Wednesday, March 25, 2015

Southport Lane Management Insurance Empire Collapse

Southport Lane Management Insurance, insurance, Alexander Chatfield

Southport Lane Management boast 2 insurance carriers, 2 offshore reinsurers, some buildings and other insurers’ investments however this empire was built on questionable assets and is now being dismantled. This event has raised some questions about state regulators which failed to detect potential problems of the company and the flow of new money into the insurance business.

Alexander Chatfield is a young private-equity investor in his mid-20s, state regulators approved his request to purchase two insurance companies in 2013 even though he had limited industry experience. Then after a few months regulators seized both companies because of concerns about the companies finances, exposing the flaws in how states screen prospective buyers.

Chatfield, 28 founded the private equity firm Southport Lane Management LLC in 2010, and he bought insurance carriers including workers’ compensation writer Dallas National in Texas and personal lines writer Imperial Fire & Casualty in Louisiana. Southport transferred Dallas National to Delaware and renamed Freestone, it is currently in the process of liquidation in Delaware while Imperial was seized and sold by Louisiana regulators.

His company also bought Redwood Reinsurance which is based in Cayman Islands reinsurer. Last April it reported it was selling its reinsurance business, Southport Re, to Lennox Investments.

It is alleged that Burns switched millions in stocks and bonds from the companies into a personal account and replaced those investments with non-publicly traded or valueless assets, worthless, and in some cases non-existent which include a Caravaggio painting of uncertain authenticity.

It was reported that Mr. Burns checked into a mental-health ward at New York’s Bellevue Hospital a year ago he also resigned from Southport Lane. 

Saturday, March 14, 2015

Uninsured Citizens Can Still Avoid being Penalized by Obamacare

Obamacare, health care, affordable care act

Citizens who have not yet purchased a health insurance plan can still avoid federal fines, since Washington has offered a second chance. The enrollment period will give a million people who have not yet signed up for Obamacare a one-time chance to enroll.

Most people has negative feedback with President Obama’s healthcare law it has been criticized by a lot of people. The average federal fine is at $170 which will be deducted from tax refund. 2015 will be the first year in which fines are being collected from uninsured people who are able to afford insurance.

The low and middle income individuals and self employed businessmen are among the people fined for not opting for affordable coverage. The government said that about 4 million people will have to pay fines this year if they don't sign up for the coverage during the limited-time window.

The limited time window to enroll for healthcare coverage will be open up to April 30. The penalties for this year will be higher, at $325 for 12 months.

Sunday, March 1, 2015

House Sales in the US Down by 4.9% in January

House Sales, home sales, real estate

House Sales in the U.S. significantly slowed down in January, according to The National Association of Realtors in a statement. The sales of homes that are already existing was down 4.9% in January to a seasonally adjusted yearly rate of 4.82 million.

The steady employment growth and low mortgage rate have not yet encourage buyers.  Poor sales last year had set up expectations of a strong rebound in 2015, but there are no signs of that happening yet. The government reported an additional 1 million new jobs over the past three months that would have spurred home-buying but it didn't, unless somebody is lying (The Big Lie: 5.6% Unemployment). 

Friday, February 20, 2015

Travel Insurance is a Necessity

Travel Insurance is a Necessity, travel, insurance, travel insurance

The primary reason for getting a travel health insurance is to have a peace of mind that your medical expenses are covered in an event of an injury or unexpected sickness during your vacation in another country. when you go abroad, you will face uncertainty and your current insurances generally will not cover the risks associated with traveling overseas.

Travel Insurance is a necessity for elderly people, those who have medical conditions, or even healthy people that will be traveling to an underdeveloped region. If you are going to an underdeveloped region there are the risk of diseases, changes in the climate, the natural habitat, or unfamiliar microbe. Even in developed countries you can be exposed to outbreaks like what happened to California Disneyland which suffered a measles outbreak.

However, most travel insurance policies do not cover pandemics (flu outbreaks) but other providers do cover them so it is wise to check if they cover it before you purchase the policy.

If you have allergies or other preexisting conditions it is really important to bring with you your medical file from your personal doctor that describe the condition and the drugs you need. If you have a chronic disease, you will need to bring your prescribed drugs in the amount needed for the days spent in the other country.

Additional benefits of having a travel insurance besides for medical expense coverage, is it will also cover other losses that you may incur during a trip like missing luggage, flight cancellation at the last moment, travel agency or accommodation bankruptcy.  It can also provide cancellation insurance by giving you full or partial refunds.

Stay safe and enjoy your vacation!

Sunday, February 1, 2015

Video: Lindsay Lohan "TERRIBLE Driver and Sorta Mom" Super Bowl 2015 Esurance Commercial



Lindsay Lohan, 28 who has been jailed for two 2007 DUI arrests, played herself in the commercial sorf of, she sped past a parked yellow school bus and plowed through a "School Zone" sign, that smashed her cars front grills. She then halts to a stop at the curb screeching her wheels in front of two kids who are waiting for their mom.

Video: Walter White is Back in an Esurance Super Bowl Commercial 2015


Walter White is back from the dead and he's tending a pharmacy store in a hazmat suit. It was aired during the 2015 Super Bowl XLIX on Sunday night February 1, 2015.

Bryan Cranston returned as fan favorite Breaking Bad character Walter White in the new commercial for Esurance. He seems to be doing his old stuff blue sky while in the pharmacy pretending to be a guy named Greg. "Say my name"


Thursday, January 22, 2015

Disneyland Hit by measles outbreak

Disneyland, measles, Disneyland park

Disneyland, measles, Disneyland park

Will you bring your kids to Disneyland where there's a measles outbreak? I guess not. Last December a guest with measles may have visited the park in California and may have pass it to other guest when he/she sneezed. It seems that a lot of people in California don't have measles immunization.

According to a news report 70 people have now been infected by the measles outbreak, and public health officials is advising the public to get measles immunization vaccine. They also warned children under 12 and anyone not vaccinated to avoid Disney parks where the outbreak originated.

Centers for Disease Control and Prevention said, “Measles is so contagious that if one person has it, 90% of the people close to that person who are not immune will also become infected.” People who are infected with the disease can spread measles to others from 4 days before to 4 days after the rash appears.

The outbreak has now spread to 5 U.S. States and Mexico, and new infections has emerged last Wednesday with the total infected is now at 70, which includes 5 Disney employees who have since returned to work. 62 of those who are infected are in California.

People at highest risk are those who are not vaccinated, pregnant women, infants under 6 months old, and those with weakened immune systems. Many Americans don't have this immunization since some says that there is a link between the vaccine and autism.

Saturday, January 17, 2015

State of the Union Address: Obama Wants to Raise Taxes on Wealthy to Finance Tax Credits

obama, State of the Union Address, tax, taxes


President Obama wants to increase taxes on top earners which will include investment tax rates so that the government can fund new tax credits and other measures that he thinks will help the middle class. Included in his proposal is the removal of tax break on inheritances.

He will have a hard time with this since the Republican-controlled Congress are opposed to any tax raise since they claim that any tax increase will negatively affects economic growth at a time the U.S. cannot afford it.

Whitehouse believes that the new tax raise if implemented would raise $320 billion over the next decade, while adding new provisions cutting taxes by $175 billion over the same period. It will also fund the free community college for 2 years that is expected to cost $60 billion over 10 years.

Obama wants to end the “trust-fund loophole” on inheritances that save billions of dollars from taxation yearly. This will require estates to pay capital gains taxes on securities at the time they're inherited. It would also raise the top capital-gains tax rate to 28% (from 23.8%) for family with an annual income of above $500,000.  Banks with assets over $50 billion will be taxed and the fund will be used to finance tax incentives for middle-income earners, which includes $500 credit for families in which both spouses work, additional child care and education credits and incentives to save for retirement.

Republican leaders said they also wanted to reform the country's complicated tax code, however they don't agree with most of the proposals the president will outline on Tuesday. For example, most Republicans want to lower or eliminate the capital gains tax and similarly want to end taxes on estates, not expand them.

Republicans support the fee on the banks with more than $50 billion assets. This new fee is the same proposal from former Republican Rep. Dave Camp of Michigan, who led the tax-writing Ways and Means Committee. Camp's plan, however, was part of a larger proposal to lower the overall corporate income tax rate.

If it would help the working middle-class and not the lazy-class, I'm all for it. 

Wednesday, January 7, 2015

Jean Yang Executive Director Of MA Health Connector Quits

Jean Yang Executive Director Of MA Health Connector,Jean Yang

Jean Yang the Executive Director of the Massachusetts Health Connector quits after a very difficult year in which the state's health care exchange failed in spectacular fashion and fall far behind the federal site when in comes to fixing the problem. Her departure was expected since there is a new Republican governor, Charlie Baker, who is about to take office.

The problems in the connector's website impaired the process of transition from Massachusetts’(1st in the US) universal healthcare insurance law to the requirements of the Affordable Care Act, that left hundreds of thousands of people in the temporary Medicaid coverage.

Maydad Cohen, will took office as interim executive director until the Baker administration appoints a successor.