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.
http://newsandinsight.thomsonreuters.com/Securities/News/2013/03_...
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