| State Farm dropping rates
Not only is the state's largest auto insurance company dropping its rates in Hamilton and surrounding areas, it's passing out free money, too. State Farm Mutual Automobile Insurance Company — State Farm's auto division — is decreasing customer rates nationwide as a result of company performance and a drop in the number and severity of claims during the past three years. .
Q4 2006 Affirmative Insurance Holdings Inc. Earnings Conference ...
OPERATOR: Good day, ladies and gentlemen, and welcome to the Affirmative Insurance Holdings 2006 Fourth Quarter Earnings Conference Call. My name is Latisha, and I will be your coordinator for today. [OPERATOR INSTRUCTIONS] As a reminder, this conference is being recorded for replay purposes. At this time, I will turn the presentation over to Mr. Mark Pape, Chief Financial Officer. Please proceed, sir. MARK PAPE, CFO & EVP, AFFIRMATIVE INSURANCE HOLDINGS INC.: Thank you, Latisha. Good morning, and welcome to the 2006 year-end earnings conference call for Affirmative Insurance Holdings. As Latisha said, I'm Mark Pape, Chief Financial Officer and Executive Vice President. With me on the call today are Kevin Callahan, our CEO and Chairman; Sean McPadden, Executive Vice President and the President of our Insurance Company; and Joe Fisher, our General Counsel.
Ping An Property enters Tibet
Southwest China's Tibet Autonomous Region is becoming an increasingly important market for property and casualty insurance companies. Ping An Property & Casualty Insurance Company of China (Ping An Property) opened its branch in Tibet yesterday, a move to spread its wings across the country. Approved by the China Insurance Regulatory Commission, the company, the property and casualty insurance arm of the Ping An Insurance (Group) Co, set up the new branch with nearly 30 staff in management and sales, bringing the number of its branches to 40 in the country. "The Tibetan branch is the last provincial-level subsidiary Ping An Property set up in China. Its establishment demonstrates that Ping An Property has completed its network expansion across the country and will help improve the company's service qualties," said the company's general manager Wu Peng.
Insuring smooth transition
Fifteen years ago, Brotherhood Mutual Insurance Co.'s products had become as stale as week-old Communion bread. The Fort Wayne-based insurance company had gotten "very behind and antiquated" in the coverage it was offering, President James Blum said. Blum, who was named president in 1995, modernized the insurer of churches and related ministries. In recent years, the company has added policies that include coverage for terrorism, sexual misconduct, broadcast communications and overseas missions trips. The executive also moved Brotherhood Mutual away from homeowners' insurance, an area that accounted for only 5 percent of the company's income before it was discontinued in 2005. "We can't be all things to all people and do it well," he said. Blum, who will retire at the end of the month, sat down recently with The Journal Gazette to talk about how Brotherhood Mutual has evolved during his 40 years with the company.
Wildwood man gets probation in insurance fraud
CAPE MAY COURT HOUSE — Wildwood resident Joseph Venziano was sentenced Thursday to five years' probation for insurance fraud. Venziano, 66, was indicted in November and pleaded guilty to theft by deception, a third-degree crime, in February. He previously admitted that between Oct. 18, 2002, and Dec. 30, 2003, he falsely represented that he remained married to his former wife so she would be eligible for spousal health insurance benefits. According to the state Attorney General's office, which prosecuted the case, health insurance benefits were provided through Venziano's employer by the Aetna Life Insurance Company, and the policy provided that those benefits would end if the marriage ended. Venziano was divorced in 1998, but Aetna paid $9,393 to various health care providers for services rendered to the former wife between 2002 and 2003.
Unknown number of victims in Hortica Insurance backup tape loss
An unknown number of clients of the Florists' Mutual Insurance Company had their personal information lost when a locked shipping case containing magnetic backup tapes was misplaced in transit. The tapes were lost while being transported by UPS from an off-site facility to the headquarters of Hortica Insurance, the parent company of Florists’ Mutual Insurance Company, according to a statement released Friday by Hortica. The tapes likely contain the names, Social Security numbers, drivers’ license numbers and bank account numbers of the agency’s claimholders, according to a company statement. UPS notified the Illinois organisation on Thursday that it had exhausted its internal recovery process, according to Hortica, which had been working with the shipping giant to locate the tapes.
Insurance sector revs up building internal control system
At the begging of this year, three people from Risk Management Department of Taiping Life Insurance Co., Ltd. came to Beijing specially for demonstrating a whole set of "internal control scoring and rating system" to the Personal Insurance Regulatory Department of China Insurance Regulatory Commission (CIRC). Taiping Life Insurance developed the system particularly for the purpose of strengthening internal risk control and management, and this could be a reference for supervisors to manage the internal control of life insurance companies. It was just one year since CIRC began to practice Measures on Evaluation of Life Insurance Company Internal Controls (hereinafter referred to as Measures). It seems that the internal risk management and control of insurance companies is their own business.
Farm Bureau Insurance to Sponsor Kid-Friendly Activities at Loons ...
With a major focus on kids and families, Farm Bureau Insurance of Michigan will be a multi-year sponsor of the Great Lakes Loons. Farm Bureau's sponsorship includes the honorary bat kid promotion, youth baseball clinics and a chance to run the bases after every Sunday home game. In addition, every time the Loons turn a double play, Farm Bureau Insurance will make a contribution to the American Cancer Society through its "Double Plays for Life" program. "Farm Bureau Insurance is Michigan's insurance company and their support of Loons baseball, through this sponsorship, is further confirmation of their commitment to the region and to children and families," said Paul Barbeau, Loons' President and General Manager. Beginning the week of March 25, 2007, young Loons fans can sign up at participating Farm Bureau Insurance agencies in mid-Michigan to have a chance to be honorary bat kid for one of the team's 70 home games.
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