Two insurance companies that guaranteed payments on Detroit's voter-approved general obligation bonds sued the city in U.S. Bankruptcy Court on Friday over its Oct. 1 default on $9.37 million in payments due to bondholders.
Radian Group Inc, the biggest private U.S. mortgage insurer, wrote the second-highest quarterly volume of new insurance in its history, helped by a recovering housing market and fewer loan defaults.
American International Group Inc has agreed to settle a $274 million lawsuit by a former executive who said the insurer refused to pay him during the financial crisis in 2008.
By winning the class certification, the plaintiffs would have more leverage to extract larger financial settlements than if they were to sue individually.
Italy's embattled justice minister rejected on Tuesday accusations she had used her influence to get the ailing daughter of a disgraced insurance magnate out of jail, but said she would quit if she lost parliament's support.
Italy's embattled justice minister rejected on Tuesday accusations she had used her influence to get the ailing daughter of a disgraced insurance magnate out of jail, but said she would quit if she lost parliament's support.
A U.S. housing regulator said on Tuesday that it would ban some fees and commissions that borrowers are compelled to pay when their own home insurance coverage lapses.
German reinsurer Hannover Re said it targeted net profit of around $1.2 billion in 2014, more than its expected target for this year, due in part to rising premiums.