The Senate Finance Committee approved by a bipartisan voice vote Thursday a bill to renew a set of tax extenders worth $85 billion that have expired or will expire at year-end.
The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, renews more than 50 extenders for two years, and includes the acceptance of a wind-energy production tax credit that originally was omitted from the bill.
Among others renewed were section 179 expensing, bonus depreciation, the research and development tax credit and the deduction for mortgage insurance premiums.
“When I joined the Finance committee nearly a decade ago, I couldn’t possibly have imagined chairing Congress’ fifteenth time renewing the stop-and-go tax cuts called ‘extenders,’” Wyden said during his opening remarks at the markup.
“Many of these extenders are well-intentioned and ought to be permanent. Their stop-and-go nature obviously contributes to the lack of certainty and predictability America needs to create more family-wage jobs. It doesn’t have to be this way.”
Top 10 Trucking Companies For 2015: The Travelers Companies Inc.(TRV)
The Travelers Companies, Inc., through its subsidiaries, provides various commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals primarily in the United States. The company operates in three segments: Business Insurance; Financial, Professional, and International Insurance; and Personal Insurance. The Business Insurance segment offers property and casualty products and services, such as commercial multi-peril, property, general liability, commercial auto, and workers? compensation insurance. It operates in six groups: Select Accounts, which serves small businesses; Commercial Accounts that serves mid-sized businesses; National Accounts, which serves large companies; Industry-Focused Underwriting that serves targeted industries; Target Risk Underwriting, which serves commercial businesses requiring specialized product underwriting, claims handling, and risk management services; and Special ized Distribution that offers products to customers through licensed wholesale, general, and program agents. The Financial, Professional, and International Insurance segment provides surety and financial liability coverage, which uses a credit-based underwriting process; and property and casualty products primarily in the United States., the United Kingdom, Ireland, and Canada. The Personal Insurance segment offers property and casualty insurance covering personal risks, primarily automobile and homeowners insurance to individuals. It distributes its products through independent agents, sponsoring organizations, joint marketing arrangements with other insurers, and direct marketing. The company was founded in 1853 and is based in New York, New York.
Advisors' Opinion:- [By Matt Thalman]
This past week, in contrast, IBM lost 3.74%. That's still a large decline, but it represents only about 57 points of the Dow's 270-point loss. This time around, AT&T (NYSE: T ) was the index's largest decliner, losing 4.47% this past week, but the stock represents only about 1.4% of the Dow, so it didn't play a major role in tanking the index. The next largest decliner, at 4.13%, was Travelers (NYSE: TRV ) -- which, besides AT&T, was the only other component to lose more than 4% of its value. But, while Travelers' weight is substantially larger than AT&T, it still makes up only 4.1% of the index, ranking it as the 10th heaviest component.
- [By Jeremy Bowman]
On the other end, Travelers (NYSE: TRV ) flopped in its earnings report, finishing the day down 3.8% after saying it will cut jobs and lower auto insurance prices. Despite that news, earnings per share of $2.13 was well ahead of estimates at $1.60 as the insurer saw fewer catastrophic losses. Still, the company had a 7% decline in personal auto insurance premiums, prompting the decision to lower prices. Shares of fellow insurers also dropped on that news as it may lead to lower industrywide margins and a potential price war.
- [By Dan Caplinger]
Yet the industry is going through a time of transition right now. The devastating tornado that hit an Oklahoma City suburb in May sent shares of Progressive, Allstate (NYSE: ALL ) , and Travelers (NYSE: TRV ) tumbling in anticipation of greater property and casualty losses. On the other hand, greater losses have helped support rising premiums, helping to bolster long-term profits. Moreover, rising yields in the bond market are helping insurance companies earn more income from their investments, helping bring loss ratios down and improve profits.
Top 5 Insurance Stocks To Own Right Now: Universal American Corp (UAM)
Universal American Corp., incorporated on December 22, 2010, through its health insurance and managed care subsidiaries, primarily serves the growing Medicare population by providing Medicare Advantage products. It provides a variety of healthcare services, including case management and care coordination, clinical quality and utilization review and behavioral health services to Medicaid agencies and other third parties. The Company�� business segments include Senior Managed Care, which provides Medicare Advantage segment reflects its Medicare Advantage HMO, PPO and PFFS businesses, and Traditional Insurance segment reflects its insurance products not offered through government programs, which includes Medicare supplement, other senior health insurance, specialty health insurance and life insurance. The Company provides medical management services, information and analysis, and other support services to enable its health care partners to serve their patients better.
In addition , it seeks an opportunity to address the high cost of health care for the remaining 75% of the Medicare population enrolled in traditional fee-for-service Medicare and have joined primarily with primary-care and multi-specialty provider groups to form thirty-one Accountable Care Organizations, or ACOs, pursuant to the Medicare Shared Saving Program, or Shared Savings Program.
On March 2, 2012, the Company acquired APS Healthcare, Inc., known as APS Healthcare. APS Healthcare provides specialty healthcare solutions primarily to Medicaid agencies. APS Healthcare offers a broad range of healthcare solutions, including case management and care coordination, clinical quality and utilization review, and behavioral health services that enable its customers to improve the quality of care and reduce healthcare costs.
Senior Managed Care - Medicare Advantage
The Company�� Senior Managed CareMedicare Advantage segment reflects its Medicare Advantage HMO, PPO and PFFS bu! sinesses.. During the year ended December 31, 2012, the Company operated Medicare coordinated care plans including PPOs and HMOs as well as its network-based private fee-for-service (PFFS) and rural PFFS business, which provides coverage to Medicare beneficiaries in 36 states. These businesses provide managed care for persons with Medicare under contracts with CMS. Its HMO plans are offered under contracts with CMS and provide all basic Medicare covered benefits with reduced member cost-sharing as well as additional supplemental benefits, including a defined prescription drug benefit. It operates HMO plans are offered under contracts with CMS and provide all basic Medicare covered benefits with reduced member cost-sharing as well as additional supplemental benefits, including a defined prescription drug benefit. It also has Medicare Advantage HMO operations in locations outside of Southeastern Texas including four counties in North Texas offering TexasFirst Health Plans through SelectCare Health Plans; nine counties in Oklahoma City offering Generations Healthcare through Today's Options of Oklahoma, Inc; and three counties in Indianapolis, Indiana offering Today's Options HMO through SelectCare Health Plans.
The Company�� PPO plans are provided under the name Today's Options PPO, which offered under contracts with CMS and provide all basic Medicare covered benefits with reduced member cost-sharing as well as additional supplemental benefits, including a defined prescription drug benefit. This coordinated care product is built around contracted networks of providers who, in cooperation with the health plan, coordinate an active medical management program. In 2012, the Company offered PPO plans to 41 markets in 120 counties in 17 states.
The Company�� PFFS plans are provided under the name Today's Options, which offered under contracts with CMS and provide enhanced health care benefits compared to traditional Medicare, subject to cost sharing and other limitations. These pl! ans have l! imited provider network restrictions, which allow the members to have more flexibility in the delivery of their health care services than other Medicare Advantage plans with limited provider network restrictions. Some of these products include a defined prescription drug benefit. In addition to a fixed monthly payment per member from CMS, individuals in these plans may be required to pay a monthly premium in selected counties or for selected enhanced products. In 2012, it offered PFFS products in a total of 36 states, which included PFFS products with network restrictions to 51 markets in 280 counties in 18 states and PFFS products without network restrictions to 1,052 counties in 32 states.
Traditional Insurance
The Company�� traditional insurance segment reflects the results of its Medicare supplement, other senior health insurance, specialty health insurance, and life insurance. It designed the products in this segment primarily for the senior market and market them through its career agency force and its network of independent general agencies. The Company discontinued marketing and selling traditional insurance products after June 1, 2012. This segment also includes other products that it stopped selling several years ago, such as long-term care, medical insurance and disability insurance, as well as previously produced or acquired term, universal life, and whole life insurance products and single and flexible premium fixed annuities.
The Company competes with United Healthcare, Humana, Wellpoint, Aetna and Cigna
Advisors' Opinion:- [By Brian Orelli]
Health insurers such as Universal American (NYSE: UAM ) and Humana (NYSE: HUM ) that offer supplementary Medicare insurance could be hurt if seniors decided to drop the added coverage, but I doubt the increased premiums will put a major dent in seniors' budgets. Retirees making more than $85,000 per year will have to pay about $250 more per year than they do right now. Any losses will be more than be made up for by the�Centers for Medicare and Medicaid Services' decision this month to reverse its �previously announced cuts to reimbursement rates.
Top 5 Insurance Stocks To Own Right Now: Cincinnati Financial Corporation(CINF)
Cincinnati Financial Corporation engages in the property casualty insurance business in the United States. Its Commercial Lines Property Casualty Insurance segment provides coverage for commercial casualty, commercial property, commercial auto, and workers? compensation. It also offers specialty packages, including coverages for property, liability, and business interruption for specific industry classes, such as artisan contractors, dentists, or street businesses. In addition, this segment provides contract and commercial surety bonds, fidelity bonds, and director and officer liability insurance, as well as machinery and equipment coverage. The company?s Personal Lines Property Casualty Insurance segment offers coverage for personal auto and homeowners, as well as other insurance products, such as dwelling fire, inland marine, personal umbrella liability, and watercraft coverages to individuals. Cincinnati Financial?s Excess and Surplus Lines Property Casualty Insurance s egment offers commercial casualty insurance that covers businesses for third-party liability from accidents occurring on their premises or arising out of their operations, including products and completed operations; and commercial property insurance, which insures loss or damage to buildings, inventory, equipment, and business income from causes of loss, such as fire, wind, hail, water, theft, and vandalism. The company?s Life Insurance segment provides term insurance; universal life insurance; whole life insurance; and worksite products, which include term, whole life, universal life, and disability insurance offered to employees through their employer. This segment also markets disability income insurance, deferred annuities, and immediate annuities. Its Investment segment invests in fixed-maturity investments, equity investments, and short-term investments. Cincinnati also offers commercial leasing and financing services. The company was founded in 1950 and is headquarte red in Fairfield, Ohio.
Advisors' Opinion:- [By Dividends4Life]
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- More Stock Analysis - [By Dividends4Life]
Linked here is a detailed quantitative analysis of Cincinnati Financial Corp. (CINF). Below are some highlights from the above linked analysis: Company Description: Cincinnati Financial Corp. is an insurance holding company that primarily markets property and casualty coverage. It also conducts life insurance and asset management operations.
Top 5 Insurance Stocks To Own Right Now: Markel Corp (MKL)
Markel Corporation is a financial holding company serving a range of markets. The Company markets and underwrites specialty insurance products. The Company operates in three segments: the Excess and Surplus Lines, the Specialty Admitted, and the London markets. It also owns interests in industrial and service businesses, which operate outside of the specialty insurance marketplace. On January 1, 2012, the Company acquired Thompson Insurance Enterprises, LLC (THOMCO). On July 13, 2011, the Company acquired PartnerMD, LLC. On October 19, 2011, the Company acquired an 83% interest in WI Holdings Inc. (Weldship). In April 2012, its subsidiary, Markel Ventures, acquired a majority interest in Havco WP LLC. In July 2012, Markel Corporation announced that Ellicott Dredge Enterprises, LLC, through its subsidiary Rohr International Dredge Holdings, Inc., acquired IDRECO GmbH. In January 2013, OneBeacon Insurance Group Ltd sold Essentia Insurance Company to the Company. In May 2013, it announced that it has completed its acquisition of Alterra Capital Holdings Ltd.
Excess and Surplus Lines Segment
Business in the Excess and Surplus Lines segment is written through two distribution channels, professional surplus lines general agents who have limited quoting and binding authority and wholesale brokers. The business produced by this segment is written on a surplus lines basis through either Essex Insurance Company or Evanston Insurance Company. During the year ended December 31, 2011, in the Excess and Surplus Lines segment, it wrote business through regional underwriting offices, which include Markel Northeast (Red Bank, NJ), Markel Southeast (Glen Allen, VA), Markel Midwest (Deerfield, IL), Markel Mid South (Plano, TX) and Markel West (Woodland Hills, CA and Scottsdale, AZ). Product offerings within the Excess and Surplus Lines segment fall within the product groupings, which include Property and Casualty, Professional Liability, and Other Product Lines. Property coverages consist of f! ire, allied lines (including windstorm, hail and water damage) and other specialized property coverages, including catastrophe-exposed property risks, such as earthquake and wind on both a primary and excess basis. Its property risks range from small, single-location accounts to multi-state, multi-location accounts. Casualty product offerings include a range of liability coverages targeting apartments and office buildings, retail stores, contractors and recreational and hospitality businesses. It also offers products liability coverages on either an occurrence or claims-made basis to manufacturers, distributors, importers and re-packagers of manufactured products.
Professional liability coverages include solutions for specialized professions, including architects and engineers, lawyers, agents and brokers, service technicians and computer consultants. It offers claims-made medical malpractice coverage for doctors, dentists and podiatrists; claims-made professional liability coverage to individual healthcare providers, such as therapists, pharmacists, physician assistants and nurse anesthetists, and coverages for medical facilities and other allied healthcare risks, such as clinics, laboratories, medical spas, home health agencies, small hospitals, pharmacies and nursing homes. This product line also includes for-profit and not-for profit management liability coverage, which can be bundled or written mono-line and include employment practices liability, directors��and officers��liability and fiduciary liability coverages. In addition, it offers a data privacy and security product, which provides coverage for data breach and privacy liability, data breach loss to insureds and electronic media coverage.
Other product lines within the Excess and Surplus Lines segment include excess and umbrella products, which provide coverage over approved underlying insurance carriers on either an occurrence or claims-made basis; environmental products, which include environmental consultants! ��profe! ssional liability, contractors��pollution liability and site-specific environmental impairment liability coverages; transportation-related products, which provide auto physical damage coverage for automobiles, as well as all types of specialty commercial vehicles, dealers��open lot and garagekeeper legal liability coverages, vehicular liability and physical damage coverages for local and intermediate haul commercial trucks and liability coverage to operators of small to medium-sized owned and operated taxicab fleets, non-emergency ambulances and multi-line specialty products designed for the characteristics of the garage industry; inland marine products, which provide a range of specialty coverages for risks, such as motor truck cargo coverage for damage to third party cargo while in transit, warehouseman�� legal liability coverage for damage to third party goods in storage, contractors��equipment coverage for first party property damage and builder�� risk coverage; ocean marine products, which provide general liability, professional liability, property and cargo coverages for marine artisan contractors, boat dealers and marina owners, including hull physical damage, protection and indemnity and third party property coverages for ocean cargo; casualty facultative reinsurance written for individual casualty risks focusing on general liability, products liability, automobile liability and certain classes of professional liability and targeting classes, which include general liability risks; railroad-related products, which provide first and third party coverages for short-line and regional railroads, scenic and tourist railroads, commuter and light rail trains and railroad equipment, and public entity insurance and reinsurance programs, which provide coverage for government entities including counties, municipalities, schools and community colleges.
Specialty Admitted Segment
The business in the Specialty Admitted segment is written by retail insurance agents who have v! ery limit! ed underwriting authority. Products and programs are marketed directly to consumers or distributed through wholesale producers. Personal lines coverages included in this segment are marketed directly to the consumer using direct mail, Internet and telephone promotions, as well as relationships with various motorcycle and boat manufacturers, dealers and associations. The business produced by this segment is written on an admitted basis either through Markel Insurance Company (MIC), Markel American Insurance Company (MAIC) and FirstComp Insurance Company (FCIC).
The Markel Specialty unit focuses on providing total insurance programs for businesses engaged in specialized activities. The Markel Specialty unit is organized into product areas, which concentrate on particular markets and customer groups, including youth and recreation oriented organizations, social service organizations, amateur sports organizations and horse and farm operations. The Markel American Specialty Personal and Commercial Lines unit offers its insurance products focuses its underwriting on marine, recreational vehicle, property and other personal and commercial line coverages. The FirstComp unit provides workers��compensation insurance and related services, to small businesses. The FirstComp unit distributes its products through independent insurance agencies.
Product offerings within the Specialty Admitted segment fall within product groupings, which include Workers��Compensation, Property and Casualty, Personal Lines, Accident and Health, and Other Product Lines. Workers��compensation products provide wage replacement and medical benefits to employees injured in the course of employment and target main-street, service and artisan contractor businesses, retail stores and restaurants. Property and casualty products included in this segment are offered on a monoline or package basis and target commercial markets and customer groups. Targeted groups include youth and recreation oriented organizations,! social s! ervice organizations, museums and historic homes, performing arts organizations, bed and breakfast inns, outfitters and guides, hunting and fishing lodges, dude ranches and rod and gun clubs. Personal lines products provide first and third party coverages for a range of personal watercrafts, including older boats, boats and yachts, as well as for recreational vehicles, including motorcycles, snowmobiles and all terrain vehicles (ATVs). In addition, property coverages are offered for mobile homes, dwellings and homeowners that do not qualify for standard homeowner�� coverage. Other products offered include special event protection, supplemental natural disaster coverage, renters��protection coverage, excess flood coverage and collector vehicle coverage. Accident and health products offer liability and accident insurance for amateur sports organizations, accident and medical insurance for academic institutions, monoline accident and medical coverage for various markets, short-term medical insurance, pet health insurance, stop-loss insurance for self-insured medical plans and medical excess reinsurance coverage.
Other product lines within the Specialty Admitted segment include coverages for equine-related risks, such as horse mortality, theft, infertility, transit and specified perils, as well as property and liability coverages for farms and boarding, breeding and training facilities; first and third party coverages for auto repair garages, gas stations and convenience stores and used car dealers; general agent programs, which use managing general agents to offer single source admitted and non-admitted programs for a specific class or line of business; first and third party coverages for small fishing ventures, charters, utility boats and boat rentals, and professional liability coverages, which it designs and administers on behalf of other insurance carriers and ultimately assume on a reinsurance basis.
London Insurance Market Segment
This segment is consisted o! f Markel ! International. Markel International writes specialty property, casualty, professional liability, equine, marine, energy and trade credit insurance on a direct and reinsurance basis. Business is written worldwide through either Markel International Insurance Company Limited (MIICL) or Markel Syndicate 3000 with approximately 15% of writings coming from the United States. Product offerings within the London Insurance Market segment fall within the product groupings, which include Marine and Energy, Professional and General Liability, Reinsurance, Property, and Other Product Lines.
Marine and energy products include a portfolio of coverages for cargo, energy, hull, liability, war, terrorism and specie risks. The cargo account is an international transit-based book covering a range of cargo. Energy coverage includes all aspects of oil and gas activities. The hull account covers physical damage to ocean-going tonnage, yachts and mortgagee�� interest. Liability coverage provides for a range of energy liabilities, as well as marine exposures, including charterers, terminal operators and ship repairers. The war account covers the hulls of ships and aircraft, and other related interests, against war and associated perils. Terrorism coverage provides for property damage and business interruption related to political violence, including war and civil war. The specie account includes coverage for fine art on exhibition and in private collections, securities, bullion, precious metals, cash in transit and jewelry.
Professional and general liability products include professional indemnity, directors��and officers��liability, intellectual property, some defense costs, incidental commercial crime, general and products liability coverages targeting consultants, construction professionals, financial service professionals, professional practices, social welfare organizations and medical products. Professional and general liability products are written on a global basis. Reinsurance products ! include p! roperty and casualty treaty reinsurance. Property treaty products are offered on an excess of loss and proportional basis for per risk and catastrophe exposures. A portion of the excess of loss catastrophe and per risk property treaty business comes from the United States with the remainder coming from international property treaties. Casualty treaty reinsurance is offered on an excess of loss basis and targets specialist writers of motor products in the United Kingdom and Europe. Excess of loss casualty treaty reinsurance also is offered for select writers of employers��and products liability coverages.
Property products target a range of insureds, providing coverage ranging from fire to catastrophe perils, such as earthquake and windstorm. Business is written either in the open market or on a delegated authority basis for direct and facultative risks. Open market business is written mainly on a global basis by its underwriters to London brokers, with each risk being considered on its own merits. The Company provides property coverage for small to medium-sized commercial risks on both a stand-alone and package basis through its branch offices. Other product lines within the London Insurance Market segment include crime coverage targeting financial institutions and providing protection for bankers��blanket bond, computer crime and commercial fidelity; contingency coverage, including event cancellation, non-appearance and prize indemnity; accident and health coverage for affinity groups and schemes, risks accounts and sports groups; coverage for equine-related risks, such as horse mortality, theft, infertility, transit and specified perils; specialty coverages include mortality risks for farms, zoos, animal theme parks and safari parks; short-term trade credit coverage for commercial risks, including insolvency and protracted default, as well as political risks coverage in conjunction with commercial risks for currency inconvertibility, government action, import/export license cancellati! on, publi! c buyer default and war, and products liability, excess and umbrella and environmental liability coverages.
The Company purchases reinsurance. It purchases catastrophe reinsurance coverage for its catastrophe-exposed policies. In addition, certain foreign reinsurers for its United States insurance operations must provide collateral equal to 100% of recoverable, with the exception of reinsurers who have been granted authorized status by an insurance company�� state of domicile. When appropriate, it pursues reinsurance commutations, which involve the termination of ceded reinsurance contracts. Reinsurance treaties are purchased on an annual basis.
Advisors' Opinion:- [By Steve Symington]
If you've read some of my musings here at the Fool, you're probably aware I have no qualms extolling the virtues of Markel Corporation (NYSE: MKL ) . In fact, in late April, I even went so far as explain why I favor holding Markel for its future upside potential over the company's much larger, world-dominating counterpart in Berkshire Hathaway (NYSE: BRK-B ) (NYSE: BRK-A ) .
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