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Ohio State Attorney General Marc Dann announced on Monday that the state has filed on Friday an anti-trust lawsuit accusing Marsh & McLennan Cos, American International Group Inc. and three other insurers and their subsidiaries of price fixing and other anti-competitive behavior. The lawsuit accuses the carriers of the companies in an “unlawful conspiracy to… Continue reading Anti-Trust Suit Filed in Ohio Against Marsh, AIG and Others

Ocean Harbor Casualty Insurance Company, an auto insurer specializing in providing basic coverage policies to Floridian auto policyholders, has joined the Coalition to Protect Florida’s Drivers. Ocean Harbor is the second auto insurer in recent weeks to join the Coalition, which is calling on Governor Charlie Crist, Senate President Ken Pruitt and House Speaker Marco… Continue reading Ocean Harbor Joins Coalition to Protect FL Drivers

As concern over losses in the U.S. subprimarket move from the boardroom to the courtroom, insurers who underwrite the liability of major financial institutions are preparing for a new rash of claims, according to an exclusive story in BestWeek U.S./Canada. This underscores what Marsh had said in a press release on August 20th, which we… Continue reading BestWeek Reaffirms that Subprime Mess Will Affect D&O Market

According to the National Association for Business Economics survey, the combined risk of mortgage defaults and heavy debt loads has overtaken terrorism as the biggest short-term threat to the U.S. economy. Nearly one-third of the survey respondents listed debt-related problems as their top worry: About 18% cited the effects of subprime-loan defaults and 14% listed… Continue reading Mortgage Defaults and Debt Problems Biggest Immediate Threats to US Economy

New York authorities and Willis Group Holdings Ltd. have reached an agreement allowing the brokerage to begin accepting certain fees from insurers in brokerage transaction. Willis can charge and accept specific fees for services rendered to carriers as long as the fee and the nature of the service are disclosed to clients. The agreement, taking… Continue reading Willis Group and New York Officials Agree to Fee Plan

For the fifth straight month, sales of previously owned homes in the U.S. fell in July, contributing to the supply of unsold properties and reflecting a housing slump. According to the National Association of Realtors, purchases declined 0.2 percent, less than forecast, to an annual rate of 5.75 million, from 5.76 million in June. This… Continue reading July Reflects Five-Month Downward Trend for Existing Home Sales

On Thursday, FEMA (Federal Emergency Management Agency) decided to scarp plans that would have cut its financial assistance to public entities and certain non-profit organizations that sustain property damage in natural catastrophes. Under the plan, public entities and non-profits would not be eligible for federal assistance for damaged property that was damaged in a previous… Continue reading FEMA Rescinds Plan to Cut Deductible Aid to Non-Profit Organizations

The subprime crisis has affected the insurance stocks of carriers such as Genworth, Chubb, Ace, Hartford and Allstate. Genworth has been hit the hardest and is down about 20% while shares of Hartford and Chubb are trading at about 1.5 times book value and is Ace shares are trading at about 1.3 times, below their… Continue reading Genworth, Hartford, Chubb Among Insurers Whose Stocks Have Fallen

After a state inspector general report found Florida Insurance Commissioner Kevin McCarty had inappropriately used state resources by forwarding one e-mail related to a political campaign but did not pressure insurers to make contributions, the Commissioner announced the tightening of his office’s code of ethics. Chief Inspector General Melinda Miguel who issued the August 13… Continue reading Florida Insurance Department’s Code of Ethics

Last week North Carolina governor signed into law legislation that would limit the ability of mortgage brokers to charge customers above-market rates and prepayment penalties and to protect subprime borrowers from abusive adjustable rate mortgages. Referring to the mortgage meltdown a “wake-up” call, North Carolina Governor Michael Easley, stated, “If Washington isn’t going to act,… Continue reading States Look to Take the Subprime Mess into their Hands