Top 10 States With The Highest Increase in Premiums This Year
Let’s face it. Auto insurance can be expensive and it seems from year to year that it’s only getting worse. But where you live can dramatically affect your auto insurance rate – and not only by the state you live in, but where you live within that state too. A simple move from a rural to suburban community could cost you an increase of hundreds or more a year on auto insurance. Read more >>
MOLD: A GROWING PROBLEM THREATENING HOMES December 2004 (Newstream) -- Mold claims cost homeowners more than $1 billion last year - about five times as much as it cost in 2000 according to The Insurance Information Institute. So when protecting your home from the basics like fire and burglary, it is also important to protect your home against water damage that can lead to mold growth. Here's how you can help protect your home. Read more>>
U.S. DRUG PRICES SPIKE AFTER NEW MEDICARE LAW - GROUP - WASHINGTON, June 30 (Reuters) - Drug firms raised the prices of some medicines as much as 10 percent since the Bush administration enacted the new Medicare law late last year, making it hard for some patients to afford them, a new report said on Wednesday. AARP, formerly known as the American Association of Retired Persons, said the prices of brand-name drugs most used by older adults climbed an average 3.4 percent since late December. Read more>>
U.S. INSURANCE INDUSTRY LOSES MORE
THAN $15 BILLION ANNUALLY DUE TO AUTO PREMIUM RATING
ERROR SAN FRANCISCO - May 21, 2004--Quality Planning
Corporation (QPC), the Rating Integrity Solutions Company, today released
its annual Premium Rating Error report. The report concludes that premium
rating errors lower the overall profits of auto insurance companies. Read more>>
VETERINARY PET INSURANCE RECOGNIZES NATIONAL PET WEEK BY GIVING BACK - BREA, CA, May 6 /PRNewswire/ -- Veterinary Pet Insurance (VPI), the nation's oldest and largest pet health insurance company, recognizes National Pet Week (May 4 through May 10) as it announces 35,000 additional pets covered in the first quarter of 2004. Read more>>>
HYATT LEGAL PLANS INTRODUCES NEW VOLUNTARY GROUP LEGAL PLAN - CLEVELAND, May 4, BUSINESS WIRE - Hyatt Legal Plans, a provider of group legal plans, announces the introduction of MetLaw, a new comprehensive group legal plan available through the workplace. For an affordable monthly rate of less than $20 per month, payable through payroll deductions, MetLaw provides legal advice and assistance for the most frequently needed personal legal matters. The plan also provides benefits for telephone and office consultations for an unlimited number of matters. >>>Read more
HMOs' PROFITS CLIMB 81% TO $5.5 BILLION IN 2002 JUPITER, Fla., December 10, 2003-The nation's HMOs[1] reported an 81 percent increase in profits for 2002, earning $5.5 billion for the year, compared to $3 billion in 2001, according to Weiss Ratings, Inc., the nation's leading independent provider of ratings and analyses of financial services companies, mutual funds, and stocks. "Profitability continues to improve as insurers raise premiums and restructure policies to reduce costs," commented Melissa Gannon, vice president of Weiss Ratings, Inc. "While this bodes well for the industry's overall health, rising premiums have forced many consumers to select more restrictive health plans or opt not to purchase insurance entirely." Read more>>>
THE HARTFORD TO ACQUIRE CNA'S GROUP BENEFITS BUSINESS
Acquired Business Expected To Generate Approximately $1 Billion In 2004 Earned Premiums.
HARTFORD, Conn., Dec. 1 /PRNewswire-FirstCall/ -- The Hartford Financial Services Group, Inc. (NYSE: HIG) and CNA Financial Corporation today announced that The Hartford has agreed to acquire CNA's group life and accident, short-term and long-term disability and certain specialty businesses, excluding group long term care. Read more>>>
RELIANCE STANDARD ANNOUNCES NEW VOLUNTARY BENEFITS PROGRAM; VOLUNTARY BENEFITS LET EMPLOYERS, EMPLOYEES DESIGN THEIR OWN PLANS PHILADELPHIA, Nov. 19 /PRNewswire-FirstCall/ -- Reliance Standard Life Insurance Company has announced the launch of an enhanced suite of voluntary employee benefits called Reliance Standard Voluntary Plans (RSVP). The RSVP program is available exclusively through brokers working with Reliance Standard. RSVP Benefits include Voluntary Term Life, Voluntary Disability Income Protection (VIP), which integrates STD and LTD coverage, and Voluntary Accidental Death & Dismemberment. Read more>>>
METLIFE TO BUY TIAA-CREF INSURANCE BUSINESS NEW YORK, Nov 20 (Reuters) - MetLife Inc. (MET.N: ) , the largest U.S. life insurer, on Thursday said its Metropolitan Life Insurance Co. unit will buy the long-term care insurance business of pension plan manager TIAA-CREF. New York-based MetLife did not disclose terms of the proposed purchase, which it said will strengthen its market position, especially in individual long-term care insurance. The business covers about 46,000 customers, MetLife spokeswoman Holly Sheffer said. Read more>>>
CIGNA TO SELL UNIT TO PRUDENTIAL NEW YORK (Reuters) - Cigna Corp. (CI.N:) has agreed to sell its retirement and investment services business to Prudential Financial Inc. (PRU.N:) for $2.1 billion in cash, allowing the company to refocus on its core health insurance business, the companies said on Monday. The deal frees Cigna, based in Philadelphia, of a unit that has struggled in the past year to overcome the prolonged stock market swoon. The subsidiary, which boasts $56 billion in assets under management, earned $58 million during the recently completed third quarter, up 2 percent from a year earlier. Read more>>>
THE ST. PAUL COMPANIES AND TRAVELERS PROPERTY CASUALTY TO MERGE, CREATING SECOND LARGEST COMMERCIAL INSURER SAINT PAUL, Minn., and HARTFORD, Conn., Nov. 17 /PRNewswire-FirstCall/ -- The St. Paul Companies, Inc. (NYSE: SPC) and Travelers Property Casualty Corp. (NYSE: TAP.A and TAP.B) today announced that they have signed a definitive merger agreement that will create the nation's second largest commercial insurer, to be known as The St. Paul Travelers Companies. The combined company will be a leading provider of property casualty insurance products distributed through independent agents and brokers and one of the largest financial services companies in the United States. It is expected to have total assets of $107 billion, shareholders' equity of $20 billion, total capital of $26 billion and net written premiums of $20 billion. Read more>>
VETERINARY PET INSURANCE BECOMES A POPULAR INCENTIVE FOR EMPLOYEE RETENTION COMPANIES REALIZE VALUE IN INSURING ALL FAMILY MEMBERS Brea, Calif., (November 6, 2003) - As employees are taking on heavier workloads and working longer days, more companies are seeking innovative ways to provide incentives and keep employee retention rates high. One voluntary employee benefit that continues to grow in popularity is health insurance for pets. Pet health insurance helps pet owners afford the sophisticated veterinary care obtainable today. Available in payroll and non-payroll forms, employees save 5 percent on a VPI plan with additional savings offered for multiple pets. The savings provides an extra incentive for pet-owning employees to protect their pets. Read more>>
ARAG GROUP ACQUIRES ACS/LAWPHONE DES MOINES, Iowa - Nov. 6, 2003 - ARAG Group, a leading legal insurance and supportive services administrator, announces today that ARAG North America has acquired Advisory Communications Systems, Inc. (ACS), a legal benefits plan provider, and its legal services delivery system, LawPhone. ARAG North America is a member company of ARAG Group. LawPhone is headquartered in Lanham, Md., with an additional office in Vancouver, British Columbia. Read more>>
TRAVELERS PROPERTY CASUALTY INTRODUCES EXCLUSIVE ``MY PERSONAL INFO'' SOFTWARE PROGRAM FOR POLICYHOLDERS HARTFORD, Conn.--(BUSINESS WIRE)--Oct. 31, 2003--Travelers Property Casualty Corp. (NYSE: TAP.A and TAP.B) announced today that it will offer its agents a new custom software program called My Personal Info. This new system guides policyholders through the process of collecting, organizing, recording and storing all of their personal and financial information in one place. Read more>>
PRUDENTIAL CLOSE TO CIGNA UNIT BUY FOR $2 BLN - WSJ NEW YORK, Oct. 28 (Reuters) - Prudential Financial is in late stage talks to buy Cigna Corp.'s retirement and investment-products division for about $2 billion, The Wall Street Journal reported on Tuesday, citing people close to the deal. Reuters reported earlier this month that Prudential, the No. 2 U.S. life insurer, was engaged in serious talks to buy the business and was considered at that point to have a lead over other potential buyers. Read more>>
VETERINARY PET INSURANCE RECOGNIZES NATIONAL PET WEEK BY GIVING BACK - BREA, CA, May 6 /PRNewswire/ -- Veterinary Pet Insurance (VPI), the nation's oldest and largest pet health insurance company, recognizes National Pet Week (May 4 through May 10) as it announces 35,000 additional pets covered in the first quarter of 2004. Read more>>>
HYATT LEGAL PLANS INTRODUCES NEW VOLUNTARY GROUP LEGAL PLAN - CLEVELAND, May 4, BUSINESS WIRE - Hyatt Legal Plans, a provider of group legal plans, announces the introduction of MetLaw, a new comprehensive group legal plan available through the workplace. For an affordable monthly rate of less than $20 per month, payable through payroll deductions, MetLaw provides legal advice and assistance for the most frequently needed personal legal matters. The plan also provides benefits for telephone and office consultations for an unlimited number of matters. >>>Read more
HMOs' PROFITS CLIMB 81% TO $5.5 BILLION IN 2002 JUPITER, Fla., December 10, 2003-The nation's HMOs[1] reported an 81 percent increase in profits for 2002, earning $5.5 billion for the year, compared to $3 billion in 2001, according to Weiss Ratings, Inc., the nation's leading independent provider of ratings and analyses of financial services companies, mutual funds, and stocks. "Profitability continues to improve as insurers raise premiums and restructure policies to reduce costs," commented Melissa Gannon, vice president of Weiss Ratings, Inc. "While this bodes well for the industry's overall health, rising premiums have forced many consumers to select more restrictive health plans or opt not to purchase insurance entirely." Read more>>>
THE HARTFORD TO ACQUIRE CNA'S GROUP BENEFITS BUSINESS
Acquired Business Expected To Generate Approximately $1 Billion In 2004 Earned Premiums.
HARTFORD, Conn., Dec. 1 /PRNewswire-FirstCall/ -- The Hartford Financial Services Group, Inc. (NYSE: HIG) and CNA Financial Corporation today announced that The Hartford has agreed to acquire CNA's group life and accident, short-term and long-term disability and certain specialty businesses, excluding group long term care. Read more>>>
RELIANCE STANDARD ANNOUNCES NEW VOLUNTARY BENEFITS PROGRAM; VOLUNTARY BENEFITS LET EMPLOYERS, EMPLOYEES DESIGN THEIR OWN PLANS PHILADELPHIA, Nov. 19 /PRNewswire-FirstCall/ -- Reliance Standard Life Insurance Company has announced the launch of an enhanced suite of voluntary employee benefits called Reliance Standard Voluntary Plans (RSVP). The RSVP program is available exclusively through brokers working with Reliance Standard. RSVP Benefits include Voluntary Term Life, Voluntary Disability Income Protection (VIP), which integrates STD and LTD coverage, and Voluntary Accidental Death & Dismemberment. Read more>>>
METLIFE TO BUY TIAA-CREF INSURANCE BUSINESS NEW YORK, Nov 20 (Reuters) - MetLife Inc. (MET.N: ) , the largest U.S. life insurer, on Thursday said its Metropolitan Life Insurance Co. unit will buy the long-term care insurance business of pension plan manager TIAA-CREF. New York-based MetLife did not disclose terms of the proposed purchase, which it said will strengthen its market position, especially in individual long-term care insurance. The business covers about 46,000 customers, MetLife spokeswoman Holly Sheffer said. Read more>>>
CIGNA TO SELL UNIT TO PRUDENTIAL NEW YORK (Reuters) - Cigna Corp. (CI.N:) has agreed to sell its retirement and investment services business to Prudential Financial Inc. (PRU.N:) for $2.1 billion in cash, allowing the company to refocus on its core health insurance business, the companies said on Monday. The deal frees Cigna, based in Philadelphia, of a unit that has struggled in the past year to overcome the prolonged stock market swoon. The subsidiary, which boasts $56 billion in assets under management, earned $58 million during the recently completed third quarter, up 2 percent from a year earlier. Read more>>>
THE ST. PAUL COMPANIES AND TRAVELERS PROPERTY CASUALTY TO MERGE, CREATING SECOND LARGEST COMMERCIAL INSURER SAINT PAUL, Minn., and HARTFORD, Conn., Nov. 17 /PRNewswire-FirstCall/ -- The St. Paul Companies, Inc. (NYSE: SPC) and Travelers Property Casualty Corp. (NYSE: TAP.A and TAP.B) today announced that they have signed a definitive merger agreement that will create the nation's second largest commercial insurer, to be known as The St. Paul Travelers Companies. The combined company will be a leading provider of property casualty insurance products distributed through independent agents and brokers and one of the largest financial services companies in the United States. It is expected to have total assets of $107 billion, shareholders' equity of $20 billion, total capital of $26 billion and net written premiums of $20 billion. Read more>>
VETERINARY PET INSURANCE BECOMES A POPULAR INCENTIVE FOR EMPLOYEE RETENTION COMPANIES REALIZE VALUE IN INSURING ALL FAMILY MEMBERS Brea, Calif., (November 6, 2003) - As employees are taking on heavier workloads and working longer days, more companies are seeking innovative ways to provide incentives and keep employee retention rates high. One voluntary employee benefit that continues to grow in popularity is health insurance for pets. Pet health insurance helps pet owners afford the sophisticated veterinary care obtainable today. Available in payroll and non-payroll forms, employees save 5 percent on a VPI plan with additional savings offered for multiple pets. The savings provides an extra incentive for pet-owning employees to protect their pets. Read more>>
ARAG GROUP ACQUIRES ACS/LAWPHONE DES MOINES, Iowa - Nov. 6, 2003 - ARAG Group, a leading legal insurance and supportive services administrator, announces today that ARAG North America has acquired Advisory Communications Systems, Inc. (ACS), a legal benefits plan provider, and its legal services delivery system, LawPhone. ARAG North America is a member company of ARAG Group. LawPhone is headquartered in Lanham, Md., with an additional office in Vancouver, British Columbia. Read more>>
TRAVELERS PROPERTY CASUALTY INTRODUCES EXCLUSIVE ``MY PERSONAL INFO'' SOFTWARE PROGRAM FOR POLICYHOLDERS HARTFORD, Conn.--(BUSINESS WIRE)--Oct. 31, 2003--Travelers Property Casualty Corp. (NYSE: TAP.A and TAP.B) announced today that it will offer its agents a new custom software program called My Personal Info. This new system guides policyholders through the process of collecting, organizing, recording and storing all of their personal and financial information in one place. Read more>>
PRUDENTIAL CLOSE TO CIGNA UNIT BUY FOR $2 BLN - WSJ NEW YORK, Oct. 28 (Reuters) - Prudential Financial is in late stage talks to buy Cigna Corp.'s retirement and investment-products division for about $2 billion, The Wall Street Journal reported on Tuesday, citing people close to the deal. Reuters reported earlier this month that Prudential, the No. 2 U.S. life insurer, was engaged in serious talks to buy the business and was considered at that point to have a lead over other potential buyers. Read more>>
METLIFE STUDY REVEALS LONG-TERM
FINANCIAL IMPACT FOR SURVIVORS DUE TO SPOUSE'S PREMATURE DEATH Average Financial Recovery Time is Four to Five Years New
York, NY, October 9, 2003 - A new study by MetLife of widows and widowers
reveals the long-term financial toll of the premature death of a spouse
and highlights the need for greater consumer awareness about the necessity
of adequately assessing personal life insurance needs. Among the major
findings of the survey, participants indicated an average recovery period
of four to five years before their financial circumstances returned to
what they were at the time of their spouses' deaths...Read more>>
RESEARCHERS STUDY 2.7 MILLION AUTO
RECORDS AND FIND IRREFUTABLE CONNECTION BETWEEN CREDIT HISTORY, RISK OF
INSURANCE LOSS NEW YORK, June 23
/PRNewswire/ -- In the largest and most comprehensive study ever
undertaken on the connection between credit history and insurance risk, a
team of researchers has found that a consumer's credit-based insurance
score is unquestionably correlated to that consumer's propensity for auto
insurance loss. Even more significantly, the study found that insurance
scores are consistently among the most important rating variables used by
insurers. Results of the study were presented over the weekend to the
National Association of Insurance Commissioners (NAIC) at the group's
summer meeting here...Read more >>
PRUDENTIAL STUDY FINDS EMPLOYEES
DESIRE EMPLOYER SPONSORED ACCESS TO LONG TERM CARE INSURANCE -
COMPLEMENTING ACCESS WITH EDUCATION IS CRITICAL NEWARK,
N.J.--(BUSINESS WIRE)--June 9, 2003-- When selecting employee benefits,
American workers now rank the importance of long term care insurance equal
to that of group life insurance, according to Prudential Financial Inc.'s
(NYSE:PRU) 2003 LTC Insurance Employee Benefit Study...Read more>>
AETNA REACHES SETTLEMENT WITH DOCTORS - NEW YORK (Reuters) - Aetna Inc. (NYSE:AET) on Thursday said it would pay doctors $100 million to settle a national class-action lawsuit alleging the health insurer cut reimbursements to physicians and interfered with their treatment recommendations. The agreement involves more than 700,000 physicians who alleged that Aetna's health-care claims system was overly complex and restrictive and hindered their ability to get reimbursed for treatment and refer patients to specialists. Aetna has pledged to improve the claims process...Read More>>
JOHN HANCOCK TO PURCHASE ALLMERICA'S FIXED UNIVERSAL LIFE INSURANCE BUSINESS John Hancock Financial Services, Inc. (NYSE: JHF) and Allmerica Financial Corporation (NYSE: AFC) today announced that John Hancock has signed an agreement to reinsure the fixed universal life insurance business of Allmerica. The transaction, which is subject to customary closing conditions and representations and warranties regarding the business being transferred, is valued at approximately $90 million, and is expected to close in the first quarter of 2003...Read more>>
EMPLOYERS MUST CONTINUE HEALTH BENEFITS TO RESERVISTS CALLED TO IRAQ DUTY As members of America's military reserves prepare to be called to active duty, employers around the country are being reminded of their obligation to continue to provide group health insurance for these servicemen and women and their families while they are away in Iraq serving our country...Read more>>
AETNA REACHES SETTLEMENT WITH DOCTORS - NEW YORK (Reuters) - Aetna Inc. (NYSE:AET) on Thursday said it would pay doctors $100 million to settle a national class-action lawsuit alleging the health insurer cut reimbursements to physicians and interfered with their treatment recommendations. The agreement involves more than 700,000 physicians who alleged that Aetna's health-care claims system was overly complex and restrictive and hindered their ability to get reimbursed for treatment and refer patients to specialists. Aetna has pledged to improve the claims process...Read More>>
JOHN HANCOCK TO PURCHASE ALLMERICA'S FIXED UNIVERSAL LIFE INSURANCE BUSINESS John Hancock Financial Services, Inc. (NYSE: JHF) and Allmerica Financial Corporation (NYSE: AFC) today announced that John Hancock has signed an agreement to reinsure the fixed universal life insurance business of Allmerica. The transaction, which is subject to customary closing conditions and representations and warranties regarding the business being transferred, is valued at approximately $90 million, and is expected to close in the first quarter of 2003...Read more>>
EMPLOYERS MUST CONTINUE HEALTH BENEFITS TO RESERVISTS CALLED TO IRAQ DUTY As members of America's military reserves prepare to be called to active duty, employers around the country are being reminded of their obligation to continue to provide group health insurance for these servicemen and women and their families while they are away in Iraq serving our country...Read more>>
More Companies Offering Pet
Insurance to Workers - Dec. 6--When Constantine "Gus" Vasiliadis' dog Gretel
was bitten by a copperhead snake two years ago, he spared no expense in
keeping the beloved German shepherd alive...Read
more>>
INSURANCE COMMISSIONERS GIVE THUMBS UP TO INTERSTATE REGULATION COMPACT The nation's top state insurance regulators today approved the creation of a new interstate compact to potentially regulate certain insurance products. At the Winter National Meeting of the National Association of Insurance Commissioners (NAIC), members voted to support a new Interstate Insurance Product Regulation Compact (IIPRC) that will benefit consumers, insurance companies, and state regulators by modernizing the existing state-based insurance regulatory...Read more>>
S&P REPORTS ON PERSONAL LINES INSURERS - NEW YORK, Dec 2 - The performance of both of the major coverages written by predominantly personal lines insurers--automobile and homeowners multi-peril insurance--have begun to improve, and there is the prospect of continued improvement through at least 2003, according to a report published today by Standard & Poor's Ratings Services...Read more>>
ID THEFT -- HUNDREDS SAVED BY LEGAL INSURANCE - Federal authorities announced Monday that three men were charged in what is being called the nation's largest case of identity theft. Credit information was stolen from more than 30,000 people. Losses, which continue to mount, are estimated at nearly $3 million as victims' bank accounts and credit histories were ruined. There is a form of ID theft protection available that is gaining in popularity, and will most likely continue to do so in light of the above news...Read more>>
HALF A MILLION PEOPLE BUY NEW ACCIDENT INSURANCE PRODUCT FROM COLONIAL SUPPLEMENTAL INSURANCE IN FIRST SIX MONTHS ON THE MARKET - COLUMBIA, S.C., Nov. 25 /PRNewswire/ -- Accident Care, the newest accident product from Colonial Supplemental Insurance, is proving popular among single purchasers and families. In fact, the product is setting sales records, hitting $20 million in late November and swiftly approaching $25 million by the end of the year. When the product was first introduced in April 2002, sales shot past the $2 million mark in seven weeks. Six months later, the product has been approved in 47 states and Puerto Rico and the sales numbers are staggering: nearly 600,000 policyholders and $17 million in premium... Read more>>
Voluntary benefit plans may fall under ERISA - A strict interpretation of Employee Retirement Income Security Act (ERISA) regulations could cause problems for voluntary benefits brokers and their clients and end up changing the way voluntary plans are marketed. Read more >>
CHUBB EXPORTS MASTERPIECE TO HONG KONG - Highly-Acclaimed Personal Insurance Program Said To Be the First of Its Kind in Asia. HONG KONG, November 25, 2002 - The Chubb Group of Insurance Companies recently introduced Masterpiece, its highly-acclaimed personal insurance program, in Hong Kong. Masterpiece is believed to be Asia's first insurance program geared specifically to meet the unique needs of the owners of high-valued homes and possessions. "Many homeowners in Hong Kong are simply not aware that they are taking a huge risk," said Andre Dallaire, vice president of Federal Insurance Company, a wholly owned Chubb subsidiary, and manager of Chubb's Hong Kong operations. "Until now, they were forced to use standard 'cut and paste' policies to meet their needs, which placed all the onus on them to estimate the cost of replacing their homes and contents."...Read more>>
REP. OXLEY, AIG CEO GREENBERG AT S&P'S PROPERTY/CASUALTY CONFERENCE - NEW YORK (Standard & Poor's) Nov. 4, 2002--Congressman Michael Oxley (R-OH), chairman of the influential House Financial Services committee and co-sponsor of the recently-enacted Sarbanes-Oxley Act, and American International Group (AIG) CEO Maurice Greenberg will be among the featured speakers at the 13th Annual Executive Conference for the Property/Casualty Industry. The conference, to be held Dec. 12-13, 2002 at the Waldorf-Astoria in New York, is co-sponsored by Standard & Poor's Ratings Services and Black Diamond Group...Read more>>
INSURANCE COMMISSIONERS GIVE THUMBS UP TO INTERSTATE REGULATION COMPACT The nation's top state insurance regulators today approved the creation of a new interstate compact to potentially regulate certain insurance products. At the Winter National Meeting of the National Association of Insurance Commissioners (NAIC), members voted to support a new Interstate Insurance Product Regulation Compact (IIPRC) that will benefit consumers, insurance companies, and state regulators by modernizing the existing state-based insurance regulatory...Read more>>
S&P REPORTS ON PERSONAL LINES INSURERS - NEW YORK, Dec 2 - The performance of both of the major coverages written by predominantly personal lines insurers--automobile and homeowners multi-peril insurance--have begun to improve, and there is the prospect of continued improvement through at least 2003, according to a report published today by Standard & Poor's Ratings Services...Read more>>
ID THEFT -- HUNDREDS SAVED BY LEGAL INSURANCE - Federal authorities announced Monday that three men were charged in what is being called the nation's largest case of identity theft. Credit information was stolen from more than 30,000 people. Losses, which continue to mount, are estimated at nearly $3 million as victims' bank accounts and credit histories were ruined. There is a form of ID theft protection available that is gaining in popularity, and will most likely continue to do so in light of the above news...Read more>>
HALF A MILLION PEOPLE BUY NEW ACCIDENT INSURANCE PRODUCT FROM COLONIAL SUPPLEMENTAL INSURANCE IN FIRST SIX MONTHS ON THE MARKET - COLUMBIA, S.C., Nov. 25 /PRNewswire/ -- Accident Care, the newest accident product from Colonial Supplemental Insurance, is proving popular among single purchasers and families. In fact, the product is setting sales records, hitting $20 million in late November and swiftly approaching $25 million by the end of the year. When the product was first introduced in April 2002, sales shot past the $2 million mark in seven weeks. Six months later, the product has been approved in 47 states and Puerto Rico and the sales numbers are staggering: nearly 600,000 policyholders and $17 million in premium... Read more>>
Voluntary benefit plans may fall under ERISA - A strict interpretation of Employee Retirement Income Security Act (ERISA) regulations could cause problems for voluntary benefits brokers and their clients and end up changing the way voluntary plans are marketed. Read more >>
CHUBB EXPORTS MASTERPIECE TO HONG KONG - Highly-Acclaimed Personal Insurance Program Said To Be the First of Its Kind in Asia. HONG KONG, November 25, 2002 - The Chubb Group of Insurance Companies recently introduced Masterpiece, its highly-acclaimed personal insurance program, in Hong Kong. Masterpiece is believed to be Asia's first insurance program geared specifically to meet the unique needs of the owners of high-valued homes and possessions. "Many homeowners in Hong Kong are simply not aware that they are taking a huge risk," said Andre Dallaire, vice president of Federal Insurance Company, a wholly owned Chubb subsidiary, and manager of Chubb's Hong Kong operations. "Until now, they were forced to use standard 'cut and paste' policies to meet their needs, which placed all the onus on them to estimate the cost of replacing their homes and contents."...Read more>>
REP. OXLEY, AIG CEO GREENBERG AT S&P'S PROPERTY/CASUALTY CONFERENCE - NEW YORK (Standard & Poor's) Nov. 4, 2002--Congressman Michael Oxley (R-OH), chairman of the influential House Financial Services committee and co-sponsor of the recently-enacted Sarbanes-Oxley Act, and American International Group (AIG) CEO Maurice Greenberg will be among the featured speakers at the 13th Annual Executive Conference for the Property/Casualty Industry. The conference, to be held Dec. 12-13, 2002 at the Waldorf-Astoria in New York, is co-sponsored by Standard & Poor's Ratings Services and Black Diamond Group...Read more>>
UNUMPROVIDENT REBUFFS RECENT MEDIA ALLEGATIONS;
CALLS ATTENTION TO FACTS - Monday November 18, 4:09 pm ET
CHATTANOOGA, Tenn., Nov. 18 /PRNewswire-FirstCall/ -- UnumProvident
Corporation (NYSE: UNM), the nation's largest disability insurance
company, has been the victim of recent negative publicity surrounding
claims handling practices. Behind the allegations are a handful of
plaintiff's attorneys and a few disgruntled former employees, all of whom
have personal interests in painting a negative view of the
industry-leading company...Read more
>>
LARGE EMPLOYERS EYEING RETIREE MEDICAL ACCOUNTS AS ALTERNATIVE TO TRADITIONAL PLANS, WATSON WYATT STUDY FINDS - WASHINGTON, Nov. 18 /PRNewswire-FirstCall/ -- With employer cutbacks in retiree health care benefits expected to accelerate, a small but increasing number of companies have started to introduce retiree medical accounts as an alternative to their traditional retiree medical benefits, according to a recent Watson Wyatt study...Read more>>
AIG'S AMERICAN INTERNATIONAL COMPANIES INTRODUCE WORKPLACE VIOLENCE INSURANCE - NEW YORK--(BUSINESS WIRE)--Nov. 14, 2002--American International Group, Inc. (AIG) has announced that the American International Companies have introduced Workplace Assurance(SM), an insurance coverage for the financial loss associated with incidents of violence in the workplace. Additionally, Workplace Assurance insureds will have access to the services of Citigate Global Intelligence & Security (CGIS), an industry leader in security and workplace violence response... Read more >>
INSLOGIC SELECTED TO PROVIDE NEW PLATFORM FOR 'THE FORD MOTOR COMPANY VEHICLE INSURANCE PROGRAM' - OAK RIDGE, Tenn., Nov. 14 /PRNewswire/ -- InsLogic Corporation (InsLogic) announced today a strategic alliance with Ford Motor Credit Company and its licensed insurance agency subsidiary, American Road Services Company (Ford Credit), to build and operate Ford Credit's personal lines insurance agency in the U.S. Continuing on the success of a program formerly underwritten by The Hartford, the Ford Motor Company Vehicle Insurance Program has been redesigned by Ford Credit and InsLogic to enable the sales and servicing of automobile and personal lines insurance products from multiple insurance companies to customers of Ford Motor Company. ..Read more >>
LARGE EMPLOYERS EYEING RETIREE MEDICAL ACCOUNTS AS ALTERNATIVE TO TRADITIONAL PLANS, WATSON WYATT STUDY FINDS - WASHINGTON, Nov. 18 /PRNewswire-FirstCall/ -- With employer cutbacks in retiree health care benefits expected to accelerate, a small but increasing number of companies have started to introduce retiree medical accounts as an alternative to their traditional retiree medical benefits, according to a recent Watson Wyatt study...Read more>>
AIG'S AMERICAN INTERNATIONAL COMPANIES INTRODUCE WORKPLACE VIOLENCE INSURANCE - NEW YORK--(BUSINESS WIRE)--Nov. 14, 2002--American International Group, Inc. (AIG) has announced that the American International Companies have introduced Workplace Assurance(SM), an insurance coverage for the financial loss associated with incidents of violence in the workplace. Additionally, Workplace Assurance insureds will have access to the services of Citigate Global Intelligence & Security (CGIS), an industry leader in security and workplace violence response... Read more >>
INSLOGIC SELECTED TO PROVIDE NEW PLATFORM FOR 'THE FORD MOTOR COMPANY VEHICLE INSURANCE PROGRAM' - OAK RIDGE, Tenn., Nov. 14 /PRNewswire/ -- InsLogic Corporation (InsLogic) announced today a strategic alliance with Ford Motor Credit Company and its licensed insurance agency subsidiary, American Road Services Company (Ford Credit), to build and operate Ford Credit's personal lines insurance agency in the U.S. Continuing on the success of a program formerly underwritten by The Hartford, the Ford Motor Company Vehicle Insurance Program has been redesigned by Ford Credit and InsLogic to enable the sales and servicing of automobile and personal lines insurance products from multiple insurance companies to customers of Ford Motor Company. ..Read more >>
The Hartford Launches Electronic
Payment Option For Group Life and Disability Customers -
SIMSBURY, Conn., Nov. 8 /PRNewswire-FirstCall/ -- The Hartford
Financial Services Group, Inc., (NYSE: HIG), today announced that
electronic payment functionality will now be available to all of its
self-administered group life and group disability customers, making it
even easier to do business with The Hartford.... Read
more >>
MERRILL RAISES METLIFE TO "BUY" - NEW YORK, Nov 7 (Reuters) - Merrill Lynch analyst Edward Spehar raised his rating on Metlife (NYSE:MET - News) to "buy" from "neutral" on Thursday, citing the life insurer's earning potential. "In our opinion, earnings are likely to exceed expectations this year," Spehar told clients in a note, "and there is the potential for upward revisions in 2003." Metlife stock closed at $26.63 on Wednesday. In the past year, it has ranged from $20.60 to $34.84.
PRUDENTIAL, METLIFE PRICE TARGETS RAISED - NEW YORK, Nov 6 (Reuters) - Investment bank UBS Warburg on Wednesday said it has raised its price targets on Prudential Financial Inc. (NYSE:PRU - News) and MetLife Inc. (NYSE:MET - News) after the two largest U.S. life insurers posted better-than-expected quarterly profits. Analyst Joanne Smith raised price targets for Prudential to $32 from $28 and for MetLife to $30 from $27. Smith has a "buy" rating on MetLife and a "hold" rating on Prudential. On Tuesday, the insurers posted higher quarterly profits as they boosted sales and cut costs.
JP MORGAN SAYS SWAP ING SHARES FOR AEGON - AMSTERDAM, Nov 1 (Reuters) - JP Morgan on Friday recommended that investors switch out of shares in Dutch financial group ING (Amsterdam:ING.AS) ahead of its third quarter results on November 21 and into Dutch insurer Aegon (Amsterdam:AEGN.AS) "We are growing concerned that problems may arise in the third-quarter numbers," JP Morgan said in a note to investors. "We think ING will have to reduce earnings guidance of 12 percent growth for 2003, and have cut our 2003 EPS target," it added, saying its new earning per share target was 1.97 euros.
THE PRINCIPAL FINANCIAL GROUP ANNOUNCES STRATEGIC 529 DISTRIBUTION AGREEMENT WITH ALLIANCE CAPITAL - Financial Services Leaders Team to Bring College Savings Option to the Workplace. The Principal Financial Group(R), the nation's 401(k) leader, today announced a strategic distribution agreement with Alliance Capital, manager of the largest single state 529 college savings plan, to meet a growing demand from families to save for college at the workplace... Read more>>
MERRILL RAISES METLIFE TO "BUY" - NEW YORK, Nov 7 (Reuters) - Merrill Lynch analyst Edward Spehar raised his rating on Metlife (NYSE:MET - News) to "buy" from "neutral" on Thursday, citing the life insurer's earning potential. "In our opinion, earnings are likely to exceed expectations this year," Spehar told clients in a note, "and there is the potential for upward revisions in 2003." Metlife stock closed at $26.63 on Wednesday. In the past year, it has ranged from $20.60 to $34.84.
PRUDENTIAL, METLIFE PRICE TARGETS RAISED - NEW YORK, Nov 6 (Reuters) - Investment bank UBS Warburg on Wednesday said it has raised its price targets on Prudential Financial Inc. (NYSE:PRU - News) and MetLife Inc. (NYSE:MET - News) after the two largest U.S. life insurers posted better-than-expected quarterly profits. Analyst Joanne Smith raised price targets for Prudential to $32 from $28 and for MetLife to $30 from $27. Smith has a "buy" rating on MetLife and a "hold" rating on Prudential. On Tuesday, the insurers posted higher quarterly profits as they boosted sales and cut costs.
JP MORGAN SAYS SWAP ING SHARES FOR AEGON - AMSTERDAM, Nov 1 (Reuters) - JP Morgan on Friday recommended that investors switch out of shares in Dutch financial group ING (Amsterdam:ING.AS) ahead of its third quarter results on November 21 and into Dutch insurer Aegon (Amsterdam:AEGN.AS) "We are growing concerned that problems may arise in the third-quarter numbers," JP Morgan said in a note to investors. "We think ING will have to reduce earnings guidance of 12 percent growth for 2003, and have cut our 2003 EPS target," it added, saying its new earning per share target was 1.97 euros.
THE PRINCIPAL FINANCIAL GROUP ANNOUNCES STRATEGIC 529 DISTRIBUTION AGREEMENT WITH ALLIANCE CAPITAL - Financial Services Leaders Team to Bring College Savings Option to the Workplace. The Principal Financial Group(R), the nation's 401(k) leader, today announced a strategic distribution agreement with Alliance Capital, manager of the largest single state 529 college savings plan, to meet a growing demand from families to save for college at the workplace... Read more>>