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Cigna reports $1.3 billion quarterly profit and lifts 2025 forecast
The increase, the company said, was mainly due to “expected higher stop loss medical costs” and the lingering impact of Medicare Advantage operations that Cigna has since divested. The sale of its Medicare businesses to Health Care Service Corporation (HCSC), parent of several Blue Cross and Blue Shield plans, closed in late March. That transaction…
Ardonagh Group close to securing $2.5 billion in investment – report
With backing from Madison Dearborn Partners and later the Abu Dhabi Investment Authority, the firm has grown under CEO David Ross. Ardonagh has acquired assets in markets including Brazil, Spain and Italy. Last year, it purchased Australia’s PSC Insurance Group for an implied equity value of A$2.3 billion ($1.5 billion), taking the company private and…
Amwins expands ancillary benefits reach with Nelligan deal
“We’re committed to becoming the premier Ancillary General Agency partner in the market,” said Riva Dumeny, president of Amwins group benefits. “Nelligan’s deep expertise and strong market presence make them the perfect partner to help us achieve that vision. Together, we are expanding our product capabilities, strengthening our relationships, and enhancing our ability to support…
State Farm confirms $2.45 billion claims payout after LA wildfires
Catastrophic events during the prior year had a substantial impact, with the company paying out approximately $11.4 billion in catastrophe-related claims during the year. For instance, in mid-July 2024, severe convective storms across several states resulted in about 14,000 claims filed with State Farm. Source link
New York pushes transparency bill for scaffold liability insurance reporting
The bill would mandate that insurers disclose a breakdown of premiums collected specifically for Scaffold Law-related risks, as well as paid judgments, case reserves, incurred but not reported loss estimates, and defense expenses. Insurers would also be required to report on investment income derived from these premiums, salaries of their 20 highest-paid employees, and detailed…
Federal judge rejects Humana’s bid to dismiss expert testimony in robocall class action
Type-A Numbers: Those associated with calls coded as “prerecorded” and appearing on internal do-not-call lists. Type-B Numbers: Those that received a prerecorded call after a call coded as “disconnected.” Using this data, Verkhovskaya proposed a multi-step notification plan, including reverse lookups, cross-referencing subscriber information with carrier data, and issuing subpoenas to telephone…