Business Insurance articles from February 2006

Business Insurance archives from February 2006

Collateral issue packs global impact.
February 1, 2006... Byline: Meg Fletcher The pressure is on for U.S. state insurance regulators to finish laying the groundwork to evaluate a critical regulatory issue: Should they change collateral requirements for reinsurers? That pressure intensified...

Bowman CEO honored in Hall of Fame.(Chief Executive Officer)(.G. Bowman Co. Inc)(Brief Article)
February 1, 2006... NEW YORK-Ernesta G. Procope, president and chief executive officer of New York-based broker and loss-control firm E.G. Bowman Co. Inc., last month was named to the Minority Business Hall of Fame & Museum Inc. at a ceremony in New York. Ms....

Disciplined plan key to meeting IT goals.
February 1, 2006... Byline: Bill Pieroni To create a value-creating, high-performing information technology organization, a company must implement a disciplined, business-driven approach. This approach should closely and consistently identify sources of...

Comp insurers claim one victory in battle against premium fraud.
February 1, 2006... Byline: Meg Fletcher LEXINGTON, Ky.-When Gary Linsey Slater of Harrogate, Tenn., set out to scam three workers compensation insurers out of $6 million in premiums, he didn't count on an aggressive, coordinated response by fraud fighters...

In Focus.
February 1, 2006... For insurance industry executives concerned with how shareholders and potential shareholders view their companies, the opinions of the analysts who scrutinize the industry for various banks and investment firms are critically important. Here's...

On the Move.(John P. Welch is appointed in XL Reinsurance America Inc)
February 1, 2006... John P. Welch has been named president and chief operating officer of XL Reinsurance America Inc., a Stamford, Conn.-based subsidiary of Hamilton, Bermuda-based XL Capital Ltd. Mr. Welch most recently was head of casualty and surety...

Trusted Choice launches 2006 campaign with multimedia downloads.(Industry News)(Brief Article)
February 1, 2006... ALEXANDRIA, Va.-The Trusted Choice independent agency brand program kicked off its 2006 national advertising earlier this month with an Internet ad campaign on www.homestore.com. In addition, this year's advertising activities will once...

Lloyd's opts to pull plug on Kinnect risk data platform.
February 1, 2006... Byline: Rodd Zolkos On its surface, Lloyd's of London's announcement last month that it was abandoning its Kinnect Internet-based risk data platform seems an enormous setback for those hoping to see the industry fully embrace the...

RAA president leads `a small community' in playing a big role.(Reinsurance Association of America)
February 1, 2006... Byline: Meg Fletcher WASHINGTON-As president of the Reinsurance Assn. of America, Frank Nutter's most widely recognized role is as the U.S. reinsurance market's chief lobbyist, but his and his organization's influence reaches far beyond...

Analysts predict profits, problems for P/C insurers.
February 1, 2006... Byline: Rodd Zolkos NEW YORK-A group of insurance industry analysts and observers see prospects for a profitable year for property/casualty insurers in 2006, though that doesn't mean the industry isn't facing significant issues. "In...

CEOs share lessons from 2005 catastrophes.
February 1, 2006... Byline: Rodd Zolkos NEW YORK-The property/casualty insurance industry's experiences with the storm losses of the past two years have left the industry and the country with a number of questions to address going forward, according to one...

Three Questions.(Countrywide Financial Corp)
February 1, 2006... In 2004, Countrywide Financial Corp.-primarily known for its mortgage banking activities-embarked on an effort to create a commercial lines insurance brokerage unit through its Irvine, Calif.-based Countrywide Insurance Group insurance holding...

Life insurance M&A activity likely to rise: Swiss Re.(mergers and acquisitions)(Brief Article)
February 1, 2006... While not likely to reach the level of the late 1990s, consolidation in the global life insurance market will accelerate over the next several years, according to a new Swiss Reinsurance Co. sigma study. Swiss Re notes that global life...

Integro establishes corporate Times Square headquarters.(Integro Ltd)(Brief Article)
February 1, 2006... NEW YORK-Insurance brokerage and risk management firm Integro Ltd. formally established its corporate headquarters at 3 Times Square in New York last month with an event attended by more than 300. Integro welcomed attendees with a message...

XL opens Beijing office to tap into Chinese market.(Bermuda-XL Capital Ltd)(Brief Article)
February 1, 2006... HAMILTON, Bermuda-XL Capital Ltd. has opened a representative office in Beijing after receiving approval from the China Insurance Regulatory Commission. The office is permitted to act as a liaison, conduct research and perform other...

CAMICO to cover CPAs who fail to file claims within policy period.(Camico Mutual Insurance Co)(Brief Article)
February 1, 2006... REDWOOD CITY, Calif.-A major provider of professional liability coverage for certified public accounts plans to provide limited coverage for policyholders who inadvertently fail to report a claim or a potential claim in a timely manner. ...

Industry ahead of curve on hybrid cars.
February 1, 2006... Byline: Rodd Zolkos One of the most highly anticipated-and certainly most comprehensively analyzed-events of the American political year is the president's annual State of the Union address. Depending on the times and the president...

Groundhog Forecast: P/C premium growth.(Brief Article)
February 1, 2006... In its annual Groundhog Forecast, the Insurance Information Institute projects premium growth picking up for property/casualty insurers in 2006, with analysts expecting insurers' 2006 underwriting performance to produce a small underwriting...

Zurich takes auto dealer insurer off the block.(Zurich Financial Services)(Brief Article)
February 1, 2006... Byline: Meg Fletcher SCHAUMBURG, Ill.-Zurich Financial Services Group plans to keep its U.S. auto-dealer insurance unit, after the unit's regulatory problems contributed to cancellation of its sale. Universal Underwriters Group in...

Inoculating against loss; Insurers and reinsurers eye the impact of a flu pandemic.
February 1, 2006... Byline: Louise Kertesz Amid doomsday predictions about a potential avian flu pandemic on the scale of the 1918 Spanish flu outbreak, insurers and reinsurers are avoiding what one intermediary called "hysteria" and going about preparations...

Watson Wyatt, Quest join to analyze health plans.(Watson Wyatt Worldwide)(Quest Analytics L.L.C)(Brief Article)
February 1, 2006... ARLINGTON, Va.-Watson Wyatt Worldwide has entered into a strategic partnership with software firm Quest Analytics L.L.C. aimed at allowing Watson Wyatt to better help client companies make health care decisions involving provider quality. ...

Hartford offers online will service.(Hartford Financial Services Group Inc)(Brief Article)
February 1, 2006... HARTFORD, Conn.-The Hartford Financial Services Group Inc. is offering an online will preparation service to customers of its life insurance products. The new EstateGuidance online will preparation service is available to customers of The...

By the Numbers.(National Association of Insurance Commissioners)(Brief Article)
February 1, 2006... Byline: National Assn. of Insurance Commissioners The NAIC maintains a centralized electronic Complaint Database System (CDS), through which states voluntarily report 'closed' complaints. A closed complaint is a complaint that has been...

THE QUOTE.
February 1, 2006... 'Interest level in pandemic reinsurance has been peaking recently, so we're working with reinsurers to come up with solutions.' Dave Kalb, Vp, Evergreen Re

Unknown may be the biggest risk; Ask a Risk Manager.(business insurance usage)
February 6, 2006... Byline: Christopher E. Mandel Q: The predictability of loss events seems to be decreasing. In light of this, how should risk managers respond? A: One of the hallmarks of traditional insurance-based risk management has been the ability...

Texas court grants insurers right of reimbursement; In cover disputes, insurer can sue policyholder to recover settlements.(Perspectives)
February 6, 2006... Byline: John N. Ellison, Jocelyn A. Gabrynowicz and Jackie G. Taylor Granting insurance companies a right they did not have under most liability insurance policies, the Texas Supreme Court has fundamentally changed the dynamics in...

Benefits experts to pick BMOY; Independent judges drawn from industry.(Benefit Manager of the Year)
February 6, 2006... CHICAGO-Business Insurance has assembled a panel of leading experts in employee benefits to judge the magazine's 2006 Benefit Manager of the Year award competition. The independent panelists represent top benefit consulting firms,...

USG asbestos settlement hinges on passage of FAIR Act.(News)
February 6, 2006... Byline: MARK A. HOFMANN CHICAGO-USG Corp. has reached a nearly $4 billion settlement to resolve its current and future asbestos liability claims, but that amount would be slashed to $900 million if Congress approves a national, no-fault...

More than 400 attend conference on banking risk management.(News)(Brief Article)
February 6, 2006... INDIAN WELLS, Calif.-More than 400 people attended the American Bankers Assn. Insurance Risk Management Annual Conference & Meetings for the Financial Services Industry, held Jan. 29-Feb. 1 in Indian Wells, Calif. The conference program...

Between the Lines; `Grandstandamendi' gets fired up.(News)
February 6, 2006... Byline: Compiled by Joanne Wojcik Given his penchant for self-promotion, it's certainly been no secret to the insurance industry that California Insurance Commissioner John "Grandstandamendi'' has had higher aspirations for quite some...

Business Insurance seeks nominees for benefit management honor.(Benefit Manager of the Year)
February 6, 2006... Business Insurance is pleased to announce its second annual Benefit Manager of the Year(r) award to recognize excellence and innovation in employee benefits management. The award competition in benefits, launched in 2005, follows in the...

Tax-free rollovers OK'd for Roth 401(k) distributions; IRS allows tax advantages via Roth IRA transfers.(News)(individual retirement accounts)(Internal Revenue Service)
February 6, 2006... Byline: JERRY GEISEL WASHINGTON-Employees whose Roth 401(k) plan contributions have not remained in the plan long enough to qualify for favorable tax treatment now have a simple but largely unpublicized way of taking tax-free...

Coverage denied for demolition in error; Ruling shows inconsistencies in GL interpretations.(News)
February 6, 2006... Byline: DAVE LENCKUS CHICAGO-A federal judge's ruling against a demolition contractor in a coverage dispute over a mistakenly razed building highlights general liability policies' and courts' inconsistent definitions of an insurable...

Roof collapse shows up 'inadequate' coverage.(World)(Allianz Polska)
February 6, 2006... Byline: RICK MILLER KATOWICE, Poland-A roof collapse at a convention center in southern Poland that left 63 people dead and 140 injured could raise awareness of the importance of liability coverage among Polish businesses, which generally...

Greenberg fights AIG over Starr business in battle for control; Both sides head to court.(insurance cases)
February 6, 2006... Byline: JUDY GREENWALD NEW YORK-The bitter dispute between American International Group Inc. and its former chairman, Maurice R. Greenberg, continues to escalate, with both sides filing lawsuits that focus on the relationship between AIG...

Insurer seeks to avoid major league liability; Says team kept pollution study secret when buying stadium cover.(St. Louis Cardinals Major League Baseball team)
February 6, 2006... Byline: DAVE LENCKUS NEW YORK-The St. Louis Cardinals Major League Baseball team wants its environmental liability insurer to step up to the plate and cover $7.5 million of cleanup costs at its new ballpark as well as potential future...

Bush proposes expansion of health savings accounts as funding tool for retirees.(News)
February 6, 2006... Byline: JERRY GEISEL WASHINGTON-Health savings accounts would be expanded to serve as a tax-effective retiree health care funding vehicle under a proposal unveiled last week by President Bush. The proposal would allow employees and...

Lloyd's to sue Aon, Benfield over fund cover.(reinsurance cases)
February 6, 2006... Byline: SARAH VEYSEY LONDON-Lloyd's of London said it will pursue legal action against Aon Ltd. and Benfield Group Ltd., the brokers of a disputed reinsurance program for the market's Central Fund. Lloyd's in March 2005 settled a...

Hannover Re securitizes property, marine risks.(News)(Brief Article)
February 6, 2006... Byline: SARAH VEYSEY HANNOVER, Germany-Hannover Re Group has completed a $370 million securitization deal aimed at increasing the German reinsurer's capacity to underwrite property catastrophe, aviation and offshore marine coverage. ...

Runoff D&O cover aids acquired firms.(News)
February 6, 2006... Byline: ROBERTO CENICEROS INDIAN WELLS, Calif.-Directors and officers liability insurance that covers the board directors of acquired companies is essential to protect those board members against the numerous exposures they can face after...

Storm losses highlight need for detail on property values.(News)
February 6, 2006... Byline: ROBERTO CENICEROS INDIAN WELLS, Calif.-In light of recent hurricane losses, it is essential that banks with catastrophe-exposed loan portfolios better understand their borrowers' property values and insurance arrangements, brokers...

Comings & Goings - Industry.(News)(Peter Hall joins Alexander Forbes Risk Services Ltd)(Scott Allan joins Marsh Inc)(Eric Excoffier joins Guy Carpenter & Co. Inc)
February 6, 2006... Brokers: Atlanta-based Beecher Carlson Holdings Inc. has made several senior-level appointments in its recently expanded Boston office: * Richard J. DeVito has been named managing director of the Boston office. Previously, he was...

Allow larger HSA contributions.(Editorial)(health savings accounts)
February 6, 2006... Should employers and employees be allowed to contribute more to health savings accounts? In a word, absolutely, and we welcome a Bush administration proposal that would do just that. As we report on page 1, the administration is...

Indictments hurt future of finite reinsurance.(Editorial)
February 6, 2006... The federal criminal indictment of three former executives of Gen Re and one from American International Group and a Securities and Exchange Commission civil suit against the same group last week may be yet more nails in the coffin of finite...

Accident insurance for workers in Iraq seen as vital cover.(News)
February 6, 2006... Byline: SARAH VEYSEY The injuries sustained by ABC News anchorman Bob Woodruff and cameraman Doug Vogt in a bomb attack in Iraq late last month highlight the risks posed to journalists reporting from war zones and the need for personal...

Are indictments on finite deals in the works for other insurers?(News)
February 6, 2006... Byline: JUDY GREENWALD Observers say the scope of the federal investigation of questionable accounting techniques related to finite insurance could expand to other companies. Criminal indictments were issued by a federal grand jury in...

Foreign insurers boost capacity for Canadian D&O.(World)
February 6, 2006... Byline: GLORIA GONZALEZ Growing interest by foreign insurers in the Canadian market has led to a significant influx of directors and officers insurance capacity for Canadian risks, which has resulted in stable pricing and broader policy...

Securities law change could push up D&O rates.(World)
February 6, 2006... Byline: Gloria Gonzalez Canadian risk mangers have not seen the full impact of a change to the country's securities law last year, but many observers expect it will drive up the cost of directors and officers liability insurance. And...

Winter Games covered against cancellation.(World)
February 6, 2006... Byline: CAROLYN ALDRED TURIN, Italy-As the world's best skiers, sledders and skaters steel their nerves ahead of this month's XX Winter Olympic Games, event cancellation insurance will help the organizers and other groups rest easy. ...

Late News; Congress OKs hike in PBGC premiums.(Pension Benefit Guaranty Corp)
February 6, 2006... Federal lawmakers last week gave final approval to budget legislation that boosts by more than 50% the base premium rate charged by the Pension Benefit Guaranty Corp. and imposes a surcharge on employers terminating plans during bankruptcy....

Legal Briefs: CGL policy covers defense of damage lawsuit.(Briefs)
February 6, 2006... A commercial general liability insurer had a duty to defend an insured general contractor in a lawsuit arising from water damage due to allegedly negligent work of subcontractors, according to the Texas Court of Appeals. In 1995, Dr....

Updates; XL, Brazilian bank to form joint venture.(Ita[pounds sterling] Holding Financeira S.A.)
February 6, 2006... XL Capital Ltd. is setting up a joint venture insurance company in Brazil. Hamilton, Bermuda-based XL said its proposed joint venture with Sao Paulo, Brazil-based Banco Ita[pounds sterling] Holding Financeira S.A. would combine the Brazilian...

SEC suit details defendants' alleged roles in deal.(News)
February 6, 2006... Byline: Judy Greenwald The U.S. Securities and Exchange Commission complaint against four former General Re Corp. officials and a former American International Group Inc. executive focuses on a $500 million loss portfolio deal between AIG...

FORMER GEN RE CHIEF, EXECS INDICTED; Criminal, civil charges filed over finite 'scheme'.(News)
February 6, 2006... Byline: JUDY GREENWALD NORFOLK, Va.-Are there bigger fish to fry? That is the question now looming after federal jury criminal indictments were handed down and a U.S. Securities and Exchange Commission suit was filed last week against...

President gives passing mention to malpractice liability reform.(News)(Brief Article)
February 6, 2006... Byline: Mark A. Hofmann Tort reform received short shrift in last week's State of the Union address. Rather than using the speech to reiterate his calls for passage of legislation such as the Lawsuit Abuse Reduction Act or asbestos...

Legal Briefs: 'Special errand' covered by workers compensation.(rules in survivors benefits)
February 13, 2006... An employee who was fatally injured in an accident on his bicycle after dropping off his employer's van for servicing was on a special errand for his employer; therefore, his widow is entitled to survivor's benefits, according to the Washington...

Shift to online promotions creating greater demand for prize indemnity cover.(sweepstakes service)
February 13, 2006... Byline: RUPAL PAREKH When Jean Irons-Dendy, a registered nurse and mother of two in Kirkland, Wash., pulled the $250,000 grand prize in a drawing sponsored by her gym last May, she wasn't the only one who won. "It created a lot of...

Tiered plan draws some skepticism.(News)
February 13, 2006... Byline: JOANNE WOJCIK Plans by Massachusetts' Group Insurance Commission to tie copayments to doctor rankings on quality and cost-effectiveness are drawing some skepticism from at least one employer that such an approach will ultimately...

P&I outlook stable: S&P.(reports on ship owners)(Brief Article)
February 13, 2006... Byline: Sarah Veysey The outlook for protection and indemnity marine insurance clubs is stable, according to rating agency Standard & Poor's Corp., which has published a report on the sector ahead of the marine market's traditional Feb. 20...

New rules unlikely to reduce salaries.(Editorial)
February 13, 2006... Byline: Dave Lenckus, Senior Editor General Motors CEO Rick Wagoner announced last week that he'll be sharing the pain of the troubled automaker's workers and shareholders by taking a 50% cut in his multi-million dollar base salary. This...

Lloyd's allowed access to buyer files; Documents already seen by underwriters are not confidential: U.K. court.(Lloyd's of London access to client placements)
February 13, 2006... Byline: SARAH VEYSEY LONDON-Underwriters at Lloyd's of London should be allowed access to clients' placement and claims files even if insurance buyers do not agree to disclose the documents, the U.K. Court of Appeal ruled last week. ...

Who gets what.(American International Group Inc compensation)(Brief Article)
February 13, 2006... American International Group Inc. will pay $1.64 billion to settle fraud, bid-rigging and other charges. The settlement amount will be divided up among several parties: $800 million-investors deceived by false statements. $375...

AIG reaches broad settlement; Pact brings end to key problems, but issues remain.(American International Group Inc)
February 13, 2006... Byline: RUPAL PAREKH NEW YORK-American International Group Inc.'s $1.64 billion settlement with state and federal authorities won't resolve all of the company's problems, but it does lift a dark legal cloud that for months has loomed over...

With AIG's halt of contingent commissions, debate ensues.(American International Group Inc)
February 13, 2006... Byline: SALLY ROBERTS NEW YORK-Parts of American International Group Inc.'s $1.64 billion settlement agreement with state and federal regulators relating to contingent commissions-and a pledge by AIG to stop paying such incentives-are...

AIG's former chief, in his own words.(C.V. Starr & Co)(Interview)
February 13, 2006... NEW YORK-Maurice R. Greenberg, chairman and chief executive officer of C.V. Starr & Co., not only is looking forward to defending himself against charges of false accounting that led to his ouster at AIG last March, but also is eager to grow...

Second RRG lobbying group forms to widen coverage, fight restrictions.(RRG association)
February 13, 2006... Byline: JERRY GEISEL WASHINGTON-A coalition is being formed to lobby on behalf of risk retention groups, but members of a long-established RRG association question the need for another lobbying organization. The new Washington-based...

Administration backs no-fault trust fund for asbestos victims.(asbestos-related diseases)
February 13, 2006... Byline: MARK A. HOFMANN WASHINGTON-The Senate appears likely this week to determine the fate of a bill that would create a new national no-fault trust fund to replace the current litigation-based system for compensating victims of...

Congress needs RRG lesson.(Brief Article)(Editorial)
February 13, 2006... Is there a need for another risk retention group lobbying organization? While that is a reasonable question to ask in light of the formation of the American Risk Retention Coalition, we think a better question is why state regulators'...

Join the discussion, ask the question, answer the query.(risk managers forum)(Brief Article)
February 13, 2006... Readers are invited to take advantage of a new online feature that allows risk and benefits management professionals to connect and exchange information at www.BusinessInsurance.com. The Community Forums is an easy-to-use discussion board...

Odyssey Re restating earnings; 2001 losses likely to deteriorate by $30 million.(News)
February 13, 2006... Byline: SARAH VEYSEY STAMFORD, Conn.-Odyssey Re Holdings Corp. is retstating financial results for several periods because of changes to the accounting treatment of certain ceded finite reinsurance contracts. Odyssey Re said it would...

Retail group challenges Maryland law mandating health care spending.(News)
February 13, 2006... Byline: Joanne Wojcik ARLINGTON, Va.-Maryland's new law requiring employers with 10,000 or more employees to dedicate at least 8% of their payroll costs to providing health benefits is being challenged in a lawsuit filed by a trade group...

Budget shifts more costs of renal disease to employers.(rules to cover cost in kidney disease treatment)(Brief Article)
February 13, 2006... Byline: Jerry Geisel WASHINGTON-Nearly $1 billion in health care bills incurred by individuals with kidney disease over the next five years would be shifted to employer-sponsored health care plans from Medicare if Congress passes a...

Ferry disaster, tanker accident unlikely to affect marine renewals.(World)
February 13, 2006... Byline: PETA MILLER Two commercial marine accidents in recent weeks are together likely to cost European hull and liability insurers millions of dollars but are not expected have a significant impact on ongoing renewals. In one of the...

AIG's reform commitment should have come sooner.(Editorial)
February 13, 2006... No company, no matter how big or how powerful, is above the law. That was the message sent loud and clear by American International Group's $1.64 billion settlement with several enforcement agencies for a variety of alleged corporate...

Updated background checks needed; @@Byline: Tal Moise.(Perspectives)
February 13, 2006... Byline: Tal Moise Companies are increasingly leveraging the latest technology to empower workers at all levels with autonomy, access to sensitive information and expensive resources to better serve their customers and shareholders. Yet...

Remote set, unique risk concerns insurer for action film.(Brief Article)
February 13, 2006... Byline: Roberto Ceniceros "Black Hawk Down,'' the 2001 Academy Award-winning film starring Josh Hartnett, shows the range of concerns insurers must weigh before committing to backing action-packed projects filmed in remote locales, said...

Specialty insurers get creative in covering Hollywood.(Spotlight: Specialty Risks)
February 13, 2006... Byline: ROBERTO CENICEROS Specialty insurance underwriters and brokers perform their own creative act to help Hollywood produce movies on time. They might structure coverage for a stampede of exotic animals, insure cast members filming...

Data, vigilance needed to curb cargo thefts.
February 13, 2006... Byline: MICHAEL BRADFORD It may not be the most highly publicized crime, but cargo theft is costing transportation companies and insurers a bundle. No one knows exactly how big the problem is because reliable dollar amount estimates on...

Rates for corporate jet coverage still in descent; With more capacity likely set to enter market.(Spotlight: Specialty Risks)
February 13, 2006... Byline: DAVE LENCKUS Corporate jet insurance rates continue to soften for most policyholders, with coverage issues flaring only for those companies that allow executives at the throttle, according to jet insurance market experts. But...

Doctor copays linked to quality, cost factors in big tiering program.(News)
February 13, 2006... Byline: JOANNE WOJCIK BOSTON-In perhaps the largest and most innovative project of its kind, Massachusetts' Group Insurance Commission, which provides coverage to about 250,000 state employees and their dependents, plans to rank doctors on...

Updates; U.K. appeals court upholds asbestos ruling.(World)
February 13, 2006... The U.K. Court of Appeal has upheld a ruling that a public liability insurer providing coverage at the time an individual's asbestos-related mesothelioma developed, rather than the insurer providing coverage when asbestos fibers were ingested,...

Bush plan would allow transfers of HRAs to HSAs.(News)(health reimbursement arrangements)(health savings accounts)
February 13, 2006... Byline: JERRY GEISEL WASHINGTON-Employers that offer health reimbursement arrangements-the first generation of consumer-driven health plans-could move them into health savings accounts under a Bush administration proposal. In its...

AIG wins partial court victory.(American International Group Inc)(Brief Article)
February 13, 2006... Byline: Judy Greenwald NEW YORK-In a partial victory for American International Group Inc., a New York State Supreme Court Judge last week extended a temporary restraining order against a managing general agency controlled by former AIG...

A timeline of major AIG events.(investigation on AIG Life Insurance Co)
February 13, 2006... September 2004-The Securities and Exchange Commission announces possible civil action against AIG over finite risk transactions with PNC Financial Services Group Inc. The Justice Department also launches an investigation. October 2004-New...