American International Group Inc. says it is repaying nearly $4 billion in federal bailout loans. The insurer said Monday it will pay back the taxpayer-funded loans with proceeds from a recently completed $4.4 billion debt sale at its aircraft leasing company, International Lease Finance Corp. Get the full story »
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State Farm introduces distracted driving tool
State Farm Insurance Co., the Bloomington-based home and auto insurer, said it has introduced what it claims is the insurance industry’s first free mobile phone accessory to address growing concerns about distracted driving.
Rival Allstate Corp. of Northbrook couldn’t be reached for immediate comment.
State Farm’s “On the Move” widget enables Android smartphone users to let people texting them know that they’re busy or driving. Besides reducing the number of accidents, such a tool could help insurers lower claims costs. Get the full story »
Health care reform: Preventive services ignored
The new health care legislation soon will require insurers and employers to fully cover preventive services for workers. But the challenge may be to get employees to take advantage of the benefit, according to a new study.
The Midwest Business Group on Health said workers are not using preventive care programs as much as they should despite an emphasis by large corporations in recent years on wellness.
A key tenet of the health overhaul legislation, known as the Affordable Care Act, will require health plans to cover preventive services by eliminating cost-sharing, such as co-payments or deductibles for services. For example, employees who fork over a $10 co-payment for a blood pressure, diabetes or cholesterol test won’t have to do so after the law kicks in Sept. 23. Get the full story »
Aon ties up $2.5 billion for Hewitt deal
Aon Corp. said it entered into credit agreements for up to $2.5 billion to fund its recent acquisition of Hewitt Associates.
The world’s largest insurance brokerage said it entered into a three-year unsecured term loan facility of up to $1 billion and also for an unsecured bridge loan of up to $1.5 billion. Get the full story »
Unitrin CFO Eric Draut resigning
Unitrin Inc. said Friday that Chief Financial Officer Eric Draut would exit the company and resign from its board of directors to pursue other opportunities.
Draut’s resignation takes effect Sept. 3. The Chicago-based insurance holding company said Richard Roeske, a company vice president and chief accounting officer, will serve as CFO on an interim basis until the company taps a permanent replacement. Get the full story »
US, states work to shutter fake health plans
U.S. regulators are cracking down on the growing number of companies that fraudulently sell so-called medical discount plans by telling consumers they work like health insurance and cover medical costs.
The Federal Trade Commission said Wednesday it is working with 24 states to crack down on sellers of medical discount plans that market them as health insurance that covers doctors, hospitals and other services. Get the full story »
Hewitt sets date for vote on Aon merger
Hewitt Associates Inc. on Wednesday established a special meeting date of Sept. 20 for its shareholders to consider its almost $5 billion merger with Aon Corp. and Alps Merger Corp., its wholly owned subsidiary. Get the full story »
Notebook: Credit cards with the clearest terms
Capital One and Bank of America are the most up-front about the interest rates, fees and rewards on their credit cards, according to a new study by credit card research Web site Cardhub.com.
Sure, most card applications spell out all the terms in the fine print, but most consumers lack the patience to read the tiny disclosures.
Capital One and Bank of America ranked highest among 10 issuers in clarity on their applications, with scores of 96.4 percent and 95 percent, respectively. Get the full story »
At Lollapalooza, everything that moves is insured
(Antonio Perez/Chicago Tribune)
For the music-loving public, the Lollapalooza music festival in Grant Park is all about 130 bands on eight stages over three days.
Not so much for James Chippendale, 42, and Jerid Schmickle, 36.
It’s their job to worry, worry and worry. They prepare for the worst and try to minimize risks at the event, so no one ends up getting sued — or, if they do, they’re at least insured. Get the full story »
AIG posts 2Q loss of $538M on restructuring costs
The insurance giant AIG on Friday reported a $538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout it received during the financial meltdown. Get the full story »
Prudential second-quarter net income jumps 48%
Life insurer Prudential Financial Inc. said its second-quarter earnings surged 48 percent as revenue jumped and the company posted investment gains rather than last year’s losses.
Investment losses hurt Allstate’s net income in 2Q
Property and casualty insurer Allstate Corp. said Wednesday that its net income fell sharply in the second quarter as a result of investment losses. But the Northbrook, Ill., company noted that the performance of both its insurance and financial services businesses showed improvements.
For the three months ended June 30, Allstate earned $145 million, or 27 cents per share. That compares with a profit of $389 million, or 72 cents per share, in the year-ago period.
Insurer: Male drivers distracted by female clothing
Nearly a third of male drivers admit to ogling — and being distracted by — scantily clad women during the summer, a new insurance study shows.
Sheilas’ Wheels, an insurance company geared to women, found that 29 percent of male motorists admitted to being distracted by the skimpier skirts and plunging necklines worn by members of the opposite sex during the summer. Get the full story »
Unitrin second-quarter results miss estimates
From The Wall Street Journal | Unitrin Inc. reported second-quarter results that missed analysts’ estimates as the financial-services company — which provides property and casualty insurance, life insurance and automobile financing — was hurt by unfavorable catastrophe and non-catastrophe weather.
