Wall Street faces curbs on risk taking and the prospect of lower profits under sweeping U.S. proposals to prevent a repeat of the credit crisis. The Obama administration’s plan to rewrite financial rules, announced Thursday, would create a single regulator …
AIG executives in Europe are adamant they should not have to return their controversial bonuses and some feel that pressure on them to do so may amount to blackmail, according to a company employee and internal emails. AIG Financial Products …
Luke Savage, Lloyd’s of London’s finance director (among other titles), is certainly aware that 2008 was a “tough year,” as he put it in a telephone interview. Lloyd’s profits dropped by 50 percent (See IJ web site – https://www.insurancejournal.com/news/international/2009/03/24/98985.htm ). …
Aon’s newly launched “Aerospace Insurance Market Outlook 2009” initially determined that the “average lead premium in the aerospace insurance market continued to decline during 2008, but underwriters will be looking to increase premiums this year.” The total “like-for-like lead premium …
Insurance Brokers and Agents of the West (IBA West) announced that Paul K. Furlong has joined the association staff as president of the IBA West Service Corp. He will be responsible for the management of the association’s for-profit activities, including …
Willis Group Holdings announced the formation of FINEX Global, a new division that will incorporate all of Willis’ existing London-based Financial, Executive Risk and Professional Liability business. Willis noted: “FINEX was formed in London in 2004 as part of Global …
World Trade Organization Director General Pascal Lamy pressed U.S. trade officials Monday for a strong commitment to finishing the Doha round, while a U.S. business leader warned against accepting a “phony deal” just to wrap up the talks. Lamy’s trip …
U.S. Treasury Secretary Timothy Geithner told an angry Congress on Tuesday that he needs authority to step in to shut down troubled institutions like American International Group to avoid future government bailouts. Geithner’s call for new authority to take over …
Kansas Gov. Kathleen Sebelius is President Barack Obama’s choice for secretary of health and human services. Sebelius, 60, is seen as a solid choice to head HHS because as a governor responsible for the Medicaid program in Kansas, she faced …
Richard G. “Dick” Clarke, senior vice president of J. Smith Lanier & Co. in West Point, Ga., has been elected 2009 president of RiskProNet International, a network of 25 independent insurance brokers in North America. Clarke is a veteran of …
