INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 10/20/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 10/20/06  

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

 

1) Court hands mixed ruling on WTC - By Ed Leefeldt -- NEW YORK, Oct 18 (Reuters) - A U.S. appeals court on Wednesday handed World Trade Center leaseholder Larry Silverstein a mixed verdict in his ongoing battle to collect billions of dollars in claims from the complex's insurers.

 

2) Swiss Re Issues Statement on WTC Litigation Appeal Confirmation   - NEW YORK, Oct. 18 /PRNewswire/ -- Swiss Re today issued the following statement in connection with the decision by the United States Court of Appeals for the Second Circuit upholding the jury verdict in favor of Swiss Re in the case of SR International Business Insurance Company Ltd. versus World Trade Center Properties, LLC, et al.

 

3) St. Paul Travelers Statement Regarding World Trade Center Decision  - SAINT PAUL, Minn.--(BUSINESS WIRE)--The St. Paul Travelers Companies, Inc. (NYSE:STA) announced that the outcome of today?s court decision by the United States Court of Appeals for the Second Circuit, upholding the jury verdict regarding the World Trade Center, will not result in an earnings charge as the impact of the lower court?s decision had already been recognized in the company?s financial statements.

 

4) Wal-Mart to sell $4 generic drugs in 14 more states - By Jessica Wohl and Emily Kaiser -- CHICAGO, Oct 19 (Reuters) - Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) on Thursday said it would begin selling $4 generic prescriptions in 14 additional states, including New York and Texas, speeding up the roll-out of a plan that has put pressure on rival retailers.

Wal-Mart said the $4 program covers a 30-day supply of 143 different drug compounds, representing

 

5) Target to match Wal-Mart on $4 generic drugs - CHICAGO, Oct 19 (Reuters) - Target Corp. (TGT.N: Quote, Profile, Research) said on Thursday it would match Wal-Mart Stores Inc.'s (WMT.N: Quote, Profile, Research) $4 price on a selection of generic drugs in 12 more U.S. states, including New York and Texas. Wal-Mart said earlier on Thursday that it was expanding its $4 generic drug program to 14 more states, after launching it in Florida last month. Target, which had already matched Wal-Mart in Florida, does not have stores in two of Wal-Mart's new states, Alaska and Vermont. © Reuters 2006. All Rights Reserved.

 

6) USI to acquire insurance broker Kibble & Prentice - NEW YORK, Oct 18 (Reuters) - USI Holdings Corp. (USIH.O: Quote, Profile, Research) said on Wednesday it agreed to acquire Seattle-based insurance broker Kibble & Prentice Holding Co. Terms were not disclosed. USI, a distributor of insurance and financial products, said Kibble & Prentice is expected to contribute $37 million of revenues to USI on an annual basis. The acquisition is expected to close in the fourth quarter of 2006.  © Reuters 2006. All Rights Reserved

 

7) NationsHealth Receives Nasdaq Notification  - SUNRISE, Fla.--(BUSINESS WIRE)--NationsHealth, Inc. (Nasdaq: NHRX, NHRXW, NHRXU) announced today that on October 13, 2006 it was advised by the Nasdaq Listing Qualifications Department that for at least 10 consecutive trading days, the Company?s market value of listed securities was below the minimum $50,000,000 requirement for continued inclusion on The NASDAQ Global Market (formerly The NASDAQ National Market) under Marketplace Rule 4450(b)(1)(A) (?the Rule?).

 

8) NAIC TELLS ANTITRUST COMMISSION THAT MCCARRAN EXEMPTION FOSTERS COMPETITION  - Teamed With State Supervision, Antitrust Exemption Benefits Consumers, Ensures Vibrant Insurance Marketplace -- WASHINGTON, D.C. (Oct. 18, 2006) ? Speaking on behalf of the National Association of Insurance Commissioners (NAIC), Illinois Director of Insurance Michael McRaith told the Antitrust Modernization Commission today that the McCarran-Ferguson antitrust exemption, combined with effective state insurance supervision, fosters a vibrant, competitive insurance marketplace, and cautioned against its repeal.

 

9) FINANCIAL PLANNING EXPRESS? PROGRAM LAUNCHED BY THE AMERICAN COLLEGE - Intensive Program Allows Financial Advisors To Complete CFP® Certification Preparation In As Little As Seven Months 

 

10) 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.

 

11) AAIS CONTRACTORS' COMBINATION POLICY PACKAGES CONSTRUCTION COVERAGES  - Wheaton, Illinois, Oct. 18, 2006--Property/casualty companies that insure construction contractors now have access to a new program that provides several inland marine construction coverages in a single policy form.

 

12) National Suitability Requirements Included in New Marketplace Standards  - IMSA Releases State-of-the-Art Compliance Standards for Annuity Products, Life Insurance and Long-Term Care Insurance -- Bethesda, MD ? Suitability standards for annuity products and long-term care insurance that will apply nationally are the centerpiece of new standards just issued by the Insurance Marketplace Standards Association (IMSA), the premier standards-setting organization for the life insurance marketplace.

 

13) Insurer FM Global to Disburse US$355 Million to Its Policyholders - JOHNSTON, R.I., Oct. 18 /PRNewswire/ -- Policyholders of commercial and industrial property insurer FM Global will receive a collective US$355 million in savings on their insurance premium beginning Jan. 1, 2007, as a result of the mutual insurance company's better-than-expected operating performance in recent years due primarily to lower-than-expected property losses.

14) Four-state PIA associations add four new markets in four months - Group doubles its agents? E&O offerings to weather dynamic market - GLENMONT, N.Y.?The Professional Insurance Agents of Connecticut, New Hampshire, New Jersey and New York State doubled their portfolio of carriers and coverage recently by contracting with yet another admitted market, and now also offering three non-admitted options to its existing of errors and omissions coverage options.

 

15) Insurance Commissioner John Garamendi Announces Arrests of Four Suspects in Alleged $39 Million Workers' Compensation Premium Fraud Case  - Investigation exposed what is likely the largest amount of fraud committed against an insurance company in California; one suspect still at large

 

16) Protective Insurance Company and Paladin Catastrophe Management Announce Agreement To Enter Property Catastrophe Market - INDIANAPOLIS, Oct. 18 /PRNewswire-FirstCall/ -- Baldwin & Lyons, Inc. (Nasdaq: BWINA, BWINB) today announced that its subsidiary, Protective Insurance Company, has entered into an agreement with newly formed Paladin Catastrophe Management to produce property catastrophe reinsurance in the United States.

 

17) Moody's Reports: U.S. life insurance sector ratings steady - New York, October 18, 2006 -- In its midyear report on U.S. life insurers, Moody's Investors Service says that its stable outlook for the industry's A1 average insurance financial strength (IFS) rating is bolstered by positive factors such as the favorable operating environment and improving national economy, modest credit losses, and the gradual ascent of interest rates. The average ratings of both stockholder-owned companies and mutual companies in the life sector have remained fairly stable, or have risen modestly.

 

18) Principal Real Estate Investors Acquires San Francisco Office Building  - Building Located in the Core of the Financial District  -- DES MOINES, Iowa--(BUSINESS WIRE)--Principal Real Estate Investors, the real estate investment arm of Principal Global Investors, has acquired 333 Market St., a 33-story high rise tower in the center of San Francisco?s Financial District from Wells Fargo for approximately $370 million. Principal Global Investors is a diversified asset management organization with world-class investment expertise in fixed income, equities and real estate.

 

19) New Risk Mapping Tool Unveiled by AAA Foundation  - AMES, Iowa--(BUSINESS WIRE)--The AAA Foundation for Traffic Safety and AAA Iowa unveiled a method for mapping the relative risk of rural road segments within the United States. This new tool allows highway agencies to periodically conduct risk assessments of road segments using available crash data to identify potential problems, benchmark progress and to guide strategic investments in highway infrastructure. Similar mapping already exists in throughout much of Europe and Australia.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) NAIFA Teams with Horsesmouth to Help Advisors Succeed - Tuesday October 17, 4:44 pm ET  - Leading Agent Group Gets Online Information and Resources from the "Source" -- FALLS CHURCH, Va.--(BUSINESS WIRE)--The National Association of Insurance and Financial Advisors (NAIFA) has gone to the source--Horsesmouth--to provide its members with the information and resources needed to succeed in the competitive financial services marketplace.

 

22) AmerUs Group Shareholders Approve Aviva Merger  - DES MOINES, Iowa--(BUSINESS WIRE)--AmerUs Group Co. (NYSE:AMH), a leading producer of life insurance and annuity products, today announced AmerUs Group shareholders approved the agreement and plan of merger with Aviva plc entered into on July 12, 2006, with nearly 98 percent of shareholders who voted approving the merger.

 

23) Phoenix Extends ?Pink Ribbon Premiums? To Continue Support for Breast Cancer Research  - Growth in Life Insurance Sales Benefits Research Foundation -- HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) will extend its ?Pink Ribbon Premiums? program, which ties a percentage of sales of life insurance policies issued to women to a charitable donation to The Breast Cancer Research Foundation (BCRF), through the end of 2006.

 

24) UnumProvident Expands New Disability Product, Helps Answer Industry Demand for Employee Choice  - CHATTANOOGA, Tenn.--(BUSINESS WIRE)--UnumProvident, (NYSE: UNM) the leading provider of income protection insurance in the United States and the United Kingdom, announces a new product, Select short term income protection insurance. This product expands one of the company?s newest and most flexible group disability product offerings ? Select income protection insurance.

 

25) MIB Life Index Reports North American Life Insurance Activity Off Slightly in September   - Applications Down 3.8% Q3 2006 -- WESTWOOD, Mass., Oct. 19 /PRNewswire/ -- North American application activity for individually underwritten life insurance declined modestly in September, down -0.9% year-over-year according to the MIB Life Index(SM). Third quarter application activity lagged that of Q3 2005 by -3.8%. Year-to-date (YTD), U.S. and Canadian application activity is off -3.1%, compared to the same nine months in 2005.    

 

26) Assurant Completes the Sale of its Equity Interest in Private Healthcare Systems, Inc.   - NEW YORK, Oct. 19 /PRNewswire-FirstCall/ -- Assurant, Inc. ("Assurant") (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, announced today that it has completed the sale of its equity interest in Private Healthcare Systems, Inc. (PHCS) to New York-based MultiPlan, Inc.

 

27) Old Mutual Financial Network Launches En Español Brand  - BALTIMORE--(BUSINESS WIRE)--Old Mutual Financial Network (OMFN) today launched OMFN En Español, the Hispanic brand for OMFN life products and services. Having understood the value of the Hispanic Market in the United States, OMFN has committed to offer bilingual products that take into account specific values for this rather untapped segment.

 

28) California Leads Nation in Hybrid Ownership; Travelers to Offer 10 Percent Discount on Hybrid Car Insurance Los Angeles Freeways See More Hybrids than Any U.S. City;  - San Francisco a Close Second  - HARTFORD, Conn.--(BUSINESS WIRE)--On the heels of the recently signed legislation by Gov. Arnold Schwarzenegger that promises to reduce California's greenhouse emissions by 25 percent by the year 2020, Travelers announced today a solution to help support that goal. California hybrid owners can now take advantage of a 10 percent discount(a) on auto insurance offered by Travelers.

 

29) Delta Dental Launches New Flexible Dual Choice Programs in Alabama, Florida, Georgia, Nevada, Texas and Utah - ALPHARETTA, Ga.--(BUSINESS WIRE)--Businesses in six states can now turn to Delta Dental Insurance Company for a new flexible arrangement that lets enrollees switch between two different dental programs as often as monthly.

 

30) Delta Dental Launches New Flexible Dual Choice Programs in Select Mid-Atlantic States - MECHANICSBURG, Pa.--(BUSINESS WIRE)--Mid-Atlantic businesses can now turn to Delta Dental of New York, Pennsylvania, West Virginia and the District of Columbia for a new flexible arrangement that lets enrollees switch between two different dental programs as often as monthly.

 

31) Pacific Life Chooses Micro Focus Revolve for Application Portfolio Analysis and Understanding - ROCKVILLE, Md. and NEWBURY, England--(BUSINESS WIRE)--Micro Focus® (LSE:MCRO.L), a leading provider of core system application development and deployment solutions, today announces that Pacific Life Insurance Company?s Life Insurance Division has chosen Micro Focus Revolve® Enterprise Edition to review its portfolio of COBOL-based applications. Revolve will help Pacific Life to improve development time, reduce application errors and reduce costs of integrating existing applications with newer technologies.

 

32) Matria Healthcare to Collaborate with Wellmark Blue Cross and Blue Shield to Bring Integrated Health and Productivity Solution to Wellmark?s Health Plan Members  - MARIETTA, Ga.--(BUSINESS WIRE)--Matria Healthcare, Inc. (NASDAQ: MATR) announced today that it has been selected by Wellmark Blue Cross and Blue Shield to provide a comprehensive suite of health improvement programs and services to support the approximately two million individuals for whom Wellmark and its subsidiaries and affiliated companies provide health insurance or pay claims, in a ten-year agreement.

 

33) Aetna Announces New Alliance with Hispanic Association of Colleges and Universities (HACU)  - Aetna to become HACU?s ?health partner,? providing health information to member schools through Aetna?s InteliHealth website  -- Aetna (NYSE: AET) today announced a formal alliance with the Hispanic Association of Colleges and Universities (HACU). HACU leaders will present the benefits of this alliance to its membership at HACU?s 20th annual conference on Oct. 28 in San Antonio, Texas.

 

 

 

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