Florida-based insurance broker Brown & Brown, Inc. managed to increase its earnings slightly in the second quarter despite the financial downturn. Net income for the second quarter of 2009 was $40,668,000 compared to $40,398,000 for the same quarter of 2008. …
Most bond insurers are headed for liquidation or run-off as losses from troubled assets linger, an analyst at independent research firm CreditSights said Tuesday. While some insurers, such as MBIA and Ambac , are stronger than others, “we think the …
Los Angeles-based Mercury General Corp. on Aug. 3, 2009, will release results for its second quarter ended June 30, 2009. The company will host an investor conference call and Webcast that same day at 10 a.m. Pacific Time to review …
California’s State Compensation Insurance Fund has published its 2008 annual report. Among the workers’ compensation insurer’s successes the group said it accomplished in 2008 were establishing a solid leadership team, making significant progress in responding to the California Department of …
Hartford Financial Services Group Inc. said Friday it has taken $3.4 billion of federal bailout money, the maximum it was authorized to accept, to bolster capital in the wake of large investment losses. The Hartford, Connecticut-based company is one of …
American International Group, Inc. (AIG) said it has penned an agreement with the Federal Reserve Bank of New York (FRBNY) that will reduce the debt AIG owes the FRBNY by $25 billion and position two of the company’s international life …
Hartford Financial Services Group Inc. said it will take as much as $3.4 billion of federal bailout money and sell up to $750 million of common stock to bolster capital after large losses on investments. The 199-year-old life and property …
Credit default swaps are “instruments of destruction” that should be outlawed, billionaire investor George Soros said on Friday. Soros said the asymmetry of risk and reward embedded in CDS exerted so much downward pressure on the bonds underlying the contracts …
Some property/casualty insurers might be in for a rude awakening with respect to their reserve practices, according to industry experts. The property/casualty insurance sector’s ability to properly estimate its loss and loss-adjustment expense reserves directly affects its financial strength, noted …
The U.S. Federal Reserve drew back the curtain on its emergency repairs to the financial system on Wednesday, showing $5.3 billion in losses on assets taken over from firms it bailed out in 2008. In a report on its $2.1 …
