| Allianz to hold majority share in Allianz President Life | | Posted Saturday, January 20, 2007 3:01:58 PM by Blog57 Team | | Following its acquisition of Commerce Assurance Berhad, a leading general insurer in Malaysia, German insurance giant Allianz has announced its second major acquisition in 2007. Allianz is to take over the outstanding shareholding in Taiwanese joint venture Allianz President Life, from its partner Uni-President Group. As a result of the stock purchase Allianz will hold almost 100% of the shares. The transaction is subject to regulatory approval. .... | |
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| | | BXXX: Acquires Generations Bank from Kansas City Life Insurance ... | | Posted Tuesday, January 09, 2007 1:14:41 PM by Blog57 Team | | Brooke Corporation (BXXX) announced that Brooke has acquired Generations Bank from Kansas City Life Insurance Company for $10.1 million in cash and will operate under the name Brooke Savings Bank. The U.S. Office of Thrift Supervision approved Brooke's application to acquire the Bank on Dec. 29, 2006, and the transaction closed today. Gary L. Baugh today was elected chairman of the board, president and chief executive officer of Brooke Savings Bank. Baugh noted, "Brooke Savings Bank is an agent bank and its business plans center on the sale of banking services to consumers through referrals from independent agents. Most of Brooke Savings Bank's transactions with customers occur electronically or through the mail. Because Brooke's mail handling and IT units are located on its Phillipsburg, Kansas campus, the main banking office for Brooke Savings Bank has been relocated to Phillipsburg.... | |
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| | | New insurance option takes some of the sting out of term policies | | Posted Tuesday, November 14, 2006 11:21:25 AM by Blog57 Team | | Many people scoff at us buyers of term life insurance. They claim we're suckers for paying hundreds of dollars a year for a policy we can't collect on while we're alive. That sums up several comments I fielded during a recent online discussion with Kimberly Lankford, author of "The Insurance Maze: How You Can Save Money on Insurance and Still Get the Coverage You Need." "I've never understood why people would choose term insurance over whole life," one reader wrote. "Term insurance ends. If you don't die during the policy term, then the money has pretty much gone to waste. Why not take out a whole life policy where you can always get the money back?" With the help of Lankford, I wanted to answer this reader's question. First, here's a quick primer on the difference between term and whole life insurance, the latter of which falls into the broad category of "permanent life insurance." Term life insurance is not unlike buying insurance to protect your home or car.... | |
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| | | Life insurance industry grows by 5% in first 9 months | | Posted Saturday, November 11, 2006 3:17:05 PM by Blog57 Team | | The life insurance industry in Singapore grew by 5 percent in the first nine months this year compared to the year-ago period - with new business premiums totalling S$932 million. But the Life Insurance Association says more needs to be done to educate the public about insurance protection. The single premium insurance business grew by a strong 34 percent in the first 3 quarters of this year over the corresponding period last year to about S$5 billion in absolute terms. Of these, some 60 percent came from CPF members' accounts. But regular premium products suffered an 18 percent contraction, with sales dropping to S$450 million. Industry players say most policyholders continue to have a short-term view when investing their CPF funds on insurance products. A poll conducted by the Life Insurance Association showed that 35 percent of the respondents had no idea what adequate insurance coverage was.... | |
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| | | Bajaj Allianz Life Insurance launches UnitGain Plus SP | | Posted Friday, November 10, 2006 3:42:45 AM by Blog57 Team | | Spurred by the excellent response to its unit-linked products Bajaj Allianz Life Insurance, India's leading private life insurance company has launched a unique UnitGain Plus SP plan thats simple, flexible and transparent ensuring the right deal in todays ULIP market and provides Jaisi Jaroorat Vaisa Insurance to each individual customer as per their need. UnitGain Plus SP is a powerful investment plan that provides its customers the opportunity to make a one-time payment and enjoy potentially high returns, without compromising on the protection of the family. This is a unique single premium product with a high allocation of 98% up-front, UnitGain Plus SP plan is ideal to park any windfall gain. Unlike most other products in this segment that give a graded allocation, UnitGain Plus SP furnishes uniform allocation across all premium slabs.... | |
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| | | (AFX UK Focus) 2006-11-07 12:00 GMT: EU to rule on Swiss Re buy of General Electric's UK life insurance ops by Dec 8 | | Posted Wednesday, November 08, 2006 11:06:08 AM by Blog57 Team | | BRUSSELS (AFX) - The European Commission will rule by Dec 8 on the proposed acquisition by Swiss Reinsurance of the UK life insurance operations of General Electric Co, according to the commission website. The 465 mln stg deal covers around 400,000 life insurance policies, valued at some 8 bln stg. afxbrussels@afxnews.com afp/vm/nes COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited .... | |
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| | | Insurance Company to Pay $70 Million to 70,000 Military Members | | Posted Sunday, November 05, 2006 3:00:54 PM by Blog57 Team | | According to the Marine Administration Message 514/06, American Amicable Life Insurance Company of Texas and its affiliates, Pioneer American Insurance Company and Pioneer Security Life Insurance Company, allegedly committed violations of insurance protection laws, while selling their Horizon Life and Wealth Builder insurance policies. After legal claims were settled by federal and state agencies, approximately 70,000 service members who purchased these policies from Jan. 1, 2000 - July 28, 2006, are eligible for cash refunds totaling $70 million and increased policy benefits. This includes former and current customers. Military members and dependents who purchased life insurance products from an American Amicable Company should call the companies customer service center at (800) 736 7311 and give their current mailing address.... | |
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| | | Bolton treasurer steps down after life insurance blunder | | Posted Thursday, November 02, 2006 11:14:23 PM by Blog57 Team | | Bolton's town treasurer, Joanne Jenkins, has resigned in the wake of concern about the administration of the town's life insurance policy, said Town Administrator Jodi Ross. Jenkins had been placed on paid administrative leave last month. Selectman Ken Troup said the Savings Bank Life Insurance Co. dropped the town in May 2005, but employees continued to pay premiums even though they were no longer receiving coverage. "We didn't know about it, and we were concerned when we discovered it," said Troup. He said employees will be reimbursed for the premiums for the period they weren't covered. The amount involved is less than $50 per employee. Ross said the problem was administrative and no criminal investigation is being conducted.... | |
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| | | KRIS FLAMMING | PERSONAL FINANCE: Doesn't take hero to grasp life insurance | | Posted Tuesday, October 31, 2006 3:03:32 AM by Blog57 Team | | Spiderman, Batman, Fred Flintstone, Harry Potter, Marge Simpson. Five fictional characters, five different circumstances and five different life insurance needs. The main purpose of a recent poll conducted by the Life and Health Insurance Foundation for Education was to gauge American's perceptions of the need for life insurance. While the fictional subjects may have been somewhat fun and lighthearted, the topic of adequate protection is a bit more serious. Using popular cartoon and literary figures that people could easily recognize and identify with, the poll found that most Americans are mistaken or misinformed when it comes to the need for life insurance. Each character has a unique set of needs and circumstances surrounding his/her life, ranging from those of a single, wealthy adult male to a young student.... | |
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| | | DRAFT PRUDENTIAL PACKAGE RELEASED FOR LIFE INSURANCE INDUSTRY | | Posted Friday, October 27, 2006 3:05:07 PM by Blog57 Team | | The Australian Prudential Regulation Authority (APRA) released on October 3, 2006, for consultation a package of draft prudential standards and guidance for the life insurance industry, including friendly societies. The package aims to establish APRA's minimum expectations for risk management and business continuity in the life industry and to bring a number of prudential requirements for life companies and friendly societies into line with other APRA-regulated industries. The package comprises:a discussion paper; draft prudential standard and prudential practice guide on risk management; draft prudential practice guides on: asset and liability management; conflicts of interest under Section 48 of the Life Act (duties of directors to policyholders); operational risk; and insurance risk and reinsurance management.... | |
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