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Subject: INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 10/24/06
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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 10/24/06 Here is a quick look at the stories that will be in Tuesday's INSURANCE NEWSCAST.
1) Insurers Promina, Suncorp agree A$7.6 bln takeover - SYDNEY, Oct 23 (Reuters) - Australian insurer Promina Group Ltd. (PMN.AX: Quote, Profile, Research) agreed to a A$7.6 billion ($5.8 billion) takeover by banking and insurance group Suncorp-Metway Ltd. (SUN.AX: Quote, Profile, Research) that will create the country's second-largest home and car insurer.
2) FINANCIAL, INSURANCE & BUSINESS EXECUTIVES LAUNCH FIRST EQUITY BENEFITS OF AMERICA TO SERVE GROWING LIFE SETTLEMENTS INDUSTRY - New York City, NY ? October 23, 2006 ?A seasoned group of business, financial and insurance executives today announced the launch of First Equity Benefits of America, Inc., a new Life Settlement Company which purchases existing life insurance policies owned by individuals and corporations.
3) BIG ?I? FILES REPLY BRIEF IN ZURICH SETTLEMENT CASE - ALEXANDRIA, Va., Oct. 23, 2006?The Independent Insurance Agents & Brokers of America, Inc. (Big ?I?) filed a reply brief on October 20, 2006 refuting the opposition to its amicus curiae brief filed last month in New Jersey federal court. The class action lawsuit concerns the producer compensation and disclosure issue and related Zurich Settlement agreement.
4) MassMutual Appeals Arbitration Panel's Ruling; Company's Action Based on Public Policy and Good Governance Principles - SPRINGFIELD, Mass., Oct. 20 /PRNewswire/ -- MassMutual can confirm that a decision was handed down by the Arbitration Panel approximately one month ago. The arbitrators' decision affirmed the Board's right to terminate Mr. O'Connell's employment and most of the findings of the company's internal investigation, but disagreed with the Board's conclusion that the termination was "for cause" as defined by his contract.
5) MacDonald Retained by Allianz of America to Lead New Entity Targeted to Retirement Income Market - MINNEAPOLIS--(BUSINESS WIRE)--Robert W. MacDonald, founder and chief executive of LifeUSA and retired chairman and CEO of Allianz Life Insurance Company of North America, through his consulting firm CTW Consulting, has been engaged by Allianz of America, Inc. to help build and lead a new independent company that targets the emerging retirement income market.
6) Venture Programs Launches Marine Coverage - All-lines solution offers coverage for marinas, boat dealers, ocean cargo, commercial hull, marine liabilities, and yacht owners and clubs -- West Chester, Pa.?Oct. 23, 2006?Venture Insurance Programs (www.ventureprograms.com), a national program administrator and leader in the design and underwriting of select industry-focused insurance packages, today announced that it has launched Venture Marine as an all-lines solution for insurance agents and brokers with marine-related exposures.
7) NORTHRIDGE COMPANY CEO AND WIFE ARRESTED FOR ALLEGED WORKERS? COMP FRAUD; ACCUSED OF BILKING STATE COMPENSATION INSURANCE FUND OF MORE THAN $7 MILLION - LOS ANGELES ? Insurance Commissioner John Garamendi announced today the arrests of three suspects in connection with a workers? compensation premium fraud investigation conducted by the California Department of Insurance (CDI), Fraud Division.
8) 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.
9) BANK INSURANCE NEWS IN BRIEF - OCTOBER 23, 2006
10) Great-West Healthcare and HCA East Florida Division Agree to Contract Extension - GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Oct. 23, 2006--Great-West Healthcare, a national employee benefits provider, today announced it has signed a contract with the HCA East Florida Division (HCA) to extend its relationship with HCA's 13 hospitals and affiliated surgical and diagnostic centers to provide in-network health care services to members.
11) Partners Rx Continues Strategic Partnership With WellPoint NextRx - PHOENIX, Ariz.?Partners Rx Management, LLC has announced the continuation of its prescription benefits management strategic partnership with WellPoint NextRx. Partners Rx and WellPoint Next Rx have been jointly serving clients since 2001.
12) MetLife and Travelers Renew Agreement to Provide Integrated Absence Management Solution - NEW YORK & SAINT PAUL, Minn.--(BUSINESS WIRE)--Effective absence management programs have multiple workplace benefits including workers compensation, short-term and long-term disability, and Family and Medical Leave Act (FMLA) administration managed through an integrated service. Therefore, MetLife and Travelers are pleased to announce the renewal of their agreement to offer Synchrony® absence management services.
13) STATE REGULATORS MEET WITH CHINESE PREMIER AT CONFERENCE IN BEIJING - Wen Jiabao, NAIC Officers Discuss Developing Insurance Markets -- KANSAS CITY, MO (Oct. 20, 2006) ? National Association of Insurance Commissioners (NAIC) President and Maine Superintendent of Insurance Alessandro Iuppa and NAIC President-Elect and Alabama Insurance Commissioner Walter Bell met this week with Premier Wen Jiabao, China?s head of government. Their discussions centered on the development of domestic and international insurance markets and their impact on concerns such as health care and retirement.
14) PIANY urges reactivation of Temporary Homeowners Insurance Panel - Glenmont, N.Y.?Speaking at a public hearing at the invitation of the New York Assembly Insurance Committee, the Professional Insurance Agents of New York State Inc. today called for reactivation of an official group to study current issues involving residential property insurance.
15) Humana and BCBSF Spur Effort to Provide More Integrated Real-Time Claims Adjudication Channels for Physician Offices - Humana, Availity, Blue Cross and Blue Shield of Florida and athenahealth Join Efforts
16) ActiveHealth Management to Launch Intelligent, Interactive Personal Health Record - MyActiveHealth PHR, Enabled by Clinical Decision Support from the Patented CareEngine® System, Is More Than Just Data Storage; New Secure Online Tool Will Help Members and Doctors Make More Informed Decisions
17) Idaho Housing and Finance Association Automates Insurance Tracking Operations Using Loan Protector?s Technology - CLEVELAND--(BUSINESS WIRE)--Loan Protector Insurance Services, a leading independent provider of customizable lender-placed insurance programs for lenders and mortgage servicers, announced that Idaho Housing and Finance Association (IHFA) will implement EasyDataSM and EasyNORSM to automate its insurance tracking operations. IHFA is a financial services and housing organization that provides funding for affordable housing in communities where it is most needed and when economically feasible.
18) Transamerica Adds Record Number of Investment Options - New Investment Platform Helps Employers Meet More of Their Employees Distinct Investment Needs -- LOS ANGELES--(BUSINESS WIRE)--Transamerica Retirement Services1 (?Transamerica?) today announced that it has added more than 50 new investment options, giving clients greater access to leading financial companies and creating one of the most robust retirement plan solutions for small to midsized businesses. The addition of these options enables employers to help their employees better prepare for retirement.
19) Sekure Healthcare Develops Dependent Health Coverage Innovation - New Health Program Allows Workers in the U.S. to Obtain Affordable Dependent Coverage with Benefit Access Throughout Mexico
20) INSURANCE NEWSCAST ?PICTURES OF THE DAY?
21) The PMI Group, Inc. Announces the Launch of PMI Guaranty - New Entity to Expand PMI's Credit Enhancement Capabilities -- WALNUT CREEK, Calif., Oct. 23 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: PMI) announced today the launch of PMI Guaranty Co. (PMI Guaranty), a double-A rated provider of credit enhancement for mortgages and other asset classes.
22) John Hancock Introduces New Business Continuation Concept: Cross-Endorsement Buy-Sell Plans - Arrangements Especially Effective In Providing Closely Held Businesses With Liquidity to Transfer Business if Owner Dies Prematurely -- BOSTON, Oct. 23 /PRNewswire-FirstCall/ -- The Advanced Markets unit of John Hancock Life Insurance Company has released a new business continuation concept -- the Cross-Endorsement Buy-Sell plan -- which combines two well-known concepts, Split Dollar and Buy-Sell planning, to provide all the benefits of a cross-purchase plan, but allows each owner to own the life insurance policy (and its cash value) on his or her life.
23) The Hanover Adds Employment Practices Liability to BOP - Endorsement to Help Agent Partners Grow Their Businesses -- WORCESTER, Mass., Oct. 23 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG), a leading super regional property and casualty company, is now including Employment Practices Liability Insurance (EPLI) coverage as an endorsement to every eligible new and renewal Avenues(TM) Business Owners Policy (BOP).
24) Synergy Announces New Insurance Company - Synergy Insurance Company provides workers compensation for North Carolina employers -- CHARLOTTE, N.C., Oct. 23 /PRNewswire/ -- Synergy Holdings, LLC today announced the approval of Synergy Insurance Company as a licensed domestic North Carolina workers compensation insurer. The Company was incorporated on July 31, 2006 and received a certificate of authority from the North Carolina Department of Insurance on October 16, 2006.
25) Long Term Care Could Surpass Childcare as Challenge for American Business; Program Targets an Estimated $34 Billion in Lost Productivity Due to Long Term Caregiving - KIRKLAND, Wash., Oct. 23 /PRNewswire/ -- Long term care is starting to rival childcare as a problem affecting the business focus of American employees, according to LTC Financial Partners LLC, the nation's most experienced long term care insurance brokerage. As the American workforce ages, more employees may be called away to tend to an incapacitated adult than a needy child.
26) RMS Expands London Market Presence Through Licensing Agreement with Beaufort Underwriting Agency Ltd - Exposure and Catastrophe Modeling Management Plays an Increasingly Critical Role for Lloyd's Managing Agents
27) New Wellness Director at CIGNA International Looks for Ways to Improve Expatriates' Health - PHILADELPHIA, Oct. 20, 2006 /PRNewswire-FirstCall/ -- CIGNA International announced today that Danielle Rizk of Philadelphia will lead the medical team and set the direction of the health services and wellness programs provided to expatriates.
28) First Pet Life Announces Plan for Launch of Pet Insurance Internet Program - DALLAS, Oct. 17 /PRNewswire-FirstCall/ -- First Pet Life, Inc. (Pink Sheets: FPLF) announced today the names of the new pet insurance plans designed to cover treatment for the health of dogs and cats. First Pet Life Inc. has completed the set up of the company's internet offering of Pet Insurance for dogs and cats. The company has scheduled the launch for Wednesday, October 18th of 2006. Customer Service and Claims Centers are slated to begin running at the beginning of 2007 to run in conjunction with the company's planned marketing campaign.
29) First Pet Life Outlines Pet Insurance Certificate Plans - DALLAS, Oct. 17 /PRNewswire-FirstCall/ -- First Pet Life, Inc. (Pink Sheets: FPLF) announced today the outline of the pet insurance certificates being offered by the company. Multiple levels of First Pet Life Pet Insurance Certificates will be offered through the company's Web site (http://www.firstpetlife.com ). Below are the plan names along with a brief description of what the pet insurance certificates will cover. Plans are underwritten by United States Fire Insurance Company.
30) Rachael AdlerGlassHouse Transitions Health Insurance Plan of New York to Secure, Centralized Data Backup Environment - From strategy and design to full implementation, GlassHouse helps Health Insurance Plan of New York obtain operational efficiency and scalability
31) Mounting Accident and Insurance Costs Impel Demand in North American Class 6-8 Truck OE Safety Systems Market - PALO ALTO, Calif., Oct. 17 /PRNewswire/ -- The emergence of several innovative, effective and robust safety enhancement technologies is greatly improving the safety value of North American heavy trucks. This not only offers the fleets the opportunity to reduce their accident and insurance costs, but also enables truck manufacturers to influence purchases through the integration of these systems.
32) New Website Launched For Business Insurance Agents - FindLocalInsurance.com, a network of insurance and financial websites has created a national directory of business insurance agents. -- Media, PA, October 16, 2006: InsureMyWork.com officially went online today and is now taking listing orders from business insurance agents. This site is based off the format of www.InsureMyHouse.com, which has become an online resource for homeowners looking for homeowners insurance.
33) Business Insurance Magazine Hosting Live Audio Webinar on Cash Balance Pension Plans - - Expert Panel to Explore Whether Plans Have a Brighter Future in the U.S. -- CHICAGO, Oct. 13 /PRNewswire/ -- Business Insurance magazine is sponsoring a free and live audio webinar on Tuesday, October 17, at 11:00 am EDT to discuss the future of cash balance pension plans in the U.S.
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