star health stocks: Buy Star Health and Allied Insurance Company, target price Rs 650: ICICI Direct

ICICI Direct has buy call on Star Health and Allied Insurance Company with a target price of Rs 650. The current market price of Star Health and Allied Insurance Company is Rs 531.25. Time period given by analyst is 12 months when Star Health and Allied Insurance Company price can reach defined target.

Star Health and Allied Insurance Company, incorporated in the year 2005, is a Large Cap company (having a market cap of Rs 30770.73 Crore) operating in Financial Services sector.

Star Health and Allied Insurance Company key Products/Revenue Segments include Premiums Earned, Interest & Dividend and Income From Sale Of Share & Securities for the year ending 31-Mar-2022.

Financials

For the quarter ended 31-12-2022, the company has reported a Standalone Total Income of Rs 3074.37 Crore, up 2.39 % from last quarter Total Income of Rs 3002.62 Crore and up 13.40 % from last year same quarter Total Income of Rs 2711.01 Crore. Company has reported net profit after tax of Rs 210.47 Crore in latest quarter.

The company’s top management includes Mr.Venkatasamy Jagannathan, Mr.Utpal Hemendra Sheth, Mr.Deepak Ramineedi, Mr.Berjis Minoo Desai, Mr.Rajeev Krishnamuralilal Agarwal, Mr.Rajni Sekhri Sibal, PadmashriKaarthikeyan Devarayapuram Ramasamy, Ms.Anisha Motwani, Mr.Rohit Bhasin, Mr.Anand Shankar Roy, Dr.Subbarayan Prakash, Mr.Sumir Chadha. Company has V Sankar Aiyar & Co. as its auditors. As on 31-12-2022, the company has a total of 58 Crore shares outstanding.

Investment Rationale
Star Health is expected to maintain its leadership in retail health segment with sustainable long term growth opportunity. Higher than industry growth and targeted combined ratio of 95-96% provides confidence.

Promoter/FII Holdings
Promoters held 58.28 per cent stake in the company as of 31-Dec-2022, while FIIs owned 10.37 per cent, DIIs 1.26 per cent.

(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. … Read the rest

Cigna Worldwide Insurance Company Receives Branch License in Saudi Arabia, Plans Growth in the Kingdom

  • Cigna Worldwide Insurance Company is the first international health insurance provider to receive a branch license from the Saudi Central Bank to operate as a health insurer in the Kingdom of Saudi Arabia
  • Cigna will introduce a new proposition in the Kingdom, focused on offering localized health solutions with global capabilities
  • Cigna is committed to the growth of the health insurance sector in the Kingdom, in line with Vision 2030

RIYADH, Saudi Arabia, Feb. 6, 2023 /PRNewswire/ — Cigna Worldwide Insurance Company today announced that it has received an official branch license from the Saudi Central Bank (SAMA) to operate as a health insurer in the Kingdom of Saudi Arabia.

The announcement makes Cigna Worldwide Insurance Company the first international insurance provider to receive a branch license to operate in the Kingdom. Cigna Worldwide Insurance Company is part of the global Cigna group of health services companies serving over 180 million customers and patients in over 30 countries around the world (Cigna).

This license will enable Cigna to offer its best-in-class high-quality, affordable, and localized health insurance solutions, backed by its global capabilities to individuals, companies, and government entities in the Kingdom.

Cigna is committed to the growth of the health insurance sector in the Kingdom, in line with Vision 2030.

“This marks a significant milestone for Cigna in the Kingdom and across the Middle East and Africa region,” said Jason Sadler, president, Cigna International Health. “The license enables us to deliver a stronger value proposition, access, and service to our clients through a host of proprietary health and well-being products and services. Cigna has been in the region for nearly two decades, initially through local partners and then independently. We have a deep-rooted knowledge of the Middle East health insurance market, which helps us

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Guarantee Trust Life Insurance Company & AmeriLife Unveil Turbo Term Life

New instant issue life insurance product built on the latest insuretech platform delivers agents and clients the simplicity and speed they want

GLENVIEW, Ill. and CLEARWATER, Fla. –News Direct– AmeriLife

Continuing their approach to innovative product design and delivery, Guarantee Trust Life Insurance Company (“GTL”) and AmeriLife Group, LLC (“AmeriLife”) announced today the launch of Turbo Term Instant Issue Life Insurance, a revolutionary new level term life product engineered to deliver clients fully customized benefits and policy lengths to match their unique needs.

“Guarantee Trust is excited to partner with AmeriLife in developing and bringing to the consumer the most dynamic term product offering in the marketplace, said Richard S. Holson III, GTL’s chairman of the board, president and CEO. “We are proud to be aligned with the great marketing organization that is AmeriLife.”

With GTL’s state-of-the-art underwriting platform powered by hr | ReFlex, Hannover Re’s automated underwriting system, long application processing is a thing of the past. With a fully digital application process — and no medical exams — agents can deliver their clients an affordable policy instantly with customizable coverage, flexible benefits, a variety of level term lengths, and coverage between $100,000 and $1,000,000.

For agents, Turbo Term lets them stay in the driver’s seat by owning the business they write, offering advance commissions at all levels and supporting full hierarchy, a wholly unique value proposition versus any other product on the market.

“Turbo Term was built for agent distribution. No long apps. No uncomfortable medical exams. Just a fully digital application process and great, affordable, and customizable coverage to deliver the financial stability client needs – fast,” said David Paul, AmeriLife’s national sales director of Simplified Issue Life. “We’re thrilled to partner with GTL on yet another innovative product that will deliver value to the market

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AM Best Comments on Credit Ratings of Topa Insurance Company and Dorchester Insurance Company, Ltd. Following Acquisition Announcement

OLDWICK, N.J., February 09, 2023–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands) (collectively referred to as Topa) remain unchanged following the announcement that Granada Financial Group, LLC (Granada) has entered into a definitive agreement with Topa Equities, Ltd. (dba Anderson Holdings) to acquire a controlling interest in Topa. Topa Equities, Ltd., which is the parent company of Topa, will retain a minority common equity stake in the business.

Despite the significant financial and operational benefits that Topa is expected to receive from the transaction, AM Best recognizes ongoing concerns with Topa’s recent reserve strengthening actions and the resulting impact on operating performance. Despite recent management initiatives intended to improve results, the outcome of these actions remains undetermined at present and will likely require additional time and conversations with management to determine the impact. Additionally, there remains some risk associated with the execution of the transaction. The ratings will remain under review until the close of the transaction and an assessment by AM Best of the post-transaction details. The transaction also is subject to regulatory approvals.

Topa’s ratings were initially placed under review with negative implications on July 7, 2022. This rating action followed the need for AM Best to have further discussions with company management regarding strategic business initiatives to improve operating performance over the near term, following deterioration in underwriting results in 2021 and in the first quarter of 2022. On Feb. 3, 2023, AM Best maintained the under review with negative implications status pending further discussions with management regarding these ongoing strategic business initiatives. AM Best will continue to monitor the group’s balance sheet strength, operating performance, business profile and enterprise risk management.

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5Star Life Insurance Company Appoints Command Sergeant Major (Ret.) John F. Sampa to its Board

New board member brings valuable market expertise

ALEXANDRIA, Va., February 09, 2023–(BUSINESS WIRE)–5Star Life Insurance Company announced today the appointment of Command Sergeant Major (Ret.) John F. Sampa to its Board of Directors, effective September 1, 2022.

“It is our pleasure to welcome Command Sergeant Major John Sampa to the 5Star Life Board of Directors. His experience in the Army and National Guard markets, as well as the First Responder market, will help enhance the service and protection that we provide for 5Star Life customers and AFBA members,” said General Larry O. Spencer, USAF (Ret.), Chair and President of 5Star Life.

Command Sergeant Major (CSM) John F. Sampa was appointed as the 12th Command Sergeant Major of the Army National Guard on 15 February 2018. He joined the United States Army on 30 April 1987 and served in the Army National Guard and the United States Army, retiring with 35 years of service. He was promoted to the rank of Sergeant Major on 8 April 2009. Prior to becoming the Command Sergeant Major of the Army National Guard, he served as the Command Senior Enlisted Leader for the Texas Military Department. CSM Sampa was previously the Command Sergeant Major for the 36th Infantry Division for more than three years. He was mobilized for combat duty three times and deployed overseas for combat operations in Bosnia and twice to Iraq and was a prominent leader in the Columbia Space Shuttle recovery mission in east Texas. His military and civilian education includes all Noncommissioned Officer Education System levels. He was employed with the Texas Department of Public Safety in the Highway Patrol Division for more than 27 years in concurrence with his military service. He is a graduate of the U.S. Army Sergeants Major Academy, the National Defense University

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Mombasa: Man Defrauds Insurance Company KSh 600k after Faking Death of His Kin

  • Philip Odero Kauma confessed to receiving KSh 600,000 for UAP Old Mutual Insurance by false pretence
  • He falsified documents to show that his two family members had died on various dates in 2021
  • Kauma pleaded guilty to the three charges when he appeared before Mombasa Resident Magistrate Viola Muthoni

Philip Odero Kauma has been charged in a Mombasa court for falsely obtaining KSh 600,000 from an insurance company.

Philip Odero
Philip Odero Kauma appearing before a Mombasa court. Photo: ODPP.
Source: Twitter

Appearing before Resident Magistrate Viola Muthoni on Thursday, February 9, Odero pleaded guilty to three charges relating to defrauding UAP Old Mutual Insurance.

Paul Kauma pleads guilty to receiving cash falsely

In a statement, the Office of the Director of Public Prosecution(ODPP) said the suspect had faked the deaths of his family members to receive compensation from the insurance firm.

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“A man has admitted before a Mombasa court to have obtained KSh 600,000 from an insurance company after faking the deaths of his family members. Philip Odero admitted that he obtained last respect claims from UAP Old Mutual Insurance,” ODPP said on Friday, February 10.

According to the charge sheet, Kauma obtained KSh 100, 000 as the last expense claim from the insurance company claiming Veronica Anyango Odero died on June 16, 2021.

Kauma confessed to having obtained another KSh 100, 000 as the insurance firm‘s last expense claim, falsely pretending that Benedetta Makanda Kauma was deceased.

He again received KSh 250, 000 from the same insurance company on October 5, 2021, by falsely pretending that Benedetta Makanda Kauma was dead.

The case will now be mentioned

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Canal Insurance Company Selects CLARA Analytics to Help Improve Commercial Auto Claims Outcomes With AI

SANTA CLARA, Calif. & GREENVILLE, S.C., February 09, 2023–(BUSINESS WIRE)–Canal Insurance Company (“Canal”) has selected CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for commercial insurance claims optimization, as its partner in a new initiative aimed at speeding the resolution of commercial transportation claims using AI.

In recent years, claims outcomes related to commercial transportation have reached record levels, with average seven-figure verdicts growing nearly tenfold between 2010 and 2018 — underscoring the compelling need for insurers who serve the trucking industry to seek innovative ways to manage claims to produce better outcomes for their insureds.

Canal will implement CLARA’s Triage and Litigation modules for commercial auto. CLARA’s technology delivers AI-driven insights that monitor claims and highlight cases that may be at risk of escalation. The Triage module helps claims managers to identify the best path toward resolution. The Litigation module offers insights that help insurers reach amicable settlements, thereby avoiding costly litigation.

“At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value,” said Paul Brocklebank, President and CEO of Canal. “As a well-established insurance specialist in commercial transportation, Canal is addressing many of the same challenges facing commercial auto insurers at large. Through advanced data analytics, CLARA provides the expertise and track record to help Canal drive better and more efficient claims outcomes, and this benefits both our customers and the Canal enterprise. We are excited about CLARA as a critical new business partner and extension of the Canal team as we join forces to embrace future opportunities in motor carrier insurance.”

“Canal is experiencing tremendous results, in large part because they’re led by a visionary CEO and proactive about finding innovative ways to tackle the problems facing the industry. CLARA will help them to resolve

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Merger of mutual insurance companies creates Salus Mutual Insurance Company

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Two century-old mutual insurance companies have merged to become the Salus Mutual Insurance Company. The merger involving Howard Mutual and West Elgin Mutual was effective Jan. 1.

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The Salus name has Greek and Roman roots, being the ancient goddess of protection, health and prosperity, a theme that appealed to the planners.

Howard Mutual was created in 1892 when farmers from nearby Howard Township discussed the need for insuring their barns and homes, and decided to create the company for their own mutual protection and interests.

West Elgin Mutual Fire Insurance Company, meanwhile, was organized when Dunwich Farmers’ Mutual Fire Insurance Company (established in 1880) and Southwold Farmers Mutual Fire Insurance Company (established in 1878) amalgamated in 1978. The name was made more inclusive in 1989 when it was changed to West Elgin Mutual Insurance Company.

Salus will retain the six previous locations – in Aylmer, Blenheim, Dutton, Ridgetown, Rodney and Shedden.

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The corporate head office is at 29584 Pioneer Line, Dutton.

Salus has 79 employees. Their roles include sales agents, adjusters, various office staff, accountants and executives. There are currently 13 directors of the corporation.

Jodi Rich is the chief executive officer. The chief integration officer is Brian Downie, and Lee-Ann Vansteenkiste is the chief operating officer.

Spokespeople say the reason for the amalgamation is to allow for the opportunity to spread the insurance risk over a broader geographic area. That should reduce risk owing to rising reinsurance costs, create an improved surplus and capital position, and make the most of the strengths of the management team.

It is

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Tonawanda man says insurance company owes him more than $5,000

TONAWANDA, N.Y. (WKBW) — A Tonawanda man says a company he thought was providing him with medical coverage owes him more than $5,000.

When a hip injury led Jim Plinzke to retirement, he looked for a new medical insurance plan.

After filling out an online form, Plinzke got a call from a company offering him coverage for $800 less than what he had been paying monthly.

“They said if I paid in advance it would be less than $500 dollars per month, but I’d have to pay an initiation fee or something like that,” said Plinzke.

Plinzke paid $5,065 to Quick Health for what he was told was a full year of medical and dental coverage.

“At that time I thought it was legitimate. It made sense to me,” he said.

But Plinzke soon learned his doctors were unfamiliar with the ID cards emailed to him.

“When I called and asked them about that, they said not everything is online yet and this is pretty new,” Plinzke said.

Plinzke decided to cancel his plan and requested his money back.

“Gentleman told me it was going to take 7-10 days and I said I’m getting a little nervous,” he said.

Weeks passed without a refund, so he contacted 7 Problem Solvers.

7 Problem Solver Michael Schwartz called First Health Network, a company on one of the ID cards. A representative said they are just a health coverage network, not an insurance company.

Schwartz then contacted Quick Health. After explaining the situation, he was hung up on. He called back and was told they don’t have the authorization to speak to him and couldn’t forward him to a manager.

In the fine print of a receipt, it said the program is not an insurance policy. It provides discounts at certain healthcare providers

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Best Renters Insurance Companies – nj.com

If you rent your home, you may benefit from renters insurance. A renters policy can provide financial help if your rental catches on fire or someone breaks in, destroying your belongings. It will also cover your personal liability if you’re sued and pay for medical expenses for a guest if they’re injured on your property. For a catastrophic event that displaces you from the rental, the policy can also pay for additional living expenses you’ll pay until you’re back home.

Most insurance companies offer renters insurance, so how can you choose the policy that’s right for you? We compared dozens of carriers to find the best renters insurance companies in New Jersey. Understanding the differences between the companies and how to compare policies and carriers can help you find the best policy for the right price.

Company name Sample monthly cost* Trustpilot score

Company name

Lemonade

Sample monthly cost*

$14.00

Trustpilot score

4.5

Company name

Erie

Sample monthly cost*

$20.00

Trustpilot score

2.9

Company name

Farmers

Sample monthly cost*

$17.00

Trustpilot score

1.9

Company name

USAA

Sample monthly cost*

N/A

Trustpilot score

1.3

Company name

Nationwide

Sample monthly cost*

$14.00

Trustpilot score

2.0

Company name

Allstate

Sample monthly cost*

$23.00

Trustpilot score

1.3

Company name

State Farm

Sample monthly cost*

$25.50

Trustpilot score

1.8

Company name

American Family

Sample monthly cost*

$25.00

Trustpilot score

2.3

Best Renters Insurance Companies

Lemonade

Pros

  • Entirely digital experience
  • Fast claims process
  • Cheap rates

Cons

If you prefer a 100% digital experience and cheap coverage, Lemonade may be a good choice. This carrier offers one of the cheapest rates for renters insurance in New Jersey. Besides the basic coverages, you can customize your Lemonade renters insurance with extra coverage for high-value items, like jewelry, bikes, musical

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