Industry News
Judge Approves $115 Million AIG Shareholder Settlement
A federal judge on Wednesday approved a $115 million settlement between American International Group Inc. shareholders and former CEO Maurice "Hank" Greenberg and other defendants over alleged ...
New York Fund Closure Could Leave Workers’ Comp Insurers Short on Reserves
Possible changes to a New York special fund could leave workers' compensation insurers under-reserved, an industry executive has warned. The concern involves an unusual feature of the Empire State's ...Fitch: Mexican Insurance Law Changes May Spur M&A
Fitch Ratings said recent changes to Mexican insurance law enhancing the regulatory framework may also spur merger and acquisition activity in the segment. In a recent statement, Fitch said the law ...
Stress Tests Make U.S. Financial System Stronger: Bernanke
Federal Reserve Chairman Ben Bernanke said on Monday the central bank's periodic bank stress tests have made the U.S. financial system more resilient. Contrasting the current state of U.S. banks to ...
W.R. Berkley Divests; Shifts InsurBanc To Connecticut Bank It Controls
InsurBanc -- a federal savings bank founded by the Independent Insurance Agents & Brokers of America and insurer W.R. Berkley Corp. a dozen years ago -- has joined Connecticut Community Bank ...Bond Insurer Ambac Moves Toward Bankruptcy Exit with IRS Settlement
Ambac Financial Group Inc. on Monday said it has reached a $101.9 million settlement of a dispute with the Internal Revenue Service, a key step in the bond insurer's effort to emerge from bankruptcy. ...AIG Files To Dismiss Part Of Greenberg Suit Over Bailout
Insurer American International Group Inc. has asked a court to block Maurice "Hank" Greenberg's efforts to sue the U.S. government on AIG's behalf, saying its former CEO has not proven he should have ...
Pension Funds Chasing Yields Eye Catastrophe Bonds
Pension funds are turning to specialist bonds that bet on the likelihood of a natural disaster, in a search for yield and returns that are not correlated to the rest of the market. What was once ...