Stocks Soar by 11% After Aid to Banks
Last week’s stock sell-off gave way to a big rally on Monday as countries around the world took steps to ease the financial crisis, ushering in a drastic reshaping of the banking industry even as doubts lingered about its long-term effects. (Read more!)
Wells Fargo Insurance world's fifth largest broker after making another insurance brokerage acquisition
Wells Fargo Insurance Services -- a unit of San Francisco-based Wells Fargo & Co. -- has acquired the EMAR Group, a large commercial insurance brokerage based in Livingston, N.J., with offices in Florida, Wells said Monday.
Wells Fargo Insurance Services is now the world’s fifth-largest insurance brokerage. (Read more!)
AIG knew of potential problems in valuing swaps-WSJ
Top executives at American International Group Inc knew of potential problems in valuing derivatives contracts, known as credit default swaps, long before questions about the risky transactions caused its stock to plummet, the Wall Street Journal said, citing documents released by congressional investigators. (Read more!)
Obama Expands Economic Plan
Senator Barack Obama on Monday expanded his economic platform, including proposals to spur new jobs, to give Americans penalty-free access to retirement savings to help them through the downturn, to urge a 90-day moratorium on home foreclosures and to lend money to strapped local and state governments. (Read more!)
Market Barometer Report: Impact of Financial Meltdown: Still Pending
Thus far, property and casualty premium rates have not been significantly impacted by the meltdown of a large insurer, several investment banks and the traditional banking system.
According to Richard Kerr, Founder and CEO of MarketScout, "The impact of the financial collapse of name brand banks, insurers and other companies is pending. We may start seeing rating adjustments in October. Terms and conditions for most policyholders had already been agreed in September, prior to the market collapse." (Read more!)
Travelers sees 3Q cat losses of $1.05 billion
The Travelers Cos. Inc. said it expects pretax losses of about $1.05 billion from catastrophes in the third quarter. Travelers estimated that after tax, its losses from the catastrophes—primarily hurricanes Ike, Gustav and Dolly—would be around $690 million net of reinsurance. (Read more!)
Fortis break-up faces shareholder action
Fortis shareholders will launch a legal challenge in the next two weeks against the troubled financial services group's break-up by Belgium, Luxembourg and the Netherlands.
"We are interested in knowing what went wrong and we want better economic treatment for the Fortis shareholders," Peter Paul de Vries, president of Euroshareholders, told a news conference on Monday. (Read more!)
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