Insurance
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SANTA FE, N.M.-- New Mexico is switching gears on its plan for a health insurance exchange and initially will partner with the federal government for computer services needed for an online insurance marketplace.
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NEW DELHI/ SEOUL, May 21- India has slashed Iranian oil imports by almost a fifth since December, the sharpest cut among Asian buyers, in a move that should increase its chances of winning a new U.S. waiver next month on sanctions targeting oil trade with Iran.
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WASHINGTON, May 20- The U.S. Senate should cut crop insurance subsidies, the most expensive part of the farm safety net, by $1 billion a year before it passes the new farm bill, the White House said on Monday. The House would make the biggest food stamp cuts in a generation, $20 billion, compared to $4 billion in the Senate.
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NEW YORK-- American International Group Inc. said Monday that it will spend $718.1 million Hong Kong dollars in a rights offering by Chinese insurance company PICC Property and Casualty Company Ltd.. The company is a subsidiary of The People's Insurance Company of China Ltd. and is traded in Hong Kong.
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CAMP HILL, Pa.-- Drugstore chain Rite Aid Corp.' s board of directors has elected former Blue Shield of California Chairman and CEO Bruce G. Bodaken to its board of directors. Rite Aid spokeswoman Ashley Flower said Bodaken's addition brings the board to 10 members and is not tied to the April resignation of Michael Coutu.
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There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
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*Pilot scheme in Jakarta triggered overcrowding at hospitals. JAKARTA, May 20- When a sick Indonesian baby died after 10 hospitals in Jakarta turned her family away in February, critics blamed a pilot health insurance scheme that had overwhelmed the city's public hospitals.
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DETROIT, May 19- Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda as Detroit's emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing.
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LANSING, Mich.-- A continuation of a 1 percent tax on health insurance claims passed Michigan's Senate Thursday, but yet to be resolved is how to ensure the levy brings in enough revenue for Medicaid, which serves 1.9 million low-income state residents. Rick Snyder's proposed expansion of Medicaid eligibility to 320,000 more low-income adults.
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NEW YORK-- Triple-S Management Corp. said Friday that a secondary offering of 5.4 million shares of its stock was priced at an approximately 5 percent discount to its Thursday closing price. Shares of the insurance company fell 19 cents to $18.90 in premarket trading.
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*Rating cut to AA, in line with Moody's, from AA-plus. May 16- Warren Buffett's Berkshire Hathaway Inc had its credit rating cut one notch by Standard& Poor's, which cited a new methodology for evaluating insurers and Berkshire's dependence on its insurance business for dividend income.
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NORTHBROOK, Ill.-- Severe weather led to $216 million in catastrophe losses in April for Allstate Corp., the insurer said Thursday. From April through June of last year, Allstate's catastrophe losses came to $820 million.
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MADISON, N.J.-- Health insurer Humana is selling a toxicology and clinical lab business, a division of its Concentra health care provider, to Quest Diagnostics Inc.. The Madison, N.J., company's first-quarter net income fell 15 percent as people cut back on medical spending and more Medicare reimbursements cut into revenue.
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*Cisco's stock flies after earnings, outlook. NEW YORK, May 16- U.S. stocks advanced modestly on Thursday as Cisco led gains in blue chips and technology stocks following strong earnings, offsetting concerns about softer-than-expected data on the manufacturing sector and labor market.
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Ron Kind and Tom Petri put forward a crop insurance reform plan Wednesday that they say will save the federal government $11 billion over the next 10 years. Kind, a Democrat, and Petri, a Republican, announced their plan as work continued in Congress on a new farm bill.
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TALLAHASSEE, Fla.-- Florida is heading into a new storm season with some good news for once. The state-created fund that backs up private insurers in Florida is in the best financial shape it has been in years _ maybe the best since it was created in 1993..
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*Cisco jumps after earnings, outlook. *Wal-Mart slips after earnings miss. NEW YORK, May 16- U.S. stocks were little changed on Thursday after softer-than-expected data on the manufacturing sector and labor market, but gains in Cisco helped temper declines.
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May 16- Credit-rating agency Standard& Poor's on Thursday cut its rating on Berkshire Hathaway Inc, the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, one notch, citing the company's reliance on its insurance operations for dividend income.
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May 16- Credit rating agency Standard& Poor's on Thursday cut its rating on Berkshire Hathaway Inc, the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, by one notch, citing the company's reliance on its insurance operations for dividend income.
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*Zurich, National Grid fall after results. LONDON, May 16- European shares fell slightly by midday on Thursday after some investors took profits on updates from Zurich Insurance Group and National Grid as indexes hovered near multi-year highs.