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The London arm of Arthur J. Gallagher & Co., Gallagher London, has followed Will Group Holdings Ltd. an Marsh Inc. in approaching insurance companies and clients over is plans to charge insurers an additional 1.5% commission for placing London market business.    A spokesman for the brokerage said that its London office sent out a… Continue reading Gallagher Follows Marsh, Willis Group in Seeking Additional Commissions in London Market

The Organisation for Economic Co-operation and Development (OECD) in a report released today states that overall losses caused by the U.S. mortgage market crisis could feasibly hit $300 billion, and the broader credit crunch could yet inflict greater damage on equity markets. “Thus far, equity investors seem to have shrugged off the negative sentiment that… Continue reading OECD Reports US Mortgage Crisis Could Result $300B in Related Losses Globally

AIG shareholder Doris Staehr of Calinfornia filed a a lawsuit on Tuesday against several of the company’s officials over the insurer’s exposure to the subprime mortgage crisis. According to the complaint filed in U.S. District Court in Manhattan, Ms. Staehr alleges that AIG, under the direction of its officials, including Chief Executive Martin Sullivan and… Continue reading Subprime Lawsuit Hits AIG as Shareholder Files

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) last week announced a final rule on employer-paid personal protective equipment (PPE). Under the rule, all PPE, with a few exceptions, will be provided at no cost to the employee. OSHA anticipates that this rule will have substantial safety benefits that will result in… Continue reading OSHA Announces Employer-paid Personal Protective Equipment Final Rule

The American Insurance Association (AIA) today submitted a detailed letter urging Treasury Secretary Paulson to consider an Optional Federal Charter (OFC) for insurance regulation as part of the Department’s review of the regulatory structure for insurers, in conjunction with their preparation of a blueprint for an improved U.S. financial regulatory structure. Treasury first announced its… Continue reading AIA Urges Treasury to Include OFC in Modernization of Insurance Regulation

Chief Financial Officer Elke Koenig of Hannover Re said on Tuesday that Swiss Re’s problems in its credit insurance business are unlikely to be repeated at other reinsurers. “This issue at Swiss Re is probably not the tip of the iceberg for reinsurers but rather is an individual case,” Elke Koenig told reporters on the… Continue reading Hannover Re: Credit Problems at Swiss Re Not Representative of All Reinsurers

Today Freddie Mac announced a loss of $2 billion for the third quarter and said it is “seriously considering” a 50% cut in its fourth-quarter dividend.The government-chartered company also reported that it is looking at ways to raise additional capital. Freddie’s results were worse than the $1.4 billion loss recorded 11 days ago by the… Continue reading Freddie Mac Hit Hard in Third-Quarter Losses

A.M. Best Co. has downgraded the financial strength rating (FSR) to B (Fair) from B+ (Good) and issuer credit rating (ICR) to “bb” from “bbb-”of PMA Capital Insurance Company (PMACIC) (Philadelphia, PA). The outlook for these ratings is negative. Additionally, A.M. Best has affirmed the ICR of “bb” of PMACIC’s parent, PMA Capital Corporation (PMA… Continue reading A.M. Best Downgrades Ratings of PMA Capital Insurance Company

On Friday, Arthur J. Gallagher & Co. announced the signing of a definitive agreement to acquire Yanni Partners, Inc. of Pittsburgh, Pennsylvania. Terms of the transaction were not disclosed. The transaction is expected to close before January 31, 2008. Founded in 1989, Yanni Partners, Inc. is an institutional investment consulting firm offering performance analysis, investment… Continue reading Gallager to Buy Yanni Partners

Massachusetts drivers are set to see whether they will pay less for auto insurance next year. Auto insurers are set to release their proposed rates, and consumers will find out whether greater competition will relieve demands on their finances.    Up until now, Massachusetts was the only state where regulators, not the market, set car… Continue reading New Auto System in MA Put to the Test as Rates are Set to be Released