1) The Hurricane Law Group Announces Class Action Lawsuits Against
Allstate Floridian Insurance Co., Citizens Property Insurance Corp. and
State Farm Florida Insurance Co. - BOCA RATON, Fla.--(BUSINESS
WIRE)--The Hurricane Law Group today announced that it has commenced
class action lawsuits against Allstate Floridian Insurance Co.
(“Allstate”), Citizens Property Insurance Corp. (“Citizens”) and State
Farm Florida Insurance Co. (“State Farm”) on behalf of Floridians whose
homes were insured by these providers during the past five years and who
suffered roof damage caused by a hurricane or other natural disaster.
-- While similar in nature, a separate suit was filed against Allstate,
Citizens and State Farm (three suits in total) in Florida State Court.
The common allegation in each lawsuit is that the named insurance
provider failed to pay and/or properly adjust claims in Florida by
ignoring requirements to obtain a building permit prior to commencing
roof repair or replacement.
2) Marsh CEO Urges World’s National Oil Companies to Address Risks -
DUBAI, U.A.E.--(BUSINESS WIRE)--As the national oil companies and their
control of at least 80 percent of the world’s known oil reserves
continue to grow in importance, they face a number of risks that must be
addressed strategically, according to Marsh, the world’s leading risk
and insurance services firm. -- Speaking at the opening of the Marsh
National Oil Company conference in Dubai today, Brian Storms, Chairman
and CEO of Marsh Inc, said: “The world’s desire for
environmentally-friendly energy sources appears to be rising faster than
global temperatures. This is a growing risk to all energy producers.
3) China stocks plunge 8.8 percent By Andrew Torchia - SHANGHAI
(Reuters) - Chinese stocks plunged nearly 9 percent on Tuesday, erasing
about $140 billion of value in their biggest fall for a decade, amid
fears that authorities would crack down on speculation that drove shares
to record highs. - Traders said the slide did not appear to be triggered
by concrete news. Institutions scrambled in hectic trade to lock in
large gains made early this month, while some funds sold to raise money
to pay dividends in March. - The tumble came a day after the main index
jumped to an all-time high, bringing its gains for this year to 14
percent. The market soared 130 percent last year, making it the world's
best-performing major market.
4) No easy exit from commodities for pension funds - Tue Feb 27,
2007 9:37AM EST By Jane Merriman - LONDON (Reuters) - A slide in oil and
other commodity prices early this year has fed speculation that big
money investors have fled these markets -- but longer term players are
happy to sit tight. - Analysts say hedge fund activity contributed to
the dive in oil prices from a record of $78.40 for U.S. crude in July
last year to a 20-month low of $49.90 in January. But pension funds,
insurance companies and other institutional investors do not move in and
out so quickly.
5) CalPERS Launches Prefunding Plan for Retiree Health Benefits -
SACRAMENTO, Calif.--(BUSINESS WIRE)--The California Public Employees’
Retirement System (CalPERS) today announced the creation of a new trust
fund that allows public employers that contract with CalPERS for
employee health benefits to prefund the future cost of their retiree
health insurance benefits and other post-employment benefits (OPEB). -
Called the California Employers’ Retiree Benefit Trust Fund, the
prefunding plan allows participating employers to make regular periodic
contributions into the trust fund. -- . In the future, participating
employers will be able to use investment earnings to pay for retiree
health benefits, similar to the CalPERS pension plan in which three out
of four dollars paid for retirement benefits come from investment
earnings instead of current taxpayer dollars and employer contributions.
6) Market Street Advisors Joins DTCC’s Growing Service for Managed
Accounts - NEW YORK--(BUSINESS WIRE)--The Depository Trust &
Clearing Corporation (DTCC) announced today that Market Street Advisors
has joined the list of firms linking to DTCC’s new Managed Accounts
Service, a centralized platform that streamlines communications and
reduces risk associated with opening and maintaining managed accounts.
Other firms participating in a pilot of this new service include
Citigroup Smith Barney, the industry’s largest managed accounts sponsor,
Citigroup’s Global Transaction Services and Vestmark.
7) USI Holdings Corporation Closes Acquisition of H.W. Gates Agency,
Inc. - BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Holdings
Corporation (NASDAQ: USIH) today announced the acquisition of Memphis,
TN-based H.W. Gates Agency, Inc. ("Gates"). Gates provides property &
casualty insurance products and services to businesses throughout the
Memphis Metro area. Gates is expected to contribute approximately $1.0
million of revenues to USI on an annual basis.
8) GMAC Insurance to Offer Specialized RV Coverage Through Independent
Agents Across the Nation - ST. LOUIS--(BUSINESS WIRE)--Today, GMAC
Insurance announced the nationwide rollout of its specialized RV
insurance through independent agencies. The move comes as part of a GMAC
Insurance initiative to expand its product offerings sold through
approximately 10,000 independent agencies across the country. -- In
addition to selling direct to consumers in 48 states, GMAC Insurance’s
specialized RV coverage is now available through independent insurance
agents representing GMAC Insurance in Arizona, Illinois, Ohio and
Tennessee. The company plans to extend availability to agencies in
additional states throughout 2007. For more information about GMAC
Insurance’s RV coverage and to learn about potential discounts, call
877-468-3466 to find a local agent, or go to www.gmacinsurance.com.
9) House Majority Leader To Speak To Big “I” - WASHINGTON, D.C.,
Feb. 26, 2007—House Majority Leader Steny Hoyer (D-Md.) will speak to
members of the Independent Insurance Agents & Brokers (the Big “I”)
during its Legislative Conference & Convention in April. - With more
than 1,200 independent agents and brokers from across the country in
attendance, Hoyer will be a featured speaker at a breakfast on April 26
along with House Minority Whip Roy Blunt (R-Missouri). -- This year’s
event will take place April 25 through 27 at the Marriott Wardman Park
Hotel in Washington, D.C.
10) Demystifying Operational Risk - 2007 Global Seminar Schedule -
In response to strong client interest, we have decided to hold
another nine Demystifying Operational Risk seminars across the globe in
2007. These seminars are being organized in partnership with OpRisk &
Compliance magazine. As you may know, our two-day seminars are almost
universally regarded as the best and most comprehensive practical
training on operational risk management available in the industry. All
our seminars follow the same program so please choose the date and
location that is most convenient for you.
11) U.S. Risk Acquires E.M. Morrow Agency - Dallas, Tex. — Feb.
27, 2007 — U.S. Risk Insurance Group, Inc. (www.usrisk.com), today
announced that it has expanded its California operations by acquiring
E.M. Morrow Insurance General Agency, Inc., in Oakland, Calif. - E.M.
Morrow has served the California property and casualty market for 30
years, specializing in property and general liability coverages for a
variety of risk. The agency's management, including principal David
Barkley, will continue to operate the agency. It will become a
subsidiary office of U.S. Risk of California, Inc., which does business
as USRisk Brokers Insurance Services, Inc., and is headquartered in
Irvine, Calif.
12) Sales Targets Are Missed by More Than Half the Sales Team In 50%
of Companies Globally: TAS Index Global Study - SEATTLE--(BUSINESS
WIRE)--The TAS Group, the world leader in sales effectiveness solutions,
today released results of its TAS Index Global Sales Effectiveness
Benchmark Study 2007, which shows that in 50% of companies globally,
less than half of the sales team achieves its sales targets. -- The TAS
Index ™ is a global barometer of sales productivity and effectiveness.
The TAS Index Global Sales Effectiveness Benchmark Study 2007 helps
sales leaders determine the absolute and relative effectiveness of their
sales organizations.
13) “The Travelers Companies, Inc.”, “TRV” and Travelers Red Umbrella
Now Official - SAINT PAUL, Minn.--(BUSINESS WIRE)--The St. Paul
Travelers Companies, Inc. (NYSE:STA) has changed its name to The
Travelers Companies, Inc. and will begin trading on the New York Stock
Exchange under the ticker symbol “TRV” (NYSE:TRV) immediately following
the opening bell on Tuesday morning, Feb. 27, at 9:30 a.m. EST. -- In
addition, the company has closed its previously announced agreement to
reacquire the familiar red umbrella trademark from Citigroup Inc.
14) XL Capital Ltd Announces $1 Billion Share Repurchase Program -
HAMILTON, Bermuda, Feb. 26 /PRNewswire-FirstCall/ -- XL Capital Ltd
(NYSE: XL) (the "Company") today announced that on February 23, 2007,
the Board of Directors (the "Board") of the Company approved a new share
repurchase program, authorizing the Company to repurchase up to $1
billion of its Class A ordinary shares. The Company expects the
purchases to be made from time to time in the open market or in
privately negotiated transactions, and that such repurchases will be
funded from cash and/or the proceeds from the issuance of securities.
15) First Command Offers Six Financial Tips for the Newly Single -
FORT WORTH, Texas--(BUSINESS WIRE)--If your marriage has ended and
you’re single again, make sure all your financial arrangements reflect
your new status. First Command Financial Services offers a few tips to
help you get your new financial life off to a good start. -- First
Command Financial Services and its affiliates, including First Command
Bank and First Command Financial Planning, assist American families in
their efforts to build wealth, reduce debt and pursue their lifetime
financial goals and dreams.
16) Guardian and Health Net Transition Healthcare Solutions Brand to
Health Net - NEW YORK--(BUSINESS WIRE)--The Guardian Life Insurance
Company of America (Guardian), a leading provider of employee and
voluntary benefits to small and mid-sized companies, and Health Net,
Inc. (NYSE:HNT), among the nation’s largest publicly traded managed
health care companies, today announced their plans to transition the
Healthcare Solutions brand and medical product membership over to Health
Net. Following receipt of regulatory approval, the companies expect to
complete the transition in the third quarter of 2007. Terms of the
transaction were not disclosed.
17) News From USW: USW Obtains Payment to Retirees of General
Fireproofing - YOUNGSTOWN, Ohio--(BUSINESS WIRE)--News From USW:
The United Steelworkers (USW) today said that the hourly retirees of
General Fireproofing are receiving $840,000 on a claim advanced by the
USW to account for the value of negotiated health insurance benefits
terminated shortly after the company entered Chapter 11 Bankruptcy in
1990. The USW expects a second disbursement to retirees later this year,
though the amount has not yet been determined. -- The USW notified
eligible retirees by mail late last week and expects the checks to be
mailed beginning this week as completed forms are received back from the
retirees.
18) Producers Not Selling Long-Term Care Insurance To Be Focus Of
Industry Association Meetings - California LTC Sales Summit To
Kick-Off Nationwide Campaign -- The vast majority of insurance agents
and brokers who sell life, health, Medicare Supplement, annuity and
investment products still do not offer long-term care insurance to their
own clients. To meet the growing consumer interest in the product,
the American Association for Long-Term Care Insurance has scheduled a
series of 1-day training programs specifically for non-LTC specialists
interested in simplified selling. The first two conferences will be
held in California on April 10 and 12, 2007.
19) PIANJ supports DOBI’s TREE plan - TRENTON, N.J.—The
Professional Insurance Agents of New Jersey Inc.’s President Andrew
Anderson, CIC, recently told the Department of Banking and Insurance
that PIANJ supports its proposed new rules to establish a Territorial
Rating Equalization Exchange plan, which would promote competition
between insurance companies across the state and provide incentives to
write insurance policies in certain geographic areas. -- “PIANJ supports
the proposal and agrees that such a plan is needed to promote
sustainable competition in all areas of the state, especially the urban
territories,” said Anderson, in a written comment.
20) INSURANCE NEWSCAST “Pictures Of The Day:
21) Gilsbar, Inc. to Manage Employee Benefits for TABASCOR
Manufacturer McIlhenny Company - McIlhenny Company, the manufacturer
of the internationally known TABASCO(r) brand products, has selected
Gilsbar, Inc. to administer its self-funded medical and dental plans for
its benefit plan participants. - Gilsbar's medical management company,
MedCom Care Management, will provide Utilization Review and Large Case
Management services for the group.
22) ConnectYourCare Launches Web-based Self-Service Onboarding for
Small- and Mid-sized Employers - Hunt Valley, MD, (February 26,
2007) – ConnectYourCare, a leading provider of account administration
solutions for employers, simplifies the Consumer-Directed Healthcare (CDH)
account implementation process for small- to mid-sized employers and
brokers with the introduction of CDH Expresssm. With this
ground-breaking product, benefit administrators can use CDH Express to
establish CDH accounts and enroll employees in Flexible Spending
Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Health
Savings Accounts (HSAs) in a few simple steps. The solution enables
ConnectYourCare to offer its robust CDH platform solution to the
underserved small and mid-sized markets.
23) Eastern Financial Florida Credit Union Selects Independent
Financial to Expand Investment Products and Services - PURCHASE, NY
(February 26, 2007) – Independent Financial Marketing Group, Inc. today
announced that Eastern Financial Florida Credit Union has selected it to
expand the investment and insurance product offerings for Eastern
Financial members. Through this agreement, Eastern Financial’s 950
member companies and 215,000 individual members will have access to
these new wealth management and retirement planning solutions, including
annuities, mutual funds and 401k plans. --- “This relationship allows
our members to benefit from more investment choices in-house along with
Independent Financial’s industry expertise, service administration and
commitment to innovation in its financial product offerings.”
24) MarketScout Opens Office in Chicago - Dallas - February 26,
2007 -- MarketScout Corporation, a Dallas, Texas-based eInsurance
Exchange specializing in the distribution of property and casualty
insurance products, has announced the opening of a Chicago location to
facilitate its growth in the Midwest. --- MarketScout is a Dallas,
Texas-based electronic insurance exchange which underwrites and
distributes hundreds of product lines to its 58,000-member agency
network across the United States.
25) Preferred Club Program Named Best Club Insurance Provider For 5th
Consecutive Year - West Chester, Pa.–February 26, 2007–Tiger Woods
is not the only one in the golf industry to post an impressive winning
streak recently. For the fifth consecutive year, the Preferred Club
Program (www.preferredclub.com) received the Award of Excellence for
“Best Insurance Provider to the Club Industry” from The Boardroom, the
official magazine of the Association of Private Club Directors (APCD).
26) Vimo Signs Partnership Deal with Association of Health Insurance
Advisors (AHIA) - MOUNTAIN VIEW, Calif., Feb. 27 /PRNewswire/ --
Vimo today announced a new partnership deal with AHIA, the Association
of Health Insurance Advisors. The joint marketing agreement offers
AHIA's member-brokers discounted access to the river of health insurance
leads that Vimo generates as part of the operations of Vimo.com, the
Internet's leading comparison-shopping site for health care, plans and
services. In exchange, AHIA will use its network to dramatically raise
Vimo's profile amongst the nation's 300,000+ independent insurance
agents. AHIA members interested in the discounted lead program can call
Vimo at 650-230-0073 to sign up.
27) Blue Cross and Blue Shield of Florida Announces 'Florida Blue,' a
New Concept Retail Store for the Health Insurance Market -
JACKSONVILLE, Fla., Feb. 26 /PRNewswire/ -- Blue Cross and Blue Shield
of Florida (BCBSF) today unveiled "Florida Blue(SM)," a new concept in
retailing geared to assist consumers' navigation of the health insurance
market. The store is located at 4624 Town Crossing Drive, Suite 137, in
the St. John's Town Center in Jacksonville. -- The company said the
store, one of the first of its kind nationally, is a new concept in the
health insurance arena and is one additional component of BCBSF's move
to a consumer-empowered retail environment.
28) Benefit Advisors Network: Demonstrated Ability to Deliver
Increased Growth and Profitability by Providing Members Distinguishing
Competitive Advantages - PORT ST. LUCIE, Fla.--(BUSINESS
WIRE)--Benefit Advisors Network (BAN), a national consortium of premier
group benefit broker and consulting firms, continues to provide
opportunities that enable their members to serve clients in unique ways.
One member premiered their “Role in Improving Health Status” program,
teaming brokers, the BAN medical team and vendors recently at their
educational conference in Orlando. “This innovation completely changes
the dynamic of the broker from the role of trying to mitigate rate
increases to bringing actionable solutions designed to minimize
escalating health care costs, decrease absenteeism and increase
productivity,” noted John O’Connell, Principal C.M. Smith.
29) AI Risk® Introduces Radiology SolutionsSM, A Portfolio of
Insurance Policies Tailored for Diagnostic Radiology Facilities -
NEW YORK--(BUSINESS WIRE)--A.I. Risk Specialists Insurance, Inc. (AI
Risk®), a member company of American International Group, Inc. (AIG),
today announced the introduction of AI Risk Radiology SolutionsSM, a
portfolio of property and casualty insurance coverages written
specifically to address risks of diagnostic radiology facilities. These
coverages will be underwritten by the AIG Healthcare Department of AI
Risk.
30) State Farm(R) Invests More Than $3 Million in Youth-led Projects
- BLOOMINGTON, Ill., Feb. 26 /PRNewswire/ -- The State Farm Youth
Advisory Board, in partnership with State Farm, announced today that it
will award $3,054,715 for youth-led, service-learning based projects to
44 organizations across the United States and Canada. -- The State Farm
Youth Advisory Board is a diverse group of 30 youth, ages 17-20, who
were chosen through a competitive process to lead and oversee this $5
million/year signature service-learning initiative. The Youth Board
identified the issues, issued competitive grants and will now provide
technical assistance, communication and oversight to site grantees.
31) NAVA to Host Conference on New Industry-Backed Annuity Sales
Standards - RESTON, Va.--(BUSINESS WIRE)--NAVA today announced that
it is hosting a conference to educate software product and service
providers on its recently announced Straight Through Processing (STP)
standards. The goal of the conference is to create an open forum to
discuss the information and guidelines necessary to develop future STP-compliant
solutions for the annuity industry. -- The NAVA Technology Vendor
Conference will be held on Tuesday, March 6, 2007 at the Dulles Hyatt
Hotel in Herndon, Virginia from 9:00 a.m. to 4:00 p.m.
32) Guaranteed Health Cost Savings, At Least 20 Percent, for Large
Employers - MINNEAPOLIS, Feb. 26 /PRNewswire/ -- Oswald Companies is
guaranteeing at least 20 percent savings on health insurance costs for
large employers (300+ employees) who follow their revolutionary new
C.U.R.E.(TM) program. - The introduction to this offering is: WHEN:
11:30 a.m.-1:30 p.m. on Tuesday, March 20, 2007 - WHERE: Hilton Hotel
Minneapolis 1001 Marquette Avenue South, Minneapolis, Minn. WHO:
RSVP with Rochelle Sevchek, 800.466.0468
Wednesday, February 28, 2007
Tuesday, February 27, 2007
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)
INSURANCE NEWSLINK Articles - Recent articles added to INSURANCE
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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.
(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)
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.
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.
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