The U.S. Senate passed a measure extending the nation’s flood insurance program through September 2009 last night. While the U.S. House of Representatives passed an extension to the National Flood Insurance Program (NFIP) through Sept. 30, 2009, under the omnibus …
Hawai’i Insurance Commissioner J.P. Schmidt has released the final payments from the estate of the failed insurer HIH America Insurance Company of Hawai’i Inc. HIH Hawai’i has now paid 100 percent of its Hawai’i creditors in full. “Typically, insolvent companies …
AIG senior reinsurance executive Charles Dangelo has left the insurer to join a company run by its former CEO Maurice “Hank” Greenberg. Dangelo joins the growing number of executives who have left American International Group Inc. since the insurer was …
Rep. Gene Taylor, D.-Miss., isn’t letting opposition by major insurance companies keep him from pushing his plan to make wind coverage for properties available through the federal flood insurance program. Taylor’s proposal — the Multiple Peril Insurance Act of 2009– …
A.M. Best Co. has assigned indicative debt ratings of “bbb” to senior unsecured debt, “bbb-” to subordinated securities and “bb+” to preferred stock, which may be issued under United America Indemnity, Ltd.’s (UAI) (Georgetown, Cayman Islands) recently filed shelf registration …
State Farm Florida on Friday appealed stipulations that Insurance Commissioner Kevin McCarty has put on its plan to withdraw from the state’s property insurance market. Florida’s second largest insurer of homes and other property filed an administrative appeal that argues …
U.S. lawmakers blasted state and federal regulators for dodging blame and keeping secrets after the failure of insurance giant American International Group Inc., which now has access to more than $170 billion in taxpayer money. Calling AIG “the greatest corporate …
Switzerland’s financial community has seen some major upheavals lately. The latest major change came with the announcement that Peter Forstmoser, Chairman of the Board of Directors of Swiss Re, has decided to resign from the Board, effective May 1. Swiss …
The California Court of Appeals recently rejected the argument that a manufacturer has a duty to warn of the dangers of asbestos that may be contained in products produced by other suppliers. The decision upholds a lower court ruling. In …
The U.S. Senate passed a five-day extension to the National Flood Insurance Program (NFIP) by voice vote this afternoon after lawmakers delayed action Thursday night on the federal omnibus bill which would have extended the NFIP through the fiscal year. …
