The News Review:
- Banks on Sick List Top 400
- California insurance commissioner to fight selling part of workers …
- FHN’s insurance unit to buy Sandlin agency
- Farmers Insurance to slash workforce at 21st Century unit in …
- Fortis 1H Net Down Post Breakup; Insurance Net -29%
- Health Compromise to See Changes Before Vote House Dems Say
- China Life Insurance Profit Rises Due to Gains on Holdings
Banks on Sick List Top 400
Wall Street Journal
The government fund that protects consumer deposits fell to its lowest level since 1993. The continuing woes which come despite trillions of dollars in government rescue financing and a rebounding stock market raised questions about how quickly the economy can revive. The Federal Deposit Insurance Corp. said it had 416 banks on its “problem list” at the end.
California insurance commissioner to fight selling part of workers …
Los Angeles Times
Arnold Schwarzenegger and the Legislature approved the proposed sale to raise money to partially plug a $24-billion hole in the state budget. But Insurance Commissioner Steve Poizner vowed to fight it. “This is bad politics; it’s illegal and I’m going to stop it” said the wealthy former tech entrepreneur from Silicon Valley who is seeking the Republican nomination for governor in 2010.
Related from Telefenua: Kansans Warned of Telephone Scam
FHN’s insurance unit to buy Sandlin agency
Bizjournals.com
Sandlin Insurance owner Truman Sandlin will remain with the combined company a release noted. Germantown-based Sandlin Insurance is a full-service firm that handles risk management and comprehensive insurance coverage for businesses and non-profits. Sandlin is former past president of the Professional Agents of Memphis and has worked in the industry more than 45 years. First Horizon did not disclose Sandlin’s sales volume or financial terms of the deal. First Horizon Insurance Group Inc.
Farmers Insurance to slash workforce at 21st Century unit in …
Los Angeles Times
Los Angeles-based Farmers told employees that it would cut 554 jobs by the end of this year and that the total would reach 750 by the end of 2010. The Woodland Hills complex which had been 21st Century’s headquarters until last November currently has 979 employees Farmers said. Farmers completed its purchase of 21st Century from troubled insurance giant American International Group Inc.
Fortis 1H Net Down Post Breakup; Insurance Net -29%
Wall Street Journal
The result includes the impact of the closing of the deal between BNP Paribas (BNP. FR) the Belgian state and Fortis Bank and so is distorted by numerous one-time elements. These included a EUR697 million capital gain from the sale of 25% of Fortis Insurance Belgium to.
Health Compromise to See Changes Before Vote House Dems Say
Wall Street Journal
Under the Blue Dog deal which was included in legislation that passed the House Energy and Commerce Committee the Secretary of Health would negotiate payment rates to doctors and hospitals under the new public plan. But that provision drew sharp criticism from more liberal House Democrats who want those payment rates to be pegged to the Medicare program. They argue that negotiated rates would give insurance companies undue influence and wouldn’t lower costs enough. “To have negotiated rates costs the American taxpayers money” said Rep. ) in a Thursday conference call with reporters.
China Life Insurance Profit Rises Due to Gains on Holdings
Wall Street Journal
–>China Life Insurance Profit Rises Due to Gains on Holdings ArticleCommentsBY ARIES PN AND JY C. SHAW SHANGHAI — China Life Insurance Co. the country’s largest life insurer by premiums said first-half net profit rose 29% from a year earlier due to gains in the value of its securities holdings. Net profit for the six months ended June 30 rose to 13. 92 billion yuan ($2. 04 billion) from 10.