INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 10/06/06

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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com

INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 10/06/06  

Here is a quick look at the stories that will be in Friday's INSURANCE NEWSCAST.

 

1) Insurance Executive Launches Kinloch Holdings, Acquires Genatt Associates - New brokerage holding company will focus on building super regionals to serve middle market -- October 4, New Hyde Park, NY ? Robert Lockhart, former president and chief operating officer of Hilb, Rogal & Hobbs, announced the launch of Kinloch Holdings, Inc. ? a newly formed insurance brokerage holding company that will focus on delivering market-leading client service capabilities to middle market companies with complex risk management and insurance needs. Northaven Management, Inc. and CCP Equity Partners are leading the equity syndicate, with ING Capital LLC leading the debt financing.

 

2) ProAssurance Comments on Florida Malpractice Verdict - BIRMINGHAM, AL ? (BUSINESS WIRE) ? October 4, 2006 ? A jury in Tampa has awarded a total of $217 million in a medical malpractice case against insureds of ProNational Insurance Company, a subsidiary of ProAssurance Corporation. The jury awarded $117 million on September 29, 2006 and added $100 million in punitive damages on October 3, 2006. There is no claim outstanding against ProAssurance.

 

3) RAA Statement on President?s Working Group Report on Terrorism Risk Insurance - WASHINGTON, DC (October 4, 2006):  The Reinsurance Association of America issued the following statement in response to the October 2 release of the President?s Working Group (PWG) on Financial Markets Terrorism Risk Insurance report.

 

4) AIR ExportExpress Provides Easy and Efficient Access to Catastrophe Modeling Information - BOSTON, Oct. 4, 2006 ? AIR Worldwide Corporation (AIR) announces the latest release of its CLASIC/2? catastrophe risk management system. Version 8.5 features AIR ExportExpress?, a new utility that simplifies the export of company exposure and loss data.

 

5) CHANGES IN FINANCIAL REPORTING REQUIREMENTS CREATE NEW CHALLENGES FOR ACTUARIES - ATLANTA, GA ? New laws and increased public scrutiny are changing financial reporting requirements in the property-casualty insurance industry. Actuaries, who play key roles in that critical arena, are being asked to broaden the scope and detail of their reviews and opinions, attendees at the annual Casualty Loss Reserve Seminar here were told.  The Seminar was co-sponsored by the Casualty Actuarial Society and American Academy of Actuaries.

 

6) RECENT HURRICANES PRESENT UNIQUE RESERVING CHALLENGES FOR ACTUARIES, EXPERTS TELL CASUALTY LOSS RESERVE SEMINAR - ATLANTA, GA ? The unprecedented spate of strong storms that have struck the Southeastern United States since 2004 have presented actuaries with unique, but for the most part solvable, loss reserving challenges, said an expert on homeowners, property, and catastrophe reserving at the annual Casualty Loss Reserve Seminar.  The Seminar was co-sponsored by the Casualty Actuarial Society and American Academy of Actuaries.

 

7) Challenges Still Loom For Global Insurance Brokers In Post-Scandal Era, Report Says -NEW YORK Sept. 27, 2006-Standard & Poor's Ratings Services today published a commentary about the aftereffects of New York Attorney General Eliot Spitzer's investigation into bid-rigging in the insurance broker industry.

 

8) Global Reinsurance Outlook Presented To Intermediaries And Reinsurance Underwriters Assn - NEW YORK  Oct. 2, 2006--Standard & Poor's discussed its stable outlook on the global reinsurance sector at the Sept. 12, 2006 meeting of the Intermediaries & Reinsurance Underwriters Association in Bolton Landing, N.Y. Steven Ader, Director, Financial Services Ratings ? North American Insurance, said the outlook reflects Standard & Poor's Ratings Services' expectation that downgrades and upgrades of reinsurers will be in relative equilibrium through the remainder of 2006 and into early 2007.

 

9) Standard & Poor's Discusses Rating Of Captives At RIMS Meeting In Calgary - NEW YORK  Oct. 2, 2006--Standard & Poor's participated in a panel discussion, "What Do Rating Agencies Want and Should You Get a Rating for Your Captive," at the Risk and Insurance Management Society's Sept. 19, 2006, meeting in Calgary, Alberta, Canada. 

 

10) Article Explores Effect Of Aging Population On U.S. Health Insurers - NEW YORK  Sept. 26, 2006--The number of citizens who are 65 or older, whose ranks will rise rapidly starting in 2011, adds a layer of uncertainty about how health insurers will fare, according to an article published by Standard & Poor's Ratings Services.

 

11) Pandemic Risk Increases ? Anti Virals Losing Effectiveness, According to Firestorm Solutions - GOLDEN, Colo.--(BUSINESS WIRE)--Firestorm Solutions, LLC?s president, Jim Satterfield, jsatterfield@firestorm.com, cautioned today ?In light of the World Health Organization (WHO) announcement that the two most prevalent anti-viral drugs are losing their effectiveness against the avian flu, pandemic response plans must be reviewed and updated.?

 

12) Insurance Marketing Podcast Explores High-Knowledge Marketing with Denis O?Shea of Hartford Steam Boiler - OLDWICK, N.J., Oct. 4, 2006?The latest edition of ?The Insurance Marketing and Advertising Podcast? examines the challenges of marketing to sophisticated insurance sectors in an interview with Denis O?Shea, vice president of communications for Hartford Steam Boiler.

 

13) Bank of America and Wachovia Corporations Led Bank Holding Companies in Mutual Fund and Annuity Fee Income in First Half of 2006 - FOR IMMEDIATE RELEASE ? Radnor, PA, October 4, 2006 ? Bank of America Corporation (Charlotte, NC) and Wachovia Corporation (Charlotte, NC) led all bank holding companies with significant banking activities in mutual fund and annuity fee income in the first six months of 2006, according to Michael White?s Bank Holding Company Insurance & Investment Fee Income Report? (BHC-FIR?) published by Michael White Associates, LLC (MWA). 

 

14) Have An Optimistic Day newsletter expands to an Internet talk show October 25, 2006 - Ron Graves, Publisher and Editor of "Have An Optimistic Day", a weekly motivational and inspirational newsletter, has announced that beginning October 25, 2006, the newsletter's content will expand to a 1 hour internet broadcast with a live talk show titled "Achieving the Extraordinary" with Ron Graves.

 

15) Fort Dearborn Life Merges With Member Service Life   - CHICAGO, Oct. 5 /PRNewswire/ -- Fort Dearborn Life Insurance Company, a subsidiary of Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company, has successfully completed its merge with Oklahoma-based Member Service Life Insurance Company, also a subsidiary of HCSC.    

 

16) The Doctors Company Enters Into Agreement With OHIC Insurance Company   - NAPA, Calif., Oct. 5 /PRNewswire/ -- The Doctors Company, the nation's leading physician-owned medical malpractice insurance provider, today announced that it has entered into an agreement to acquire OHIC Insurance Company (OHIC), a leading medical liability carrier in Ohio.    

 

17) False Premise: Falling Home Prices Mean Less Insurance Coverage Needed   - Atlantic Mutual Suggests Alternatives for Cost Savings -- NEW YORK, Oct. 5 /PRNewswire/ -- Homeowners who confuse market value with the amount of insurance they need can be in for a rude financial awakening if they have an insurance claim, noted Atlantic Mutual, best known for the Atlantic Master Plan personal insurance policy.    

 

18) UC Irvine Extension Presents a Course on Managing Mold Problems - Course Caters to the More Than 3-Million Orange County Residents at Risk for Toxic Mold Contamination  -- IRVINE, Calif.--(BUSINESS WIRE)--Southern California's Orange County is home to more than 3-million residents. In fact, the OC is ranked as the second most populous county in the state of California, and the fifth most populous in the United States.

 

19) Darwin Enters into Program Arrangement with APA to offer PLI for Psychologists  - FARMINGTON, Conn., Oct. 5 /PRNewswire-FirstCall/ -- Today, Darwin Professional Underwriters, Inc. (Darwin) (NYSE: DR) announces its new program partnership with New York-based American Professional Agency (APA) to provide Professional Liability Insurance (PLI) for mental health professionals.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Merrill Lynch Global Private Equity Acquires Grupo Convermex From J.P. Morgan Partners  - MEXICO CITY--(BUSINESS WIRE)--Grupo Convermex, S.A. de C.V. (?Convermex? or the ?Company?) today announced that Merrill Lynch Global Private Equity (?MLGPE?) has acquired the Company from J.P. Morgan Partners, LLC (?JPMP?) and other investors.

 

22) The Hartford, First Health Group Corp. Offer a Certified Workers' Compensation Health Care Network in Texas - HARTFORD, Conn., Oct. 4 /PRNewswire-FirstCall/ -- Embracing recent Texas reform legislation aimed at controlling spiraling workers' compensation costs, The Hartford Financial Services Group, Inc. announced it has gained certification to offer its workers' compensation clients in the Houston area access to The Hartford Workers' Compensation Health Care Network/FH, a new program which uses First Health Group Corp.'s newly certified group of service providers.

 

23) First Coast Service Options Wins New Medicare Contract -- Plans to Add 75 New Positions  - JACKSONVILLE, Fla., Oct. 5 /PRNewswire/ -- First Coast Service Options, Inc. (FCSO), today announced that it has been awarded a contract by the federal government to serve as a Qualified Independent Contractor (QIC) for the Centers for Medicare & Medicaid Services (CMS). To administer this new contract, FCSO will be adding approximately 75 positions to the company's workforce over the next few months, mostly in Jacksonville.    

 

24) CEOs of Nation's Top Medicare Drug Providers Earn Millions in Salary While Seniors and Taxpayers Pick Up the Tab  - Profits Rain Upon Pharmacy Benefit Managers, as Seniors Tread Water in Doughnut Hole -- WASHINGTON, Oct. 5 /PRNewswire/ -- Pharmacy Benefit Managers (PBMs) offering Medicare Part D plans continue to siphon money from seniors and sidestep the gargantuan salaries their CEOs earn. The Association of Community Pharmacists Congressional Network (ACP*CN) believes Congress and taxpayers need to examine how these companies are adding costs to Medicare Part D for their own gain.

 

25) Principal Financial Group Selects MagnaCare to Expand Network Coverage in New York and New Jersey  - DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group®, the nation?s premier provider of employee benefits, announces a new business relationship with MagnaCare to bring greater health network coverage to customers in New York and New Jersey. The agreement expands current coverage to give self-funded health customers access to a broad network of physicians and specialists in their area.

 

26) Travelers Launches Insurance Solution for Millwright Contractors  - HARTFORD, Conn.--(BUSINESS WIRE)--Millwright contractors now have access to a single source for their insurance and risk management needs with an offering introduced today by Travelers. Products available for millwright contractors include workers? compensation, commercial general liability, automobile liability and physical damage, property, inland marine, umbrella and surety.

 

27) Health Insurance Made ... Easier?  - New Advertising Campaign from Blue Shield of California Refreshes Brand Identity With Commitment to Address Consumer Concerns About Health Insurance -- SAN FRANCISCO, Oct. 4 /PRNewswire/ -- Acknowledging consumer dissatisfaction with health insurers, Blue Shield of California pledges in a new advertising campaign to make it easier to access quality health care at competitive rates.

 

28) Blue Cross & Blue Shield of Rhode Island and Perot Systems Reach New Contract Accord   - PROVIDENCE, R.I., Oct. 4 /PRNewswire-FirstCall/ -- Blue Cross & Blue Shield of Rhode Island (BCBSRI) and Perot Systems (NYSE: PER) announced today that the two companies have agreed to modify their current agreements to discontinue the LRSP replacement project in its present form. Perot Systems will continue work on the business process and the information technology outsourcing, which represents the vast majority of the work they do for BCBSRI.

 

29) CPCU SOCIETY NATIONAL LEADERSHIP INSTITUTE COURSE COMING TO ST. PETERSBURG, FLORIDA - MALVERN, PA, OCTOBER 5, 2006?On October 18, the CPCU Society, the Society?s Florida Suncoast Chapter and the National Association of Insurance Women/Insurance Professionals of Pinellas will be hosting a CPCU Society National Leadership Institute course, Building Highly Effective Teams.

 

30) RIMS INTRODUCES WEB CONFERENCE SERIES - Online Professional Development Courses Focus on Business Ethics in the Captive Insurance Industry -- NEW YORK, NEW YORK ? October 5, 2006 ? A new three-part web conference series titled "Business Ethics in the Captive Insurance Industry? trains risk managers about the legal and ethical issues related to business practices in the captive insurance industry.

 

31) Unified Capital Solutions Selects GoldenCare USA As LTC Solutions Provider - PLYMOUTH, Minn.?Unified Capital Solutions?, a leading provider of employee-paid voluntary plans, has selected GoldenCare USA as provider of long-term care solutions for their clients.

 

32) Facing the Terror within Our Borders: The "Democredit" Way - Special Editorial Release, Part 1 of 2: Credit and Debt in America -- Los Angeles, CA - October 4, 2006 - CreditLearningCenter.com has released a special editorial feature on credit and debt in America. The following is part one of a two part series, Facing the Terror within Our Borders: The Democredit Way, written by Walter Burch, Editor-in-Chief.

 

33) Insurance Industry Document Management Needs Met by MyFax Internet Fax Service - Online fax service offers easy method to archive important papers while ensuring privacy and reliability  -- Ottawa, October 4, 2006 -Despite the perception that we live in an e-mail world, the reality is that much of the information exchange between insurance companies and agents/brokers is still transmitted via fax. This onslaught of paper often creates a document management nightmare on both sides as organizations are forced to scan hundreds or even thousands of faxed pages in order to store them electronically in their document management systems.

 

34) Interested in Selling Medicare Part D Plans for 2007?  - CIGNA Announces Support for Brokers - BLOOMFIELD, Conn., Oct. 4, 2006 /PRNewswire/ -- CIGNA HealthCare today announced support for brokers interested in selling CIGNA's comprehensive, cost-competitive 2007 Medicare Part D plans for Medicare-eligible individuals nationwide.  

 

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