Standard and Poor’s Ratings Services today cut its credit ratings on AFLAC Inc., placing the Columbus, Ga., health carrier on CreditWatch with negative implications.
A bipartisan group of seven House members today sent a letter to Treasury secretary-designate Timothy Geithner, asking him to set up an office of insurance information if he is confirmed.
Shares of AFLAC Inc., a Columbus, Ga.-based health insurer, plunged after a research note from Morgan Stanley aired concerns about the company’s capital levels.
GE Asset Management Inc. of Stamford, Conn., today agreed to add the GE Investments Total Return Fund to Pacific Life Insurance Co.’s variable annuity platform.
While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators.
The suit was filed by American Equity Investment Life Insurance Co., a major provider of index annuities, and other companies that market the products, in the U.S. Court of Appeals for the District of Columbia Circuit after the SEC published its rule in the Federal Register today.
The Federal Reserve has cleared Protective Life Corp., the Birmingham, Ala., insurer, to become a bank holding company, making the carrier eligible to a slice of the $700 billion federal bailout.
One of the suits was brought in federal court in New York by the Chicago-based American Medical Association, which led medical societies, health plan members and medical-care providers against the carrier.
Genworth Financial Inc.’s long term care insurance business has teamed with the National LTC Network Inc. in a marketing relationship aimed at selling the insurer’s products and services.
Jackson National Life Insurance Co. of Lansing, Mich., today launched its new corporate <a href=http://www.jackson.com>website</a>, which includes new tools for advisers and registered representatives.
Genworth Financial Inc. kicked off the new year by firing approximately 1,000 of its 7,300 employees worldwide in an attempt to cut the insurer’s spending.
The new year promises to be a tough one for the U.S. life and health insurance sectors, according to an industry report card released today by Standard and Poor’s Ratings Services.
Britain’s FSA has fined international reinsurance giant Aon 5.25 million pounds ($7.9 million) for failing to maintain effective anti-bribery systems.
Pennsylvania’s insurance commissioner yesterday seized control of Penn Treaty Network America Insurance Co., a foundering long term care insurer, because it’s having difficulty maintaining appropriate capital levels.
Cigna anticipates that most of the layoffs will be completed by the middle of this year and that all of the affected employees will be eligible for severance benefits and outplacement support.
Standard and Poor’s Ratings Services today lowered its counterparty credit and financial ratings on Nationwide Financial, the life insurance division of Columbus, Ohio-based Nationwide Mutual Insurance Co., to A+, from AA-.
Tremont Group Holdings, which is owned by OppenheimerFunds Inc., a subsidiary of Massachusetts Mutual, had $3.3 billion invested with Mr. Madoff — more than half of its total $5.8 billion under management.
Axa SA of Paris, Massachusetts Mutual Life Insurance Co. of Springfield and Swiss Reinsurance Co., as well as other all-star companies, have also been exposed to Mr. Madoff’s alleged $50 billion Ponzi scheme.
Morgan Stanley downgraded ING Groep NV, Standard Life PLC and Aegon NV to “underweight” from “equal weight,” expecting more challenges ahead for the insurers, Reuters reported.
The Allstate Corp. of Northbrook, Ill., has announced the departure of James E. Hohmann, president and chief executive of Allstate Financial LLC, who is leaving on Jan. 5.
