http://newsandinsight.thomsonreuters.com/Securities/News/2013/03_-_March/New_York_regulators,_Assurant_settle_over__force-placed__insurance/
In Summary:
- Assurant and QBE are 2 biggest player in US market called "Force placed" insurance; basically banks taking insurance on home owners at inflated price and then sharing the loot.
- NY regulator settled the case, and this might mean that future force placed insurance will have to take 30% price cut to reduce it to reasonable prices.
"The regulator noted that JPMorgan Chase has made about $600 million since 2006 by taking 75 percent of the profit from the force-placed business it gave Assurant."
Sounds like crony capitalism to me. But might have been a fat loot for QBE in the past.
On the plus side (for me), the price drop that I've been waiting for a month finally starts.
assurant settles for $14m to ny regulator
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Last
$16.08 |
Change
0.150(0.94%) |
Mkt cap ! $24.15B | |||
| Open | High | Low | Value | Volume |
| $15.93 | $16.16 | $15.88 | $60.39M | 3.753M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3681 | $16.04 |
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| Price($) | Vol. | No. |
|---|---|---|
| $16.09 | 18393 | 2 |
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