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As of early Tuesday morning, stocks first saw little change and then dipped during the first few hours of chopping trading, following U.S. Treasury Secretary Henry Paulson’s acknowledgement that there was no quick solution to liquidity concerns rattling global markets.    “There’s not going to be a quick solution to some of the issues in… Continue reading Early Tuesday Sees Stocks Flat as Investors Tread Carefully Following Paulson’s Statement

In the ongoing battle between Congress, the Senate and the White House, the Bush administration has announced new policies that will make it harder for states to insure all but the lowest-income children.     The new administrative policies, which state health officials were told about late last week, are aimed at preventing parents with… Continue reading President and Congress Battle over Child Health Plan

The effects of the subprime debacle continue as Countrywide Financial Corp begins to lay off employees as part of its plan to reduce costs and weather a credit crunch. An email was sent to employees this past Friday by a senior official at the Full Spectrum Lending unit discussing the layoffs made. The number of… Continue reading Lay-offs Begin at Countrywide Unit

After the Federal Reserve’s move last week to step in as a lender of last resort and implication that an interest rate cut would be forthcoming, stocks continue to trade slightly higher early Monday morning but with caution.     “The market is taking some baby steps, trying to build on Friday’s rally. We’re digesting… Continue reading Wall Street Cautious Early Monday after Friday’s Surge

EQUECAT, a California-based risk modeling company, has projected that insured looses from Hurricane Dean could reach between $1.5 billion and $3 billion. The majority of the losses would be in hard-hit Jamaica in the parishes around Kingston.     The National Oceanic and Atmospheric Administration estimates that damage would include commercial and residential fixed structures… Continue reading Hurricane Dean Losses Projected As High

Late last week, New York Gov. Spitzer vetoed a credit inquiry bill which prohibits the use of a consumer’s inquiries to creditors for mortgage or automobile financing rate quotes in determining the consumer’s credit score. The Property Casualty Insurers Association of America (PCI) asked the governor to veto the legislation because it would have eliminated… Continue reading NY Governor Spitzer Vetoes Credit Inquiry Bill; PCI and NAMIC Urged Veto

June Holmes, interim CEO for the Property Casualty Insurers Association of America (PCI), issued the following statement today in response to the Department of Homeland Security (DHS) Inspector General’s interim report to Congress that there was “no evidence that wind damages were improperly attributed to flooding” after Hurricane Katrina struck the Gulf Coast in 2005:… Continue reading Homeland Security Report Finds Flood Insurance Program No Evidence of Shifting Wind Claims to National

A.M. Best Co. has placed the financial strength rating (FSR) of “A” (Excellent) and the issuer credit ratings (ICR) of “a” of the Irvine Calif.-based Balboa Insurance Group and Newport the E&S Insurance Company of Plano, Texas under review with negative implications. Best also placed the FSR of “A-” (Excellent) and the ICRs of “a-”… Continue reading Best Places Balboa Group Ratings under Review – Negative

In response to the Federal Reserve announcement that it was cutting the interest rate at which banks borrow money, Wall Street shares opened sharply higher. After an hour, the Dow Jones had fallen back and was only up 1.10% at 12,986.7. Analysts will continue to watch the market throughout the day.      The news also… Continue reading Wall Street, Global Markets Responding to Federal Reserve Announcement

In a stunning move, the Federal Reserve Open Market Committee made the following announcement concerning an interest rate cut intended to ameliorate financial market conditions:     Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward. In these circumstances, although recent data suggest… Continue reading Fed Makes Announcement Concerning Interest Rate Cut