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Boosted by double-digit growth in its asset management and life insurance segments, Allianz S.E. reported today a 21% increase in its third quarter net income to €1.92 billion ($2.82 billion). Allianz reported that net income for the first nine months of the year increased by 29.2% to €7.30 billion ($10.72 billion) compared with the same… Continue reading Allianz Third-Quarter Income Up

FirstBest Systems, Inc., developer of advanced Underwriting Management Systems that enable commercial insurance carriers to profit from better underwriting, released on Nov. 7 the results of a survey titled “Underwriting 2.0: A FirstBest Study of Key Requirements for P&C Insurance Carriers,” which details the key underwriting issues and pain points faced by the property/casualty insurance… Continue reading Insurers Eye Profitable Growth through Underwriting, Study Says

Marsh & McLennan Cos. Inc. Chief Executive Officer Michael Cherkasky announced during the company’s earnings conference call on Thursday that it plans to collect an “enhanced commission” for middle-market and small commercial business from insurers. Cherskasky stated that Marsh has already instituted a brokerage fee on U.K. business of about 2.5%. “In the United States,… Continue reading Marsh to Collect Extra Commissions from Insurers

New York-based Marsh & McLennan Cos Inc. announced net income rose in the third quarter, boosted by a one-time gain from the sale of Putnam Investments. Marsh & McLennan, one of the two largest insurance brokers in the world, said net earnings were $1.95 billion, or $3.60 a share, up from $176 million, or 31… Continue reading Marsh Mac Posts 3-Q Gain

Aegon NV, the second-largest Dutch insurer after ING Groep NV, announced a 47 percent jump in third-quarter profits. Net income increased to 541 million euros ($792 million) from 367 million euros a year earlier. The Hague-based insurer also announced Alexander Wynaendts will succeed current CEO Don Shepard, who is retiring. Shepard is credited with expanding… Continue reading Aegon Posts Profits, CEO Change

The Chubb Group of Insurance Cos. announced it has launched a new automobile insurance rating system. The rating system, as well as a multi-policy discount for customers who purchase both Chubb homeowners and automobile policies, has been debuted in Illinois, Minnesota and Ohio as part of a nationwide implementation. Chubb’s new auto rating system considers… Continue reading Chubb Launches New Auto Insurance Rating System

A bill pending in Congress could create a significant estate-planning opportunity for family members other than spouses, creating “an opportunity for estate planning throughout the U.S. that didn’t exist before,” says Sy Goldberg, a New York-based attorney and expert in retirement-plan distributions. Currently, someone other than a spouse who is the beneficiary of a retirement… Continue reading New Bill Calls for a Stretch in Estate Planning Distributions

California State Insurance Commissioner Steve Poizner, multimillionaire entrepreneur turned politician, announced he will lead the charge against Proposition 93 by chairing a new campaign committee, serving as its state spokesman and pouring $1.5 million of his personal fortune into its kitty immediately, with more to come if necessary. An identical $1.5 million from U.S. Term… Continue reading Insurance Commissioner Leads Fight Against Term-limit Changes

Last week, wildfires burned through 517,450 acres of Southern California, destroying 2,923 structures and damaging an additional 504. The fires, spurred by the Santa Anna winds, spread across seven counties, leaving many people homeless and many independent agents working overtime to assist customers.    Southern California is picking up the pieces after the worst wildfire… Continue reading In the Line of Fire: California’s Aftermath

Banks such as Washington Mutual, Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. spent $25 million in 2004 and 2005 lobbying for a legislative agenda that included changes in bankruptcy laws to protect credit card profits, making it harder for consumers to walk away from paying credit card debt, according to the… Continue reading New Bankruptcy Laws Help Drive Foreclosures