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Fed Reserve Adds $41 Billion to Financial System

In three separate operations on Thursday, the Federal Reserve added a total $41 billion to the U.S. financial system, the largest injection of funds since the liquidity crisis took hold this summer. On the heels of the central bank deliveriing its second consecutive rate cut, the size of the injection may be somewhat of a… Continue reading Fed Reserve Adds $41 Billion to Financial System

Majority of Renters Don’t Carry Insurance, Survey Says

According to a recent study by Apartments.com, 58% of respondents indicated that they do not have renters insurance. Conversely, more than seventy percent of respondents without renters insurance believe that carrying this type of protection is an important part of renting that affords them peace of mind. Forty percent of survey respondents state that cost… Continue reading Majority of Renters Don’t Carry Insurance, Survey Says

PCI’s New President Outlines His Vision at Association’s Annual Meeting

David A. Sampson, the newly appointed president and CEO of the Property Casualty Insurers Association of America (PCI) outlined his vision for the association at the organization’s Annual Meeting. More than 1,600 CEOs and senior executives from PCI member companies and global reinsurers participated in the 2007 meeting, setting records for attendance at the event.… Continue reading PCI’s New President Outlines His Vision at Association’s Annual Meeting

Senate Passes New SCHIP Bill

In the face of a veto threat and continued opposition from some Republicans, the Senate passed a new bill Thursday evening to expand the State Children’s Health Insurance Program.     Senators voted 64-to-30 in favor of expanding SCHIP by $35 billion over five years, up from its current baseline funding of $25 billion. The… Continue reading Senate Passes New SCHIP Bill

Liberty Mutual Reports Third-Quarter Gains

For the three months ending September 30, 2007, Liberty Mutual Group (“LMG”) reported net operating income of $390 million, an increase of $3 million over the same period in 2006. Results in the quarter include a 9.6% increase in revenues and a $67 million after-tax ($95 million pre-tax) increase in asbestos reserves related to the… Continue reading Liberty Mutual Reports Third-Quarter Gains

Senate Bill to Extend TRIA Could Increase Deficity by $5.1 Billion Over 10 Years

According to the Congressional Budget Office (CB0), a Senate bill extending TRIA, the federal terrorism insurance backstop, by seven years would increase the federal deficit by $5.1 billion over the next decade.    The budget score could cause headaches for proponents of extending the terrorism-risk insurance program, which obligates the federal government to pay a… Continue reading Senate Bill to Extend TRIA Could Increase Deficity by $5.1 Billion Over 10 Years

Arthur J. Gallagher Acquires Cedar Hill

Arthur J. Gallagher & Co. today announced the acquisition of Cedar Hill Insurance Agency, Inc. based in Scottsdale, Arizona. Terms of the transaction were not disclosed. Founded in 1995, Cedar Hill Insurance Agency, Inc. is a retail property/casualty insurance program administrator and business process outsourcing firm. They specialize in workers compensation insurance programs for professional… Continue reading Arthur J. Gallagher Acquires Cedar Hill

III Reports that CA Wildfires Not Expected to Raise Insurance Rates

Policyholders whose homes or businesses were damaged or destroyed by the wildfires that swept through southern California should not see increases in their insurance premiums nor have their policies cancelled, according to the Insurance Information Institute (I.I.I.)    ”The homeowner and commercial markets in California are generally healthy and competitive and for the most part… Continue reading III Reports that CA Wildfires Not Expected to Raise Insurance Rates

Bush Vows to Veto SCHIP Expansion

On Wednesday at a conference of the Grocery Manufacturers Association/Food Products Association, President Bush vowed once gain to veto a renewed push to expand a popular children’s health care program, saying it would play a “trick” on Americans by moving the country closer to a federalized health system. The president vetoed a previous version of… Continue reading Bush Vows to Veto SCHIP Expansion