INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 11/09/06

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 11/09/06  

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

 

1) New UnitedHealth CEO to cut past pay by $190 mln - Wed Nov 8, 2006 11:47am ET By Martha Graybow and Lewis Krauskopf  -- NEW YORK (Reuters) - UnitedHealth Group Inc. (UNH.N: Quote, Profile, Research) on Wednesday said incoming Chief Executive Stephen Hemsley has agreed to cut his past stock option compensation by about $190 million, following a stinging independent report last month on the company's option award practices.

 

2) NYSE fines Morgan Stanley $500,000 - Wed Nov 8, 2006 9:41am ET -- NEW YORK (Reuters) - The New York Stock Exchange on Wednesday said it fined Morgan Stanley (MS.N: Quote, Profile, Research) $500,000 and censured the firm for failing to report short interest positions in hundreds of securities for as long as 20 years.

 

3) Lloyd's investors fail in 1 bln stg court claim - LONDON, Nov 8 (Reuters) - Disgruntled past investors in Lloyd's of London insurance market have failed in their legal claim against the British government for more than 1 billion pounds ($1.91 billion) in compensation.

 

4) Democrat win may hurt US oil stocks, drugs, others - By Herbert Lash -- NEW YORK, Nov 8 (Reuters) - The stocks most vulnerable to the Democrats' congressional gains are crowded in the defense, pharmaceutical, oil and insurance sectors, while alternative energy providers are clear early winners from the change.

 

5) 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.

 

6) URANCE 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.

 

7) New Research from EBRI: More Women Workers Than Men Have a Retirement Plan in Key Employment Group - Contact: Craig Copeland, 202- 775-6356, copeland@ebri.org or John MacDonald, 202-775-6349, macdonald@ebri.org, both of EBRI

 

8) Average Cost of Nursing Home Care Rises 6% Year Over Year, According to New York Life Long Term Care Insurance Study  - Study Finds That Costs Average $204 Per Day, or $74,445 Per Year For Private Room  -- NEW YORK--(BUSINESS WIRE)--According to the results of a study commissioned by the New York Life Long-Term Care Division, the average cost for nursing home care in the U.S. climbed significantly in 2006.

 

9) Americans Expecting Family and Friends, Not Savings or Insurance, to Provide for Their Long-Term Care Needs   - New LIFE Foundation Survey Shows that Adults Are Confused And Financially Unprepared to Pay for Long-Term Care -- WASHINGTON, Nov. 8 /PRNewswire/ -- Mom's tender loving care may be a comforting thought when you're sick for a few days, but would your mindset change if you needed help for several years instead? Apparently not, according to a new survey by the Life and Health Insurance Foundation for Education (LIFE). Nearly four in ten Americans say they would turn to family and friends if they were ever to need long-term care services, compared to relatively few who say they plan to rely on insurance or private savings.

 

10) Underwriting of voluntary products is getting more liberal according to a recent study by Eastbridge Consulting Group  - AVON, Conn.--(BUSINESS WIRE)--Over the past two years, industry underwriting guidelines for voluntary products have become more liberal according to 63 percent of the respondents to Eastbridge Consulting Group?s latest Frontline Report, Trends in Underwriting of Voluntary/Worksite Products. This is just one of the findings of the new report.

 

11) Genworth Financial Repurchases $294 Million of Stock   - RICHMOND, Va., Nov. 8 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. (NYSE: GNW), today announced that it has agreed to repurchase more than 9 million shares of common stock at a price of $32 per share in a privately negotiated transaction.    

 

12) Statement on the Defeat of Measure 42 by Pat McCormick, Spokesperson, Oregonians Against Insurance Rate Increases  - PORTLAND, Ore., Nov. 7 /PRNewswire/ -- Voters' rejection of Measure 42 -- by a nearly two-to-one margin -- is a victory for Oregon consumers and, quite possibly, for consumers across the nation. Voters here sent a strong message of support for credit-based insurance scoring -- a ratemaking tool insurers use to evaluate risk and set accurate, fair insurance rates. They understood that, if Measure 42 passed, consumers would lose the lower rates most now enjoy because they manage personal finances responsibly.

 

13) Aon Re Global Ranks Largest Among Reinsurance Brokers   - CHICAGO, Nov. 7 /PRNewswire-FirstCall/ -- Aon Re Global, Inc. ranks largest in the world among reinsurance brokers, according to data compiled by industry publication Business Insurance. The Aon Corp. unit, which has 2,860 employees in offices around the world, posted $920 million in 2005 reinsurance brokerage revenues.

 

14) Beazley Specialty Lines Business Plays to Lloyd's Strengths in Increasingly Competitive Market, Argues Rowell   - CHICAGO, Nov. 7 /PRNewswire-FirstCall/ -- Risks such as U.S. professional and management liability are particularly well suited to the strengths -- both traditional and emerging -- of the Lloyd's market, leading Lloyd's underwriter Johnny Rowell told a broker audience in Chicago today.

 

15) AHIP Selects IncentOne to Join AHIP Solutions Program  - New Solutions Partner to Help AHIP Members Implement Incentive Programs That Lower Costs and Improve Care -- WASHINGTON, Nov. 7 /PRNewswire/ -- America's Health Insurance Plans (AHIP) announced today that IncentOne has been selected as the newest member of its vendor affinity program AHIP Solutions.

 

16) Benefitfocus Launches eEnrollment Express   - Streamlined Electronic Benefit Enrollment Application for Small Employers Adopted by Five Blue Cross and Blue Shield plans -- CHARLESTON, S.C., Nov. 8 /PRNewswire/ -- Joe, a 40-year-old executive of a start-up company, spends his day performing many corporate tasks to keep his company afloat. Joe's time is precious and when it comes to managing the health and life insurance benefits of the 25 employees at the company, it needs to be quick and easy.    

 

17) Avoiding Insurance Surprises: Does Your New Car Have the Coverage It Needs?  - WARWICK, R.I.--(BUSINESS WIRE)--Auto manufacturers have rolled out 2007 new car lines, and consumers can find great deals as car dealers seek to unload 2006 inventories. However, new car buyers should make certain that they have auto insurance that properly protects their sizable investments?or they may regret it.

 

18) Pan-American Life and USNow Join Forces  - NEW ORLEANS--(BUSINESS WIRE)--Pan-American Life Insurance Company?s Worksite Division has announced the signing of a marketing agreement with USNow, a Dallas-based national marketing agency.

 

19) First Command Introduces UnumProvident Disability Income Insurance  - FORT WORTH, Texas--(BUSINESS WIRE)--First Command Financial Services Inc. has expanded its insurance product offerings with disability income insurance from UnumProvident, the nation?s number one provider of disability income insurance.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) USI Holdings Corporation Closes Acquisition of Kibble & Prentice Holding Company  - BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Holdings Corporation (NASDAQ: USIH) today announced that closing of the previously announced acquisition of Seattle, WA-based Kibble & Prentice Holding Company (Kibble & Prentice). Kibble & Prentice is expected to contribute approximately $37 million of revenues to USI on an annual basis.

 

22) EDS Selected to Support Anti-Fraud Program at Centers for Medicare & Medicaid Services   - HERNDON, Va., Nov. 8 /PRNewswire-FirstCall/ -- Today, EDS (NYSE: EDS) announced it was awarded two task orders supporting anti-fraud activities at the Centers for Medicare & Medicaid Services (CMS). In addition to the one- year base term, each task order includes four one-year options. If all options are exercised on both task orders, the value of the contracts is estimated at $120 million.    

 

23) New BSA (Bank Secrecy Act 2006) Software Released by RiskWatch for Financial Institutions  - ANNAPOLIS, Md., Nov. 8 /PRNewswire/ -- RiskWatch, Inc. announced today that it has released a new version of RiskWatch for Financial Institutions(TM) software program incorporating the new Bank Secrecy Act requirements which were released on July 28, 2006.    

 

24) Aon Risk Services Completes Implementation of Acorn Systems Profit Improvement Solution   - Greater Financial Visibility into Client Profitability Enables Aon Risk Services to grow More Profitably and Efficiently -- CHICAGO, Nov. 7 /PRNewswire-FirstCall/ -- Aon Corporation (NYSE: AOC) has selected and implemented Acorn Systems' profit improvement solution Profit Analyzer(TM) for its brokerage subsidiary to further increase the company's profitable growth and operational efficiency.    

 

25) ADVISEN REACHES 500,000 BENCHMARK PROGRAM MILESTONE - Key Metrics Allow Brokers and Risk Managers to Benchmark Commercial Insurance Against 75,000 Companies  -- New York, November 8, 2006 ? Advisen Ltd., the leading provider of analytics, benchmarking and market information to the global commercial insurance industry, today announced that its benchmarking program database has reached 500,000 programs. Advisen?s Program Benchmarking application compares current and historical premiums, limits and retentions as well as rate online and other similar ratios against peer groups assembled from among 75,000 commercial insurance buyers.

 

26) AIA SUPPORTING BUILDING CODE MODEL LAW AT NCOIL MEETING - WASHINGTON, D.C., Nov. 7, 2006 ? The American Insurance Association (AIA) commends efforts by state insurance legislators to strengthen the built environment against the destructive forces of natural disasters by considering a model law for building codes during the National Conference of Insurance Legislators (NCOIL) meeting Nov. 9-12 in Napa Valley, CA.

 

27) New Great-West Healthcare Resource Helps Employees Compare Plans and Budget for Health Care - GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Nov. 8, 2006--Employees soon will attend open enrollment meetings to choose a health plan for the coming year. With an abundance of health plan forms, booklets and brochures, the process can be daunting. To help employees in the enrollment process, Great-West Healthcare, a national employee benefits provider, added a new resource to its suite of decision support tools available on MyGreatWest.com.

 

28) Safeco Repurchases 10.2 Million Shares  -  SEATTLE, Nov. 7 /PRNewswire-FirstCall/ -- Safeco (Nasdaq: SAFC) today announced it has repurchased 10.2 million shares, or approximately 8.8 percent, of its outstanding common stock through an Accelerated Share Repurchase (ASR) program. The shares were purchased from a dealer (Lehman Brothers) at $58.75 per share, for a total cost of approximately $600 million.

 

29) Mitratech Enhances Its Client Services Network With the Launch of Mitratech University - Mitratech University Helps Legal Departments Ensure Continuous Success and Maximum Productivity Through Effective Learning Programs  -- LOS ANGELES, Nov. 8 /PRNewswire/ -- Mitratech, a leading provider of software solutions for legal departments to manage matters, risks, and ensure compliance, today introduced Mitratech University as the newest addition to its Client Services Network. 

 

30) INSURANCE RESEARCHERS CONSIDER RETENTION IMPACTS, STRATEGIES - Charleston, SC, November 3 ? For every 1% increase in retention, profitability will increase 7% to 17% over two to three years. The economics of retention are particularly powerful for insurance carriers and agencies because the insurance industry has among the highest customer acquisition costs of any industry. Lynn Thomas, founder and president of 21st Century Management Consulting, recently offered these observations and many other insights to approximately 150 of the insurance industry's leading business research professionals at the 36th Annual Conference of the Society of Insurance Research (S.I.R.), held this year at the historic Francis Marion hotel in this city.

 

31) INSURANCE COMMISSIONERS FAVOR FEDERAL CAPCITY, NOT FEDERAL REGULATION - Charleston, SC, October 25 ? A quartet of insurance regulators recently agreed there is a role for federal backstop funding of catastrophic exposures, but it should not be at the price of turning insurance regulation over to the federal government.

 

32) WAR GAME METHODOLOGY ADVANCED AS TOOL TO IMPROVE INSURERS' PERFORMANCE - Charleston, SC, October 25 ? "We challenged each participant to sharpen their own company's actions by better understanding their competitors' future actions, and they did a hell of a job."  -- That is how Michael Sandman, Senior Vice President of Fuld & Co., summed up the pre conference workshop on competitive intelligence (CI) war gaming he conducted this week at the 36th Annual Conference of the Society of Insurance Research.

 

33) LEADING MODELER URGES CAUTION DESPITE CALM 2006  - Charleston, SC, October 25 ? The exceptionally favorable catastrophe experience of 2006 (so far) should not tempt carriers to shortchange catastrophe weighting in their prices and reserves, according to Karen Clark, CEO and Founder of AIR Worldwide.

 

34) The American College To Hold Webcast On State And Federal Regulation Of The Financial Services Industry - BRYN MAWR, PA?November 7, 2006?The American College Center for Ethics in Financial Services will sponsor a webcast November 14, 2006 from 2:00 to 4:00 p.m. EST called ?Let?s Talk,? a segment devoted to ethics and regulation of the Financial Services Industry.  The webcast will feature Frank Keating, President of American Council of Life Insurers (ACLI), and Roger Sevigny, Secretary and Treasurer of The National Association of Insurance Commissioners (NAIC).  They will discuss the implications of state and federal regulation of the insurance industry, particularly in the delivery of life insurance and annuities products.  

 

35) Trusted Choice® Ad Campaign Continues - Second Round of Ads Run During Election Coverage

ALEXANDRIA, Va., Nov. 7, 2006?Trusted Choice® television advertising returns this week when ads touting the benefits of using the more than 6,600 participating agencies hit the nation?s airwaves.  -- The ad flight on Fox News is the second installment in the series of this year-long advertising campaign. Trusted Choice® is now running ads for two weeks every month on different cable stations, including CNN, the Travel Channel, the Weather Channel and more.

 

36) Westfield Insurance Joins Trusted Choice®  - Westfield is 41st Trusted Choice® Company Partner - ALEXANDRIA, Va., Nov. 08, 2006?Westfield Insurance, based near Cleveland, Ohio, is the newest independent agency system insurance company to join the brand movement Trusted Choice®. Westfield Insurance provides commercial and personal insurance to customers in 17 states and surety services in 28 states.

 

 

 

 

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