US health officials approve Montana reinsurance pool
HELENA, Mont. (AP) — U.S. health officials have approved Montana's plan to create a reinsurance pool that aims to help lower individual health insurance premium costs, state officials said...
Third Point Reinsurance: 2Q Earnings Snapshot
PEMBROKE, Bermuda (AP) _ Third Point Reinsurance Ltd. (TPRE) on Wednesday reported second-quarter net income of $53.1 million.
On a per-share basis, the Pembroke, Bermuda-based company said...
DENVER (AP) — Gov. Jared Polis announced Wednesday that the federal government has approved a reinsurance plan designed to lower premiums for individuals buying insurance on the Colorado health...
Reinsurance Group: 2Q Earnings Snapshot
CHESTERFIELD, Mo. (AP) _ Reinsurance Group of America Inc. (RGA) on Monday reported second-quarter earnings of $202.7 million.
The Chesterfield, Missouri-based company said it had profit of...
DENVER (AP) — Colorado health insurance premiums on the individual market set up under the Affordable Care Act could drop markedly next year once the federal government approves a state...
DENVER (AP) — Colorado is a step closer to creating a program designed to lower health insurance premiums on the Affordable Care Act individual market.
DENVER (AP) — Two state senators whose rural constituents pay some of the nation's highest health insurance rates pleaded Thursday for support for a bill to cut those premiums by having the state...
More work needed on Colorado health reinsurance bill
DENVER (AP) — Democrat Kerry Donovan says she thought agricultural and water issues would be her top priority when she was elected a Colorado state senator representing a central Rocky Mountain...
DENVER (AP) — The Latest on a Colorado reinsurance proposal (all times local):
A Senate panel has postponed consideration of a Colorado health reinsurance bill so its...
Bitter health insurance debate erupts in Minnesota House
ST. PAUL, Minn. (AP) — A bitter, partisan debate erupted on the Minnesota House floor Wednesday when Republicans tried to bring up a health care reinsurance bill that House Democrats oppose as a...
Reinsurance Group: 4Q Earnings Snapshot
CHESTERFIELD, Mo. (AP) _ Reinsurance Group of America Inc. (RGA) on Monday reported fourth-quarter profit of $110 million.
On a per-share basis, the Chesterfield, Missouri-based company said it had net income of $1.72. Earnings, adjusted for non-recurring costs, were $3.46 per share.
The reinsurance company posted revenue of $3.28 billion in the period. Its adjusted revenue was $3.42 billion.
Maine to receive $65 million for reinsurance program in 2019
AUGUSTA, Maine (AP) — Maine could receive $65 million in federal pass-through funding for a state reinsurance program aimed at reducing health insurance premiums and reducing the uninsured population.
The U.S. Centers for Medicare and Medicaid Services on Nov. 30 said the final amount will depend on whether Maine expands Medicaid eligibility in 2019. Voter-approved expansion could shrink enrollment in Maine's individual market by 19 percent.
Reinsurance Group: 3Q Earnings Snapshot
CHESTERFIELD, Mo. (AP) _ Reinsurance Group of America Inc. (RGA) on Thursday reported third-quarter net income of $301.2 million.
The Chesterfield, Missouri-based company said it had net income of $4.68 per share. Earnings, adjusted for non-recurring gains, came to $4.03 per share.
The reinsurance company posted revenue of $3.23 billion in the period. Its adjusted revenue was $3.25 billion.
MADISON, Wis. (AP) — The federal government has granted Republican Gov. Scott Walker's request to offer a reinsurance program designed to lower premium rates for most people in the individual market in 2019.
The federal waiver will allow Wisconsin to offer a $200 million reinsurance program that Walker said will stabilize the market and attract more insurance providers to the private marketplace.
"We're thrilled," Walker told The Associated Press.
Reinsurance Group: 2Q Earnings Snapshot
CHESTERFIELD, Mo. (AP) _ Reinsurance Group of America Inc. (RGA) on Thursday reported second-quarter profit of $204.4 million.
The Chesterfield, Missouri-based company said it had net income of $3.13 per share. Earnings, adjusted for non-recurring gains, came to $3.10 per share.
The reinsurance company posted revenue of $3.2 billion in the period. Its adjusted revenue was $3.21 billion.
The Latest: Walker signs bill to create reinsurance program
MADISON, Wis. (AP) — The Latest on Gov. Scott Walker signing reinsurance bill (all times local):
Scott Walker has signed into law a $200 million measure designed to stabilize the health insurance market under the Affordable Care Act in Wisconsin.
Legislature sends reinsurance program to Scott Walker’s desk
With bipartisan support the Legislature passed a bill Tuesday championed by Gov. Scott Walker that seeks to stabilize the Obamacare marketplace through a reinsurance program.
Walker’s reinsurance bill, $7 million marketing plan up
MADISON, Wis. (AP) — Gov. Scott Walker's plan to help reduce insurance premiums for people buying plans on the private market in Wisconsin is up for legislative approval.
The reinsurance proposal was scheduled for a vote Tuesday in both the state Senate and Assembly.
It's one of several high priority bills the Legislature is tackling as the Assembly rushes to complete its work for the year by Thursday. The Senate plans one more day of voting next month.
Wisconsin Legislature to vote on reinsurance, tax cuts
MADISON, Wis. (AP) — In a mad dash to the finish, the Wisconsin Legislature plans to vote this week on several key bills that would lower insurance costs, cuts taxes and toughen welfare requirements, many of which are a part of Gov. Scott Walker's re-election platform.
Walker’s reinsurance plan wins support from insurers, others
MADISON, Wis. (AP) — Gov. Scott Walker's $200 million plan to reduce health care costs for people purchasing insurance through the private marketplace won support from Wisconsin's health insurance providers, doctors and medical community at a public hearing Monday, even as Democrats raised concerns about its sustainability.
Insurer AIG is buying Validus in deal worth about $5.56B
NEW YORK (AP) — Insurer AIG is buying Validus, a provider of reinsurance, primary insurance, and asset management services, in a deal worth approximately $5.56 billion.
American International Group Inc. said Monday that it will pay $68 for each share of Validus Holdings Ltd. That's a 45.5 percent premium to the Bermuda company's Friday closing price of $46.72.
Shares of Validus rose almost 5 percent before the market opened.
Reinsurance company moving from Kansas to Kansas City
KANSAS CITY, Mo. (AP) — Swiss Re, a reinsurance company, says it plans to move its headquarters and 400 jobs from Overland Park, Kansas, to downtown Kansas City.
The move is expected in late 2018.
President and CEO Eric Smith says the move will bring the company closer to its lead U.S. regulator and provide a more modern workplace.
STAMFORD — PartnerRe employees will not be angling for corner offices in their new home in the city’s Waterside section. There are no c-suites in the reinsurer’s fourth-floor base.
STAMFORD — The reinsurers figure out how to cover their losses long before the storms hit.
Amid an exceptionally active Atlantic hurricane season, reinsurance firms in Stamford and elsewhere are tracking the tempests with concern, but not much surprise. Based on decades of experience, many reinsurers have built operations that can cumulatively pay out billions in claims from hurricanes like Harvey and Irma without jeopardizing their fiscal security.
With early estimates of Hurricane Harvey damage at $30 billion — a number that could swell this week as rain continues — insurers and analysts stated that insurers may escape the full brunt of the damages due to many Texas property owners lacking coverage.
Half a billion dollars should help.
Allison O'Toole, chief executive officer of MNsure, the Minnesota marketplace of individual, family and small-group insurance, said the just-passed reinsurance law that sets up fund to help insurance companies manage risk in Minnesota should help keep providers in the state and even lure back some, such as Blue Cross-Blue Shield, that left the individual marketplace in Minnesota.
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Dayton says he won’t block reinsurance bill
ST. PAUL, Minn. (AP) — Democratic Gov. Mark Dayton said Monday he wouldn't veto a $542 million Republican plan intended to lower health insurance costs for Minnesota residents.
The bill will create a reinsurance program to help insurance companies cover expensive medical claims. Under the plan, companies will have half of individuals' claims that cost between $50,000 and $250,000 subsidized.
Saying they cannot afford to wait for a congressional rewrite of the nation's health laws, House and Senate negotiators this week announced a deal on a bill that aims to rein in soaring health insurance costs in Minnesota.
The proposal would prop up the individual insurance market by creating a reinsurance program to help insurers cover expensive medical claims.
General Reinsurance reduced its workforce by 90 positions last year, the lone Berkshire Hathaway insurance division to cut jobs in a collection of subsidiaries that includes Geico and Berkshire Hathaway Reinsurance, the latter operating a small headquarters office at First Stamford Place.
Buffett’s firm will get $650M to cover more asbestos losses
OMAHA, Neb. (AP) — Warren Buffett's Berkshire Hathaway Inc. has agreed to cover up to $1.5 billion in insurance losses for The Hartford in exchange for a $650 million premium.
The Hartford, Connecticut, firm announced the reinsurance deal with Berkshire to cover asbestos losses on existing policies on Tuesday.
The Hartford will record a $423 million after-tax charge in the fourth quarter. And the deal will have a slightly negative effect on the company's 2017 investment income.