The Commonwealth Court approved the Pennsylvania Insurance Department’s petition to liquidate a Villanova, Pa.-based bond and surety company that experienced a “steep” drop in surplus.

Legislators in New York intend at a hearing Feb. 16 to look at whether banks selling mortgage-backed securities and other structured financial products defrauded insurers.

The holding company for Ambac Assurance, the second-largest bond insurer prior to the financial crisis in 2008, has filed for Chapter 11 bankruptcy in Manhattan, N.Y.

Twenty-two days after being named acting superintendent of the New York State Insurance Department, James J. Wrynn is now the agency’s official overseer.

James J. Wrynn

The New York Senate unanimously …  Read →