INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 10/23/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 10/23/06  

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

 

1) Buffett unit ends Lloyd's Names saga with deal - Fri Oct 20, 2006 6:39am ET - By Clara Ferreira-Marques and Steve Slater  -- LONDON, Oct 20 (Reuters) - U.S. billionaire Warren Buffett's investment company signed a landmark deal on Friday to take on the liabilities of reinsurer Equitas, created by Lloyd's of London a decade ago as the keystone to the market's survival.

 

2) COMMERCIAL MARKET SOFTENS, INSURER APPETITE INCREASES IN THIRD QUARTER, COUNCIL SURVEY SHOWS - WASHINGTON ? The commercial property/casualty market continued to soften during the third quarter, with indications that some insurers are finding an appetite for business in which they previously were not interested, according to the latest commercial market index survey by The Council of Insurance Agents & Brokers.

 

3) Externally-Managed Insurance Assets Increased 31% In 2005 To Nearly $900 Billion - Exeter, NH, October 19, 2006 ? The flow of global insurance company assets outsourced to unaffiliated U.S. investment firms increased by 31% to a record $886 billion in 2005, and the hot pace is expected to continue in 2006, according to Insurance Asset Manager?s (IAM) newly-published annual survey. 

 

4) UnitedHealth reports higher quarterly profit - Thu Oct 19, 2006 3:22pm ET - By Lewis Krauskopf  -- NEW YORK (Reuters) - Insurer UnitedHealth Group Inc. (UNH.N: Quote, Profile, Research), whose chief executive is leaving amid a stock options scandal, on Thursday posted a 38 percent rise in third-quarter profit, helped by gains from its Medicare drug plans and its PacifiCare acquisition.

 

5) Study finds board links in U.S. options probes - Thu Oct 19, 2006 4:17pm ET - By Martha Graybow  -- NEW YORK, Oct 19 (Reuters) - Many companies embroiled in stock options backdating investigations have something in common: the same people on a number of boards.

 

6) BestWeek: Visionary Is Lost With Departure of UnitedHealth's McGuire  - After Stock-Option Scandal -- OLDWICK, N.J., Oct. 20, 2006?The departure of Dr. William W. McGuire as head of UnitedHealth Group Inc. amid a stock-option scandal means the loss of a visionary whose ideas helped change the U.S. health-care system, industry analysts say. The direction of the company, among the biggest U.S. health insurers, is uncertain as new leadership takes charge, according to an article in the Oct. 23 BestWeek.

 

7) EMC Insurance says granted excess options to CEO - NEW YORK, Oct 19 (Reuters) - EMC Insurance Group Inc. (EMCI.O: Quote, Profile, Research) said on Thursday that stock options exceeding a $100,000 per-person limitation were granted during several years to three of its executives, including its chief executive.

 

8) Grasso told repay NYSE millions - Thu Oct 19, 2006 5:09pm ET - By Joseph A. Giannone and Megan Davies  -- NEW YORK (Reuters) - Former New York Stock Exchange (NYX.N: Quote, Profile, Research) chairman Richard Grasso will have to repay "tens of millions of dollars" to the Big Board after a court rejected his motion to dismiss certain claims, the New York Attorney General's office said on Thursday.

 

9) Insider trading tops SEC chief examiner's list - Thu Oct 19, 2006 1:34pm ET - Analyst Research Email This Article | Print This Article | Reprints [-] Text [+] By Kevin Drawbaugh -- WASHINGTON (Reuters) - Information leaks on Wall Street about large stock transactions that can fuel insider trading is a key concern at the U.S. Securities and Exchange Commission, the SEC's chief examiner told Reuters on Thursday.

 

10) Despite Higher Long Bond Yields, Pension Plan Funding Levels Remained Flat in Second Quarter, Towers Perrin Analysis Finds  - First Decline in Equity Markets in 18 Months Offset Higher Bond Yields -- STAMFORD, Conn.--(BUSINESS WIRE)--The funded status of benchmark pension plans around the world remained relatively unchanged in the second quarter as negative returns in the equity markets were counterbalanced by higher long bond yields, according to a Towers Perrin analysis of global capital market performance and its effect on defined benefit (DB) pension plans around the world. Brazil, the U.S. and the Euro-zone (Netherlands and Belgium) saw slight gains while Australia, Canada and the U.K. saw slight losses.

 

11) Equitas to Acquire up to $7 Billion of Additional Reinsurance Protection from National Indemnity Company, a Berkshire Hathaway Group Company  - LONDON & OMAHA, Neb.--(BUSINESS WIRE)--Equitas and Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B) announced today that they have reached an agreement in principle on a structure in which National Indemnity Company, a member of the Berkshire Hathaway group of insurance companies, will:

 

12) Perot Systems Selected by National Life Group for Mainframe Operations Services; Multi-Year IT Outsourcing Deal Supports Two of Insurer's Subsidiaries   - PLANO, Texas, Oct. 20 /PRNewswire-FirstCall/ -- Perot Systems Corporation (NYSE: PER) today announced that Vermont-based National Life Group, a growing and diversified family of financial service companies founded more than 150 years ago, has signed a multi-year contract with Perot Systems for mainframe operations services.    

 

13) Allstate Announces New $3 Billion Stock Repurchase Program  - NORTHBROOK, Ill.--(BUSINESS WIRE)--The Allstate Corporation announced today that the board of directors approved a new $3 billion share repurchase program, which will be completed by March 31, 2008. The new program is expected to begin after the current $4 billion program is completed during the fourth quarter of 2006.

 

14) Advocates Say Regulators Must Establish New Rules to Protect Consumers Not Included in Blue Cross's Cancellation Lawsuit Settlements - Contact: Jerry Flanagan of the Foundation for Taxpayer and Consumer Rights, 310-392-0522 ext. 319 -- SANTA MONICA, Calif., Oct. 18 /U.S. Newswire/ -- Consumer advocates at the Foundation for Taxpayer and Consumer Rights (FTCR) said today that regulators must act to protect tens of thousands of consumers from a widespread "use it and lose it" insurance industry practice of retroactively canceling health care policies when enrollees get sick.

 

15) SunGard Acquires Signix - Offers Online Digital Signature Identification Technology -- Jacksonville, FL, October 20, 2006 ? SunGard (http://www.sungard.com) announced today that it has acquired Signix. Signix provides a hosted, identity authentication, digital signature and work flow solution that helps companies transform paper intensive approvals to digital processes. The acquisition, the terms of which have not been disclosed, is not expected to have a material impact on SunGard?s financial results.

 

16) Connective Technologies, Inc. Announces TEAM-UP Download Contract with Tuscarora-Wayne Mutual Insurance Company - Houston, TX, (BusinessWire) October 16, 2006, Connective Technologies announces their TEAM-UP Download contract signing with the Tuscarora Wayne Group of Companies, Wyalusing, Pennsylvania for promoting ease-of-use and superior serviceability of the Group's independent agencies.

 

17) bWELL MAKES CONSUMER-DIRECTED HEALTH EDUCATION TOOL AVAILABLE ONLINE - Nine-minute Video Tutorial Explains CDH and HSA-based Plans -- New York, NY ? October 17, 2006 ? bWell International, a health benefits education and consulting company, is making the bWell-informed Educational Presentation, a new consumer-directed healthcare (CDH) education tool, available for immediate purchase via its new e-commerce site, www.bwell-inc.com. The presentation is available via direct download, CD or DVD, starting at $149.

 

18) The Retirement Income Industry Association (RIIA) Unveils New Website - ~Content Showcases Thought Leadership on Critical Retirement Issues~ -- Boston, MA (October 19, 2006)  The Retirement Income Industry Association (RIIA) today launched its redesigned website (www.riia-usa.org) which features proprietary content addressing a range of strategically important retirement income issues.

 

19) "Malakut Insurance Brokers" JSK opens the rep office in Vietnam - Moscow, 17 October, 2006 ? Malakut Insurance Brokers, JSC extends its business geography and opens the rep office in Socialist Republic of Vietnam.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Conseco Insurance Company Introduces Indexed Annuity with Maximum Flexibility - Conseco Command(SM) offers clients the power to choose with "free-out? windows and multiple crediting options. -- Carmel, Ind. October 19, 2006 - Conseco Insurance Company today introduced its newest annuity product, Conseco Command(SM). This new product is a single-premium, indexed annuity that offers clients a persistency bonus of up to 10%, and "free-out? opportunities to access account funds without surrender charges.

 

22) Key Trends in Insurance Outsourcing and Their Impact on Future Growth of the Industry  - DUBLIN, Ireland--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/reports/c43896) has announced the addition of ?Insurance Outsourcing: India Gains Momentum As Offshoring Intensifies - Trends, Insights And Key Vendor Profiles? to their offering.

 

23) Fireman?s Fund® Provides Specialty Insurance Coverage for ?Flags of our Fathers?  - Specialty Insurance Helps in the Transportation of Military Equipment to Iceland and Back -- Dock workers prepare to hoist authentic tank from World War II, one of several pieces of equipment insured by Fireman's Fund Insurance Company for the film, "Flags of Our Fathers." (Photo: Fireman's Fund Insurance Company)

 

24) AIG Capital India Private Limited Receives RBI Approval For NBFC Venture  - NEW YORK & MUMBAI, India--(BUSINESS WIRE)--AIG Capital India Private Limited, an indirect subsidiary of American International Group, Inc. (AIG), today announced it has received regulatory approval from the Reserve Bank of India (RBI) to operate as a wholly owned Non Bank Finance Company (NBFC). The registration will permit AIG Capital India to launch any of the 19 permitted financial services in India?s fast growing retail financial services market.

 

25) Farmers Business Insurance Launches New Web Tool for Agents  - LOS ANGELES--(BUSINESS WIRE)--Farmers agents now have access to a Web-based tool that helps them to better determine potential eligibility before contacting prospective customers ? saving both the customer and the agent time and effort. This new ?Commercial Appetite Guide? assists agents in classifying risks by helping them to determine the fit of the prospective business with Farmers current underwriting criteria.

 

26) Medical Mutual of Ohio Helps Take the Stress Out of Open Enrollment   - Making healthy choices for your 2007 health benefit plan -- CLEVELAND, Oct. 20 /PRNewswire/ -- It is open enrollment season, the time of year when working men and women must select the best possible health insurance plan for themselves and their families.    

 

27) Senn Dunn Insurance Inks Deal With The Castleton Group   - North Carolina Insurance Agency Chosen To Represent Triangle's Largest Professional Employer Organization -- RALEIGH, N.C., Oct. 20 /PRNewswire/ -- T. Gray McCaskill, president of Senn Dunn Insurance, has announced the firm has been chosen to provide insurance services to The Castleton Group, a full service HR outsourcing company that is the largest Professional Employer Organization (PEO) in North Carolina. The plan covers all of The Castleton Group's clients and employees in North Carolina. Senn Dunn will provide enhanced loss control, safety, and claims service for The Castleton Group's risk management program. Overseeing the program will be Rivers Lee and Jennifer Taylor, account executives in Senn Dunn's Raleigh office who both have over 20 years experience in the insurance industry.    

 

28) American Home Mortgage Investment Corp. Completes Acquisition of Flower Bank, fsb  - MELVILLE, N.Y., Oct. 19 /PRNewswire-FirstCall/ -- American Home Mortgage Investment Corp. (NYSE: AHM) announced today that, through its subsidiary American Home Mortgage Holdings, Inc., it has completed the acquisition of Flower Bank, fsb of Chicago, Illinois.

 

29) African-American Community Leaders Address Retirement Income Needs of Minorities  - The National Caucus and Center on Black Aged Joins the Americans for Secure Retirement Coalition -- WASHINGTON, Oct. 19 /PRNewswire/ -- The National Caucus and Center on Black Aged (NCBA) has joined forces with Americans for Secure Retirement in an effort to promote policies to help all Americans maintain a steady income in retirement, especially at-risk groups such as minorities. The NCBA will become the coalition's 38th member in its mission to provide Americans with retirement planning options that guarantee a steady paycheck for life.

 

 

 

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