September 2008 News

Why AIG was saved
Here's a riddle for you: How did a flailing American International Group persuade the Federal Reserve to throw it a lifeline two days after the feds snubbed a sinking Lehman Bros.? Answer: by failing on a much, much grander scale. (Read more!)

AIG is saved, but top management to be fired
What commodities investing legend Jim Rogers told Commodity Online in an interview seems to be the true reasons that led to the unprecedented financial problems plaguing banking gians like Lehman Brothers, Merrill Lynch and AIG. (Read more!)

Sector Snap: Insurance stocks mostly rise
Shares of major insurance companies mostly rose Thursday, as an analyst said several insurance companies now have an opportunity to gain market share as a result of American International Group Inc.'s credit woes. (Read more!)

Where AIG Went Wrong
Amid all the debate about the long-term impact of an $85 billion federal loan to American International Group (AIG), one thing is clear: The world's most sophisticated insurer proved to be far from adept at managing its own risk. (Read more!)

Market Barometer Report: August Rates Down 10%
The property and casualty composite rate index for August 2008 was down 10%. Workers' Compensation rates moderated the most, coming in at a reduction of 5% as compared to 7% the month before. (Read more!)

Insurance Claim Consultants Disaster Recovery Unit Arrives in Houston to Assist Hurricane Ike Victims With Insurance Claims
The Mobile Claims Unit, owned by Insurance Claim Consultants Inc (ICC), arrived in Houston Friday to assist home and business owners with filing and documenting their insurance claims. ICC works exclusively for the policyholder in cases where a hurricane or other insured peril occurs. (Read more!)

Local insurance agents hold steady with AIG
Local insurance agents have mixed feelings about the federal takeover of American International Group, but they generally have the same message for clients who have AIG insurance: Sit tight.

"On the one hand, I'm always nervous when the government gets involved in private business," said Geoff Gordon, a principal at insurance agency Andrew G. Gordon Inc. in Norwell. "But with AIG's specific liquidity problems and broad reach into so many areas, nationally and internationally, this was the right thing to do." (Read more!)

Market Updates

Nine carriers bid to offer Cover Florida health insurance
Gov. Charlie Crist announced Thursday the state has received nine bid proposals from private health care insurance providers seeking to offer Cover Florida health insurance policies to Florida’s 3.8 million uninsured residents.
Click here for the full story

Vanguard Capital Offers Customers $50 Million in FDIC Insurance Through CDARS
"Bank failures, and general financial turbulence have led many individuals, corporations, and fiduciaries to re-think their banking strategies and many are searching for ways to increase their federally insured protection. Now, it's all about safety," stated John Blake, a Managing Director at Vanguard Capital.
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2008 eInsurance Symposium Report
This week over 300 insurance professionals descended on Dallas, TX to participate in the 2008 eInsurance Symposium with a fantastic result. Despite hurricanes in Houston and the financial markets, the Symposium welcomed insurance agents, brokers, reinsurers, executives, twenty five premier exhibitors, and twenty speakers for a conference that highlighted the entrepreneurial advances, the forces of innovation and coming breakthroughs in the industry.
Click here to read more about the Symposium