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CBO releases Obamacare overhaul audit; millions left uninsured

CBO releases Obamacare overhaul audit; millions left uninsured

Senate Republicans’ legislation to overhaul the Affordable Care Act would leave an additional 22 million people without health care coverage over the next decade and cut the federal deficit by $321 billion, according to a Congressional Budget Office analysis released late Monday. By 2026, an estimated 49 […]

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Wells Fargo insurance unit to be acquired by USI

Wells Fargo insurance unit to be acquired by USI

National brokerage USI Insurance Services said that it has made an agreement with Wells Fargo to acquire the bank’s commercial insurance business. Financial terms of the transaction were not disclosed. According to New York-based USI, the deal is expected to close in the fourth quarter pending regulatory […]

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Auto premium increases sticking point for U.S. consumers

Auto premium increases sticking point for U.S. consumers

A combination of record numbers of miles driven, increased frequency and severity of collisions, and extreme weather has crimped U.S. auto insurer profitability, resulting in rate increases for 26% of customers and a strain on customer satisfaction. According to the J.D. Power 2017 U.S. Auto Insurance Study, […]

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Individual life insurance annualized premium increases Q1

Individual life insurance annualized premium increases Q1

Individual life insurance new annualized premium increased 5% in first quarter 2017 compared to first quarter 2016, according to LIMRA’s First Quarter 2017 U.S. Individual Life Insurance Sales Survey. Nearly 60% of companies participating in LIMRA’s survey reported increased sales, including nine of the top 10 carriers. […]

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UPCIC approved for New York underwriting

UPCIC approved for New York underwriting

  Universal Property & Casualty Insurance Company (UPCIC) has received approval from the New York State Department of Financial Services to begin underwriting property insurance in New York. UPCIC is a wholly-owned subsidiary of Universal Insurance Holdings. In a statement, Universal Insurance Holdings Chairman and Chief Executive […]

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Confie acquires agencies in New York, Missouri, Arizona

Confie acquires agencies in New York, Missouri, Arizona

Confie, a national provider of personal and commercial lines insurance, has completed five acquisitions in New York, Missouri and Arizona. No financial terms were released by Confie. In New York, Confie acquired Bronx, N.Y.-based Tremont Spirit Insurance, Inc., provider of non-standard auto insurance, which expands Confie’s presence […]

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GOP unveils health bill to revamp, revise Obamacare

GOP unveils health bill to revamp, revise Obamacare

Republicans in the U.S. Senate on Thursday unveiled a bill that would dramatically transform the nation’s Medicaid program, make significant changes to the federal health law’s tax credits that help lower-income people buy insurance and allow states to water down changes to some of the law’s coverage […]

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Cigna to abandon Maryland Obamacare market in 2018

Cigna to abandon Maryland Obamacare market in 2018

Cigna Corp. announced that it will no longer offer individual health insurance plans through Maryland’s Affordable Care Act health insurance exchange in 2018, citing losses due to the federal law. Last month the health insurer filed a 37% rate increase request with the state for next year, […]

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The Hanover enters Pennsylvania personal lines market

The Hanover enters Pennsylvania personal lines market

The Hanover Insurance Group, Inc., has expanded its business in Pennsylvania to include personal lines insurance and has appointed a group of independent agents in the Commonwealth to offer the lines. The company’s personal lines offering includes Hanover Platinum Protection, a package of insurance coverages designed to […]

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Safeco gives up NFL stadium naming rights

Safeco gives up NFL stadium naming rights

Safeco Field, home of NFL’s Seattle Mariners, will have a new name after Safeco Insurance decided it will not renew its stadium naming rights after the 2018 season ends. Boston-based Safeco had a 20-year naming rights agreement that started in 1999 for what has been known as […]

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