MetLife to Pay States $500 Million in ‘Death Master’ Probe

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MetLife Inc., the largest life insurer in the United States, will pay $500 million to settle a multi-state investigation into claims payment practices, the office of California’s state controller said on Monday.
The investigation related to the use of the Social Security “Death Master” file, which lists people who have recently died. A number of states have accused insurers of using the list to stop making annuity payments to dead customers, but at the same time not using the list to check whether any life insurance policy holders had passed away.
Earlier on Monday, New York officials said their own probe into Death Master abuses had led insurers to make more than $260 million in payments to policy beneficiaries who may not have been aware they had money due to them.
California led the settlement and will get about $40 million of the proceeds, a spokesman for controller John Chiang said.
The deal requires MetLife to restore the full value of any account that was improperly drawn down, comply with state unclaimed property laws and pay 3 percent compounded interest on held amounts from the later of the policy owner’s death or Jan. 1, 1995.
[There are still eight active investigations underway into insurance companies' usage of the Social Security "Death Master" file, the president of the National Association of Insurance Commissioners said on Monday.
Kevin McCarty, who is also Florida's insurance commissioner, said the NAIC is hoping for global settlements with those companies like the one announced with MetLife on Monday.]
MetLife shares were up 0.8 percent at $35.24 in afternoon trading. Last October, the company said it would take a charge of up to $135 million to adjust reserves for cases related to the Death Master probes where it might have to make payments.

W.R. Berkley Q1 Income Up 17%, Sees Price Hikes ‘Accelerating’

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W.r. Berkley Corporation meldete 135.32 Millionen US-Dollar für seine 2012 ersten Quartal Gewinn, ein 17 Prozent im Vergleich zu 115.59 Millionen US-Dollar Einkommen vor einem Jahr gemeldet.
CEO William R. Berkley notierte, dass diese Preiserh?hungen sind dieses Jahr beschleunigt und da? er sieht "endgültigen" Verbesserung der Marktbedingungen.
Nettopr?mien für das Quartal geschrieben wurden 1.204 Mrd. USD um 11 Prozent von $1.083 Milliarden ein Jahr vor. Versicherungstechnische Operationen blieben rentabel. Der GAAP kombiniert Ratio blieb mit 96,5 Prozent, wie es war in der Vorjahresperiode.
Der Nettoertrag stieg auch mit 157.619 Mio. $ um 7,8 Prozent von $146.126 Million ein Jahr vor. Gesamt Umsatz im Quartal stieg auf 1.379 Milliarden $, ein 11,7 Prozent Anstieg von $1.234 Milliarden im Vorjahr Quartal.
Die Firma sagte Durchschnittsraten erneuerten Politik stieg um 6,5 Prozent im ersten Quartal.
Die Eigenkapitalrendite für das Quartal war 13,7 Prozent, Verbesserung von 12,7 Prozent vor einem Jahr.
"Wir sind sehr zufrieden mit den Ergebnissen des ersten Quartals. Alle Gesch?ftsbereiche erreicht versicherungstechnischen Gewinne, unser neueren Vorhaben weiterhin gewinnen Traktion und Preis erh?ht beschleunigt,"sagte CEO William R. Berkley.
"Auf Basis Jahr Unfall unserer Schadenquote ist rückl?ufig, und wir erwarten, dass es weiterhin w?hrend des ganzen Jahres zu verbessern."
Er sagte auch, dass das Unternehmen weiterhin Investitionen in Menschen und erweitert seine Pr?senz in attraktiven M?rkten, was bedeutete, dass das Unternehmen noch nicht den vollen Nutzen aus einer rückl?ufigen Kostensatz sehen ist. Er sagte: "Wir glauben, dass wir, in der Zeit, für die Entwicklung dieser Vorg?nge wird belohnt."
Berkley erkl?rte auch, dass die Investitionen des Unternehmens, die Ergebnisse von profitiert gibt in seinen Investmentfonds sowie verschiedene opportunistische Investments in Aktien, Immobilien und Hypotheken verbessert. Das Unternehmen weiterhin die Mehrheit ihrer Investitionen in festverzinsliche Wertpapiere als hoch eingestuft. "Wie wir vor kurzem vorgeschlagen haben, die aktuelle Struktur unseres Portfolios ist wahrscheinlich an uns weitergeben, h?ufigere Gewinne in den n?chsten Jahren," sagte er.
"W?hrend der Schaden/Unfall grunds?tzlich erhebliche kurzfristige Volatilit?t hat, wir finden Sie definitive Anzeichen einer Verbesserung der Marktbedingungen und erwarten insgesamt bessere Renditen auf das Eigenkapital.

Shrimp Processors Object to BP Oil Spill Settlement

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Shrimp processors have asked a federal judge to delay preliminary approval of BP Plc’s proposed settlement of economic damage claims from the 2010 Gulf of Mexico oil spill, arguing that it is unfair to parts of the shrimp industry.
The American Shrimp Processors Association said the accord, which calls for BP to pay $2.3 billion in seafood claims, favors shrimp harvesters and boat captains at the expense of shrimp docks, processors and others it represents.
In a filing with the federal court in New Orleans, the group said the agreement should be revised so all “key segments of the shrimp industry” receive comparable treatment given they share “virtually identical” future economic risks.
At a hearing scheduled for Wednesday, U.S. District Judge Carl Barbier is due to begin considering preliminary approval of BP’s settlements last month to resolve economic, property and medical claims by more than 125,000 private plaintiffs for an estimated $7.8 billion.
The settlements put on indefinite hold a scheduled trial over billions of dollars of additional claims by or between the U.S. government, Gulf Coast states and BP’s drilling partners.
Barbier said on Monday that he would consider at a May 3 conference with lawyers BP’s request to delay any trial until after the settlement of economic and property claims wins final approval.
The April 20, 2010 explosion of the Deepwater Horizon drilling rig killed 11 workers and triggered the largest U.S. offshore oil spill. BP owned a majority of the ruptured Macondo oil well.
The case is In re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, U.S. District Court, Eastern District of Louisiana, No. 10-md-02179.

Progressive Expands Commercial Auto Coverage Limits

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Progressive Insurance has doubled the available liability limits of its commercial auto policies. It now offers options for $1.5 or $2 million. The expanded limits mean business owners won’t need to buy a separate umbrella policy to meet the liability requirements for large projects.
“We’ve seen business owners struggle at times with liability requirements on larger projects,” said Cory Fischer, commercial auto product manager at Progressive. “Let’s say a business owner with a standard $1 million policy wins a bid for a large project, but the contract requires $2 million in liability. The business owner’s best option might be to buy a $1 million umbrella policy to make up the difference. Sure, it meets the contract requirements. But because most umbrella policies have a minimum premium requirement, it comes at quite a cost—often up to $1,000 of premium for what otherwise might be just $200 worth of coverage.”
With this option, business owners pay only incrementally more for the needed limits because  it’s on top of the standard limits already on their policy. Progressive offers insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes

North Carolina Jury Awards $14.6 Million in Slim Jim Factory Blast

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A jury has awarded $14.6 million to seven people hurt in an explosion at a now closed ConAgra Slim Jim factory in Garner, North Carolina.
The News & Observer of Raleigh reported that a Johnston County jury gave more than $12 million to two former ConAgra workers, Leonard Spruill and Anthony Smith for medical care and lost wages. Five other workers received the remaining money.
Court documents indicate the jury will return in June to consider punitive damages against Jacobs Engineering, Group Inc. and one of its employees. The company was blamed for the blast which happened as its workers were purging a gas line to install water heaters.
Three people were killed in the June 2009 explosion, and 38 of the 300 workers in the plant were injured.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Family of New Mexico Girl Killed in Crash with Santa Fe Doctor Sues

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The family of a little girl killed when her family’s van was hit by a vehicle driven by a Santa Fe, N.M., surgeon suspected of driving drunk has filed a wrongful death suit against the doctor and her insurance company.
Dr. Deborah Aaron was arrested by Santa Fe police after the Dec. 30 crash that killed 4-year-old Yuliana Aremi Reyes Vasquez. Aaron, 56, has pleaded not guilty to vehicular homicide, but the district attorney has not filed an indictment to move the case forward. She is free on a $100,000 bond.
In court documents, police have said the little girl’s mother wasn’t sure if she had a green light and they have conflicting witness reports.
The Albuquerque Journal reports the lawsuit filed on the family’s behalf flatly says the girl’s mother, Karla Aremi Vasquez Rivera, had the green light when she entered the intersection after first stopping at a red light.
“When she received a green arrow, she initiated a left-hand turn towards the northbound lanes of St. Francis Drive,” the lawsuit states. “As she proceeded across the intersection the minivan was struck by Dr. Aaron’s Range Rover.”
Aaron failed a field sobriety test, smelled of alcohol and had bloodshot, watery eyes, according to an officer’s report. A blood sample later found her blood-alcohol content was 0.08 percent, the level where drivers are presumed to be intoxicated under state law.
Dan Cron, Aaron’s attorney for the vehicular homicide charge, couldn’t be reached for comment.
Police have said one witness told investigators it was the family minivan that ran a red light and that the light was green for Aaron on St. Francis.
The district attorney’s office has not filed an indictment to move the charge against Aaron forward, and police have said they’re trying to determine which driver had the right of way. Aaron has entered a not guilty plea and is free on a $100,000 bond.
Police Capt. Aric Wheeler said the case is still under consideration by prosecutors. “We have independent witnesses who have given us conflicting statements,” Wheeler said.
The lead plaintiff in the wrongful death lawsuit is Amayra Hamilton, a friend of Yuliana’s family who has spoken on its behalf previously. She has been appointed the family personal representative for purposes of the lawsuit.
State Farm Insurance is named as a defendant along with Aarons.
The suit says Yuliana, her mother and her sister were all in seat belts when the wreck took place.
Meanwhile, Aaron is awaiting a ruling from a hearing where she was trying to keep her driver’s license. Her lawyer argued at a revocation hearing earlier this month that she wasn’t charged with drunken driving so should keep her license.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.