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 …
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 …
Connecticut-based People’s United Bank said it will combine all of its insurance agencies into a single business entity — People’s United Insurance Agency — that will be headed by one management team. The combination of R.C. Knox, Beardsley Brown and …
New York City is considering whether pay-as-you-drive auto insurance could reduce congestion and pollution in the Big Apple. The city’s department of transportation has issued a request for expressions of interest inviting vendors to submit information about pay-as-you-drive insurance policy …
In choosing Ernst & Young as his target in the aftermath of the Lehman Brothers collapse, New York Attorney General Andrew Cuomo filled what looks destined to be a permanent gap in regulators’ responses to the debacle. It has been …
American International Group Inc. (AIG) has agreed to pay $146.5 million in fines and additional taxes to state insurance regulators for alleged under-reporting of premiums to states more than a decade ago. The company will pay $100 million in penalties …
Two New York agents’ groups said they have taken the first steps to appeal a decision by state court judge allowing state insurance regulators to force brokers to reveal their commissions. The Independent Insurance Agents and Brokers of New York …
The touchy subject of agents’ commissions dominated headlines in 2010 — particularly in New York where regulators unveiled new rules that will force agents to reveal to clients how much they are paid. That decision struck a major nerve within …
New York-based USI Holdings has closed on its acquisition of Mastors & Servant Risk Services, a Rhode Island-based brokerage that specializes in commercial property/casualty, bonds and employee benefits insurance for middle-market businesses. Terms of the transaction were not disclosed. Mastors …
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 …
