Latest USA Headlines
All the headlines from our USA Topic Page, ordered by recency.
Prudential to Sell Securities Brokerage Business Stake to Wells Fargo
Dec 4 2008 // Prudential Financial Inc., the second-largest U.S. life insurer, said it plans to sell its 38 percent stake in the Wachovia Securities brokerage to Wells Fargo & Co. The stake is worth about $5 billion, or more than...
U.S. Supreme Court Stays Out of West Virginia Damages Case
Dec 3 2008 // The U.S. Supreme Court is refusing to enter a politically charged case from West Virginia, a major coal producing state, that involves a large punitive damages award and allegations of bias by a state judge. In an order...
AIG in Deal with U.S. Government to Terminate Some Debt Obligations
Dec 3 2008 // American International Group Inc. and the U.S. government have reached an agreement to clear the insurer of its obligations on about $53.5 billion in toxic mortgage debt, the giant insurer said in a regulatory filing...
FDA Cites Progress on Food Safety
Dec 3 2008 // The U.S. Food and Drug Administration says it is making “significant progress” with its one-year program to protect both domestic and imported food from accidental and intentional contamination. “Science...
Fairfax to Buy Rest of Northbridge for $550 Million
Dec 2 2008 // Fairfax Financial Holdings said Monday it plans to spend C$686 million (US$550 million) to buy the remaining shares of Canadian property and casualty insurer Northbridge Financial that it does not already own. Fairfax,...
AIG Offers First Takaful Homeowners Insurance Product for U.S.
Dec 2 2008 // Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, is introducing what it says is a first in the U.S.: a homeowners insurance product that is compliant with key Islamic finance tenets and...
Business Moves
Nov 30 2008 // Arthur J. Gallagher The HR Group International insurance broker Arthur J. Gallagher & Co. reported it has acquired The HR Group, LLC of Brentwood, Tennessee. Terms of the transaction were not disclosed. The HR Group...
There’s No Wrong or Right Time for an M&A
Nov 30 2008 // But Finding Financing Has Gotten Tougher When it comes to acquiring an agency or selling, timing is everything. Hard market or soft market, good business environment or bad, the decision on whether to merge, acquire or...
Lloyd’s Expects U.S. To Adopt Federal Regulation of Insurance
Nov 30 2008 // Pushed by the global economic crisis, the United States is expected to embrace federal regulation of the insurance industry as early as 2009, according to some financial and insurance executives. Federal regulation —...
All Claims Are Local
Nov 30 2008 // Multinational Claims Require Knowledge of Culture, Currency and Legal Climate In today’s borderless global economy, claims can arise in just about any part of the world where a company does business. Even small and...
Ex-Pennsylvania Judge Found Guilty of Insurance Fraud
Nov 30 2008 // A retired Pennsylvania appellate judge was convicted of mail fraud and money laundering after prosecutors said he lied about neck and back injuries in a fender bender to collect $440,000 from two insurance...
U.S. Finalizes Patient Safety Rules
Nov 26 2008 // The U.S. Department of Health and Human Services has issued a final rule for Patient Safety Organizations (PSOs). The rule becomes effective on Jan. 19, 2009. It provides final requirements and procedures for PSOs, new...
Treasury Undecided Over Federal Bailout Funds for Life Insurers
Nov 26 2008 // Life insurance companies, nervous over massive investment losses that could ultimately threaten their viability, are hoping they are next in line to get a piece of the U.S. financial bailout. They argue federal funds could...
AIG Uses Sale of Stock to U.S. Treasury to Lower Loan Amount
Nov 26 2008 // American International Group, Inc. (AIG) reported that it will use the proceeds from a U.S. Treasury purchase of some of its preferred stock to reduce what it owes the federal government. The Treasury bought four million...
Court Lets Kentucky Sex Abuse Case Against Vatican Proceed
Nov 26 2008 // A lawsuit against the Vatican alleging top church officials should have warned the public or authorities of known or suspected sexual abuse of children by priests here can go ahead, a federal appeals court in Kentucky...
OECD Says Changes Needed in US, EU Market Supervision
Nov 25 2008 // Overhauls of U.S. market supervision and European policy coordination are needed to plug regulatory gaps highlighted by the market crisis, the OECD said in its latest economic outlook. Initially billed as a first step to...
IAG Estimates Queensland Storm Claims at $38 to $44 Million
Nov 24 2008 // The Insurance Australia Group Limited (IAG) announced that it has received around 6,000 claims as a result of the storms that hit southeast Queensland (See IJ web site –...
Successive Hurricanes: Potential Windfall for Insureds?
Nov 24 2008 // The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana...
AEGON’s Bid for TARP Cash Doomed
Nov 21 2008 // A Dutch insurer’s experimental bid to tap the U.S. government for bailout cash looks doomed to failure, closing off an avenue for other insurers. Aegon NV said this week it was mulling buying a small U.S. bank to...
Bush Briefed, U.S. Consulting Allies on Somali Pirate Menace
Nov 21 2008 // President George W. Bush has been briefed about increasing attacks by Somali pirates off east Africa, and the United States is consulting with other U.N. Security Council members on ways to combat the threat, the White...
