Latest Insurance News

Near-Record Bids for Ping An's Shanghai Debut BUSINESS ASIA By Bloomberg

By Patricia Cheng Shares of Ping An Insurance (Group) jumped 38 percent on their debut in Shanghai Thursday, bucking a slump in Chinese equities after the world's biggest stock sale by an insurer drew near-record bids from investors. The stock rose to 46.79 yuan, or $6.04, from its offer price of 33.80 yuan, closing at a 38 percent premium to its Hong Kong shares. Ping An, China's second-largest insurer, sold 38.9 billion yuan of shares. HSBC Holdings owns a fifth of Ping An. Ping An's ...

Suits Filed Over GM Speedometers

Mar. 2--Kevin Zwicker knew something was wrong when the speedometer on his 2004 Chevy Suburban indicated he was going 10 mph, even though he was driving at or near the speed limit on Interstate 5. Zwicker's speedometer failed completely in April 2006. But now Zwicker, who lives in Snohomish, is the lead plaintiff in a federal lawsuit seeking damages on behalf of potentially thousands of people.....We are unable to display this entire news item because this article's licensing expires after a ...

Zurich Subsidiary to Acquire Bristol West Holdings

Zurich Financial Services subsidiary Farmers Group has entered into an agreement to acquire 100% of the equity of US-based non-standard automotive insurer Bristol West Holdings.As part of the takeover, Farmers Group (FGI) will immediately sell the underlying insurance business to the Farmers Exchanges, which FGI manages but does not own.Under the terms of the agreements, the holders of BRW common stock have been offered $22.50 per share in cash for their shares.....We are unable to display th...

State Farm Dividends Will Total $7.7 Million in Idaho

By The Idaho Statesman, Boise Mar. 2--State Farm Mutual Automobile Insurance Co., the largest automobile insurer in the nation, said Thursday that its policyholders in Idaho will receive dividends totaling $7.7 million. State Farm policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick will receive $1.25 billion in the company's latest policyholder dividend declaration, approved by the State Farm Mutual board of directors. Idaho policyholders will...

Herald-Times, Bloomington, Ind., Business Briefs Column

Mar. 2--BIOCOVERGENCE ADDS ITS 21ST EMPLOYEE: Bloomington-based BioConvergence, a contract solutions provider to the biotech and pharmaceutical industries, has a new employee. That brings total employment at the business, which formed in 2005, to 21. STATE FARM INSURANCE BUYERS TO GET DIVIDENDS: State Farm Mutual Automobile Insurance Co. has announced its auto insurance policyholders in Indiana will receive dividends totaling $41.9 million.....We are unable to display this entire news item be...

State Farm Announces Insurance Dividend Payments

Mar. 2--State Farm Mutual Automobile Insurance Co. announced Thursday it will send Colorado auto policy holders a total of $19.1 million in dividends. Policyholders in 46 states, the District of Columbia and New Brunswick in Canada, will receive a total of $1.25 billion, the company said Thursday. The company's overall rates in Colorado are now 35.9 percent lower than they were before the repeal of the no-fault law in July 2003.....We are unable to display this entire news item because this a...

Auto Policyholders to Receive Refunds

By Scott Miller BLOOMINGTON - State Farm Insurance Cos. auto policyholders will receive a refund for the first time in seven years. While reporting a $5.32 billion profit Thursday, State Farm said it will pay a record $1.25 billion in dividends to auto customers in the United States and New Brunswick, Canada. "The last time we issued a dividend was 2000," State Farm spokesman Dick Luedke said. In Illinois, he said, the average refund is $25 but will vary by customer depending on how m...

One-Year Tuition Plan for L-Drivers

CAR insurers yesterday called for a minimum oneyear tuition period for learner drivers to save lives on the roads. They also want to limit passengers for young newly qualified drivers to cut the death toll. Nick Starling, director of the Association of British Insurers, called for the change when he spoke to the Commons transport select committee. He said: "Lack of driving experience and peer pressure is killing or seriously injuring four young people every day. "We need radical actio...

Geico Accused of Job, Education Bias on Rates ; Auto Insurer Denies Favoring Professionals With Higher Degrees

By ELISE YOUNG, TRENTON BUREAU TRENTON A group of consumer and minority advocates Wednesday accused Geico, the state's third-largest auto insurer, of unfairly quoting higher rates to motorists who lack college degrees and work blue-collar jobs. Geico denied the claim, saying its 600,000-plus policyholders have not been subject to discrimination. The company facing similar criticism in other states and a federal class-action lawsuit over the same issue said it uses the information in combi...

State Farm Policyholders to Get Refund

By Scott Miller, The Pantagraph, Bloomington, Ill. Mar. 1--BLOOMINGTON -- People with car insurance through State Farm Insurance Cos. will receive a refund for the first time in seven years. While reporting a $5.32 billion profit Thursday, State Farm said it will pay about $1.25 billion in dividends to auto customers in the U.S. and New Brunswick, Canada. "The last time we issued a dividend was 2000," said State Farm spokesman Dick Luedke. In Illinois, he said, the average refund is $...