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Former AIG exec tapped as new Chubb chief claims officer

Former AIG exec tapped as new Chubb chief claims officer

Posted: February 7, 2018 Former American International Group (AIG) executive Michael W. Smith has been appointed chief claims officer for Chubb Ltd. Smith, who will be based in New York, takes over from Frank Lattal, who will continue as senior vice president of Chubb Group and report to […]

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Apple, Cisco team up with insurers for cyber policy discounts

Apple, Cisco team up with insurers for cyber policy discounts

Posted: February 5, 2018 Apple Inc and Cisco Systems Inc have teamed up with insurer Allianz SE to offer discounts on cyber insurance to businesses that primarily use equipment from both technology companies, they said on Monday. The arrangement, which also includes insurance broker Aon Plc, will help […]

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Democrats eye HHS response to possible Idaho break with Obamacare

Democrats eye HHS response to possible Idaho break with Obamacare

Posted: February 2, 2018 Leading congressional Democrats, worried about Idaho’s plan to break with Affordable Care Act regulations on its state exchange, warned HHS on Wednesday that they are watching how the Trump administration plans to uphold the Affordable Care Act statute. Early in January, Idaho officials made […]

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Insurers gingerly test bitcoin business with heist policies

Insurers gingerly test bitcoin business with heist policies

Posted: February 1, 2018 Major global insurers are starting to offer protection against cryptocurrency theft, willing to tackle daunting challenges it brings rather than miss out on this volatile and loosely regulated, but rapidly growing business. So far only a few insurers sell such insurance, including XL Catlin, […]

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P&C market sees net income drop 30% during first 9 months of 2017

P&C market sees net income drop 30% during first 9 months of 2017

The private U.S. property/casualty insurance industry saw its net income after taxes drop to $22.4 billion in nine-months 2017 from $32.1 billion in nine-months 2016 – a 30.3% decline-and its overall profitability as measured by its annualized rate of return on average policyholders’ surplus fall to 4.2% […]

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Another delay of Obamacare taxes could cost $31 billion

Another delay of Obamacare taxes could cost $31 billion

Posted: January 25, 2018 If three Affordable Care Act taxes, which were once delayed under the Obama administration and are now part of the bill passed by Congress to end the government shutdown, remain permanent, federal revenue could be reduced by $31.3 billion over the next 10 years. […]

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SEC investigates GE over $6.2 billion insurance charge

SEC investigates GE over $6.2 billion insurance charge

Posted: January 24, 2018 The Securities and Exchange Commission (SEC) is investigating General Electric’s recently disclosed $6.2 billion charge related to Genworth Financial, the Richmond, Va.-based long-term care insurance company that it once owned. The conglomerate disclosed the news Wednesday during a conference call to report its fourth-quarter […]

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Former funeral home director charged with $280,000 insurance fraud

Former funeral home director charged with $280,000 insurance fraud

A former Pittsburgh-area funeral home director has been accused of stealing more than $280,000 from elderly clients who thought they were purchasing insurance or paying funeral costs. The alleged insurance fraud occurred between October 2010 and March 2017, Stephen E. Kezmarsky III, 50, from Uniontown, Pa., and […]

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AIG to buy reinsurer Validus for $5.6 billion

AIG to buy reinsurer Validus for $5.6 billion

American International Group (AIG) announced that it will buy Bermuda-based property and casualty reinsurer Validus for $5.56 billion in cash to strengthen its reinsurance business, the company’s first deal under CEO Brian Duperreault. “Validus is an excellent strategic fit for AIG, bringing new businesses and capabilities to […]

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Lincoln Financial to acquire Liberty Life for $3.3 billion

Lincoln Financial to acquire Liberty Life for $3.3 billion

Lincoln Financial Group announced that it will acquire Liberty Life Assurance Company of Boston from Liberty Mutual Insurance Group for $3.3 billion. Upon completion of the transaction, Lincoln Financial, which is based in suburban Philadelphia, will retain Liberty’s Group Benefits business and reinsure Liberty’s Individual Life and […]

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