INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 11/15/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 11/15/06  

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

 

1) Tax Subsidies for Employer-Sponsored Health Insurance to Exceed $200 Billion This Year - WASHINGTON, Nov. 14 /U.S. Newswire/ -- Total federal and state tax subsidies for employer-sponsored health care coverage for active workers will exceed $200 billion in 2006, an inflation- adjusted increase of more than 150 percent since 1987, according to a new study sponsored by HHS' Agency for Healthcare Research and Quality.

 

2) North Shore Doctor Agrees to Repay Liberty Mutual $150,000 to Settle Suit for Fraudulent Claims  - BOSTON--(BUSINESS WIRE)--Liberty Mutual Insurance Company this week came to settlement terms with David S. Tamaren, a Lynn, Mass., physician who the insurance company claimed improperly billed for his services and collected monies between 1998 and 2002. Dr. Tamaren agreed to repay Liberty Mutual $150,000 in a deal that does not constitute an admission of guilt.

 

3) Firms Covering Large Majority of Nation?s Workers View Health Benefits as an Important Recruitment and Retention Tool  - Health Affairs Article Finds Employers Support Shared Responsibility for Financing Health Coverage   -- WASHINGTON--(BUSINESS WIRE)--Despite intense health care cost pressures, firms covering more than 90 percent of the nation?s workforce view health benefits as an important tool to attract and retain qualified workers, according to a national study by researchers at the Center for Studying Health System Change (HSC) and The Commonwealth Fund published in the November/ December edition of Health Affairs.

 

4) KMG America?s MOMM wears many hats - Minnetonka, MN ? KMG America Corporation introduces MOMM, which stands for Maximized Outcome Medical Management.  -- MOMM is a program designed to assist stop loss clients of Kanawha Insurance Company [a wholly-owned subsidiary of KMG America] manage their financial health care risk when factors like experimental treatments, rare diagnoses or unusually large claims are a consideration.

 

5) HSA Expert Roy Ramthun announces HSAed.com Website - Roy Ramthun, leading expert in Health Savings Accounts, announces the rollout of HSAed.com, designed to be the country?s #1 Educational Resource for Health Savings Accounts.  -- Mr. Ramthun, formerly senior health policy advisor to President George W. Bush, led the Treasury Department?s implementation of Health Savings Accounts following the December 2003 enactment while Senior Advisory to the Secretary of the U.S. Treasury Department.

 

6) Fitch Comments on the Pursuit of Diversification Credit by Insurers  - NEW YORK--(BUSINESS WIRE)--Fitch Ratings today commented on recent insurance industry and media observations that insurers are being 'forced' to diversify due to the capital charge benefits that can be obtained from diversification in rating agency capital models. Fitch believes that it is time to set the record straight.

 

7) Cybersettle Wins Major Patent Infringement Suit - Federal District Court Decision Underscores Power of Cybersettle?s Online Dispute Resolution Patent Protection and Upholds Cybersettle?s Market Leading Position   --WHITE PLAINS, NEW YORK ? November 13, 2006 ?Cybersettle, Inc., the world leader in accelerated dispute resolution, whose President is the co-inventor of Cybersettle?s automated, online, double-blind bid system, today announced it has won a major patent infringement case it filed against National Arbitration Forum (NAF), a Minnesota-based company that had been hired to administer New Jersey?s No Fault Automobile Insurance Personal Injury protection. 

 

8) Medicare Part D Open Enrollment Begins Tomorrow - Contact: Mary Liz Knish of AARP Tennessee, 615-726-5106 or 615-828-1806  -- NASHVILLE, Tenn., Nov. 14 /U.S. Newswire/ -- AARP reminds Tennesseans that open enrollment in Medicare Part D prescription drug plans begins Wednesday, Nov. 15. If enrolled, Medicare beneficiaries are encouraged to evaluate their current plan, and if necessary, switch to a different plan. Open enrollment runs through Dec. 31, with coverage starting Jan. 1, 2007. People are urged to make their decisions early in December to allow for the timely processing of their applications.

 

9) US Senate's Dodd urges action on terror insurance - By Kevin Drawbaugh -- WASHINGTON, Nov 14 (Reuters) - The incoming chairman of a key U.S. Senate committee said on Tuesday he wants to take early action on a permanent solution to insuring terrorism risks rather than another temporary fix.

 

10) Specialty insurance provider AmWINS files for IPO - WASHINGTON, Nov 13 (Reuters) - AmWINS Group Inc., a wholesale distributor of specialty insurance products and services, said on Monday it is planning an initial public offering of as much as $115 million in common stock.

 

11) BILL O?REILLY TO ADDRESS BIG ?I? CONVENTION - O?Reilly will discuss current events, politics ALEXANDRIA, Va., Nov. 13, 2006? Bill O?Reilly will address independent insurance agents and brokers on Friday, April 27, 2007 at the Independent Insurance Agents & Brokers of America?s (Big ?I?) Convention.

 

12) A.M. Best Special Report: Growth Slows For Rated Non-U.S. Captives  - OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. possesses a substantial amount of data and information on captives and assigns interactive ratings to a number of these, most of which are very well capitalized. This report provides some information on those rated captives that are domiciled outside the United States and for which audited 2005 financial statements were available at the time of publication.

 

13) The Principal Financial Group Says ?Avoid Retirement Savings Regrets? - Offers Easy Tips and Tools during National Retirement Planning Week 2006  -- DES MOINES, Iowa--(BUSINESS WIRE)--American workers admit they are saving too little, too late. In fact, nearly half of those surveyed in the recent Principal Financial Well Being Index, say saving too late is their biggest financial planning regret. The Principal Financial Group® marks National Retirement Planning Week 2006, November 13 ? 17, by offering easy on-line tips and tools to help workers avoid retirement savings disappointments.

 

14) Tower Group, Inc. Will Acquire Preserver Group, Inc.  - NEW YORK--(BUSINESS WIRE)--Tower Group, Inc. (NASDAQ: TWGP) announced today that it has reached an agreement to acquire the outstanding stock of Preserver Group, Inc. for cash consideration of approximately $68 million, a portion of which will be allocated to repay all shareholder owned debt. In addition, $12 million of trust preferred securities will be assumed. The transaction is subject to regulatory approval.

 

15) BridgeStreet Worldwide Forms Strategic Alliance with ALE Solutions, Become Largest Insurance Housing Providers in Nation  - Strategic Partnership Delivers Temporary Housing Solutions to Catastrophe Teams and Displaced Homeowners Following Disasters  -- ARLINGTON, Va., Nov. 14 /PRNewswire/ -- BridgeStreet Worldwide, a leading international provider of corporate housing, today announced that it had formed an alliance with ALE Solutions making BridgeStreet the sole corporate housing provider for ALE Solutions.

 

16) First Niagara Risk Management Plans to Acquire Gernold Agency  - Transaction to provide First Niagara with the ability to become a leader in alternative risk management solutions -- LOCKPORT, N.Y., Nov. 14 /PRNewswire-FirstCall/ -- First Niagara Risk Management, Inc., the wholly-owned insurance subsidiary of First Niagara Bank, announced today that it intends to acquire Gernold Agency, Inc., an Orchard Park-based insurance agency specializing in alternative risk management solutions for larger businesses. Following the completion of the transaction, Gernold Agency will merge into First Niagara Risk Management. The acquisition is expected to close mid-December 2006. By agreement of both parties, financial terms were not disclosed.    

 

17) Guy Carpenter and MMC Securities Ltd. Announce Completion of Multi-Territory, Multi-Risk Catastrophe Bond Transaction  - Innovative Transaction Creates First AA Rated Natural Risk-Linked Security  -- NEW YORK--(BUSINESS WIRE)--Guy Carpenter & Company, Inc., the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE:MMC), and MMC Securities Ltd.*, an affiliate of Guy Carpenter Ltd., today announced the completion of a multi-territory, multi-peril catastrophe bond transaction, on which it has advised the Catlin Group Limited (LSE: CGL).

 

18) Sapiens Launches Rules-Based Billing Solution in North America for Property & Casualty Insurers  - KISSIMMEE, Florida, November 14 /PRNewswire-FirstCall/ -- - New Sapiens INSIGHT(TM) for Billing rules-based insurance solution recognized for its unique benefits and ability to allow for rapid adaptability.

 

19) ING Offers Insurance Producers Blueprints for Business   - Marketing program makes it easier for life insurance producers to expand their offering to businesses  -- MINNEAPOLIS, Nov. 13 /PRNewswire/ -- ING has introduced a new comprehensive marketing and sales program aimed at making it easier for life insurance producers to better serve their business clients. The program, dubbed Blueprints for Business, offers support in the sales process from prospecting through the close of a sale through interactive software, an updated web site, high-end marketing materials, and regional seminars.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Americans Urge New Congress to Focus on Health Care   - New Survey Finds Bipartisan Support Among Americans for Key Elements of AHIP Access Plan -- WASHINGTON, Nov. 13 /PRNewswire/ -- Americans believe access to health care should be the top domestic priority when the new Congress convenes next year, a new survey released today finds.

 

22) AHIP Announces Proposal to Expand Access to Health Insurance Coverage to Every American  - WASHINGTON, Nov. 13 /PRNewswire/ -- More than 40 million uninsured Americans will have access to affordable health insurance coverage under a comprehensive new set of targeted policy proposals released today by America's Health Insurance Plans (AHIP).

 

23) Life Insurance Study Reveals Strategies for Global Expansion   - Despite Buzz Surrounding Emerging Markets, EDS Survey Found Life Insurance Companies Will Focus on Mature Markets First  -- PLANO, Texas, Nov. 13 /PRNewswire-FirstCall/ -- Global economic, regulatory and technological changes combined with increasing life expectancy rates for an aging population present a once in a life time opportunity for life insurers. How can life insurers take advantage of this unique opportunity?

 

24) Nationwide Property Protection Services, L.L.C., Protection One Offer Exclusive, Discounted Home Security Package  - Partnership provides new way to get more home security for less and reimbursement of insurance deductible  -- COLUMBUS, Ohio, Nov. 14 /PRNewswire/ -- Nationwide Property Protection Services, L.L.C. and Lawrence, Kan.-based Protection One(R) have partnered to offer a home security system that offers more protection for less money than most security providers' basic systems.

 

25) Amica Insurance Launches Identity Resolution Services - Provides Policyholders with Assistance and Advocacy --PROVIDENCE, R.I.--(BUSINESS WIRE)--Amica Insurance announced today a new partnership with Arizona-based Identity Theft 911®, the nation?s leading provider of identity fraud education and resolution services. Joining the battle against identity theft, Amica is providing its policyholders with access to cutting-edge proactive education and one-on-one assistance from a fraud resolution expert.

 

26) Devon Health and Group Health Incorporated (GHI) Announce Strategic Alliance - Devon Health to Serve as GHI?s Exclusive Marketing Arm for Out-of-State TPAs and Self-Insured Employers  -- KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Devon Health Services, Inc., a National Healthcare Cost Management company and the Northeast?s most extensive Preferred Provider Organization (PPO), has announced a strategic alliance with Group Health Incorporated (GHI), a leading New York State-based health insurer offering a varied portfolio of self-insured and fully-insured products.

 

27) Comprehensive Health Services Announces New HybridHealthsm Service Line - Company Names Top Industry Executive to Launch Line That Will Include Expanded Physician Services  -- VIENNA, Va.--(BUSINESS WIRE)--Comprehensive Health Services (CHS), a nationwide workforce health management company, today announced the launch of HybridHealthsm, an extension of its onsite health care programs that includes expanded physician services for client employees, retirees, and their dependents. These expanded health care services will include the provision of a broader range of treatment and prevention programs focused on acute and chronic health conditions.

 

28) Aetna Implements New Technology to Increase Member Participation in Integrated Health and Disability Programs - Voice2Form Real-Time Interactive Voice Response (IVR) System Allows Members to Provide Consent in Less Than Two Minutes -- HARTFORD, Conn.--(BUSINESS WIRE)--Aetna (NYSE:AET) announced it is offering an interactive voice response (IVR) system called Voice2Form to enable members with both Aetna disability and medical insurance to easily provide consent to participate in the insurer?s Integrated Health and Disability (IHD) program.

 

29) Mutual of Omaha Deploys newScale Solutions to Drive IT Process Improvement - Insurance Leader?s IT Department Achieves Quick Win with newScale Service Catalog  -- FOSTER CITY, Calif.--(BUSINESS WIRE)--newScale®, Inc., the market leader in IT Service Catalog and Service Portfolio Management software solutions, today announced that Mutual of Omaha successfully deployed newScale RequestCenter® for their IT Service Catalog initiative. Since going live, Mutual of Omaha?s Service Catalog has helped to improve the user experience for the company?s 5,000 employees and drive operational excellence within their IT organization.

 

30) Top 25 Enterprise Technology Vendors in Financial Industry Named - NEW YORK--(BUSINESS WIRE)--American Banker, SourceMedia?s flagship publication for banking and financial services professionals, and Financial Insights, an IDC Company, a global independent advisory firm, released the third annual FinTech ranking of the Top 25 worldwide Enterprise Technology Companies in the financial services industry.

 

31) PHNS Pays $100 Million to Its Hospital Partners - DALLAS--(BUSINESS WIRE)--PHNS Inc. announced that it has completed the payment of an additional $40,000,000 to its hospital partners McLaren Health Care Corporation, Flint, Michigan; General Health System; Baton Rouge, Louisiana; and Adventist HealthCare, Inc., Rockville, Maryland. This brings the total that PHNS has paid in cash to its hospital partners to $95,500,000 during the past six years.

 

32) Palm Beach Capital Closes $110 Million Private Equity Fund - PALM BEACH, Fla.--(BUSINESS WIRE)--Palm Beach Capital today announced the closing of its $110 million buyout fund, Palm Beach Capital Fund II, L.P. The firm intends to invest the capital into private companies with earnings from $2 million to $15 million. Since January 2006, the firm has already made four equity investments totaling approximately 25% of this fund.

 

 

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