Once upon a time when I was an underwriter, my manager was fond of telling me we didn't sell a product, we sold a promise. And at a high level, he was entirely correct.

Gennet Purcell has been appointed commissioner of the Department of Insurance, Securities and Banking for Washington, D.C., Mayor Adrian M. Fenty announced today.

Oakland, Calif.-based EQECAT said it has updated its WORLDCATenterprise modeling software to include relevant information about North Atlantic hurricanes, European floods and earthquakes.

Despite American International Group's recent profitable quarter, Moody's Investors Service said its outlook remains negative and it has doubts about the company's ability to fully repay its government loans.