Drive Safely This Election Day

"If you use your car to get to the polls, drive safely. Even those who walk need to watch out for cars on election day." (2008-10-31)
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BeatThatQuote panel expands again

"BeatThatQuote.com has added two of Equity’s insurance products to its price comparison panel.
Equity’s home and breakdown products will be integrated into the list of prices compared at the site.
BeatThatQuote is also teaming up with insure.co.uk and insurepink to offer motor insurance.
Including insurepink in its panel enables BeatThatQuote to support the Pink Ribbon Foundation, because insurepink [...]" (2008-10-31)
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Animal Strike Claims and Fatalities Increase

"New analysis of insurance claims and federal crash data indicate rising levels of insurance claims for animal collisions. The Highway Loss Data Institute (HLDI) and its affiliate the Insurance Institute for Highway Safety (IIHS) also report that while most vehicle-animal collisions aren’t severe enough to injure people, crash deaths are increasing. The number of people [...]" (2008-10-30)
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Fiscal H1 loss for Leo

"Leo Insurance Services has posted its results for the six months ending 31st July 2008, with a loss of £15,078, or 0.21 pence per share.
This is compared to a profit of $18,180 in the same period last year.
Operating loss for the six months was £45,000, an increase on the operating loss of £41,000 in [...]" (2008-10-30)
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Hurricanes wipe $600m off Zurich balance sheet

"Switzerland-based Zurich Financial Services Group has estimated its pre-tax aggregate claims payouts from hurricanes Gustav and Ike at $600 million (€466.1 million).
The figure, to be included in Zurich’s nine month interim results, is net of reinsurance recoverables, and includes reinsurance reinstatement premiums.
The vast majority of the payouts, $545 million, relate to Ike, whilst $55 million [...]" (2008-10-30)
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Biba and AIFA may forge closer links

"The British Insurance Brokers’ Association (Biba) has indicated that it may be looking to forge closer links with the Association of Independent Financial Advisers (AIFA).
In the early part of this year, both organisations denied rumours that they could merge but about a fortnight ago the London Market Insurance Brokers’ Committee (LMIBC) announced that it [...]" (2008-10-30)
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Giles completes acquisition of Dickson Insurance Brokers

"Giles Insurance Brokers has completed its acquisition of independent insurance intermediary, Dickson Insurance Brokers.
Watford-based Dickson was established in 1986 and employs 20 full-time staff.
The firm placed gross written premiums of £7.2 million in its last financial year, providing services to individual and corporate clients.
According to its founder, Paul Dickson, the business has a [...]" (2008-10-29)
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FSA assembles insurance task force

"The Financial Services Authority (FSA) is reported to be bringing together a team of independent advisers who can respond to potential crises in the insurance sector, as turbulent markets and a slide in the values of investment portfolios threaten capital positions.
According to The Times, the regulator is also working with the Government to look at [...]" (2008-10-29)
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Reinsurance Market Turning

"It seems like just yesterday we blogged on the round of reinsurance market commentaries released to coincide with the Monte Carlo September Rendezvous (see our September 10 posting). Back then many reinsurers were reticent to speak of actual price increases. More than six weeks on, and the word on the street is that reinsurance executives [...]" (2008-10-28)
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JML cautions against cutting costs on insurance

"Over the course of the last year the global economy has been hit first by the credit crunch, and is now in the grip of a worldwide downturn and probable recession.
In the midst of the economic gloom, jml insurance.co.uk has embarked upon a campaign entitled “Insurance is one essential you can’t afford to be without [...]" (2008-10-28)
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Aon launch Alternative Solutions unit

"The facultative reinsurance arm of Aon Global, Aon Re Global Fac, has launched a new unit dedicated to Alternative Solutions.
The unit has been formed to offer the full breadth of Aon Re Global Fac’s non-standard product range.
The unit will be headed by Paul Cousins and serve to bolster the firm’s present capabilities by providing a [...]" (2008-10-27)
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RGA Q3 profits slump 67%

"Reinsurance Group of America (RGA), a leading international life reinsurance provider, has reported its results for the third quarter, with profit down 67% on year.
Net income for the three months ending 30th September was $25.2 million, or $0.40 per diluted share. This is compared to $76.5 million, or $1.19 per diluted share, in the [...]" (2008-10-27)
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Prudential considers AIG assets bid

"UK-based life insurance firm Prudential is looking to take over more than just the Asian operations of American International Group (AIG), according to a report in the Financial Times.
Prudential, Britain’s second largest life insurer, last week made it clear that it would be bidding for AIG’s Asian business.
Chief Executive Mark Tucker later told the Financial [...]" (2008-10-27)
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Bristol and Doncaster top burglary post codes

"Research from Moneysupermarket.com has identified the UK’s top 20 postcodes where residents are most likely to claim on their home insurance, as the result of a burglary or theft.
Residents of Horsfield in Bristol’s BS7 and Dunscroft in Doncaster’s DN7 postcodes are most at risk, with almost six per cent of households in these areas making [...]" (2008-10-27)
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NU withdraws Paymentshield unemployment insurance

"Norwich Union (NU) has withdrawn its unemployment-only cover, provided through its partnership with Paymentshield, which claims to be the UK’s largest independent supplier of mortgage related insurance products to the intermediary sector.
The withdrawal has been made with immediate effect and analysts expect other insurers to follow suit, given that both the Prime Minister and the [...]" (2008-10-27)
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Aegon Mulls Tapping Netherlands Funding

"The owner of the Transamerica life-insurance company in the U.S. is considering tapping a 20 billion euro fund established by the Netherlands, according to a report.
" (2008-10-27)
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Does My Classic Vehicle Need Specialty Insurance?

"Special insurance might be one of the few ways your classic car doesn't need to be babied. With Allstate, you can include it on your regular auto policy." (2008-10-24)
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I just got engaged. Is my ring automatically covered under my renter's or homeowner's policy?

"If your insurance policy includes coverage for personal property, the ring and your other jewelry will automatically be covered, up to your coverage limit." (2008-10-24)
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Women and Finance

"Farmers Insurance has launched a new Web site for women called Take Away the Worry. The site recognizes women’s growing influence in financial matters. Nine out of 10 women participate in or direct the financial decisions that affect households and the site is designed to provide easy-to-use financial information and fiscal insights. Organized around five [...]" (2008-10-24)
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Treasury Considers Backing Mortgages

"The federal government may start guaranteeing home mortgages to persuade lenders to ease the monthly financial burden on struggling homeowners, Federal Deposit Insurance Corp. Chairman Sheila C. Bair said yesterday.
" (2008-10-24)
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Torchmark Losses Shine Light on Trend

"Despite an apparent conservative approach, Torchmark, like other insurance companies this quarter, has had to recognize large losses.
" (2008-10-23)
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Torchmark Earnings Shine Light on Trend

"Despite an apparent conservative approach, Torchmark, like other insurance companies this quarter, has had to recognize large losses.
" (2008-10-23)
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Market Begins to Stabilize

"Despite a continuing drop in commercial p/c premiums in the third quarter, the latest market index survey by the Council of Insurance Agents & Brokers (CIAB) indicates that the market decline may have leveled off – at least for small and mid-sized accounts. The CIAB said that 69 percent of commercial agents and brokers responding [...]" (2008-10-23)
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Bank of Beijing to acquire insurance arm

"China recently relaxed its financial laws to allow banks to enter brokerage, insurance, and fund management businesses.
Now China-based Bank of Beijing has expressed interest in buying a 50% stake in Chinese life insurance company ING Capital Life Insurance Co from Beijing Capital Group Co.
The two sides have yet to agree terms.
The other 50% of ING [...]" (2008-10-23)
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Ten cheapest cars to insure according to swiftcover

"Swiftcover.com, the online subsidiary of French insurance giant AXA, has been looking into the cost of insuring second-hand cars in the UK and come up with a list of the makes and models that attract its lowest premiums.
Based on vehicles manufactured in 2003, the top ten are as follows: Smart; Fiat Seicento; Skoda Fabia; Toyota [...]" (2008-10-23)
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Racing to Find Car Insurance

"Car insurance companies have slowly clarified their policies to exclude driving on a track. What does this mean for performance enthusiasts?" (2008-10-21)
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Asia and the credit crisis

"Beware the temptation to gloatON SEPTEMBER 26th, as America’s Congress was meeting to debate its bail-out, Dr Mahathir Mohamad, Malaysia’s former prime minister, wrote on his blog: “We cannot forget how in 1997-98 American hedge funds destroyed the economies of poor countries by manipulating their national currencies. When as a result of the so-called trade in currencies the companies in the poor countries faced bankruptcy, the governments were told not to bail out any company or bank which was in deep trouble...Yet today we see the US Government readying $700 billion to brazenly bail out banks, mortgage companies and insurance companies...Desperate to avoid a serious recession the US has abandoned all its principles.”It was an authentic voice of Schadenfreude, comparable to the contemporaneous jeering of Argentina’s president, Cristina Fernandez, who mocked “the era of the Washington Consensus, when we heard that the market would solve everything, that the state was unnecessary” or Bolivia’s president, Evo Morales, who claimed that there are “uprisings against a capitalist economic model around the world and if no one understood that capitalism is destroying the planet, then major problems will go unresolved.” ..." (2008-10-22)
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Brit Insurance steers safely through credit crunch

"UK-based non-life insurer and reinsurer Brit Insurance has reported its results for the third-quarter with gross premiums for the first nine months of the year up 10.5%.
Gross written premiums for the nine months up to 30th September were £1.12 billion, compared to £1.01 billion for the same period in 2007.
Return on investments fared less well, [...]" (2008-10-22)
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Halloween Alternatives to Trick-or-Treating

"Looking for some interesting Halloween alternatives to the usual neighborhood door-to-door trek this year? Insurance.com has some ideas." (2008-10-21)
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Homeowners ROE Outlook Down

"Strong competition and efforts by state regulators to hold down homeowners insurance rates have driven a slight decline in the prospective return on equity in the homeowners line of insurance for 2008, with this year’s prospective ROE at 6.5 percent versus 7 percent in 2007, according to an annual analysis by Aon Re Global. The [...]" (2008-10-21)
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Pru confirms interest in AIG’s Asian business

"Prudential has confirmed that it is considering buying the Asian business of American International Group (AIG), the beleaguered US insurance giant.
AIG is undertaking an extensive programme of disposals, following its $85 billion bail out by the Federal Reserve in mid-September, and Prudential is keen to continue its growth in Asia, which has been a key [...]" (2008-10-21)
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ING sells Taiwanese insurance business to Fubon

"Dutch bank, ING, is selling its Taiwanese life insurance business to Fubon Financial Holdings, for around €447 million (£344 million).
News of the disposal came hours after ING announced that it had agreed a €10 billion injection of cash from the Dutch Government.
Fubon, which describes itself as the most comprehensive financial service group in Taiwan, is [...]" (2008-10-21)
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ABI promotes enhanced risk based supervision

"The Association of British Insurers (ABI) has launch new principles aimed at protecting policyholders and ensuring enhanced risk based supervision.
The body, which represents 90% of operators in the UK insurance market, maintains that overall the insurance industry entered the credit crisis in a strong position.
It attributes this to the sound business models found in the [...]" (2008-10-20)
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Bupa International scores awards hat trick

"Bupa International enjoyed a good night in London at the Health Industry Awards, scooping the Best International Private Medical Insurance Provider award.
It marks the third consecutive occasion that the Brighton-based firm achieved recognition as the top international private medical insurer.
Bupa International, which is the largest international health insurer, has taken the prize on no less [...]" (2008-10-20)
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Rebranding of dd2group as Bircroft Group

"The former dd2group of companies has undergone a makeover by chief executive David Birchenall and co-founder Douglas Gordon and been renamed as Bircroft Group.
Specialist firms which provide property funding and insurance coverage for a wide spectrum of sectors in the British Isles and across the globe comprise the rebranded Bircroft Group.
David Birchenall and Douglas Gordon [...]" (2008-10-20)
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OurNetwork names advisory panel members

"Recently formed broker network OurNetwork has announced the seven members of its broker advisory panel.
The seven are:
Stephen Brennan (Stephen Brennan Insurance Brokers)
Robin Young (One Risk Limited)
Robin Foster-Taylor (Primo plc)
Peter Faulkner (Focus)
John Radford (One Call Insurance Services)
David Crompton (Mercer-Jones Limited)
Barry Fehler (South Essex Insurance Brokers)
All seven are veterans of the industry, who will provide OurNetwork with [...]" (2008-10-20)
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Flagstone acquires Marlborough

"Marlborough Underwriting Agency, the Lloyd’s of London syndicate 1861 managing agency, is to be acquired by Flagstone Reinsurance Holdings Ltd from current owners Berkshire Hathaway.
The acquisition does not include any liability written during or before or the existing Lloyd’s corporate member.
Terms of the deal have not been disclosed, and must be approved by the Financial [...]" (2008-10-20)
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CVC joins forces with Swiss Re in RBS insurance bid

"CVC Capital Partners, the Luxembourg-based private equity firm, is reported to have joined forces with Swiss re, the world’s largest reinsurer, to make a bid for the insurance business of Royal Bank of Scotland (RBS).
The unit, which includes the Direct Line, Churchill, Privilege, UKI and NIG brands, was put up for sale during the summer, [...]" (2008-10-20)
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XL bolsters Southeast presence

"Diann O. Jones has been named by XL Insurance as the firm’s new business development director for the Southeast region.
In her new Atlanta-based role Jones will report directly to Gary Bakalar, XL’s regional executive.
She joins XL Insurance from Maxum Specialty Insurance Company where she was responsible for the firm’s strategic approach to marketing and sales.
In [...]" (2008-10-17)
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Etridge appointed CEO of Glacier Insurance

"Richard Etridge has been named by Glacier Insurance AG as the firm’s new chief executive officer.
In becoming CEO, Etridge succeeds Robbie Klaus and will retain his place in the upper echelons of Glacier’s leadership.
Etridge brings two decades of experience in the insurance sector to the role, and has held a number of senior underwriting positions [...]" (2008-10-17)
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Insurance and the Banking Crisis - What's the Risk to Me?

"The news from Wall Street has been bleak lately, especially for insurance companies. Does this mean you need to start worrying about your life, health, home, or car insurance?" (2008-10-15)
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RBS rumoured to talking to CVC capital on insurance sale

"Royal Bank of Scotland (RBS) is rumoured to be in talks with Luxembourg-based private equity firm, CVC Capital Partners, over the sale of its insurance business.
Both Reuters and The Times have reported that the bank is understood to be negotiating the sale of its Direct Line and Churchill brands and CVC is thought to be [...]" (2008-10-16)
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Fool advises caution in rush for redundancy insurance

"Financial website, Fool.co.uk, has issued a warning about redundancy or unemployment insurance.
With a recession looming and unemployment having risen by a dramatic 164,000 over the three months to the end of August (taking the total to 1.79 million) there may be a rush of people seeking to protect themselves from job loss.
However, this type of [...]" (2008-10-16)
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Bright Grey scoops Innovation Award

"Edinburgh-based insurance provider Bright Grey has enjoyed success at the National Business Awards for Scotland, winning the Innovation of the Year Award.
Bright Grey achieved its award due to its Expert Underwriting service, which is supported by FST Technologies.
Time is a crucial factor in the financial services world, and Bright Grey recognised the traditional underwriting process [...]" (2008-10-16)
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WR Berkley announces BerkleyPro formation and senior appointments

"Property casualty insurance provider W. R. Berkley Corporation has announced the creation of Berkley Professional Liability, LLC (BerkleyPro).
BerkleyPro will be a unit based in New York City, and will offer professional liability products such as directors and officers liability (D&O) insurance.
It will cater to the needs of larger public and non-public entities on behalf of [...]" (2008-10-15)
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America's bank recapitalisation plan

"America’s Treasury announces a package of equity injections and loan guarantees to save the banksWITH luck, the American government’s bank recapitalisation plan will save the financial system, but it is probably too late to save the economy from succumbing to the combined impact of shrinking wealth and the credit crunch.American officials unveiled a three-part rescue programme on Tuesday October 14th. Under the first part, the Treasury will inject as much as $250 billion into American banks, with roughly half initially going to nine big institutions. The capital would come in the form of non-voting preferred stock. Under the second part, the Federal Deposit Insurance Corporation (FDIC) would guarantee unsecured borrowing by banks for maturities of up to three-and-a-half years, at a relatively modest cost of 75 basis points. That would include interbank loans. Under the third part, the FDIC would guarantee without limit small-business bank deposits that do not pay interest. Also on Tuesday the Federal Reserve gave more details of its previously-announced commercial paper backstop programme, which should ease borrowing for big nonbanks, such as GE Capital. ..." (2008-10-14)
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FDIC Shores Up Bank Liquidity

"The FDIC's temporary liquidity guarantee program guarantees new senior unsecured debt issued by financial institutions and provides unlimited deposit insurance coverage on all non-interest bearing transaction deposit accounts.
" (2008-10-14)
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Cramer: Shorts Got Booted Out of Paradise

"The capital injection and insurance by the government mean the cycle is finally over.
" (2008-10-14)
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U.S. to Take $250 Billion Stake in Banks

"The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. unveiled a plan in which the government will buy preferred shares in a bid to shore up confidence in the reeling banking system.
" (2008-10-14)
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Florida Cat Fund Meeting

"Today we offer an example of the potential knock-on effect of the credit crisis on a critical insurance-related issue: natural catastrophe financing. A meeting of the Advisory Council of the Florida Hurricane Catastrophe Fund (FHCF) takes place in Tallahassee, Florida later today. Up for discussion is the claims-paying capacity of the FHCF, an increasingly key [...]" (2008-10-14)
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New equity release partnership is good news for diabetics

"The launch of an equity release partnership has been announced by independent insurance broker Heath Lambert Group, independent equity release adviser Key Retirement Solutions and Diabetes UK.
Diabetes UK, which is the largest British organisation to support those suffering from the illness, is to be the first partner to benefit from the new release by Key [...]" (2008-10-14)
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Groupama Insurances appoints Motor Underwriting Director

"Kevin Kiernan has been named by Groupama Insurances as the firm’s new director of Motor Underwriting.
He joined the firm on 9th October, leaving behind the post of Business Finance head he held with AXA Insurance.
He brings over a decade of industry experience to the role, and has occupied a range of senior positions with both [...]" (2008-10-13)
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Direct to Borrowers: Title Insurance for Sale Online

"In the midst of the worst financial crisis since the 1930s, one that originated in the home mortgage market, it is nice to be able to report some good news. EnTitle Direct Insurance is now selling title insurance directly to borrowers online, with premiums that it claims undercut existing insurers...
" (2008-10-11)
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My Spouse Has a Bad Driving Record. Will That Affect My Insurability?

"In most cases, a bad driving record will not prevent you from obtaining auto insurance. But if your spouse's record shows a significant amount of moving violations, citations, and/or accidents and insurance claims, that may translate into higher premiums." (2008-10-10)
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Credit insurer Coface reviews cover for Baugur

"Coface, the credit insurance group, is reported to have withdrawn cover for suppliers to several retailers that are owned or part-owned by Icelandic group, Baugur.
Baugur is a privately-owned venture capital business that has focussed some of its investment on the UK retail sector.
The move by Coface will have been prompted by fears of a slowdown [...]" (2008-10-10)
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Admiral reports strong Q3

"Admiral has reported its results for the third quarter, with turnover up 13% to £718 million and customer numbers up 17% to 1.71 million.
The car insurance giant said the strong results mean it is still on track to meet its 2008 targets.
CEO Henry Engelhardt said the business is going from ’strength to strength’ with double-digit [...]" (2008-10-10)
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LV’s £150m bid for Highway now ‘unconditional’

"Mutual Society Liverpool Victoria has declared that its £150 million offer for UK-based motor insurer Highway is now wholly unconditional.
In a statement to the stock exchange, Liverpool Victoria Insurance Company said all conditions of the deal - originally struck on 28th August - have been met or waived.
Liverpool Victoria is offering Highway shareholders 73.35 pence [...]" (2008-10-10)
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Japan’s Yamoto Life Insurance goes bust

"Japanese firm, Yamato Life Insurance, has gone bust and is filing with the country’s Financial Services Agency to ask for court protection.
The insurer, which is described as of medium size and is a household name in Japan, has debts of $2.7 billion dollars.
Turbulent markets and tumbling share prices in Tokyo on Friday meant that the [...]" (2008-10-10)
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BIBA responds to LMBC

"The British Insurance Brokers’ Association (BIBA) has confirmed it continues to represent all UK general insurance intermediaries including London Market brokers, following the proposal of a new association for brokers operating in the international wholesale and reinsurance markets.
It is understood that this new association will want to take over the administration of the London Market [...]" (2008-10-9)
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Oval acquires two new brokerages

"Oval Group, the insurance broker consolidator, has made two new purchases: Powell Insurance Brokers of Liverpool and Wrexham-based Williams Insurance Brokers.
The acquisition of Powell, which employs 40 staff and has turnover of £3.4 million, will strengthen Oval’s position in north-west England, where the group has plans for further expansion.
Powell specialises in the corporate sector [...]" (2008-10-9)
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The bail-out bill: Someone to watch over me

"The bail-out law brings more oversight of the Fed and the financial systemTHE 451-page bail-out bill passed by Congress on October 3rd contained reams of extraneous stuff, ranging from $150 billion in tax breaks to increased insurance cover for mental illness. No surprise there. It also includes two little-noticed provisions that portend closer oversight of the financial system and of its single biggest player, the Federal Reserve. The law orders up two reports on regulatory overhaul. The first, by a congressional panel created to monitor exactly how the Treasury is to spend up to $700 billion on mortgage assets and stakes in financial companies, is due by January 20th 2009, the date of the next president’s inauguration. The second, to be written by the next treasury secretary, is due on April 30th. ..." (2008-10-9)
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Marsh appoints G5 global leader

"Insurance broker and risk advisor Marsh has appointed Gilbert Van den Eynde as global leader of its G5 division.
He has worked for Marsh for some time occupying a number of roles, the most recent of which was to be G5’s leader for Europe, the Middle East and Africa.
The G5 division falls beneath the GRM umbrella [...]" (2008-10-8)
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Study: Housing costs soar as pay lags

"The financial squeeze on Americans got tighter over the last decade as housing expenses — everything from mortgage payments and rent, to utilities and insurance — far outpaced the growth in incomes, a new study shows." (2008-10-8)
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Climate Change Initiatives

"A couple of climate change initiatives announced this week remind us that financial risks are not the sole focus for our industry. In the first of these the National Center for Atmospheric Research (NCAR) working with federal agencies and universities as well as the insurance and energy industries has launched a study to examine how [...]" (2008-10-8)
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Credit crunch hits high street; Insurers flee Woolworths

"The turmoil in financial markets has hit the high street with insurers refusing cover to cash-strapped chain store Woolworths.
France-based insurer Coface is now the third and last major credit insurer to withdraw cover from Woolworth’s suppliers, following the lead of Euler Hermes and Atradius.
Being refused credit insurance is likely to have a significant affect on [...]" (2008-10-8)
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The bail-out becomes law, but will it work?

"The bail-out becomes law after the House reverses its rejection. Money markets call for urgent attention“CRISES have the power to unite us in strange ways.” So said Steny Hoyer, the Democratic majority leader in the House of Representatives, in an article on Friday morning that pleaded for passage of the $700 billion bail-out plan. United they were. The House voted by a huge 263-171 margin for the bail-out, a dramatic reversal of the 228-205 rejection on Monday. On Friday October 3rd 172 Democrats backed the bill, up from 140; 91 Republicans did so, up from 65. As the Senate had already approved the bill, it was immediately signed by George Bush. The rejection on Monday was caused by conservative Republicans who said it was socialism, by liberal Democrats who said it did not do enough for poor people, and fears by many that voters would fire them for bailing out Wall Street. The rejection triggered a plunge in stocks and a scramble to sweeten the bill. In the end numerous, mostly unrelated, items have been grafted on, from higher federal deposit-insurance limits to a tax exemption for wooden children’s arrows. The tide was turned because of that, nausea over market turmoil, news that non-farm employment sank by 159,000 in September (the steepest drop in five years) and because of furious business lobbying. ..." (2008-10-3)
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Auto/Homeowners Satisfaction Levels Differ

"The gap in customer satisfaction between homeowners and auto insurance providers has steadily widened during the past five years. The J.D. Power and Associates 2008 Homeowners Insurance Study reports that satisfaction with auto insurers has increased to an average score of 787 on a 1,000 point scale in 2008 up 25 points from 2004. Meanwhile, [...]" (2008-10-7)
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Business as usual for Fortis UK

"Today’s news that BNP Paribas is acquiring the Belgium and Luxembourg businesses of European finance and insurance giant, Fortis, does not affect Fortis UK, which remains in the hands of its shareholders.
Last week, Fortis Group received a significant injection of cash from the governments of Belgium, the Netherlands and Luxembourg, which over the weekend entered [...]" (2008-10-6)
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AIG to sell three Japanese life businesses

"Troubled US insurer, American International Group (AIG), says it will be including three of its Japanese life insurance units in its programme of disposals.
The businesses for sale are Alico Japan, AIG Edison Life Insurance Co and AIG Star Life Insurance Co; Japanese analysts estimate they could be worth over $9.5 billion in total.
In mid-September, AIG [...]" (2008-10-6)
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As loan volume leaps, so do worries about FHA

"In the current credit squeeze, if you have less than a 20 percent down payment, there's pretty much only one major source of mortgage financing available: the Federal Housing Administration, a Depression-era home loan insurance agency that still offers 3...
" (2008-10-5)
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MoneyExpert launches cashback for motorists

"Price comparison website, MoneyExpert.com, has launched a market-wide cashback offer.
In what it claims to be the first offer of its kind, customers using its website to buy car insurance will receive £20 cashback on any policy selected.
Motorist logging on to a search will see the usual table of premium quotes and alongside a new [...]" (2008-10-3)
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Beazley announces raft of senior appointments

"Beazley Group plc has made a plethora of appointments in its upper echelons designed to bolster its capabilities.
Reinsurance division chief Neil Maidment will retain his post and add another, becoming underwriting committee chairman and active underwriter of syndicates 623 and 2623.
Maidment will therefore, in consultation with other divisional heads, will be tasked with the firm’s [...]" (2008-10-2)
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Fortis scraps $4bn asset sales

"Fortis, the Dutch-Belgian banking and insurance group that was bailed out by the Benelux governments this week, has called off $4 billion of asset sales.
The company had been planning to sell half of its asset management arm to China-based Ping An Insurance Co for €2.15 billion ($3 billion), as well as €709 million ($1 billion) [...]" (2008-10-1)
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Buyers queue up for AIG’s Philmalife

"AIG’s Philippine branch has received takeover offers from a number of companies, including Yuchengcos business group.
Jose Cuisia, CEO and president of AIG unit Philippine American Life and General Insurance CO (Philamlife) said only the Yuchengcos have made their interest publicly known.
Asked about the other offers, Cuisia refused to disclose them, saying they were ‘indicated in [...]" (2008-10-1)
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