life insurance News

Pennsylvania Insurance Agent Pleads Guilty in $8.2M Promissory Note Scam

An insurance agent pleaded guilty Thursday in a promissory note scam that bilked nearly 80 clients out of $8.2 million. John Hogan, 77, of Swissvale, Penn., entered his pleas to five counts of mail fraud in the scheme run out …

UK’s Aviva Buys Remaining 50% Share in Vietnam Joint Venture

Aviva plc has acquired VietinBank’s entire 50 percent shareholding in its life insurance joint venture VietinBank Aviva Life Insurance Ltd. Aviva also has signed a new distribution agreement with VietinBank to sell life and health insurance products through VietinBank’s network …

Global Insurance Industry Set to Grow by 4.5% in 2017-2018: Munich Re

The global insurance industry is set to grow more strongly at 4.5 percent per annum on average (3.0 percent in real terms, or adjusted for inflation) during 2017 and 2018, according to Munich Re. While premium income is likely to …

Trial Concludes for Virginia Man Accused of Killing Son for Insurance

Joaquin Rams is either a father unjustly accused in the tragic, unexplained death of his 1-year-old son, or he is the most cold-blooded of murderers who snuffed the life from his boy to collect half a million dollars in life …

Scotland’s Standard Life to Buy Aberdeen Asset Management for $4.7B

Standard Life Plc, Scotland’s largest insurer, agreed to acquire Aberdeen Asset Management Plc for about 3.8 billion pounds ($4.7 billion), creating one of Europe’s biggest fund managers. Under the terms, which remain the same since talks were first revealed on …

Allianz Agrees to Buy Remaining 33.5% Stake in Irish Subsidiary

Allianz has agreed to acquire the remaining 33.5 percent stake in Allianz Irish Life Holdings plc (AILH) not already owned by Allianz Group. Allianz aims to increase its stake in AILH from 66.5 percent currently to 100 percent. The total …

Authorities Say Ex-Insurance Agent in New Jersey Stole Clients’ Identities

State authorities say a former insurance agent assumed the identities of former clients to fraudulently apply for new life insurance policies in their names. Marta Cristina Cunha is charged with insurance fraud, identity theft and theft by deception. Authorities say …

New York Man Sentenced to 60 Years for Killing Fiancee for Insurance

A 48-year-old man convicted of killing his fiancee to collect on her life insurance has been sentenced to 60 years in prison. Federal prosecutors said Thursday that Ronald Epps of Amherst was sentenced in U.S. District Court in Buffalo. A …

Actuaries Have Disappointing News for Americans Including Millennials

Death awaits all of us, but how patiently? To unlock the mystery of when we’re going to die, start with an actuary. Members of this 200-year-old profession who study risk and uncertainty pore over the data of death to estimate …

Bermuda-Based Somerset Re Raises Capitalization to $375 Million

Somerset Reinsurance Ltd. has increased its common share capitalization to $375 million, including investments from three strategic investors and a diverse group of high net worth investors. Somerset Re provides customized risk management solutions to the life insurance and annuity …