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The world’s largest wealth manager, Swiss-based UBS A.G., reported $3.4 billion in losses and its plan to cut 1,500 jobs in its investment bank. This is one the largest worldwide casualties from the credit crunch that began this summer in the United States. The company announced on Monday that it would write down 4 billion… Continue reading UBS Reports $3.4 Billion in Write-downs, Effect of Credit Crunch

On Thursday, the Florida Association of Insurance Agents (FAIA) warned the state’s homeowners to consider buying coverage from Citizens. This warning comes in the wake of the board that governs Citizens Property Insurance Corp. agreeing to consider cutting the commissions it pays to agents a week earlier. The agents association says that its warning had… Continue reading FL Agents Take Aim at Citizens

The New York Alliance Against Insurance Fraud, a cooperative effort by insurance companies in New York, has launched a public campaign to raise public awareness with respect to the forms of insurance fraud, the cost to consumers and the consequences of fraud. It is estimated that insurance fraud costs Americans at least $80 billion a… Continue reading Fighting Insurance Fraud in NY

In “BusinessWeek’s” annual ranking of employers across the country the magazine has named St Paul-based Travelers as one of the “Best Places to Launch a Career”. The survey ranks Travelers as the top property casualty insurer on the list. “We’re honored to be recognized as a great company for individuals to begin their careers with,”… Continue reading Travelers: A Good Place to Work

Thursday night, the Senate voted 67-29 to expand the State Children’s Health Insurance (SCHIP) program, a measure President Bush has vowed to veto and has stated that this expansion is a step toward universal coverage. The expanded program is designed to double the number of children covered, from 4 million to 8 million. Eighteen Republicans… Continue reading Senate Votes Yes to Expand SCHIP

Thursday the House of Representatives approved H.R. 3121, the Flood Insurance Reform and Modernization Act, by a vote of 263-146. The bill expands the National Flood Insurance Program (NFIP), which protects millions of American homeowners, to cover wind damage. The White House has vowed to veto the bill, saying it would expose taxpayers to excessive… Continue reading House Expands Flood Insurance Reform, Includes Wind Damage

In other news regarding Overland Park, Kansas-based Brooke Corp., the company was recently named in a lawsuit that alleges the company participated in fraud, negligence and violated the federal RICO Act (Racketeer Influenced and Corrupt Organizations Act).      President of IGWT Insurance Services in Tampa, Fla., Arthur C. Mann filed the lawsuit in U.S. District… Continue reading Florida Agency Franchise Sues Brooke Corp for Fraud, RICO Violations

Independent Insurance Agents & Brokers of New York, Inc. sent a letter requesting top property and casualty companies operating in New York refrain from denying claims because of late notice until the adoption of legislative changes. The Sept. 24 correspondence asks top carrier executives responsible for their operations in New York not to invoke “late… Continue reading IIANY Letter Requests Carriers to Hold Off on Denying Claims, Wait for Legislation

On Thursday, Brooke Franchise Corp. announced its agreement to buy 60 insurance agency locations from companies related to Chicago-based J and P Holdings Inc.     The agency locations are in Missouri, Kansas, Colorado, Texas and Illinois, Overland Park-based Brooke Corp. Brooke Franchise’s parent.     Financial terms of the transaction weren’t disclosed. The deal… Continue reading Brooke Agrees to Purchase Network of Insurance Agencies

Reflecting what many analysts and home builders have stated, Fannie Mae Chief Executive Officer Daniel Mudd, stated that the housing slump will last beyond next year, dragging down home prices and increasing credit losses. The market won’t hit a bottom “until the end of ’08 and then we have some period of time to work… Continue reading Fannie Mae CEO Sees Housing Slump Beyond ‘08