Trupanion pet insurer raises $9 million to improve customer service and widen sales force

The Trupanion pet insurance company has raised $9 million in financing, with funding coming primarily from the Highland Consumer Fund, but also from Maveron, a venture capital firm from Howard Schultz. The insurer provides pet coverage to owners in Canada, Puerto Rico, and the United States. It provides coverage for 90 percent of medical care from a veterinarian should the protected pet be injured or fall ill. Premiums for a mixed-breed dog at three years old are typically around $40 per month. Trupanion explained that it intends to use the…

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U.S. mortgage insurance on the brink of collapse, changes for the housing market loom

The U.S. mortgage insurance market is on the cusp of a major revolution, but not for the better. The problems stem from the 2008 worldwide economic recession. The recession took a massive toll on the U.S. housing market, resulting in a crisis that persists to this day. Several insurance companies that specialized in mortgages floundered in the wake of the recession and those that survived now hold too much risk to continue writing policies. Insurers lost billions as a result of the housing crisis, losing much of the surplus capital…

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Increased sales boost net income for Marsh & McLennan 2Q

Marsh & McLennan Co. has reported that its income had a significant increase in the 2011 second quarter as a result of a sudden boost in the company’s insurance and consulting business, which led to greater revenues. This New York-based business services organization reported that its primary insurance business brought in a greater number of new clients and held onto more existing customers, which allowed sales for that branch of the company to increase by 11 percent. The net income for Marsh & McLennan rose by 19 percent by the…

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ACIA announces acquisition of Fremont Insurance Company

Dearborn, Michigan-based Auto Club Insurance Association (ACIA) has announced its acquisition of the Fremont Insurance Company by way of a merger with Fremont’s parent company, Fremont Michigan InsuraCorp, Inc. The wide range of products offered by Fremont, its business position throughout northern and western Michigan, its strong relationships with independent agencies, and its solid financial performance are predicted to be advantageous to the ACIA from the very start, and should offer new potential and opportunities to both organizations. Based in Fremont, Michigan, the acquired insurer offers property and casualty insurance…

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Regardless of tornado losses, Allstate posts better results than predicted

The largest publicly traded American home and auto insurance company, Allstate Corp., has posted its losses for the second quarter, following catastrophe expenses that broke insurance industry records; but its results weren’t as bad as had been predicted. Allstate’s catastrophe losses reached $2.34 billion, making that quarter one of the worst in the entire history of the company. It had already been anticipating significant losses as a result of April and May’s tornado and severe weather activity in the United States. That said, analysts had not anticipated the revenue to…

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