American International Group Inc. shares are expected to settle back to a level in the mid-$40 range once the company’s recently approved warrants begin trading, a person familiar with the situation said Monday. But even at that level, the government …
U.S. property insurers like Travelers Cos. Inc. and Chubb Corp. were expecting a relatively mild fourth quarter for catastrophe losses, but a series of punishing storms across the country in December may have blown away those estimates. That could add …
The U.S. property/casualty industry generated improved operating results in the third quarter despite competitive market conditions, elevated catastrophe losses, the economic downturn and historically low investment yields. The industry’s net income improved to $29.9 billion for the nine months ended …
A quick, and as yet incomplete, survey of re/insurance industry leaders indicates that the main concern they will have to deal with in the coming year isn’t climate change, or Solvency II, but the insurance industry’s ancient bugaboo, the soft …
Lloyd’s year-end review shows that, like the rest of the industry it faced a number of challenges in a difficult year. Low interest rates diminished investment returns for insurers, while the soft market provided little scope for premium increases. “Plenty …
Bakerjian Insurance Services (BIS) has launched of a new insurance product designed to protect lenders against potential damage from repurchase demands. Called Lenders Misrepresentation Insurance (LMI), the policy compensates the lender if the loan is put back by their investor …
Bailed-out insurer American International Group took another step toward winding down its U.S. government support Monday by securing $4.3 billion of bank credit lines, and company shares surged. AIG’s shares closed up 9.3 percent, or $5.05, to $59.38 on the …
Allstate Corp. has sued Bank of America Corp., its Countrywide lending unit and 17 other defendants for allegedly misrepresenting the risks on more than $700 million of mortgage securities it bought from Countrywide. Allstate, the largest publicly traded U.S. home …
During a rainstorm in Washington in early 2009, amid the furor over Wall Street’s post-bailout bonuses, an American International Group employee pulled out an umbrella that had the insurer’s name on it. “Somebody came by, grabbed the umbrella and broke …
The Hartford said it has inked a $278 million deal to sell its third-party claims administration business, Specialty Risk Services (SRS), to Sedgwick Claims Management Services Inc. The Hartford said the deal is expected to close in the first quarter, …
