INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 11/17/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 11/17/06  

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

 

1) Wilbur Ross plans $100 mln investment in insurance - By Ed Leefeldt - NEW YORK, Nov 15 (Reuters) - Billionaire turnaround specialist Wilbur Ross said on Wednesday he is about to make a $100 million investment in the reinsurance industry, his latest vote of confidence in the sector.

 

2) Texas Court of Appeals Rules that Insurance Companies Must Defend Samsung in EMF Suits - In decisions of importance to corporate insurance policyholders, the Texas Court of Appeals has ruled that Samsung Electronics America is entitled to defense coverage for class action lawsuits based upon the alleged harm caused by electromagnetic fields, or EMFs. 

 

3) Conning Research: Bermuda Insurance Market Accelerates  - $10 billion net income predicted for 2006 - HARTFORD, Conn., Nov. 16 /PRNewswire/ -- Bermuda has become the place where the capital markets and the market for insurance and reinsurance talent most closely intersect, according to a new study by Conning Research and Consulting, Inc.

 

4) Healthcare Costs Increase at the Lowest Rate in Five Years, Says Aon Consulting  - Consumer-driven health cost increases projected lower than traditional health plans  -- CHICAGO, Nov. 15 /PRNewswire-FirstCall/ -- Healthcare cost increases are projected to be about 11 percent in the next 12 months(1), representing the lowest increase in five years, according to Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE: AOC).

 

5) Guy Carpenter and Amlin Announce First Full Paperless Electronic Claims Settlement  - Providing Clients in London Market with Claims Adjustment, Agreement and Settlement in a Completely Paperless Environment  ---  As one of the first intermediary/reinsurer trading relationships to offer ECF, a key component of the broader London Market reform process, Guy Carpenter and Amlin will now be able to process and conduct all new claims transactions in a completely paperless environment, significantly enhancing client service.

 

6) Tremont Group Holdings in Agreement in Principle to Sell Insurance Affiliate to Bermuda Life  - Sale advances Tremont's focus on core hedge fund of funds products and services -- RYE, N.Y., Nov. 16 /PRNewswire/ -- Tremont Group Holdings, Inc. (Tremont Group) announced today that it has achieved an agreement in principle to sell its Bermuda offshore insurance affiliate, Tremont International Insurance Ltd. (TIIL), to Bermuda Life Insurance Company Limited (Bermuda Life), a subsidiary of the Argus Group, a leading offshore insurance provider in the international wealth market. The parties are expected to conclude an agreement on or about November 30, 2006, pending regulatory approvals. Terms of the prospective sale were not disclosed.

 

7) MemberHealth Acquires Medicare Part D Lines of Business From AmeriHealth Insurance Company  - Beneficiaries to join MemberHealth's Community Care Rx(sm) plans January 1, 2007  -- CLEVELAND, Nov. 16 /PRNewswire/ -- MemberHealth Inc. has acquired AmeriHealth Insurance Company's (AmeriHealth) Medicare Part D lines of business in nine states and the District of Columbia. The acquisition will affect AmeriHealth's 110,000 Medicare Part D prescription drug benefit members located in Alabama, Delaware, Georgia, Indiana, Kentucky, Louisiana, Maryland, Ohio, Tennessee and the District of Columbia. Beginning January 1, 2007, the AmeriHealth members will be enrolled in MemberHealth's Community Care Rx(sm)(CCRx) plans. The terms of the acquisition were approved by the Centers for Medicare and Medicaid Services (CMS). AmeriHealth will continue to provide Medicare Part D prescription drug benefits in Pennsylvania and West Virginia.

 

8) Thirteen Leading Organizations Meet to Address Senior Healthcare Issues  - LITTLE ROCK, Ark., Nov. 16 /PRNewswire/ -- Representatives from 13 leading U.S. organizations and companies met recently as a newly formed coalition to address the barriers and gaps that occur when patients, especially older adults, leave one healthcare setting and move to another. This is becoming an increasingly serious U.S. healthcare issue.    

 

9) Aetna and Bank of America to Introduce the Unique Aetna Healthy LivingSM Credit Card - Innovative credit card program offers members a low-APR, flexible method of paying for out-of-pocket health care expenses and promotes healthy living behaviors  -- HARTFORD, Conn. & CHARLOTTE, N.C.--(BUSINESS WIRE)--Aetna (NYSE:AET) and Bank of America (NYSE:BAC) have teamed up to develop the Aetna Healthy LivingSM credit card for Aetna?s medical, dental, pharmacy and behavioral health members.

 

10) U.S. Pension Plans Have More Aggressive Approach to Investment Than U.K. Counterparts  - CHICAGO, Nov. 16 /PRNewswire-FirstCall/ -- Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE: AOC), found that U.S. pension plan managers have been more aggressive than their U.K. counterparts when it comes to investing in equities.

 

11) Venture Programs Launches Military Housing Coverage - West Chester, Pa.?Nov. 16, 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 Housing as an insurance program for military housing developments, effective Nov. 1.

 

12) Renaissance Life & Health Insurance Company of AmericaSM Debuts with Launch of Renaissance DentalSM Plan Insurance Company Accommodates Needs of Small and Mid-Sized Businesses - OKEMOS, Mich. -- Renaissance Life & Health Insurance Company of America (Renaissance America), a member of the Renaissance family of companies, today announced it will make available insurance plans designed specifically for small and mid-sized businesses.

 

13) GROUP MEDICAL PLAN COSTS CONTINUE RISING FOR ALL SIZES OF EMPLOYERS, THE COUNCIL?S SURVEY SHOWS - WASHINGTON ? Employers of all sizes continue to see rising costs for group medical coverage on account renewals, though the increases for the largest accounts tend to be lower than for small and medium accounts, according to the fall Employee Benefits Market Survey by The Council of Insurance Agents & Brokers.

 

14) MarketScout Launches Monoline WC Facility Targeting Energy Accounts - DALLAS ? November 15, 2006 ? MarketScout, the Dallas Texas based eInsurance Exchange, has launched a new exclusive Monoline Energy Workers' Compensation program. The facility accepts most class codes related to the energy industry, including operations ?over the hole? and USL&H exposures.

 

15) EXPANDED BROKER SERVICE CENTER MAKES IT EASY TO CONDUCT VOLUNTARY BENEFITS BUSINESS - Colonial Supplemental Insurance service center offers online access to voluntary benefits product quotes, underwriting status and more  -- COLUMBIA, S.C. (Nov. 15, 2006) ? Brokers who?ve added or are considering adding voluntary benefits to their agency?s portfolio can get easy support from the expanded Broker Service Center at Colonial Supplemental Insurance. ?As health insurance costs continue to increase, brokers who can deliver voluntary benefits solutions to clients will not only enhance their client relationships, but also generate additional income opportunities for their agency,? says Jay Hutchins, vice president of broker and national account marketing for Colonial

 

16) ACORD Leverages IBM Workplace Forms Technology in New ACORD eForms+ - Improving Efficiency and Data Sharing Across the Value Chain  -- Fort Lauderdale, FL - ACORD Standards Forum - November 14, 2006 - ACORD Standards Forum - ACORD (www.acord.org), the insurance industry's standards organization, announces the latest enhancements of ACORD Forms built on top of IBM's open standards based technology. The new ACORD eForms+ will help drive greater efficiency and productivity for carriers, solution providers, brokers and agents - members who utilize electronic forms daily.

 

17) Pension Reporter Government Forms System from DATAIR ? Year 2006 Forms Released - Westmont, Ill. - DATAIR Employee Benefit Systems, Inc. announces the release of its Pension Reporter software package containing 2006 plan year EFAST-approved paper and electronic 5500 series forms and schedules, as well as the 2006 SAR.  Also included in this release are the 2006 1099-R paper and electronic filing and updated forms 945 and 945-A.  This release comes complete with all printing capabilities, validity checking and built-in instructions.  DATAIR?s staff provides support on both software and forms completion questions.

 

18) DATAIR Announces 1099-R Service Bureau - Westmont, Ill. - DATAIR Employee Benefit Systems, Inc. is announcing their 1099-R Service Bureau.  This new offering allows clients of the DATAIR Pension Reporter government forms system to securely transmit 1099-R data entered into the system to the Service Bureau for further processing, thus alleviating the user from needing to print and mail payee copies of the forms and file the data with the IRS.

 

19) John Hancock Survey Finds Many Americans Affected By Caregiving for Aging Friends and Family  - BOSTON, Nov. 16 /PRNewswire-FirstCall/ -- Nearly two-thirds of respondents (or their spouses) who know family or friends in need of long term care are providing that care. And, almost one-third provide or have provided financial assistance to help pay for long term care, according to a new survey of 1,000 people ages 21 to 75, conducted by Greenwald & Associates in 2006 for John Hancock Life Insurance Company (John Hancock).    

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) In Tight Property Catastrophe Market, Chartwell's Insurance Symposium Reveals Key Strategies to Obtain Adequate Coverage  - Although an Uneventful Hurricane Season Draws to a Close, Panel Predicts Continued Hard Market in 2007  -- LOS ANGELES--(BUSINESS WIRE)--Today, the perils of natural catastrophe?including hurricane, flood, and earthquake?represent a significant threat to U.S. businesses.

 

22) New Study Reveals What Benefits Managers and Consumers Want Most from Dental Benefits Carriers   - OAK BROOK, Ill., Nov. 16 /PRNewswire/ -- A recent nationwide survey by an independent research firm sponsored by Delta Dental Plans Association revealed what characteristics benefits managers and consumers consider most important in evaluating dental benefits carriers.

 

23) Life Policy Dynamics Releases 3rd Quarter Life Settlement Market Analysis - WASHINGTON--(BUSINESS WIRE)--Life Policy Dynamics, LLC, (?LPD?) an outsource servicing solution for the secondary life insurance market, announces the completion of its third quarterly market analysis of the life settlement industry. The LPD market analysis provides life settlement funders and premium finance lenders an independent summary of economic values for life policies recently traded in the secondary market. The analysis is based upon a sample of actual transactions completed during the third quarter of 2006. Valerie Coffey, Director of Operations, presented this market analysis on October 26th at the annual BVZL Conference in Dortmund Germany. She will also be presenting it at the Life Insurance Settlement Association (LISA) conference in New York on Wednesday, November 29th at 1:30 PM.

 

24) Jefferson National Partners with NAPFA to Launch Annuity Rescue Center  - Online Resource Helps Consumers and Fee-Only Advisors Get More From Their VA   -- NEW YORK and LOUISVILLE, Ky.--(BUSINESS WIRE)--To help Fee-Only financial advisors, the clients they serve, and the millions of Americans who need to save more for retirement, Jefferson National Life Insurance Company (Jefferson National) has launched the Annuity Rescue Center in partnership with the National Association of Personal Financial Advisors (NAPFA), the nation?s leading organization of Fee-Only comprehensive financial planning professionals.

 

25) Argonaut Group?s Select Markets Announces National Retail Furniture Store Program and Western Home Furnishings Association Endorsement  - SAN ANTONIO--(BUSINESS WIRE)--Argonaut Group, Inc. (NasdaqGS: AGII) announced today that its Select Markets segment is expanding its line of products and services to include the retail furniture store marketplace.

 

26) Pearson Government Solutions Wins $440 Million Contract With Centers for Medicare and Medicaid Services  - CMS Expands Work With Pearson as Sole Provider of 1-800-MEDICARE Help Line; Pearson Poised to Significantly Expand Health Business  -- ARLINGTON, Va., Nov. 16 /PRNewswire/ -- Pearson Government Solutions was awarded a $440 million contract by the Centers for Medicare and Medicaid Services (CMS) to manage the Beneficiary Contact Center program. The contract expands and continues Pearson's work with CMS for an additional two and a half years in support of the 1-800-MEDICARE Help Line, considered one of the largest citizen contact management programs in the Federal government. Pearson Government Solutions has successfully managed the program since 2002.

 

27) Implant Coverage Added by Delta Dental of Michigan, Ohio, and Indiana  - Improvements in technology make implants a popular alternative to bridges  -- OKEMOS, Mich., Nov. 15 /PRNewswire/ -- Delta Dental of Michigan, Ohio and Indiana (Delta Dental) will begin covering dental implants as part of its standard benefits beginning January 1, 2007. That means enrollees will have the option of choosing an implant to replace a missing tooth instead of a conventional fixed bridge.

 

28) MedAmerica Launches Initiative to Educate Baby Boomers on Technologies That Will Preserve Their Independence in Retirement   - ROCHESTER, N.Y., Nov. 16 /PRNewswire/ -- Long term care insurer MedAmerica announces the launch of an educational campaign designed to raise awareness of promising advances to the delivery of long term care services. The initiative will include a three-part series on how technology will enable Baby Boomers to sustain independence longer than past generations. Beginning in November, the bulletins in the series will be structured to release as stand-alone pieces, or may be promoted as a recurring column, covering topics such as home telehealth, sensor networks, digital homes, and GPS technology.

 

29) Penn Treaty Recommences Florida Sales  - ALLENTOWN, Pa., Nov. 16 /PRNewswire-FirstCall/ -- Penn Treaty American Corporation (NYSE: PTA) today announced that its subsidiary, Penn Treaty Network America Insurance Company ("PTNA"), has entered into a revised voluntary consent agreement with the Florida Office of Insurance Regulation ("Florida OIR") to recommence sales of its long-term care insurance products, effective immediately. The Company had temporarily volunteered to cease new sales in Florida pending that Department's review of the statutory audit report for the period ended December 31, 2005, which PTNA provided on August 31, 2006.

 

30) New Online Training To Protect Elders From Financial Abuse  - NOVATO, Calif.--(BUSINESS WIRE)--Elder Financial Protection Network, a California non-profit organization, announced the release of Be Wise: Recognize and Report Elder Financial Abuse, an online training program for financial institution employees. The 60-minute SCORM and AICC-compliant program is hosted by Harland Educational Services and has been implemented by several financial institutions including Fremont Investment and Loan, Spectrum Federal Credit Union and First Republic Bank.

 

31) Give the Gift of Financial Literacy with This Perfect Stocking Stuffer  - Empowering everyone to master personal finance, concise reference book explains hundreds of words and terms we all need to know. -- ?Handy source for sound definitions of basic economic and financial terms.?  ?STEVE FORBES, PRESIDENT & CEO, Forbes  Gift Guide III

 

32) TAX ALERT: A Big Deduction Many Taxpayers Miss, Cost of Long Term Care Insurance  - KIRKLAND, Wash., Nov. 16 /PRNewswire/ -- As the end of the tax year approaches, millions of Americans may neglect a hefty deduction, the cost of long term care insurance, according to LTC Financial Partners LLC, the nation's most experienced long term care insurance brokerage.    

 

 

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