Live Insurance News

Insurance industry costs weren’t kind to Lloyds Banking

March 5, 2013March 5, 2013 G. Turner

The expenses from that sector have led the company to experience a loss in 2012. Lloyds Banking Group has been able to essentially slash its losses in half in 2012, despite the fact that it had to come up with a tremendous amount of money to set aside in order to make payments for the insurance industry scandal in which it mis-sold coverage products. Its full year loss has now been revealed to be £1.34 billion ($2 billion) which is much lower than its 2011 deficit. The bank has now…

International insurance acquisition made of Ireland’s largest insurer

February 22, 2013February 20, 2013 H. Cutner

international insurance deal Ireland and Canada

Irish Life Insurance will be purchased by Great-West Lifeco, an insurer that is headquartered in Canada. Great-West Lifeco, Inc. has just announced its latest international insurance acquisition, with the purchase of the largest insurer in Ireland, Irish Life Group, for a total of $1.75 billion. This deal has now been officially announced after having had to receive official approval. The Government of Ireland had to give its approval of the international insurance deal, as it took on the largest life insurer in Ireland in the summer of 2012, after its…

Transaction Account Guarantee program extension denied

December 18, 2012December 18, 2012 S.Vagus

Transaction Account Guarantee Program Not Extended

Transaction Account Guarantee program will not be extended Earlier this month, the U.S. Senate was mired in debate concerning the Transaction Account Guarantee program. This program was created at the height of the U.S. financial crisis as an attempt to provide banks with protection against the volatile economic climate. The program provided federal insurance coverage for deposits kept in non-interest bearing bank accounts. This program successfully increased the financial activity that banks saw during the financial crisis, but the program has failed to receive the support it needed to be…

Insurance news released to Madoff victims with claims

December 13, 2012December 13, 2012 Julie Campbell

An appeals court has ruled that filings can be made for actual losses that were suffered. A New York state appeals court has made insurance news by ruling on the case regarding the types of claims that can be made by the victims of Bernard Madoff’s Ponzi scheme that bilked millions of dollars from those involved. The ruling allows the victims to make claims based on the actual losses that they suffered. This means that while the insurance news is good, in that they can make some claims, they will…

Mutual Life of Massachusetts approves $1.33 billion in dividends for consumers

November 1, 2011 Nordstrom

Mutual Life Insurance, one of the largest insurers in Massachusetts, has announced that it will pay $1.33 billion in dividends to policyholders in 2012. The dividend is a long-standing tradition for the company, extending back to 1860 when it was first introduced. Last year, the company paid out more than $105 million. This year’s large sum is due to a number of factors, including growth in the life insurance market and less competition overall. The insurer will be doling out the money throughout 2012 to eligible policyholders. Customers that have…