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Superstorm Sandy has shut down the downtown Manhattan offices of New York state insurance regulators, causing a scramble to continue delivering essential services to the public and industry.
Property insurer Chubb Corp, a major player in the U.S. Northeast, has suspended share buybacks because it is unsure how large its losses will be from Superstorm Sandy.
A jury in Mahoning County, Ohio has determined that Nationwide Insurance must pay former agent Christine Lucarell $42.8 million in damages related to charges that the insurer breached its contract with Lucarell and fraudulently misrepresented the terms of her employment.
Mortgage insurer MGIC Investment Corp said it would pay Freddie Mac $267.5 million to settle a dispute that had threatened to stop it from writing new insurance throughout the United States.
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