| Puritan Financial Companies, Inc. to Acquire Independent State ...
Puritan Financial Companies, Inc. ("Puritan") announced today that it has entered into a definitive agreement with Columbia Insurance Group to acquire 100% of the outstanding common stock of Independent State Life Insurance Company ("ISL"), a Texas domestic life insurance company. Puritan previously entered into a Letter of Intent with Columbia Insurance Group of Columbia, Missouri on May 4, 2007 to acquire ISL, a life insurance company organized under the laws of the State of Texas in 1984, for approximately $2,000,000 in cash. At closing, Puritan expects to effect the name change of ISL to Puritan Life Insurance Company since a Name Reservation Application on file with the Texas Department of Insurance has recently been approved. Puritan has also entered into a Letter of Intent with one of its primary insurance carriers to reinsure, either on a modified co-insurance or co-insurance basis, a 50/50 quota share of the life insurance and annuity policies produced by and through Puritan's insurance agency, Puritan Financial Group, Inc.
Disability Awareness Night at the Kansas City Royals
KANSAS CITY, MO -- 07/24/07 -- On July 23, 2007, the Kansas City Royals, EP Global Communications, Inc. (OTCBB: EPGL), Massachusetts Mutual Life Insurance Company (MassMutual) and Shire Pharmaceuticals will welcome cheering fans to Kansas City's Kauffman Stadium for Disability Awareness Night (DAN). As part of this DAN event, just prior to the game at home plate, the EP Maxwell J. Schleifer Distinguished Service Award will be presented to the Kansas Youth Empowerment Academy and to Brian Barash, M.D. for their work, life and advocacy on behalf of people with disabilities. The award is presented by EP Global Communications, Inc. and EP Foundation for Education. EP Global Communications, Inc. publishes the nation's most highly respected peer-reviewed journal serving the special needs community, Exceptional Parent.
AXA Equitable Supports Insurance Legislation Introduced in US ...
NEW YORK, July 26 /PRNewswire-FirstCall/ -- AXA Equitable Life Insurance Company strongly supports legislation introduced in the U.S. House of Representatives calling for the creation of an optional national regulator for its industry. Companion legislation to The National Insurance Act of 2007 (S40), the bill was introduced in the 110th Congress yesterday by Reps. Melissa Bean (D-IL) and Ed Royce (R-CA). It would allow insurance companies and producers to choose whether to remain subject to the current state-by- state regulatory system or opt for a new, streamlined national system. The resulting regulatory efficiencies could reduce life insurance costs by more than $5.7 billion, according to a recent study by Dr. Steven Pottier of the University of Georgia. "We believe that the time has come to recognize the substantial financial and non-financial costs to consumers of the current outdated state insurance regulatory structure," said Christopher "Kip" Condron, Chairman and Chief Executive Officer of AXA Equitable.
Brady of Hinrichs Flanagan Financial Earns Long-Term Care ...
Peter M. Brady, CLTC, Financial Services Professional with Hinrichs Flanagan Financial (www.hinrichsflanagan.com), a Massachusetts Mutual Life Insurance Company (MassMutual) General Agency, recently obtained a Certified in Long-Term Care (CLTC) designation from the Corporation for Long-Term Care Certification, Newton, MA. I am very proud of receiving this designation, which will help me ensure asset protection for all individuals, no matter the age, who may find themselves in a long-term care situation due to unexpected health issues, accident, or natural aging needs, said Brady. Unlike disability income insurance that provides a continuation of a portion of your income, long-term care insurance covers health care expenses for home care or health facility care in long-term care situations.
AM Best Affirms Ratings of StanCorp Financial Group, Inc.
OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings (ICR) of "a+" of Standard Insurance Company (Standard Insurance) (Portland, OR) and The Standard Life Insurance Company of New York (White Plains, NY), both wholly owned insurance subsidiaries of StanCorp Financial Group, Inc. (StanCorp) (Portland, OR) (NYSE: SFG). Concurrently, A.M. Best has affirmed the ICR of "bbb+" and the debt ratings of "bbb+" on existing unsecured senior notes and "bbb-" on the junior subordinated debentures of StanCorp. The outlook for all ratings is stable. (See below for a detailed list of the ratings.) Standard Insurance's rating affirmations reflect its established presence in the employee benefits market, continued positive earnings and favorable risk-adjusted capitalization at the operating subsidiaries and its conservative level of financial leverage.
Tata AIG expands network aggressively
Chennai: After a sedate existence Tata AIG Life Insurance Company Limited is expanding its distribution network in an aggressive manner. The company, which had 81 branches as on 31 March, 2007, has 169 branches three months later. And, it has chalked out plans to have 205 branches by the end of August this year. Addressing the media in Chennai on Tuesday after launching a new whole life unit linked life insurance whole life policy (ULIP) InvestAssure Gold, the insurers chief distribution officer Joydeep K Roy told the media that the company wanted to consolidate its operations before expanding further. The branch expansion will also lead to a 30-per cent increase in Tata AIG's agency force of 23,400 at present. "Unlike other life insurers we follow a strict agent recruitment policy, which keeps our agency churn low," Roy said.
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