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Insurance News 08/2012



Subsidized health insurance 'marketplace' takes shape
The state is moving rapidly to set up the exchange and will have a major advertising campaign next year to bring it home to Californians, most of whom in two years will be required to have health insurance or pay a penalty. "It will be a huge step ...

Fact Checking Free Birth Control Day
Under President Obama's health care reforms private insurance companies have to start providing contraception for free on August 1. That means no more co-pays for birth control. But while the law goes into effect, only a tiny fraction of the 97 million ...

Universal Insurance Holdings, Inc. Announces That UPCIC Has Bound Its First ...
Universal Insurance Holdings, Inc. Announces That UPCIC Has Bound Its First ...

Marine Insurance Antitrust Probe Dropped by EU Regulators
European Union regulators dropped an antitrust probe into marine-insurance agreements among groups of ship owners, saying there wasn't conclusive evidence that they unfairly shut out commercial insurers. “The market investigation was not sufficiently ...

Pan-American Life Insurance Group Completes Acquisition of Majority of MetLife ...
Pan-American Life Insurance Group Completes Acquisition of Majority of MetLife ...

New Albany insurance likely to jump 3 percent [The Evening News and the ...
New Albany insurance likely to jump 3 percent [The Evening News and the ...

HCC Insurance Holdings CEO Discusses Q2 2012 Results - Earnings Call ...
HCC Insurance Holdings CEO Discusses Q2 2012 Results - Earnings Call ...

Dear Monty: Checking out private mortgage insurance fraud
Reader Question: Monty, my daughter and son-in-law are trying to refinance their home to lower their interest rate. After my daughter contacted their mortgage company, the mortgage advisor said there would be no problem, and they could do it for $11 ...

Put insurance on your college back-to-school checklist
If you are faced with a catastrophic injury, the quality of your medical coverage will prove crucial, notes Bob Klein, director of the Center for Risk Management and Insurance Research in Atlanta. Universities frequently offer coverage to students and ...

Civil service panel approves insurance contractor
BATON ROUGE, La. (AP) — The state's Civil Service Commission narrowly agreed Wednesday to the Jindal administration's hiring of a private company to manage a state employee health insurance plan, a cost-cutting move that will eliminate 177 full-time ...

Prudential Financial, Inc. Announces Second Quarter 2012 Results
The Company acquired AIG Star Life Insurance Co., Ltd. and AIG Edison Life Insurance Company on February 1, 2011 . Results of the Financial Services Businesses include the results of these businesses from the date of acquisition. “While challenging ...

The Hanover Insurance Group Reports Second Quarter Results
The Hanover Insurance Group, Inc. (NYSE:THG) today reported net income of $20.8 million, or $0.46 per diluted share, for the second quarter of 2012. The company reported a net loss of $32.2 million, or $0.71 per diluted share, in the second quarter of ...

The Hartford Reports Second Quarter 2012 Financial Results
“We are making progress executing on our strategy to focus The Hartford on its historical strength in insurance underwriting. We announced the definitive agreement to sell Woodbury Financial Services yesterday and the sales process for Individual Life ...

American Safety Insurance Holdings, Ltd. Reports Second Quarter Financial ...
American Safety Insurance Holdings, Ltd. Reports Second Quarter Financial ...

New Insurance Requirements On Women's Health Begin
Eight new health insurance requirements under the Affordable Care Act covering women's health -- from wellness visits to contraception -- take effect today and will benefit 230000 women in New Hampshire , advocates say. But the rules already face ...

Insurance companies now required to cover contraception
The services include wellness checkups such as pap smears, mammograms, screening for gestational diabetes, sexually transmitted diseases, family counseling, breastfeeding support and routine tests. Contraception is also covered, with exemptions for ...

Gov. Andrew Cuomo signs Kodak health insurance bill
Had “the worst” happened and Kodak dropped its care, Hahn said she would have had to pay $1300 a month for private insurance. Under the bill, Hahn said her worst-case scenario is now $500 a month, which still is far more than the $90 she currently pays ...

Life insurance helps Italy's Generali beat forecasts
H1 net 842 mln euros vs forecast of 810 mln euros. * Q2 net up 44.5 pct at 274 mln euros. * Impact of deadly Italy quake limited (Adds details, quotes from analysts). By Lisa Jucca and Gianluca Semeraro. MILAN, Aug 2 (Reuters) - Generali's net profit ...

Insurance rebates mailed to nearly half million people
As CEO of BlueCross BlueShield of Tennessee, Vicky Gregg heads an insurance giant that collects billions of dollars a year from employers and individuals to pay health care claims for more than 3 million Tennesseans. But last week, Gregg was among ...

TEXT-S&P summary: Eurasia Insurance Co.
The rating on Eurasia Insurance Co. reflects still-high industry and country risks in Kazakhstan and potentially high credit risks stemming from the company's investments in the local banking sector and domestic corporate issuers. In Standard & Poor's ...

Most -- and Least -- Expensive States for Car Insurance
What if you found out that you lived in one of the most expensive states for car insurance? You probably wouldn't pack your bags and move just to get lower auto premiums. But you might be curious why you're paying more and whether there's anything you ...

Take the Business Insurance Buyers Choice Survey
The survey—conducted on behalf of Business Insurance by Blackstone Group Inc., an international market research firm—is in its final stages, and the final round of invitations to risk managers and other qualified buyers of commercial insurance is ...

Condo Insurance Can Be More Complex
(Source: Tim Grant Pittsburgh Post-Gazette (MCT) — Getting insurance for a condo is a lot different from buying a policy for a single-family house, and it can be pretty confusing for many new condo owners, especially when it comes to insuring personal ...

Supplementary insurance fills new gaps
NEW YORK (Reuters) - Dustin Boersma, 25, wanted a health insurance plan that wouldn't break the bank. The Los Angeles-based freelance web developer found a policy for just $70 a month, but it came with a $4500 deductible. To hedge his bet, he spends ...

Genworth Mortgage Insurance Retained as NAFCU Preferred Partner
Genworth Mortgage Insurance has a comprehensive suite of educational webcasts, articles, blogs and podcasts that help credit unions understand the challenges and opportunities that exist in the mortgage market. Genworth also offers credit unions ...

Auto insurance study finds California is low-cost state
CarInsuranceQuotes.com divided the median cost of car insurance by the median household income in each state and found – surprise – California was the eighth least-expensive state. Michigan, the capital of the car industry, was the most expensive by ...

No Good Options For Iran
Aug. 02 --Speculation in Israel about the possibility of a strike on Iran's nuclear program in the coming weeks has intensified, and not just because of Republican presidential hopeful Mitt Romney's tough talk in Jerusalem . Mr. Romney called for the U ...

Eastern Insurance Holdings, Inc. Announces Second Quarter 2012 Results
"I am pleased to report another quarter of solid results in our workers' compensation insurance business during 2012, including operating earnings of $0.27 per diluted share for the three months ended June 30, 2012," said Michael L. Boguski, President ...

House GOP grill IRS commissioner on health care tax credits
Commissioner Douglas Shulman defended the IRS rule that applies the tax credits to federal insurance exchanges, which are the bodies that will be developed to allow those without health insurance to buy it. He testified at a House hearing. The issue is ...

Star Insurance Company, a Subsidiary of Meadowbrook Insurance Group, Inc., is ...
Star Insurance Company, a Subsidiary of Meadowbrook Insurance Group, Inc., is ...

AIG Profit Rises 27% on Improved Insurance Operations
Profit at American International Group Inc. (AIG) rose 27% to $2.33 billion in the second quarter, driven in part by improved results at the insurance operations the company has touted as essential to its post-bailout future. AIG's operating income of ...

LI man may have faked own drowning to claim life insurance, get away from wife
A Long Island man may have faked his own death to get his hands on life-insurance money — and to get away from his wife, who sobbed to The Post yesterday that she learned he was alive only through e-mails he had sent his son. And he didn't have very ...

1.5 million Michigan women with health insurance to get birth control, 7 other ...
1.5 million Michigan women with health insurance to get birth control, 7 other ...

Status of the Federal Insurance Office and the Federal Advisory Committee on ...
Status of the Federal Insurance Office and the Federal Advisory Committee on ...

Bond insurer blasts Stockton for favoring pensions over other debtors [The ...
Bond insurer blasts Stockton for favoring pensions over other debtors [The ...

ACE Further Strengthens Casualty Insurance Team in Continental Europe
PARIS, Aug 03, 2012 (BUSINESS WIRE) -- ACE Group today announced two new management appointments within its Continental Europe region as it continues to invest in building its casualty insurance capabilities and strengthens its service offering for ...

State change in insurance laws attracts first 'captive' [The Day, New London ...
State change in insurance laws attracts first 'captive' [The Day, New London ...

Study: Some Ore. insurance premiums will rise
The federal health care overhaul will cause insurance premiums to rise, in some cases substantially, for Oregonians who buy their own insurance or get their coverage from a small employer, according to the findings of new study. For many, the increases ...

Europeans shun risky investment for safe life insurance
Allianz Q2 profit 2.37 bln euros vs 2.2 bln consensus. * Axa H1 net income 2.6 bln euros vs 2.1 bln consensus. * Allianz up 6 pct, Axa up 5 pct, outperforming market. (Adds analyst comment, detail on Allianz quake claims, updates shares). By Myles ...

Marshall & Swift/Boeckh and IMT Computer Services Partner to Create Once and ...
Marshall & Swift/Boeckh and IMT Computer Services Partner to Create Once and ...

The best health insurance in America is government health insurance
The study also asked respondents whether they had ever had a negative experience with their insurance plan. Fewer people reported having had one under Medicare (28 percent) than under any other kind of coverage. Those most likely to have had a run-in ...

Boost for Obama? Health Reform's First Insurance Rebates Go Out
Wednesday marked a milestone in the implementation of President Obama's health reform law as insurance companies quietly doled out $1.1 billion to 12.8 million Americans in rebates. The Affordable Care Act (ACA) aims to limit the amount of money ...

Nine Car Insurance Deals You Could be Missing
Farmers Insurance Group provides discounts for members of certain occupations, including police officers, firefighters, doctors, dentists, registered nurses and teachers. Esurance offers its "preferred occupation" savings to certified educators ...

Insurance may provide little relief for Knight Capital losses
Trading company may not have been covered for bug. * Recovery will depend on who wrote the bad code. * Timing question weighs as well; settlement Monday. By Ben Berkowitz. NEW YORK, Aug 3 (Reuters) - As Knight Capital Group Inc struggles for ...

Condo insurance can be confusing for new owners
"The key thing is for people to have a copy of the condo association's bylaws and review it with an insurance representative, because it will be the key to deciding the coverage you need," said Janet Scott-Buckley, a manager for Harrington Insurance ...

When More Insurance Means Higher Costs
By Simon Constable. With many things in economics more is better. More food, more production, more profits — generally all good. But when it comes to health insurance more might actually be worse. In June the Supreme Court ruled that the health-care ...

Mortgage insurance investigated for possible kickback deals
WASHINGTON – The government's consumer finance watchdog is investigating deals that transferred billions in premiums charged to mortgage borrowers from mortgage-insurance companies to the banks that made the loans. The AIG logo on a building in ...

Treasury plans to sell common stock in insurance giant AIG to raise $5 billion
WASHINGTON — The government said Friday it is selling another batch of stock in insurance giant American International Group Inc., raising $5 billion. The sale is the latest effort to recoup taxpayer money spent on the largest bailout of the 2008 ...

It is too Late to Purchase Insurance for Tropical Storm Ernesto, Advises ...
It is too Late to Purchase Insurance for Tropical Storm Ernesto, Advises ...

Berkshire Profit Falls 9 Percent on Buffett's Derivatives Bets
The insurance division posted an underwriting profit of $619 million, compared with a loss of $7 million a year earlier, led by gains at the reinsurance business run by Ajit Jain. Underwriting profit at the Geico auto insurance unit fell 2.5 percent to ...