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Federal Reserve Chairman Ben S. Bernanke signaled “renewed turbulence” in markets may have shifted risks between growth and inflation, cementing speculation the central bank will cut interest rates as soon as next month. “Uncertainty surrounding the outlook” is “even greater than usual,” requiring the Fed to be “exceptionally alert and flexible,” Bernanke said in a… Continue reading Fed Chairman Bernanke Hints at Future Rate Cuts

Major financial institutions and the Bush administration are nearing an agreement that would temporarily freeze interest rates on certain troubled subprime home loan. The plan is being negotiated between regulators including the Treasury Department and a coalition of mortgage-related companies including Citigroup Inc., Wells Fargo & Co., Washington Mutual Inc. and Countrywide Financial Corp. People… Continue reading Paulson, US Banks in Talks to Freeze Rates on Subprime Loans

According to study done by TowerGroup Inc., a research and advisory services firm focused exclusively on the global financial services industry. rapid advancements in technology are poised to reshape the insurance landscape over the next five to 10 years. The TowerGroup report, titled “The Digital Chauffeur: Real-World Principles of Innovation for the Insurance Industry,” addresses… Continue reading Technology Innovation to Reshape Insurance Landscape in the Next Ten Years

Using the 2006 fatal crash data released by the U. S. Department of Transportation just weeks ago, Farmers Group Inc. has completed a study to determine the most influential factors in drivers’ mortality rate in multi-vehicle accidents.    “Once again, we find strong statistical evidence that seat belts remain the most important protection for the… Continue reading Farmers Study Underscores Seat Belts Critical for Driver Protection

Universal Insurance Holdings, Inc. (UIH), a vertically integrated insurance holding company, and Atlas Premium Finance Company (Atlas), announced the formal launch of Atlas’ premium finance business. Atlas will offer insurance premium finance services to customers with annual homeowners insurance premiums of at least $1,000. Premium finance services will be available to homeownerspolicyholders insured by UIH’s… Continue reading Universal Insurance Holdings and Atlas Form New Premium Financing Company for FL Homeowners

In the largest overseas acquisition by a Chinese insurer, Ping An Insurance (Group) Co. bought a 4.2 percent stake in Fortis, Belgium’s biggest financial-services company, for 1.81 billion euros ($2.7 billion). Fortis rose the most in 4 1/2 years in Brussels trading on the purchase, which makes Ping An its biggest investor. China’s state-owned companies… Continue reading Chinese Insurer Invests in Belgian Fortis, Looking for Growth

In an effort to restore confidence and liquidity in E*Trade Financial Corp., which is embroiled in the mortgage crisis, the discount brokerage firm announced that it’s receiving a $2.55 billion cash infusion from Citadel Investment Group. In a plan overseen by the federal Office of Thrift Supervision, Citadel will make a two-part investment in E*Trade.The… Continue reading Citadel Infuses Cash into E*Trade, Effort to Boost Confidence Amid Subprime Hit

According to a study released bythe National Council on Compensation Insurance Inc. (NCCI Holdings Inc.), the share of workers compensation medical costs attributed to prescription drugs is temporarily levelling off.     The decrease can be attributed to several issues, according to “Workers Compensation Prescription Drug Study—2007 Update”, including T withdrawal of some drugs that… Continue reading NCCI Releases New Workers Comp Prescription Drug Study

According to a report issued on Wednesdary by Standard & Poor’s Corp (S&P), U.S. commercial property/casualty insurers should enjoy another very profitable year in 2007, bearing in mind that there are no last-minute setback.    Warnings for commercial lines companies will approach the record level achieved in 2006, according to S&P’s report “2008 U.S. Commercial… Continue reading S&P Reports P/C Insurers to Have Profitable 2007, Less Confident About ’08

Zurich North America, one of the nation’s leading property-casualty insurance companies, announced it has added 100 monoline workers’ comp business classifications to its coverage offerings. Most of the new classes are for light manufacturing, wholesale and service company risks.     “This action further demonstrates our appetite to serve small business customers and the distributors… Continue reading Zurich Adds 100 New Workers Comp Classifications to Expand, Service Small Business Market