. . . .aka, The Week in a Minute, a Day or Two after the last Week in a Minute.
- P/C insurers shed 1,800 jobs in August, III reports. That’s not too unusual – in most years, employment dips that month.
- The feds released their preliminary criteria for what would constitute a “too big to fail” insurer – they call it SIFI (“systemically important financial institution”). The criteria start at page 64 of this report. Reuters reports that Met Life and Prudential seem to qualify. The story didn’t make it clear whether that meant no p/c insurers made the cut, though most don’t have more than $500M in assets, an early hurdle. AIG has > $600M assets, but there are other criteria it might not meet.