Insurance industry
The past two years have seen a decline in annual bonus rates on with-profits products, despite rising equity and bond markets. However, the rate of cuts has slowed, and life assurers have regained confidence to begin removing or reducing exit penalties. This shift is attributed to the rise in equity
Insurance industry
Over a million longer-term mortgage endowment policyholders with Norwich Union will face another round of cuts to maturity payouts, despite the insurer's with-profits funds generating an 11.5% return in 2004. The company is reducing payouts on policies taken out more than 15 years ago by between 5%
Insurance industry
Norwich Union, the UK's largest insurance company, has announced a new initiative aimed at alleviating the financial burden on young drivers aged 18-21. The company is launching a "pay-as-you-drive" policy that uses global positioning satellite "black boxes" to monitor insured drivers' cars and
Insurance industry
A new wave of insurance regulations set to take effect on Friday will result in increased premiums for consumers, according to Patrick Snowball, the chief executive of Norwich Union. The Financial Services Authority (FSA) will take over regulation of 36,000 companies, including insurers, under the European Union's
Insurance industry
As the state's insurer of last resort, Citizens Property Insurance Corp. is poised to increase rates for its 880,000 policyholders in Florida, with some facing hikes as high as 90 percent. The proposed increases of 23 percent for the typical customer might seem steep, but they pale
Insurance industry
Citizens Property Insurance Corp., the state-run insurer of last resort, has filed for rate increases in response to an order by Florida regulators, aiming to address concerns over sinkhole-prone regions and competitive market rates. The proposed increases, ranging from 11.8% to 90% in certain areas, would affect over 1
Insurance industry
As the extent of damage from the Asian earthquake and subsequent tsunami becomes clearer, the insurance sector is bracing for significant losses. The Lloyd's of London reinsurance market has estimated that the insurance sector's total exposure to the tsunamis could top $13 billion. Major reinsurers such
Insurance industry
Holidaymakers are reconsidering trips to Asia due to the tsunami disaster, with travel experts predicting a significant increase in cancelled package holidays. This will be the first indication of the disaster's economic impact on the region. Top insurance executives, including QBE Insurance, are assessing their exposure to claims,
Insurance industry
WellPoint, Inc. has named John Watts as the president and CEO of its national accounts business unit, responsible for serving the company's largest Blue Cross and Blue Shield multi-state employers with 6 million customers, representing the fastest-growing segment of the company's membership. Watts brings exceptional experience
Insurance industry
BC Life & Health Insurance Company, an affiliate of Blue Cross of California and an operating subsidiary of WellPoint, Inc., has been awarded a contract to provide a workers' compensation Medical Provider Network (MPN) to Majestic Insurance Company. This new agreement will give Majestic Insurance Company access to the
Insurance industry
LandAmerica Financial Group, Inc. has successfully closed on its previously announced acquisition of LoanCare Servicing Center, Inc. (LoanCare), the nation's 10th largest mortgage loan subservicing company. This strategic move marks LandAmerica's entry into the loan subservicing industry, further solidifying its position as a premier provider of
Insurance industry
John Hancock Preferred Income Fund, a closed-end fund managed by John Hancock Advisers, LLC, has reported its financial performance for the first quarter ended October 31, 2004. The fund's net investment income for the period was $14,942,730, down from $15,244,413 for the comparable period
