1) Big "I" Sends Letter to US Chamber of Commerce on Optional Federal
Charters - The Big "I" was disappointed to learn that The U.S.
Chamber of Commerce has endorsed Optional Federal Charters/Regulation.
Below is a letter to the President of the Chamber from Bob Rusbuldt, CEO
of the Big "I". Bob Rusbuldt and Charles Symington, senior vice
president for government affairs and federal relations are available for
comment. If you would like to arrange an interview, please email me at
katie.butler@iiaba.net.
2) AIA APPLAUDS U.S. CHAMBER’S CALL FOR INSURANCE OPTIONAL FEDERAL
CHARTER - WASHINGTON, D.C., March 15, 2007– The American Insurance
Association (AIA) today commended a report released by the National
Chamber Foundation, which calls for Congress to enact optional federal
charter (OFC) legislation for insurers as one of its recommendations for
modernizing financial services regulation and keeping U.S. capital
markets globally competitive.
3) TSR Raises Forecast for 2007 Atlantic Hurricane Season - London,
20 March 2007 - Tropical Storm Risk (TSR), the award-winning consortium
of experts on insurance, risk management and seasonal climate
forecasting led by the Benfield UCL Hazard Research Centre at University
College London, today increased its forecast for Atlantic hurricane
activity in 2007. Based on current and projected climate signals, TSR’s
March forecast predicts Atlantic basin and US landfalling hurricane
activity to be about 75% above the 1950-2006 norm in 2007, rising from
60% above norm (TSR long-range forecast issued December 2006). This is
the highest March forecast for activity in any year since the TSR
replicated real-time forecasts started in 1984.
4) Bush's health care plan not most effective: study - Mon Mar 19,
2007 4:32pm ET - WASHINGTON (Reuters) - At least two of the health care
proposals being presented to Congress would cover all or nearly all of
the Americans who lack health insurance, and many would lower spending,
too, according to an independent report released on Monday. - Many of
the plans would do more to cover uninsured Americans and lower costs
than President George W. Bush's proposals, said the nonprofit
Commonwealth Fund, which studies health care issues.
5) American Consumer Institute Finds Consumers Are Not Helped by
Redundant and Costly State Insurance Regulations - RESTON, Va.,
March 20 /PRNewswire-USNewswire/ -- American Consumer Institute has
completed a report on insurance regulation and finds that consumers are
not helped by duplicative and unnecessary state-level regulations that
clearly increase premiums, reduce competition and discourage service
innovation. Instead, state insurance regulations commonly redistribute
insurance costs among consumers, effectively raising premiums for some
consumers in order to subsidize high risk, and sometimes wealthy,
consumers.
6) Health Care Administration Consumes Nearly One-Third of Health Care
Costs, Say Hospitals and Insurance Companies - PITTSBURGH, March 20
/PRNewswire-FirstCall/ -- Administration associated with health care
claims and billing accounts for nearly one out of every three dollars
that patients spend on health care, according to a nationwide survey of
executives from hospitals and insurance companies. -- The health care
industry survey of 200 hospital and insurance company executives and
1,000 U.S. consumers was commissioned by The PNC Financial Services
Group, Inc., (NYSE: PNC) (http://www.pnc.com) and conducted by the
independent research firm Chadwick Martin Bailey.
7) New Analysis: Congressional Health Care Proposals Would Cover All
Uninsured, and Reduce Total U.S. Health Spending by Up to $61 Billion -
NEW YORK--(BUSINESS WIRE)--A new analysis of health reform bills in
Congress prepared for the Commonwealth Fund Commission on a High
Performance Health System shows that many current Congressional health
care proposals could significantly reduce the number of uninsured
Americans and also decrease overall health care expenditures including
those for insurance administration and prescription drugs. The analysis
finds that while the plans put forth in Congress vary greatly in their
scope, many of them would do more to cover uninsured Americans than the
current Administration proposal.
8) Bank of America CEO gets $92 mln from stock,options - Mon Mar 19,
2007 3:24PM EDT - NEW YORK (Reuters) - Bank of America Corp. (BAC.N:
Quote, Profile, Research) Chief Executive Kenneth Lewis posted a $91.58
million gain from the exercise of options and vesting of stock awards in
2006, in addition to a obtaining a $22.85 million compensation package,
as the No. 2 U.S. bank's profit rose 28 percent to a record.
9) AMA Asks Justice Department to Block Takeover of Sierra Health
Services - WASHINGTON, March 19 /PRNewswire-USNewswire/ -- The
American Medical Association (AMA) today asked the Department of Justice
to block the proposed acquisition of Sierra Health Services by United
HealthGroup, and outlined its strong opposition to the merger in a
letter to U.S. Attorney General Alberto Gonzales. The AMA has deep
reservations about United's goal of dominating the Nevada health
insurance market, and in particular the Las Vegas market, by purchasing
the state's largest insurer.
10) Where did all the money go? Not to safety - Tue Mar 20, 2007
7:56AM EDT - By Jeremy Gaunt, European Investment Correspondent - LONDON
(Reuters) - While investors have rattled and stock markets rolled over
the past few weeks, safe-haven assets haven't had as much to show for it
as might be expected. -- The implication may be that a wholesale shift
in investment trends has not taken place and what seemed like a severe
bout of risk aversion may only have been a fleeting moment of doubt.
11) U.S. court overturns class status in Enron suit - HOUSTON,
March 19 (Reuters) - A federal appeals panel in New Orleans said on
Monday that a lower court judge improperly granted class-action status
in a $40 billion lawsuit by Enron Corp. investors, a big victory for the
investment banks Merrill Lynch and Co Inc. (MER.N: Quote, Profile,
Research) and Credit Suisse Group (CSGN.VX: Quote, Profile, Research)
that sought to have the ruling overturned.
12) UK's Prudential up on renewed AIG bid talk –traders - LONDON,
March 20 (Reuters) - Shares in UK insurer Prudential Plc (PRU.L: Quote,
Profile, Research) rose 3 percent on Tuesday to lead gainers on
Britain's FTSE 100 on renewed market talk that U.S. rival AIG (AIG.N:
Quote, Profile, Research) was planning a bid for the company at 850
pence, traders said. - At 0832 GMT, Prudential's stock was up 3 percent
at 730 pence, outpacing a 0.1-percent rise in the FTSE 100 (.FTSE:
Quote, Profile, Research). Prudential declined to comment.
13) Pennsylvania Insurance Department Shuts Down Illegal Insurance
Network, Recovers $1 Million in Unpaid Claims - HARRISBURG, Pa.,
March 16 /PRNewswire-USNewswire/ -- Through a unique collaboration
between state and federal regulators, the Pennsylvania Insurance
Department has helped to recover approximately $1 million in unpaid
health claims for Pennsylvania policyholders, Acting Insurance
Commissioner Randy Rohrbaugh announced today.
14) Americans Say a Secure Retirement Not Possible for Mid-Income
Families - BLOOMINGTON, Ill., March 20 /PRNewswire/ -- Nearly half
of Americans don't believe it's possible for middle-income families to
save for a secure retirement. Another 17 percent aren't sure, leaving
only 37 percent believing middle-income families can save enough to live
comfortably in retirement. That's according to a new survey by COUNTRY
Insurance & Financial Services.
15) State Laws Continue to Get in the Way of Health Savings Accounts
- ALEXANDRIA, Va., March 19 /PRNewswire-USNewswire/ -- Some states
have insurance laws that conflict with the requirements for Health
Savings Accounts (HSAs) and hinder insurers' ability to offer
HSA-compatible policies. Some of these laws include mandating coverage
of certain benefits below the deductible amounts specified in HSA rules
and not exempting the money deposited in HSAs from state taxes.
16) Aon Acquires Valley Oak Systems - CHICAGO, March 19 /PRNewswire-FirstCall/
-- Aon Corporation (NYSE: AOC) today announced it has completed the
acquisition of Valley Oak Systems of San Ramon, California. The terms of
the transaction were not disclosed. -- Valley Oak Systems (VOS), a
leader in claims management software, services, and support for the
insurance industry, will operate under the Aon eSolutions Group as an
independent subsidiary. Its flagship product, iVOS, the "one-system"
claims management solution, will integrate with RiskConsole, Aon's risk
management information system (RMIS), to share information and provide
a comprehensive analysis of claims, policy, and exposure data.
17) Chubb Offers Ethics Training to Agents - WARREN, N.J., March
19 /PRNewswire/ -- The Chubb Group of Insurance Companies has developed
an ethics training program for its independent agents and brokers. The
program consists of a half-day ethics workshop and a quarterly
newsletter. -- To help reinforce the workshop's teachings, Chubb has
created an ethics and compliance newsletter. The quarterly online
publication, which will be distributed to 30,000 agents at 5,000 U.S.
agencies, will include articles by Schmidt and others, links to recent
insurance regulations and news items, and discussions of hypothetical
ethical dilemmas.
18) A.M. Best Methodology: Understanding Universal BCAR — A.M. Best’s
Capital Adequacy Ratio for Insurers - OLDWICK, N.J.--(BUSINESS
WIRE)--The purpose of this report is to document the existing criteria
and methodology related to the Universal Best’s Capital Adequacy Ratio
(BCAR) model, which is used on those companies that do not file United
States or Canadian statutory statements. -- The objective of A.M. Best’s
rating system is to provide an opinion of an insurer’s financial
strength and ability to meet ongoing obligations to policyholders.
19) Good News about Retirement Savings - DES MOINES,
Iowa--(BUSINESS WIRE)--The results are in. Do-it-for-me retirement
savings tools work. The Total View from the Principal Financial Group®,
the nation’s 401(k) leader1 and total retirement solutions innovator,
reports that the growing popularity of “do it for me” retirement plan
tools like automatic enrollment, automatic deferral increases and
lifecycle investment options are making a measurable difference in
participation and savings. -- One of the most comprehensive reports on
retirement plan trends, The Total View also shows more employers
embracing simplicity. A rapidly growing number of plan sponsors are
saving time and money by consolidating retirement plans with a single
provider as a total retirement solution.
20) INSURANCE NEWSCAST “Pictures Of The Day”
21) Phillip Roy Financial Services Announces New White Paper on
Annuities - SARASOTA, Fla.--(BUSINESS WIRE)--Phil Wasserman,
president of Phillip Roy Financial Services, a leading retirement income
planning firm, has announced a new research paper on annuities.
"Annuities are an area of great interest to the boomer generation and
retirees in general," says Wasserman, "and this new research paper helps
explain them in plain English."
22) The Standard Opens New Retirement Plans Office in New York -
PORTLAND, Ore. — March 20, 2007 — The Standard is pleased to announce
the opening of a new Retirement Plans sales office in New York City. --
The new sales office will serve retirement plan sponsors, advisors and
other plan intermediaries throughout the state of New York as well as
northern New Jersey. Gian (“John”) Bernardi will serve as pension
consultant in the New York office.
23) DocuDent Accident Documentation Kit Proves Ideal Vehicle To
Protect Drivers & Insurance Companies From Accident Fraud - LOS
ANGELES, CA., MARCH 19, 2007 – Anyone who’s ever been in a car accident
knows first-hand that the minutes just following a collision are
invariably filled with distress, anxiety, anger, fear and perhaps
physical trauma. In other words, the worst possible time for the parties
involved to accurately document what took place, how bad the damage is,
and which person is to blame.
24) Esurance & W!LDBRAIN Showcase First Long-Form Adventure on FX -
SAN FRANCISCO, March 19 /PRNewswire/ -- Esurance, the
direct-to-consumer personal auto insurance company, discussed its plans
for "Carbon Copy," the company's first long-form adventure featuring the
company's animated "spokesperson" and special agent, Erin Esurance.
Esurance's ongoing animation and creative partner, the award-winning
studio, W!LDBRAIN, produced the short feature, a three-minute tale of
clones, robotized plants and mad scientists.
25) Agent’s Sales Journal to Introduce New Cover Design, Launch
Improved Web Site - CLEARWATER, FL (March 16, 2007) – The Agent’s
Sales Journal has launched an expanded and redesigned Web site,
www.AgentsSalesJournal.com, which boasts new Web-exclusive articles and
a slate of other interactive and educational features. The magazine is
also unveiling a new look in April that will make the insurance
industry’s No. 1 how-to publication more modern and easier to navigate.
26) HR411™ begins series of human resource podcasts - SHELTON,
Conn. -- HR411™ created a series of EduCasts©—audio training and
educational programs —on a variety of human resource practices.
EduCast©s can be downloaded and played directly on a computer, digital
audio player or other compatible device. -- The first EduCast, entitled
The Hiring Process, covers the entire hiring and recruitment life
cycle. Future EduCasts© in this series will cover: Orientation and
On-boarding, Employment Law, Performance Management, Employee
Compensation, Discipline and Termination, and a Summary Module.
27) Rosenfeld Einstein Seminar to Address Solutions to Workers Comp
Crisis - GREENVILLE, SC – March 19, 2007 – Upstate-based Rosenfeld
Einstein, a major regional insurance agent/broker, has announced plans
to host a complimentary seminar, “Managing Your Insurance Costs and
Risk,” on April 12 in Greenville designed to offer organizations with
100+ employees an intelligent alternative to escalating and
unpredictable Workers Compensation costs.
28) Employer Survey Points to Need For Health Management, Including
Incentives for Employees - Washington, DC – March 19, 2007 Companies
that combine “consumer-directed health plans” with other health-related
tactics are more effective than others at controlling health care costs,
according to a recent independent survey. Officials from IncentOne, a
consultive technology company specializing in incentives-based health
and productivity administration solutions, praised the findings.
29) Converium further substantiates medium-term 14% ROE target,
highlighting undervaluation of current SCOR offer - ALERT - Zug,
Switzerland - March 19, 2007 - We would like to alert you to a
presentation by Converium's CFO, Paolo De Martin, on March 19 and March
20 with sell-side analysts in Zurich and London. -- The CFO will provide
further details on Converium's road map towards a sustainable 14% ROE by
2009, backed by management's strong and successful track record in
turning Converium around. With regards to SCOR's unsolicited offer,
Paolo De Martin will specifically highlight Scor's current
undervaluation of Converium; the weak acquisition currency of the
bidder; and the major execution risks arising from the hostility of the
proposed transaction.
30) KBC Iberica implements FinArch's Financial Studio compliance
solutions - Ghent/Madrid - 20 March 2007 - Financial Architects (FinArch),
international provider of a Finance Resource Planning (FRP) platform for
the finance industry, today announced that KBC Bank NV, Sucursal en
España (KBC Iberica), the Spanish branch of KBC Group, selected the
Financial Studio solution to comply with regulatory reporting
requirements in Spain.
Thursday, March 22, 2007
Monday, March 19, 2007
"Headlines Only Edition" for: Tuesday, 03/20/07
1) The following is an open letter to the Congress of the United States
& the National Association of Insurance Commissioners, the insurance
industry and insurance industry media. - From: Clark Sitzes,
executive vice president of the PIA Western Alliance - This letter has
been faxed to the leadership of the U.S. Senate and House as well as to
individuals on a number of key congressional committees. It has also
been sent to the National Association of Insurance Commissioners and the
commissioners of the nine PIA Western Alliance states.
2) Triad agrees to $5.1 billion Community health offer - Mon Mar 19,
2007 11:16AM EDT - CHICAGO (Reuters) - Triad Hospitals Inc. (TRI.N:
Quote, Profile, Research) said on Monday it agreed to be bought by
Community Health Systems Inc. (CYH.N: Quote, Profile, Research) for $5.1
billion, which Community said would create the biggest publicly traded
U.S. hospital chain.
3) Gadfly asks Goldman investors to end stock options - NEW YORK,
March 19 (Reuters) - Gadfly shareholder Evelyn Davis, who has railed
against excessive executive compensation for decades, wants shareholders
to bar Goldman Sachs Group Inc. (GS.N: Quote, Profile, Research) from
ever again granting stock options to its executives. - Davis' proposal,
included in an amended shareholder proxy filed with the Securities and
Exchange Commission on Monday, urges Goldman shareholders to approve a
proposal "so that no future new stock options are awarded to anyone." It
also seeks to bar renewing or re-pricing current stock options, unless
called for under an existing contract.
4) Conning Research: M&A Transactions Up in 2006; Values Expected to
Rise in 2007-2008 - HARTFORD, Conn., March 19 /PRNewswire/ --
Insurance industry mergers and acquisitions transactions increased in
2006 to the highest level since 2001 and may foreshadow an acceleration
of activity into 2007-2008, according to a new study by Conning Research
and Consulting, Inc.
5) Insurance.com announces Cristina Basaran promoted to
President. Twinsburg, OH -
Cristina Basaran grew up in central Ohio and graduated from Kent State
University with a degree in Education. Upon graduation, Cristina has
been involved in training, education, and volunteer work. -
Since joining Insurance.com Cristina has been extensively
involved in all the company processes and procedures.
6) Employer Survey Points to Need for Health Management, Including
Incentives for Employees - WASHINGTON, March 19 /PRNewswire/ --
Companies that combine "consumer- directed health plans" with other
health-related tactics are more effective than others at controlling
health care costs, according to a recent independent survey. Officials
from IncentOne, a consultive technology company specializing in
incentives-based health and productivity administration solutions,
praised the findings.
7) BestWeek: UnitedHealth’s $2.6 Billion Buyout of Las Vegas-Based
Sierra Health a Good Bet - OLDWICK, N.J.--(BUSINESS
WIRE)--UnitedHealth Group’s pending $2.6 billion acquisition of the Las
Vegas-based Sierra Health Services is a strategic move affording it
access to among the fastest-growing markets in the United States. In an
exclusive article in this week’s BestWeek, industry observers speculate
about more managed-care mergers ahead and note the smaller Sierra offers
UnitedHealth a business model the other large publicly traded companies
may find hard to match.
8) Fitch: Insurance Criteria Reports Provide Insights into Rating
Methodology - CHICAGO--(BUSINESS WIRE)--Fitch Ratings has issued a
series of criteria reports for the Life, Non-Life, Reinsurance, Title,
and U.S. Health sectors, with each report outlining the rating
methodology used by Fitch to analyze the credit quality and financial
strength of these rated entities. The methodology directly supports
Fitch's assignment of Insurer Financial Strength (IFS), Issuer Default
Ratings (IDRs), and debt/issue ratings.
9) XL Insurance (Bermuda) Ltd Announces Enhanced Broad Form D&O Policy -
HAMILTON, Bermuda, March 16 /PRNewswire-FirstCall/ -- XL Insurance
(Bermuda) Ltd, a subsidiary of XL Capital Ltd (NYSE: XL) ("XL"), today
announced that its professional lines operation has enhanced its
existing directors and officers (D&O) insurance policy specifically
tailored for U.S. publicly traded companies with worldwide exposures. -
The revised policy, known as "A PLUS D&O Advantage", was launched today
at an XL broker reception in Bermuda. It is a further development of the
"A PLUS D&O" product line which launched in November 2004.
10) Securities Fraud Attorney Urges Elderly Investors to Beware
Aggressive Brokers Bearing Mortgage Backed Securities - FORT
LAUDERDALE, Fla., March 19 /PRNewswire/ -- Securities Fraud Attorney
Mark Tepper who represents investors deceived by abusive broker sales
practices, says shareholders should be wary of brokers who sell
financial products known as Collateralized Mortgage Obligations (CMOs),
some of which are volatile and unsuitable for unsuspecting investors.
AAA ratings or government guarantees do not protect these securities
against interest rate risk.
11) New Survey Reveals That Marketers are Overlooking the Missing
Link -- Boomer-To-Friend (B2F) Connections - NEW YORK, March 19
/PRNewswire/ -- Global public relations firm Weber Shandwick released a
new study today revealing that companies can gain a significant
competitive advantage by creating marketing programs that target baby
boomers' expansive relationship networks. The survey, conducted with KRC
Research, found that Boomer-to-Friend (B2F) communications are untapped
in their potential to influence purchasing decisions for products and
services.
12) Salesforce.com Unveils Spring '07 Featuring AppSpace, a New Model
for Enterprises to Engage Customers On-Demand - LONDON, March 19
/PRNewswire-FirstCall/ -- Salesforce.com (NYSE:CRM) , the market and
technology leader in on-demand business services, today announced the
release of Salesforce Spring '07, its 22nd generation release. Spring
'07 features AppSpace, a new product which enables companies to engage
with customers using Salesforce and AppExchange applications inside a
secure, branded online environment. AppSpace is scheduled to be made a
part of Spring '07 in April. In addition, Spring '07 dramatically
advances every component of salesforce.com's Circle of Success,
including the Salesforce CRM applications and the Apex platform.
13) INSURANCE NEWSLINK Articles - Recent articles added to
INSURANCE NEWSLINK, the worldwide, strategic concise intelligence
database of over 27,000 articles including interviews, uniquely analysed
by company, market, research, regulatory, and IT topics. Please click
here for a content overview and a 15-day free review.
14)The Government Accountability Office (GAO) released the following reports,
testimony, and correspondence:
1. "Fiscal, Retirement, and Health Care Challenges" by David M. Walker,
comptroller general of the United States, before the Securities Industry
and Financial Markets Association's 2007 savings and retirement
symposium, in Washington. GAO-07-544CG, March 1.
2. "Fiscal and Health Care Challenges" by David M. Walker, comptroller
general of the United States, before the Federation of American
Hospitals' annual public policy conference, in Washington.
GAO-07-577CG, March 5.
15) BANK INSURANCE NEWS IN BRIEF - MARCH 19, 2007
16) Hylant Financial Services Consolidates to Form Growing Division
Within Hylant Group - TOLEDO, Ohio, March 14 /PRNewswire/ -- In
early January of 2007, Hylant Financial Services (HFS), led by President
Paul Abendroth, consolidated its talented investment advisory staff of
Hylant Group, Inc., into its own division. -- With more than 635
professionals, the firm is positioned to serve a wide variety of clients
locally, nationally and internationally. A member of the Worldwide
Broker Network, Hylant offers complete risk management services,
employee benefits consultation, loss control, 401(k) and financial
services, healthcare management and insurance for businesses and
individuals.
17) Michigan Chamber and Insurance Institute Comment on House Passage
of No-Fault Related Bill; Urge Senators to Reject It - LANSING,
Mich., March 19 /PRNewswire-USNewswire/ -- The following statement was
issued today by Wendy Block, Director of Health Policy and Human
Resources for the Michigan Chamber of Commerce, and Peter Kuhnmuench,
Executive Director of the Insurance Institute of Michigan, in response
to recent passage of legislation in the State House to make it easier
for personal injury attorneys to sue for non-economic damages under the
state's no-fault automobile insurance system (HB 4301, Rep. Condino).
18) JPMorgan Global E-Tax System Expanded - NEW YORK--(BUSINESS
WIRE)--JPMorgan Worldwide Securities Services today announced an
expansion of JPMorgan E-Tax, an Internet-based, patent-pending, tax
service providing institutional investors with global tax intelligence,
rates and breaking news. -- The latest version of JPMorgan E-Tax offers
detailed tax profiles that are updated daily in more than 90 markets
providing in-depth tax information including statutory exemptions, tax
procedures and reclaim forms worldwide. The service is designed for
global investors looking for breaking international tax news, updates on
tax industry developments, trends, policies and treaties; reports on tax
rates, exemptions, capital gains, and the latest tax forms necessary.
19) Evolution Benefits Receives Patent for Advanced
Auto-Substantiation Technologies that Power Benefits Cards for Flexible
Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) -
AVON, Conn.--(BUSINESS WIRE)--The U.S. Patent and Trademark Office has
granted Evolution Benefits (EB) an important patent for its breakthrough
technology used in the substantiation of health benefits debit card
transactions. The company’s patent, U.S. Patent 7,174,302 titled “System
and Method for Processing Flexible Spending Account Transactions,”
refers to the system and method EB developed for real time
substantiation of card transactions prior to authorizing payment. This
patented process ensures that payment is made only for qualified items
and eliminates the need to request documentation from the cardholder.
The system is widely used by EB’s clients and permits 100 percent
electronic substantiation of transactions like prescription drug claims.
20) INSURANCE NEWSCAST “Pictures Of The Day”
21) AIG Global Investment Group Closes the Acquisition of P&O’s U.S.
Marine Terminal Operations from DP World - NEW YORK--(BUSINESS
WIRE)--AIG Global Investment Group (“AIGGIG”) announced that it has
completed the purchase of 100% of the stock P&O Ports North America
(“POPNA”) from P&O Holdings, Inc., a wholly-owned subsidiary of global
marine terminal operator, DP World. Following the closing of the
transaction, the company will operate as Ports America, Inc. This
transaction was previously announced on December 11, 2006.
22) Survey Data Reveal Stunning Lack of Awareness of Retirement
``Saver's Credit'' LOS ANGELES--(BUSINESS WIRE)--According to recent
survey data, very few American adults are aware of an existing tax
credit designed to help low- to middle-income Americans build their
retirement nest eggs. The survey, commissioned by the Transamerica
Center for Retirement Studies (“The Center”), found that only 9 percent
of American adults who fall within the credit’s income eligibility
requirements are familiar with it. With regard to the adults overall in
the American public, only 16 percent are familiar with it.
23) Alfa Corporation Estimates Recent Storm Losses - MONTGOMERY,
Ala.--(BUSINESS WIRE)--The Alfa Insurance Group and Alfa Corporation
(NASDAQ:ALFA) today announced a preliminary estimate of losses in
Alabama stemming from a series of storms that occurred in February and
March. These storms produced tornadoes, wind, and hail, which caused
damage to both automobiles and homes. Combined, these events generated
claims that are estimated to be between $30 million to $40 million for
the Alfa Group. The impact of these claims on Alfa Corporation’s first
quarter earnings, after reinsurance and taxes, is estimated to be $0.11
per diluted share.
24) MassMutual Launches New Advertising Campaign to Inspire Consumers
to Take a Step Toward Meeting Life Insurance, Retirement Needs -
SPRINGFIELD, Mass., March 19 /PRNewswire/ -- MassMutual Financial Group
today announced the launch of an innovative new advertising campaign,
"Front of the Mind," that helps consumers move beyond just thinking
about their financial future and actually taking action to begin meeting
their financial goals.
25) Flagship Global Health Partners With ArmadaCare Executive Health
to Offer Next Generation Executive Health Plan - NEW YORK, March 19
/PRNewswire-FirstCall/ -- Flagship Global Health, Inc. (OTC: FGHH), an
international health assurance organization, has partnered with
ArmadaCare Executive Health of Maryland, to offer a new executive health
plan that gives corporations the opportunity to provide key employees
with enhanced medical benefits.
26) Country Hedging Introduces Grain Contract With Health Savings
Account (HSA) Funding - ST. PAUL, Minn., March 16 /PRNewswire/ --
Country Hedging Inc has launched a new grain contract, CHI Health Fund
Plus(TM), which is a traditional grain marketing commitment at a maximum
fixed strike price but with an untraditional benefit: It sets up and
funds a health savings account (HSA) for the farmer customer.
27) White Mountains Re Group, Ltd. to Offer $400 Million of its
Senior Notes Due 2017 - HAMILTON, Bermuda, March 13 /PRNewswire-FirstCall/
-- White Mountains Insurance Group, Ltd. (NYSE:WTM) ("White Mountains")
announced today that White Mountains' wholly-owned subsidiary, White
Mountains Re Group, Ltd. ("White Mountains Re"), intends to offer and
sell approximately $400 million of its senior notes due 2017 (the
"Notes") in an offering exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act").
28) Merrill Lynch gets Russia brokerage license - Wed Mar 14,
2007 7:40am ET - MOSCOW (Reuters) - U.S. Merrill Lynch (MER.N: Quote,
Profile , Research) has received a brokerage and dealing license in
Russia, the country's market regulator said on Wednesday amidst a race
among investment banks to capitalize on the Russian boom. - The Russian
Federal Financial Markets Service said in a brief statement that the
license had been granted to Merrill Lynch Securities, the bank's Russian
subsidiary.
29) Encompass Insurance: How to Insure Your Good Name -
NORTHBROOK, Ill.--(BUSINESS WIRE)--You work hard to make sure your
credit rating is high. You pay your bills on time, pay down your debt
and stay within your budget. Then one day your mail arrives with bills
from credit card and utility companies. Someone has stolen your identity
– and has built up debt in your name.
30) John Hancock Patriot Closed-End Funds Seek Shareholder Approval
of Reorganizations - BOSTON, March 12 /PRNewswire-FirstCall/ -- As
announced on December 6, 2006, the board of trustees of each of four
Patriot closed-end funds sponsored by John Hancock Advisers, LLC
approved their reorganization into a fifth John Hancock closed-end fund,
the John Hancock Patriot Premium Dividend Fund II (NYSE:PDT) . Today,
John Hancock Advisers announced the notice of shareholder meetings to
seek approval of each reorganization and the mailing to shareholders of
a prospectus/proxy statement relating to such reorganizations.
31) Travelers Calls Convertible Junior Subordinated Notes for
Redemption - SAINT PAUL, Minn.--(BUSINESS WIRE)--The Travelers
Companies, Inc. (NYSE:TRV) has called for redemption all of its
outstanding 4.50% Convertible Junior Subordinated Notes due 2032 (the
“Notes”). The Notes [CUSIP 89420G307] trade on the New York Stock
Exchange under the symbol “TPK”. The Notes were originally issued by
Travelers Property Casualty Corp. The Travelers Companies, Inc. assumed
certain obligations relating to the Notes pursuant to a Second
Supplemental Indenture dated April 1, 2004. Each Note has a principal
amount of $25.00. The redemption date will be April 18, 2007, and the
redemption price for each Note will be $25.5625 plus $0.009375 of
accrued and unpaid interest.
32) Willis Group Holdings Limited Announces Accelerated Share
Repurchase of $50 Million of Common Shares - NEW YORK--(BUSINESS
WIRE)--Willis Group Holdings Limited (NYSE: WSH), the global insurance
broker, today announced that it has entered into an agreement to
purchase approximately 1.25 million shares of its common stock from
Keefe, Bruyette & Woods using an accelerated stock repurchase program
for an initial purchase price of approximately $50 million. This
repurchase is part of Willis’ previously announced stock repurchase
program.
33) AIG Financial Products Corp. Launches New Partnership with
Tenaska Energy - WILTON, Conn.--(BUSINESS WIRE)--AIG Financial
Products Corp. (AIG-FP), a member company of American International
Group, Inc. (AIG), today announced that it has signed an agreement to
purchase a 50 percent partnership interest in Tenaska Energy’s (Tenaska)
natural gas marketing companies Tenaska Marketing Ventures, Tenaska
Marketing Canada, and Tenaska Gas Storage (collectively TMV). -
Financial terms of the transaction were not disclosed.
34) Delta Financial Announces Securitization Backed by $950 Million
in Mortgage Loans - WOODBURY, N.Y.--(BUSINESS WIRE)--Delta Financial
Corporation (Amex: DFC) today announced it has securitized $950 million
of mortgage loans through its subsidiary, Renaissance Mortgage
Acceptance Corp. - the Renaissance Home Equity Loan Trust 2007-1. --
Standard & Poor’s Ratings Services and Moody’s Investors Services, Inc.
rated the securities. The securitization was co-lead managed by
Citigroup and Banc of America Securities LLC and co-managed by RBS
Greenwich Capital, JPMorgan and Deutsche Bank Securities.
35) White Mountains Re Group, Ltd. Prices $400 Million Of 6.375%
Senior Notes Due 2017 - HAMILTON, Bermuda, March 14 /PRNewswire-FirstCall/
-- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today
that its wholly-owned subsidiary, White Mountains Re Group, Ltd. ("White
Mountains Re"), has entered into an agreement to sell $400 million of
6.375% senior notes due 2017 (the "Notes") in an offering exempt from
the registration requirements of the Securities Act of 1933, as amended
(the "Securities Act").
36) XL Capital Ltd Announces Plans To Issue Preference Ordinary
Shares - HAMILTON, Bermuda, March 12 /PRNewswire-FirstCall/ -- XL
Capital Ltd ("XL" or the "Company") (NYSE: XL) announced today that it
currently intends to raise approximately $1.0 billion from an offering
of Fixed/Floating Series E Perpetual Non-Cumulative Preference Ordinary
Shares (the "Series E Preference Shares") pursuant to XL's currently
effective shelf registration statement. The Series E Preference Shares
offered will not be exchangeable for or convertible into ordinary shares
of XL.
& the National Association of Insurance Commissioners, the insurance
industry and insurance industry media. - From: Clark Sitzes,
executive vice president of the PIA Western Alliance - This letter has
been faxed to the leadership of the U.S. Senate and House as well as to
individuals on a number of key congressional committees. It has also
been sent to the National Association of Insurance Commissioners and the
commissioners of the nine PIA Western Alliance states.
2) Triad agrees to $5.1 billion Community health offer - Mon Mar 19,
2007 11:16AM EDT - CHICAGO (Reuters) - Triad Hospitals Inc. (TRI.N:
Quote, Profile, Research) said on Monday it agreed to be bought by
Community Health Systems Inc. (CYH.N: Quote, Profile, Research) for $5.1
billion, which Community said would create the biggest publicly traded
U.S. hospital chain.
3) Gadfly asks Goldman investors to end stock options - NEW YORK,
March 19 (Reuters) - Gadfly shareholder Evelyn Davis, who has railed
against excessive executive compensation for decades, wants shareholders
to bar Goldman Sachs Group Inc. (GS.N: Quote, Profile, Research) from
ever again granting stock options to its executives. - Davis' proposal,
included in an amended shareholder proxy filed with the Securities and
Exchange Commission on Monday, urges Goldman shareholders to approve a
proposal "so that no future new stock options are awarded to anyone." It
also seeks to bar renewing or re-pricing current stock options, unless
called for under an existing contract.
4) Conning Research: M&A Transactions Up in 2006; Values Expected to
Rise in 2007-2008 - HARTFORD, Conn., March 19 /PRNewswire/ --
Insurance industry mergers and acquisitions transactions increased in
2006 to the highest level since 2001 and may foreshadow an acceleration
of activity into 2007-2008, according to a new study by Conning Research
and Consulting, Inc.
5) Insurance.com announces Cristina Basaran promoted to
President. Twinsburg, OH -
Cristina Basaran grew up in central Ohio and graduated from Kent State
University with a degree in Education. Upon graduation, Cristina has
been involved in training, education, and volunteer work. -
Since joining Insurance.com Cristina has been extensively
involved in all the company processes and procedures.
6) Employer Survey Points to Need for Health Management, Including
Incentives for Employees - WASHINGTON, March 19 /PRNewswire/ --
Companies that combine "consumer- directed health plans" with other
health-related tactics are more effective than others at controlling
health care costs, according to a recent independent survey. Officials
from IncentOne, a consultive technology company specializing in
incentives-based health and productivity administration solutions,
praised the findings.
7) BestWeek: UnitedHealth’s $2.6 Billion Buyout of Las Vegas-Based
Sierra Health a Good Bet - OLDWICK, N.J.--(BUSINESS
WIRE)--UnitedHealth Group’s pending $2.6 billion acquisition of the Las
Vegas-based Sierra Health Services is a strategic move affording it
access to among the fastest-growing markets in the United States. In an
exclusive article in this week’s BestWeek, industry observers speculate
about more managed-care mergers ahead and note the smaller Sierra offers
UnitedHealth a business model the other large publicly traded companies
may find hard to match.
8) Fitch: Insurance Criteria Reports Provide Insights into Rating
Methodology - CHICAGO--(BUSINESS WIRE)--Fitch Ratings has issued a
series of criteria reports for the Life, Non-Life, Reinsurance, Title,
and U.S. Health sectors, with each report outlining the rating
methodology used by Fitch to analyze the credit quality and financial
strength of these rated entities. The methodology directly supports
Fitch's assignment of Insurer Financial Strength (IFS), Issuer Default
Ratings (IDRs), and debt/issue ratings.
9) XL Insurance (Bermuda) Ltd Announces Enhanced Broad Form D&O Policy -
HAMILTON, Bermuda, March 16 /PRNewswire-FirstCall/ -- XL Insurance
(Bermuda) Ltd, a subsidiary of XL Capital Ltd (NYSE: XL) ("XL"), today
announced that its professional lines operation has enhanced its
existing directors and officers (D&O) insurance policy specifically
tailored for U.S. publicly traded companies with worldwide exposures. -
The revised policy, known as "A PLUS D&O Advantage", was launched today
at an XL broker reception in Bermuda. It is a further development of the
"A PLUS D&O" product line which launched in November 2004.
10) Securities Fraud Attorney Urges Elderly Investors to Beware
Aggressive Brokers Bearing Mortgage Backed Securities - FORT
LAUDERDALE, Fla., March 19 /PRNewswire/ -- Securities Fraud Attorney
Mark Tepper who represents investors deceived by abusive broker sales
practices, says shareholders should be wary of brokers who sell
financial products known as Collateralized Mortgage Obligations (CMOs),
some of which are volatile and unsuitable for unsuspecting investors.
AAA ratings or government guarantees do not protect these securities
against interest rate risk.
11) New Survey Reveals That Marketers are Overlooking the Missing
Link -- Boomer-To-Friend (B2F) Connections - NEW YORK, March 19
/PRNewswire/ -- Global public relations firm Weber Shandwick released a
new study today revealing that companies can gain a significant
competitive advantage by creating marketing programs that target baby
boomers' expansive relationship networks. The survey, conducted with KRC
Research, found that Boomer-to-Friend (B2F) communications are untapped
in their potential to influence purchasing decisions for products and
services.
12) Salesforce.com Unveils Spring '07 Featuring AppSpace, a New Model
for Enterprises to Engage Customers On-Demand - LONDON, March 19
/PRNewswire-FirstCall/ -- Salesforce.com (NYSE:CRM) , the market and
technology leader in on-demand business services, today announced the
release of Salesforce Spring '07, its 22nd generation release. Spring
'07 features AppSpace, a new product which enables companies to engage
with customers using Salesforce and AppExchange applications inside a
secure, branded online environment. AppSpace is scheduled to be made a
part of Spring '07 in April. In addition, Spring '07 dramatically
advances every component of salesforce.com's Circle of Success,
including the Salesforce CRM applications and the Apex platform.
13) INSURANCE NEWSLINK Articles - Recent articles added to
INSURANCE NEWSLINK, the worldwide, strategic concise intelligence
database of over 27,000 articles including interviews, uniquely analysed
by company, market, research, regulatory, and IT topics. Please click
here for a content overview and a 15-day free review.
14)The Government Accountability Office (GAO) released the following reports,
testimony, and correspondence:
1. "Fiscal, Retirement, and Health Care Challenges" by David M. Walker,
comptroller general of the United States, before the Securities Industry
and Financial Markets Association's 2007 savings and retirement
symposium, in Washington. GAO-07-544CG, March 1.
2. "Fiscal and Health Care Challenges" by David M. Walker, comptroller
general of the United States, before the Federation of American
Hospitals' annual public policy conference, in Washington.
GAO-07-577CG, March 5.
15) BANK INSURANCE NEWS IN BRIEF - MARCH 19, 2007
16) Hylant Financial Services Consolidates to Form Growing Division
Within Hylant Group - TOLEDO, Ohio, March 14 /PRNewswire/ -- In
early January of 2007, Hylant Financial Services (HFS), led by President
Paul Abendroth, consolidated its talented investment advisory staff of
Hylant Group, Inc., into its own division. -- With more than 635
professionals, the firm is positioned to serve a wide variety of clients
locally, nationally and internationally. A member of the Worldwide
Broker Network, Hylant offers complete risk management services,
employee benefits consultation, loss control, 401(k) and financial
services, healthcare management and insurance for businesses and
individuals.
17) Michigan Chamber and Insurance Institute Comment on House Passage
of No-Fault Related Bill; Urge Senators to Reject It - LANSING,
Mich., March 19 /PRNewswire-USNewswire/ -- The following statement was
issued today by Wendy Block, Director of Health Policy and Human
Resources for the Michigan Chamber of Commerce, and Peter Kuhnmuench,
Executive Director of the Insurance Institute of Michigan, in response
to recent passage of legislation in the State House to make it easier
for personal injury attorneys to sue for non-economic damages under the
state's no-fault automobile insurance system (HB 4301, Rep. Condino).
18) JPMorgan Global E-Tax System Expanded - NEW YORK--(BUSINESS
WIRE)--JPMorgan Worldwide Securities Services today announced an
expansion of JPMorgan E-Tax, an Internet-based, patent-pending, tax
service providing institutional investors with global tax intelligence,
rates and breaking news. -- The latest version of JPMorgan E-Tax offers
detailed tax profiles that are updated daily in more than 90 markets
providing in-depth tax information including statutory exemptions, tax
procedures and reclaim forms worldwide. The service is designed for
global investors looking for breaking international tax news, updates on
tax industry developments, trends, policies and treaties; reports on tax
rates, exemptions, capital gains, and the latest tax forms necessary.
19) Evolution Benefits Receives Patent for Advanced
Auto-Substantiation Technologies that Power Benefits Cards for Flexible
Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) -
AVON, Conn.--(BUSINESS WIRE)--The U.S. Patent and Trademark Office has
granted Evolution Benefits (EB) an important patent for its breakthrough
technology used in the substantiation of health benefits debit card
transactions. The company’s patent, U.S. Patent 7,174,302 titled “System
and Method for Processing Flexible Spending Account Transactions,”
refers to the system and method EB developed for real time
substantiation of card transactions prior to authorizing payment. This
patented process ensures that payment is made only for qualified items
and eliminates the need to request documentation from the cardholder.
The system is widely used by EB’s clients and permits 100 percent
electronic substantiation of transactions like prescription drug claims.
20) INSURANCE NEWSCAST “Pictures Of The Day”
21) AIG Global Investment Group Closes the Acquisition of P&O’s U.S.
Marine Terminal Operations from DP World - NEW YORK--(BUSINESS
WIRE)--AIG Global Investment Group (“AIGGIG”) announced that it has
completed the purchase of 100% of the stock P&O Ports North America
(“POPNA”) from P&O Holdings, Inc., a wholly-owned subsidiary of global
marine terminal operator, DP World. Following the closing of the
transaction, the company will operate as Ports America, Inc. This
transaction was previously announced on December 11, 2006.
22) Survey Data Reveal Stunning Lack of Awareness of Retirement
``Saver's Credit'' LOS ANGELES--(BUSINESS WIRE)--According to recent
survey data, very few American adults are aware of an existing tax
credit designed to help low- to middle-income Americans build their
retirement nest eggs. The survey, commissioned by the Transamerica
Center for Retirement Studies (“The Center”), found that only 9 percent
of American adults who fall within the credit’s income eligibility
requirements are familiar with it. With regard to the adults overall in
the American public, only 16 percent are familiar with it.
23) Alfa Corporation Estimates Recent Storm Losses - MONTGOMERY,
Ala.--(BUSINESS WIRE)--The Alfa Insurance Group and Alfa Corporation
(NASDAQ:ALFA) today announced a preliminary estimate of losses in
Alabama stemming from a series of storms that occurred in February and
March. These storms produced tornadoes, wind, and hail, which caused
damage to both automobiles and homes. Combined, these events generated
claims that are estimated to be between $30 million to $40 million for
the Alfa Group. The impact of these claims on Alfa Corporation’s first
quarter earnings, after reinsurance and taxes, is estimated to be $0.11
per diluted share.
24) MassMutual Launches New Advertising Campaign to Inspire Consumers
to Take a Step Toward Meeting Life Insurance, Retirement Needs -
SPRINGFIELD, Mass., March 19 /PRNewswire/ -- MassMutual Financial Group
today announced the launch of an innovative new advertising campaign,
"Front of the Mind," that helps consumers move beyond just thinking
about their financial future and actually taking action to begin meeting
their financial goals.
25) Flagship Global Health Partners With ArmadaCare Executive Health
to Offer Next Generation Executive Health Plan - NEW YORK, March 19
/PRNewswire-FirstCall/ -- Flagship Global Health, Inc. (OTC: FGHH), an
international health assurance organization, has partnered with
ArmadaCare Executive Health of Maryland, to offer a new executive health
plan that gives corporations the opportunity to provide key employees
with enhanced medical benefits.
26) Country Hedging Introduces Grain Contract With Health Savings
Account (HSA) Funding - ST. PAUL, Minn., March 16 /PRNewswire/ --
Country Hedging Inc has launched a new grain contract, CHI Health Fund
Plus(TM), which is a traditional grain marketing commitment at a maximum
fixed strike price but with an untraditional benefit: It sets up and
funds a health savings account (HSA) for the farmer customer.
27) White Mountains Re Group, Ltd. to Offer $400 Million of its
Senior Notes Due 2017 - HAMILTON, Bermuda, March 13 /PRNewswire-FirstCall/
-- White Mountains Insurance Group, Ltd. (NYSE:WTM) ("White Mountains")
announced today that White Mountains' wholly-owned subsidiary, White
Mountains Re Group, Ltd. ("White Mountains Re"), intends to offer and
sell approximately $400 million of its senior notes due 2017 (the
"Notes") in an offering exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act").
28) Merrill Lynch gets Russia brokerage license - Wed Mar 14,
2007 7:40am ET - MOSCOW (Reuters) - U.S. Merrill Lynch (MER.N: Quote,
Profile , Research) has received a brokerage and dealing license in
Russia, the country's market regulator said on Wednesday amidst a race
among investment banks to capitalize on the Russian boom. - The Russian
Federal Financial Markets Service said in a brief statement that the
license had been granted to Merrill Lynch Securities, the bank's Russian
subsidiary.
29) Encompass Insurance: How to Insure Your Good Name -
NORTHBROOK, Ill.--(BUSINESS WIRE)--You work hard to make sure your
credit rating is high. You pay your bills on time, pay down your debt
and stay within your budget. Then one day your mail arrives with bills
from credit card and utility companies. Someone has stolen your identity
– and has built up debt in your name.
30) John Hancock Patriot Closed-End Funds Seek Shareholder Approval
of Reorganizations - BOSTON, March 12 /PRNewswire-FirstCall/ -- As
announced on December 6, 2006, the board of trustees of each of four
Patriot closed-end funds sponsored by John Hancock Advisers, LLC
approved their reorganization into a fifth John Hancock closed-end fund,
the John Hancock Patriot Premium Dividend Fund II (NYSE:PDT) . Today,
John Hancock Advisers announced the notice of shareholder meetings to
seek approval of each reorganization and the mailing to shareholders of
a prospectus/proxy statement relating to such reorganizations.
31) Travelers Calls Convertible Junior Subordinated Notes for
Redemption - SAINT PAUL, Minn.--(BUSINESS WIRE)--The Travelers
Companies, Inc. (NYSE:TRV) has called for redemption all of its
outstanding 4.50% Convertible Junior Subordinated Notes due 2032 (the
“Notes”). The Notes [CUSIP 89420G307] trade on the New York Stock
Exchange under the symbol “TPK”. The Notes were originally issued by
Travelers Property Casualty Corp. The Travelers Companies, Inc. assumed
certain obligations relating to the Notes pursuant to a Second
Supplemental Indenture dated April 1, 2004. Each Note has a principal
amount of $25.00. The redemption date will be April 18, 2007, and the
redemption price for each Note will be $25.5625 plus $0.009375 of
accrued and unpaid interest.
32) Willis Group Holdings Limited Announces Accelerated Share
Repurchase of $50 Million of Common Shares - NEW YORK--(BUSINESS
WIRE)--Willis Group Holdings Limited (NYSE: WSH), the global insurance
broker, today announced that it has entered into an agreement to
purchase approximately 1.25 million shares of its common stock from
Keefe, Bruyette & Woods using an accelerated stock repurchase program
for an initial purchase price of approximately $50 million. This
repurchase is part of Willis’ previously announced stock repurchase
program.
33) AIG Financial Products Corp. Launches New Partnership with
Tenaska Energy - WILTON, Conn.--(BUSINESS WIRE)--AIG Financial
Products Corp. (AIG-FP), a member company of American International
Group, Inc. (AIG), today announced that it has signed an agreement to
purchase a 50 percent partnership interest in Tenaska Energy’s (Tenaska)
natural gas marketing companies Tenaska Marketing Ventures, Tenaska
Marketing Canada, and Tenaska Gas Storage (collectively TMV). -
Financial terms of the transaction were not disclosed.
34) Delta Financial Announces Securitization Backed by $950 Million
in Mortgage Loans - WOODBURY, N.Y.--(BUSINESS WIRE)--Delta Financial
Corporation (Amex: DFC) today announced it has securitized $950 million
of mortgage loans through its subsidiary, Renaissance Mortgage
Acceptance Corp. - the Renaissance Home Equity Loan Trust 2007-1. --
Standard & Poor’s Ratings Services and Moody’s Investors Services, Inc.
rated the securities. The securitization was co-lead managed by
Citigroup and Banc of America Securities LLC and co-managed by RBS
Greenwich Capital, JPMorgan and Deutsche Bank Securities.
35) White Mountains Re Group, Ltd. Prices $400 Million Of 6.375%
Senior Notes Due 2017 - HAMILTON, Bermuda, March 14 /PRNewswire-FirstCall/
-- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today
that its wholly-owned subsidiary, White Mountains Re Group, Ltd. ("White
Mountains Re"), has entered into an agreement to sell $400 million of
6.375% senior notes due 2017 (the "Notes") in an offering exempt from
the registration requirements of the Securities Act of 1933, as amended
(the "Securities Act").
36) XL Capital Ltd Announces Plans To Issue Preference Ordinary
Shares - HAMILTON, Bermuda, March 12 /PRNewswire-FirstCall/ -- XL
Capital Ltd ("XL" or the "Company") (NYSE: XL) announced today that it
currently intends to raise approximately $1.0 billion from an offering
of Fixed/Floating Series E Perpetual Non-Cumulative Preference Ordinary
Shares (the "Series E Preference Shares") pursuant to XL's currently
effective shelf registration statement. The Series E Preference Shares
offered will not be exchangeable for or convertible into ordinary shares
of XL.
Thursday, March 15, 2007
Headlines Only Edition:
Here is a quick look at the stories that will be in Friday's INSURANCE NEWSCAST.
1) Hub International to Acquire One of the Largest Arizona-Based
Insurance Brokers - CHICAGO--(BUSINESS WIRE)--Hub International
Limited (NYSE:HBG) (TSX:HBG) announced today that it has agreed to
acquire substantially all of the assets of BNC Insurance Services, Inc.,
one of the largest Arizona-based insurance brokers. The brokerage, which
does business as Milne & BNC Insurance Services, has approximately $19
million in revenue. This operation will become a new regional platform
(hub) doing business as Hub International Milne (HUB Milne).
2) C. V. Starr & Co., Inc., Announces the Creation of Starr Global
Accident & Health Insurance Agency, LLC - NEW YORK--(BUSINESS
WIRE)--Complementing its existing areas of industry leading specialty
businesses, C. V. Starr & Co., Inc. has organized a company specializing
in the delivery of insurance solutions to the global accident and health
market. - To be headquartered in Greenwich, Connecticut, Starr Global
Accident & Health Insurance Agency, LLC (Starr Global Accident & Health)
has established a strategic relationship with The Chubb Corporation.
Through a network of program managers, Starr Global Accident & Health
will underwrite employer stop loss insurance on behalf of the Chubb
Group of Insurance Companies.
3) Chubb to Offer Employer Stop Loss Insurance through C.V. Starr Unit -
WARREN, N.J., March 14 /PRNewswire/ -- Starr Global Accident &
Health Insurance Agency, LLC, through a network of program managers,
will underwrite employer stop loss insurance on behalf of the Chubb
Group of Insurance Companies. -- Chubb will continue to write employer
stop loss insurance through its independent agents and brokers. The
coverage helps protect self-insured employers from absorbing all the
costs associated with catastrophic medical claims and high utilization
rates.
4) Argonaut Group, Inc. and PXRE Group Ltd. to Merge, New Entity Will Be
Named Argo Group - SAN ANTONIO & HAMILTON, Bermuda--(BUSINESS
WIRE)--Argonaut Group, Inc. (NasdaqGS: AGII), a specialty underwriter,
and PXRE Group Ltd. (NYSE:PXT), a Bermuda-based property reinsurer,
announced today they have signed a definitive merger agreement and that
the combined entity will do business as Argo Group International
Holdings Limited (“Argo Group”). Argo Group will become the Bermuda
holding company for PXRE’s existing insurance subsidiaries, Argonaut
Group’s U.S. operations, and a newly formed Bermuda reinsurer named
Peleus Reinsurance Ltd. Argo Group will trade on The NASDAQ Stock Market
under Argonaut Group Inc.’s existing ticker symbol AGII.
5) Rubicon Financial Incorporated Announces Acquisition of Its First
Financial Services Subsidiary - IRVINE, Calif.--(BUSINESS
WIRE)--Rubicon Financial Incorporated (OTCBB:RBCF) today announced that
on February 1, 2007 it closed on the acquisition of Rubicon Financial
Insurance Services, Inc., RBCF’s first financial service company
acquisition. - Rubicon Insurance is a full service insurance agency
offering personal and commercial lines, health and life insurance
products to individuals and companies. Rubicon Insurance is currently
licensed to do business in California and intends to expand to other
states on the West Coast over the next two years.
6) AEGON Strengthens Group Pension Business With Acquisition of OPTAS
N.V. - THE HAGUE, Netherlands, March 15 /PRNewswire-FirstCall/ --
AEGON has reached an agreement to acquire Rotterdam-based OPTAS N.V., a
Dutch life insurance company specializing in employee benefit products
and services with a top ten position in the group pension market. The
net consideration for AEGON of this transaction is approximately EUR 100
million. -- Upon completion of the transaction, OPTAS N.V. will become
a subsidiary of AEGON The Netherlands. The transaction is not
anticipated to lead to forced redundancies.
7) BNCCORP Announces Definitive Agreement for Sale of Insurance
Subsidiary - BISMARCK, N.D., March 14 /PRNewswire-FirstCall/ --
BNCCORP, Inc. (Nasdaq: BNCC), which operates community banking,
insurance and wealth management businesses in Arizona, Minnesota, North
Dakota, Colorado and Nevada, today announced a definitive agreement to
sell substantially all of the assets of its insurance agency operation,
BNC Insurance Services, Inc., to a subsidiary of Hub International
Limited (NYSE: HBG) (TSX: HBG) for a purchase price of approximately $37
million.
8) Arthur J. Gallagher & Co. Acquires The Producer's Choice, Inc. -
ITASCA, Ill., March 14 /PRNewswire-FirstCall/ -- Arthur J. Gallagher &
Co. today announced the acquisition of The Producer's Choice, Inc. of
Coral Springs, Florida. Terms of the transaction were not disclosed.
9) Bay Area Man Sentenced To Ten Years In Prison For Selling Fake
Insurance Policies - SAN FRANCISCO – Insurance Commissioner Steve
Poizner announced today the sentencing of a former insurance
broker/agent to 10 years in prison for the sale of approximately $6
million worth of fake insurance policies the broker falsely claimed were
underwritten by Lloyd’s of London (Lloyd’s). -- According to California
Department of Insurance (CDI) investigators, Richard W. Peterson (also
known as Robert James), 66, of San Francisco, operated an insurance
brokerage firm that claimed to specialize in the placement of commercial
liability insurance for restaurants and bars.
10) U.S. Rep questions Wal-Mart banking plans: report - Thu Mar
15, 2007 1:34AM EDT - Analyst Research Email This Article | Print This
Article | Reprints[-] Text [+] NEW YORK (Reuters) - An Ohio
representative is planning to release information on Thursday that
suggests Wal-Mart Stores Inc.'s (WMT.N: Quote, Profile, Research)
ambitions into consumer banking may extend beyond what the retail giant
had previously disclosed, The New York Times reported.
11) Corporate Insight Finds Deficiencies in Annuity Account Opening
Process - NEW YORK--(BUSINESS WIRE)--Corporate Insight, the leader
in providing competitive intelligence, analysis, and consulting services
to the financial services industry recently examined the account opening
process for annuities at fifteen firms. The research found five key
deficiencies that hinder the process. Specifically they are: Lack of
communication between advisors and firms, Formatting and/or malfunction
issues with online forms, Failure of firms to offer online guidance,
Discrepancies in account forms, Outdated product information on firms’
websites.
12) RFROC ANSWERS ‘When Will the Baby Boomers Really Retire?’ -
LUTZ, Fla.--(BUSINESS WIRE)--The Retirement Financial Readiness Opinion
Council's (RFROC) latest study entitled ‘When Will the Baby Boomers
Really Retire?’, answers this question on many levels. Older Baby
Boomers have told us that they have been saving for their retirement for
forty years. “They are about to shift and begin taking distributions to
live their retirement dreams,” stated Bruce Hurwitz, RFROC President,
who goes on the say, “It is critically important for financial services
companies to understand the coming retirement account outflow
phenomenon, and to develop plans for attracting new sources of
investment assets.”
13) Uncover What Business Owners Want with a Three Step Guide from
Pacific Life - NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Sometimes,
the hardest part of a financial advisor’s job is simply uncovering what
their clients want. To help, Pacific Life Insurance Company introduced a
new guide called, “What They Want” that provides an overview of how life
insurance can help business owners achieve a variety of goals.
14) YourRxCard.com: Unfilled Prescriptions Contribute to Health
System Woes - BATON ROUGE, La.--(BUSINESS WIRE)--High prescription
drug costs for the uninsured and underinsured lead to countless unfilled
prescriptions. Those unfilled prescriptions cost the nation billions of
dollars, damage the quality of life for hundreds of thousands of
Americans and, as a cruel irony, drive up prices even more.
15) California Supports National Initiative for Better Health at
Lower Cost - WASHINGTON, March 14 /PRNewswire-USNewswire/ -- The
State of California today joined the nationwide initiative on
value-driven health care, joining major private employers who have
expressed support since the effort was launched by HHS Secretary Mike
Leavitt in November. California joins a growing list of states that have
committed to the initiative since Secretary Leavitt's appeal to public
sector employers Nov. 28.
16) Important Update Regarding the Alleged Loss of a CD Containing
Member Personal Health and Identity Information - NEW YORK, March 14
/PRNewswire/ -- Empire Blue Cross Blue Shield was just informed that
Magellan Behavioral Health Services has located the CD sent via UPS by
Health Data Management Solutions (HDMS), a third party vendor to
Magellan, an Empire benefit program administrator, that included some
members' personal health information. The CD was lost in transit and was
located this afternoon.
17) Small Business Health Insurance is Priority for Realtors(R) and
Should be for Congress, Says NAR - WASHINGTON, March 14
/PRNewswire-USNewswire/ -- The National Association of Realtors(R) told
a congressional panel today that finding a solution to the health
insurance access and affordability issue facing small businesses and the
self-employed is a priority for REALTORS(R).
18) HHS Secretary, California Governor to Discuss Providing Health
Care at Better Quality and Lower Costs - HHS Secretary Mike Leavitt
and California Governor Arnold Schwarzenegger will discuss the four
"cornerstones" of value-driven health care: interoperable health IT;
transparency of quality; transparency of price; and incentives for
high-value health care. Earlier in the week, more than 60 California
employers in Mountain View and Los Angeles pledged to support the
initiative. More than 15.4 million will benefit by implementation of the
initiative in California.
19) Ignagni Testifies on Capitol Hill Regarding Health Care Options
for Small Businesses - WASHINGTON, March 14 /PRNewswire-USNewswire/
-- Karen Ignagni, President and CEO of America's Health Insurance Plans
(AHIP) testified before the U.S. House Committee on Small Business today
regarding health insurance coverage for small businesses. Ignagni
presented an overview of the small group health insurance market and
discussed different policy options to help small businesses offer
quality, affordable health insurance coverage to their employees.
20) INSURANCE NEWSCAST “Pictures Of the Day”
21) Current Issues Surrounding the Pension Protection Act of 2006 to
be Examined at the Retirement Industry Conference - ATLANTA,
SCHAUMBURG, Ill. and WINDSOR, Conn., March 14 /PRNewswire/ -- The
Pension Protection Act of 2006 was the most sweeping reform of America's
pension laws in over thirty years. However, many issues are still in
flux and regulators are continually working out the legal details. - The
latest information on the Act will be presented at the Retirement
Industry Conference, April 18-20, 2007 in Atlanta, GA. The conference
will also offer numerous sessions covering issues such as asset
retention at the plan level, annuities in 401(k) plans, designing and
implementing winning sales processes and much more.
22) Product Development Trends and Challenges at Life Insurance
Conference - ATLANTA, SCHAUMBURG, Ill., WASHINGTON, and WINDSOR,
Conn., March 14 /PRNewswire/ -- Trends in life insurance product design,
speed to market, and individual life and health combination products are
just some of the product development issues to be discussed at the Life
Insurance Conference, April 16- 18, 2007 at the Westin Peachtree Plaza
in Atlanta, GA.
23) ICE bids for CBOT, challenging CME deal - Thu Mar 15, 2007
8:27am ET - BOCA RATON, Florida (Reuters) - Electronic exchange
IntercontinentalExchange Inc. (ICE.N: Quote, Profile , Research) on
Thursday offered to buy options market CBOT Holdings Inc. (BOT.N: Quote,
Profile , Research), challenging an existing bid by Chicago Mercantile
Exchange Holdings Inc. (CME.N: Quote, Profile , Research). -- The
surprise bid comes at a time when CBOT is thought to be in the final
stages of combining with the Chicago Mercantile Exchange (CME.N: Quote,
Profile , Research), the largest U.S. futures exchange.
24) Deadline to Apply for Physical Disaster Loans Approaching -
ORLANDO, Fla., March 14 /PRNewswire-USNewswire/ -- The U.S. Small
Business Administration (SBA) is reminding homeowners, renters,
non-profit organizations and businesses that one month remains to submit
disaster loan applications for damage caused by severe storms and
tornadoes on February 1 - 2, 2007. The deadline to file an application
for physical damage is April 4, 2007. Homeowners, renters, non-profit
organizations and businesses that sustained physical damage in Lake,
Seminole, Sumter and Volusia counties in the state of Florida are
eligible to apply.
25) Federal Court Denies Effort by Tata America International to
Dismiss Class Action Lawsuit against Tata for Requiring Workers to Hand
over Federal and State Tax Refunds - SAN FRANCISCO--(BUSINESS
WIRE)--Class counsel announced that District Court Judge Vaughn Walker
yesterday denied the motion of Tata America International Corporation
and its parent corporations Tata Consultancy Services, Ltd., and Tata
Sons, Ltd. (collectively referred to as "Tata") to compel arbitration in
India and dismiss the nationwide class action lawsuit in United States
court. The complaint, brought in Federal court in San Francisco by Gopi
Vedachalam, an employee of Tata America International Corporation,
alleges Tata unjustly enriched itself by requiring all of its
non-U.S.-citizen employees to endorse and sign over their federal and
state tax refund checks to Tata.
26) Benepath Launches New Insurance Website - NEWTOWN SQUARE,
Pa.--(BUSINESS WIRE)--Benepath, Inc., a leading health insurance
provider in the mid-Atlantic region, announced today the launch of its
new website, http://www.benepath.com. The site provides online health
insurance quotes and plan comparisons for businesses and individuals.
27) Multicultural Agents Launch ``One Voice Insurance Services'' to
Give Minorities Easy Access to Health, Life Insurance in California -
LOS ANGELES--(BUSINESS WIRE)--A former industry executive and a
network of leading multicultural agents later this week will launch One
Voice Insurance Services, an online portal designed to provide minority
consumers and business owners with in-language and culturally relevant
information about health and life insurance products in California.
28) NAMIC Urges Lawmakers to Reject Provisions in Small Business
Legislation - WASHINGTON (March 14, 2007) - Two sections of
legislation being considered today by the House Ways and Means Committee
would unnecessarily increase business costs for insurers, resulting in
higher premiums for policyholders, according to the National Association
of Mutual Insurance Companies (NAMIC). The provisions would prevent
companies from deducting the cost of settlement agreements and limit the
deductibility of punitive damages.
29) More Companies Offering Consumer-Directed Health Plans, Watson
Wyatt/National Business Group On Health Survey Finds - WASHINGTON,
March 15, 2007 – The number of employers offering consumer-directed
health plans continues to grow. However, those companies that are most
effective at controlling health care costs are combining these plans
with other health-related tactics. Those are among the major findings
in an annual survey conducted by Watson Wyatt Worldwide and the National
Business Group on Health.
30) HealthPass Surpasses Enrollment Milestone - More than 10,000
Employees Participating in Small Employer Health Insurance Plans -
NEW YORK, March 14, 2007 – HealthPass, a New York City-based non-profit
group which offers cost-effective health insurance solutions to small
employers, announced today that more than 10,000 employees are now
enrolled in its programs.
31) Fireman’s Fund Introduces Data Compromise Coverage - NOVATO,
CA – Fireman’s Fund Insurance Company has introduced Data Compromise, a
coverage and service solution for businesses that provides legal
consulting, customer notification services and credit monitoring as well
as identity restoration for customers, employees and others affected by
a data breach. -- Fireman’s Fund’s Data Compromise coverage helps
businesses respond quickly and effectively to a data breach, covering
the costs to notify affected individuals and providing a suite of
services, from credit report monitoring to identity theft restoration
case management.
32) CPCU Society National Leadership Institute Courses Coming To
Pittsburgh - MALVERN, PA, MARCH 15, 2007—On March 21, the CPCU
Society and the Society’s Allegheny Chapter will be hosting two CPCU
Society National Leadership Institute (NLI) courses: Leadership and
Ethics: The Power to Succeed and Developing Resilience in a Rapidly
Changing World. -- Leadership and Ethics: The Power to Succeed has been
approved for four continuing education credits in Delaware, Maryland,
and Pennsylvania. A continental breakfast and course materials will be
included.
33) Insurance Commissioner Steve Poizner Issues Cease And Desist
Order Against Richmond Title For Conducting Business In The State
Without Proper Insurance License - SACRAMENTO – Insurance
Commissioner Steve Poizner issued a Cease and Desist Order today to
Richmond Title Services, L.P., to stop conducting title insurance
business in California. The Tennessee company has conducted more than
$13 million in title insurance business in California without a proper
license from the California Department of Insurance (CDI.) An
investigation by CDI revealed that between March 2005 and January 31,
2007 Richmond Title Services, L.P. repeatedly violated California’s
insurance code by operating as an underwritten title company without
holding a license from the California Insurance Commissioner. The order
also requires Stewart Title, which is licensed in California, to stop
funneling business to Richmond Title via a “work charge agreement,” and
to stop aiding and abetting Richmond Title.
34) Prudential slims down in UK, buys Equitable book - Thu Mar
15, 2007 3:52AM EDT - LONDON, March 15 (Reuters) - Britain's Prudential
(PRU.L: Quote, Profile, Research) plans to focus its underperforming UK
division on its profitable products like annuities, buying Equitable
Life's 1.8 billion pound with-profits annuity portfolio to boost its
clout. - In a keenly awaited review of its domestic business a year
after it fought off a merger approach from rival Aviva (AV.L: Quote,
Profile, Research), Prudential raised its UK cost cutting target to 195
million pounds ($375 million) from 115 million pounds. The savings will
be achieved through internal cost saving and the offshoring or
outsourcing of more jobs. Prudential said 3,000 of its staff will be
affected and it is consulting with unions about the plan.
35) Boomers Beware: Calculating Your Retirement Nest Egg May No
Longer Be Easy - By Harry Steinman, Certified Senior Advisor
President and Founder of Foundation Financial - WINTHROP, Mass., March
14 /PRNewswire/ -- Boomers face bigger challenges than their parents did
when it comes to calculating how much money they need to cover
retirement expenses. Fewer employers offer the generous pensions for
lifetime employees, and post-retirement medical benefits are largely a
relic of an earlier era.
36) Investor Alert: Update on Proposed Acquisition of Sierra Health
Services, Inc. - SIE - DALLAS, March 14 /PRNewswire/ -- On March 12,
2007, Sierra Health Services, Inc. (NYSE:SIE) entered into a definitive
merger agreement with UnitedHealth Group (NYSE:UNH) whereby UnitedHealth
will acquire all outstanding Sierra Health shares for $43.50 per share.
The price per share offered by UnitedHealth is 12.24% more than the
stock's closing price prior to the deal's announcement. - If the
proposed merger is finalized, Sierra Health will no longer be a publicly
traded company. While Sierra Health and UnitedHealth have announced they
expect the merger to close prior to the end of 2007, shareholder
approval is required before the acquisition can be completed.
1) Hub International to Acquire One of the Largest Arizona-Based
Insurance Brokers - CHICAGO--(BUSINESS WIRE)--Hub International
Limited (NYSE:HBG) (TSX:HBG) announced today that it has agreed to
acquire substantially all of the assets of BNC Insurance Services, Inc.,
one of the largest Arizona-based insurance brokers. The brokerage, which
does business as Milne & BNC Insurance Services, has approximately $19
million in revenue. This operation will become a new regional platform
(hub) doing business as Hub International Milne (HUB Milne).
2) C. V. Starr & Co., Inc., Announces the Creation of Starr Global
Accident & Health Insurance Agency, LLC - NEW YORK--(BUSINESS
WIRE)--Complementing its existing areas of industry leading specialty
businesses, C. V. Starr & Co., Inc. has organized a company specializing
in the delivery of insurance solutions to the global accident and health
market. - To be headquartered in Greenwich, Connecticut, Starr Global
Accident & Health Insurance Agency, LLC (Starr Global Accident & Health)
has established a strategic relationship with The Chubb Corporation.
Through a network of program managers, Starr Global Accident & Health
will underwrite employer stop loss insurance on behalf of the Chubb
Group of Insurance Companies.
3) Chubb to Offer Employer Stop Loss Insurance through C.V. Starr Unit -
WARREN, N.J., March 14 /PRNewswire/ -- Starr Global Accident &
Health Insurance Agency, LLC, through a network of program managers,
will underwrite employer stop loss insurance on behalf of the Chubb
Group of Insurance Companies. -- Chubb will continue to write employer
stop loss insurance through its independent agents and brokers. The
coverage helps protect self-insured employers from absorbing all the
costs associated with catastrophic medical claims and high utilization
rates.
4) Argonaut Group, Inc. and PXRE Group Ltd. to Merge, New Entity Will Be
Named Argo Group - SAN ANTONIO & HAMILTON, Bermuda--(BUSINESS
WIRE)--Argonaut Group, Inc. (NasdaqGS: AGII), a specialty underwriter,
and PXRE Group Ltd. (NYSE:PXT), a Bermuda-based property reinsurer,
announced today they have signed a definitive merger agreement and that
the combined entity will do business as Argo Group International
Holdings Limited (“Argo Group”). Argo Group will become the Bermuda
holding company for PXRE’s existing insurance subsidiaries, Argonaut
Group’s U.S. operations, and a newly formed Bermuda reinsurer named
Peleus Reinsurance Ltd. Argo Group will trade on The NASDAQ Stock Market
under Argonaut Group Inc.’s existing ticker symbol AGII.
5) Rubicon Financial Incorporated Announces Acquisition of Its First
Financial Services Subsidiary - IRVINE, Calif.--(BUSINESS
WIRE)--Rubicon Financial Incorporated (OTCBB:RBCF) today announced that
on February 1, 2007 it closed on the acquisition of Rubicon Financial
Insurance Services, Inc., RBCF’s first financial service company
acquisition. - Rubicon Insurance is a full service insurance agency
offering personal and commercial lines, health and life insurance
products to individuals and companies. Rubicon Insurance is currently
licensed to do business in California and intends to expand to other
states on the West Coast over the next two years.
6) AEGON Strengthens Group Pension Business With Acquisition of OPTAS
N.V. - THE HAGUE, Netherlands, March 15 /PRNewswire-FirstCall/ --
AEGON has reached an agreement to acquire Rotterdam-based OPTAS N.V., a
Dutch life insurance company specializing in employee benefit products
and services with a top ten position in the group pension market. The
net consideration for AEGON of this transaction is approximately EUR 100
million. -- Upon completion of the transaction, OPTAS N.V. will become
a subsidiary of AEGON The Netherlands. The transaction is not
anticipated to lead to forced redundancies.
7) BNCCORP Announces Definitive Agreement for Sale of Insurance
Subsidiary - BISMARCK, N.D., March 14 /PRNewswire-FirstCall/ --
BNCCORP, Inc. (Nasdaq: BNCC), which operates community banking,
insurance and wealth management businesses in Arizona, Minnesota, North
Dakota, Colorado and Nevada, today announced a definitive agreement to
sell substantially all of the assets of its insurance agency operation,
BNC Insurance Services, Inc., to a subsidiary of Hub International
Limited (NYSE: HBG) (TSX: HBG) for a purchase price of approximately $37
million.
8) Arthur J. Gallagher & Co. Acquires The Producer's Choice, Inc. -
ITASCA, Ill., March 14 /PRNewswire-FirstCall/ -- Arthur J. Gallagher &
Co. today announced the acquisition of The Producer's Choice, Inc. of
Coral Springs, Florida. Terms of the transaction were not disclosed.
9) Bay Area Man Sentenced To Ten Years In Prison For Selling Fake
Insurance Policies - SAN FRANCISCO – Insurance Commissioner Steve
Poizner announced today the sentencing of a former insurance
broker/agent to 10 years in prison for the sale of approximately $6
million worth of fake insurance policies the broker falsely claimed were
underwritten by Lloyd’s of London (Lloyd’s). -- According to California
Department of Insurance (CDI) investigators, Richard W. Peterson (also
known as Robert James), 66, of San Francisco, operated an insurance
brokerage firm that claimed to specialize in the placement of commercial
liability insurance for restaurants and bars.
10) U.S. Rep questions Wal-Mart banking plans: report - Thu Mar
15, 2007 1:34AM EDT - Analyst Research Email This Article | Print This
Article | Reprints[-] Text [+] NEW YORK (Reuters) - An Ohio
representative is planning to release information on Thursday that
suggests Wal-Mart Stores Inc.'s (WMT.N: Quote, Profile, Research)
ambitions into consumer banking may extend beyond what the retail giant
had previously disclosed, The New York Times reported.
11) Corporate Insight Finds Deficiencies in Annuity Account Opening
Process - NEW YORK--(BUSINESS WIRE)--Corporate Insight, the leader
in providing competitive intelligence, analysis, and consulting services
to the financial services industry recently examined the account opening
process for annuities at fifteen firms. The research found five key
deficiencies that hinder the process. Specifically they are: Lack of
communication between advisors and firms, Formatting and/or malfunction
issues with online forms, Failure of firms to offer online guidance,
Discrepancies in account forms, Outdated product information on firms’
websites.
12) RFROC ANSWERS ‘When Will the Baby Boomers Really Retire?’ -
LUTZ, Fla.--(BUSINESS WIRE)--The Retirement Financial Readiness Opinion
Council's (RFROC) latest study entitled ‘When Will the Baby Boomers
Really Retire?’, answers this question on many levels. Older Baby
Boomers have told us that they have been saving for their retirement for
forty years. “They are about to shift and begin taking distributions to
live their retirement dreams,” stated Bruce Hurwitz, RFROC President,
who goes on the say, “It is critically important for financial services
companies to understand the coming retirement account outflow
phenomenon, and to develop plans for attracting new sources of
investment assets.”
13) Uncover What Business Owners Want with a Three Step Guide from
Pacific Life - NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Sometimes,
the hardest part of a financial advisor’s job is simply uncovering what
their clients want. To help, Pacific Life Insurance Company introduced a
new guide called, “What They Want” that provides an overview of how life
insurance can help business owners achieve a variety of goals.
14) YourRxCard.com: Unfilled Prescriptions Contribute to Health
System Woes - BATON ROUGE, La.--(BUSINESS WIRE)--High prescription
drug costs for the uninsured and underinsured lead to countless unfilled
prescriptions. Those unfilled prescriptions cost the nation billions of
dollars, damage the quality of life for hundreds of thousands of
Americans and, as a cruel irony, drive up prices even more.
15) California Supports National Initiative for Better Health at
Lower Cost - WASHINGTON, March 14 /PRNewswire-USNewswire/ -- The
State of California today joined the nationwide initiative on
value-driven health care, joining major private employers who have
expressed support since the effort was launched by HHS Secretary Mike
Leavitt in November. California joins a growing list of states that have
committed to the initiative since Secretary Leavitt's appeal to public
sector employers Nov. 28.
16) Important Update Regarding the Alleged Loss of a CD Containing
Member Personal Health and Identity Information - NEW YORK, March 14
/PRNewswire/ -- Empire Blue Cross Blue Shield was just informed that
Magellan Behavioral Health Services has located the CD sent via UPS by
Health Data Management Solutions (HDMS), a third party vendor to
Magellan, an Empire benefit program administrator, that included some
members' personal health information. The CD was lost in transit and was
located this afternoon.
17) Small Business Health Insurance is Priority for Realtors(R) and
Should be for Congress, Says NAR - WASHINGTON, March 14
/PRNewswire-USNewswire/ -- The National Association of Realtors(R) told
a congressional panel today that finding a solution to the health
insurance access and affordability issue facing small businesses and the
self-employed is a priority for REALTORS(R).
18) HHS Secretary, California Governor to Discuss Providing Health
Care at Better Quality and Lower Costs - HHS Secretary Mike Leavitt
and California Governor Arnold Schwarzenegger will discuss the four
"cornerstones" of value-driven health care: interoperable health IT;
transparency of quality; transparency of price; and incentives for
high-value health care. Earlier in the week, more than 60 California
employers in Mountain View and Los Angeles pledged to support the
initiative. More than 15.4 million will benefit by implementation of the
initiative in California.
19) Ignagni Testifies on Capitol Hill Regarding Health Care Options
for Small Businesses - WASHINGTON, March 14 /PRNewswire-USNewswire/
-- Karen Ignagni, President and CEO of America's Health Insurance Plans
(AHIP) testified before the U.S. House Committee on Small Business today
regarding health insurance coverage for small businesses. Ignagni
presented an overview of the small group health insurance market and
discussed different policy options to help small businesses offer
quality, affordable health insurance coverage to their employees.
20) INSURANCE NEWSCAST “Pictures Of the Day”
21) Current Issues Surrounding the Pension Protection Act of 2006 to
be Examined at the Retirement Industry Conference - ATLANTA,
SCHAUMBURG, Ill. and WINDSOR, Conn., March 14 /PRNewswire/ -- The
Pension Protection Act of 2006 was the most sweeping reform of America's
pension laws in over thirty years. However, many issues are still in
flux and regulators are continually working out the legal details. - The
latest information on the Act will be presented at the Retirement
Industry Conference, April 18-20, 2007 in Atlanta, GA. The conference
will also offer numerous sessions covering issues such as asset
retention at the plan level, annuities in 401(k) plans, designing and
implementing winning sales processes and much more.
22) Product Development Trends and Challenges at Life Insurance
Conference - ATLANTA, SCHAUMBURG, Ill., WASHINGTON, and WINDSOR,
Conn., March 14 /PRNewswire/ -- Trends in life insurance product design,
speed to market, and individual life and health combination products are
just some of the product development issues to be discussed at the Life
Insurance Conference, April 16- 18, 2007 at the Westin Peachtree Plaza
in Atlanta, GA.
23) ICE bids for CBOT, challenging CME deal - Thu Mar 15, 2007
8:27am ET - BOCA RATON, Florida (Reuters) - Electronic exchange
IntercontinentalExchange Inc. (ICE.N: Quote, Profile , Research) on
Thursday offered to buy options market CBOT Holdings Inc. (BOT.N: Quote,
Profile , Research), challenging an existing bid by Chicago Mercantile
Exchange Holdings Inc. (CME.N: Quote, Profile , Research). -- The
surprise bid comes at a time when CBOT is thought to be in the final
stages of combining with the Chicago Mercantile Exchange (CME.N: Quote,
Profile , Research), the largest U.S. futures exchange.
24) Deadline to Apply for Physical Disaster Loans Approaching -
ORLANDO, Fla., March 14 /PRNewswire-USNewswire/ -- The U.S. Small
Business Administration (SBA) is reminding homeowners, renters,
non-profit organizations and businesses that one month remains to submit
disaster loan applications for damage caused by severe storms and
tornadoes on February 1 - 2, 2007. The deadline to file an application
for physical damage is April 4, 2007. Homeowners, renters, non-profit
organizations and businesses that sustained physical damage in Lake,
Seminole, Sumter and Volusia counties in the state of Florida are
eligible to apply.
25) Federal Court Denies Effort by Tata America International to
Dismiss Class Action Lawsuit against Tata for Requiring Workers to Hand
over Federal and State Tax Refunds - SAN FRANCISCO--(BUSINESS
WIRE)--Class counsel announced that District Court Judge Vaughn Walker
yesterday denied the motion of Tata America International Corporation
and its parent corporations Tata Consultancy Services, Ltd., and Tata
Sons, Ltd. (collectively referred to as "Tata") to compel arbitration in
India and dismiss the nationwide class action lawsuit in United States
court. The complaint, brought in Federal court in San Francisco by Gopi
Vedachalam, an employee of Tata America International Corporation,
alleges Tata unjustly enriched itself by requiring all of its
non-U.S.-citizen employees to endorse and sign over their federal and
state tax refund checks to Tata.
26) Benepath Launches New Insurance Website - NEWTOWN SQUARE,
Pa.--(BUSINESS WIRE)--Benepath, Inc., a leading health insurance
provider in the mid-Atlantic region, announced today the launch of its
new website, http://www.benepath.com. The site provides online health
insurance quotes and plan comparisons for businesses and individuals.
27) Multicultural Agents Launch ``One Voice Insurance Services'' to
Give Minorities Easy Access to Health, Life Insurance in California -
LOS ANGELES--(BUSINESS WIRE)--A former industry executive and a
network of leading multicultural agents later this week will launch One
Voice Insurance Services, an online portal designed to provide minority
consumers and business owners with in-language and culturally relevant
information about health and life insurance products in California.
28) NAMIC Urges Lawmakers to Reject Provisions in Small Business
Legislation - WASHINGTON (March 14, 2007) - Two sections of
legislation being considered today by the House Ways and Means Committee
would unnecessarily increase business costs for insurers, resulting in
higher premiums for policyholders, according to the National Association
of Mutual Insurance Companies (NAMIC). The provisions would prevent
companies from deducting the cost of settlement agreements and limit the
deductibility of punitive damages.
29) More Companies Offering Consumer-Directed Health Plans, Watson
Wyatt/National Business Group On Health Survey Finds - WASHINGTON,
March 15, 2007 – The number of employers offering consumer-directed
health plans continues to grow. However, those companies that are most
effective at controlling health care costs are combining these plans
with other health-related tactics. Those are among the major findings
in an annual survey conducted by Watson Wyatt Worldwide and the National
Business Group on Health.
30) HealthPass Surpasses Enrollment Milestone - More than 10,000
Employees Participating in Small Employer Health Insurance Plans -
NEW YORK, March 14, 2007 – HealthPass, a New York City-based non-profit
group which offers cost-effective health insurance solutions to small
employers, announced today that more than 10,000 employees are now
enrolled in its programs.
31) Fireman’s Fund Introduces Data Compromise Coverage - NOVATO,
CA – Fireman’s Fund Insurance Company has introduced Data Compromise, a
coverage and service solution for businesses that provides legal
consulting, customer notification services and credit monitoring as well
as identity restoration for customers, employees and others affected by
a data breach. -- Fireman’s Fund’s Data Compromise coverage helps
businesses respond quickly and effectively to a data breach, covering
the costs to notify affected individuals and providing a suite of
services, from credit report monitoring to identity theft restoration
case management.
32) CPCU Society National Leadership Institute Courses Coming To
Pittsburgh - MALVERN, PA, MARCH 15, 2007—On March 21, the CPCU
Society and the Society’s Allegheny Chapter will be hosting two CPCU
Society National Leadership Institute (NLI) courses: Leadership and
Ethics: The Power to Succeed and Developing Resilience in a Rapidly
Changing World. -- Leadership and Ethics: The Power to Succeed has been
approved for four continuing education credits in Delaware, Maryland,
and Pennsylvania. A continental breakfast and course materials will be
included.
33) Insurance Commissioner Steve Poizner Issues Cease And Desist
Order Against Richmond Title For Conducting Business In The State
Without Proper Insurance License - SACRAMENTO – Insurance
Commissioner Steve Poizner issued a Cease and Desist Order today to
Richmond Title Services, L.P., to stop conducting title insurance
business in California. The Tennessee company has conducted more than
$13 million in title insurance business in California without a proper
license from the California Department of Insurance (CDI.) An
investigation by CDI revealed that between March 2005 and January 31,
2007 Richmond Title Services, L.P. repeatedly violated California’s
insurance code by operating as an underwritten title company without
holding a license from the California Insurance Commissioner. The order
also requires Stewart Title, which is licensed in California, to stop
funneling business to Richmond Title via a “work charge agreement,” and
to stop aiding and abetting Richmond Title.
34) Prudential slims down in UK, buys Equitable book - Thu Mar
15, 2007 3:52AM EDT - LONDON, March 15 (Reuters) - Britain's Prudential
(PRU.L: Quote, Profile, Research) plans to focus its underperforming UK
division on its profitable products like annuities, buying Equitable
Life's 1.8 billion pound with-profits annuity portfolio to boost its
clout. - In a keenly awaited review of its domestic business a year
after it fought off a merger approach from rival Aviva (AV.L: Quote,
Profile, Research), Prudential raised its UK cost cutting target to 195
million pounds ($375 million) from 115 million pounds. The savings will
be achieved through internal cost saving and the offshoring or
outsourcing of more jobs. Prudential said 3,000 of its staff will be
affected and it is consulting with unions about the plan.
35) Boomers Beware: Calculating Your Retirement Nest Egg May No
Longer Be Easy - By Harry Steinman, Certified Senior Advisor
President and Founder of Foundation Financial - WINTHROP, Mass., March
14 /PRNewswire/ -- Boomers face bigger challenges than their parents did
when it comes to calculating how much money they need to cover
retirement expenses. Fewer employers offer the generous pensions for
lifetime employees, and post-retirement medical benefits are largely a
relic of an earlier era.
36) Investor Alert: Update on Proposed Acquisition of Sierra Health
Services, Inc. - SIE - DALLAS, March 14 /PRNewswire/ -- On March 12,
2007, Sierra Health Services, Inc. (NYSE:SIE) entered into a definitive
merger agreement with UnitedHealth Group (NYSE:UNH) whereby UnitedHealth
will acquire all outstanding Sierra Health shares for $43.50 per share.
The price per share offered by UnitedHealth is 12.24% more than the
stock's closing price prior to the deal's announcement. - If the
proposed merger is finalized, Sierra Health will no longer be a publicly
traded company. While Sierra Health and UnitedHealth have announced they
expect the merger to close prior to the end of 2007, shareholder
approval is required before the acquisition can be completed.
Tuesday, March 13, 2007
INSURANCE NEWSCAST "Headlines Only Edition"
1) New Century says it understated debt; faces probes - Tue Mar 13, 2007 11:20AM EDT By Dan Wilchins - NEW YORK (Reuters) - New Century Financial Corp. (NEW.N: ) said on Tuesday it underestimated its debt to Credit Suisse by $500 million, the latest snafu for a company under investigation by U.S. securities regulators and facing delisting from the New York Stock Exchange. Analysts said New Century, the largest U.S. independent subprime lender, is teetering on the brink of bankruptcy as defaults among borrowers with poor credit surge. - A spokeswoman for New Century was not immediately available for comment.
2) Accredited Home sinks 54 pct as cash falls short - Tue Mar 13, 2007 10:50AM EDT - NEW YORK (Reuters) - Accredited Home Lenders Holding Co. (LEND.O: ), a U.S. subprime mortgage lender, said on Tuesday it needed to raise cash after paying $190 million demanded by its lenders, sending its shares down as much as 53.5 percent to a record low. The San Diego-based company said it also will cut jobs and seek other ways to cut costs. It also said it is seeking waivers of some financial covenants from its lenders, and is "exploring various strategic options."
3) Subprime woes "well contained" in market: Treasury - Tue Mar 13, 2007 12:08PM EDT - WASHINGTON (Reuters) - The U.S. Treasury's financial markets chief said on Tuesday that subprime mortgage problems appeared to be "fairly well contained" within the U.S. mortgage market.
4) Citigroup raises offer for Japan's Nikko by 26 pct - Nikko shares jump 6 pct on listing reprieve - By Jonathan Soble - TOKYO, March 13 (Reuters) - Shares in Japan's Nikko Cordial Corp. (8603.T: ) rose 6.1 percent on Tuesday after the Tokyo Stock Exchange decided not to revoke the brokerage's share listing over an accounting scandal, a surprise move that could force Citigroup (C.N: ) to sweeten its $10.8 billion buyout offer. -- After the exchange's decision on Monday, Citigroup reiterated its intention to launch a tender bid for Nikko and said it would not change its offer of 1,350 yen a share. It had initially set a target of Tuesday to formally initiate the bid.
5) Viacom Files Federal Copyright Infringement Complaint Against YouTube and Google - NEW YORK, March 13 /PRNewswire-FirstCall/ -- Viacom Inc. (NYSE:VIA) (NYSE:and VIA.B) today announced that it has sued YouTube and Google in U.S. District Court for the Southern District of New York for massive intentional copyright infringement of Viacom's entertainment properties. The suit seeks more than $1 billion in damages, as well as an injunction prohibiting Google and YouTube from further copyright infringement. The complaint contends that almost 160,000 unauthorized clips of Viacom's programming have been available on YouTube and that these clips had been viewed more than 1.5 billion times.
6) Aon Consulting Acquires London-based Market Intelligence Firm Z/Yen Limited - CHICAGO, March 13 /PRNewswire-FirstCall/ -- Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE: AOC), announced today that its subsidiary, McLagan Partners, has completed the acquisition of Z/Yen Limited, a London-based market intelligence firm. Z/Yen Limited is a subsidiary of the Z/Yen Group, and all other work undertaken by the Z/Yen Group such as management consultancy, research and predictive software, are unaffected by this change. The terms of the transaction are not disclosed.
7) Beazley Strengthens Presence in U.S. Healthcare Professional Liability Market - LONDON, March 13 /PRNewswire-FirstCall/ -- Beazley Group (BEZ.L) has agreed to acquire Sapphire Blue, an agency specializing in professional liability insurance for U.S. healthcare institutions, particularly long term care facilities. The transaction significantly strengthens Beazley's presence in this market.
8) Guy Carpenter Introduces SelectCat™, Creating Access to New Market Capacity for Reinsurers Seeking to Hedge Property Catastrophe Exposures Strikes Right Balance between Indemnity and Transparency for both Reinsurance and Capital Markets* - NEW YORK--(BUSINESS WIRE)--Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), today announced the launch of SelectCat™, an innovative, index-based product that provides reinsurers with much needed capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCat’s unique pricing and loss index is developed from a synthetic layer, structured for a basket of programs selected to act as a proxy for the portfolio that a reinsurer wants to protect.
9) Symetra Helps Customers Avoid Renewal Rate Roulette: - Bellevue, Wash. — (March 12, 2007) — Symetra Life Insurance Company is pioneering a new approach to interest rate renewals on fixed annuities. The Symetra Custom Fixed Annuity now guarantees that, throughout the annuity’s entire surrender period, the annual interest rate on the annuity will never be less than half a percentage point (50 basis points) below the first year’s base rate at purchase.
10) 2006 Limra Survey Reports Strong Customer Service Ratings For The Second Straight Year For Colonial - COLUMBIA, S.C. (March 12, 2007) — After a second year of conducting quarterly customer satisfaction surveys, LIMRA International reports Colonial Life & Accident Insurance Company continues to receive strong ratings for customer service. During 2006, customer survey ratings show sustained high scores from the following two customer groups surveyed:
11) EZ Meds USA Announces National RX Plan for Expensive Name Brand Drugs - Scottsdale Arizona, - March 12, 2007, 2007 EZ Meds USA, a Scottsdale company providing a simple and affordable solution for individuals to obtain costly prescription medications, announced that it has developed a stand alone RX Plan covering over 3,000 name brand drugs. EZMEDS works directly with the pharmaceutical companies to get the drugs for free – after members pay a one-time enrollment fee and an additional $97 monthly medication fee. With no limit to the number of drugs being used by the patient, EZMeds will determine the patient eligibility for these prescription programs, process the necessary paperwork needed to be signed by physician, and send it directly to the pharmaceutical company.
12) Fidelity Life Association Adds Return of Premium to its Revolutionary Rapid Decision Term Product - Oak Brook, IL, March 12, 2007—Fidelity Life Association today announced the introduction of a Return of Premium rider to its Rapid Decision Term product. Available in 15, 20 or 30-year terms, the Return of Premium Rider allows customers to receive a percentage of their premium back—grading up to 100% at the end of a full policy term.
13) OneBeacon Offering New Disaster-Recovery Tool - BOSTON, March 12 /PRNewswire-FirstCall/ -- OneBeacon Insurance is making a powerful new resource available to help its smaller business customers survive natural and man-made disasters. - Open for Business(sm), a free Web-based disaster-recovery and risk assessment tool developed by the Institute for Business & Home Safety (IBHS), enables OneBeacon's smaller commercial customers to perform the kinds of disaster analysis and recovery planning normally limited to much larger organizations.
14) CIGNA Government Services Invites Applicants to Nashville Job Fairs to Fill More Than 200 Open Positions - NASHVILLE, Tenn., March 12, 2007 /PRNewswire-FirstCall/ -- CIGNA Government Services, LLC (CGS), a major employer in Nashville with nearly 500 employees, will hold three job fairs this week to fill more than 200 open positions in its Nashville Metro Center operations. -- Job fairs are scheduled at the Sheraton Music City, 777 McGavock Pike, Nashville, from 2 to 9 p.m. March 14 and 15 and from 8 a.m. to 4 p.m. March 17 to fill a variety of openings.
15) Many Salespeople 'Exaggerate'; They Think Doing So Sells More, Experts Tell Sales Profession - WACO, Texas, March 13 /PRNewswire/ -- Many salespeople 'exaggerate' when pitching their products and services. They think they'll sell more by "growing hair" on their presentations, according to two Baylor University marketing professors and a noted behavioral scientist. - Professors Larry Chonko and Jeff Tanner and behavior researcher George W. Dudley, in remarks prepared for the National Sales Conference on Sales Management in Irvine, Calif., (March 29-31) cited research that found 51% of salespeople still sometimes stretch the truth but insisted it isn't typical of the profession.
16) Independent Insurance Agents, Brokers of NY Offers Information on New York State Workers’ Comp Reform Bill - (DeWitt, New York, March 13, 2007) — As New York Gov. Eliot Spitzer’s signature sets into motion workers’ compensation reform, a brighter economic landscape is expected. The historic measure will reduce costs to business while increasing injured workers’ weekly benefits.
17) Teaming Up to Protect Tow Truck Operators - Overland Park, KS and Melbourne FL – March 13, 2007 – Swiss Re’s Commercial Insurance and BISYS today announced the launch of an insurance program for tow truck operators. Backed by the world-class financial strength of Swiss Re and the transportation expertise of BISYS, this program offers peace of mind and security to tow truck operators who meet underwriting guidelines. --- An added benefit of this new program is a paperless submission process that allows agents to utilize electronic, fillable applications, and all submission requirements and applications are available online at www.BISYSPC.com.
18) SellingLTC.com Develops LTCI Financial Calculators - ATLANTA, March 13 /PRNewswire/ -- SellingLTC.com, LLC, the leader in providing long-term care insurance sales, marketing and presentation solutions for insurance sales professionals, today announced the release of their LTCI Financial Calculators, designed to assist insurance sales professionals in overcoming complex financial objections.
19) Validus Holdings, Ltd. Announces $700 Million Syndicated Credit Agreements - HAMILTON, Bermuda, March 13 /PRNewswire-FirstCall/ -- Validus Holdings, Ltd. ("Validus" or "the Company") announced today that it had entered into credit agreements aggregating $700 million with a syndicate of lenders, consisting of a $500 million Five-Year Secured Letter of Credit Facility and a $200 million Three-Year Unsecured Letter of Credit Facility. The Five-Year Secured Letter of Credit Facility is secured by cash and eligible securities of the Company and its subsidiaries. The Three-Year Unsecured Letter of Credit Facility also allows the Company to borrow up to the full amount of the facility as revolving loans for general corporate purposes.
20) INSURANCE NEWSCAST “Pictures Of The Day”
21) Humana's Partnership With Business Health Care Group Of Southeastern Wisconsin Proves Successful - NASHVILLE, Tenn., March 13 /PRNewswire/ -- HealthLeaders-InterStudy, a leading provider of managed care industry intelligence, reports the partnership between Humana and the Business Health Care Group of Southeastern Wisconsin is touting impressive new numbers pointing to its first-year success in controlling costs and gaining members. According to the latest Wisconsin Health Plan Analysis, numbers released by the insurer show solid growth in Humana's book of business, especially as it goes up against UnitedHealthcare and the Wisconsin Blues in a battle for market share.
22) Kaplan Financial and Delia Passi Target Women's Market - CHICAGO, March 12, 2007 -- While 43% of Americans with investment assets of $500,000 or more are women, many financial advisors don't understand the difference between the investment styles of women and men, according to Delia Passi and Kaplan Financial. Passi is the pioneer in creating and delivering selling-to-women training to the leading financial services corporations, and Kaplan Financial (www.kaplanfinancial.com) is a leading source of education and compliance solutions for insurance and financial services institutions and individuals. The two have partnered to offer a series of workshops for financial and insurance advisors to help them better understand the women's market.
23) Verdasys Publishes New Whitepaper by Dan Geer on Data Loss Prevention - WALTHAM, Mass.--(BUSINESS WIRE)--Verdasys, Inc., the leader in business process integrity solutions for data loss prevention, corporate compliance and data security announced today the availability of a new whitepaper by Dr. Daniel E. Geer, Jr., ScD. The paper entitled, Data Loss Prevention, takes an in-depth look at the increase in victims of information leakage and asserts the risks businesses face when not taking the initiative to adequately prevent their data from loss or misuse as well as what actions companies can take to secure their corporate data.
24) MCOL Releases 2007 Editions of Consumer Driven Care Guidebook and Training Kit CD-ROM – Includes Company Specific Enrollment and Premium Research - MODESTO, Calif.--(BUSINESS WIRE)--MCOL, the premiere business-to-business publisher of health management and managed care resources, has released the Consumer Driven Care Guidebook 2007 edition, and version 6.0 of its popular Consumer Driven Care Training Kit CD-ROM. Detailed information for both of these new Consumer Driven Care resources is available on-line at https://www.managedcarestore.com (under featured products) or by calling 209.577.4888.
25) Resources for Caregivers 2007 Available Free from the MetLife Mature Market Institute® - WESTPORT, Conn.--(BUSINESS WIRE)--The MetLife Mature Market Institute and the National Alliance for Caregiving, in cooperation with the National Association of Area Agencies on Aging (n4A), have released a publication aimed at making life a little easier for the legions of Americans caring for a sick or disabled friend or relative. - The 38-page booklet, Resources for Caregivers 2007, is available free to the public by calling 203-221-6580, via e-mail to maturemarketinstitute@metlife.com, or by download at www.maturemarketinstitute.com under ‘What’s New.’
26) Swedish Covenant Hospital Enhances Strategic HR after Switching to Ultimate Software’s UltiPro - WESTON, Fla.--(BUSINESS WIRE)--Ultimate Software (Nasdaq:ULTI), a leading provider of end-to-end strategic human resources, payroll, and talent management solutions, announced today that Swedish Covenant Hospital, a nonprofit facility with more than 2,000 employees that has served the residents of Chicago’s north and northwestern communities for nearly 120 years, has increased the strategic contributions of its human resources team with Ultimate Software’s UltiPro.
27) Centene Corporation Announces Texas Foster Care Contract Award - ST. LOUIS--(BUSINESS WIRE)--Centene Corporation (NYSE: CNC) today announced that its Texas subsidiary, Superior HealthPlan Network (Superior Network), finalized the contractual terms of the Comprehensive Health Care for Children in Foster Care program award with the Texas Health and Human Services Commission (HHSC). This statewide program will provide managed care services to participants in the Texas foster care program.
28) Federal Government and California Healthcare Organizations Partner to Promote Better Physician Performance - SAN FRANCISCO--(BUSINESS WIRE)--The California Cooperative Healthcare Reporting Initiative (CCHRI), a statewide collaborative representing physician groups, health plans, and health care purchasers, announced entering a subcontract agreement with the Delmarva Foundation for Medical Care, one of the Centers for Medicare and Medicaid Services’ (CMS’) quality improvement organizations, to be one of six sites around the country, as part of the Better Quality Information to Improve Care for Medicare Beneficiaries (BQI) Project. The project is aimed at compiling and communicating information to Medicare beneficiaries on doctors’ performance.
29) RenaissanceRe Executives Adopt Rule 10b5-1 Plans - PEMBROKE, Bermuda--(BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today that three of its senior executives have adopted prearranged trading plans in accordance with guidelines specified by Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company's policies with respect to insider sales. The executives are William I. Riker, President; John D. Nichols, Executive Vice President and President of RenaissanceRe Ventures Ltd. and Renaissance Underwriting Managers Ltd.; and Kevin J. O'Donnell, President of Renaissance Reinsurance Ltd.
30) New APHA Report Urges Expanded Health Coverage for Children - WASHINGTON, March 13 /PRNewswire-USNewswire/ -- The American Public Health Association (APHA) today released its recommendations for expanding health coverage to uninsured children through Medicaid and the State Children's Health Insurance Program (SCHIP), a successful federal and state joint program that is set to be reauthorized this year.
31) Humana's Partnership With Business Health Care Group Of Southeastern Wisconsin Proves Successful - NASHVILLE, Tenn., March 13 /PRNewswire/ -- HealthLeaders-InterStudy, a leading provider of managed care industry intelligence, reports the partnership between Humana and the Business Health Care Group of Southeastern Wisconsin is touting impressive new numbers pointing to its first-year success in controlling costs and gaining members. According to the latest Wisconsin Health Plan Analysis, numbers released by the insurer show solid growth in Humana's book of business, especially as it goes up against UnitedHealthcare and the Wisconsin Blues in a battle for market share.
32) Aon Applauds Illinois Governor's Health Care Efforts - CHICAGO, March 12 /PRNewswire-FirstCall/ -- A statement from Aon Corp.: Aon applauds Governor Rod Blagojevich's efforts to craft a health care plan that would provide affordable coverage options to the uninsured and underinsured, and address catastrophic illness and injury. Aon's own Health Care Trend survey warns about the impact of double-digit health care rate increases.
33) New England Financial of North Jersey Offers Venture Capital Market Innovative Insurance Plan - FAIRFIELD, N.J., March 12 /PRNewswire/ -- Venture Capital (VC2) Protection Plus is an innovative and effective plan for any parties involved in Venture Capital. The formula behind VC2 helps protect venture capitalists, angel investors and private equity firms in the event of death, disability or severance of key players. "Through underwriting, we also assist in the due diligence process by assessing the insurance risk of the key players," says Ed Barrett, Managing Partner.
34) Blue Shield of California Is First U.S. Health Care Plan to Cover Photochromic Lenses in All New Vision Plans - SAN FRANCISCO, March 12 /PRNewswire/ -- Blue Shield of California and Blue Shield of California Life & Health Insurance Company are making it easier for consumers to obtain quality vision care, becoming the first health plans to offer coverage of photochromic lenses in all new vision plans. Members will receive coverage of up to $200 with a $130 eyeglass frame allowance for photochromic lenses, including brands such as Transitions(R) lenses.
2) Accredited Home sinks 54 pct as cash falls short - Tue Mar 13, 2007 10:50AM EDT - NEW YORK (Reuters) - Accredited Home Lenders Holding Co. (LEND.O: ), a U.S. subprime mortgage lender, said on Tuesday it needed to raise cash after paying $190 million demanded by its lenders, sending its shares down as much as 53.5 percent to a record low. The San Diego-based company said it also will cut jobs and seek other ways to cut costs. It also said it is seeking waivers of some financial covenants from its lenders, and is "exploring various strategic options."
3) Subprime woes "well contained" in market: Treasury - Tue Mar 13, 2007 12:08PM EDT - WASHINGTON (Reuters) - The U.S. Treasury's financial markets chief said on Tuesday that subprime mortgage problems appeared to be "fairly well contained" within the U.S. mortgage market.
4) Citigroup raises offer for Japan's Nikko by 26 pct - Nikko shares jump 6 pct on listing reprieve - By Jonathan Soble - TOKYO, March 13 (Reuters) - Shares in Japan's Nikko Cordial Corp. (8603.T: ) rose 6.1 percent on Tuesday after the Tokyo Stock Exchange decided not to revoke the brokerage's share listing over an accounting scandal, a surprise move that could force Citigroup (C.N: ) to sweeten its $10.8 billion buyout offer. -- After the exchange's decision on Monday, Citigroup reiterated its intention to launch a tender bid for Nikko and said it would not change its offer of 1,350 yen a share. It had initially set a target of Tuesday to formally initiate the bid.
5) Viacom Files Federal Copyright Infringement Complaint Against YouTube and Google - NEW YORK, March 13 /PRNewswire-FirstCall/ -- Viacom Inc. (NYSE:VIA) (NYSE:and VIA.B) today announced that it has sued YouTube and Google in U.S. District Court for the Southern District of New York for massive intentional copyright infringement of Viacom's entertainment properties. The suit seeks more than $1 billion in damages, as well as an injunction prohibiting Google and YouTube from further copyright infringement. The complaint contends that almost 160,000 unauthorized clips of Viacom's programming have been available on YouTube and that these clips had been viewed more than 1.5 billion times.
6) Aon Consulting Acquires London-based Market Intelligence Firm Z/Yen Limited - CHICAGO, March 13 /PRNewswire-FirstCall/ -- Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE: AOC), announced today that its subsidiary, McLagan Partners, has completed the acquisition of Z/Yen Limited, a London-based market intelligence firm. Z/Yen Limited is a subsidiary of the Z/Yen Group, and all other work undertaken by the Z/Yen Group such as management consultancy, research and predictive software, are unaffected by this change. The terms of the transaction are not disclosed.
7) Beazley Strengthens Presence in U.S. Healthcare Professional Liability Market - LONDON, March 13 /PRNewswire-FirstCall/ -- Beazley Group (BEZ.L) has agreed to acquire Sapphire Blue, an agency specializing in professional liability insurance for U.S. healthcare institutions, particularly long term care facilities. The transaction significantly strengthens Beazley's presence in this market.
8) Guy Carpenter Introduces SelectCat™, Creating Access to New Market Capacity for Reinsurers Seeking to Hedge Property Catastrophe Exposures Strikes Right Balance between Indemnity and Transparency for both Reinsurance and Capital Markets* - NEW YORK--(BUSINESS WIRE)--Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), today announced the launch of SelectCat™, an innovative, index-based product that provides reinsurers with much needed capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCat’s unique pricing and loss index is developed from a synthetic layer, structured for a basket of programs selected to act as a proxy for the portfolio that a reinsurer wants to protect.
9) Symetra Helps Customers Avoid Renewal Rate Roulette: - Bellevue, Wash. — (March 12, 2007) — Symetra Life Insurance Company is pioneering a new approach to interest rate renewals on fixed annuities. The Symetra Custom Fixed Annuity now guarantees that, throughout the annuity’s entire surrender period, the annual interest rate on the annuity will never be less than half a percentage point (50 basis points) below the first year’s base rate at purchase.
10) 2006 Limra Survey Reports Strong Customer Service Ratings For The Second Straight Year For Colonial - COLUMBIA, S.C. (March 12, 2007) — After a second year of conducting quarterly customer satisfaction surveys, LIMRA International reports Colonial Life & Accident Insurance Company continues to receive strong ratings for customer service. During 2006, customer survey ratings show sustained high scores from the following two customer groups surveyed:
11) EZ Meds USA Announces National RX Plan for Expensive Name Brand Drugs - Scottsdale Arizona, - March 12, 2007, 2007 EZ Meds USA, a Scottsdale company providing a simple and affordable solution for individuals to obtain costly prescription medications, announced that it has developed a stand alone RX Plan covering over 3,000 name brand drugs. EZMEDS works directly with the pharmaceutical companies to get the drugs for free – after members pay a one-time enrollment fee and an additional $97 monthly medication fee. With no limit to the number of drugs being used by the patient, EZMeds will determine the patient eligibility for these prescription programs, process the necessary paperwork needed to be signed by physician, and send it directly to the pharmaceutical company.
12) Fidelity Life Association Adds Return of Premium to its Revolutionary Rapid Decision Term Product - Oak Brook, IL, March 12, 2007—Fidelity Life Association today announced the introduction of a Return of Premium rider to its Rapid Decision Term product. Available in 15, 20 or 30-year terms, the Return of Premium Rider allows customers to receive a percentage of their premium back—grading up to 100% at the end of a full policy term.
13) OneBeacon Offering New Disaster-Recovery Tool - BOSTON, March 12 /PRNewswire-FirstCall/ -- OneBeacon Insurance is making a powerful new resource available to help its smaller business customers survive natural and man-made disasters. - Open for Business(sm), a free Web-based disaster-recovery and risk assessment tool developed by the Institute for Business & Home Safety (IBHS), enables OneBeacon's smaller commercial customers to perform the kinds of disaster analysis and recovery planning normally limited to much larger organizations.
14) CIGNA Government Services Invites Applicants to Nashville Job Fairs to Fill More Than 200 Open Positions - NASHVILLE, Tenn., March 12, 2007 /PRNewswire-FirstCall/ -- CIGNA Government Services, LLC (CGS), a major employer in Nashville with nearly 500 employees, will hold three job fairs this week to fill more than 200 open positions in its Nashville Metro Center operations. -- Job fairs are scheduled at the Sheraton Music City, 777 McGavock Pike, Nashville, from 2 to 9 p.m. March 14 and 15 and from 8 a.m. to 4 p.m. March 17 to fill a variety of openings.
15) Many Salespeople 'Exaggerate'; They Think Doing So Sells More, Experts Tell Sales Profession - WACO, Texas, March 13 /PRNewswire/ -- Many salespeople 'exaggerate' when pitching their products and services. They think they'll sell more by "growing hair" on their presentations, according to two Baylor University marketing professors and a noted behavioral scientist. - Professors Larry Chonko and Jeff Tanner and behavior researcher George W. Dudley, in remarks prepared for the National Sales Conference on Sales Management in Irvine, Calif., (March 29-31) cited research that found 51% of salespeople still sometimes stretch the truth but insisted it isn't typical of the profession.
16) Independent Insurance Agents, Brokers of NY Offers Information on New York State Workers’ Comp Reform Bill - (DeWitt, New York, March 13, 2007) — As New York Gov. Eliot Spitzer’s signature sets into motion workers’ compensation reform, a brighter economic landscape is expected. The historic measure will reduce costs to business while increasing injured workers’ weekly benefits.
17) Teaming Up to Protect Tow Truck Operators - Overland Park, KS and Melbourne FL – March 13, 2007 – Swiss Re’s Commercial Insurance and BISYS today announced the launch of an insurance program for tow truck operators. Backed by the world-class financial strength of Swiss Re and the transportation expertise of BISYS, this program offers peace of mind and security to tow truck operators who meet underwriting guidelines. --- An added benefit of this new program is a paperless submission process that allows agents to utilize electronic, fillable applications, and all submission requirements and applications are available online at www.BISYSPC.com.
18) SellingLTC.com Develops LTCI Financial Calculators - ATLANTA, March 13 /PRNewswire/ -- SellingLTC.com, LLC, the leader in providing long-term care insurance sales, marketing and presentation solutions for insurance sales professionals, today announced the release of their LTCI Financial Calculators, designed to assist insurance sales professionals in overcoming complex financial objections.
19) Validus Holdings, Ltd. Announces $700 Million Syndicated Credit Agreements - HAMILTON, Bermuda, March 13 /PRNewswire-FirstCall/ -- Validus Holdings, Ltd. ("Validus" or "the Company") announced today that it had entered into credit agreements aggregating $700 million with a syndicate of lenders, consisting of a $500 million Five-Year Secured Letter of Credit Facility and a $200 million Three-Year Unsecured Letter of Credit Facility. The Five-Year Secured Letter of Credit Facility is secured by cash and eligible securities of the Company and its subsidiaries. The Three-Year Unsecured Letter of Credit Facility also allows the Company to borrow up to the full amount of the facility as revolving loans for general corporate purposes.
20) INSURANCE NEWSCAST “Pictures Of The Day”
21) Humana's Partnership With Business Health Care Group Of Southeastern Wisconsin Proves Successful - NASHVILLE, Tenn., March 13 /PRNewswire/ -- HealthLeaders-InterStudy, a leading provider of managed care industry intelligence, reports the partnership between Humana and the Business Health Care Group of Southeastern Wisconsin is touting impressive new numbers pointing to its first-year success in controlling costs and gaining members. According to the latest Wisconsin Health Plan Analysis, numbers released by the insurer show solid growth in Humana's book of business, especially as it goes up against UnitedHealthcare and the Wisconsin Blues in a battle for market share.
22) Kaplan Financial and Delia Passi Target Women's Market - CHICAGO, March 12, 2007 -- While 43% of Americans with investment assets of $500,000 or more are women, many financial advisors don't understand the difference between the investment styles of women and men, according to Delia Passi and Kaplan Financial. Passi is the pioneer in creating and delivering selling-to-women training to the leading financial services corporations, and Kaplan Financial (www.kaplanfinancial.com) is a leading source of education and compliance solutions for insurance and financial services institutions and individuals. The two have partnered to offer a series of workshops for financial and insurance advisors to help them better understand the women's market.
23) Verdasys Publishes New Whitepaper by Dan Geer on Data Loss Prevention - WALTHAM, Mass.--(BUSINESS WIRE)--Verdasys, Inc., the leader in business process integrity solutions for data loss prevention, corporate compliance and data security announced today the availability of a new whitepaper by Dr. Daniel E. Geer, Jr., ScD. The paper entitled, Data Loss Prevention, takes an in-depth look at the increase in victims of information leakage and asserts the risks businesses face when not taking the initiative to adequately prevent their data from loss or misuse as well as what actions companies can take to secure their corporate data.
24) MCOL Releases 2007 Editions of Consumer Driven Care Guidebook and Training Kit CD-ROM – Includes Company Specific Enrollment and Premium Research - MODESTO, Calif.--(BUSINESS WIRE)--MCOL, the premiere business-to-business publisher of health management and managed care resources, has released the Consumer Driven Care Guidebook 2007 edition, and version 6.0 of its popular Consumer Driven Care Training Kit CD-ROM. Detailed information for both of these new Consumer Driven Care resources is available on-line at https://www.managedcarestore.com (under featured products) or by calling 209.577.4888.
25) Resources for Caregivers 2007 Available Free from the MetLife Mature Market Institute® - WESTPORT, Conn.--(BUSINESS WIRE)--The MetLife Mature Market Institute and the National Alliance for Caregiving, in cooperation with the National Association of Area Agencies on Aging (n4A), have released a publication aimed at making life a little easier for the legions of Americans caring for a sick or disabled friend or relative. - The 38-page booklet, Resources for Caregivers 2007, is available free to the public by calling 203-221-6580, via e-mail to maturemarketinstitute@metlife.com, or by download at www.maturemarketinstitute.com under ‘What’s New.’
26) Swedish Covenant Hospital Enhances Strategic HR after Switching to Ultimate Software’s UltiPro - WESTON, Fla.--(BUSINESS WIRE)--Ultimate Software (Nasdaq:ULTI), a leading provider of end-to-end strategic human resources, payroll, and talent management solutions, announced today that Swedish Covenant Hospital, a nonprofit facility with more than 2,000 employees that has served the residents of Chicago’s north and northwestern communities for nearly 120 years, has increased the strategic contributions of its human resources team with Ultimate Software’s UltiPro.
27) Centene Corporation Announces Texas Foster Care Contract Award - ST. LOUIS--(BUSINESS WIRE)--Centene Corporation (NYSE: CNC) today announced that its Texas subsidiary, Superior HealthPlan Network (Superior Network), finalized the contractual terms of the Comprehensive Health Care for Children in Foster Care program award with the Texas Health and Human Services Commission (HHSC). This statewide program will provide managed care services to participants in the Texas foster care program.
28) Federal Government and California Healthcare Organizations Partner to Promote Better Physician Performance - SAN FRANCISCO--(BUSINESS WIRE)--The California Cooperative Healthcare Reporting Initiative (CCHRI), a statewide collaborative representing physician groups, health plans, and health care purchasers, announced entering a subcontract agreement with the Delmarva Foundation for Medical Care, one of the Centers for Medicare and Medicaid Services’ (CMS’) quality improvement organizations, to be one of six sites around the country, as part of the Better Quality Information to Improve Care for Medicare Beneficiaries (BQI) Project. The project is aimed at compiling and communicating information to Medicare beneficiaries on doctors’ performance.
29) RenaissanceRe Executives Adopt Rule 10b5-1 Plans - PEMBROKE, Bermuda--(BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today that three of its senior executives have adopted prearranged trading plans in accordance with guidelines specified by Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company's policies with respect to insider sales. The executives are William I. Riker, President; John D. Nichols, Executive Vice President and President of RenaissanceRe Ventures Ltd. and Renaissance Underwriting Managers Ltd.; and Kevin J. O'Donnell, President of Renaissance Reinsurance Ltd.
30) New APHA Report Urges Expanded Health Coverage for Children - WASHINGTON, March 13 /PRNewswire-USNewswire/ -- The American Public Health Association (APHA) today released its recommendations for expanding health coverage to uninsured children through Medicaid and the State Children's Health Insurance Program (SCHIP), a successful federal and state joint program that is set to be reauthorized this year.
31) Humana's Partnership With Business Health Care Group Of Southeastern Wisconsin Proves Successful - NASHVILLE, Tenn., March 13 /PRNewswire/ -- HealthLeaders-InterStudy, a leading provider of managed care industry intelligence, reports the partnership between Humana and the Business Health Care Group of Southeastern Wisconsin is touting impressive new numbers pointing to its first-year success in controlling costs and gaining members. According to the latest Wisconsin Health Plan Analysis, numbers released by the insurer show solid growth in Humana's book of business, especially as it goes up against UnitedHealthcare and the Wisconsin Blues in a battle for market share.
32) Aon Applauds Illinois Governor's Health Care Efforts - CHICAGO, March 12 /PRNewswire-FirstCall/ -- A statement from Aon Corp.: Aon applauds Governor Rod Blagojevich's efforts to craft a health care plan that would provide affordable coverage options to the uninsured and underinsured, and address catastrophic illness and injury. Aon's own Health Care Trend survey warns about the impact of double-digit health care rate increases.
33) New England Financial of North Jersey Offers Venture Capital Market Innovative Insurance Plan - FAIRFIELD, N.J., March 12 /PRNewswire/ -- Venture Capital (VC2) Protection Plus is an innovative and effective plan for any parties involved in Venture Capital. The formula behind VC2 helps protect venture capitalists, angel investors and private equity firms in the event of death, disability or severance of key players. "Through underwriting, we also assist in the due diligence process by assessing the insurance risk of the key players," says Ed Barrett, Managing Partner.
34) Blue Shield of California Is First U.S. Health Care Plan to Cover Photochromic Lenses in All New Vision Plans - SAN FRANCISCO, March 12 /PRNewswire/ -- Blue Shield of California and Blue Shield of California Life & Health Insurance Company are making it easier for consumers to obtain quality vision care, becoming the first health plans to offer coverage of photochromic lenses in all new vision plans. Members will receive coverage of up to $200 with a $130 eyeglass frame allowance for photochromic lenses, including brands such as Transitions(R) lenses.
INSURANCE NEWSCAST "Headlines Only Edition"
1) Benfield reaches 9.5 mln stg deal with Aon,ex-staff - LONDON, March 12 (Reuters) - UK reinsurance broker Benfield (BFD.L: Quote, Profile, Research) said on Monday it had reached a 9.5 million pound settlement with rival Aon (AOC.N: Quote, Profile, Research) and former members of its Facultative Solutions team after a months-long legal dispute. Benfield was forced to issue a profit warning in October after 20 members of the Facultative Solutions team's approximately 110 staff quit, prompting it to start legal action to protect its business. The division's head and most of the other departing employees joined Aon.
2) UnitedHealth to buy Sierra Health for $2.4 bln - By Lewis Krauskopf - NEW YORK, March 12 (Reuters) - Health insurer UnitedHealth Group Inc. (UNH.N: Quote, Profile, Research) said on Monday it will acquire Sierra Health Services Inc. (SIE.N: Quote, Profile, Research) for more than $2.4 billion to expand in the fast-growing Las Vegas area and boost its Medicare business. - The deal shows UnitedHealth, the largest U.S. health insurer by market value, is continuing to broaden its reach by gobbling up rivals.
3) ProAssurance Announces Settlement in Florida Malpractice Verdict - BIRMINGHAM, Ala.--(BUSINESS WIRE)--ProAssurance Corporation (NYSE:PRA) said today that a confidential settlement will end all litigation and appeals stemming from, and related to, a $217 million malpractice verdict against insureds of one of its subsidiaries. The verdict was rendered in Tampa in October 2006. The settlement is subject to final court approval, which is anticipated by all parties. ProAssurance currently believes there will be no material adverse effect on first quarter results because of this settlement.
4) Lerach Coughlin Stoia Geller Rudman & Robbins LLP Announces $17 Million Jury Verdict Against American Family Mutual Insurance Co. in Auto Parts Case - SAN DIEGO--(BUSINESS WIRE)--A jury in Kansas City, MO awarded more than $17 million to a group of policyholders in a class action lawsuit against American Family Mutual Insurance Co. regarding the company’s policy of specifying after-market auto parts and omitting certain repair procedures in its repair estimates, according to Lerach Coughlin Stoia Geller Rudman & Robbins LLP, counsel for the plaintiffs.
5) Statement From Aon Regarding Benfield Litigation - CHICAGO, March 12 /PRNewswire-FirstCall/ -- Aon Re Global, the world's largest provider of reinsurance brokerage services and integrated capital solutions, today announced it has reached a global and comprehensive settlement with Benfield Group of all of the litigation relating to former Benfield facultative reinsurance employees who recently resigned from Benfield and will be joining Aon on April 1.
6) Workers and Retirees Tighten Their Belts, According to Latest Principal Financial Well-Being Index - DES MOINES, Iowa--(BUSINESS WIRE)--With the clock ticking before the April 17th tax filing deadline, a majority of workers say they are counting on receiving a federal or state tax refund for 2006, according to the latest Principal Financial Well-Being IndexSM. Among those who have a feeling for whether or not they will receive a federal or state tax refund for 2006, over three quarters of workers (83 percent) and less than half of retirees (40 percent) are expecting a refund this year
7) Americans Spend Less Time Reviewing Employee Benefits Than Managing Their Taxes and Preparing for the Holidays - NEW YORK, March 12 /PRNewswire/ -- According to research released today by The Guardian Life Insurance Company (Guardian), almost half of working Americans spend either no time or less than an hour reviewing their benefits each year. The study, Benefits and Behavior: Spotlight on Group Life and Disability Insurance, also revealed widespread misunderstandings about workplace benefits, particularly about the underwriting and cost of group benefits.
8) BestWeek: NAIC Model Laws Face Tough Climb to Legislative Success - OLDWICK, N.J.--(BUSINESS WIRE)--In 2007, the National Association of Insurance Commissioners expects to spend $1.94 million in meeting registration fees, which include four quarterly gatherings in cities across the United States, according to an exclusive article in this week's BestWeek.
9) INSURANCE NEWSLINK Articles - Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review.
10) BANK INSURANCE NEWS IN BRIEF - MARCH 12, 2007
11) National Benefit Partners (NBP) Second Annual Meeting - NBP held its second annual meeting last week in San Antonio, Texas. - NBP is the first of it kind producer owned Distributor Company focusing on Worksite Marketing. Member distributor organizations are among the top Worksite Marketing firms in the country and earn equity in NBP based on sales through NBP’s Carrier alliances.
12) The Hartford Announces Sale of Medical Stop Loss Insurance Business to National Benefit Resources, Inc. - SIMSBURY, Conn. – The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation’s largest financial services and insurance companies, announced today that it has reached a definitive agreement to sell its medical stop loss insurance business to National Benefit Resources, Inc. (NBR), a subsidiary of UnitedHealth Group, Inc. (NYSE: UNH). The transaction is expected to close in early April. The terms were not disclosed.
13) Iowa Businesses Commit to National Initiative for Improving Quality and Value in Health Care - DES MOINES, Iowa, March 9 /PRNewswire-USNewswire/ -- In a meeting today in Des Moines with HHS Secretary Mike Leavitt, executives from area businesses signed statements of support for a national initiative aimed at improving health care quality, information and cost-effectiveness for employees and their families.
14) Lack of Transparency in Health Care Heightens Costs, Retards Innovation - DALLAS, March 12 /PRNewswire-USNewswire/ -- While business and government leaders complain about the lack of price and quality information in health care and pursue government-based health reforms to increase access and set prices, a new study from the National Center for Policy Analysis (NCPA) says the complainers are causing the problems they are so vexed about. Unlike other markets, prices for health care are difficult to obtain and often meaningless when they are disclosed. The study notes the only area of the health care marketplace where price and quality information is freely available is where patients pay for the services themselves.
15) Partnership for Prescription Assistance Continues Growth; Helps 3.5 Million Patients Across United States - WASHINGTON, March 12 /PRNewswire-USNewswire/ -- Reaching a new milestone, the Partnership for Prescription Assistance (PPA) today announced that more than 3.5 million Americans nationwide have been helped by programs that provide prescription medicines for free or nearly free. The PPA, sponsored by America's pharmaceutical research companies, is the largest private-sector effort that helps low-income, uninsured and underinsured patients obtain their medicines through more than 475 public and private patient assistance programs, including 180 programs offered by pharmaceutical companies.
16) GlobalOptions Group Joins Forces with Midwest Insurance Company to Combat Insurance Fraud - NEW YORK--(BUSINESS WIRE)--GlobalOptions Group, Inc. (OTCBB: GOPG), a leading provider of domestic and international risk management services, today announced that it has entered into a formal agreement to serve as the special investigative unit (SIU) provider to the Midwest Insurance Company. GlobalOptions Fraud & SIU division will perform the services, handling vendor management and regulatory compliance along with fraud training and reporting.
16) Fireman’s Fund® Introduces Data Compromise Coverage for Business Customers - NOVATO, Calif.--(BUSINESS WIRE)--Fireman’s Fund Insurance Company has introduced Data Compromise, a coverage and service solution for businesses that provides legal consulting, customer notification services and credit monitoring as well as identity restoration for customers, employees and others affected by a data breach. -- Fireman’s Fund’s Data Compromise coverage provides professional assistance and consulting for the business affected as well as for their valued customers.
17) Bank of America, Partners HealthCare, Massachusetts League of Community Health Centers Unveil $5 Million Program to Improve Access to Quality Health Care - Governor Deval L. Patrick, Legislative Leadership Support Program - BOSTON, March 9 /PRNewswire/ -- Bank of America, Partners HealthCare and the Massachusetts League of Community Health Centers today announced a $5 million program to improve access to quality health care for low- and moderate-income individuals and families. The $5 million in funding will be provided by the Bank of America Charitable Foundation.
18) HessMorganHouse, LLC. Announces Formation of HMH Communications - PRINCETON, N.J., March 12 /PRNewswire/ -- HessMorganHouse, LLC., the strategic advisory firm to corporations, life insurers and high net worth individuals with respect to specialized applications of life insurance, announced today that it has formed HMH Communications, a communications consulting company. In addition, Andrea L. Katz has joined HessMorganHouse as a principal and will assume leadership of the communications consulting firm in her role as president of HMH Communications.
19) Hetrick & Associates Insurance named 2006 Rough Notes Magazine’s Marketing Agency of the Year - Carmel, IN – March 8, 2007 -- Hetrick & Associates Insurance, an independent insurance agency based in Marquette, Michigan, has been named Rough Notes Magazine’s Marketing Agency of the Year for 2006. Rough Notes Editor-in-Chief Tom McCoy presented the award to Hetrick owners at a recognition dinner in Indianapolis March 5th.
20) INSURANCE NEWSCAST “Pictures Of The Day”
21) NYC MEETING MOVES INSURANCE COMPACT CLOSER TO START–UP OF FILING OPERATIONS - NEW YORK (March 9, 2007) — Building on the momentum from last year’s successes, the Interstate Insurance Product Regulation Commission (IIPRC) continues to make great progress toward meeting its operational goals for receiving its first product filings by June 2007.
22) MARYLAND AND PUERTO RICO INSURANCE DEPARTMENTS SELECT STATE BASED SYSTEMS - NEW YORK (March 10, 2007) — The National Association of Insurance Commissioners (NAIC), in conjunction with the Maryland Insurance Administration and the Puerto Rico Office of the Insurance Commissioner, announced today that both regulatory agencies have selected State Based Systems (SBS) to meet their back–office processing needs.
23) NAIC TRACKS TOP CONSUMER COMPLAINTS - KANSAS CITY, Mo. (March 10, 2007) — Recent statistics show that while consumer complaints decreased for the third consecutive year, the reasons behind those complaints have remained relatively the same for the past five years. -- the top three reasons consumers filed formal complaints against their insurance companies in 2006 were delays, denials of claims and unsatisfactory settlement offers. Rounding out the top five sources of consumer complaints were policy cancellations and premiums/insurance rating issues.
24) STATE REGULATORS WORK TO AMEND U.S. REINSURANCE REGULATORY FRAMEWORK - NEW YORK (March 12, 2007) — The Financial Condition (E) Committee of the National Association of Insurance Commissioners (NAIC) has referred two charges to the Reinsurance Task Force for further development. -- For purposes of collateral recalibration, one charge requested that the Reinsurance Task Force continue work on technical details within the Reinsurance Evaluation Office (REO) Proposal. The charge also requested for the Task Force to report back to the Committee at the NAIC’s 2007 Summer National Meeting in June regarding the feasibility that such work be completed by the following National Meeting in the fall.
25) NORTH CAROLINA DEPARTMENT OF INSURANCE LICENSES STATE BASED SYSTEMS - NEW YORK (March 10, 2007) — The National Association of Insurance Commissioners (NAIC) today announced that the North Carolina Department of Insurance has signed a licensing agreement to implement State Based Systems (SBS). -- Designed to cater to the unique needs and best interests of each state insurance department, SBS is offered to the departments as a benefit of their NAIC membership in an effort to simplify and enhance state insurance regulation processes. The NAIC builds and maintains SBS, provides technical support and system training, and hosts the SBS application and database for each licensed state.
26) INTERNET FILING THROUGH NAIC CONTINUES TO BENEFIT USERS - NEW YORK (March 10, 2006) — The National Association of Insurance Commissioners (NAIC) today announced that electronic filing of its 2006 annual company financial statements increased more than 23 percent in the past five years and continues to benefit users through increased speed, simplicity and efficiency.
27) Advance directives may improve end-of-life care - Fri Mar 9, 2007 2:44pm ET By Amy Norton - NEW YORK (Reuters Health) - Families of patients who completed advance directives before their deaths tend to feel their loved ones received somewhat better end-of-life care, according to a new study. Nonetheless, there's still room for improvement. -- Advance directives, in the form of a "living will" or medical power of attorney, are legal documents that allow people to state their wishes for end-of-life care ahead of time, in the event that they become too sick to make their own medical decisions.
28) More Than 143 Million Americans Are Concerned That Personal and Financial Information Will Not Be Kept Private and Secure on the Internet - BETHESDA, Md., March 12 /PRNewswire/ -- More than 143 million Americans -- or two thirds of all adults 18 years or older -- are concerned that their personal and financial information would not be kept private and secure if they prepared state and federal tax returns on the Internet, according to a new national poll. A poll ten years ago found that 83 percent of Americans had similar concerns.
29) Wachovia Launches New Online Pension Protection Act Resource Center for Retirement Clients - CHARLOTTE, N.C., March 12 /PRNewswire-FirstCall/ -- Wachovia Retirement Services (WRS) announces the launch of a new online service to provide plan sponsors with clarity and direction around the Pension Protection Act of 2006 (PPA) and its effect on the retirement services offered to plan participants. -
30) Blue Shield of California Is First U.S. Health Care Plan to Cover Photochromic Lenses in All New Vision Plans - SAN FRANCISCO, March 12 /PRNewswire/ -- Blue Shield of California and Blue Shield of California Life & Health Insurance Company are making it easier for consumers to obtain quality vision care, becoming the first health plans to offer coverage of photochromic lenses in all new vision plans. Members will receive coverage of up to $200 with a $130 eyeglass frame allowance for photochromic lenses, including brands such as Transitions(R) lenses.
31) Statement From Mark Iwry and David C. John of the Retirement Security Project on the Capital Markets Commission's Proposal to Require Employers to Provide Automatic Payroll Deductions - WASHINGTON, March 12 /PRNewswire-USNewswire/ -- Mark Iwry and David C. John, Principals of the Retirement Security Project, released the following statement today commending the Commission on the Regulation of U.S. Capital Markets in the 21st Century, sponsored by the U.S. Chamber of Commerce, on its recommendation of proposals to enhance retirement savings.
2) UnitedHealth to buy Sierra Health for $2.4 bln - By Lewis Krauskopf - NEW YORK, March 12 (Reuters) - Health insurer UnitedHealth Group Inc. (UNH.N: Quote, Profile, Research) said on Monday it will acquire Sierra Health Services Inc. (SIE.N: Quote, Profile, Research) for more than $2.4 billion to expand in the fast-growing Las Vegas area and boost its Medicare business. - The deal shows UnitedHealth, the largest U.S. health insurer by market value, is continuing to broaden its reach by gobbling up rivals.
3) ProAssurance Announces Settlement in Florida Malpractice Verdict - BIRMINGHAM, Ala.--(BUSINESS WIRE)--ProAssurance Corporation (NYSE:PRA) said today that a confidential settlement will end all litigation and appeals stemming from, and related to, a $217 million malpractice verdict against insureds of one of its subsidiaries. The verdict was rendered in Tampa in October 2006. The settlement is subject to final court approval, which is anticipated by all parties. ProAssurance currently believes there will be no material adverse effect on first quarter results because of this settlement.
4) Lerach Coughlin Stoia Geller Rudman & Robbins LLP Announces $17 Million Jury Verdict Against American Family Mutual Insurance Co. in Auto Parts Case - SAN DIEGO--(BUSINESS WIRE)--A jury in Kansas City, MO awarded more than $17 million to a group of policyholders in a class action lawsuit against American Family Mutual Insurance Co. regarding the company’s policy of specifying after-market auto parts and omitting certain repair procedures in its repair estimates, according to Lerach Coughlin Stoia Geller Rudman & Robbins LLP, counsel for the plaintiffs.
5) Statement From Aon Regarding Benfield Litigation - CHICAGO, March 12 /PRNewswire-FirstCall/ -- Aon Re Global, the world's largest provider of reinsurance brokerage services and integrated capital solutions, today announced it has reached a global and comprehensive settlement with Benfield Group of all of the litigation relating to former Benfield facultative reinsurance employees who recently resigned from Benfield and will be joining Aon on April 1.
6) Workers and Retirees Tighten Their Belts, According to Latest Principal Financial Well-Being Index - DES MOINES, Iowa--(BUSINESS WIRE)--With the clock ticking before the April 17th tax filing deadline, a majority of workers say they are counting on receiving a federal or state tax refund for 2006, according to the latest Principal Financial Well-Being IndexSM. Among those who have a feeling for whether or not they will receive a federal or state tax refund for 2006, over three quarters of workers (83 percent) and less than half of retirees (40 percent) are expecting a refund this year
7) Americans Spend Less Time Reviewing Employee Benefits Than Managing Their Taxes and Preparing for the Holidays - NEW YORK, March 12 /PRNewswire/ -- According to research released today by The Guardian Life Insurance Company (Guardian), almost half of working Americans spend either no time or less than an hour reviewing their benefits each year. The study, Benefits and Behavior: Spotlight on Group Life and Disability Insurance, also revealed widespread misunderstandings about workplace benefits, particularly about the underwriting and cost of group benefits.
8) BestWeek: NAIC Model Laws Face Tough Climb to Legislative Success - OLDWICK, N.J.--(BUSINESS WIRE)--In 2007, the National Association of Insurance Commissioners expects to spend $1.94 million in meeting registration fees, which include four quarterly gatherings in cities across the United States, according to an exclusive article in this week's BestWeek.
9) INSURANCE NEWSLINK Articles - Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review.
10) BANK INSURANCE NEWS IN BRIEF - MARCH 12, 2007
11) National Benefit Partners (NBP) Second Annual Meeting - NBP held its second annual meeting last week in San Antonio, Texas. - NBP is the first of it kind producer owned Distributor Company focusing on Worksite Marketing. Member distributor organizations are among the top Worksite Marketing firms in the country and earn equity in NBP based on sales through NBP’s Carrier alliances.
12) The Hartford Announces Sale of Medical Stop Loss Insurance Business to National Benefit Resources, Inc. - SIMSBURY, Conn. – The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation’s largest financial services and insurance companies, announced today that it has reached a definitive agreement to sell its medical stop loss insurance business to National Benefit Resources, Inc. (NBR), a subsidiary of UnitedHealth Group, Inc. (NYSE: UNH). The transaction is expected to close in early April. The terms were not disclosed.
13) Iowa Businesses Commit to National Initiative for Improving Quality and Value in Health Care - DES MOINES, Iowa, March 9 /PRNewswire-USNewswire/ -- In a meeting today in Des Moines with HHS Secretary Mike Leavitt, executives from area businesses signed statements of support for a national initiative aimed at improving health care quality, information and cost-effectiveness for employees and their families.
14) Lack of Transparency in Health Care Heightens Costs, Retards Innovation - DALLAS, March 12 /PRNewswire-USNewswire/ -- While business and government leaders complain about the lack of price and quality information in health care and pursue government-based health reforms to increase access and set prices, a new study from the National Center for Policy Analysis (NCPA) says the complainers are causing the problems they are so vexed about. Unlike other markets, prices for health care are difficult to obtain and often meaningless when they are disclosed. The study notes the only area of the health care marketplace where price and quality information is freely available is where patients pay for the services themselves.
15) Partnership for Prescription Assistance Continues Growth; Helps 3.5 Million Patients Across United States - WASHINGTON, March 12 /PRNewswire-USNewswire/ -- Reaching a new milestone, the Partnership for Prescription Assistance (PPA) today announced that more than 3.5 million Americans nationwide have been helped by programs that provide prescription medicines for free or nearly free. The PPA, sponsored by America's pharmaceutical research companies, is the largest private-sector effort that helps low-income, uninsured and underinsured patients obtain their medicines through more than 475 public and private patient assistance programs, including 180 programs offered by pharmaceutical companies.
16) GlobalOptions Group Joins Forces with Midwest Insurance Company to Combat Insurance Fraud - NEW YORK--(BUSINESS WIRE)--GlobalOptions Group, Inc. (OTCBB: GOPG), a leading provider of domestic and international risk management services, today announced that it has entered into a formal agreement to serve as the special investigative unit (SIU) provider to the Midwest Insurance Company. GlobalOptions Fraud & SIU division will perform the services, handling vendor management and regulatory compliance along with fraud training and reporting.
16) Fireman’s Fund® Introduces Data Compromise Coverage for Business Customers - NOVATO, Calif.--(BUSINESS WIRE)--Fireman’s Fund Insurance Company has introduced Data Compromise, a coverage and service solution for businesses that provides legal consulting, customer notification services and credit monitoring as well as identity restoration for customers, employees and others affected by a data breach. -- Fireman’s Fund’s Data Compromise coverage provides professional assistance and consulting for the business affected as well as for their valued customers.
17) Bank of America, Partners HealthCare, Massachusetts League of Community Health Centers Unveil $5 Million Program to Improve Access to Quality Health Care - Governor Deval L. Patrick, Legislative Leadership Support Program - BOSTON, March 9 /PRNewswire/ -- Bank of America, Partners HealthCare and the Massachusetts League of Community Health Centers today announced a $5 million program to improve access to quality health care for low- and moderate-income individuals and families. The $5 million in funding will be provided by the Bank of America Charitable Foundation.
18) HessMorganHouse, LLC. Announces Formation of HMH Communications - PRINCETON, N.J., March 12 /PRNewswire/ -- HessMorganHouse, LLC., the strategic advisory firm to corporations, life insurers and high net worth individuals with respect to specialized applications of life insurance, announced today that it has formed HMH Communications, a communications consulting company. In addition, Andrea L. Katz has joined HessMorganHouse as a principal and will assume leadership of the communications consulting firm in her role as president of HMH Communications.
19) Hetrick & Associates Insurance named 2006 Rough Notes Magazine’s Marketing Agency of the Year - Carmel, IN – March 8, 2007 -- Hetrick & Associates Insurance, an independent insurance agency based in Marquette, Michigan, has been named Rough Notes Magazine’s Marketing Agency of the Year for 2006. Rough Notes Editor-in-Chief Tom McCoy presented the award to Hetrick owners at a recognition dinner in Indianapolis March 5th.
20) INSURANCE NEWSCAST “Pictures Of The Day”
21) NYC MEETING MOVES INSURANCE COMPACT CLOSER TO START–UP OF FILING OPERATIONS - NEW YORK (March 9, 2007) — Building on the momentum from last year’s successes, the Interstate Insurance Product Regulation Commission (IIPRC) continues to make great progress toward meeting its operational goals for receiving its first product filings by June 2007.
22) MARYLAND AND PUERTO RICO INSURANCE DEPARTMENTS SELECT STATE BASED SYSTEMS - NEW YORK (March 10, 2007) — The National Association of Insurance Commissioners (NAIC), in conjunction with the Maryland Insurance Administration and the Puerto Rico Office of the Insurance Commissioner, announced today that both regulatory agencies have selected State Based Systems (SBS) to meet their back–office processing needs.
23) NAIC TRACKS TOP CONSUMER COMPLAINTS - KANSAS CITY, Mo. (March 10, 2007) — Recent statistics show that while consumer complaints decreased for the third consecutive year, the reasons behind those complaints have remained relatively the same for the past five years. -- the top three reasons consumers filed formal complaints against their insurance companies in 2006 were delays, denials of claims and unsatisfactory settlement offers. Rounding out the top five sources of consumer complaints were policy cancellations and premiums/insurance rating issues.
24) STATE REGULATORS WORK TO AMEND U.S. REINSURANCE REGULATORY FRAMEWORK - NEW YORK (March 12, 2007) — The Financial Condition (E) Committee of the National Association of Insurance Commissioners (NAIC) has referred two charges to the Reinsurance Task Force for further development. -- For purposes of collateral recalibration, one charge requested that the Reinsurance Task Force continue work on technical details within the Reinsurance Evaluation Office (REO) Proposal. The charge also requested for the Task Force to report back to the Committee at the NAIC’s 2007 Summer National Meeting in June regarding the feasibility that such work be completed by the following National Meeting in the fall.
25) NORTH CAROLINA DEPARTMENT OF INSURANCE LICENSES STATE BASED SYSTEMS - NEW YORK (March 10, 2007) — The National Association of Insurance Commissioners (NAIC) today announced that the North Carolina Department of Insurance has signed a licensing agreement to implement State Based Systems (SBS). -- Designed to cater to the unique needs and best interests of each state insurance department, SBS is offered to the departments as a benefit of their NAIC membership in an effort to simplify and enhance state insurance regulation processes. The NAIC builds and maintains SBS, provides technical support and system training, and hosts the SBS application and database for each licensed state.
26) INTERNET FILING THROUGH NAIC CONTINUES TO BENEFIT USERS - NEW YORK (March 10, 2006) — The National Association of Insurance Commissioners (NAIC) today announced that electronic filing of its 2006 annual company financial statements increased more than 23 percent in the past five years and continues to benefit users through increased speed, simplicity and efficiency.
27) Advance directives may improve end-of-life care - Fri Mar 9, 2007 2:44pm ET By Amy Norton - NEW YORK (Reuters Health) - Families of patients who completed advance directives before their deaths tend to feel their loved ones received somewhat better end-of-life care, according to a new study. Nonetheless, there's still room for improvement. -- Advance directives, in the form of a "living will" or medical power of attorney, are legal documents that allow people to state their wishes for end-of-life care ahead of time, in the event that they become too sick to make their own medical decisions.
28) More Than 143 Million Americans Are Concerned That Personal and Financial Information Will Not Be Kept Private and Secure on the Internet - BETHESDA, Md., March 12 /PRNewswire/ -- More than 143 million Americans -- or two thirds of all adults 18 years or older -- are concerned that their personal and financial information would not be kept private and secure if they prepared state and federal tax returns on the Internet, according to a new national poll. A poll ten years ago found that 83 percent of Americans had similar concerns.
29) Wachovia Launches New Online Pension Protection Act Resource Center for Retirement Clients - CHARLOTTE, N.C., March 12 /PRNewswire-FirstCall/ -- Wachovia Retirement Services (WRS) announces the launch of a new online service to provide plan sponsors with clarity and direction around the Pension Protection Act of 2006 (PPA) and its effect on the retirement services offered to plan participants. -
30) Blue Shield of California Is First U.S. Health Care Plan to Cover Photochromic Lenses in All New Vision Plans - SAN FRANCISCO, March 12 /PRNewswire/ -- Blue Shield of California and Blue Shield of California Life & Health Insurance Company are making it easier for consumers to obtain quality vision care, becoming the first health plans to offer coverage of photochromic lenses in all new vision plans. Members will receive coverage of up to $200 with a $130 eyeglass frame allowance for photochromic lenses, including brands such as Transitions(R) lenses.
31) Statement From Mark Iwry and David C. John of the Retirement Security Project on the Capital Markets Commission's Proposal to Require Employers to Provide Automatic Payroll Deductions - WASHINGTON, March 12 /PRNewswire-USNewswire/ -- Mark Iwry and David C. John, Principals of the Retirement Security Project, released the following statement today commending the Commission on the Regulation of U.S. Capital Markets in the 21st Century, sponsored by the U.S. Chamber of Commerce, on its recommendation of proposals to enhance retirement savings.
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