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The largest health insurer in the nation, UnitedHealth, is under fire, facing penalties of up to $1.3 billion for tens of thousands of alleged violations, including wrongly denying claims, losing patient records and failing to respond to complaints.     California Insurance Commissioner Steve Poizner announced he is suing UnitedHealth’s California subsidiary, Pacificare, for mishandling… Continue reading Health Insurer Facing Billion-dollar Penalty

After the universal health care bill he supported died in a Senate committee, California Gov. Arnold Schwarzenegger has vowed to continue pressing for legislation that would provide health insurance to the state’s uninsured. “I’m as determined as ever,” Schwarzenegger said. “The issue is not going to go away.” He called the bill a golden opportunity… Continue reading Governor’s Health Bill Terminated in Committee

In more earnings news, Arthur J. Gallagher & Co. reported fourth-quarter net income of $23.4 million, down from $24.6 million last year. The insurance brokerage said the fourth-quarter profit decline was prompted by a loss on discontinued operations. Fourth-quarter revenue totaled $410 million, up from $398.7 million in the year-ago quarter. Arthur J. Gallagher announced… Continue reading Brokerage Profits Down, Announces Plans to Sell Some Ops

Allstate Corp. posted a 37.3 percent decline in fourth quarter net income, thanks in large part to claims driven by California wildfires in the past few months. The largest publicly traded U.S. home insurer posted net earnings of $760 million, down sharply from $1.21 billion in the same period a year ago. Fourth-quarter operating income… Continue reading Allstate Posts Steep Earnings Decline

After industry-wide investigations into its producer compensation and insurance placement practices, American International Group Inc. announced it will pay a $12.5 million settlement agreement to 10 jurisdictions. Regulators in Florida, Hawaii, Maryland, Massachusetts, Michigan, Oregon, Texas, West Virginia, Pennsylvania and the District of Columbia accused AIG of paying agents and brokers undisclosed contingent commissions and… Continue reading AIG Makes Million-dollar Settlement

As part of an ongoing effort to stave off a recession and shore up the U.S. economy, beleaguered by the housing market slump and credit crunch, the Federal Reserve is expected to lower U.S. interest rates later today. (The Fed is expected to announce its decision at approximately 2:15 p.m. EST.)    Financial markets are… Continue reading More Fed Rate Cuts Expected Today

Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance Monday and extended that rating to AXIS Capital operating units AXIS Specialty Ltd., AXIS Reinsurance Co., AXIS Specialty Europe Ltd., AXIS Specialty Insurance Co., AXIS Surplus Insurance Co. and AXIS Re Ltd.     “The ratings assignment on AXIS… Continue reading Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance.

The Hanover Insurance Group reported strong fourth quarter results for 2007, with net income up by 63.6% and property/casualty pre-tax segment income up by 5.6%. Following are the financial highlights as reported on the insurer’s website: 2007 Fourth Quarter Financial Highlights * Net income of $1.44 per share, up 63.6%, compared to $0.88 per share… Continue reading Hanover Reports Strong Fourth-Quarter

As the 2008 congressional session begins, the American Insurance Association (AIA) today commended lawmakers returning to Capitol Hill for their continued focus on the need for affordable property insurance, an Optional Federal Charter to address the burdensome insurance regulatory system in America, and comprehensive flood insurance reform. “2008 is shaping up to be another active… Continue reading AIA Congressional Legislative Priorities for 2008 Include Property Insurance, Optional Federal Charter, and NFIP Reforms

U.S. specialty insurer Assurant Inc reported that it reinstated Robert Pollock, who had been placed on administrative leave after he received a regulatory notice, as chief executive and president, effective Jan. 28.    The decision comes after a special board committee, following an investigation into the events that had resulted in Pollock’s receipt of the… Continue reading Assurant Reinstates Pollock as CEO