First BanCorp Reports Earnings for the Quarter Ended September 30, 2008 Oct 28, 2008
The decrease in net charge offs as compared to the third quarter of 2007 and the stability as compared to the second quarter of 2008 is attributable to the changes in underwriting standards implemented since late 2005 and as a consumer loan portfolio with an average life of approximately four years has been replenished by new originations under these revised standards. Net charge-offs for the third quarter of 2008 decreased as compared to the previous trailing quarter ended on June 30, 2008. (PR Newswire)
Drug industry spends $13 million on 'thanks' ads Oct 24, 2008
WASHINGTON (AP) -- The pharmaceutical industry is underwriting one of the biggest issue ad campaigns of the election season - a $13 million televised "thank-you" to 28 lawmakers, most of them Democrats, who supported legislation last year to expand a children's health insurance program. Insured children are more likely to have access to treatment and preventive care, the ads note. (Concord Monitor)
102nd Assembly District Oct 24, 2008
With this legislation, we took vital steps to prevent a future mortgage crisis by increasing consumer protections against sub-prime loans and minimum underwriting standards, while holding predatory lenders accountable for making reasonable and good-faith determination of the borrower's ability to repay the loan. Furthermore, mortgage fraud is now classified as a crime under New York's Penal Law, which will give law enforcement the tool they need to crack down on deceitful mortgage practices. (MIllbrook Voice Ledger, NY)
Center Bancorp, Inc. Reports Increase in Third Quarter 2008 Earnings Oct 24, 2008
As we continue to move through this economic downturn, we are focused on aggressively managing the risks associated with the current credit cycle and underwriting standards ... Our home equity portfolio is sound and was originated with conservative underwriting practices,'' remarked Mr. Weagley. (Primezone Releases)
First Defiance Announces 2008 Third Quarter Earnings Oct 21, 2008
"We've historically taken great pride in our asset quality and I still believe our underwriting standards are sound," said Mr. Small. "However, we now have situations where good customers are struggling to make their payments. In some cases, they're in industries that are in the thick of the current downturn and in other cases health issues or other factors have caused them to fall behind. At the same time, real estate values have declined and some collateral-dependent loans no longer have... (PR Newswire)
Swiss Re and CVC in 3bn joint bid for Churchill and Direct Line Oct 20, 2008
CVC is said to be putting up most of the capital to fund the deal, with Swiss Re underwriting the risk ... the municipal markets vice president provides structuring, analytical, research and transactional support and expertise to clients relating to the underwriting. (guardian.co.uk)
LETTERS: NCT, Oc. 18, 2008 Oct 19, 2008
" (emphasis mine)I'll give you a hint. It's because Trickle Down economics is an Epic Failure. thanks raoul wrote on Oct 18, 2008 11:18 AM:Thanks for reminding us that McCain was not found guilty of any legal wrongdoing in the Keating case. So you must feel that Ayers is also innocent and that McCain/Palin should stop the absurd charges that he is a domestic terrorist, right? hardtack wrote on Oct 18, 2008 11:21 AM:Im coming out the closet and confessing that I LOVE college, Division 1-A... (North County Times)
N.D. insurer reports S&P downgrade Oct 18, 2008
"Essentially, these rate denials mean we will experience underwriting losses that, if continued, could ultimately threaten our members and our providers.". Hamm recently rejected requests for a 14. (Bismarck Tribune, ND)
MGIC Investment Corporation Reports Third Quarter Results Oct 17, 2008
Underwriting expenses were $64 ... Housing values may decline even absent a deterioration in economic conditions due to declines in demand for homes, which in turn may result from changes in buyers' perceptions of the potential for future appreciation, restrictions on mortgage credit due to more stringent underwriting standards, liquidity issues affecting lenders or other factors ... These segments include loans with loan-to-value ratios over 95% (including loans with 100% loan-to-value ratios... (PR Newswire)
Massachusetts needs universal health care Oct 16, 2008
Furthermore the insurance industry wastes 20 to 30 percent of the health care dollars on high CEO salaries, administrative waste, marketing, underwriting and an endless round of claims denials. In the spring of 2008, the 12 to 15 percent hike in proposed health insurance premiums prompted the state s Connector to protest and demand that the insurance companies find a way to lower their premiums. (West Roxbury Transcript, MA)
LETTERS: NCT, Oct. 15, 2008 Oct 16, 2008
"And excellent work, citing as a source the head of the American Socialist Party, Norman Thomas.Since Thomas also rightly blamed FDR for the destruction of Socialism in America in a 1936 interview in Time magazine, he must have been referring to the Republicans who would be the ones to sneak socialism into our political system and, what do you know -- he was absolutely right!How clever they have been -- for years accusing Democrats of being socialists until, suddenly, they institute full-blown... (North County Times)
Friends Don't Let Friends 'Fat Talk'; Tri Delta Tackles Women's Body Image Issues With 'Fat Talk Free Week' and Reflections Oct 13, 2008
Thanks to Tri Delta's underwriting of the program materials and its publication by Oxford University Press, Reflections is now officially available to Greek organizations and universities nationwide. To date, national sororities Alpha Delta Pi, Alpha Xi Delta, Delta Gamma and Pi Beta Phi have approved this program and manuals for implementation at one or more campuses, and several other sororities and universities have expressed interest in the program. (Primezone Releases)
When you aredenied healthinsurance Oct 7, 2008
Ruess says she told a supervisor in IAC's underwriting department that she hoped he'd never find himself or a family member in a similar situation. "I couldn't believe that I was an American citizen," she says. (MSNBC -- Health)
Democrats brought on current crisis (1080) Oct 3, 2008
Take a look at this How bout them Apples wrote on Sep 29, 2008 1:41 PM:" Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will... (Rockingham Daily Journal, NC)
Today's bailout is tomorrow's burden Oct 3, 2008
I think it creates a real opportunity for 'socially conscious insurance underwriting' or whatever you care to call it. " There's simply no limit to what you can afford given time and an unlimited supply of other people's money - that is, ours. Thanks to the government, it doesn't matter if we've never bought a house; we'll pay for it. It doesn't matter if we've never bought stock; we'll bear its costs without its benefits. It doesn't matter if we've never heard of AIG or if the idea of financing... (San Francisco Chronicle -- Opinion)
Nebraska banks try to calm customer fears Sep 25, 2008
There might be an isolated instance of a certain bank in a certain market, but we haven t changed underwriting standards. What bankers fear more than the uncertainty of the federal assumption of massive amounts of bad paper is fear among the public. (Sioux City Journal, IO)
Area legislators unveil economic plan Sep 25, 2008
But with financial institutions' strict underwriting policies, Iowa has largely escaped the trend of rising residential foreclosures and devaluing market prices, legislators said. "I have a small business myself, and what I'm finding is we here in the state of Iowa have people who have above-average educations, and they do take the time to take a look at what's going on," said Kerry Burt, Democratic candidate for House District 21. (Waterloo-Cedar Falls Courier)
Gevity Receives $33.1 Million of Returned Workers' Compensation Collateral Sep 25, 2008
This return of collateral reflects favorable claims cost trends, which are largely the result of our effective underwriting practices, claims management controls and our strong relationship with AIG Commercial Insurance. . (Primezone Releases)
Central Fund Enters Underwriting Agreement Sep 23, 2008
TORONTO, ONTARIO--(Marketwire - Sept. 23, 2008) - Central Fund of Canada Limited (TSX: - ; TSX: - ; AMEX: - ; "Central Fund") of Calgary, Alberta announced today that it has entered into an underwriting agreement with CIBC World Markets Inc. under which the underwriter has agreed to buy and sell to the public, in Canada and in the United States under the multijurisdictional disclosure system, 11,900,000 Class A Shares of Central Fund. The offering will be made under a second prospectus... (CCNMatthews Press Releases)
An Open Letter From American National Sep 20, 2008
Our internal commercial mortgage loan investments group makes direct mortgage loans on commercial properties utilizing conservative underwriting guidelines. Our exposure to the commercial mortgage backed securities (CMBS) market is limited to a recent opportunistic purchase on a discounted basis of less than $25 million. (PR Newswire)
Local firms feel impact of Wall Street turmoil Sep 20, 2008
However, bank industry analysts expect banks to boost their underwriting standards, continuing a practice that started a year ago. All but the most fiscally pristine small to midsize businesses seeking bank loans will face higher costs and hurdles in attaining financing. (Milwaukee Business Journal, WI)
Liddys mission: Dismantle AIG to make good on gov't bailout Sep 18, 2008
Mr. Crist identified another ironic feature of Mr. Liddys appointment: The masters of the universe in New York, who made the mortgage meltdown possible by providing the capital to fuel the giddy underwriting of home loans to unqualified home buyers, now are turning to the Heartland for help cleaning up the mess. The fact that in the New York meltdown the guys who are at the top of the world reached to Chicago to help, I take great pleasure in, Mr. Crist said. (Crain's Chicago Business)
CDPHP sues former underwriting director for $10M Sep 18, 2008
A hearing is set for Sept. 24 for Thomas Ryan, former director of underwriting at , to challenge a temporary restraining order that CDPHP obtained against him ... Ryan decided to stay at CDPHP, rejecting a verbal offer from MVP to become its vice president of underwriting. (Albany Business Review, NY)
How Wall St. thanks us Sep 18, 2008
AIG has a large world wide underwriting presence in numerous lines of business that are not easily replicated. If you look at the terms of the deal, the government played hardball with AIG - as they should. (Atlanta Journal-Constitution)
CDPHP sues to stop worker from going to rival firm Sep 17, 2008
CDPHP was able to obtain a court order forbidding Thomas Ryan, who served as director of underwriting for the company, from working at MVP Health Care after he resigned from CDPHP in July, court documents show ... As director of underwriting, Ryan had access to claims data that insurance companies use to set premium rates and which would be useful to a competitor. (Albany Times Union)
New Studies Report Wide Disparity in Health Care Plans Sep 17, 2008
Further, our current model of private insurance and medical underwriting creates far more bureaucracy and intrusion into your privacy - and concerns about social engineering (for the insurers' profits) - than a universal system would. Tor: I only wish to correct your assumption on the cost of insurance in the individual insurance market. (Washington Post)
American Financial Crisis Felt Worldwide Sep 16, 2008
A combination of the two will create a global financial services giant involved in everything from fixed-income trading to stock underwriting to credit card lending. AIG Allowed To Borrow From Subsidiaries. (Click2Houston, TX)
Teacher strike still looms for Huntley area but talks continue Sep 15, 2008
Among the agreements was a plan to increase district underwriting of teacher health insurance costs by 10 percent in the first year, with a 5. 5 percent increase in subsequent years, offsetting recent increases in premiums, Snow said. (Chicago Tribune)
Insurance Cancellation Settlements Not Enough to Protect CA Patients Sep 13, 2008
According to the Department of Insurance, "Health Net agreed to make significant changes to its application form, underwriting process, agent training, and . . . has agreed to establish an independent, third-party review process for future rescission decisions." Consumer Watchdog said that though the settlement's offer of new coverage to canceled patients was good news, the essential missing element is a clarification of the legal standard for rescissions -- intentional misrepresentation, not an... (PR Newswire)
Health Net settles rescissions case Sep 13, 2008
During the settlement negotiations, Health Net was highly cooperative, and I believe their broad-based changes to underwriting and rescission practices will serve as a model and example to other health insurers, state Insurance Commissioner Steve Poizner said in a news release ... Health Net agreed to change its application form, underwriting, agent training and notifications to customers who are being investigated over the truthfulness of their applications for coverage. (Sacramento Business Journal, CA)
UPDATE 1-Health Net agrees with Calif. regulators to pay fine Sep 13, 2008
Health Net, which is one of the five major California health insurers under investigation for improper rescissions of coverage, agreed to make significant changes to its application form, underwriting process, agent training and consumer notifications. Share. (Reuters)
* CDIC hosts an international seminar on Global Financial Market Conditions and Challenges Sep 12, 2008
Dr Fekete-Gyor from Hugary attributed causes of the USs financial turmoil bad US underwriting practices, US authorities weak oversight, a lack of disclosures by US mega banks and poor risk management tool wordwide. He said that, following the US governments reaction to crisis, the European Parliament and Commission have also made coordinated efforts to pass legislative proposals by the end of November this year so as to come with concrete measures to address the financial crisis. (Taipei Times, Taiwan -- World)
LETTERS: NCT, Sept. 11, 2008 Sep 12, 2008
And as for Ron on healthcare, he further represents the failed policies of letting insurance bureaucrats divert healthcare dollars for profits and underwriting expenses (translation: prevent people from getting coverage or, if they have it, from getting their claims paid) ... "Can you taste the Maverickyness?Today, McCain is not only in favor of the Bush tax cuts, he wants to make them permanent and extend them.So all those Mavericky votes early on in the Bush administration probably account for... (North County Times)
Humana agrees to pay $750,000 to Wisconsin for violations Sep 12, 2008
The settlement also resolves long-standing issues with company claim adjudication, customer service and underwriting practices. issued by the Wisconsin Office of the Commissioner of Insurance. (Louisville Business First, KY)
AIG's Willumstad May Dismantle House That Greenberg Built to Stop Bleeding Sep 12, 2008
64 billion settlement of state and federal probes of improper transactions to inflate reserves and hide underwriting losses. Hank Greenberg. (Bloomberg)
Health Net to pay fines, bills for rescissions Sep 12, 2008
Insurance Commissioner Steve Poizner praised the health insurance company, saying their broad changes "to underwriting and rescission practices will serve as a model and example to other health insurers."Rescission is the industry's term for dropping patients from coverage when they try to make claims on their health insurance policies. In lawsuit filings and previous action from regulators, Health Net, Inc. has been rebuked for allegedly awarding bonuses to analysts in charge of cancellations. (Fresno Bee -- State)
Demanding handouts Sep 11, 2008
And for the extra credit, the reality is that anyone who highlighted this boondoggle and predicted the meltdown that would occur when you divorce standard underwriting practice from likely ability to repay would have been labelled a racist / bigot / hatemonger ... Congress mandated looser standards on mortgage underwriting to allow more unqualified buyers to purchase homes. (Atlanta Journal-Constitution)
Robert J. Oakes Joins Health Benefits Direct's Board of Directors Sep 10, 2008
Its streamlined Quick-to-Call sales platform, supported by proprietary online technology, dialing applications and tele-application voice signature process, promotes efficiency for consumers purchasing and insurance carriers underwriting individual and family insurance products. Through its subsidiary, Insurint(tm) Corporation, Health Benefits Direct provides a proprietary, professional-grade, web-based agent quote engine portal that aggregates accurate real-time quotes from multiple... (Primezone Releases)
> Report Cards: An analysis of 10 local banks Sep 9, 2008
Koble s Assessment: ESB s low loan losses speak to the bank s excellent reputation for residential mortgage underwriting. Growth has been solid despite arguably more modest exposure to some of western Pennsylvania s faster growing areas. (Pittsburgh Business Times, PA)
SunTrust could raise capital as credit worsens; may buy back $500M in securities Sep 9, 2008
The discussions with regulators center around the underwriting and sale of those assets to investors, a Sept. 8 filing states. Auction rate securities are long-term debt, like corporate or municipal bonds for example, whose interest rate is reset at regular intervals through an auction process. (Atlanta Business Chronicle, GA)
Illinois' genetic nondiscrimination law strengthened Sep 2, 2008
Members of Americas Health Insurance Plans a group that represents about 1,300 health insurance plans covering more than 200 million Americans dont use genetic information in underwriting or coverage decisions, Zirkelbach said. Its really important that consumers understand that and that they have peace of mind, he said. (The Pantagraph newspaper)
NIB's shares soar over 10pc on black ink Aug 30, 2008
2 per cent rise to $33 million in normalised net underwriting profit. Despite a volatile equities market, NIB increased its net underwriting margin by 4. (The Australian)
NIB's profit evaporates Aug 29, 2008
The country's only listed health insurer said it was targeting a net underwriting margin of five% and a return on equity (ROE) of at least 15% in the near term. In the financial year just ended ,NIB's normalised net underwriting margin was 4. (Sydney Morning Herald -- Business)
Automated Benefits Corp. Reports Results for the Quarter Ending June 30, 2008 Aug 27, 2008
As the leading hosted application provider of online replacement cost valuations for residential, commercial and farm and ranch properties in the United States, e2Value offers a standard calculating platform that integrates easily with digital technologies for expedited information sharing and decision making among a company's sales, underwriting and claims functions. With this leading edge partnership, both Symbility and e2Value customers now have the added advantage of completing their... (CCNMatthews Press Releases)
Video: Federal Alliance for Safe Homes and Sponsors Open StormStruck: A Tale of Two Homes(TM) at Innoventions at Epcot(R) Aug 27, 2008
"The StormStruck attraction provides an interactive and educational way for individuals to learn how to better protect their families and properties from weather events," said Rod Matthews, underwriting vice president for State Farm ... Established in Bermuda in 1993, the Company is recognized for excellence in the industry through disciplined underwriting, capital management expertise, sophisticated risk modeling and responsive client service Its U.S. affiliate, WeatherPredict Consulting Inc.... (Yahoo! Wire -- Entertainment News)
Great Easterns recipe for success Aug 26, 2008
Koh said Great Eastern had embarked on this programme for more than 20 years by offering the full spectrum of subjects, ranging from life and health insurance, operations and administration, IT skills, customer service, finance and accounting to annuities, underwriting, solvency, agency administration, human resources and others. For its actuarial programme, the company to date has five qualified actuaries and many others are at various stages of completing the course. (The Star Online, Malaysia -- Business)
In the real estate buzzsaw Aug 21, 2008
edumacation wrote on Aug 18, 2008 11:28 PM:" Continued: You see, if they are successful in stemming the rate of decrease in speculative equity, they hope that this curve intersects the inflationary curve. they are secretly praying for inflation, even if it hurts their other investments. It is only when (from their perspective only) the speculative values and inflationary values of the properties intersect thAt the increase of housing prices are able to occur. This is not a linear realtionship.... (Lodi News Sentinel, CA)
Law to prevent genetic discrimination Aug 20, 2008
Under the law, group health plans and insurers will not be able to require individuals to undergo genetic testing, and the use of genetic information for pre-enrollment underwriting purposes will be prohibited. It also prohibits group health plans from changing contribution or premium amounts for the group based on genetic information. (Fresno Bee -- Business)
> MGIC raises premium rates to help offset lending losses Aug 20, 2008
MGIC has deemed them relatively risky for mortgage insurance underwriting and has set higher down-payment and credit-score requirements for writing policies in those areas. Entire states: California, Florida, Arizona and NevadaMetropolitan areas: New York City; Chicago; Atlanta; Washington, D.C.; Boston; Baltimore; Detroit; Denver; Minneapolis-St. (Milwaukee Business Journal, WI)
Berkshire Hathaway Slumps Aug 10, 2008
Berkshire's insurance group, which includes Geico, reinsurance giant General Re and several other firms, reported a large drop in underwriting profits during the quarter with the biggest drop coming in reinsurance. The company said it expects underwriting profits to be significantly lower in 2008 because of increased price competition and because the string of relatively catastrophe-free quarters is certain to end ... Berkshire Hathaway Reinsurance group reported a drop in pretax underwriting... (San Francisco Chronicle -- Business)
Amica Mature Lifestyles Announces Year End Results for Fiscal 2008 Aug 8, 2008
CMHC financing will also result in a lower ratio of overall financing given CMHC underwriting parameters, however, it will also produce lower borrowing costs. Additional Information. (CCNMatthews Press Releases)
GPG sells Tower Australia stake for $376 mln Aug 8, 2008
"We believe that the strong position of Tower Australia will be further strengthened through the business co-operation agreement by the addition of Dai-ichi Life's expertise in, product development, bancassurance, marketing, underwriting, agency training, information technology and investment management," Mr Minto added. GPG, which had held its investment for more than five years, said it will use the proceeds of the sale to support its ongoing businesses. (Melbourne Herald Sun)
Swiss Re Profit Falls 53%, Steeper Than Analysts' Estimates, on Writedowns Aug 5, 2008
The reinsurer forecast in February that its 2008 combined ratio, a measure of profitability in underwriting property-and- casualty risk, may worsen to 96 percent from 90. 2 percent because of lower premiums after January policy renewals fell 12 percent by volume. (Bloomberg -- Europe)
Insuring a newborn not always child's play Aug 3, 2008
Insurers want the policy to reflect the risk of payout, and one way to judge the risk is by kicking the tires before underwriting the policy ... The denial letter from Highmark arrived last month: "Dear Ms. Kownacki: [We] are sorry to inform you that your application does not meet our underwriting criteria for approval," the letter said. (Pittsburgh Post-Gazette, PA)
Mid-Mo Ambulance Board considers health insurance increases Jul 31, 2008
Quotes from the companies other than Anthem came in considerably lower than Anthem, but after underwriting, rates would increase, possibly as much as 75 percent. The employees filled out applications for Mercy, which Staggs will submit. (California Democrat, MO)
Couple can beef up retirement savings Jul 28, 2008
If renting the current home is not feasible because of lender's underwriting guidelines, sell it ... He said underwriting guidelines are much stricter than they were several years ago. (San Diego Union-Tribune)
Bankers worry: Is commercial real estate next? Jul 23, 2008
I think the concern that the regulators have is that many banks may have been caught up in the exuberance of real estate lending and compromised some underwriting standards. Many of the banks with the highest ratio of bad loans to total loans in the first quarter including Premier Bank, Fowler State Bank and Pueblo Bank & Trust Co. didn t have heavy CRE exposure. (Denver Business Journal, CO)
First Defiance Announces 2008 Second Quarter Earnings Jul 22, 2008
"The increase in our provision expense this quarter can primarily be attributed to 12 loans that were either charged off or required specific allowances totaling $1.7 million. Overall our allowance coverage is low in relation to our historic standards but adequate for the potential losses we've identified. The current credit environment will continue to present major challenges to the banking industry for the foreseeable future and we will be affected along with everyone else. However, our... (PR Newswire)
Banks have ARMs full of problems Jul 21, 2008
Along with subprime loans, the complaint mentioned option ARMs with little or no documentation that it says were not made with proper underwriting standards. The complaint noted that Countrywide's underwriters took bonuses on these loans, regardless of the borrowers' ability to repay. (South Florida Business Journal, FL)
EnsurApet Completes Underwriting Guidelines for Company's 'Ribbon Care' Horse Insurance Programs Jul 19, 2008
July 18, 2008 (PRIME NEWSWIRE) -- EnsurApet, Inc. (OTC BB: - ), a leading provider of pet health insurance, announced today the completion of the underwriting guidelines for its signature ``Ribbon Care'' Horse Insurance Program ... We have recently completed the underwriting guidelines for our companion horse program and intend to expand our product line to include the following insurance products,'' stated Russell Smith, CEO of EnsurApet. (Primezone Releases)
DakotaCare will drop a Medicare plan Jul 19, 2008
Members won't have to go through the underwriting process that can exclude some beneficiaries when looking for coverage, said Tom Hoy, director of Senior Health Information and Insurance Education, a state-run, federally funded consumer advocacy group that gives free information about Medicare options. "Everyone will have the opportunity to pick another plan, and there shouldn't be any downtime," Hoy said. (Rapid City Journal, SD)
Investigation deepens into Wachovias auction-rate sales Jul 18, 2008
Regulators requested data concerning the underwriting, sale and auctions of municipal auction-rate securities and auction-rate preferred securities, the filing stated. Charlotte-based Wachovia said it would cooperate fully in the probe. (Charlotte Business Journal, NC)
Statement Regarding Los Angeles City Attorney Enforcement Action Jul 17, 2008
We have always been careful in our underwriting of health coverage policies and in our investigations of the rare contracts that are rescinded ... But until California achieves that goal, health plans must rely on medical underwriting, which includes the responsibility of applicants to tell the truth. (PR Newswire)
Local banks tightening belts Jul 17, 2008
Most banks are going to be looking for a deposit relationship when underwriting a loan. "Know that may be on the table or offer that," Sheridan said. (Dayton Business Journal, OH)
Delgadillo Sues Blue Shield Over Allegations Of Denying Coverage Jul 17, 2008
"We have always been careful in our underwriting of health coverage policies and in our investigations of the rare contracts that are rescinded. This is why we have rescinded a fraction of one percent of individual and family policies," said , vice president of Public Affairs for Blue Shield of California. In a statement on his Web site, Delgadillo said that certain companies in the health insurance industry may be engaging in business practices that violate numerous civil consumer protection,... (NBC4.tv, CA)
