PartnerRe merging with reinsurer

on
PartnerRe is merging with Axis Capital Holdings, vaulting the combined entity into the ranks of the top five reinsurers used by insurance carriers to limit their exposure to catastrophic risk. Combined, PartnerRe (NYSE:PRE) and Axis Capital (NYSE:AXIS) would have gross premiums exceeding $10 billion, including specialty lines of health, accident and life insurance they sell […] [Read More]

Report: N.Y. AG probes insurers on Sandy

on
New York’s attorney general reportedly has launched a probe of three insurance carriers to determine whether they rejected flood damage claims following Superstorm Sandy by using falsified engineering reports. Bloomberg reported Friday night that New York Attorney General Eric Schneiderman is investigating the Hartford Financial Services Group, New York City-based Travelers and Wright National Flood […] [Read More]
Categories: Insurance

Consumer watchdog sideswipes auto insurers over pricing

on
A national consumer watchdog group is urging state insurance regulators to dig into auto insurers charging them with pricing the poor out of their cars. Consumer Federation of America sent letters and a press release out on Wednesday saying more insurers are adopting a price optimization strategy which charges people the most they are willing […] [Read More]

Conn. gets piece of $500 million generic drug settlement from India

on
Connecticut Attorney General George Jepsen said Tuesday the state will get about $1.5 million from Ranbaxy, the India-based generic drug maker, who settled allegations this week that it was selling generics that were less than full strength or less than pure. Ranbaxy agreed to settle the charges after a whistleblower made allegations about its drugs […] [Read More]

Banking and the other insurance industry’s response to Sandy

on
Connecticut’s banking sector was lauded for riding out the devastation of Superstorm Sandy with minimal disruptions. State Banking Commissioner Howard Pitkin, told The Mines Wednesday nearly all the banks are up and running with only one, The Bank of Fairfield, shut down because of a loss of power. One credit union in the New London […] [Read More]

Insurance Department releases tips on filing claims for Sandy

on
Official release from Connecticut Insurance Department Connecticut Insurance Commissioner Thomas Leonardi today reminded consumers that there are a number of important steps to follow when filing damage claims from Storm Sandy. “Contact your agent or company as soon as possible and document your damage with photos or video,” Commissioner Leonardi said. “Keep a dairy of […] [Read More]
Categories: General, Insurance

Ridgefield’s Boehringer Ingelheim to pay states $95 million over drug marketing practices

on
Connecticut Attorney General George Jepsen said Friday Ridgefield-based pharmaceutical Boehringer Ingelheim will pay the states $95 million to settle allegations the company paid kickbacks to doctors to push four drugs, sometimes for uses not approved by the FDA. A complaint filed in Maryland federal court by a former sales director of the company, alleged that […] [Read More]

Thousands of Conn. residents to see health insurance rates rise

on
This month, the Connecticut Insurance Department has approved rate increases of 5.5-to-12.8 percent for policies covering more than 100,000 people. Combined with high oil and gasoline prices, these hikes are another blow to the economy as consumer spending is becoming more concentrated in the areas of health care, energy and education, leaving many households facing […] [Read More]

State Insurance department trims Aetna AARP policy hike to 4 percent

on
Aetna Life Insurance Co. was looking for a 7.5 percent increase on its Essential premier Health Insurance plans provided solely to AARP members in Connecticut, but the State Insurance Department trimmed the increase to 4 percent. There are about 1,200 Connecticut AARP members who will be affected, the department said in its decision. Many other […] [Read More]

Health insurance premiums run more than double pay increases

on
The Kaiser Family Foundation’s annual report on insurance premiums found they only rose 4 percent this year, compared to last. Unfortunately, hourly wages in the private sector are up 1.7 percent from a year ago, according to the latest U.S. Bureau of Labor Statistics report on employment and pay for August. And, while there have […] [Read More]