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The airline insurance market looks set to make its first loss since 2000, according to preliminary data collected by the Aviation & Aerospace division of Aon Corporation. With more than 85% of the year’s activity now completed, forecasts suggest that the total hull and liability premium in the market will be approximately $1.46 billion for… Continue reading Airline Insurance Market Expects First Loss Since 2000

Now that the House has passed the Senate’s version of the federal government’s terrorism risk insurance program, it’s in the White House’s hands.     White House spokeswoman Dana Perino in a briefing with reporters in answer to a question about whether President George W. Bush would sign the bill to renew the Terrorism Risk… Continue reading Fed Terrorism Extension Bill Under White House Review

Bond insurer ACA Capital Holdings Inc. has been delisted by the New York Stock Exchange, having spent more than a month trading below the $2 threshold after posting a $1 billion third-quarter net loss. NYSE Regulation Inc. suspended trading in the company’s shares, registered under the ticker symbol “ACA,” the morning of Dec. 18. In… Continue reading Bond insurer ACA Capital Holdings Inc. delisted by New York Stock Exchange

Massachusetts Attorney General Martha Coakley has requested rate filing hearings for two additional automobile insurance companies: Arbella Insurance Group and the Hanover Group. These carriers are the latest companies to be singled out by Coakley, who earlier in December requested hearings from Commerce, Safety and Premier Insurance companies following the rate filing deadlines under the… Continue reading MA Attorney General Coakley Adds Arbella, Hanover to List of Hearing Requests

Today’s House passage of a long-term extension of the Terrorism Risk Insurance Act (TRIA) is a tremendous victory for our nation’s economic security, commercial insurance consumers, and the entire business sector, according to the Property Casualty Insurers Association of America (PCI).    The bill, which now heads to President Bush’s desk for his expected signature… Continue reading PCI Hails Passage of Long-Term TRIA Extension

Following is a statement by Ramani Ayer, Chairman and Chief Executive Officer of the Hartford, on the House Passage of the Terrorism Insurance Act: “The Hartford Financial Services Group Inc. congratulates the Congress for passing the vital Terrorism Risk Insurance Extension Act before the end of the year deadline for the expiration of the current… Continue reading The Hartford’s Chairman/CEO Applauds Congress on Passage of TRIA Extension

According to data compiled by RealtyTrac Inc., U.S. home foreclosures rose 68 percent in November from a year earlier as adjustable-rate mortgages left subprime borrowers unable to meet higher payments.      RealtyTrac reported that there were 201,950 foreclosure filings in November, including default notices, auction letters and bank repossessions, down 10 percent from October’s total.… Continue reading US Foreclosures in November Rose 68% from Prior Year

Morgan Stanley took $9.4 billion in mortgage-related write-downs in fourth-quarter losses and announced a $5 billion investment from China’s sovereign wealth fund.    The second-largest brokerage firm by market value reported a net loss for the quarter ended Nov. 30 of $3.59 billion, or $3.61 a share, compared with a year-earlier net income of $1.54… Continue reading More Subprime Writedowns for Morgan Stanley as it Sells Stake to China

Allstate Corp. announced on Tuesday that its looses from the October and November California wildfires and other catastrophes would reach between $360 million and $400 million. Allstate, the largest publicly traded insurer in the United States, said in a statement it received over 7,000 claims from the southern California wildfires in October, which resulted in… Continue reading Allstate Losses from CA Wildfires, Catastrophes to Reach $400M

Yesterday the U.S. House of Representatives voted to extend the federal terrorism risk-insurance program for seven years, capitulating to the Senate who wanted to limit the length and scope of the program. The program set to expire on December 31 was passed by the House legislature by 360-53.The Senate last month passed a seven-year extension,… Continue reading House Extends Terrorism Program Along Senate’s Requirements