As travel has increased by 8 percent, Cigna has seized the opportunity to provide its customers with additional protection against unexpected emergencies while they travel, such as urgent medical situations by acquiring FirstAssist. This acquisition will give a boost to the global footprint made by Cigna International and will grow its affinity partner relationships as it increases the strong distribution expertise and product offered by FirstAssist. FirstAssist Insurance Services was purchased by the Cigna global health services company from Barclays Private Equity. FirstAssist had appeal to Cigna as it is…
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Insurers remind consumers of Life Insurance Awareness Month in September
September is Life Insurance Awareness Month, and insurers such as Northwestern Mutual, which has been named the Fortune magazine “World’s Most Admired” life insurance company for 2011, is witnessing a growth in the interest consumers have for their long term protection, as the insurer reminds people across the United States about the importance of life insurance to planning financial security. According to the vice president of life products at Northwestern Mutual, Dave Simbro, “Life Insurance Awareness Month is a great reminder for everyone to consider their life insurance needs”. He…
Read MoreCinven buys U.K. Guardian life and pension from Aegeon
Cinven Ltd. has announced that it has purchased the life and pension unit of U.K. Guardian from the Dutch insurance company which owns Scottish Equitable, Aegon NV, for $449 million, in the effort to reduce its expenses within the United Kingdom. According to Aegon, which is based in the Hague, by the end of June 2011, the U.K. Guardian unit had recorded a value of approximately $445 million. Its unit for asset management will still be responsible for Guardian’s approximately $12 billion in assets on Cinven’s behalf. By 2015, Aegon’s…
Read MoreIndia in the running for top life insurance production in the world
India is on track to becoming one of the world’s largest providers of life insurance according to a study done by the Ficci and Boston Consulting Group. The rate at which the industry is progressing, the nation may become one of the 3 top life insurance companies worldwide. The study suggests that the growth is due, in part, to the rapid industrialization of the country and booms in population. As the nation develops, more people find that they can afford insurance coverage, and so they obtain what they need. The…
Read MoreConseco Life rate increase shot down
A federal court judge in California has rebuked Conseco Life Insurance Co., ruling against them in a class action suit. The ruling will prohibit the insurer from tripling its rates on nearly 50,000 life insurance policies sold in the late 80’s into the mid 90’s. The decision was made on Wednesday. The case began in 2002, when the Indiana Department of Insurance voiced their worry about the insurers’ ability to manage itself appropriately. Conseco filed for Chapter 11 bankruptcy protection that year after it failed to acquire a competing insurance…
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