Monthly Archives: January 2013

Aetna To Sell Missouri Medicaid As Part Of Coventry Deal

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Reuters reports:

Aetna Inc. said on Tuesday it agreed to sell its Missouri Medicaid business to WellCare Health Plans Inc. as part of its purchase of Coventry Health Care Inc. because their combined Missouri businesses had exceeded Medicaid membership limits.

Aetna said in August that it planned to buy Coventry for about $5.6 billion to expand its Medicaid government health insurance business for the poor and disabled.

The deal, which it expects to complete in mid-2013, has been under review by U.S. antitrust regulators.

Aetna said that Missouri Care provides managed care to more than 100,000 members. It said that Coventry’s business in Missouri, HealthCare USA, has 250,000 members.

Travelers Profit Halves On Losses From Superstorm Sandy

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Travelers last earnings report was released this morning.  Reuters reports:

Travelers Cos. Inc.’s quarterly profit fell by half on higher catastrophe losses from superstorm Sandy but the property insurer forecast higher premiums across its businesses.

The company’s net profit fell to $304 million, or 78 cents per share, in the fourth quarter from $618 million, or $1.51 per share, a year earlier.

On an operating basis, Travelers earned 72 cents per share.

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Rick Green: Time Is Ripe To Consider Liability Insurance For Gun Owners

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Courant politics editor Rick Green on the idea of liability insurance for gun owners:

Time Is Ripe To Consider Liability Insurance For Gun Owners

As the gun debate heats up, one idea seems particularly suited for Connecticut to consider: liability insurance for gun owners.

This is the kind of mandatory insurance you have to get to drive a car — and the kind of protection that costs more if you want to take what the industry knows is a calculated risk. Letting your teenager get behind the wheel is a good example.

When I wanted my son to drive the family cars, my insurance agent offered a market-based solution: pay for the risk and he could drive. Nobody said my son couldn’t drive — but I had to acknowledge the extreme danger that comes with a teenage boy in the driver’s seat. We know this because of extensive research on teenagers and driving by the insurance industry.

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Bloomberg: UnitedHealth Joins Mayo Clinic in Research Pact To Improve Care

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From Bloomberg News:

UnitedHealth Group Inc. (UNH), the largest U.S. provider of medical coverage, will join the Mayo Clinic in a research alliance designed to merge insurance records and medical data to find more efficient ways to deliver care.

The venture will focus on fundamental issues that may help standardize care in a way that will lower costs, said Veronique Roger, head of the clinic’s Center for the Science of Health Delivery. This could include things such as analyzing the steps needed for successful hip replacement surgery or ways to get patients to consistently take their medicines, she said.

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MetLife, GE Close Deal For $6.4B In Bank Deposits

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From Reuters:

MetLife Inc. said on Monday it had closed the sale of its deposit business to General Electric Co., a move that allows the U.S. insurer to drop its registration as a bank holding company and provides GE Capital with an alternative source of funding for its lending business.

The deal, for $6.4 billion in bank deposits, had been in the works for more than a year with regulatory review the main reason for the delay.

The two companies in September tweaked the deal structure to make it subject to the approval of the Office of the Comptroller of the Currency, rather than the Federal Deposit Insurance Corp, and won approval in mid-December.

Fairfield-based GE reached the deal to buy the deposit-taking unit in December 2011, with an eye toward making its GE Capital finance unit less dependent on borrowing.

New York-based MetLife said the deal reflected its desire to focus on its insurance and employee benefit operations.

The Hartford’s CEO To Return To Work After Brain Surgery

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The Hartford’s CEO Liam E. McGee had a brain tumor surgically removed “over the holidays,” and he will receive low-dose chemotherapy, the company said late Friday afternoon.

McGee, 58, retained his position as chairman, CEO and president of the property-casualty insurer during the procedure and his recovery. He plans to return to work Monday.

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‘Big Brother’ Device Allows Monitored Driving

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Imagine a device, smaller than an iPhone, that anyone can use to see everything about the way a particular car is driven — exact times, routes and speeds – and will send text and e-mail alerts when thresholds are surpassed.

The gadget being offered by Travelers Cos. works on any vehicle made after 1996 and first became available a few weeks ago in Connecticut, although the insurer rolled it out in eight other states previously.

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