Although large employers are committed to providing their workers with health benefits now, the looming 'Cadillac' tax raises questions about the future.» Read More
Reinsurer Munich Re on Wednesday said its fourth-quarter profit dropped by 52% because of a dip in its net investment income.
In 2002, the U.S. government enacted the Terrorism Risk Insurance Act, creating a Federal backup for insurers in the wake of the Sept. 11, 2001 attacks. TRIA expires at year's end. "Power Lunch" guests debated whether it's still a valuable instrument -- or has degenerated into "corporate welfare."
Scor, the French reinsurance company, launched a hostile bid for the remaining shares in Converium Monday, Scor’s Zurich-based rival, but investors held out for more than the $2 billion on offer, Reuters reported. The proposed merger would create one of the world's top five reinsurers.
French insurance giant AXA said Thursday that improving sales in its life insurance and asset management businesses helped lift 2006 profit 18%.
Insurer Allianz on Thursday said fourth-quarter profit rose 57% as fewer claims were made.
Swiss reinsurer Converium Holding said Monday it rejected an unsolicited 3.1 billion Swiss franc ($2.5 billion) offer for the business from Scor, France's largest reinsurer.
Much of the nation took a walloping from the weather in the past week. Some businesses did better than others, partly because of long-range forecasting. But even with the latest technology, it’s still a slippery slope.
ING Groep, the Dutch bank and insurance company, posted a 14% rise in profit Thursday, mostly due to strength in its insurance arm and lower tax rates.
Standard Life posted one of the U.K. sector's strongest growth rates for 2006 as new pension rules at home helped lift full-year sales by 47% and the insurer said it expected the momentum to continue into 2007.
Aviva, the world's fifth-largest insurance group based on gross premiums, said Tuesday worldwide sales rose 22 percent in 2006, boosted by the acquisition of AmerUS in the United States.
Both Swiss Re and HSBC are reacting to the current state of the London commercial property market by arranging deals which cash in on their prime real estate.
Europe's largest insurer by gross premiums, Allianz, said Wednesday it expects claims of 350 million euros ($454 million) from the storm that hit Europe earlier this month.
The insurer was expected to post fourth-quarter earnings of $1.84 a share, according to a Thomson Financial consensus estimate, up from $1.49 last year.
Managed care provider WellPoint said on Wednesday profit rose 23%, in line with estimates, on strong enrollment in its national accounts and tighter controls on administrative expenses, although medical cost trends worsened.
German insurer Allianz said Thursday it will buy out the minority shareholders of its French unit as part of a euro10.5 billion ($13.55 billion) plan to take control of all of its units.
GS Capital Partners agreed to pay $17 a share for the insurance broker, representing a 9% premium over USI's closing price Friday of $15.55.
State Farm, the largest U.S. home insurer, said it is close to settling hundreds of lawsuits over its payments for homes wrecked by Hurricane Katrina along the Mississippi Gulf Coast.
According to the U.S. Census Bureau about 46 million Americans don't have health coverage and probably millions more Mexican nationals who live and work here (whether legally or not) don't have health insurance either. It's just not available or its too expensive. In some places, however, its available and cheap; you just have to go south of the border to get it. CNBC’s Jane Wells explained on “Power Lunch.”
St. Paul Travelers will stop paying contingent commissions to insurance agents and brokers by the start of 2008, according to a statement by Connecticut Attorney General Richard Blumenthal.
FRANKFURT (Reuters) - DaimlerChrysler will recover about 168 million euros ($221.5 million) from insurers in settling a dispute over the costs of a U.S. class-action lawsuit in 2003, a German newspaper reported on Tuesday.