Insurance News & Info

AIG’s Risk From Storms Rises After Life Divestitures (Update1) American International Group Inc., the insurer that stayed profitable through the Sept. 11 attacks and Hurricane Katrina, may be more exposed to disasters after divesting life insurance units to repay its government bailout. Read more on BusinessWeek

Tanning Tax, Family Insurance to Take Effect in 2010 (Update1) March 24 (Bloomberg) — Businesses will feel the effects of the health-care overhaul this year as a tax on indoor tanning salons goes into effect in July and insurers by September must allow children younger than age 26 to stay on their parents’ insurance. Read [...]

Health-Care Overhaul Adds Millions of U.S. Customers (Update1) March 22 (Bloomberg) — Drugmakers and health insurers will gain millions of customers under legislation overhauling the U.S. medical system. The industry also will pay new fees to the government, and face stricter rules that may narrow profit margins and fuel mergers. Read more on Bloomberg

NKSJ’s Sato Says Japanese Insurer Seeks Takeovers (Update1) NKSJ Holdings Inc., the company being formed by the merger of Sompo Japan Insurance Inc. and Nipponkoa Insurance Co., said it will seek acquisitions at home and overseas to boost profits. Read more on BusinessWeek

AIG Said to Deliver $46 Million in Bonuses Today (Update1) March 15 (Bloomberg) — American International Group Inc. will deliver about $46 million in bonuses today to former employees of the bailed-out insurer’s derivatives trading unit, said a person briefed on the company’s plans. Read more on Bloomberg

Fed Unconvinced Recovery Yet Warrants Higher Rates (Update1) March 17 (Bloomberg) — Federal Reserve officials signaled the U.S. recovery isn’t strong enough to stoke inflation, reduce unemployment quickly or justify an end to record-low interest rates. Read more on Bloomberg

Limbaugh Embraces Costa Rica Socialized Medicine (Update1) March 16 (Bloomberg) — Talk-radio king Rush Limbaugh’s model health-care system may be one of Latin America’s longest- standing state-run programs, where 98 percent of the population is covered and private insurance is rare. Read more on Bloomberg

Mindray Says China Health Reforms Will Boost Demand (Update1) March 12 (Bloomberg) — Mindray Medical International Ltd. , the largest Chinese health-care equipment maker by market value, said it will benefit from government plans to boost health care spending in rural areas. Read more on Bloomberg

AIG Agrees to Sell Alico to MetLife for $15.5 Billion (Update1) March 8 (Bloomberg) — American International Group Inc. agreed to sell a division to MetLife Inc. for $15.5 billion in the bailed-out company’s second divestiture of a non-U.S. life insurance unit this month. Read more on Bloomberg

PCCW Says Chairman Richard Li’s Buyout Plans ‘Dead’ (Update1) March 10 (Bloomberg) — PCCW Ltd. said investors should consider as “dead” Chairman Richard Li ’s plan to buy out Hong Kong’s biggest phone company after police began a probe into the bid and judges ruled it had been manipulated. Read more on Bloomberg