Author: Farkas Laura

In a move to break away from the ailing Conseco Senior Health Insurance Co., Conseco Inc. announced plans to transfer the senior-health-insurance unit to an independent trust.    The insurance company said the transfer to the trust, to be named Senior Health Care Oversight Trust, will aid the unit’s long-term care policyholders and give Conseco… Continue reading Insurer to Transfer Senior-Health Unit

A survey conducted by Chicago, Illinois-based Aon Consulting Worldwide finds health care costs for employers are expected to increase by an average 10.6% next year. The survey also forecast a 9.2% increase in costs for prescription drugs.      The survey polled more than 70 leading health care insurers that represent more than 100 million insured… Continue reading Double-digit Rise in Health Plan Costs Projected

A federal court decision may result in an increase of tax-refund claims by consumers with insurance policies who sold shares in insurance companies that went public, or those who continue to hold shares. The action is due to a number of mutually owned insurance companies, such as MetLife Inc. and Prudential Financial Inc., which converted… Continue reading Refund Claims May Result from Tax Ruling

Billionaire Warren Buffett’s company Berkshire Hathaway Inc. announced second-quarter profits dipped 8%, due to fewer insurance premiums collected and $1 billion in unrealized derivative losses. Berkshire Hathaway generated $2.9 billion in net income, or $1,859 per share, during the second quarter ending June 30, down from $3.1 billion net income, or $2,018 per share, posted… Continue reading Profits Dip for Berkshire Hathaway

Japan’s largest property/casualty insurer, Tokio Marine Holdings, announced a 42 percent slide in quarterly profit, pointing to a lag in the world’s second-largest economy as the cause for its drop in business. Just last month Toko Marine Holdings publicized plans to purchase U.S. insurer Philadelphia Consolidated in an effort to expand beyond the shrinking Japanese… Continue reading Japanese P/C Insurer Posts Huge Profit Drop

Limited oil and gas resources, the recruitment and retention of a qualified workforce, and energy price volatility are among the most critical risk issues currently facing the world’s national oil companies (NOCs), according to a new report published by Marsh, the world’s leading insurance broker and risk advisor. The report also found a gap between… Continue reading Survey Says National Oil Producers Not Well Prepared in Today’s World of Risk

A proposed $303 million securities fraud class action settlement levied against auto manufacturing giant General Motors Corp. has the carmaker turning to directors and officers liability insurance to cover its portion of the suit. Detroit-based GM recently disclosed that it reached a $277 million settlement last month with plaintiffs who had accused GM of a… Continue reading Automaker Turns to D&O Liability to Cover Millions in Settlement

Chicago, Illinois-based Blue Cross and Blue Shield of Illinois said it will not pay for hospital-based preventable medical errors. Instead, the insurer said it plans to work with network providers to stop errors before they happen. The medical errors that the insurer says it will not cover include “serious hospital-acquired conditions,” such as preventable infections… Continue reading Insurer Says “Not Our Fault? Not Our Bill”

Legislation that would allow insurance companies to track when, where and how Californians drive passed the Senate Appropriations committee today. The bill authorizes different insurance rates for drivers who choose to protect their privacy and those who agree to place a “black box” in their cars. “AB 2800 would force drivers to choose between fair… Continue reading Consumer Watchdog: CA Proposed Auto Legislation Puts Privacy Issues at Forefront

An analyst at FTN Midwest Securities Corp, Charles Hamilton, reported that billionaire Warren Buffett’s Berkshire Hathaway Inc. may post a 32 percent decline in second-quarter profit today to $2.13 billion, as falling prices crimp insurance earnings and building-related businesses slow with the housing slump. The Omaha, Nebraska-based investment and holding company’s stock had its worst… Continue reading Buffett’s Berkshire May See a One-third Second-Quarter Profit Decline