MGIC shares shed 11% on report of huge loss
Shares of MGIC Investment Corp. dropped 11 percent, after the Milwaukee-based mortgage insurance company said that it lost $1.47 billion in the fourth quarter, believed to be the largest quarterly loss by a public company in Wisconsin. MGIC, which has been battered by the collapse of the […]
Led by New York Attorney General Andrew Cuomo, a phalanx of interests charged Minnetonka-based UnitedHealth and its Ingenix division with denying millions of dollars in claims for millions of Americans when they use doctors outside of their insurer’s network.
Cuomo said Wednesday that he plans to sue UnitedHealth, launch an industrywide investigation into billing procedures and […]
A striking montage sets the scene for Flawless, a new British heist film starring Demi Moore and Michael Caine. Homogenous clusters of businessmen walk the marbled corridors of a sleek, minimalist corporate headquarters. Then along comes Moore’s character, 38-year-old Laura Quinn, who goes it alone in her pearls and wool suit. She walks in opposition […]
NEW YORK (Reuters) - California Treasurer Bill Lockyer is exploring the possibility of having state pension funds create a new bond insurer, his spokesman said on Thursday.
Lockyer has no immediate plans to use Berkshire Hathaway’s (BRKa.N: Quote, Profile, Research) new bond insurance unit following congressional testimony earlier this month by Ajit Jain, the head of […]
Ambac Financial Group Inc., the bond
insurer in rescue talks with banks, soared in New York Stock
Exchange trading on optimism the company may soon reach an
agreement that would save its AAA credit rating and avoid losses
on $556 billion of securities it guarantees.
The New […]
U.S. stocks rallied in the final 30
minutes of trading, helping the market post its second straight
weekly gain, as speculation bond insurer Ambac Financial Group
Inc. may be rescued overcame concern bank earnings will falter.
American International Group Inc. and JPMorgan Chase Co.
led the […]
The credit squeeze thats led to
$146 billion in writedowns for global banks wont end any time
soon, said Prem Watsa, whose Canadian insurance company posted
record earnings last year by betting against financial firms.
Its still early days, said Watsa, who heads Fairfax
Financial Holdings Ltd. […]
Asian stocks rose in U.S. trading,
led by financial and metal shares, after CNBC reported a bailout
plan for the second-largest bond guarantor may come next week and
Rio Tinto Group predicted further gains in raw-material prices.
Mitsubishi UFJ Financial Group Inc., Japans largest bank by
assets, […]
Ambac Financial Group Inc., the AAA
rated bond insurer seeking to avoid a crippling downgrade, cut
its dividend and will suspend writing guarantees on new asset-
backed securities for six months to bolster capital.
The dividend will be reduced to 1 cent from 7 cents, New
York-based […]
Sanlam Ltd., the second-biggest
insurer in Africa, said profit rose as much as 30 percent in
2007, beating analysts estimates, helped by new policy sales.
So-called core earnings a share climbed between 25 percent
and 30 percent last year from 2006, the Cape Town-based insurer
said today […]