Berkshire posts record operating profit
Berkshire Hathaway on Saturday posted its highest-ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly $36 billion overall profit.
Korean insurers to expand abroad as home market becomes saturated
According to some industry sources, insurers in South Korea are strengthening efforts to expand their business activities in international markets as the local market has become saturated, The Korea Times reported. Both non-life and life insurers are interested in expanding their business overseas. Insurers are mainly interested in Southeast Asia as the region is seeing […]
Turkish insurers premiums up 117%
Turkey-based insurer Turkiye Sigorta AS reported a 117% year-on-year increase in gross premiums to 24.4 billion Turkish lira ($899.7 million) in the first half of this year, Middle East Insurance Review reported. The insurer’s net profit amounted to TRY2.90 billion, which is three times more than the TRY962.4 million reported for the full year in […]
Fubon Insurance’s capital and surplus grows to nearly $584 million
A.M. Best Co. Inc. said that Taiwan-based Fubon Insurance Co. Ltd.’s capital and surplus grew to $18.5 billion Taiwan ($583.9 million) in the first half of the year, as pandemic insurance policies reached maturity and a capital injection of TWD16 billion was completed, Asia Insurance Review reported. Fubon Insurance’s ratings were placed under review with […]
Direct economic losses from disasters surge to $5.7 billion
The Ministry of Emergency Management in China said that the country’s direct economic losses from natural disasters increased to 41.18 billion Chinese yuan ($5.74 billion) in July, more than the losses reported in January to June combined, Reuters reported. The losses were driven by severe weather as two powerful typhoons hit the nation in one […]
Rail operator stands to lose $440 million if government bans Huawei
German railway company Deutsche Bahn AG may need to spend up to €400 million ($440.2 million) to replace all components in its infrastructure supplied by China’s Huawei Technologies Co., Ltd., if the government moves ahead with banning the latter’s components, Yahoo Sport UK reported citing Der Spiegel. Deutsche Bahn may also face delays of five […]
Rail operator stands to lose $440 million if government bans Huawei
German railway company Deutsche Bahn AG may need to spend up to €400 million ($440.2 million) to replace all components in its infrastructure supplied by China’s Huawei Technologies Co., Ltd., if the government moves ahead with banning the latter’s components, Yahoo Sport UK reported citing Der Spiegel. Deutsche Bahn may also face delays of five […]
Westland Insurance buys two Canadian P&C insurance brokers
Canada-based insurance broker Westland Insurance Group Ltd. has acquired Canadian property and casualty insurance brokerages Hubbard Insurance Group Inc. and Assurance B. Belliveau Insurance Inc. to further expand its presence, Vancouver Is Awesome reported. The acquisition of Hubbard Insurance Group strengthens Westland’s focus on commercial lines, while Assurance Belliveau’s acquisition gives it a strong foothold […]
Damage from floods estimated at around $550 million
Robert Golob, prime minister of Slovenia, said on Aug. 5 that the country has faced the biggest natural disaster in its history, after destructive floods on Aug. 3 and 4 caused an estimated damage of around €500 million ($550.2 million), CBS News reported. Mr. Golob added that the floods have severely hit the region’s road […]
Swiss Re posts net income of $1.4 billion
Swiss Reinsurance Company Ltd.’s net income increased to $1.4 billion in the first half of this year, up from $157 million in the first half of 2022, Reinsurance News reported. The increase in net income was driven by fewer natural catastrophe losses, as well as a solid performance in all business segments. Group-wide net premiums […]
Prospect Medical Holdings facilities face disruption in widespread cyberattack
Hospitals and clinics operated by Prospect Medical Holdings in several states, including California, Texas, Connecticut, Rhode Island, and Pennsylvania, are grappling with a significant cyberattack, the Associated Press reports. The attack forced the closure of emergency rooms, diversions of ambulances, and halted various primary care services. Prospect took its systems offline as a precaution and […]
Former NBA player sentenced to prison in health plan fraud scheme
A former National Basketball Association player was sentenced on Aug. 3 to 10 years in prison after leading a "brazen" scheme involving at least 19 players to defraud a league health plan into paying millions of dollars for bogus medical procedures, Reuters reported. Terrence Williams, 36, who played for the New Jersey Nets and three […]
Resilience Cyber Insurance Solutions raises $100 million
Resilience Cyber Insurance Solutions LLC said Monday it had secured $100 million in series D funding led by Intact Ventures, an affiliate of Resiliences primary capacity provider, Intact Insurance.
First-half surplus lines premiums up 15.9%
First-half surplus lines premiums reported by 15 U.S. Surplus Lines Service and Stamping Offices totaled $35.96 billion, up 15.9% from the comparable period last year, according to a report issued Monday.
EEOC issues proposed rule for Pregnant Workers Fairness Act
The U.S. Equal Employment Opportunity Commission on Monday issued a proposed rule to implement the Pregnant Workers Fairness Act, which took effect June 27.
Zoom back to the office, company says
Telling workers who have become accustomed to working from home to get back to the office is a risky endeavor that can backfire, according to employment experts quoted ad nauseam in media reporting on the great resignation that followed the COVID-19 pandemic.
Alignment Healthcare posts $24 million loss in second quarter
Alignment Healthcare, which provides Medicare Advantage plans in six states, posted a $23.7 million dollar loss in the second quarter of 2023, up from a $6.6 million loss in the same time period last year, reports Becker’s Payer Issues. Total revenue in the second quarter was $462.4 million, up from $366.5 million the previous year. […]
Leadership changes at UnitedHealth’s Optum division
Patrick Conway has been appointed as the new CEO of OptumRx, UnitedHealth Group Inc.'s pharmacy benefit manager, succeeding Heather Cianfrocco who has transitioned to president of Optum, reports Healthcare Dive. Prior to this role, Conway led Optum’s care solutions unit, managing a portfolio worth over $40 billion in annual revenue. He previously served at the […]
Interest in weight-loss drugs drops if not covered by insurance: Survey
While 45% of adults express interest in prescription weight-loss drugs, their enthusiasm diminishes upon learning that they are not covered by insurance, according to a Kaiser Family Foundation survey, reports Axios. Only 15% remain interested if health insurance doesn't cover costs, 23% if the drug requires injection, and 16% if it lacks specific Food and […]
PBGC awards more than $1 billion to three multiemployer pension plans
The Pension Benefit Guaranty Corporation allocated more than $1 billion to three struggling multiemployer pension funds serving the manufacturing, service and newspaper industries, Plansponsor reports. The UFCW Local One Pension Plan, a Oriskany, New York-based pension fund, will receive $764 million in total. The IUE-CWA Pension Plan, a Pittsburgh-based pension in the manufacturing industry, will […]