December, 2007
GREENWICH, Conn.?Former reinsurance industry executives James N. Stanard and Rod Fox are launching a new underwriting management firm with the help of venture capital. The firm, Greenwich, Conn.-based New Asset Class Management, will be wholly owned by F&S Ventures, a privately held investment...
COLUMBUS, Ohio?The Ohio Bureau of Workers Compensation is being sued by insureds claiming that its group program forces employers not participating in a group to subsidize those that are, a bureau spokesman said. The Bureau received the lawsuit filed in state court on Wednesday and is still...
WASHINGTON?Congress has passed a bill to reauthorize the government health insurance program for uninsured children, eliminating several provisions that would have affected employers. The House on Wednesday and Senate on Tuesday agreed to extend funding through March 31, 2009, for the State...
NEW YORK (Reuters)?MBIA Inc., the world's largest bond insurer, said it has exposure to $30.6 billion in complex mortgage securities that it insures, an amount that eclipses its entire net worth. MBIA'S stock plunged by 27% on Thursday, bringing its total decline for the year to more than 70%. MBIA...
NEW YORK?Lloyd?s of London said Wednesday that Wendy Baker, president of Lloyd?s America Inc., will leave the organization at the end of the month. Sue Langley, head of market operations and North America at Lloyd?s offices in New York, announced earlier in the week that Ms. Baker had decided to...
NEW YORK?Federal authorities have charged a former human resources vp of American International Group Inc. and three accomplices with defrauding the insurer of $1.1 million with phony bills for employee search services. FBI agents and local police arrested John J. Falcetta, a former vp with AIG?s...
WASHINGTON (Reuters)?The White House said on Wednesday it was reviewing a bill that would renew the federal government's terrorism risk insurance program for seven years. "We are reviewing that bill," said White House spokeswoman Dana Perino in a briefing with reporters in answer to a question...
HAMILTON, Bermuda?Bermuda Premier Ewart F. Brown of Bermuda?s Progressive Labor Party has won another term in office. The Tuesday general election victory grants the ruling PLP party a third term in office. Mr. Brown won another term as premier in a race against United Bermuda Party leader Michael...
WASHINGTON?Medicare legislation unanimously approved by the Senate on Tuesday would allow federal regulators to craft reporting requirements for employers and health plan administrators to ensure that group plans?not Medicare?pay bills of older employees who continue to work after they become...
NEW YORK (Reuters)? Deutsche Bank will pay Enron Corp. creditors $25 million and receive $35 million as part of a settlement in a larger lawsuit over banks' responsibility for the demise of the energy trading company. Deutsche Bank agreed to essentially give up $416 million of claims against...
