Aspen Insurance Holdings Limited has reported that during the first three months of the year, it incurred a net loss of $151.7m, equating to $2.40 per diluted ordinary share.
During the same period last year the firm made a net profit of $18.3m.
Gross written premiums declined, year-on-year, by 4.5% to $671.3m, with net investment income down 6.6% to $55.5m.
Chief Executive Officer Chris O’Kane described the first quarter of the year as a time of exceptionally high levels of catastrophe.
The numerous global disasters had a significant impact on Aspen’s reinsurance segment, although its insurance business did turn in a modest profit.
O’Kane stressed that the firm’s capital position remained strong and that it was well-placed for the future, when the pricing environment improves.
Medicare Advantage plans will be losing some funds starting in 2012 which is the opposite of what was announced previously. The Centers for Medicare and Medicaid Services (CMS) says Medicare Advantage Plans are scheduled to receive a .16% cut in reimbursement in 2012. The article “Medicare Advantage Plans to Get Less in 2012? by Emily P. Walker on MedPageToday.com, also says that this estimate differs from what CMS projected in February when it said Medicare Advantage would see an increase of about .7% come 2012.
Apparently the change is due to lower 2010 physician outlays but the announcement is discouraging to those hoping for good things from the Affordable Care Act. CM
Over the last few days we have been hearing snippets of information from Sony and the hack of its PlayStation network. Being an Xbox live person, I have never been a member of the PS network, but assume that it is a very similar type of system, as far as storage of personal details is concerned.
We should never accuse anyone of complacency, but you do tend to find with regular online payment networks, that the smaller the amount the less attention you pay to it. So, you have a regular credit card subscription of £10 every month, you just tend to accept it and it continues. Then, a super hack steals the details of not a few, but potentially millions of customers.
Marsh & McLennan Companies, Inc. (MMC) has announced a number of changes to its senior management team.
The newly created position of group president and chief operating officer has been taken on by Daniel S.
20 Apr
Posted by Lucas Falkiner as Insurance Tips
WASHINGTON BUREAU — The Federal Reserve Board is getting ready to look at whether insolvent financial firms should be resolved through the bankruptcy system, rather than through the current regulatory process.
The Fed is asking for comments about the study, which is required by a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Fed is asking for comments while gearing up to conduct two studies relating to the question that are required by provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Members of Congress inserted the provisions because of concerns expressed by some economists, accountants and lawmakers about the possibility that the current laws and rules governing the resolution of troubled financial companies place the burden of paying for a major failure on the taxpayer, rather than on lenders, owners and managers.
The Fed is supposed to work with the administrative office of the U.S.