St. Louis-based Brown Shoe Co. has filed suit against two of its insurance companies alleging that they failed to cover the costs of asbestos litigation and an environmental clean up. Brown Shoe alleges that Hartford Accident & Indemnity Co. and First State Insurance Co. breached its contract and failed to indemnify the company. Both insurers are a part of The Hartford Financial Services Group.
[...] last year, ratings agencies downgraded the financial strength of CIB's insurers--New York-based Ambac Financial Group Inc. and Armonk, N.Y.-based MBIA Inc. The terms of the bonds now require CIB to either buy new surety policies or find $26.3 million in cash for a reserve by September. "[...] two years ago, the idea that a major bond insurance company, especially Ambac and MBIA, could be downgraded was unfathomable," said The Bond Buyer's Resnik.
NEW YORK - Wall Street finished mostly higher Tuesday after billionaire investor Warren Buffett offered to help out troubled bond insurers, easing some of the market's concerns about further deterioration in the credit markets. The Dow Jones industrials rose more than 130 points. In an interview on CNBC, Buffett said his Berkshire Hathaway Inc. holding company has offered a second level of insurance on up to $800 billion in municipal bonds. The reinsurance offer is for bond insurers Ambac Financial Group Inc., MBIA Inc. and Financial Guaranty Insurance Co., known as FGIC.
If it feels like being a bank director nowadays is relatively more risky than, say, serving on the board of the local manufacturing company, you're right. At least, that's what insurers seem to think. A February report by Aon Financial Services Group, the insurance brokerage, found that while overall rates charged by insurers for directors and officers liability coverage fell 18.99% for the year that ended in December 2007, the tab for insuring directors of banks and securities firms soared by almost the exact same amount- 18.66%.
NEW YORK (HedgeWorld.com) - In a letter last week, Bill Ackman, the founder of activist hedge fund Pershing Square Capital Management, blasted Moody's Investor Services, Standard & Poor's and Fitch Ratings for failing to downgrade the ratings of bond insurers like MBIA Inc. and Ambac Financial Group Inc., also called monoline insurers, given recent capital concerns around them. MBIA and Ambac, the two largest U.S. bond insurers, are in trouble because they jumped into the structured product sector - in particular collateralized debt obligations - moving away from their original mission to insure debt in the more benign municipal bond sector. Now that the monoline insurers are exposed to the toxic part of the bond market and their credibility has been called into question as their solven...
NEW YORK -- Wall Street finished mostly higher Tuesday, after billionaire investor Warren Buffett offered to help out troubled bond insurers, easing some of the market's concerns about further deterioration in the credit markets. The Dow Jones industrials rose more than 130 points. In an interview on CNBC, Buffett said his Berkshire Hathaway Inc. holding company has offered a second level of insurance on up to $800 billion in municipal bonds. The reinsurance offer is for bond insurers Ambac Financial Group Inc., MBIA Inc. and Financial Guaranty Insurance Co.
NEW YORK Wall Street finished mostly higher Tuesday after billionaire investor Warren Buffett offered to help out troubled bond insurers, easing some of the market's concerns about further deterioration in the credit markets. The Dow Jones industrials rose more than 130 points. In an interview on CNBC, Buffett said his Berkshire Hathaway Inc. holding company has offered a second level of insurance on up to $800 billion in municipal bonds. The reinsurance offer is for bond insurers Ambac Financial Group Inc., MBIA Inc. and Financial Guaranty Insurance Co., known as FGIC.
NEW YORK, June 22 /PRNewswire-USNewswire/ -- The Group of North American Insurers (GNAIE) commended the Financial Accounting Standards Board (FASB) for moving toward a model for calculating claims reserves for property/casualty insurance companies that reflects the ultimate amount expected to be paid to fulfill contractual obligations to policyholders as they come due. Jerry de St. Paer, executive chairman of the Group of North American Insurance Enterprises (GNAIE), expressed support for FASB's direction of measuring short-term property/casualty insurance contracts using a non-discounted, ultimate contractual fulfillment model with no risk margins that reflects the ultimate amount expected to be paid.
Since 1906, A.M. Best Co has been issuing financial strength ratings -- opinions on the ability of individual insurance companies to pay claims on the coverage they have underwritten. These financial strength ratings evolved over the decades as the insurance industry grew more complex. A select group of insurers has consistently maintained strong financial strength ratings for the past 75 years despite catastrophic storms and tough economic times. To identify the companies with the longest record of consistent financial strength. Best's analysts pored over the rating agency's proprietary data -- primarily Best's Key Rating Guides and Best's Insurance Reports -- to accumulate and verify ratings and other pertinent data dating back to 1905. A.M. Best's Rating scale has changed over time i...
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