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After industry-wide investigations into its producer compensation and insurance placement practices, American International Group Inc. announced it will pay a $12.5 million settlement agreement to 10 jurisdictions. Regulators in Florida, Hawaii, Maryland, Massachusetts, Michigan, Oregon, Texas, West Virginia, Pennsylvania and the District of Columbia accused AIG of paying agents and brokers undisclosed contingent commissions and… Continue reading AIG Makes Million-dollar Settlement

As part of an ongoing effort to stave off a recession and shore up the U.S. economy, beleaguered by the housing market slump and credit crunch, the Federal Reserve is expected to lower U.S. interest rates later today. (The Fed is expected to announce its decision at approximately 2:15 p.m. EST.)    Financial markets are… Continue reading More Fed Rate Cuts Expected Today

Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance Monday and extended that rating to AXIS Capital operating units AXIS Specialty Ltd., AXIS Reinsurance Co., AXIS Specialty Europe Ltd., AXIS Specialty Insurance Co., AXIS Surplus Insurance Co. and AXIS Re Ltd.     “The ratings assignment on AXIS… Continue reading Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance.

The Hanover Insurance Group reported strong fourth quarter results for 2007, with net income up by 63.6% and property/casualty pre-tax segment income up by 5.6%. Following are the financial highlights as reported on the insurer’s website: 2007 Fourth Quarter Financial Highlights * Net income of $1.44 per share, up 63.6%, compared to $0.88 per share… Continue reading Hanover Reports Strong Fourth-Quarter

As the 2008 congressional session begins, the American Insurance Association (AIA) today commended lawmakers returning to Capitol Hill for their continued focus on the need for affordable property insurance, an Optional Federal Charter to address the burdensome insurance regulatory system in America, and comprehensive flood insurance reform. “2008 is shaping up to be another active… Continue reading AIA Congressional Legislative Priorities for 2008 Include Property Insurance, Optional Federal Charter, and NFIP Reforms

U.S. specialty insurer Assurant Inc reported that it reinstated Robert Pollock, who had been placed on administrative leave after he received a regulatory notice, as chief executive and president, effective Jan. 28.    The decision comes after a special board committee, following an investigation into the events that had resulted in Pollock’s receipt of the… Continue reading Assurant Reinstates Pollock as CEO

As reported by “Business Insurance”, former General Re Corp. Chief Financial Officer Elizabeth Monrad’s attorney on Monday accused a star government witness of lying in previous statements to prosecutors and regulators, aiming to raise doubts about whether Ms. Monrad expected American International Group Inc. (AIG) to account improperly for an allegedly fraudulent 2000 loss portfolio… Continue reading Lawyer in Gen Re Trial Questions Witness’ Veracity

Countrywide Financial Corp., the nation’s largest mortgage lender, swung to a fourth-quarter loss, as delinquencies continued to rise and the mortgage lender recorded more write-downs and set aside $924 million for credit losses.     Loan volumes were down sharply from the third quarter and the company said it expects volume to be down throughout… Continue reading Countrywide Posts Additional Write-Downs, Losses for Fourth Quarter

Members of the National Association of Insurance Commissioners (NAIC) met recently to discuss regulatory solutions to ensure the continued strength and stability of the financial guaranty insurance market.    “State insurance regulators are working together so that all states and municipalities will have continued access to highly rated financial guaranty insurers,” said NAIC President and… Continue reading NAIC Meets to Discuss Solutions in the Bond Market

Berkshire Hathaway in recent weeks announced its establishment of new bond company, obtaining licensing in New York initially. On Monday, a national group of state insurance commissioners stated that it was working towards getting the the new bond insurance group licensed in multiple states quickly. The National Assn. of Insurance Commissioners said it was working… Continue reading States Move Forward to Get Berkshire’s New Bond Group Licensed