Insurers Travelers Cos Inc and Chubb Corp will no longer issue surety bonds with American International Group Inc as a co-participant, according to insurance brokerage Marsh Inc. Surety contracts guarantee the performance of a specific obligation, and are often required …
Fitch Ratings has downgraded the long-term Issuer Default Ratings (IDRs) and Insurer Financial Strength (IFS) ratings of Liberty Mutual Group, Inc. (LMG) and Safeco Corp. (SAF) as follows: LMG–Long-term IDR to ‘BBB’ from ‘BBB+’; –IFS to ‘A-‘ from ‘A’. SAF–IDR …
More than $8 million in disaster assistance has been approved for Missouri from summer storms and flooding. The relief covers the period of June 1st through August 13th, and includes more than $3.7 million for home repairs and temporary housing. …
A California water district official who lied about his military service now faces fraud and theft charges in Pomona. Xavier Alvarez, a board member of the Three Valleys Municipal Water District, is accused of illegally getting medical benefits for his …
Billionaire investor Warren Buffett said Wednesday his Berkshire Hathaway Inc. insurance and investment company would consider buying some units from American International Group Inc., the insurer bailed out by the U.S. government. Buffett said he expressed interest in buying parts …
The U.S. property/casualty industry’s net income after taxes fell more than 50 percent to $15.9 billion in the first half of 2008 on a combination of deteriorating underwriting results and declining investment returns. As a result, the U.S. property/casualty industry’s …
The Oregon Department of Consumer and Business Services (DCBS) recently revoked the licenses of a Portland insurance agent and her agency, and fined the agent $43,714 for misappropriating clients’ premium money, being dishonest with clients, and failing to respond to …
Hurricane Ike will cost the global insurance industry up to $14 billion, Swiss Reinsurance Co. said Tuesday. Ike caused widespread damage in Cuba and the Texas Gulf coast earlier this month. Insured losses from the hurricane are estimated to be …
A former western Pennsylvania police chief was apparently charged with forging doctor’s notes so he could collect sick pay while on suspension. Northern Cambria Borough suspended 49-year-old Kevin Stanek in May after he was arrested for assault and driving under …
Securities and Exchange Commission chief Christopher Cox urged Congress Tuesday to regulate a type of corporate debt insurance that figured prominently in the country’s financial crisis. “I urge you to provide in statute the authority to regulate these products to …