Wright Express picks new president: David Maxsimic

Wright Express Corp. has named David Maxsimic as president of Wright Express International.

Maxsimic had been the interim executive vice president for the credit card processing company’s international division since May.

Maxsimic has held several executive positions over his 14 years at Wright Express, including executive vice president of sales and marketing, senior vice president of sales, and vice president and general manager for Wright Express Direct Card.

“David’s proven leadership, deep commitment to Wright Express, and expertise in our fleets and other payments solutions businesses were instrumental in moving the company forward, and these qualities make him the natural selection for this position,” said Michael E. Dubyak, chairman, president and CEO.

Wright Express has about 900 employees, including almost 600 in Maine. It processes credit-card transactions and fuel purchases for fleets of corporate and government vehicles. 

S&P losing streak continues with mixed news on housing

A mixed report about the housing market and unrest in Europe on Wednesday extended the longest losing streak for the Standard & Poor’s 500 index since mid-July. Other risky assets, like European stocks and oil, fell more sharply.

The median price of new homes sold in August rose by a record amount, while sales of new homes dipped slightly. Sales in August were up 27.7 percent from a year earlier, but remain at about half the pace economists consider healthy.

Stronger data on the U.S. housing market have insulated stocks in recent weeks from a slackening global economy. Stocks’ other main source of support has been the Federal Reserve’s program to boost the economy by pumping money in. That idea lost some luster Tuesday after a key Fed official said he doubted it will do much good.

The Dow Jones industrial average fell 44.04 points, or 0.3 percent, to 13,413.51. The S&P 500 index fell 8.27, or 0.6 percent, to 1,433.32. The only category that rose was utilities, relatively safe stocks that tend to hold their value when the economy is weak. The Nasdaq composite average fell 24.03 points, or 0.8 percent, to 3,093.70. 

Aetna to pay $1.5 million to settle coverage violation case

Missouri insurance regulators said Wednesday that insurer Aetna agreed to pay a $1.5 million penalty to settle allegations that the company violated requirements for health coverage of autism, contraception and abortions.

The state insurance agency said Aetna sometimes provided coverage for contraceptives without allowing employers to opt out and routinely covered abortions. Officials say Aetna also had excluded coverage for autism spectrum disorders.

A 2001 Missouri law states birth control prescriptions should be covered under policies with pharmaceutical benefits but allows insurers to offer policies without contraception coverage to people or employers who say it violates their moral or religious beliefs. That law also allows people to purchase a plan with contraception coverage if their employer’s plan does not offer it.

A 1983 state law prohibits abortion coverage from basic insurance policies and instead requires payment of an additional premium. And treatment for autism must be covered under a 2010 law.