INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 11/06/06

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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com

INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 11/06/06  

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

 

1) ISO?S PROPERTY CLAIM SERVICES UNIT ESTIMATES INSURERS TO PAY $971 MILLION IN THIRD-QUARTER PROPERTY LOSSES - JERSEY CITY, N.J., November 2, 2006 ? U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $971 million for third-quarter property losses resulting from a total of seven catastrophes in 20 states ? the third lowest record among third quarters in the past 10 years, according to preliminary analysis by ISO?s Property Claim Services (PCS) unit.

 

2) A.M. Best Company's Election News Site to Report Results in Real Time - OLDWICK, N.J., Nov. 2, 2006?The votes cast on Nov. 7 will shape the course of insurance regulation for years to come. As the votes are counted across the country that night, visit http://ElectionNews.ambest.com to see how the races for insurance commissioners, governors and congressional candidates in districts of particular interest to the insurance industry are decided.

 

3) Tailwind ABS deal seen blowing into securitization mkt - By Nancy Leinfuss - NEW YORK, Nov 2 (Reuters) - The first in a series of asset-backed securitizations supported by group long-term disability insurance will be sold in the U.S. asset-backed securities market by Tailwind Holdings in the coming weeks, market sources said on Thursday.

 

4) UK proposes law changes to allow Equitas deal - LONDON, Nov 3 (Reuters) - The British government said on Friday it was proposing legal changes that would allow investors in the Lloyd's of London insurance market to transfer their liabilities to Warren Buffett's Berkshire Hathaway as part of a landmark deal signed in October.

 

5) W.R. Berkley to buy back 20 mln of shares, declares dividend - Nov 3 (Reuters) - W. R. Berkley Corp. (BER.N: Quote, Profile, Research) on Friday said its board authorized repurchase of 20 million shares and declared a dividend of 4 cents a share. The insurance holding company said its total share repurchase authorization now represents about 12 percent of the company's shares outstanding. (Reporting by Madhubanti Routh in Bangalore)  © Reuters 2006. All Rights Reserved.

 

6) Eli Rowe, CEO of Parameds.com and Instrument Rated Pilot, Addresses Concerned Life Insurance Underwriters about Private Airplane Safety  - Industry Seeks Expert Guidance on How to View Risk in Wake of Corry Lidle Tragedy  -- (October 27, 2006) Kew Gardens, NY? Eli Rowe, CEO of Parameds.com addressed the current state of private pilot safety and aviation with over 1,000 of the life insurance and reinsurance industry?s leading risk management experts during the Fifth Annual Meeting of the Association of Home Office Underwriters (AHOU) in Las Vegas, Nevada. 

 

7) Cost Sharing Helps Control Health Care Costs - Contact: Kelley Tway or Sean Tuffnell, 972-308-6488, or kelley.tway@ncpa.org both of the National Center for Policy Analysis -- DALLAS, Nov. 2 /U.S. Newswire/ -- A new report provides confirmation of what proponents of consumer-directed health care have long asserted -- putting patients more in touch with the cost of care is essential to controlling those costs. According to Devon Herrick, a senior fellow with the National Center for Policy Analysis (NCPA), a review of research by MIT's Jon Gruber found people cut back on their use of health care the more they have to share the costs of that care.

 

8) U.S. regulator sets insurance fund ratio for banks - WASHINGTON, Nov 2 (Reuters) - The Federal Deposit Insurance Corporation on Thursday set the premium for banks, based on their potential risks, to pay into an insurance fund that would help them in the event of future bank failures.

 

9) Department Arrests Former Northridge Insurance Agent in Fraudulent Investment Scheme that Robbed Senior Citizens  - Agent accused of taking more than $750,000 for ?investments? and annuities, but failing to make the investments. Department seeks more victims

 

10) Insurance Commissioner John Garamendi Announces His Recommendation to Cut Workers' Compensation Pure Premium Rate by -9.5%  - The Commissioner remains concerned as substantial decreases in total permanent disability payments continue, and the industry pays a record-low percentage of premium for injured workers

 

11) KENTUCKY COMAIR CRASH UPDATE: LAWSUIT FILED AGAINST AIRLINE AND ITS PILOT - PODHURST ORSECK REPRESENTS A FLORIDA COMAIR CRASH VICTIM IN A FLORIDA LAWSUIT AGAINST THE AIRLINE AND ITS PILOT -- Pilot Error Blamed in Fiery Kentucky Accident, Killing Charlie Lykins of Naples, Fla. and 48 Others

 

12) MANULIFE FINANCIAL BECOMES NEWEST MEMBER OF GROUP OF NORTH AMERICAN INSURANCE ENTERPRISES - NEW YORK, Nov. 2, 2006 ? Manulife Financial has joined the Group of North American Insurance Enterprises (GNAIE), the only trade association that focuses exclusively on financial reporting, accounting and solvency issues.

 

13) Innovation Group To Acquire First Notice Systems from Concentra - Provides scale and infrastructure to expand outsourcing capabilities in North America --WHITELEY, UK and HARTFORD, CT., November 02, 2006 ? The Innovation Group (LSE:TIG), a global provider of technology-enabled outsourcing and technology solutions to the P&C industry, today announced that the company has reached an agreement to acquire First Notice Systems, Inc. from Concentra Operating Corporation for (US)$51.55 million in cash, comprising consideration of $50 million and related payments of $1.55 million.

 

14) Regulators Consider New Underwriting Approach - Chicago ? New underwriting data that insurers are expected to start using in 2007, along with new computer modeling techniques, will be presented at a national workshop on urban and multicultural markets Nov. 9 in Chicago. Texas Insurance Commissioner Mike Geeslin, Pennsylvania Insurance Commissioner M. Diane Koken, and Illinois Insurance Director Michael T. McRaith will comment on new underwriting trends at the sixth annual Urban Insurance Advantage workshop, sponsored by the Urban Insurance Partners Institute (UIPI), a nonprofit educational resource for the insurance industry.  

 

15) Aetna Awards $230,000 to the University of Michigan to Help African-American Teens Conquer Depression  - Goal is to Lessen the Stigma So More Teens Seek Treatment  -- DETROIT--(BUSINESS WIRE)--Aetna (NYSE: AET) through The Aetna Foundation has awarded the University of Michigan a $230,000 grant to fund a school-based initiative aimed at educating African-American teenagers about depression and the importance of early treatment. Specifically, the program aims to defuse the stigma of depression freeing these teenagers to seek help when needed.

 

16) GMAC Real Estate Announces Innovative Insurance Program for Real Estate Professionals Partnership with HR Trust Gives Agents and Their Families Access to Affordable, Comprehensive Large-Group Insurance Programs - OAK BROOK, Ill.--(BUSINESS WIRE)--Pledging to make health insurance more affordable and at the same time more comprehensive for its 22,000 agents and their families nationwide, GMAC Real Estate (http://www.gmacrealestate.com) today unveiled the industry?s most innovative large-group insurance program.

 

17) Liberty Mutual Launches New Safety Consulting Unit Service Helps Companies Capture More of Safety?s Benefits  - BOSTON--(BUSINESS WIRE)--Large companies can improve the impact safety has on their bottom line, with the launch of Liberty Mutual Safety Solutions?.

 

18) UniCare Awarded Certificate of Authority by Kansas Insurance Department  - TOPEKA, Kan., Nov. 2 /PRNewswire/ -- UniCare Health Plan of Kansas, Inc. (UniCare) today announced it was awarded a Certificate of Authority by the Kansas Insurance Department, thereby allowing UniCare to conduct business in the state of Kansas. In August, UniCare was awarded a statewide contract to provide services to the Kansas HealthWave Managed Care Services for Medicaid and State Children's Health Insurance Program (SCHIP) and since then has been actively working to build and develop its network of providers in the state.

 

19) Using Blues on Call Plus Highmark Inc. Offers Customers Health and Wellness Services Tailored to Their Employees' Needs  - PITTSBURGH, Nov. 2 /PRNewswire/ -- Highmark Inc. today announced the insurer's newest tool to help employers manage costs while encouraging appropriate care. Through a special unit of nurses, registered dietitians and exercise physiologists, Blues on Call Plus offers tailored programs that meet group customers' unique needs.    

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) VSP Ranks Highest in Member Satisfaction Among National Vision Plans  - J.D. Power and Associates Award Earned Three Consecutive Years -- SACRAMENTO, Calif., Nov. 2 /PRNewswire/ -- VSP (Vision Service Plan) received the distinction of ranking "Highest in Member Satisfaction Among National Vision Plans" today from J.D. Power and Associates, a global marketing firm representing the voice of the customer. This achievement marks VSP's third consecutive year as the industry leader in member satisfaction. VSP has ranked first every year since the award's inception in 2004.

 

22) Regence Enhances Efforts to Protect Members from Identity Theft  - PORTLAND, Ore., Nov. 2 /PRNewswire/ -- When your wallet gets stolen, you call in your credit cards right away. But what about your health plan card? The latest twist on identity theft is using stolen health plan cards to get medical care or prescription drugs on somebody else's tab.

 

23) Mainframe Rehosting with TmaxSoft OpenFrame(TM) Drives Cost Savings at LIG Insurance Company - ENGLEWOOD CLIFFS, N.J., Nov. 2 /PRNewswire/ -- TmaxSoft, Inc. announced that LIG Insurance Co. Ltd. of South Korea successfully completed a large-scale mainframe rehosting project using OpenFrame, TmaxSoft's rehosting solution, on September 10, 2006.  The legacy mainframe system was sized at approximately 2,500 MIPS.  This nine-month project follows the successful completion of a 7,500 MIPS rehosting project completed in July 2006 for Samsung Life Insurance, South Korea's largest insurance provider.

 

 

 

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