” from “a-” of FFG Insurance Company (FFG) (Dallas, TX). The outlook for all ratings is stable. Subsequently, A.M. Best has withdrawn all ratings and assigned a category NR-3 (Rating… Continue reading A.M. Best Downgrades and Withdraws Ratings of FFG Insurance Company

The Hartford Financial Services Group, Inc., one of the nation’s largest diversified financial services companies, announced today that David M. Johnson, executive vice president and chief financial officer, as well as a member of the company’s Office of the Chairman, intends to leave The Hartford. Johnson, who has served in his role since May 2001,… Continue reading Exec VP/CFO David Johnson to Leave The Hartford

Domestic property/casualty insurance companies in New Jersey now have increase investment options due to new legislation. The new state law grants insurers more freedom in making investments in corporations, including foreign operations. The law adds flexibility to the amount insurance companies are permitted to invest through loans or investments. It requires insurance companies’ boards of… Continue reading NJ Increases Investment Options for P/C Carriers in State

On Friday a Florida court stayed an order from the state’s insurance commissioner, clearing the way for Allstate Corp be able to once again write new auto and other policies in the state.    Because Allstate had not fully complied with a subpoena to testify about its property insurance business, last Wednesday, Insurance Commissioner Kevin… Continue reading Court Lifts Allstate’s Suspension on Writing New Auto, Other Coverage in FL

In a statement on Sunday night, ACA Capital Holdings Inc., the parent of troubled bond insurer ACA Financial Guaranty Corp., announced that it has obtained more time from its trading partners to work out its problems, entering into a a second “forbearance agreement” with its counter-parties, which include many Wall Street firms and banks. They… Continue reading ACA Given Second Chance to Solve Problems

Despite recovering slightly in the afternoon on Monday, global stock markets have tumbled amid growing fears of a recession in the United States. London’s FTSE 100 index fell 4.2% to 5,653.2. In Paris the Cac-40 fell 5.5%, and Frankfurt’s Dax dropped 5.9%. Brazil’s main index, the Ibovespa, opened 6.0% lower. Investors have taken little comfort… Continue reading Global Stocks Take a Tumble Amid US Economic Concerns

On Friday, amidst fears that former CEO Maurice “Hank” Greenberg is considering selling off his 12 percent stake in AIG, shares of the world’s largest insurer took a tumble. A group led by Greenberg said in a regulatory filing that it had hired an investment bank, Perella Weinberg Partners, to advise it on the stake.… Continue reading AIG Shares Fall As Fears Mount that Greenberg to Sell His Stake

The world’s largest brokerage, Merrill Lynch & Co. Inc., announced it posted a $14.1 billion writedown and adjustments in fourth-quarter 2007, caused by bad subprime mortgage bets that forced the brokerage to sell pieces of the company to foreign investors to raise capital.    For the year, Merrill’s subprime mortgage-related losses totaled nearly $23 billion.… Continue reading Multibillion Writedown for Merrill Lynch

Moody’s Investors Service and Standard & Poor’s say the are increasing their scrutiny of bond insurers overall after massive losses on subprime-mortgage securities forced Ambac Financial Group Inc. to report writedowns of $3.5 billion, equivalent to nearly two-thirds of its net worth. Moody’s has placed Ambac, which insures more than $556 billion in bonds, on… Continue reading Moody’s, S&P to Scrutinize Bond Insurers