llstate Corp. on Monday sued Credit Suisse Group AG, accusing the Swiss bank of causing losses by hiding the risks on $232 million of mortgage securities it bought. Allstate, the largest publicly traded U.S. home and auto insurer, has filed similar lawsuits against at least four other lenders: Bank of America Corp., Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co. The five lawsuits seek to recover ...

It’s something Nikki Johns wishes had been around before her infant son died in a drop-side crib: a centralized federal database of people’s safety complaints about thousands of products, from baby gear to household appliances and more. “If I had known there had been children killed in drop-sides, it would have swayed me against them,” says Johns, who lost her 9-month-old son, Liam, in a faulty ...

President Barack Obama extended an olive branch on Monday to U.S. states struggling to implement his healthcare law, offering support for a proposal that would give them some flexibility in carrying out its key parts. Obama’s signature healthcare reform plan aims to lower costs and extend coverage to millions of uninsured Americans, but the controversial law has divided Democrats and Republicans and handed states — ...

Giant Berkshire Hathaway, which makes much of its money on insurance and investing insurance premiums, does not provide liability insurance for its own directors. Warren Buffett, the 80-year-old chairman of Berkshire Hathaway and billionaire investor, issued his annual letter to shareholders on Saturday. The “Oracle of Omaha” had things to say about opportunity in America, investing, corporate culture and insurance, or the lack of it ...

The agricultural insurance market is facing rising demand along with pressures to adapt to changes in farming and to become more efficient in delivering products. Increasing world demand for food is driving up commodity prices for corn, soybeans, wheat and other food staples. At the same time, the U.S. farming economy is strong, the federal crop insurance program is being changed and today’s farmers are ...

New York-based Tower Group Inc. has completed its $167 million acquisition of the Personal Lines division from Massacchusetts-based OneBeacon Insurance Group. The deal was announced in February. The Personal Lines Division writes and manages private passenger automobile, homeowners and personal package business in the Northeast, and includes offices in Canton, Massachusetts; South Portland, Maine and Williamsville, New York. The deal comprises Massachusetts Homeland Insurance Co., York Insurance Co. of ...

The Insurance Industry Charitable Foundation (IICF) has elected David Brinkman chair of its New York Division board of directors. Brinkman, a 26-year industry veteran, is executive managing director of Aon Benfield where he co-leads its national origination team and oversees the delivery of Aon Benfield's service platform to prospective clients. He has also held positions with Sedgwick Re and Willcox Inc. He succeeds Michael P. Fujii, who ...

The U.S. Department of Health and Human Services (HHS) announced today the launch of a Pre-existing Condition Insurance Plan (PCIP) that will offer coverage to uninsured Americans who have been unable to obtain health coverage because of a pre-existing health condition. The Pre-Existing Condition Insurance Plan, which will be administered either by a state or by the Department of Health and Human Services, will provide a ...

Four people have been arrested in North Carolina for their alleged involvement in a series of automobile insurance fraud schemes worth more than $9,000, according to state officials. Insurance Commissioner Wayne Goodwin said each was processed at the Pitt County Detention Center: Derrick Vontrell Lewis, Greenville, was charged with four felony counts of obtaining property by false pretense, four felony counts of insurance fraud and three felony ...

Tower Group Inc. has completed its acquisition of the personal lines business of OneBeacon Insurance Group for $167 million. The completed transaction includes the acquisition by Towers of Massachusetts Homeland Insurance Co., York Insurance Co. of Maine and two management companies. The management companies are the attorneys-in-fact for Adirondack Insurance Exchange, a New York reciprocal insurer, and New Jersey Skylands Insurance Association, a New Jersey ...