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Sen. Clinton Enters Primaries as Queen of Insurance Cash

By By R.J. Lehmann, BestWire [Excerpt]  Posted by (about the submitter)       (Page 1 of 1 pages)   No comments

January 7, 2008  As the 2008 presidential race kicks into full gear with this week's New Hampshire primary, insurance sources have contributed $5.66 million to leading candidates, with Democrats pulling in 59.1% of the industry total, according to U.S. Federal Elections Commission filings.Altogether, 10 presidential candidates -- including six Democrats and four Republicans -- each raised more than $100,000 from insurance industry sources through the end of the third quarter, including funds from corporate and trade association political action committees and contributions from individuals who identified themselves as employed by insurance-related firms.New York Sen. Hillary Rodham Clinton - who leads most polls for the Democratic nomination - also led the pack with $1,080,768 in insurance funds. In sharp contrast to her 1993 health-care reform effort, which was strongly opposed by the now-defunct Health Insurance Association of America, Clinton drew nearly $250,000 in contributions from the health insurance sector, the most of any candidate in either party. Her totals included contributions from political action committees affiliated with MetLife, Independence Blue Cross, and Western and Southern Life Insurance Co., as well as significant contributions from employees of Citigroup Inc., Prudential Financial, New York Life, and Kaiser Permanente, among others.That tally helped push her past second-place fundraiser Sen. Christopher J. Dodd, D-Conn., who was the favorite candidate of multiline, property/casualty and life insurers, as well as insurance agents and brokers. The chairman of the Senate Banking Committee, which holds primary jurisdiction over most insurance issues, Dodd raised $943,212 from industry sources.Former Massachusetts Gov. Mitt Romney topped the Republican field in industry cash, raising $851,156 of the GOP's overall haul of $2.31 million. A veteran of the financial services industry from his days as a partner with Bain Capital, Romney drew contributions from PACs associated with ING America, John Hancock Financial Services, and Liberty Mutual, while American Financial Group, Citigroup, ING, and Liberty Mutual were some of the largest employers of his individual contributors.
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