News on Insurance Industry

Allianz sees steady operating profit for 2010

2010-03-19T05:45:14Z

<div id="subtitle">German insurer Allianz sees 2010 operating profit around 2009 level of $9.7 billion</div><div><p>German insurer Allianz SE expects its 2010 operating profit to be around last year's level of euro7.2 billion ($9.7 billion) as the global economy comes out of a long downturn.</p><p>Allianz, one of the world's biggest insurers and based in Munich, say...

Hartford prices debt to repay federal bailout

2010-03-18T16:45:23Z

<div id="subtitle">Insurer The Hartford prices senior debt to help repay $3.4B federal bailout and existing debt</div><div><p>Hartford Financial Services Group Inc. announced pricing Thursday for $1.1 billion in senior debt it will offer as part of a plan to repay $3.4 billion it received from the federal finan...

Pelosi: GOP, insurers ready to attack health bill

2010-03-18T10:17:50Z

<div id="subtitle">Pelosi says GOP, insurance companies will mount all-out assault on Democrats' health overhaul</div><div><p>House Speaker Nancy Pelosi is predicting an all-out assault by Republicans and the insurance industry as Democrats prepare to push their health ca...

Korea Life gains; buoys hopes for Samsung Life IPO

2010-03-17T01:32:09Z

<div><p>SEOUL (Reuters) - Korea Life Insurance Co <088350.KS> shares closed up 8 percent in heavy trading on their debut on Wednesday, signaling keen demand ahead of bigger rival Samsung Life's planned $4 billion IPO in May.</p><p>Korea Life had priced its $1.6 bi...

Shin shuns limelight as Korea Life goes public

2010-03-16T23:15:15Z

<div><p>SEOUL (Reuters) - Shin Eun-chul is a four-decade insurance veteran who, into his eighth year in charge of South Korea's No.2 life insurer, has not given any media interviews.</p><p>That low profile is not unusual for the head of a flagship of one of South Korea's chaebol -- large, family-owned business gr...

Hartford Financial selling $3B in securities

2010-03-16T16:00:39Z

<div id="subtitle">Hartford Financial selling $3.05B in securities in plan to repay $3.4B from federal bailout</div><div><p>Hartford Financial Services Group Inc. said Tuesday it will sell $3.05 billion in securities as part of its plan to repay the $3.4 billion it received under the federal financial bailout.</p><p>The financial services company...

Ex-AIG employees might sue over lower payouts

2010-03-15T12:15:32Z

<div><p>NEW YORK (Reuters) - Several former American International Group Inc <AIG.N> employees might sue the insurer after it gave them less retention bonus money than they should have received, their lawyers said on Monday.</p><p>AIG is holding back $21 million from retention bonuses for current ...

Obama aide puts moral case to health insurers

2010-03-10T14:17:02Z

<div><p>Barack Obama's top health official made a tough moral case to insurance giants Wednesday: put people and patriotism before profits and drop opposition to the president's overhaul plans.</p><p>Health and Human Services Secretary Kathleen Sebelius braved an industry conference two days after Obama issued a stinging attack on health insurance firm...

AIG aircraft unit debt offering has strength

2010-03-10T11:00:22Z

<div id="subtitle">AIG aircraft unit's loan sales garner demand; to provide add'l funding ahead of possible sale</div><div><p>International Lease Finance Corp., the aircraft-leasing unit of American International Group Inc., is looking to raise $1.3 billion in loan of...

HHS Sebelius exhorts insurers to get on board

2010-03-10T07:45:27Z

<div id="subtitle">HHS secretary challenges health insurers to back Obama's system overhaul _ or else</div><div><p>The head of the Health and Human Services Department is sketching out a stark choice for the nation's insurers: oppose reform and eventually lose customers, or work with the Obama administr...

Munich Re CEO: Buffett stake backs our strategy

2010-03-10T06:46:52Z

<div><p>MUNICH (Reuters) - Munich Re <MUVGn.DE> sees star investor Warren Buffett's stake in the reinsurer as evidence that he backs its long-term strategy aimed at creating stability, Munich Re's chief executive said on Wednesday.</p><p>"He would not have bought in i...

Chile quake to cost insurers 'up to $7 bln'

2010-03-10T05:16:01Z

<div><p>Reinsurance giant Swiss Re on Wednesday estimated that insurers will have to pay up to 7.0 billion dollars (5.16 billion euros) for damages arising from the deadly earthquake in Chile.</p><p>"This latest earthquake will lead to significant insurance claims for property damage and business interruption which are designed to facilitate a swift ...

Swiss Re puts Chile quake insurance cost at $4-7BN

2010-03-10T05:15:18Z

<div id="subtitle">Swiss Re puts total cost to insurance industry of Chile quake at $4-7 billion</div><div><p>Swiss Reinsurance Co. said Wednesday that the strong earthquake in Chile last month will cost the insurance industry $4-7 billion, an estimate shared by its Germany-based rival Humana Inc. paid CEO Michael B. McCallister 26 percent more last year than in 2008, largely because of a $1.8 million performance-related bonus.</p><p>McCallister, 57, received compensation valued at $6...

Obama stages populist battle on health reform

2010-03-08T21:16:08Z

<div><p>A fired-up President Barack Obama has turned his populist ire from Wall Street to the insurance sector as he sought to rally support for a last-ditch bid to pass a historic health care overhaul bill.</p><p>Obama laid a bold bet on Monday with his remaining political capital in an event in metropolitan Phi...

Summary Box: Stocks end day of quiet trading mixed

2010-03-08T15:45:36Z

<div><p>MODEST MOVES: Stocks ended mixed after insurer American International Group Inc. reached a deal to sell one of its major foreign divisions to MetLife Inc. for $15.5 billion. Investors see buyouts as a sign of confidence in the economy.</p><p>WEAKER HEALTH: Presi...

How the major stock indexes fared on Monday

2010-03-08T15:45:07Z

<div><p>Stocks ended mixed after a new round of mergers and acquisitions raised some hope for the economy. Financial shares rose after insurer American International Group Inc. reached a deal to sell one of its major foreign divisions to MetLife Inc. for $15.5 billion. Meanwhile, health care stocks fell after

Insurance deals boost 2010 M&A activity

2010-03-08T15:33:09Z

<div id="subtitle">AIG deals with insurers take No. 1 and No. 5 spots so far in 2010 globally, says Dealogic</div><div><p>The pace of mergers and acquisitions is gaining speed in 2010 thanks to American International Group Inc.</p><p>MetLif...

Summary Box: AIG's $15.5B Alico sale to MetLife

2010-03-08T15:32:30Z

<div id="subtitle">Summary Box: AIG sells Alico to MetLife for $15.5B in ongoing bid to payback government</div><div><p>THE SALE: American International Group Inc. sold its America...

Culver letter prompts Wellmark to delay rate hike

2010-03-08T14:45:11Z

<div id="subtitle">Culver letter to Iowa insurance commissioner prompts Wellmark to delay rate increase</div><div><p>Iowa's largest health insurance provider will delay a planned premium increase after Gov. Chet Culver raised questions Monday about the higher rates to the state insurance commissioner.</p><p>Culver sent a letter to Insurance Commissioner Susan Voss, ex...