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According to a court filing, Berkshire Hathaway Inc Chairman Warren Buffett may not be called by prosecutors as a witness in a criminal trial of former officers of its General Re Corp reinsurance unit. Opening arguments are scheduled to begin on January 7 in the trial of four former General Re officers — including one-time… Continue reading Buffett May Not Be Called to Testify in Gen Re Trial

A new analysis by the U.S. Government Accountability Office (GAO) reported that the federal government provided roughly $26 billion to renters and homeowners who lacked adequate insurance to recover from hurricanes Katrina, Rita and Wilma. According to the federal findings, aid to the uninsured and underinsured represents between 25% and 33% of all federal emergency… Continue reading GAO Reports Disaster Funding Found its Way to Uninsured and Underinsured

Based on financial results through the third quarter, the U.S. property/casualty industry is expected to post an underwriting profit for 2007 — marking only the third time this has happened since 1978, according to a new A.M. Best Co. special report, “U.S. Property/Casualty 9-Month Financial Review.” However, there is concern that the sustainability of solid… Continue reading P/C Insurers Expected to Realize 2007 Underwriting Profit, ”Modest Decline” Ahead

The National Association of Realtors (NAR) announced today that existing-home sales edged up in November, the first increase in nine months. However, this change doesn’t change the overall bleak picture for the ailing housing industry. Home resales rose to a 5.00 million annual rate, a 0.4% increase from October’s revised 4.98 million annual pace. October’s… Continue reading Existing Home Sales Slightly Move Up in November

Today, the Travelers Companies announced that the carrier reached an agreement in principle with 9 states and the District of Columbia to settle industry-wide investigations into producer compensation and insurance placement practices.     Travelers also said it had an agreement to settle a class-action suit.     Travelers said in a filing that the… Continue reading Travelers Settles Producer Compensation Case with Several States

On Friday, New York State Insurance department spokesman David Neustadt said that Warren Buffett’s new bond insurer company, Berkshire Hathaway Assurance Corp, received a license to operate its company. The bond company would help state and local governments lower their borrowing costs, and is likely to lure business from established rivals struggling with credit market… Continue reading Buffett’s New Bond Insurer Company Receives License from NY State Insurance Regulator

Programbusinesss.com and NMSDATA would like to wish you a healthy and happy 2008, and look forward to continuing to provide you with the latest insurance and related news in the coming new year.

Merrill Lynch and Dutch insurer Aegon NV announced today that they have finalized a deal to form a strategic relationship, and that Aegon completed its acquisition of Merrill’s life insurance units. Aegon paid $1.25 billion in cash for Merrill Lynch Life Insurance Company and ML Life Insurance Company of New York, the companies said in… Continue reading Dutch Company Aegon Acquires Merrill’s Life Units

Amidst the news that Warren Buffett is starting a rival company to guarantee municipal debt, the two largest bond insurers, MBIA Inc. and Ambac Financial Group Inc., fell in New York Stock Exchange trading.    MBIA, based in Armonk, New York, fell as much as 10 percent and Ambac dropped 7.8 percent. Buffett, chairman of… Continue reading MBIA and Ambac Stocks Fall as Buffett Announces Establishment of Rival Bond Insurer

A U.S. judge has ordered the General Re Corp reinsurance unit of Warren Buffett’s Berkshire Hathaway Inc to produce internal investigation records in a criminal trial of its former chief executive next month. U.S. District Judge Christopher Droney of Hartford, Connecticut ruled late Wednesday that the internal investigation records stemming from interviews of former and… Continue reading General Re Ordered to Produce Internal Records by US Judge