INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 10/26/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 10/26/06  

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

 

1) Aon Continues Move to Exit Specialty Property & Casualty Business  - Signs Letter of Intent to Sell Construction Program Group for $85 million -- Strengthens Specialty Property & Casualty Reserves by $100 million -- CHICAGO, Oct. 25 /PRNewswire-FirstCall/ -- Aon (NYSE: AOC) today announced that it has taken further steps to exit its property & casualty business by signing a letter of intent for the sale of its Construction Program Group (CPG). Aon also announced that it will strengthen Specialty Property & Casualty reserves by approximately $100 million.

 

2) Milliman Survey Shows Lowest Health Insurance Premium Increase since 1997 - CDH Premium Revenue Low but Growing -- SEATTLE, Oct. 25 /PRNewswire/ -- Results from Milliman's fifteenth annual survey of Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs) indicate a slowing of premium increases. Reported 2006 premiums for the benefit plan provided are up 6% from 2005 for HMOs, the smallest change since 1997. PPO premiums for a standard $250 deductible benefit plan increased a modest 4% among plans responding in both 2005 and 2006.

 

3) A.M. Best Co. Announces E-Fusion Award Recipients - OLDWICK, N.J., Oct. 25, 2006?A.M. Best Co. has named Vantis Life Insurance Co., Royal & SunAlliance Insurance Company of Canada, E-Claim.comLLC, Oceanwide Inc., Selective Insurance and Homesite Group Inc. recipients of the 2006 E-Fusion awards.

 

4) Financial Services Roundtable Blue Ribbon Commission on Mega-Catastrophes Releases Report on Katrina Recovery - Calls for Intergovernmental Coordination to Accelerate Recovery and Prepare for Similar Disasters -- The Financial Services Roundtable?s Blue Ribbon Commission on Mega-Catastrophes today released its interim report on ?Accelerating the Katrina Recovery.? The report, the first of three reports that the Commission will release to address the issues arising as a result of mega-catastrophes, details Hurricane Katrina?s immediate and continuing effects on the people and businesses of the Gulf Coast, makes recommendations for accelerating recovery and develops a set of proposals that would mitigate the effects of the next natural disaster.

 

5) 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.

 

6) NEW EXPERT COMMENTARY FROM IRMI.COM - There are now over 800 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles.

 

7) AIR Worldwide Analysis Finds European Insurers Could Face Winter Storm Losses Exceeding ?40 Billion  - BOSTON, Oct. 25, 2006 ? A new analysis of European extratropical cyclones by AIR Worldwide Corporation (AIR) confirms that Europe could experience a winter storm resulting in insured losses in excess of ?40 billion.

 

8) Advisen Reveals Leading Indicators for Hospital Professional Liability Claims in New Study

Joint Study With Zurich?s Healthcare Team Provides Important Insight for Risk Managers and Underwriters  - NEW YORK--(BUSINESS WIRE)--Advisen Ltd., the leading provider of analytics, benchmarking and market information to the global commercial insurance industry, today announced the results of the first phase of its recent hospital professional liability claims study done in cooperation with the healthcare team at Zurich, an insurance-based financial services provider.

 

9) U.S. Secretary of Labor Elaine L. Chao Highlights Retirement Security at Convention of Life Insurers - 10/24/2006 1:23:00 PM - Contact: Peter Hong, 202-693-4676 or Gloria Della, 202-693-8666, both of U.S. Department of Labor Office of Public Affairs -- ORLANDO, Fla., Oct. 24 /U.S. Newswire/ -- U.S. Secretary of Labor Elaine L. Chao, speaking at the annual convention of the American Council of Life Insurers, discussed the Labor Department's ongoing efforts to implement the Pension Protection Act of 2006 -- the most significant reform of the private pension system in the last 30 years.

 

10) FTCR: Blue Cross in Crisis Hires PR Firm that Specializes in 'Keeping Clients Out of the Press' - Firm's Clients Include Halliburton, Exxon and Tenet 10/24/2006 2:06:00 PM - Contact: Jerry Flanagan of the Foundation for Taxpayers and Consumer Rights, 310-392-0522 ext. 319 -- SANTA MONICA, Calif., Oct. 24 /U.S. Newswire/ -- As public outrage increases over Blue Cross of California's practice of illegally dumping policyholders when they get sick, Blue Cross has hired a crisis management PR firm whose client list is heavy with other corporate wrongdoers in need of an image make-over, says the Foundation for Taxpayer and Consumer Rights (FTCR).

 

11) Cairnstone Re Acquires CapRisk   - Acquisition Strengthens Employer Stop-Loss Product Offerings -- MIAMI, Oct. 24 /PRNewswire/ -- Cairnstone Re, one of the nation's largest, independent managing general underwriters, announced today it has acquired CapRisk, a Lancaster, PA-based managing general underwriter of stop-loss insurance for employer self-funded health plans. The acquisition of CapRisk from Corporate Healthcare Strategies LLC will help strengthen Cairnstone Re's already strong leadership position in the stop-loss insurance industry.

 

12) Aon Re Assists Clients in Obtaining Appropriate A.M. Best Treatment For Recoverables from Lloyd's   - CHICAGO, Oct. 24 /PRNewswire-FirstCall/ -- Aon Re Global, the world's largest reinsurance broker, recently facilitated communications between rating agency A.M. Best and Lloyd's that resulted in a clarification of Best's treatment of reinsurance recoverables from Lloyd's. Companies who buy reinsurance from Lloyd's will now have the benefit of the Lloyd's Credit for Reinsurance Trust Fund (CRTF) collateralization requirements reflected in their Best's Capital Adequacy Ratio (BCAR), the agency's primary quantitative measure of financial strength.

 

13) High-Risk Medical Patients to Benefit from New Delta Dental Coverage  - Expanded Coverage to Prevent Oral Disease and Improve Overall Health -- NASHVILLE, Tenn.--(BUSINESS WIRE)--Delta Dental of Tennessee (Delta Dental), one of Tennessee?s largest dental benefits providers, announced today a new, innovative benefits package as part of its standard dental plan designs for new groups effective January 1, 2007, or upon renewal for current groups. The announcement comes as mounting scientific evidence suggests that early treatment and prevention of oral disease can improve quality of life and prevent premature death.

 

14) Instinet and Credit Suisse?s Advanced Execution Services (AES) Partner to Deepen Their Upstairs Liquidity Pools  - Reciprocal Deal Links Institutional Order Flow From Credit Suisse?s CrossFinderTM to Instinet?s CBXSM, Providing Clients with Increased Opportunity to Find Dark Liquidity

NEW YORK--(BUSINESS WIRE)--Instinet, a global agency broker, today announced a partnership with Credit Suisse?s Advanced Execution Services (AES) unit to significantly deepen the pool of institutional-only liquidity available to each firm?s clients. With the reciprocal agreement, the firms will provide their clients with access to each other?s ?dark? liquidity pools ? Credit Suisse?s CrossFinderTM and Instinet?s CBXSM ? thereby increasing institutions? chances of executing larger trades with minimal market impact.

 

15) Old Republic International Announces Formation of New Contractors Insurance Venture   - CHICAGO, Oct. 25 /PRNewswire-FirstCall/ -- Old Republic International Corporation (NYSE: ORI), today announced that it has reached an agreement in principle to acquire a casualty insurance underwriting subsidiary of Aon Corporation ("Aon"). The agreement contemplates the purchase by Old Republic Insurance Company of policy renewal rights and related assets, and the assumption of certain liabilities associated with Aon's contractors' liability insurance line. Known as the Construction Program Group ("CPG") since its formation in 1996,

 

16) Blue Cross and Blue Shield of Florida Renews Relationship with HCA - FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--South Florida ? Blue Cross and Blue Shield of Florida/Health Options, Inc. and HCA (the Hospital Corporation of America) East Florida Division have announced a long-term renewal of their contractual relationship for their HCA South Florida and Treasure Coast Hospitals, including HCA?s network of Ambulatory Surgery Centers and Imaging Centers.

 

17) Nationwide Insurance, ID Theft Assist Add Credit Monitoring to ID Theft Protection Coverage  - Free service alerts customers to possible fraud attempts - COLUMBUS, Ohio, Oct. 25 /PRNewswire/ -- Nationwide Insurance and Washington, D.C.-based ID Theft Assist are enhancing their ground-breaking identity theft protection and recovery service to include free credit monitoring.

 

18) PharmaCare Announces Agreement with SureScripts® - Physicians Can Access Information on Patient Formulary, Eligibility and Medication History in Real-Time, During Patient Visits  -- LINCOLN, R.I.--(BUSINESS WIRE)--PharmaCare today announced an agreement with SureScripts®, the nation?s largest network provider of electronic prescribing services. It will allow physicians using SureScripts-certified technology to access information regarding a patient?s drug formulary and eligibility? in real time, during the patient?s office visit.

 

19) GlobalOptions Group?s CBR/Hyperion Risk Joins Forces with Heartland Security Insurance to Combat Fraud  - NEW YORK--(BUSINESS WIRE)--CBR/Hyperion Risk, a unit of GlobalOptions Group (OTCBB: GLOI), a leading provider of domestic and international risk management services, entered into a formal agreement to serve as a preferred provider to Heartland Security Insurance Group, one of the largest insurance and risk management companies in the United States.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Nearly as Many Teens in Fatal Car Crashes During After School Hours as on Weekend Nights, According to AAA Minnesota/Iowa  - AAA Minnesota/Iowa Offers Solutions for After School Parental Monitoring of Teen Drivers  -- BURNSVILLE, Minn.--(BUSINESS WIRE)--Many parents rightfully worry about their kids being on the road on Friday and Saturday nights, but a new AAA Minnesota/Iowa analysis of crash data shows another time of the week ? the after school hours ? rivals weekend nights as the most deadly for teen drivers. The data reinforce the need for parents to be just as focused on monitoring their teens? afternoon driving as during the weekend nights they?ve been conditioned to worry about, according to AAA Minnesota/Iowa.

 

 

22) WellPoint Launches Nationwide Initiative to Encourage Family Conversations on Health, Life and Aging Plans   - New Roper Survey Reveals Notable Disconnect Between Seniors and Adult Children on Critical Issues; Program to 'Connect the Generations' and Encourage Action Now

 

23) Health First Health Plans Chooses Zynchros to Simplify Medicare Part D Offerings   - Formulary Management Solution Eases Medicare Part D Compliance While Adding To Member Satisfaction -- ROCKLEDGE, Fla. and SEATTLE, Oct. 25 /PRNewswire/ -- Health First Health Plans (HFHP) and Zynchros, Inc. today announced that Health First will begin implementation of the Zynchros.com formulary management solution. This will deliver an end-to-end solution for simplifying regulatory reporting around Medicare Part D and improve the flow of prescription drug benefit information to Health First Health Plans' members.

 

24) IAB Announces Annual Membership Meeting   - WASHINGTON, Oct. 24 /PRNewswire/ -- IAB today announced that it will hold the annual membership meeting and regional conference on October 28, 2006 at 8:45 A.M. at the Renaissance Hotel and Conference Center, located in Dallas, Texas. The annual meeting will be followed by announcements of new membership benefits, specifically, the new partnership with the Beech Street Corporation.

 

25) State Farm(R) Invests $100 Million in NHSA's New Prime-Grade Mortgage Program   - - First American's Anthem Alternative Credit Solutions Used to Extend Prime-Grade Financing to Applicants With Little or No Traditional Credit History -

 

26) BANS ON CREDIT SCORING WOULD FORCE INSURERS TO FIND NEW RISK ASESSMENT TECHNIQUES, ACTUARIES ARE TOLD - BOSTON -- Insurers will need to develop new evaluation techniques to help them assess risks, if the use of credit scoring in underwriting goes away, attendees at the CAS Seminar on Predictive Modeling heard here during a session titled ?What To Do When You Cannot Use Credit.?

 

27) Zalma Updates Survey of Diminution of Value Cases - Culver City California  October 24, 2006 - The argument continues across the United States: Must an insurer pay for the loss of value of a car that is repaired after an accident? The issue has been presented to courts in almost every state and decisions have varied. Barry Zalma, Esq., a Culver City California based insurance coverage lawyer, consultant and expert witness has reviewed the results in every state in his article "A Review of Diminution of Value Cases in the United States."

 

28) BASEBALL EXECUTIVES NOW UTILIZING ACTUARIAL TOOLS TO EVALULATE TALENT AND BUILD WINNING TEAMS - BOSTON, Oct. 25 -- New actuarial techniques such as data mining and predictive modeling are increasingly being used by Major League Baseball (MLB) teams to help them gain a competitive edge on the field.

 

29) Is Your Mexican Vacation Covered? - Learn Why Your Current Auto And Medical Plans Are Not Enough Los Angeles, CA - October 24, 2006 - Mexico consistently ranks amongst the top ten destinations for travelers. -- Its tropical resorts and mountain retreats offer a range of activities from shopping to adventure sports. It also creates the right circumstances for accidents and injuries.

 

30) Insurance Technologies Selected to Illustrate Annuities from MassMutual - COLORADO SPRINGS, Colo., October 24, 2006 ? Insurance Technologies LLC, a premier provider of point-of-sale insurance marketing software for the financial services and brokerage industries, announces that Massachusetts Mutual Life Insurance Company (MassMutual) has selected Insurance Technologies ForeSight? to illustrate a range of annuity products. MassMutual joins dozens of other companies using ForeSight?. 

 

31) Prepaid Medical Plans: A Healthy Alternative to Insurance for Employee Health Care - Austin, Texas - October 16, 2006 - Employee Health Insurance is no longer affordable for many Employers. According to recent reports by the Kaiser Foundation, the cost for employee coverage is now three to four thousand dollars annually. 40% of employers simply cannot afford that expense and do not offer health insurance. Others are forced to drop current insurance plans, increasing the number of employees without any coverage.

 

32) Life Insurance Agents Battle Online Quotes - As more people turn to the internet for life insurance, agents are finding help. -- Philadelphia, PA, October 06, 2006:  Last year a group of life insurance agents and a web design team conducted a survey to life insurance purchasers.  Of the individuals that went online for life insurance most regretted not having a local agent.  That is when they created InsureMyLife.org.

 

 

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