Something more than a Golden Globe or potentially even an Oscar may be awarded to the young daughter of the late Heath Ledger.

According to the Associated Press, an agreement has been reached in a suit involving the actor’s $10 million life insurance policy.
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Saw an obituary the other day for Bill Werber, who grew up in College Park, Md. He’s probably better known as the oldest living former Major League Baseball player and the first basketball All-American at Duke University. He died at 100 in Charlotte, N.C.

What caught my eye is that as a baseball player, who won a World Series in 1940 with the Cincinnati Reds and played with Babe Ruth during part of his 11-year career as a third baseman, Werber didn’t make more than $13,500 in a season.
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Last week, New York Gov. David Paterson passed over state attorney general Andrew Cuomo, naming Kirsten Gillibrand to fill the Senate vacancy of now Secretary of State Hillary Rodham Clinton. Cuomo was considered by some as a shoo-in for the seat once Kennedy withdrew from consideration, citing personal reasons.

Now it seems Cuomo is passing Paterson by.
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A press release from the Council of Insurance Agents and Brokers (CIAB) provides a tiny sliver of optimism for a turnaround of the longstanding soft market in the property and casualty insurance field. But another report from the ISO makes for a difficult counterpoint. Read the rest of this entry »

One prominent House leader – who has serious “street cred” in all matters budget and otherwise – said this weekend that he doubts Congress or President Obama will be able to complete an overhaul of the U.S. health care and insurance industry this year. Read the rest of this entry »

None of us understand or appreciate the huge numbers being tossed around each day. Virtually every company is suffering million or billion dollar losses. Insurance companies, banks, Larry Flint and everyone else are seeking federal bailout money in the millions and billions.

In Northern Virginia recently, a financial advisor referred at least three times to the federal TARP bailout program’s help to AIG as “million, I mean, billion.” Would that his instinct were right. It should be millions, not billions, but it’s become billions. Trillions can’t be far off. At the other extreme, a newsletter about Pennsylvania politics mentions that Gov. Ed Rendell is now projecting “an additional $700 shortfall.” If only it were that small an amount. It’s actually another $700 million, taking the state’s deficit to a cool $2 billion.

What’s the difference? I can’t say I know. I’m too busy watching the thousands - soon to be hundreds - disappear from my fledgling retirement fund. That’s big money to me, even though I’m not supposed to care about it for at least 30 more years.
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Sorry soccer fans, but you may need to purchase an updated Manchester United jersey next year.

ESPN is reporting that American International Group has no plans to renew its shirt sponsorship - gracing the front of the red Man U jerseys - as it cuts costs amid a federal bailout just over $150 billion.

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So there won’t be two Kennedys in the Senate after all.

Caroline Kennedy announced Jan. 22 that she was withdrawing her name from consideration for the Senate seat left vacant by newly confirmed Secretary of State Hillary Rodham Clinton.  So that means Caroline won’t join Uncle Ted in the nation’s capital, but also means that New York Gov. David Paterson must look elsewhere for a replacement.

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It appears that the brains at Highmark and Independence Blue Cross have kept their words, uttered emphatically in July 2008, when asked what they would say to loss of the “Blue Cross” brand were they allowed to merge.

IFAwebnews.com is reporting the two largest health insurers in the state will withdraw their merger proposal rather than face the loss of the Blue Cross brand. What value is there to “Independence” without the “Blue Cross?” Apparently little, or so it would seem, given what has happened today.

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President Barack Obama has a daunting task ahead as he tries his hand at fixing a faltering U.S. economy. How and what he does will have a direct impact on our industry, whether it be in life, health or property/casualty insurance. Read the rest of this entry »

Word has leaked out that Pennsylvania Insurance Commissioner Joel Ario is going to force Independence Blue Cross and Highmark Inc. to market without the “Blue Cross” brand as a condition of his approval of their proposed health insurance, a move CEOs for both companies said emphatically last July would kill the deal, according to an article on IFAwebnews.com.

This situation, which I predicted last July (“Could a condition be used to end the IBC-Highmark merger?“), opens the door to lots of possibilities, the odds of which I have indicated. (Odds are provided for entertainment purposes only, although the actions of the next week regarding this possible merger may be entertainment enough for all of us.)
Possibilities include:

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With all the custodial crews sweeping up confetti and deflated balloons from inaugural balls across Washington D.C. on Wednesday, Mayor Adrian Fenty has some clean up work of his own to attend to.

Last month, the D.C. Council approved The Medical Insurance Empowerment Act of 2008, requiring CareFirst’s District affiliate, Group Hospitalization and Medical Services Inc., to pay a percentage of its premium toward the District’s health care programs.

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Blue Cross Blue Shield of Michigan announced that it is going to cut 1,000 jobs and seek a premium increase for its individual plans. Read the rest of this entry »

At a time when two of its main national competitors, Aetna and CIGNA, have cut at least 1,000 jobs each to prepare for the effects of recession on health plan enrollment this year, UnitedHealth Group is settling two big civil suits, according to an article at IFAwebnews.com.

UnitedHealth Group may need to apply for federal TARP funding - everyone else seems to be - after announcing it will spend about $400 million to settle the two suits.

Citigroup’s Smith Barney, which three years ago merged much of Baltimore-based Legg Mason into its operation, sold control of the company to Morgan Stanley for $2.7 billion, according to the Baltimore Sun.

According to IFAwebnews.com, Ronald E. Ferguson, former CEO of General Re Corp., was sentenced to two years in prison for his role in a fraudulent scheme to manipulate AIG’s financial statements, costing AIG shareholders more than $500 million.

The New York Times, which doesn’t hide from its favoritism of all things Democrat and “liberal,” took to task the Senate in its softball-type approach in the first confirmation hearing in Tom Daschle’s bid to become secretary of Health and Human Services. Read the rest of this entry »

While it is not likely, it is possible that payouts to “clients” of Bernie Madoff — the Wall Street swindler who operated what is probably the largest Ponzi scheme in history — could wipe out the reserves of SIPC (Securities Investor Protection Corp.). Read the rest of this entry »

With insurers among the first to line up for a federal bailout, followed by the auto industry, speculation has run rampant over who might line up next.  While suspects such as retail and even the hospitality industry were frontrunners, it seems a new candidate is ready to ask Congress for some cold, hard cash.

The adult entertainment industry. Read the rest of this entry »

A month ago, Aetna announced a massive layoff in response to the worsening economy. Now, Cigna is paring down its employment ranks, according to IFAwebnews.com.