Tag: life insurance companies

Life insurance dispute to be settled as AIG agrees to pay over $300 million

AIG Insurance Industry Marketing

This money will go to the U.S. states involved in the massive disputes. According to the finance office in California, American International Group (AIG) will be making payouts totaling over $300 million in order to settle a dispute with several different states regarding unclaimed life insurance payments. The payment will be split among 39 different U.S. states as well as Washington D.C. This single agreement regarding property that remained unclaimed from AIG will require the life insurance company to pay more than $300 million that is owed on a tremendous…

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Life insurance branch of Hartford now acquired by Prudential

Nordstrom
insurance industry report

The purchase was made for a reported $615 million in cash. Prudential Financial Inc. has announced that it has purchased the Hartford Financial Services Group Inc. individual life insurance business for a cash total of $615 million, adding greater substance to its American operations as its rival works to shed excess weight. It is believed that the deal will close at or near the beginning of 2013. According to a statement from Hartford, this will give it the opportunity to help free up close to $1 billion in capital that…

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Life insurance policies are frequently unclaimed

Julie Campbell
Life insurance

Policyholders are being advised to take care when naming their beneficiaries. Over the last while, concerns have been growing over the number of life insurance companies that are not paying off the policies to beneficiaries when the policyholders die. The problem is that many beneficiaries don’t realize that they hold this position. Many consumers are failing to tell their loved ones when they take out a life insurance policy or don’t tell them that they are the beneficiaries. This makes it far more challenging for the insurers to make sure…

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Towers Watson research indicates life insurance companies suffering from low interest rates

H. Cutner
Life Insurance

The current economic environment is causing significant strain on the books of insurers. Data from Towers Watson is showing that as the American interest rates have reached the lowest points that have been seen since the years following World War II, North American life insurance company CFOs – especially those that have the greatest exposure level to products with a fixed rate – are finding that this environment is weighing heavily on their finances. The Life Insurance CFO Survey: Low Interest Rate Environment report was just released by the research…

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Prudential Insurance reaches settlement with Insurance Departments in seven states

Julie Campbell

Seven states have announced that they have reached a settlement with Prudential Insurance Company of America as well as a number of its affiliate companies. According to Michael Consedine, the insurance commissioner from Pennsylvania, there were concerns raised over the practices at Prudential over the death benefit payments for beneficiaries of life insurance policies following an exam performed by several states. However, he went on to say that they appreciate the willingness of Prudential to “to reach a settlement that includes changing its business practices to better locate beneficiaries. This…

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