bank

• Wells Fargo, QBE Agree on $19.3M Force-Placed Settlement

  By Arthur D. Postal, PropertyCasualty360.com  |  May 17, 2013

  Wells Fargo and QBE have agreed to settle a lawsuit dealing with force-placed insurance policies in Florida involving 24,000 borrowers.

• Banks in Cyber Heist Face Uncertainty in Getting Money Back

  By Joseph Ax, Reuters  |  May 13, 2013

  Two banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, says financial, insurance and legal experts.

• Hires and Promotions at Assurance, USG, Worldwide Facilities - Around the Industry

  By Staff Writer  |  May 10, 2013

  Univest and CBIZ acquisitions, Chubb launches iPad app

• ACORD LOMA Session Highlights Disruptive Power of Telematics

  By Michael P. Voelker  |  May 8, 2013

  For years, auto insurers' efforts to achieve greater pricing precision has involved looking backwards—analyzing historical claim data and risk characteristics to determine the right price for a current exposure.

• AIG May Pursue Fraud Case Against BofA over Countrywide

  By Jonathan Stempel, Reuters  |  May 7, 2013

  American International Group Inc may pursue a lawsuit accusing Bank of America Corp's Countrywide unit of causing billions of dollars of losses by fraudulently inducing it to buy risky residential mortgage-backed securities.

• Assured Says to Be Paid $358M As It Settles UBS Suit

  By Reuters  |  May 6, 2013

  Bond insurer Assured Guaranty Ltd said UBS AG will pay it $358 million to settle a lawsuit that accused the bank of falsely representing the quality of the loans underlying $1.49 billion of mortgage-backed securities.

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  West Fertilizer Co. Had $1M in Liability Insurance

  By Chad Hemenway, PropertyCasualty360.com  |  May 6, 2013

  The West Fertilizer Co., site of a massive explosion last month that killed 15 people and damaged or destroyed more than 100 homes, two schools, and multiple businesses, carried $1 million in liability insurance, PC360 has confirmed.

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  M&A Opportunities Ahead

  By Tim Cunningham, Dan Menzer  |  May 1, 2013

  Agency and brokerage mergers & acquisitions have been on a steady upward climb since 2000, except for a blip in 2009 and 2010 due to the collapse of the economy. Those 2 down years were followed by a near blockbuster year in 2011, and the most active year since 2000...

• Bond Insurer MBIA Retains Law Firm as it Looks to Avoid Takeover - Source

  By Karen Freifeld and Jessica Dye - Reuters  |  April 29, 2013

  Bond insurer MBIA is working with law firm Weil Gotshal & Manges as it seeks to avoid possible rehabilitation of its structured finance unit by a New York regulator, says a source familiar with the matter.

• BB&T Revenues Up 35% in Q1; WellsFargo Insurance Services Down 11%

  By Mark E. Ruquet, PropertyCasualty360.com  |  April 24, 2013

  Two major bank-owned insurance brokers reported mixed first-quarter results.

• FSOC to Meet; Nears Designation of Nonbank SiFi

  By Arthur D. Postal, PropertyCasualty360.com, Elizabeth D. Festa, PropertyCasualty360.com  |  April 24, 2013

  The Financial Stability Oversight Council will meet Thursday amid signs that the first designation of an insurer as systemically significant is imminent.

• Bank-owned Brokerages Report Mixed Q1 Results

  By Mark E. Ruquet, PropertyCasualty360  |  April 24, 2013

  Two bank-owned insurance brokers reported mixed first quarter results, with BB&T increasing revenues by 35 percent and Wells Fargo experiencing an 11 percent decline.

• Court Backs AIG Bid for New Venue in Big BofA Fraud Case

  By Jonathan Stempel, Reuters  |  April 22, 2013

  American International Group Inc won a legal victory over where a mortgage fraud lawsuit it brought against Bank of America Corp should be heard, a two-year-old case that has largely been on hold because of the dispute over venue.

• Treasury Undersecretary: No More Bailouts, Regardless of Size

  By Arthur D. Postal, PropertyCasualty360.com  |  April 19, 2013

  There will be no more bailouts of financial institutions, a top official of the Obama administration says in what appears to be an attempt to pre-empt Republican efforts to water down the Dodd-Frank Act.

• New York, QBE Reach Settlement on Force-Placed Policies

  By Bonnie Cavanaugh, PropertyCasulaty360.com  |  April 18, 2013

  QBE Insurance Corporation has agreed to pay $10 million in restitution to New York homeowners it required to buy force-placed insurance as part of a settlement with the New York State Department of Financial Services.

• W.R. Berkley Sells Interest in InsurBanc to a Bank He Chairs

  By Mark E. Ruquet, PropertyCasualty360.com, Arthur D. Postal, PropertyCasualty360.com  |  April 8, 2013

  W. R. Berkley Corp. has sold its interest in InsurBanc as part of a trend by insurance companies to divest their thrifts in an effort to avoid federal regulation.