American International Group, Inc. (AIG) reported that it will use the proceeds from a U.S. Treasury purchase of some of its preferred stock to reduce what it owes the federal government. The Treasury bought four million shares of AIG Series …
Life insurance companies, nervous over massive investment losses that could ultimately threaten their viability, are hoping they are next in line to get a piece of the U.S. financial bailout. They argue federal funds could stabilize their trillions in investments …
Standard & Poor’s Ratings Services said in a report published today that reinsurers have had sufficient excess capital available to absorb the shocks of the past year, but much of that cushion has now been eroded. The report, titled “Global …
ACE Limited has followed up its move to Zurich, Switzerland, as part of the redomestication of the Group’s holding company (See IJ web site – https://www.insurancejournal.com/news/international/2008/07/22/92074.htm), by taking the additional step of founding a new Swiss insurance company. The new …
Over 100 representatives from the financial services sector met at Lloyd’s on Nov. 24 to listen to what the insurance industry has been doing to combat climate change. The conference, held for the first time this year, is part of …
Former Iowa Gov. Tom Vilsack says he won’t be the next Agriculture Secretary, according to a report on the Des Moines Register Web site on Nov. 23. Vilsack says in an e-mail that he has never been contacted by aides …
One of three brothers accused of cashing annuity checks that were supposed to end when their parents died has pleaded guilty to federal charges of conspiracy to commit mail fraud and money laundering. Forty-six-year-old Donald Tremain Jr. of Kentwood entered …
As heavy rainfall is forecasted for Southern California, particularly in areas recently ravaged by destructive wildfires, Insurance Commissioner Steve Poizner advised all Californians to check their coverage and evaluate their need for flood insurance. He also urged homeowners to review …
Califiornia Insurance Commissioner Steve Poizner announced a 20.5 percent rate cut for medical malpractice insurance offered by The Doctors Co. following its acquisition of SCPIE Holdings Inc. saving $54.3 million annually. “Prior to the Department’s approval of the deal, concerns …
The financial crisis could cost New York State and New York City 225,000 jobs and $6.5 billion in securities industry-related tax revenue over the next two years, according a report by New York State Comptroller Thomas P. DiNapoli. He suggested …
