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After the Federal Reserve cut interest rates a half-percentage point, stocks rose on Tuesday and continue their rally on Wednesday, this despite news of Morgan Stanley’s net income drop.    The Dow Jones Industrial Average rose 58.04 to 13797.43. The S&P 500 gained 9.97 to 1529.75, and the Nasdaq Composite Index added 19.03 to 2670.69. … Continue reading Fed Cut Sees Stocks Continue to Rise

Senator Hillary Rodham Clinton (D-NY) unveiled her plan for universal health care, returning to the political battle she famously waged and lost as first lady on one of the hottest topics in the 2008 presidential race. Clinton’s new plan to provide health care for all Americans differs more from her 1993 proposal known as “Hillarycare”… Continue reading Clinton Calls for Controversial Universal Health Care

For the first time in four years, the benchmark federal funds interest rates (banks’ overnight borrowing costs, currently set at 5.25 percent) is expected to be reduced in order to shore up a weary U.S. economy suffering from a steep housing market decline and rollercoaster credit markets. A cut in overnight rates on Tuesday marks… Continue reading Interest Rate Cut Likely to Occur, Says Fed

The White House says it will veto the Terrorism Risk Insurance Act (TRIA), a bill that would add 15 years to a post-Sept. 11 government insurance program which, according to supporters, is critical for major projects like the new World Trade Center. In aftermath of 9/11, TRIA was among a series of bills passed by… Continue reading Bush, Advisors Will Say No to Terrorism Insurance

The vast majority of U.S. insurers have little or no exposure to the volatility in the subprime mortgage market because a substantial percentage of their investments are in the highest-rated bonds or stocks with no direct ties to lenders, an Insurance Information Institute (I.I.I.) white paper entitled “Subprime” Home Mortgage Loans and the Insurance Industry,… Continue reading Subprime Mortgage Turmoil Not a Threat to Insurance Industry, Finds Institute

Following is an edited commentary that appeared in the “Wall Street Journal”, outlining the paper’s opinion of presidential candidate Mitt Romney’s healthcare proposal: Mitt Romney, Republican presidential candidate, has proposed recent health-care reforms based on free-market principles and federalism. His plan focuses on overhauling the tax code’s discrimination against cost-effective private insurance. He proposes to… Continue reading WSJ: Romney’s Health Care Proposal Relies on Free Market

After being ordered by the New York Insurance Department to cease conditioning renewal applications on whether a customer also had life or automobile insurance policies with the carrier, Allstate Insurance Co. has agreed to abide the department’s requestm and has averted a scheduled Sept. 19 hearing before state regulators. But while declaring that it “respects… Continue reading Allstate Agrees to NY Insurance Department’s Renewal Order

Reinsurers Munich Re and Swiss Re are warning governments not to pull out of terrorism pools in Europe and the US. While the US is expected to renew the Terrorism Risk Insurance Extension Act, negotiations in Germany to prolong the Extremus special insurance vehicle have been more difficult, said Munich Re. Torsten Jeworrek, member of… Continue reading Reinsurers Warn Over Terror Pool Pull-outs

On Friday Marsh & McLennan Cos. Inc. announced the stepping down of Brian Storms as chief executive of the insurance brokerage’s subsidiary Marsh Inc. Michael Cherkasky, CEO of Marsh & McLennan, will serve as the unit’s acting head.      “Brian has made important contributions to Marsh’s recovery over the past two years,” MMC President and… Continue reading Marsh Needs New CEO, Storms is Out

On Friday, senior aids said that House and Senate Democratic leaders are close to agreeing on a deal that would expand the state-federal health insurance program for the children of working parents. Bush has threatened to veto the measures being proposed in Congress, signaling a major confrontation to come with the president. The State Children’s… Continue reading Deal on Health Care for Children Could be Imminent