| //15-06-2009 |
The government has pumped more than $150 billion into bailing out American International Group (AIG), the big insurance conglomerate that has gambled with derivatives, been charged with cooking its books, and admitted that it would not be a going concern without the bailout funds, among many things. States regulate insurance companies, but none has questioned AIG about its activities.
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| //15-06-2009 |
The FINANCIAL -- Swiss Reinsurance America Corporation has obtained USD 100 million protection against US hurricane and earthquake risks in the US from Calabash Re III Ltd., a Cayman Islands exempted company (the “issuer”), which was financed through the successful offering by the issuer of insurance-linked securities.
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| //15-06-2009 |
Scottish Life, the pensions specialist arm of the Royal London Group, has introduced a "pension switching suitability" leaflet to assist IFAs when it comes to recommending pension switches to clients.
Following the thematic review of pension switching last year, the FSA's report highlighted various issues which could give rise to unsuitable advice. The report included a number of questions which IFAs need to be able to answer in order to ensure that a pension switch does not lead to unsuitable outcomes for the customer.
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| //01-06-2009 |
First day of every month all rating results are brought to naught. Starting a monthly rating from zero allows to identify a monthly winner and thus more objectively display the voters' oppinion. We rate insurance companies by the actual number of votes. Monthly voting statistics can be found here.
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| //22-05-2009 |
LOS ANGELES—A California insurance broker is suing American International Group, accusing the nation's largest insurance and financial corporation of engaging in unfair business practices.
Insurance broker Linda Harris, president of the Independent Financial Planning Group, filed the lawsuit Thursday in Los Angeles Superior Court.
The lawsuit accuses AIG of using funds from its California insurance companies to support its financial services business and telling brokers and policy holders that the insurance business in insulated from its losses in the financial derivatives market.
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| //22-05-2009 |
GUANGZHOU, China, May 22, 2009 (A. M. Best via COMTEX) -- CISG | Quote | Chart | News | PowerRating -- Chinese independent insurance intermediary CNinsure Inc. (Nasdaq: CISG | Quote | Chart | News | PowerRating) said it has formed a strategic partnership with Ping An Property & Casualty Insurance Company of China [88777] for product distribution, development of customized products and outsourcing of claims adjusting services.
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| //22-05-2009 |
President Obama has challenged Congress to enact substantive health care reform before the end of 2009. The need is urgent because of the chaotic complexity, unsustainable cost inflation and gross inequities in the current health care system.
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| //17-05-2009 |
The Swiss Life Group generated a premium income of CHF 6.4 billion in the first quarter of 2009, down 1% on the comparable prior-year figure. The investment result on the insurance portfolio developed positively in line with expectations. The capital base remains solid with an IFRS group solvency ratio of 150%, or 180% on a statutory basis. The AWD Group experienced a decline in income and results vis-à-vis the previous year. Initial measures to improve the situation have been introduced. In addition, Swiss Life announces that Thomas Müller, Group Chief Financial and Risk Officer, has decided to leave the Swiss Life Group at the end of June for personal reasons, following seven successful years of service. Bruno Pfister, Group CEO, will assume responsibility for the finance area until a successor is appointed.
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| //17-05-2009 |
Aetna honored with 2009 Connecticut Climate Change Leadership Award for innovative efforts to address global climate change
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| //16-05-2009 |
Swiss Re reports a net profit of CHF 150 million for the first quarter of 2009. Property & Casualty delivered premium growth and excellent underwriting performance, while Life & Health income grew as a result of favourable mortality developments.
CEO Stefan Lippe said: “We are pleased to report that Swiss Re was able to return to profit in the first quarter of 2009. More importantly, we strengthened our capital base and made progress on our plans to reduce risk. The results show that even in this challenging economic environment Swiss Re’s earnings power in its core business remains strong.”
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| //15-05-2009 |
According to Treasury Department spokesman Andrew Williams, at least six insurers on Thursday were given preliminary approval to receive funds from the Treasury's Troubled Asset Relief Program: Prudential Financial ( PRU - news - people ), Lincoln National ( LNC - news - people ), Allstate ( ALL - news - people ), Principal Financial ( PFG - news - people ), Hartford Financial ( HIG - news - people ) and Ameriprise Financial ( AMP - news - people ). The companies had all applied for bank holding status by a deadline of Nov. 14 of last year, making them eligible to receive funding under a facet of the TARP that so far has allocated $218 billion to 532 banks.
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| //15-05-2009 |
The advice columns tell you not to buy extended warranties, but they never tell you not to buy extended warranty companies. Of the four largest publicly traded warranty insurance companies, at least two offer dependable dividend yields and perhaps also capital gains as the recovery takes hold on Wall Street.
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| //15-05-2009 |
ALBANY, N.Y. - Gov. David Paterson wants to make health care more affordable and accessible by requiring health insurers to get state approval before raising premiums.
The proposal, now before the Legislature, would require companies to seek approval for increases through state Insurance Superintendent Eric Dinallo. Currently the state's "file and use" system gives insurance companies broad discretion for rate increases without state approval.
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| //14-05-2009 |
She and others working at law offices overbilled insurance companies, authorities say.
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| //14-05-2009 |
Demos including Microsoft Silverlight, Microsoft Surface and Tellme help create connected experiences between consumers and their insurance carriers.
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| //14-05-2009 |
Jackson National Life Insurance Company® (Jackson®) generated $2.6 billion in annuity sales during the first quarter of 2009, up 8 percent over the prior year period. First quarter 2009 annuity net flows (total premium minus surrenders, exchanges and annuitizations) of $1.0 billion were 21-percent higher than the same period in 2008, due in part to an 81-percent year-over-year increase in traditional fixed annuity sales. Jackson's first quarter retail sales and deposits1 totaled $2.7 billion, in line with retail sales and deposits in the first quarter of 2008.
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| //12-05-2009 |
Some insurance companies warn all of our area’s recent severe weather is getting expensive!
Our area is considered the Southern Zone - made up of Mississippi, Alabama, Georgia and South Carolina.
State Farm insurance company says these storms may be doing more total damage to our zone than Hurricane Katrina did.
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| //12-05-2009 |
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| //12-05-2009 |
Insurance companies are busy assessing claims pouring in since the storm.
While families begin to clean up the mess the tornado left behind, insurance agents are also making stops at homes to survey the damage for clients.
Insurance representatives say calls have been streaming in, and there are ways homeowners can speed up the process.
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| //11-05-2009 |
Re “Schumer Points to a Middle Ground on Government-Run Health Insurance” (news article, May 5):
Republican “moderates” who oppose the public option in President Obama’s health care reform plan are concerned that insurance companies “can’t compete” with a government program like Medicare. Isn’t that simply an admission that private, profit-driven health care is an abject failure?
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