Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Congress May Probe AIG Pricing, Pay Practices
Feb 5 2009 // An influential U.S. congressman, concerned that American International Group Inc’s $150 billion federal bailout could be undermining the broader U.S. insurance market, is digging into claims that the insurer is...
U.S. Senate Rejects Cutting Company Repatriation Tax Rate
Feb 4 2009 // The U.S. Senate Tuesday defeated a provision to slash the tax rate on profits that companies bring into the United States from overseas, voting not to include it in the economic stimulus package. The measure would have...
ING to Sell Part of ING Canada
Feb 4 2009 // A unit of European financial services giant ING Groep NV is selling a C$1.75 billion (US $1.41 billion) chunk of its ownership stake in ING Canada, the companies said Tuesday. The ING Groep subsidiary will sell C$850...
Ratings Roundup: Aflac, Scottish Re (U.S.), Hanover Fire, Omega
Feb 4 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and downgraded the issuer credit ratings (ICR) to “aa-” from “aa” of American Family Life Assurance...
Recession, Credit Crisis Stall Louisiana’s Hurricane Recovery Bonds
Feb 2 2009 // The U.S. recession and credit crisis have stalled a financing program created to help Louisiana recover from 2005’s devastating hurricanes, the southern state’s secretary for economic development told...
Marine Insurance Group Sees ‘Tough Times’ for Insurers
Feb 2 2009 // According to Deirdre Littlefield, president of the International Union of Marine Insurance (IUMI), “While the insurance industry may be more insulated from failure than others in the financial sector, it will not...
Chubb’s Profits Contracted in 2008
Jan 30 2009 // Fourth quarter profits at Warren, New Jersey-based The Chubb Corp. fell 37 percent to $407 million from $650 million in the same quarter last year. For the full year, net income was down 36 percent to $1.8 billion from...
State Regulators Deny Life Insurers’ Bid for Looser Capital Requirements
Jan 30 2009 // State insurance regulators voted against a proposal to loosen capital requirements for the battered life insurance industry, shooting down hopes for up to $30 billion in relief. The National Association of Insurance...
S&P Assigns Preliminary Ratings to Atlas Re V Securitization
Jan 29 2009 // Standard & Poor’s Ratings Services has assigned its preliminary credit ratings to the $200 million principal at-risk variable-rate notes series 1, 2, and 3 issued by Atlas Reinsurance V Ltd. “The sponsor...
Willis Re Appoints 17 Brokers to Drive Specialty Lines Growth in US, UK
Jan 29 2009 // Willis Re, the reinsurance arm of global broker Willis Group Holdings, announced the appointment of 17 professionals “to extend the global growth of the unit’s specialty lines business.” Willis said the...
Glencairn Names Andrews for Property Binding Business
Jan 28 2009 // Glencairn, a division of Faber & Dumas, the global third-party wholesale insurance broker established in London by Willis, announced that John Andrews has joined the company as Account Executive. He will help...
Former AIG Vice President Sentenced to 4 Years for Reinsurance Scheme
Jan 28 2009 // The former vice president of reinsurance of American International Group Inc. (AIG) has been sentenced to four years in prison for his role in a fraudulent scheme to manipulate AIG’s financial statements, according...
Congress Clears Wage Bill for First Obama Signature
Jan 28 2009 // The Democratic-led U.S. Congress Tuesday gave final approval to what may be the first bill signed into law by President Barack Obama — a measure to reverse a 2007 U.S. Supreme Court decision that made it tougher to...
Hiscox Comments on Renewals, Investments, Currency, Hurricanes
Jan 27 2009 // Bermuda-based Hiscox Ltd. has issued a summary of the January renewals, its expected investment returns and the effect of currency fluctuations, as well as its hurricane loss estimates. Hiscox said it has “seen good...
Ratings: Hannover Re, Scottish Re, NTI, Korean Re, Southern Rock, Ecclesiastical/Ansvar
Jan 26 2009 // A.M. Best Co. has commented that the financial strength rating of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of German reinsurer Hannover Rueckversicherung AG (Hannover Re) remain...
Study: Recession Pressuring Middle Market to Value Price Over Service
Jan 26 2009 // As the U.S. economic slowdown deepens, middle-market companies are reassessing their relationships with insurance brokers and adopting a more bottom-line approach to securing insurance coverage. Historically, middle-market...
Business Moves
Jan 25 2009 // Victoria, Cranbrook Victoria Insurance Co., a subsidiary of Michigan-based USF Insurance Co., has changed its name to Cranbrook Insurance Co. Cranbrook is incorporated in Texas with its headquarters in Farmington Hills,...
Specter of Danger Surrounds Cell Phones in Cars
Jan 25 2009 // Earlier this month, lawmakers in Maine and Delaware said they would consider restrictions on drivers’ cell phone use, but a national safety group says that the only sufficient limit to guarantee safety is a complete...
Insurance Claims for 2008 U.S. Catastrophes to Top $25 Billion
Jan 25 2009 // U.S. property/casualty insurers are expected to pay homeowners and businesses $25.2 billion for 2008 property losses from 37 catastrophes — the fourth highest cost in a decade and the highest frequency in a decade,...
London’s Reach Bolsters U.S. Specialty Lines
Jan 25 2009 // Insurers Catlin, Beazley, Amlin, Hiscox and Newcomer Torus Find Their Niche in U.S. Market Find a need, then fill it,” is a hoary business principle, but making it work is often harder than it looks. However, a...
