INSURANCE NEWSCAST "Headlines Only Edition"

1) Apax, Morgan to buy Hub Int'l for $1.7 billion - NEW YORK, Feb 26
(Reuters) - Insurance broker Hub International Ltd (HBG.TO: Quote,
Profile, Research) (HBG.N: Quote, Profile, Research) said on Monday it
agreed to be acquired by private equity firm Apax Partners together with
Morgan Stanley Principal Investments for about $1.7 billion. - Apax [APAX.UL]
and Morgan agreed to pay $40.00 per share for Hub. That marks a
16-percent premium over Hub's closing stock price of $34.49 on the New
York Stock Exchange on Friday. -- Including debt, the deal is valued at
about $1.8 billion, the companies said. 

2) Hub International Limited Agrees to Be Acquired by Funds Advised by
Apax Partners and Morgan Stanley – Hub Shareholders to Receive US$40 per
Share; Transaction Valued at US$1.8 Billion  - CHICAGO--(BUSINESS
WIRE)--Hub International Limited (NYSE:HBG) (TSX:HBG) (the “Company”),
one of the leading insurance brokers in North America, announced today
that it has entered into an agreement to be acquired by funds advised by
Apax Partners (“Apax”) together with Morgan Stanley Principal
Investments (“MSPI”), through an Arrangement Agreement and related Plan
of Arrangement. - Under the terms of the Arrangement Agreement, HUB
shareholders will receive US$40.00 per share in cash, representing a
premium of 28% to the 90-trading day average closing stock price on the
NYSE. This transaction values Hub at approximately US$1.8 billion, which
includes approximately US$1.7 billion of fully diluted equity and
approximately US$145 million of debt. 

3) WellPoint says CEO to retire, names successor - Mon Feb 26, 2007
9:46AM EST - NEW YORK (Reuters) - Health insurer WellPoint Inc. (WLP.N:
Quote, Profile, Research) stands to become the largest company in the
United States with a woman at the helm, naming Executive Vice President
Angela Braly to be its next chief executive. WellPoint said on Monday
that Larry Glasscock will retire from the health insurer on June 1, but
will continue as board chairman. 

4) France's Scor launches full bid for Converium - By Douwe Miedema
 - ZURICH, Feb 26 (Reuters) - France's Scor (SCOR.PA: Quote, Profile,
Research) launched an unsolicited offer on Monday for the rest of Swiss
rival Converium (CHRN.S: Quote, Profile, Research), in a 3-billion-Swiss
franc ($2.42 billion) move to create the world's fifth-largest
reinsurer. - Converium last week rejected Scor's merger approach, after
the French group had bought a third of its shares for 21 Swiss francs
each, a price that Converium said did not reflect its strength now that
it had overcome its financial troubles. 

5) As Talent Wars Escalate, U.S. Employers Rate “Retention” As The Top
Benefits Objective, Ahead Of Controlling Costs, According To Annual
Metlife Study - NEW YORK, February 26, 2007— According to the 5th
annual MetLife Study of Employee Benefits Trends, released today,
employee retention is the top benefits objective among employers—edging
out controlling costs for the first time since the study’s inception. 
Employee retention was identified as the most important benefits
objective by more than half (55%) of employers overall.  Certain
industries such as retail (62%) and services (59%) were even more likely
to place importance on workplace benefits as a retention strategy.  

6) White and Williams Coverage Attorney Publishes Article Addressing the
Mississippi Katrina Coverage Situation  - As has been widely
reported, there have been many recent developments in Mississippi
concerning coverage for damage caused by Hurricane Katrina -- both
inside and outside the courtroom.  Several important decisions have been
handed down by Judge L.T. Senter, Jr. of the Southern District of
Mississippi, who is at the heart of both the litigation and a potential
settlement of thousands of Mississippi claims not in litigation.  The
potential settlement is the subject of an important hearing before Judge
Senter on February 28.  State Farm's decision to cease writing new
homeowners and commercial policies in Mississippi has received
wide-spread attention, as has the response to that announcement.  

7) Bank of New York says SEC may drop timing probe - NEW YORK, Feb 23
(Reuters) - Bank of New York Co. (BK.N: Quote, Profile, Research) on
Friday said the U.S. Securities and Exchange Commission may drop its
investigation of possible market-timing trades cleared by its Pershing
LLC unit. - The bank, which in December agreed to pay $16.5 billion for
Mellon Financial Corp. (MEL.N: Quote, Profile, Research), has said the
SEC investigation has focused on transactions cleared for Mutuals.com
Inc. and other firms. - In its 2006 annual report filed with the agency,
however, Bank of New York said it "has learned that the SEC is
considering not pursuing the matter further."  

8) M. Stanley severance suit alive on federal level - NEW YORK, Feb 23
(Reuters) - A federal shareholder lawsuit remains alive against Morgan
Stanley (MS.N: Quote, Profile, Research) over windfall severance
payments to top executives following a 2005 management shake-up, even as
a similar New York state suit has been halted indefinitely, according to
lawyers and regulatory filings. 

9) Moody's reports: Stable Outlook for U.S. Personal Lines P&C Insurers
- New York, February 22, 2007 -- The outlook for the US personal
lines insurance industry is stable, Moody's Investors Service says in a
new report. Supporting this outlook are the insurers' very strong
balance sheets, a stable environment for investments, and stable trends
for losses. - "We expect core underwriting results to remain strong.
Personal line firms are set on a profitable course for 2007, though
catastrophe losses remain an ever-present threat to profitability," says
the reports author, Vice President and Senior Analyst Paul Bauer. 

10) New Study Reveals Devastating Consequences of Employer-Mandated
Healthcare  - WASHINGTON, Feb. 26 /PRNewswire-USNewswire/ -- A study
released today by the Employment Policies Institute [EPI] reveals that a
national mandate on businesses to provide health insurance to their
employees would result in almost a million (995,000) lost jobs. - The
study, by Harvard economists Drs. Ellen Meara and Meredith Rosenthal,*
also found that, unlike an employer mandate, Medicaid expansion would
actually increase employment as well as significantly increase the
number of insured. Tax credits are by far the least effective of the
three options analyzed and would carry a high price tag without
significantly reducing the number of uninsured. 

11) ING Launches National Practice Development Campaign With
Financial Professionals to Help Grow Their Business Monday February 26,
9:30 am ET Collaborates With Charlie Epstein to Offer Unique 401k Coach
Program - SAN DIEGO and HARTFORD, Conn., Feb. 26
/PRNewswire-FirstCall/ -- ING, a global financial services leader, is
launching a national practice development campaign aimed at making it
easier for financial professionals to grow and more effectively manage
their retirement plan business. ING will collaborate with Charles D.
Epstein, CLU ChFC AIF® to offer The 401k Coach® Program, an innovative
program for developing, nurturing and building an advisor's retirement
plan business, to 200 of its top financial professionals.  -- The ING
401k Coach Program will be offered to ING financial professionals on an
invitation only basis. The program will be offered in five cities during
2007 & 2008: For more information on the ING 401k Coach Program, please
contact The 401k Coach directly at: (877) 932-6236. 
12)
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13) BANK INSURANCE NEWS IN BRIEF - FEBRUARY 26, 2007

14) Buffett to assess blowout year, look to future - Mon Feb 26,
2007 5:58AM EST By Jonathan Stempel - NEW YORK (Reuters) - Warren
Buffett, who last year generated a 24 percent return for Berkshire
Hathaway Inc. (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote,
Profile, Research) shareholders, may this week tell investors and
followers to lower their sights for 2007. -- Buffett's annual missive to
Berkshire stockholders may be Corporate America's most eagerly awaited
shareholder letter. -- Accompanying Berkshire's annual report, the
letter offers trenchant, plain English, and often funny assessments of
Berkshire businesses, and issues facing companies and the economy.
Buffett even admits his own mistakes. 

15) U.S. could slip into recession by year-end: Greenspan - Mon
Feb 26, 2007 9:11AM EST - WASHINGTON (Reuters) - Former Federal Reserve
Chairman Alan Greenspan said on Monday it was "possible" the U.S.
economy might fall into recession by the end of the year, Dow Jones news
service reported. Greenspan was speaking via satellite link to a
business conference in Hong Kong, Dow Jones said. 

16) Enterprise Risk Management More Noticed By Absence In Current
Market Environment, S&P Article Says - NEW YORK  Feb. 23,
2007--Standard & Poor's Ratings Services has published an article about
the current state of enterprise risk management (ERM) practices in the
insurance industry. The article, titled "Enterprise Risk Management At
Firms More Noticed By Its Absence As Time Goes By," focuses on Standard
& Poor's evaluation of insurer ERM practices for more than one year now,
and concludes that almost 80% of the industry currently has Adequate
ERM. 

17) McKesson Acquires Practice Partner - SAN FRANCISCO--(BUSINESS
WIRE)--McKesson Corporation (NYSE:MCK) today announced the acquisition
of Physician Micro Systems, Inc., known as Practice Partner, a leading
provider of integrated software for electronic health records (EHRs),
medical billing and appointment scheduling for independent physician
practices. Terms of the agreement were not disclosed. The acquisition,
along with recently acquired Per-Se Technologies, Inc., supports
McKesson’s commitment to provide a complete solution – including
software, billing and collection services, supplies and connectivity –
to physician practices regardless of size, specialty or geographic
location. 

18) BestWeek: When Marketing, Life Insurers Target the Ever-Growing
“Suddenly Singles” - OLDWICK, N.J., Feb. 23, 2007—U.S. life insurers
are seeking to capture a potentially profitable share of women who
suddenly find themselves single. In 2005, 51% of females age 15 and
older were living without a spouse, equating to about 60 million women.
Married couple families in 2005 for the first time ever were a minority
of all American households, said Stephanie Coontz, director of research
and public education for the Council on Contemporary Families. 

19) ADP Clearing & Outsourcing Services, Inc. Launches New Online
Research Service - NEW YORK, NY -- (MARKET WIRE) -- February 26,
2007 -- ADP Clearing & Outsourcing Services, Inc. (ADP Clearing), a
division of Automatic Data Processing, Inc. (NYSE: ADP), announced today
the launch of its Research Dashboard, a new online broker research tool
powered by Wall Street On Demand. -- In addition to research reports,
there are numerous daily and weekly market updates, intra-day gainers
and losers, daily stock picks, model portfolios, weekly top ten lists,
an earnings announcement calendar and recently viewed symbol display.
Plus, users have the flexibility to customize the layout to incorporate
the information they need at a glance. 

20) INSURANCE NEWSCAST “Pictures Of The Day”

21) A.M. Best Comments on Ratings Impact of Recent Florida
Legislation; Revises Credit Risk Factor for Florida Hurricane
Catastrophe Fund - OLDWICK, N.J., Feb. 23, 2007—In response to the
recently passed insurance legislation in the Florida marketplace and in
the on-going effort to maintain rating transparency, A.M. Best provides
details regarding both the near-term and longer-term impact of this
legislation on the financial strength ratings of primary and reinsurance
companies in the methodology “Rating Implications of Recent Florida
Legislation.” -- The legislative changes were significant and may have
far reaching consequences in the Florida insurance market. As a result,
A.M. Best will be evaluating the exposure of companies to recoverables
from the Florida Hurricane Catastrophe Fund (FHCF) and the impact on
companies’ overall capitalization. 

22) AICPCU/IIA Signs Agreement With Washington IIABA to Give
CE-Qualified Seminars to Agents - MALVERN, Pa.—The American
Institute for CPCU and the Insurance Institute of America (AICPCU/IIA)
have signed an agreement with the Independent Insurance Agents & Brokers
of Washington (IIABW) to give seminars based on the Accredited Adviser
in Insurance (AAI®) designation program for agents and brokers. The
seminars, which will qualify for continuing education (CE) credit, will
be offered for the first time starting in late April 2007. 

23) DTCC Opens Insurance Services To Broker/Dealers That Create
Retirement Income Programs - New York, February 26, 2007 - The
Depository Trust & Clearing Corporation (DTCC) announced today that
registered broker/dealers that create and sell non-insurance retirement
and other benefit programs, through distributing broker-dealers, can now
be supported through DTCC's Insurance Services (IS) platform. - An SEC
rule filing submitted by DTCC's clearing subsidiary paves the way for
broker/dealers to leverage DTCC's Insurance Services platform to
automate processing and support the administrative handling of these
wrap-like non-insurance retirement and other benefit programs 

24) China Re Group And Standard Life CEOs Headline 2007 Loma
International Underwriting Congress - ATLANTA, GA – FEBRUARY 23,
2007- Dr. Liu Jingsheng , CEO of China Re Group, professor and Ph.D.
supervisor at Nankai University, will discuss China's emerging insurance
and financial services industry and consumer market at the LOMA
International Underwriting Congress (IUC). -- The LOMA International
Underwriting Congress offers a multidisciplinary program focusing on
issues related to international life and health insurance risk selection
and doing business internationally and will be held March 18-21, 2007 in
Shanghai, China at the Pudong Shangri-La Shanghai Hotel. 

25) Iowa Division Of Insurance Teams Up With State Based Systems -
KANSAS CITY, Mo. (Feb. 23, 2007) — The National Association of
Insurance Commissioners (NAIC) today announced that the Iowa Division of
Insurance will implement State Based Systems (SBS) to serve its
regulatory business needs.  -- “We are pleased to be joining the
partnership between SBS states and the NAIC,” said Iowa Insurance
Commissioner Susan Voss. “While we are still in the early phases of
implementation, the concept of marrying the NAIC’s ability to build and
deliver a system to meet our tight deadlines and our unique business
requirements, coupled with the seamless integration of services and the
high level of customer service, makes SBS an appealing tool for the Iowa
Division of Insurance.”
 

26) New Exclusive Admitted Program For California Commercial
Contractors  - Calabasas, Calif… Effective 2/20/07 Maverick
Commercial Insurance Services has added an exclusive new program for
artisan contractors which includes workers’ compensation, general
liability and automobile coverage.  -- This is an exclusive for Maverick
and is available for commercial contractors (including Apartment work).
The program is written with an A+, XV Admitted facility on a 2006 ISO
CGL Occurrence form. Minimum premium is $100,000 combined for all lines.
Work comp is guaranteed cost, Automobile (coverage symbol “1”) is first
dollar and the carrier is offering a small deductible for general
liability. Specialized loss control and claims handling is available. 

27) Continuing Ed Info Simplified with Independent Insurance Agents &
Brokers of NY E-Publication - (DeWitt, New York, Feb. 22, 2007) — A
new electronic newsletter, designed to streamline the process of
gathering continuing education-related information, made its debut on
Feb. 19 by way of the award-winning Independent Insurance Agents &
Brokers of New York, Inc. Education Department. The inaugural one-page
e-mail distribution of in the Classroom reached 8,000 recipients–both
active and non-IIABNY members. -- For more in the Classroom information,
contact IIABNY’s Education Department at (800) 962-7950 or
edu@iiabny.org. 

28) LifeCare® Launches New Backup Care ConnectionSM Program -
WESTPORT, Conn., February 22, 2007 -- LifeCare®, Inc., provider of
comprehensive specialty care services and a longtime leader in the
work/life industry, announced today that it has launched a new Backup
Care ConnectionSM program for organizations that want to take the next
step in providing employees and members with resources to help them
better manage their busy lives. The new program helps people make
alternative care arrangements for children and seniors to avoid missing
work when regular care arrangements break down. -- LifeCare will be
partnering with Knowledge Learning Corporation, the nation's leading
provider of quality child care and development programs, to deliver the
Backup Care Connection program. 

29) Non-U.S. Edition of Best’s Insurance Reports® Offers Expert
Insurer Analysis - OLDWICK, N.J., Feb. 22, 2007—A.M. Best Co. has
just released the 2007 edition of Best’s Insurance Reports – Life &
Non-Life, Non-US, which offers in-depth analysis on insurers in more
than 80 countries worldwide. - Each report features A.M. Best’s expert
analysis of an insurer’s financial strength, including the Best’s Rating
and Rating Rationale; Financial Size Category designation and Best’s
Profitability, Leverage and Liquidity tests; financial statement items
such as net premiums written; business review; and management and
contact information. 

30) The Standard Donates More Than 10,000 Employee Volunteer Hours in
Honor of its 100-year Anniversary - Innovative Days of Caring
program receives recognition.   - PORTLAND, Ore. — February 23, 2007 —
Standard Insurance Company (“The Standard”) celebrated its 100th year in
business by partnering with 164 nonprofits across the country and
providing more than 10,500 hours of employee volunteer service. - In
honor of its 100th anniversary The Standard introduced a different
approach to corporate philanthropy through monthly Days of Caring, when
employees volunteer at a nonprofit on company time. The Standard’s
community involvement team worked with a range of organizations across
the country to identify projects and plan the day so that volunteer
efforts were maximized to benefit the organization. 

31) Zalma Publishes Update on Punitive Damages - Barry Zalma, a
California Insurance Coverage attorney and internationally recognized
insurance expert, has published an article to his web site, Zalma on
Insurance, entitled "Punitive Damages Decision -- A Boon For Insurers."
 - The article explains the importance to insurers of the recent
decision of the United States Supreme Court in Philip Morris USA, v.
Williams, Personal Representative of Estate of Williams, Deceased, on
Certiorari to the Supreme Court of Oregon, No. 05-1256 decided February
20, 2007. The decision should limit the ability of plaintiffs to obtain
excessive verdicts against insurers. 

32) TPAA & Express Scripts Bring Superior PBM Deal to Members -
Atlanta, GA, February 22, 2007 - The Third Party Administrator
Alliance—known as the TPAA—working with leading pharmacy benefit
consulting firm ARMSRx, has added another preferred partner’s services
to its long list of member benefits. Express Scripts, one of the top
three pharmacy benefit companies in the nation is offering to TPAA
members a transparent pricing arrangement which is available to the
member’s self-funded employer groups of all sizes. By leveraging TPAA’s
buying power, clients can take advantage of bottom line pricing and
receive considerable savings on their pharmacy expenditures. 

33) Progressive Repositions Name in Products It Sells Through Agents
to Allow Them to Capitalize on the Strength of the Progressive Brand
Company Also Announces Product and Service Enhancements Aimed at Helping
Independent Agents Grow  - MAYFIELD VILLAGE, Ohio--(BUSINESS
WIRE)--The Progressive Group of Insurance Companies today announced it
is putting the Progressive name first in the names of all of the
products it sells to allow independent agents and brokers to capitalize
on the power of the Progressive name. This move to a one-brand strategy
means the products will be called Progressive Commercial, Progressive
Motorcycle, Progressive Boat, etc., and more of the company’s branding
initiatives will focus on the benefits of insuring a vehicle with a
Progressive company regardless of what or how a consumer chooses to buy.
Because the private passenger auto products and prices sold directly by
the company and by agents are different, their names are different. The
private passenger auto product sold by agents is now called Progressive
Drive Insurance. Private passenger auto insurance sold by the company
directly over the Internet and by phone is now called Progressive
Direct. 

33) Fireman’s Fund Insurance Company Aligns With GridPointTM to Offer
Intelligent Energy Management Solutions at a Discounted Rate  GridPoint
Products Provide Instant Backup Power, Renewable Energy Integration and
Online Energy Management  - NOVATO, Calif.--(BUSINESS
WIRE)--Fireman’s Fund® today announced a new alliance with GridPoint, a
provider of intelligent energy management (IEM) products. Through its
Prestige® Advisory Services, Fireman’s Fund will offer policyholders a
20 percent discounted rate for GridPoint’s award-winning products that
offer clean backup power, renewable energy integration and online energy
management for home owners. 

34) Blue Cross and Blue Shield of Illinois Announces e-Prescribing
Collaborative Program to Improve Patient Safety - February 21, 2007
12:35 PM Pacific Time - CHICAGO--(BUSINESS WIRE)--In an effort to make
prescription medications safer and to improve the quality of care in
Illinois, Blue Cross and Blue Shield of Illinois announced today the
implementation of a statewide, collaborative program that will unite the
health care industry and expand e-prescribing throughout Illinois. --
The Illinois e-Prescribing Collaborative is the first of its kind in the
nation, as insurers, technology vendors, pharmacies, employer groups,
physicians and other organizations involved in the prescription process
are working together to increase the use of e-prescribing.