Archive for February, 2010
Applicants allege bias in hiring test
WASHINGTON—Employers could be vulnerable to discrimination charges indefinitely if the U.S. Supreme Court rules in favor of black Chicago firefighter applicants, observers say.
Beecher Carlson settles pay charges
BOSTON—Beecher Carlson Holdings Inc. has agreed to pay $115,000 to settle allegations by Massachusetts that it accepted undisclosed commissions from insurers after negotiating fee-based compensation with clients.
AIG pumps $2.3 billion into reserves at Chartis
NEW YORK—One component of American International Group Inc.’s nearly $9 billion fourth-quarter 2009 loss—a $2.3 billion pretax reserve boost for its commercial insurance operations—raised some concerns with analysts last week.
Four factors contributed to AIG’s $8.9 billion loss
American International Group Inc.’s $8.87 billion fourth-quarter 2009 loss was primarily the result of four factors, according to the insurer:
Banks face tough market for D&O risks
NAPLES, Fla.—When Buffalo, N.Y.-based M&T Bank Corp.
Lloyd’s advising on exchange revival
NEW YORK—Lloyd’s of London officials are advising New York regulators attempting to revive the New York Insurance Exchange, New York Insurance Superintendent James J. Wrynn said last week.
Lloyd’s reforms have little effect on access
LONDON—Reform legislation that sought to open Lloyd’s of London to a broader range of intermediaries has had little impact on the way business finds its way to the marketplace.
Front & Center: Agents and brokers make their voices heard in Congress
Efforts to reform the financial services and health care industries are front and center on this year’s political agendas of agent and broker associations.
Electronic exchange aims to enhance placement process
Proponents of a planned online insurance exchange say the platform isn’t meant to be a new way of conducting insurance business, but rather an up-to-date tool to conduct insurance business more effectively.
Mindsets are split on financial services industry reform
NAPLES, Fla.—With the federal government looking to overhaul regulatory oversight of the financial services industry, banking and legal experts remain split on what measures are necessary to avoid another financial crisis.