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California Insurance Commissioner, Insurers Settle on Iran Investments
- California Insurance Commissioner Dave Jones and a group of insurers have settled litigation over insurer investments in companies doing business in Iran, it was announced on Friday. The terms of the settlement permit the Jones to “maintain a public list …
Best Revises Chartis, Lexington & Members Outlooks to Stable; Affirms Ratings
- In connection with its revision of its outlook on AIG, A.M. Best Co. has affirmed the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Chartis US Insurance Group and its members and the Lexington …
Best Revises AIG and Subs Outlook to Stable; Affirms Ratings
- A.M. Best Co. has revised the outlook to stable from negative and affirmed the issuer credit rating (ICR) of “bbb” of American International Group. It has also revised the outlook to stable from negative and affirmed the financial strength ratings …
Swiss Re’s Chief Economist Sees Fed Actions Calming Debt Crisis
- Swiss Re’s Chief Economist, Kurt Karl, has predicted that the decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points would help calm some of the turmoil in the global financial markets. …
Arctic Ice Melt Lifts Hopes for Russian Maritime Trade
- When severe snowstorms prevented life-sustaining fuel supplies from reaching the frozen Alaskan town of Nome, U.S. officials turned to a Russian company for help. The relief mission through perilous, ice-choked seas was the first mid-winter fuel delivery to western Alaska, …
Chubb Posts $452M in Q4 Profit, Approves $1.2B Share Buyback
- The Chubb Corporation reported fourth-quarter net income of $452 million, down 27 percent from $620 million net income reported during the same period one year ago. The Warren, N.J.-based insurer said the results were hurt by catastrophe losses as well …
U.S. Taxpayers Still Owed $132.9B From Bailout
- A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven’t repaid from the financial bailout, and some of that will never be recovered. The bailout launched at the height of the financial crisis in September 2008 …
Safety Groups Say Teen Traffic Deaths Rising in Virginia
- Safety groups are urging teenage drivers in Virginia to wear seat belts and slow down following a sharp increase in fatal wrecks. Preliminary statistics show that traffic accidents killed 11 people ages 16 to 20 between Jan.1 and Jan. 24. …
Disaster Loan Deadline Nears For November Nevada Fire
- The deadline is nearing for Nevada residents and businesses affected by November’s brush fire in Reno to apply for Small Business Administration disaster loans. The Caughlin Fire burned more than 3 square miles and destroyed or damaged 42 homes. The …
Honolulu Rail Project Legal Bills Top $1.87M
- Legal bills for Honolulu’s rail project have totaled more than $1.87 million with seven law firms hired. The $5.27 billion, 20-mile rail project is facing a federal lawsuit by opponents including former Gov. Ben Cayetano, who recently announced he’ll run …
Penn.-based Glatfelter Appoints President of Healthcare Practice
- Glatfelter Program Managers, a business unit dedicated to Glatfelter Insurance Group’s program business, appointed Bruce Williams as president of the newly formed Glatfelter Healthcare Practice division. Based in York, Penn., Williams has 37 years of experience in the insurance industry …
California to Vote on New ‘Clean Car’ Regulations
- California, whose greenhouse gas emissions standards lead the U.S., is poised to vote on pushing them further. The new rules, if approved, would require automakers to build cars and trucks by 2025 that emit about three-quarters fewer smog-producing pollutants and …
Health insurer WellPoint Inc. plans to improve primary care doctor payments and start reimbursing physicians for care management it doesn't currently cover as a way boost treatment and save money.
U.S. stocks reversed gains, after the Dow Jones Industrial Average rose to its highest level on a closing basis since May 2008, as a report showed that sales of new homes unexpectedly fell in December.
In a defeat for business groups and the insurance industry, a House panel Thursday narrowly rejected a bill that would add restrictions in "bad faith" legal fights.
The insurer Old Republic International Corp. said Thursday it was profitable in the fourth quarter, as its investment gains quadrupled from a year earlier.
Caterpillar Inc. said Thursday that its fourth-quarter profit jumped 60 percent, boosted by pent-up demand for replacement equipment and continuing economic growth in developing countries.
A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven't repaid from the financial bailout, and some of that will never be recovered.
Shares of WellPoint Inc. tumbled by more than 6% at one point Wednesday after the health-insurance giant reported fourth-quarter earnings that fell short of analyst expectations, raising questions about whether the rest of the sector faces a difficult 2012.
The arrival of the man known as "the Warren Buffett of North" on Research In Motion's board this week offers a ray of hope to the BlackBerry maker's impatient shareholders after their disappointment that an insider was named new chief executive.
WellPoint Inc.'s fourth-quarter earnings sank 39 percent as medical claims soared because of its Medicare Advantage business, but the health insurer raised its quarterly dividend and it forecast earnings growth in 2012.
WellPoint says its fourth-quarter profit sank 39 percent as investment income fell and expenses climbed, but the health insurer raised its quarterly dividend and says it expects earnings growth in 2012.
Two of Canada's biggest private-sector labour unions are formally exploring the possibility of creating a new, merged organization by the middle of next year in order to better protect their members from the demands being placed on them.
MGIC Investment Corp., the mortgage insurer that injected $200 million into a subsidiary last month to keep writing policies, posted its sixth straight loss as borrowers struggled to make home-loan payments.