Lloyds Banking Group took another 1 billion pound ($1.6 billion) hit to compensate customers mis-sold loan insurance, taking its charge for the scandal to 5.3 billion and dragging it to a third-quarter loss.
Insurers could be caught up in a fresh regulatory backlash triggered by banking scandals such as the Libor rate-rigging affair, the head of the Lloyd's of London insurance market said.
Insurers could be caught up in a fresh regulatory backlash triggered by banking scandals such as the Libor rate-rigging affair, the head of the Lloyd's of London insurance market said.
Insurance rates continued to rise in the third quarter for both businesses and individual customers, extending the pricing power that developed late last year, insurer Travelers Cos Inc said on Tuesday.
American International Group is on the verge of becoming the first insurance holding company ever regulated by the federal government as the Treasury Department launches a public offering of $18 billion of AIG stock.
American International Group is on the verge of becoming the first insurance holding company ever regulated by the federal government as the Treasury Department launches a public offering of $18 billion of AIG stock.
In the wake of Barclays Bank admitting to manipulating Libor (the London Interbank Offered Rate, used by banks to set the interest rate they charge when borrowing from one another), other financial institutions are now on notice over their involvement. Some banks artificially inflated or deflated their rates, depending on...
Jeff Grange, senior vice president, head of professional lines for the specialty underwriter Torus, speaks with PC360 about how the unfolding Libor scandal will affect the professional services insurance market for financial institutions.
Jeff Grange, senior vice president, head of professional lines for the specialty underwriter Torus, speaks with PC360 about how the unfolding Libor scandal will affect the professional services insurance market for financial institutions.
MGIC Investment Corp, one of the largest U.S. mortgage insurers, is caught between a weak housing market and a very big customer, raising questions about the future of the money-losing company that writes 20 percent of private mortgage guarantees.