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Berkshire Hathaway Inc, billionaire Warren Buffett’s company, will sell its 16.3 percent stake in White Mountains Insurance Group Ltd in a transaction valued at $836 million, according to a statement on Monday by White Mountains. Seven years after investing in the Bermuda-based insurer, Berkshire will exchange its 1.724 million shares for about $751 million of… Continue reading Berkshire to Sell Shares in White Mountains

Wednesday evening the House of Representative approved mental health care benefits parity legislation, which differs from that passed by the Senate last year. Passed by a vote of 268-148, the House bill would require group health care plans to offer the same coverage for mental disorders as they do for other medical conditions, requiring many… Continue reading Mental Healthcare Parity Bill Passed by the House, Differs from Senate Bill

The insurance industry is getting in on the eco-bandwagon. Consumers can now buy “green” policies that cover the house itself — and the car in the driveway. New policies will pay to rebuild a home using green materials after it’s destroyed by fire or other disaster, and offer discounts if you buy a hybrid car… Continue reading Insurance Shows its Green Side

According to a report by Dallas-based MarketScout, the downward trend that insurance rates have experienced reflected moderating signs last month with a 14 percent composite decrease, one point less than January.    According to the report, its figures, based on its insurance exchange transactions, shows the composite decrease continues to slow, moving from 16 percent… Continue reading MarketScout: Downward Trend Eases Up on Insurance Rates Last Month

On Thursday New York Attorney General Andrew Cuomo announced on that he has issued new subpoenas to Aetna Inc., Cigna Corp., UnitedHealth Group Inc. and WellPoint Inc., and other health insurers in a broadening investigation of possible fraud costing consumers hundreds of millions of dollars. In February, Cuomo began the investigation alleging that insurers have… Continue reading NY Attorney General Expands Health Insurer Probe

New York-based Citigroup, the largest U.S. bank, said it aims to cut its home loan exposure by $45 billion, reduce risk and save $200 million a year in an overhaul of its U.S. residential mortgage business. Citigroup suffered a $9.83 billion fourth-quarter loss tied largely to mortgages, also plans to fold its Citi Home Equity… Continue reading Citigroup Looks to Cut Home Loan Exposure by $45B

Today bond insurer Ambac Financial Group Inc reported that it sold $1.5 billion of shares and convertibles, protecting the company from ratings cuts but not satisfying some analysts who wanted the company to raise more.    Ambac said it sold $1.25 billion of common shares at $6.75 a share, or 9 percent below their closing… Continue reading Ambac Raises Money Needed to Avert Ratings Cuts

The Arkansas Insurance Department released its third straight report to the Senate showing that a majority of Arkansas homeowners and motor vehicle owners pay lower or the same rates when credit information is used in calculating rates, said the American Insurance Association (AIA). The report found that 30 percent of Arkansas homeowners and motor vehicle… Continue reading Arkansas Study Shows Credit Info Lowers Insurance Premiums

Cleveland Federal Reserve President Sandra Pianalto said on Wednesday that the global credit crisis creates big downside risks to an already softening economy requiring bold action from the U.S. central bank. Pianalto was speaking to an audience of investors at a New York event sponsored by the Money Marketeers. In the fourth quarter, the U.S.… Continue reading Pianalto: Bold Moves Needed by Fed to Address Global Credit Crisis

Alabama Insurance Commissioner Walter Bell, has issued an order to insurers to stop offering insurance such as homeowners on the condition the customer also purchase another policy with the same company, known as “mono-line status” or “tying”. One of these companies is Allstate, which said it is now involved in “productive dialogue” with Bell.   … Continue reading Insurers Ordered to Stop Mono-Line Practice in AL