Category: Show on Homepage

AIG’s losses were not as severe as the billions of dollars in write-downs announced by Citigroup Inc., Merrill Lynch & Co Inc. and Morgan Stanley, all of which felt the sting of losses on subprime mortgage-related assets as the outlook for credit markets appeared even bleaker than it did in September. New York-based Morgan Stanley,… Continue reading Lossses, Losses, Everywhere

The world’s largest insurer, American International Group Inc., announced that third-quarter profit fell 27 percent to $3.09 billion amid the worst U.S. housing recession in 16 years. The New York-based company recorded $864 million in losses on investments before taxes and marked down other holdings by $3.49 billion. Shares of AIG, the world’s largest insurer… Continue reading AIG Posts Decline in Profits

After months of refusal, Democratic leaders have agreed to key elements of California Governor Arnold Schwarzenegger’s health care reform plan, including a mandatory rule that all Californians have insurance.      The shift in the Democratic leaders’ position may indicate a growing willingness to oppose their allies in organized labor, who have long been against mandatory… Continue reading Democrats Say Yes to California Insurance for All – Sort Of

While many investors express concern about the health of American International Group Inc. as it relates to exposure in the rocky subprime mortgage market, some say there may be other areas of concern that warrant just as much attention.    AIG is a major participant in the business as a mortgage investor and lender, and… Continue reading Threats to World’s Largest Insurer Exist Beyond Subprime Market

Toronto-based ING Canada Inc., the country’s largest P/C insurer and a division of ING Groep NV, reported another drop in profit for the sixth straight quarter, due to an increase in automobile claims.     Third-quarter net income fell 41 percent to C$92 million ($101 million), or 74 cents a share, from C$156.8 million, or C$1.17,… Continue reading ING Canada Results, Not So Good

ING Groep NV, the Netherlands’ largest financial-services firm, posted a third-quarter profit gain of 47 percent, plumped by one-time gains from a divestment and the sale of ABN Amro Holding NV shares.     Net income increased to 2.31 billion euros ($3.38 billion), or 1.08 euros a share, from 1.57 billion euros, or 73 cents, a… Continue reading ING Posts Third-Quarter Profit, Still Earnings Fall

British insurer Royal & Sun Alliance Insurance Group P.L.C. announced an 8 percent gain in net written premiums for the third quarter £4.36 billion ($9.1 billion).        Said Andy Haste, Royal & Sun Alliance CEO, “Our nine month premiums clearly demonstrate both the benefits of our strong and diversified portfolio and that we continue to… Continue reading British Insurer Posts Growth

Chicago-based CNA Financial Corp. said it will restructure its P/C operations for a more “streamlined, customer-focused” approach.        According to CNA, the restructuring will ultimately make easier for agents in the insurer’s 29 branches to conduct business with CNA while bringing the insurer’s national capabilities to the local market. CNA is expanding on its local… Continue reading Insurer Announces P/C Operations Restructuring

The Hartford Financial Services Group Inc. has announced it will open a new office in London, expanding its existing international professional liability underwriting capacity.        The New York-based insurer said the new subsidiary, called Hartford Financial Products International Ltd., officially began underwriting through broker channels on Nov. 1, 2007.        Said David McElroy, head of… Continue reading New York Insurer Expands Across the Pond

In a move that provides business owners in search of property insurance with a new option, Citizens Property Insurance has been approved to by Florida state insurance regulators to offer property insurance to commercial properties.        Said Florida Insurance Commissioner Kevin McCarty, “Everyone is familiar with Citizens, but this is an important step, because it… Continue reading Citizens to Offer Property Coverage to Commercial Properties