Insurance news

• Elderly should sell homes to fund care, says aide to Theresa May

  06-08-2016 21:25
  
  Controversial proposal would result in families using some of children’s inheritance as parents live longerTheresa May’s policy chief has suggested that people with valuable homes who face high social care costs in old age should downsize or re-mortgage to cover their bills, the Observer can reveal.Director of policy John Godfrey has suggested that over the next 10 years the solution to the social care crisis lies in people selling up or releasing some of the equity in their property
  
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• Berkshire Hathaway returns to underwriting profit in Q2

  06-08-2016 01:36
  Berkshire Hathaway's insurance and reinsurance operations
  posted a combined $337mn underwriting profit for the second quarter
  compared to a $38mn loss for the same period last year.
  But the investment conglomerate's Gen Re operation only just
  made it into the black with an underwriting gain of $2mn, down from
  $107mn in the prior-year period.
  Berkshire Hathaway blamed the reduced profitability on an
  increased current accident year loss ratio and lower reserve
  releases for the period.
  The group re
  
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• AIG offloads NSM stake

  06-08-2016 01:36
  AIG has offloaded a controlling stake in managing general agent and
  insurance programme administrator NSM Insurance Group, just over a
  year after it took over the firm.
  The insurance giant is selling a portion of the business back to
  ABRY Partners, the private equity investment firm it brought NSM
  from in March last year.
  In a statement, AIG announced said that it would form a joint
  venture with the company as it looks to leverage its strategic
  relationship with NSM,...
  
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