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 $600 million since 2006 by taking 75 percent of the profit from the force-placed business it gave Assurant."
Sounds like crony capitalism to me. But might have been a fat loot for QBE in the past.
On the plus side (for me), the price drop that I've been waiting for a month finally starts.
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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3 | 14975 | 16.360 |
1 | 13647 | 16.350 |
1 | 13647 | 16.340 |
2 | 39851 | 16.330 |
1 | 5775 | 16.320 |
Price($) | Vol. | No. |
---|---|---|
16.400 | 5185 | 1 |
16.420 | 105288 | 3 |
16.430 | 7777 | 1 |
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16.450 | 20160 | 4 |
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