State of California takes over control of former Berkshire insurance unit

Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

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Allstate Q3 2019 earnings and revenue beat out predictions

Allstate Q3 2019 - revenue, profit

The insurance giant has announced its figures for the quarter and they are notably higher than estimates. The Allstate Q3 2019 numbers are in and the figures are far more favorable than had been widely anticipated for the insurer. The earnings and revenues were significantly better than predicted. Analysts had been predicting favorable third quarter results, but the insurer managed to do better. According to the insurer’s reports, the Allstate Q3 2019 earnings were $2.84 per share. This topped virtually all estimates, including the Zacks Consensus Estimate, which had been…

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Brooke Shields places life insurance value into the spotlight

Life insurance value - Brooke Shields - Life Happens - YouTube

The actress has partnered with Life Happens to spread awareness about coverage accessibility. Last month, Brooke Shields used a partnership with Life Happens to draw attention to life insurance value and accessibility. Last month was life insurance awareness month and this partnership played a central role. Shields partnered with the non-profit to help push forward the message of life insurance value and accessibility. It was a very direct message: that every family can and should buy coverage to ensure their loved ones are protected if the worst should happen. Death,…

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Blue Cross NC CEO must resign, says state insurance commissioner

Blue Cross NC CEO to resign - person in handcuffs

The regulator blames the chief exec for waiting three months to notify him of June 22 arrest. North Carolina Insurance Commissioner Mike Causey has called for the Blue Cross NC CEO to resign. Causey cited the failure of the Blue Cross and Blue Shield of North Carolina’s chief executive officer to inform Causey that the CEO had been arrested on June 22. The CEO was allegedly arrested on June 22 for a traffic accident related to alcohol use. Causey also said the Blue Cross NC board was at fault for…

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Small insurance companies facing scrutiny receive IRS deal offer

Small insurance companies - Business

The goal of the deal is to ensure tax payment plus interest in exchange for dropping the case. The I.R.S. has offered small insurance companies under tax avoidance scrutiny a way to avoid penalties through a new offer. This offer would give the insurers the opportunity to pay all outstanding back taxes – in addition to interest – in order to close their cases and face no further penalties. The Internal Revenue Service is working to help to correct the tax avoidance and prevent it in the future. The small…

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NFL reaches concussion settlement with its insurance company

concussion settlement - NFL players - Football

Many of the league’s insurers have been battling the requirement to pay players with such injuries. The N.F.L. has reached a concussion settlement following a lengthy battle regarding payments to players who have been injured. Insurers have been resisting payments to concussed players because they say the league had not adequately disclosed the game’s dangers to its players. The battle over the concussion insurance payments has stretched out for seven years. The concussion settlement brings this fight to an end. Insurance companies had been refusing to pay their portion of…

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Jay Z and Will Smith backed life insurance start-up valued at almost $500 million

Life insurance start-up - Robert Downey Jr. visits the Embassy

The company, called Ethos, gained considerable value in a Series C round led by big-name backers. San Francisco-based life insurance start-up, Ethos, has just gained an additional $60 million in funding and is now valued at just about $500 million. Existing investors include such big name celebs as Jay Z, Will Smith and Robert Downey Jr. During its Series C round of funding, the life insurance start-up was highly successful, with a round led by Alphabet’s (parent company of Google) venture arm, GV, as well as Goldman Sachs. Its existing…

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