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INSURANCE NEWSCAST can be read online at
www.insurancebroadcasting.com
INSURANCE NEWSCAST "Headlines Only
Edition" for: Thursday, 10/19/06
Here is a quick look at the stories that will be in
Thursday's
INSURANCE NEWSCAST.
1)
AMERICAN COMPANIES? COMMITMENT TO OFFERING EMPLOYEE BENEFITS WILL
REMAIN STRONG OVER NEXT FIVE YEARS - Some Employers Take a More
?Progressive? Approach -- NEWARK, N.J. ? Despite increasing economic
pressures, U.S. businesses overwhelmingly view employee benefit programs
as important to competing effectively in today?s market place, according
to ?Employee Benefits:
2)
INSURANCE COMMISSIONER JOHN GARAMENDI ANNOUNCES RECORD $1.25 BILLION
FOR POLICYHOLDERS OF FAILED INSURANCE COMPANIES IN 2006, INCLUDING $377
MILLION TO ?EXECUTIVE LIFE? CLAIMANTS - SACRAMENTO ? Insurance
Commissioner John Garamendi today announced that the Department?s
Conservation and Liquidation Office (CLO) will distribute a record $1.25
billion to claimants of failed (bankrupt) insurance companies during
2006, more than one and a half times the previous annual record for CLO
disbursements.
3)
10 Most Hurricane Vulnerable Areas - The entire East and Gulf
Coasts are subject to hurricane impacts, but some areas are much more
vulnerable than others. Dr. Stephen P. Leatherman, Director of the
International Hurricane Research Center, has released the Top 10 List
that nobody wants to be on??10 Most Vulnerable US Mainland Areas to
Hurricanes.?
4)
MetLife sells New York apartments for $5.4 billion - NEW YORK
(Reuters) - MetLife Inc. (MET.N) said on Tuesday it agreed to sell two
adjoining Manhattan apartment complexes for $5.4 billion in one of the
largest U.S. real estate transactions on record.
5)
AmeriFlex Acquires 1Point Solutions? Medical Spending Account And
Cobra Business - OCTOBER 2006?Mount Laurel, New Jersey - AmeriFlex
announced today the acquisition of the FSA, HRA, HSA, and COBRA client
base from the recently bankrupt 1Point Solutions, a Tennessee-based TPA
that provided services to corporations and public organizations with an
emphasis on customized, consumer-driven healthcare solutions. The
purchase was conducted through bankruptcy trustee John C. McLemore, of
Garfinkle, McLemore & Walker, in Nashville, Tennessee.
6)
HR Buyers? Practices and Habits Revealed in New HRmarketer.com
?Trends? Report - Whitepaper offers exclusive data for HR/Benefits
marketers who seek insight into buyers? motivations -- CAPITOLA, Calif.
-- October 18, 2006 ? Whom do HR buyers rely on to make purchasing
decisions? What information sources do they use and trust? How
important is a vendor's online visibility? These questions and more are
answered in, ?Trends in HR Marketing: HR Buyers? Behavior,? a new report
from HRmarketer.com, the number one Internet marketing and media
visibility service focusing exclusively on the human resources and
benefits space.
7) Global Worrying:
New International Survey by The Hartford Hones In On Rising Retirement
Anxiety In the U.S., United Kingdom and Japan - The Hartford aims to
educate consumers around the globe about retirement planning and the
importance of guaranteed retirement products
8)
Connecticut Trial Lawyers Ask Insurance Commissioner to Re-Evaluate
Insurer's Excessive Rates - HARTFORD, Conn., Oct. 17 /PRNewswire/
-- Connecticut Trial Lawyers Association (CTLA) President Carl D.
Anderson today announced the filing of a request of Insurance
Commissioner Susan F. Cogswell, to re-review the medical malpractice
insurance rates charged doctors by Connecticut Medical Insurance Company
(CMIC). "We have asked this of Commissioner Cogswell, as it appears
through our actuarial analysis, that the rates currently charged doctors
by CMIC are indeed overly excessive in relation to CMIC's profits and
surplus," stated Anderson.
9)
Chevron to Face Actions From Workers As the Call for Chevron to
Support Workers Fighting for Health Insurance Intensifies -
HOUSTON, Oct. 17 /PRNewswire/ -- On Thursday, Oct. 19, workers plan on
taking the question: "With $14.1 billion in profits, shouldn't Chevron
be a leader in the fight for health insurance for working families?" to
Chevron stations in dozens of communities across the nation.
10) IBISWorld Forecasts Revenue Growth & Risk Ratings for America's
Insurance Industry - LOS ANGELES, Oct. 17 /PRNewswire/ --
IBISWorld (http://www.ibisworld.com), leading publisher of business
research and analysis, today released revenue and risk projections for
America's insurance industry that point to a medium level of risk during
the next 12 months and moderate revenue growth during the rest of this
decade.
11) DRYDEN MUTUAL INSURANCE CO. JOINS TRUSTED CHOICE® -
ALEXANDRIA, Va., Oct. 18, 2006?Dryden Mutual Insurance Company, based in
Dryden, N.Y., is the newest independent agency system insurance company
to join the brand movement Trusted Choice®.
12) NAIC ANNOUNCES NEW STATE BASED SYSTEMS WEB SITE -
StateBasedSystems.com Helps Simplify Regulatory Process -- KANSAS CITY,
MO (Oct. 17, 2006) ? The National Association of Insurance Commissioners
(NAIC) is pleased to announce the creation of a new State Based Systems
(SBS) Web site.
13) Average Wall Street paycheck nears $300,000 - By Jonathan
Stempel - NEW YORK (Reuters) - Wall Street workers took home nearly
$300,000 on average last year as profits from trading and merger
advising fueled record earnings, New York State Comptroller Alan Hevesi
said.
14) At 90, LIMRA International Continues to Grow and Change -
WINDSOR, Conn., October 18, 2006 -- LIMRA International observed its
90th anniversary today, near the end of a busy year in which the
financial association launched new products, expanded its activities in
Asia and other regions and, for the first time, acquired a for-profit
business.
15) First Mercury Financial Corporation Selects VDM Specialists for
Its IPO - NEW YORK, Oct. 18 /PRNewswire/ -- VDM Specialists, LLC
today announced that it has commenced managing the trading of First
Mercury Financial Corporation (NYSE: FMR), a marketer and underwriter of
specialty commercial insurance products, on the New York Stock Exchange
(NYSE). The initial public offering included the sale of 9,705,882
shares of common stock priced at $17, raising approximately $151 million
for the Company.
16) IBM COMPLETES ACQUISITION OF FILENET CORPORATION - ARMONK,
NY, October 12, 2006 -- IBM (NYSE: IBM) today announced it has completed
its acquisition of FileNet Corporation (NASDAQ: FILE), a publicly held
company based in Costa Mesa, Calif. -- IBM announced a definitive
agreement to acquire FileNet on August 10, 2006. FileNet's operations
will be integrated into IBM's Information Management software business.
17) Hooper Holmes and Milliman, Inc. Introduce New Prescription
History Service - BASKING RIDGE, N.J., October 17, 2006 -- Hooper
Holmes, Inc. (AMEX:HH), a premier provider of underwriting health
information services, today introduced Hooper IntelliScript, a web-based
prescription history service for insurers in the life insurance and
property and casualty industries. This new service reflects a strategic
alliance between Milliman, a leading actuarial and business management
consulting firm, and Hooper Holmes to meet the needs of the insurance
industry for fast and accurate prescription information.
18) SAYLOR & HILL EXPANDS CAPABILITIES TO SERVE CLIENTS OPERATING
OUTSIDE U.S. - Supporting Firms With An International Presence --
OAKLAND, Calif., Oct. 17, 2006 ? Saylor & Hill, a leading provider of
risk management, insurance and employee benefits services, today
announced expanded capabilities to serve U.S-based companies with
multinational operations.
19) M Financial Group Welcomes Carlson Capital Management to Network
of Member Firms - PORTLAND, OR, OCTOBER 17, 2006 - M Financial Group
today announced that Carlson Capital Management has become a Provisional
Member Firm. Carlson Capital Management, based in Northfield, Minnesota,
is an independent financial planning and advisory firm that offers a
variety of wealth management services to affluent individuals, including
investment management and retirement, estate, tax, and philanthropic
planning. The firm and its team are recognized among the country's top
wealth managers. The new partnership with M Financial Group will enhance
the firm's risk management planning capabilities.
20) INSURANCE NEWSCAST ?Pictures Of The Day?
21) URAC releases first-ever pharmacy benefits management
accreditation standards for public comment - Seven standards modules
address breadth of PBM activities, from drug use management to consumer
education -- Washington, D.C. Oct. 17, 2006 ?URAC called for public
comment today on the first-ever proposed accreditation standards for
pharmacy benefit management organizations. The goal of the program is
to create a pharmacy benefit management accreditation program for the
commercial and Medicare markets that promotes industry best practices;
encourages quality improvement; and protects and empowers consumers.
22) AJB VENTURES ANNOUNCES ACQUISITION OF ADMINISTRATORS FOR THE
PROFESSIONS - (Manhasset, New York, October 17, 2006) ? AJB
Ventures, Inc. has announced that it has completed its acquisition of
Administrators for the Professions, Inc. (?AFP?) and the controlling
interest in Professional Medical Administrators, L.L.C. (?PMA?), from
FPIC Insurance Group, Inc. (Nasdaq: FPIC) (?FPIC?). Under the purchase
agreement, AJB Ventures paid approximately $40,000,000.
23) Indiana Insurance Leader ISU Stewart, Brimner & Co. Remains
Independent with Key Associations and Partnerships Like Artizan - A
strategic decision to stay independent from multi-national global
insurance brokers and bank-owned agencies has required this unique
agency to focus on technology and efficiency. And their results show
that this approach is profitable and effective.
24) Catalog Your Assets Announces Volume Discount Program for
Insurance Companies - MARYVILLE, IL (October 17, 2006) ? Catalog
Your Assets, LLC, the industry?s leading independent developer of the
best-of-breed home inventory and asset management software technology
CYA Today, has announced a volume purchase discount program for
insurance companies as it drives to expand market penetration of this
valuable tool.
25) Peachtree Settlement Funding Redefines the Executive Corporate
Wellness Program - BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Inspired
by a visit from heart surgeon Dr. Mercedes Dullum, Peachtree Settlement
Funding decided, as a reward for some employees, to send them to the
Cleveland Clinic of South Florida as part of their Executive Health
Management Program. Such a generous statement about the importance of
their health sent many Peachtree employees? hearts racing!
26) Transamerica Reinsurance Enters European Life Reinsurance Market
- CHARLOTTE, N.C. & CANNES, FRANCE--(BUSINESS WIRE)--Transamerica
Reinsurance, an operating unit of Transamerica Occidental Life Insurance
Company (TOLIC) and part of the AEGON Group since 1999, has established
a branch office for its entry into the European life reinsurance market.
One of the largest global suppliers of automatic and facultative life
reinsurance capacity, Transamerica Reinsurance is also a leading
reinsurance provider of product development, private label solutions and
alternative underwriting solutions.
27) State Employees? Credit Union Now Offering Term Life Insurance
Through Its 200+ Branch Network - RALEIGH, N.C.--(BUSINESS
WIRE)--North Carolina based State Employees? Credit Union (SECU)
recently announced the availability of low-cost term life insurance
through its 202 branch locations. SECU provides ready access to term
life coverage with competitive rates and multiple terms to address
individual member needs. The Credit Union currently has over 800
licensed insurance agents throughout its statewide branch network using
its staff exclusively for insurance sales in North Carolina.
28) Fiserv Health Acquires Innovative Cost Solutions - Fee
Negotiation Service Expands Fiserv Health Cost Management Capabilities
-- MINNEAPOLIS--(BUSINESS WIRE)--Fiserv Health, a business group of
Fiserv Inc. (NASDAQ:FISV) has announced the acquisition of Innovative
Cost Solutions (ICS), a claim resolution company that negotiates health
care claims, specifically from non-network providers.
29) Fitch Ratings Launches New Rating Agency, Derivative Fitch -
First Rating Agency Dedicated Exclusively to the Credit Derivatives
Markets -- NEW YORK--(BUSINESS WIRE)--Fitch Ratings today announced the
launch of Derivative Fitch, the first specialist rating agency designed
to provide the credit derivatives market with ratings, research,
analytics and evaluation services that address the unique risks of the
market.
30) Leading Japanese Insurance Provider, AXA to Implement NICE?s VoIP
Solutions in Four Sites - Solution selected for unmatched
reliability and scalability for mission critical, distributed VoIP
environments -- RA'ANANA, Israel--(BUSINESS WIRE)--NICE Systems (Nasdaq:NICE),
the global provider of advanced solutions that enable organizations to
extract Insight from Interactions? to drive performance, today announced
that it has been selected by AXA Non-life Insurance Company Ltd., Japan,
to supply its VoIP solution to centralize recording of customer
interactions in its multi-site environment. The order was received
through NICE channel partner ITFOR.
31) ISO Completes Acquisition of Urix, a Leading Provider of
Healthcare Analytics and Reporting Solutions - BOSTON--(BUSINESS
WIRE)--ISO, through its subsidiary DxCG, Inc., has completed acquisition
of the assets of Urix, a leading provider of cutting-edge healthcare
analytics and employer reporting solutions. Terms were not disclosed.
32) XL Capital Ltd Announces Approval for Integrated Reinsurance
Platform in Europe - HAMILTON, Bermuda, Oct. 18 /PRNewswire-FirstCall/
-- XL Capital Ltd (NYSE: XL) ("XL") today announced that it has received
approval for a new fully licensed European reinsurance company, XL Re
Europe Limited, based in Dublin, which will be XL's European reinsurance
platform. XL previously announced its plans to develop this platform on
August 1, 2006.
33) AEGON and Seguros Argos Complete Acquisition and Agree to Form
Afore Joint Venture - THE HAGUE, The Netherlands, October 18 /PRNewswire-FirstCall/
-- AEGON (NYSE:AEG) has completed its acquisition of a 49% interest in
Seguros Argos S.A. de C.V., a Mexican life insurance company
specializing in the sale of life insurance to individuals through their
employers (worksite marketing). Ranked by market share for individual
life insurance, Seguros Argos is seventh among life insurance companies
in Mexico.
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