(BUSINESS WIRE) – Below is a press release and VNR of Farmers Insurance Group, Inc. CEO Robert Woudstra announcing an expansion of two new buildings that will begin this fall. If you have questions, need further information, or would like an interview with Mr. Woudstra in Grand Rapids, he will be available all day today, Tuesday, June 16, and tomorrow morning June 17.

Farmers Insurance Group of Companies(R) announced today that it will build two new buildings totaling 275,000 square feet on the existing grounds of Farmers Insurance office facilities located in Caledonia. This development is thanks in part to an attractive incentives package offered by the Michigan Economic Development Corporation (MEDC). The expansion will create a significant number of new jobs in Michigan. Read more…

Unlike liability insurance, which pays for damages by accidents where you are at fault, UM/UIM coverage protects you (“the insured”) by paying (up to the UM/UIM coverage policy limit) for damages such as medical bills, lost wages, pain and suffering, property damage, and other losses when you are injuried by a person who cannot afford to pay and does not have liability insurance. There is a relatively small distinction between UM and UIM coverage. UM coverage protects the insured party when a driver at fault whom causes an accident does not have insurance, and cannot pay for the injury or property damage. UIM coverage protects the insured party when a driver at fault has insurance, but their policy is not enough to pay for all of the damages. Read more…

Earlier this month, CBS 47 TV out of Fresno, Calif., reported on a close call for a County resident when her car was rear ended and forced into a canal full of water west of the city. The CBS 47 coverage of the incident indicated that the woman managed to get out of her car with her cat that was in a carrier and swim to safety.

The accident underscores the fact that not only you are at risk when you are behind the wheel, so is your cherished cat or dog in the car with you. Recognizing the devotion of many pet owners to their companions, several forward thinking auto insurance agencies now are extending coverage to pets, generally only cats and dogs, at no additional cost. Read more…

Delaware Insurance Commissioner Karen Weldin Stewart said The Hartford has agreed to refund over $150,000 to nearly 1,300 auto insurance customers due to the mishandling of the company’s rate filing for its AARP auto insurance program in the state. Read more…

Long-term care insurance (LTCI) is an expensive and complicated product. It’s sold by a shrinking number of financially challenged insurers and subject to differing state rules that aren’t always effectively enforced. Consumers have faced large rate increases, and complaints about industry sales practices and claims denials are on the rise. No wonder that private LTCI paid for only 7 percent of the nation’s long-term care bill in 2007. Why would anyone want to buy this product?

Because fear of outliving our assets is one of the strongest motivators driving the financial decisions of aging Americans. Because dramatic gains in life expectancies haven’t been matched by comparable improvements in retirement finances. Because many of us are scared about Alzheimer’s Disease (see Unforgettable TV: HBO’s Alzheimer’s Project). And because we don’t want to become financial and emotional burdens on our children (without inviting generational warfare, we haven’t exactly set the table so well for their financial futures). Read more…

(Bloomberg) – GMAC LLC plans to sell $4.25 billion of three-year notes guaranteed by the Federal Deposit Insurance Corp. in the first government-backed bond offering by a speculative-grade company.

The auto and home lender that received $13.5 billion in U.S. funds is selling $3.5 billion of fixed-rate notes that may pay interest at the benchmark mid-swap rate, and $750 million of floating-rate debt that may pay interest at the London interbank offered rate, according to a person familiar with the offering who declined to be identified because terms aren’t set. Read more…

(Dow Jones) – The red umbrella is back in the Dow.

In an ironic twist, Citigroup Inc. (C) will soon lose its place in the Dow Jones Industrial Average to Travelers Companies Inc. (TRV), a property-and- casualty insurance company Citi sold only seven years ago.

In the corporate world, the two companies are something like estranged divorcees. Travelers merged its operations – and its celebrated red umbrella logo – with Citicorp in 1998 in one of the largest corporate mergers ever. Sandy Weill, head of Travelers, became Citigroup’s sole chief executive and chairman after pushing out Citicorp chief John Reed. Read more…

President Barack Obama pushed a humbled General Motors Corp. into bankruptcy on Monday and said the federal government will act as “reluctant shareholder” when it assumes a 60 percent ownership of the smaller carmaker that emerges.

The president said he hopes GM – once a proud symbol of American capitalism — would emerge quickly from bankruptcy court, and pledged up to $30 billion in additional federal assistance to help it get on its feet. Read more…

(The Motley Fool) – If you haven’t chatted up your insurance company lately, it’s time to give your rep a call. You may be due for a discount, whether because of your age, your exemplary behavior, or the type of car you drive.

Here’s a peek at the breaks sometimes offered by major carriers. Grab a magnifying glass to check the specifics of your policy, or just call your insurance carrier to determine your eligibility. Read more…

(BUSINESS WIRE) – The Travelers Companies, Inc. today announced it has established The Travelers Institute as a means of participating in public policy dialogue on matters of interest to the property casualty insurance sector, as well as the financial services industry more broadly. The Travelers Institute will draw upon the industry expertise of Travelers’ senior management and the technical expertise of its risk professionals and other experts to provide information, analysis and recommendations to public policy makers and regulators.

“Travelers is committed to being a constructive participant in the public policy dialogue with regard to important issues facing our industry,” said Jay S. Fishman, Chairman and Chief Executive Officer of Travelers. “We hope to contribute to solutions on a wide range of issues that face our customers, our agents and brokers, and the communities we serve.” Read more…