The mining insurance marketplace was buffeted with losses from every direction in 2011, including $2.7 billion from natural catastrophes, in addition to a total of $835 million from more than 60 operational losses. According to a report from the global insurance broker, Willis Group Holding plc, called the Mining Market Review, the estimate of $3.5 billion in total losses that are faced by insurers in the mining industry has caused the insurance capacity to face a withdrawal of 30 percent since the beginning of last year. The timing of the…
Read MoreTag: financial news
Federal regulators close banks in Florida, Georgia and Pennsylvania, each putting a dent in the nation’s insurance fund
Federal regulators from the Federal Deposit Insurance Corporation (FDIC) seized banks in Florida, Georgia and Pennsylvania late last week. The seizures mark the first bank failures of 2012, continuing an unfortunate trend that began with the economic recession of 2008. Hundreds of banks have fallen prey to closures during the economic crisis. Last year, 92 banks were shut down by the FDIC, markedly lower than the 157 closures seen in 2010. Regulators expect that the number of closures will be lower this year than it had been in previous years.…
Read MoreING Group to abandon plans for combined insurance and investment operations in Europe and Asia
The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…
Read MorePMI Group files for chapter 11 bankruptcy protection
Mortgage insurer PMI Group Inc. has filed for bankruptcy this week. The surprise move comes after Arizona insurance regulators seized control of the company amidst allegations of fraud and malpractice. The insurer sought to overturn the actions of regulators through the court system, but and Arizona judged rejected the company’s claims. The California company, whose mortgage insurance unit is housed in Arizona, is now seeking protection through bankruptcy. The company has listed a scant $225 million in assets, with more than $700 million in debt. PMI is one of the…
Read MoreAIG continues to pay its debt to the U.S. Treasury despite financial turmoil
The U.S. Treasury has received another payment from the American International Group (AIG), one of the nation’s largest insurance organizations. The payment is the latest in a series coming from AIG as part of its massive debt owed to the federal government. To date, the company has repaid $18 billion of the $182 billion provided during 2008’s financial crisis. The company still owes the federal government approximately $50 billion it received from the government’s Troubled Asset Relief Program. This week’s payment totaled $972 million. The insurer has been treading troubled…
Read More
