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Recently Citigroup Inc. and Merrill Lynch & Co. named new chief executives after being burned by the troubles in the U.S. housing market and raised billions of dollars from outside investors. On the heels of this, they are in discussions to get additional infusions of capital from investors, primarily foreign governments. Merrill is expected to… Continue reading Citibank and Merrill Looking for Additional Foreign Investment

The world’s largest bond insurer, MBIA, cut its dividend by 62 percent on Wednesday and said it would sell $1 billion of debt to preserve capital and the “triple-A” ratings it needs to operate normally in a mortgage market under siege.    The company also stated it would report $737 million of losses in the… Continue reading MBIA Slashes Dividend, Will Sell Debt to Keep its High Ratings

On Wednesday at the trial of five former executives of Gen Re and AIG, an analyst from Morgan Stanley analyst told a jury that she would not have upgraded the stock of American International Group Inc. in March 2001 if she had known that AIG’s year-end 2000 reserves included $250 million related to an allegedly… Continue reading Analyst Testifies at Gen Re AIG Trial

On Tuesday, Christine LaSala, president of the WTC Captive Insurance Co., announced her plans to resign from her position by July 1. Ms. LaSala, 57 had come out of retirement to take the helm of WTC Captive when it was formed in 2004, making an initial two-year commitment to the WTC Captive board when accepting… Continue reading WTC Captive Insurance President to Resign

XL Insurance, the global insurance operations of XL Capital Ltd today announced the establishment of a new branch office in Singapore. The XL Insurance Company Limited Singapore branch will act as the management and underwriting hub for the Asian region, with an initial focus on Directors and Officers Liability, Fine Art and Specie, Casualty, Energy… Continue reading XL Insurance Announces New Branch Opening in Sinapore

Hilb Rogal & Hobbs Company, one of the world’s largest insurance and risk management intermediaries, announced that it has acquired substantially all of the assets of Integrated Group Benefits (IGB). Terms of the transaction were not disclosed. Founded in 2002 by Rod S. Trump, Baltimore-based IGB is an employee benefits brokerage and consulting firm specializing… Continue reading HRH Announces Asset Acquisition of IGB

Countrywide Financial Corp, hit hard by the housing crisis, announced today that it issued more loans than expected in the fourth quarter while at the same time foreclosures among loans it services has increased. The largest U.S. mortgage lender in its monthly operating report said it funded $23.4 billion of home loans in December, up… Continue reading Countrywide Offering More Loans, Foreclosures Continue to Rise

Bond insurer MBIA Inc., which is located in Armonk, New York, announced today it would raise additional money as it faces the threat of growing losses caused by the crumbling mortgage market. MBIA announced it will raise $1 billion in new capital, cut its annual dividend by about 62%, to 52 cents a share, and… Continue reading Bond Insurer MBIA to Raise Additional Capital, Cut Dividends

AIR Worldwide Corporation (AIR) today announced results of the latest research by its team of scientists into the link between the formation of hurricanes in the Atlantic basin and U.S. landfall activity. The latest findings provide a context for better understanding the 2004-2007 hurricane seasons and demonstrate that using Atlantic basin activity as a proxy… Continue reading AIR Research Looks At Hurricane Origins

Delaware Insurance Commissioner Matthew Denn and state lawmakers are planning new legislation to overturn a court ruling that the commissioner does not have the authority to prohibit insurers from refusing to renew homeowners policies because claims have been filed. A New Castle County Superior Court ruled on Jan. 2 that a 2005 insurance regulation wrongfully… Continue reading Delaware Officials Seek Legislation to Overturn Ruling on Homeowners Regulation