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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International insurance business reports good outlook
Ageas, a Belgium based insurance company, is predicting financial gains in 2011 after experience severe declines in profits in the previous year. The company cites the sale of its non-core businesses and clever investments in growing sectors as key contributors to improved financial performance this year. Ageas operates as AG insurance in Belgium and provides insurance to Tesco, the prominent supermarket chain in Britain. The insurer reports that earnings on life insurance fell by 9% in 2010. This is due, in part, by a tax benefit established in 2009. Non-life…
Read MoreGovernor Cuomo’s recommendation for merger
Governor Andrew Cuomo of New York recently proposed a state budget in which some money would be allocated towards a proposed agency that combines the insurance regulatory departments and existing banking departments. His 2011-2012 budget recommends a $564 million allotment for the new DFR or Department of Financial Regulation. This reflects an approximate net increase of $6.4 M which is 1.1% over the 2010-2011 combined budgets of both insurance and banking departments. The newly managed DFR would be located in New York and Albany, merges the operations, functions, as well…
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