Insurance
AIG Sues BofA For $10B, Alleging ‘Massive Fraud’
Insurer AIG is suing Bank of America Corp. to recover more than $10 billion in losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the nation’s largest bank.
MassMutual Adds To Sales Team
Andrew Hanlon has been appointed sales director for Springfield-based MassMutual’s retirement services sales and client management organization.
Blue To Lead MassMutual’s Corporate Law Arm
Dominic L. Blue has been appointed vice president and assistant general counsel of Springfield-based Massachusetts Mutual Life Insurance Co.’s (MassMutual) law division.
Conning: Insurers To Move From Infrastructure To ‘Extrastructure’ Development
Significant process and technological improvements to personal lines insurance claims have been made over the past 15 years, but even more profound changes are likely in the next wave of investment, according to a new study by Hartford’s Conning Research & Consulting.
Hope Aldrich
The first time Hope Aldrich was honored as a top-ranked insurance sales manager, the award itself symbolized the prevalence of men – and lack of women – in the industry.
Bank Of America To Lay Off 107 Conn. Workers, Transfer Work To Bay State
Bank of America has informed Connecticut officials it will be laying off more than 100 workers in Hartford and East Hartford.
The Hanover: Q2 Catastrophe Impact As Much As $160M
Worcester-based The Hanover Insurance Group has estimated the impact of its catastrophe losses nationwide in the second quarter to be in the range of $145 million to $160 million before tax, or $2.08 to $2.30 per share after tax.
MassMutual Adds Relationship Manager To Boston Team
Springfield-based MassMutual has hired Brian Curtin as relationship manager for its retirement services sales and client management organization.
The Hanover Completes Acquisition of Chaucer Holdings
Worcester’s The Hanover Insurance Group Inc. has completed the acquisition of London-based Chaucer Holdings PLC, a leading specialist Lloyd’s insurance group.
Arbella Insurance Establishes Employee Giving Program
Quincy-based Arbella Insurance Group’s charitable foundation has created a new initiative designed to support the charitable giving of the company’s employees.
Report: Combination Life Insurance Products Post Significant Growth In 2010
New premium sales of individual life combination products jumped 62 percent in 2010 compared to 2009, reaching $1.2 billion, according to research firm LIMRA.
MassMutual Refines Pitches To Demographic Niches
The U.S. has a growing population of Chinese-born, American-bred citizens – and MassMutual Financial Group wants to sell them insurance. But for this demographic to buy, the insurer figured it needed to recruit one of their own to help make the sale.
Rhode Island Stiffens Title Insurer Regulations
Last year, the Rhode Island General Assembly adopted an act regulating Rhode Island title insurers.
O’Connell Insurance Group Names McGurik Director Of Financial Services
Norwell-based The O’Connell Insurance Group has named Christopher McGurik of Norwell to the position of director of financial services.
Bank Life Sales Hit Two-Year Low In Q1
Following a year of record-breaking highs, life insurance distributed through banks fell to a two-year low in the first quarter, according to new report from Kehrer-LIMRA.
Liberty Mutual CEO Kelly To Retire
Boston-based Liberty Mutual Group President and CEO Edmund F. Kelly will retire later this month, and David H. Long is set to take his place.
Property-Casualty Industry 2010 Loss Reserve Position Deteriorated Slightly
The property-casualty industry appears to have sufficient reserves, but its position deteriorated slightly in 2010, according to analysis by Hartford’s Conning Research & Consulting.
Business As Usual For The P&C Industry – For Now
Insurance agents across Central and Western Massachusetts scrambled to aid their policyholders last week, dealing with hazardous roads, offices without electric power, dodgy cell phone service, and limited internet access.
More Life Insurers Courting Mid-Market Customers Online
Shopping online is the norm these days, but buying life insurance seems like a logical exception to the trend – after all, it seems unlikely the internet would be able to administer a physical or analyze blood and urine anytime soon.
MassMutual Donates $100K To Aid Tornado Relief Efforts
Springfield-based Massachusetts Mutual Life Insurance Co. will donate $100,000 to assist relief efforts for the tornadoes that struck Springfield and Western Massachusetts on Wednesday.
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