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Tropical Storm Dean has strengthened into the first hurricane of the 2007 Atlantic storm season, increasing power as it speeds toward the Caribbean islands, announced the U.S. National Hurricane Center. The Center expects Dean, which posted sustained winds of 75 miles per hour by 5:00 a.m. EDT this morning, to continue gathering strength in the… Continue reading First of the Season’s Hurricanes Arrives

An internal audit committee review of Aon Corp.’s stock option grant practices conducted from 1994-2006 found its procedures were incorrect for several thousand awards, resulting in incorrect measurement dates to be used for financial accounting and tax purposes. In a filing with the Securities and Exchange Commission, Aon said no misconduct by current or former… Continue reading Aon Stock Option Grant Practices Found Incorrect

Final approval has been granted on a $55 million settlement agreement in the case of Satchell, et. Al. vs. FedEx Express, a subsidiary of FedEx Corp., announced a spokesperson for the company. The case alleged racial discrimination practices at FedEx Express. Insurance will cover the $55 million payment, which includes class counsel and compensation to… Continue reading $55 Million Class Action Lawsuit Settled with FedEx Subsidiary

Gov. Marc Racicot, president of the American Insurance Association (AIA), issued a statement following the release of a study by the Board of Governor’s of the Federal Reserve System entitled, “Report to the Congress on Credit Scoring and Its Effects on the Availability and Affordability of Credit.” The Federal Reserve’s study was mandated by the… Continue reading Report Reiterates Correlation Between Credit Scoring and Risk

The Chubb Group of Insurance Companies says it has assembled an environmentally friendly energy team of underwriters and loss control specialists tasked with developing environmentally friendly energies, products and technologies.    The team will focus on exploring and developing core commercial insurance products and services geared toward customers that operate within this sector.    For… Continue reading Going Green: Chubb Team Developing Renewable Energy Sector

Watching in alarm as the Dow Jones Industrial Average plummeted more than 200 points yesterday, investors’ uncertainties concerning basic economic problems, the ongoing subprime market issues as well as the volatile nature inherent in equities are playing out before their eyes.    “The market is very, very sensitive at this point, and any news about… Continue reading More Reaction to Dow’s Triple-Digit Dip

Insurance-related questions about Hurricane Flossie, a Category 2 storm that forecasters believe could hit Hawaii’s Big Island, or the 5.3 temblor that struck 25 miles south of Hilo, may be directed to the Insurance Information Institute (I.I.I.).    The last major hurricane to strike Hawaii was in 1992 when Hurricane Iniki, the 13th most costly… Continue reading Hurricane Followed by Earthquake Makes for Double Trouble in Hawaii

New York-based C.V. Starr & Co. has filed a petition with the Securities and Exchange Commission stating that PricewaterhouseCoopers L.L.P. (PwC), the longstanding outside auditor for American International Group Inc., should be banned because of irreconcilable conflicts of interest. The petition is the latest move in a bitter feud that has erupted between AIG and… Continue reading Auditor Change Sought at AIG by C.V. Starr

According to Australia’s Rams Home Loans Group Ltd., “The U.S. has experienced unprecedented disruptions in recent weeks, which has resulted in material increases in spreads and shortages in liquidity.”    Rams’ announcement that the fluctuation in global debt markets may cut profit sparked a 19 percent drop in shares, making it Australia’s worst-performing initial public… Continue reading ‘Round-the-World Reaction to U.S. Subprime Woes

In a survey that offered more evidence of increasing problems in the subprime mortgage market, the Federal Reserve announced more than half of banks have tightened their lending standards when it comes to consumers with shaky credit scores. Of the 16 banks surveyed that said there were still in the subprime market, nine of them… Continue reading Lending Standards Tightening, Says Federal Reserve