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Countrywide, the nation’s largest mortgage lender, reported its first quarterly loss in 25 years in the third quarter on $2.27 billion in mortgage losses and write-downs and soaring credit-loss reserves. The lender posted a net loss of $1.2 billion, or $2.85 a share, compared with year-earlier net income of $648 million, or $1.03 a share.… Continue reading First Quarterly Loss for Countrywide, Plan to Return to Profitability Underway

The Hartford Financial Services Group, Inc. one of the nation’s largest diversified financial companies, today reported third quarter 2007 net income of $851 million, or $2.68 per diluted share. The Hartford’s core earnings in the third quarter of 2007 were $1.06 billion, or $3.33 per diluted share. In the third quarter of 2007, net realized… Continue reading Hartford Posts Increase in Third-Quarter Earnings

Washington Mutual, Inc. on Thursday announced it will provide special assistance to help customers and residents living in federally declared disaster areas affected by the fires in Southern California.    The company’s disaster relief program includes alternate loan payment plans and suspension of late charges and credit reporting on loans. Customers affected by the fire… Continue reading WAMu to Provide Financial Assistance to Help So CA Residents, Customers

The wildfires ravaging large swaths of Southern California are likely to cost insurers between $900 million and $1.6 billion, making them among the most expensive in the region’s history, according to analysis by Risk Management Solutions (RMS), the world’s leading provider of products and services for catastrophe risk management. If the wildfires continue to spread… Continue reading RMS Estimates CA Wildfires Could Cost Insurers Up to $1.6 Billion

Bipartisan legislation introduced by Rep. Doris Matsui (D-Calif.) and Rep. Mario Diaz-Balart (R-Fla.) will provide a financial incentive to states who adopt tougher building codes, a concept supported by the Property Casualty Insurers Association of America (PCI). The Safe Building Codes Act of 2007 will not only encourage smarter and stronger construction that can withstand… Continue reading PCI Supports Bipartisan Building Codes Legislation

The Bush administration, looking for a compromise on State Children’s Health Insurance Program (SCHIP), shifted its position on a major area of disagreement with Congress over a children’s health-insurance bill. Health and Human Services Secretary Michael Leavitt said the administration would be willing to support letting states cover health-care for children in families earning as… Continue reading Administration Looking for Compromise on Kids Health Insurance Bill

Insurance Commissioner Kevin McCarty of Florida has ordered NCCI Holdings Inc. to amend its rate filing to reflect a workers compensation rate decrease of 18.4% for 2008 policies. Meanwhile the California Workers’ Compensation Insurance Rating Bureau is seeking an overall rate increase of 5.2% rate for policies effective on Jan. 1, 2008.    According to… Continue reading FL Seeks Decreased WC Rates, CA Wants Increase for 2008

Arthur J. Gallagher & Co. reported double-digit revenue and profit growth for the first nine months of 2007, however, the brokerage firm posted only a 3.2% rise in profits to $51.8 million, missing a Bear Stearns’ analyst’s estimate. For the nine months, total revenues rose 12.0% to $1.25 billion compared with the same period in… Continue reading Gallagher Posts Small Third Quarter Profits

The Travelers Companies, Inc. today reported net income of $1.198 billion, or $1.85 per basic share and $1.81 per diluted share, for the quarter ended September 30, 2007, compared to $1.043 billion, or $1.52 per basic share and $1.47 per diluted share, for the quarter ended September 30, 2006. Operating income in the current quarter… Continue reading Travelers Reports Net Income Growth for Third Quarter, Up 23% from Prior Year

On Wednesday, California Insurance Commissioner Steve Poizner declared an “insurance emergency” due to the Southern California wildfires. The declaration temporarily removes the ban on out-of-state claims adjusters lacking California licenses. Poizner said that lifting the ban will help insurance companies better deal with the expected crunch of fire claims. He estimated that more than $1… Continue reading CA Insurance Commissioner Poizner Declares CA an “Insurance Emergency”