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Eric R. Dinallo, New York Insurance Superintendent, unveiled an alternative to the state workers comp system that presently allows carriers to collectively set rates through the state New York Compensation Insurance Rating Board.     In a report to Gov. Eliot Spitzer, Dinallo stated that he instead wants to adopt a competitive, loss-cost model with… Continue reading NY Insurance Superintendent Proposes WC Alternative

On Tuesday, Zurich Financial Services AG announced that it purchased a minority state and took control of a Chinese insurance-brokerage firm. This is part of the Swiss insurer’s plan to establish a national insurance sales and distribution system in China. As previously reported in the “Daily NewsFlash”, Zurich’s goal is to have 1,000 agents in… Continue reading Zurich Buys Stake in Chinese Brokerage

As previously reported in the “Daily NewsFlash”, the NY State Insurance Department issued a directive on August 28 calling for insurers to stop the practice of non-renewing homeowners policies based upon whether policyholders have other insurance business with the same carrier or its affiliates. Allstate Insurance Company received a citation from the department related to… Continue reading Allstate Receives Citation from NY State Insurance Department

A federal judge in the U.S. district court in Newark, NJ has dismissed all antitrust claims made against dozens of insurers and brokers after almost three years of legal wrangling. The consolidated litigation was a result of proposed class action suits filed in the wake of industry-wide investigations into bid rigging and client steering launched… Continue reading Insurance Antitrust Claim Dismissed in NJ

The biggest U.S. mortgage insurer, MGIC Investment Corp abandoned talks to acquire Radian Group Inc. for about $2.4 billion as subprime loans defaulted at the highest in five years.     Milwaukee-based MGIC shares have been down 57 percent since its announcement in February to acquire Radian, based in Philadelphia. The companies stated today tha… Continue reading MGIC and Radian Stop Acquisition Talks

In an effort to help borrowers from losing their homes, federal and state banking regulators urged lenders and investors to restructure the loans of millions of at-risk homeowners as their adjustable-rate mortgages reset to a higher rate.     In a joint statement made the Federal Reserve, the Federal Deposit Insurance Corp., the Office of… Continue reading Lenders Urged to Help Homeowners in Trouble

According to the Wall Street Journal, on Tuesday, Sony Corp. announced that it received approval to list shares of its financial unit on the Tokyo Stock Exchange on Oct. 11 in an offering valued at as much as $3.13 billion. This makes it one of Japan’s biggest initial public offerings in the past few years.… Continue reading SONY Financial to Sell $3 Billion-Plus in IPO in October

Now that investors are pulling back from risk due to the credit market mess and higher borrowing costs, consumers and businesses are beginning to follow suit, increasing the odds of a recession according to some economists. “While there is no basis for predicting a recession right now, the risks have surely gone up,” says former… Continue reading Tighter Credit, Lower Consumer Confidence and Talk of Recession

Chief Executive Officer James Schiro of Switzerland’s largest insurer, Zurich Financial Services AG, said that the carrier has a goal of getting 1,000 distribution agents in China by 2009 to sell its own and competitors’ policies. The company has gained an insurance brokering license by buying a 24.5 percent stake in Beijing-based Best Harmonious Insurance… Continue reading Plans Are for Zurich to Hire 1,000 Agents in China by 2009

Last week President Bush announced his decision to ask for legislation to allow the Federal Housing Administration (FH) to provide homeowners on the verge of defaulting on loans with an option to refinance with better terms. This plan is seen by investors saddled with soaring mortgage-related losses as too little too late. Bush’s decision to… Continue reading Bush Mortgage Plan Seen as Too Little Too Late