Breaking newsNortel retirees welcome Ontario pension rescuePosted on February 8, 2010 5:45 p.m. CENTRAL TORONTO (Reuters)—Ontario pensioners of Nortel Networks Corp. said Monday they can rest easier after the provincial government pledged to provide funds that will help top up their modest payouts from the failed telecoms equipment giant. » Hartford swings to quarterly profitPosted on February 8, 2010 4:45 p.m. CENTRAL HARTFORD, Conn. (Reuters)—Hartford Financial Services Group posted a fourth-quarter profit, helped by better results in its life insurance and property/casualty insurance businesses. » HHS secretary wants Anthem to justify rate hikePosted on February 8, 2010 4:32 p.m. CENTRAL WASHINGTON—Health and Human Services Secretary Kathleen Sebelius on Monday asked the president of Anthem Blue Cross in California to justify an expected 39% rate hike. » Conn. power plant explosion covered by several insurersPosted on February 8, 2010 4:09 p.m. CENTRAL MIDDLETOWN, Conn.—The fatal Feb. 7 explosion and fire at a Connecticut power plant being constructed by Kleen Energy Systems L.L.C. is covered for property damage and business interruption losses under a policy on which several insurers participate, market sources said Monday. » Risk Retention Reporter founder Karen Cutts diesPosted on February 8, 2010 2:48 p.m. CENTRAL PASADENA, Calif.—Karen Cutts, founder, managing editor and publisher of the Risk Retention Reporter, died last week after a long battle with pancreatic cancer. » Obama calls for bipartisan summit on health carePosted on February 8, 2010 2:31 p.m. CENTRAL WASHINGTON—President Barack Obama says he wants to convene a half-day, televised bipartisan session at the White House later this month in an attempt to break the political stalemate on health care reform legislation. » AIG hires exec to oversee finance, riskPosted on February 8, 2010 10:30 a.m. CENTRAL NEW YORK (Reuters)—American International Group Inc. on Monday named a KeyCorp vice chairman and financial services veteran to a newly created post overseeing finance, risk and investments. » Goldman's payment demands on AIG probed: ReportPosted on February 8, 2010 12:00 p.m. CENTRAL NEW YORK (Reuters)—U.S. regulators are investigating whether the mortgage insurance market was improperly distressed in 2008 because of payment demands that Goldman Sachs Group Inc. and other banks made on American International Group Inc., The New York Times reported on Sunday. » Best affirms rating, upgrades outlook for CNAPosted on February 8, 2010 12:01 p.m. CENTRAL OLDWICK, N.J.—A.M. Best Co. Inc. on Monday upgraded its outlook of CNA Insurance Cos. and its members to stable from negative and affirmed its financial strength rating of A. » Lloyd's of London outlines three-year strategyPosted on February 8, 2010 11:22 a.m. CENTRAL LONDON—Lloyd’s of London said Monday that its strategy over the next three years is to maintain its market position while preparing for challenges from an evolving regulatory landscape. » CVS Caremark profit tops viewPosted on February 8, 2010 11:00 a.m. CENTRAL WOONSOCKET, R.I. (Reuters)—CVS Caremark Corp. posted a bigger-than-expected rise in quarterly profit Monday as it began to attract more business to its pharmacy benefits management unit. » Industry groups seek delay in Medicare payer rulesPosted on February 5, 2010 3:52 p.m. CENTRAL WASHINGTON—Two property/casualty insurance industry groups and a self-insurance group asked the U.S. government Friday to delay implementation of mandatory Medicare secondary payer reporting requirements. » Property/casualty rates fall 4% in January: MarketScoutPosted on February 5, 2010 3:31 p.m. CENTRAL U.S. commercial property/casualty insurance rates declined an average of 4% in January compared with those of a year earlier, MarketScout said Friday. » N.Y. to publish final producer disclosure rule Feb. 10: IIABNYPosted on February 5, 2010 2:32 p.m. CENTRAL NEW YORK—The New York State Insurance Department will publish its final producer compensation disclosure regulation in the New York State Register on Feb. 10, according to the Independent Insurance Agents & Brokers of New York Inc. » Senate financial services reform efforts stallPosted on February 5, 2010 1:06 p.m. CENTRAL WASHINGTON—The top Democrat and top Republican on the Senate Banking, Housing and Urban Affairs Committee have reached an “impasse” on financial services reform, Sen. Chris Dodd, D-Conn., the panel’s chairman, said in a statement Friday. » Top exec at AIG-owned aircraft leasing unit retiresPosted on February 5, 2010 1:02 p.m. CENTRAL NEW YORK—The director and CEO of International Lease Finance Corp., the aircraft leasing unit of American International Group Inc., has retired effective Friday, AIG said. » Aon revenues up slightly in 2009Posted on February 5, 2010 10:11 a.m. CENTRAL CHICAGO—Buoyed by its 2008 acquisition of Benfield Group Ltd., Aon Corp. on Friday reported total revenue of $7.6 billion for 2009, a 1% increase over 2008. » Aetna quarterly profit misses Wall Street viewsPosted on February 5, 2010 10:30 a.m. CENTRAL NEW YORK (Reuters)—Aetna Inc. posted lower-than-expected quarterly profit on Friday, hurt by costs at its disability insurance business, and forecast 2010 earnings below Wall Street's target. » Underwriting, rates drive Zurich profits for 2009Posted on February 4, 2010 4:42 p.m. CENTRAL ZURICH—Disciplined underwriting and rising rates helped Zurich Financial Services Group Inc.'s profits jump 6% to $3.22 billion in 2009. » Cuomo charges Bank of America, ex-CEO with fraudPosted on February 4, 2010 4:15 p.m. CENTRAL NEW YORK/ORLANDO, Fla. (Reuters)—New York's attorney general charged Bank of America Corp., former CEO Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the acquisition of Merrill Lynch & Co. » Nonprofits urge Congress to ease pension funding rulesPosted on February 4, 2010 4:17 p.m. CENTRAL Several nonprofit trade associations on Thursday urged Congress to temporarily ease pension plan funding requirements, warning that they will have to lay off employees if legislators fail to act quickly. » Barclays comes to AIG's aid in derivatives dealsPosted on February 4, 2010 2:45 p.m. CENTRAL NEW YORK (Reuters)—Not all the derivative contracts American International Group Inc. wrote on complex securities backed by now-toxic mortgages have ended up being a disaster. » S&P lowers Berkshire insurance units' financial strength ratingPosted on February 4, 2010 2:17 p.m. CENTRAL NEW YORK—Standard & Poor’s Corp. on Thursday lowered the financial strength rating of Berkshire Hathaway Inc.’s main insurance operations to AA+ from AAA, citing the pending acquisition of Burlington Northern Santa Fe Corp. as driving the downgrade. » Senate Democrats back COBRA subsidy extensionPosted on February 4, 2010 2:06 p.m. CENTRAL WASHINGTON—Top Senate Democrats on Thursday said extending federal COBRA health insurance premium subsidies provided to involuntarily terminated employees will be part of a high-priority bill to reduce unemployment. » Illinois court strikes down medical malpractice cap lawPosted on February 4, 2010 12:00 p.m. CENTRAL CHICAGO (Reuters)—The Illinois Supreme Court on Thursday declared unconstitutional a 2005 state law that capped damage awards for a plaintiff's pain and suffering at $500,000 against doctors and $1 million against hospitals. » |
