Insurance News

Several Mexican clients of Stanford Financial Group have sued insurance broker Willis Group Holdings Ltd , contending it was a willing participant in a $7 billion fraud at the Texas-based investment company.

American International Group Inc. said late Wednesday it has closed the sale of 21st Century Insurance Group to Farmers Group Inc.

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Friends Provident shares climbed in a lackluster British share market on Friday after the insurance group said that it has received approval for the demerger of its stake in F&C Asset Management.

Effective July 1, all optional adult services - " those not mandated by the federal government to be provided - " are being eliminated, including oral evaluations for new or established patients, fillings for cavities, restorations, crowns, and periodontal and other procedures.

Billionaire Warren Buffett has donated $1.25 billion in Berkshire Hathaway Inc. stock to the Bill & Melinda Gates Foundation.

Shares of the following companies are having unusual moves in U.S. trading this morning.

Zurich Financial Services AG , Switzerlanda s largest insurer, plans to expand U.S. residential coverage by selling policies to customers it added with the purchase of American International Group Inc.

VESTAL The New York State Insurance Department said Tuesday it has approved the sale of certain American International Group businesses to Farmers Group, a subsidiary of Zurich Financial Services.

A federal judge has approved a settlement once valued at about $900 million for a lawsuit pitting UnitedHealth Group shareholders against company executives over a stock options scandal.

American International Group Inc. on Wednesday said it agreed to sell all of its ownership interests in its consumer finance operations in Colombia, the latest in a recent string of asset sales by the embattled insurer to bolster its finances.

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE: American International Group Inc., down $5.12 at $18.08 At the battered insurers annual meeting Tuesday, investors approved a reverse 20-for-1 stock split meant to boost the share price.

The Securities Investor Protection Corporation has committed $231 million for 543 claims submitted by Bernard L. Madoff Investment Securities LLC investors, according to a statement released Wednesday by Irving Picard, the court-appointed trustee for the liquidation of BLMIS, and SIPC President Stephen Harbeck.

Reinsurance has been available for those who need it and pricing generally has been stable, despite concern that rates would rise sharply to offset the losses that reinsurers had posted in 2008, Willis Group Holdings said.

After hailing Bernard Madoff's 150-year prison sentence, some of his former investment clients intensified criticism of what they termed an equally tough adversary -- the government systems charged with stopping financial scam artists and reimbursing its victims.

Lloyds of London has announced it will cut a further 2,100 jobs over the next three years.

UnitedHealth Group Inc. , which has operations in New Mexico, has more advice for health care reformers in Washington.

The Treasury Department said Tuesday that it has approved three more firms for its mortgage relief program.

Shares of the following companies are having unusual moves in U.S. trading . Stock symbols are in parentheses, and prices are as of 1:45 p.m. in New York.

American International Group Inc.'s annual shareholder meeting ended with little drama Tuesday after a handful of shareholders voiced disappointment over the embattled insurer's near-collapse last fall.