Creditors could become the new owners of Ambac Financial Group under the company's restructuring plans as creditors exchange their debt for Ambac's common stock, according to Moody's.
A new report from the Chubb Group of Insurance Companies insists that, now more than ever, fiduciary liability insurance should be included within any corporate risk management program.
The U.S. bore all the risk for its rescue of American International Group under the Troubled Asset Relief Program (TARP), but the program largely benefitted overseas institutions, a new Congressional Oversight Panel (COP) report said.
According to new polling data, Florida Gov. Charlie Crist did not act in the best interest of his constituents when he vetoed an omnibus property insurance bill that would have addressed cost-drivers in the market.
Despite reinsurance costs remaining at "relatively high" rates, Florida domestic insurer Homeowners Choice Inc. said it recorded 2010 second-quarter net income of $1.3 million, compared to $3 million a year ago.
While American International Group is the only property and casualty insurer expected to be deemed "systemically important" under financial services reform, that designation is expected to diminish over time, Moody's said in a recent report.
Tower Group Inc. said 2010 second-quarter net income was $28.3 million, down from $30.6 million a year ago, while gross premiums written increased 26.7 percent from the integration of its CastlePoint and Specialty Underwriters' Alliance acquisitions.