Massachusetts Sues Banks Over Foreclosures

Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the “robo-signing” of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue. The lawsuit named Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and GMAC

Munich Re: Uncertainty,’ Economic Crisis, Challenge Re/insurers

A bulletin from Munich Re names the “sovereign debt crisis in Europe and the USA, a sustained phase of low interest rates and heavy natural catastrophe burdens,” as well as general uncertainty in the re/insurance markets as posing “significant challenges for insurers and reinsurers.”  Munich Re singled out “the increasing interconnection of risk,” which has resulted in “areas of regional and industrial accumulation” that have led to “greater uncertainty” and “a challenge to the insurance market.” The entire sector is particularly affected by the low-interest-rate environment. “Our prudent investment strategy is now proving its worth; investment diversification is more important than ever,” noted Ludger Arnoldussen, member of Munich Re’s Board of Management.

Tech Chiefs Take on Standards, the iPad, the Light Bulb at Surplus Lines Conference

Thomas Alva Edison would have been glowing had he been at the “Technology Issues in the U.S. & U.K.” panel discussion at the annual National Association of Surplus Lines Offices (NAPSLO) conference in San Diego on Wednesday.

Surplus Lines Execs Address Leadership, Perpetuation

Four industry leaders attempted to tackle explaining the definition of “leadership” and what it takes to be a leader, while addressing perpetuation concerns during the “Next Generation Panel Discussion: Developing the Future Leaders of Our Industry” at the annual National Association of Professional Surplus Lines Offices (NAPSLO) conference in San Diego on Wednesday. The panel consisted of Steven Gross, chairman and CEO of Springfield, N.J.-based Metro Insurance Services Inc., Letha Heaton, vice president of marketing for Cherry Hill, N.J.-based Admiral Insurance Co

Keeping Up With The Latest Insurance News

[fivefilters.org: unable to retrieve full-text content] The political games never seem to end, and in the process, the damage falls squarely on the shoulders of the voting and non-voting citizens. The lawmakers seldom consider the burdens put on the wage earners who are supposed to pay taxes that fund government programs and pay lawmaker salaries and benefits

Validus Touts ‘Superior Proposal’ for Transatlantic; Allied Says It’s a Done Deal

There seems to be a slight divergence of views between Validus Holdings and Allied World over the current status of their respective efforts to acquire Transatlantic Holdings, Inc. Following Transatlantic’s decision to reject its latest offer, and to file a lawsuit against it to boot, Validus issued a statement reiterating that its offer is superior to Allied World’s. Chairman and CEO Ed Noonan expressed his company’s disappointment over the decision, but said he was “not surprised by today’s response from the Transatlantic Board, particularly given their prior demand that we agree to a restrictive standstill before entering into discussions regarding our Superior Proposal.” Noonan described the actions of Validus’ board as “nothing more than a poorly disguised attempt to prevent us from bringing our Superior Proposal to Transatlantic stockholders.” He also accused the board of taking “further steps to entrench themselves by establishing a poison pill, initiating meritless legal action, and changing corporate by-laws in an apparent effort to more easily manipulate stockholder meetings.

NZ Minister Says Deal in Global Climate Talks ‘Still within Reach’

A global deal on a pact to succeed the U.N.’s main climate agreement is still within reach but will not be struck this year, with the pace of talks still far too slow, New Zealand’s top climate negotiator said on Wednesday. Inevitably, there would be a gap after the Kyoto Protocol’s first period expires in 2012, Minister of Climate Change Negotiations Tim Groser said in an interview after delegates from 35 nations attended two days of climate talks in Auckland

Guernsey Removed from U.S. “Blacklist”

The island of Guernsey’s Chief Minister, Lyndon Trott, met with officials in Washington this week as part of a series of discussions that have been conducted for a number of years. The dialogue between U.S. officials and the island’s representative produced a positive result, as Guernsey has been removed from Democratic Senator Carl Levin’s “blacklist.” The meetings have focused on strengthening ties between the Guernsey and U.S.

Geneva Association Appoints Inscoe to Head Institutional Relations

International insurance think tank, The Geneva Association, announced the appointment of former Secretary General of the International Association of Deposit Insurers (IADI) and Deputy Director of the Federal Deposit Insurance Corporation (FDIC), Donald Inscoe, as Head of Institutional Relations. He began his career as a supervisory policy analyst and bank examiner at the FDIC, subsequently moving to the Federal Financial Institutions Examination Council.

Lloyd’s Sees Opportunities in Emerging Markets

As levels of international trade and the importance of emerging economies increase, Lloyd’s has been very active in its efforts to open up access to overseas markets. However, in an article on its web site it called for “greater co-operation between market participants, Lloyd’s and its country managers,” which “could create even greater opportunities.”  Lloyd’s notes that despite the global financial crisis, “many emerging markets in Asia, Latin America and other parts of the world continue to grow. This trend offers opportunities to a global insurance market like Lloyd’s, but it also presents challenges,” explained Jose Ribeiro , Director, International Markets at Lloyd’s

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