INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 11/20/06

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 11/20/06  

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

 

1) AIG says two subsidiaries receive subpoenas - Fri Nov 17, 2006 1:46pm ET - NEW YORK (Reuters) - American International Group (AIG.N: Quote, Profile, Research) on Friday said two of its subsidiaries received subpoenas, one from the Antitrust Division of the U.S. Department of Justice and one from the Securities and Exchange Commission.

 

2) Moody's comments on subpoenas received by some insurers related to municipal GIC businesses - New York, November 16, 2006 -- Moody's has noted that the parent companies of several financial guaranty insurance companies received subpoenas from the Antitrust Division of the U.S. Department of Justice and/or the Securities and Exchange Commission in connection with an ongoing criminal investigation of alleged bid rigging of awards of municipal guaranteed investment contracts (GICs).

 

3) Russia arrests state health insurance boss - MOSCOW, Nov 17 (Reuters) - Russian police have arrested the director of the state medical insurance fund, Andrei Taranov, on charges of bribe-taking, a spokeswoman for the court which issued the arrest warrant said on Friday.

 

4) US corporate pension shortfalls ease - WASHINGTON, Nov 15 (Reuters) - U.S. corporate pensions still have severe financial shortfalls but the problem eased last year as did financial pressure on the agency that insures those plans, the government said on Wednesday.

 

5) Spitzer won't enforce immediate Grasso payback ?WSJ - NEW YORK, Nov 16 (Reuters) - New York Attorney General Eliot Spitzer will not seek immediate enforcement of an order that requires former New York Stock Exchange (NYX.N: Quote, Profile, Research) Chairman Richard Grasso to return a large portion of his $187.5 million compensation package, the Wall Street Journal reported, quoting a lawyer from Mr. Spitzer's office.

 

6) AMERICA?S YOUNGEST WORKERS STRONGLY SUPPORT RADICAL REDESIGN OF NATION?S RETIREMENT PLANS - Pension Protection Act Viewed as a Great Start - New Survey Finds Boomers ?Wish We?d had? Different Options 30 Years Ago! -- NEWARK, N.J. ? America?s youngest workers are eager to embrace a new approach to the design of the nation?s retirement programs, believing ?automatic? plan features like the auto-enrollment provision in the recently enacted Pension Protection Act (PPA) would produce better financial results and lead to more-secure retirements, according to a new survey by Prudential Retirement, a business of Prudential Financial (NYSE: PRU).

 

7) New York AG sues hedge funds for mutual fund timing - NEW YORK, Nov 16 (Reuters) - New York Attorney General Eliot Spitzer sued hedge funds Samaritan Asset Management Services Inc. and Johnson Capital Management Inc. on Thursday, charging that they engaged in fraudulent mutual fund market-timing schemes.

 

8) White Mountains to buy back up to 1 mln shares - Nov 17 (Reuters) - White Mountains Insurance Group Ltd. (WTM.N: Quote, Profile, Research) said its board authorized a buyback of up to one million common shares, from time to time.

 

9) BA offers retiring age concession in pension talks - LONDON, Nov 16 (Reuters) - British Airways Plc (BAY.L: Quote, Profile, Research) said on Thursday it was willing to revise a plan to raise the age of retirement for staff in return for higher pension contributions, but unions warned the concessions did not go far enough.

 

10) Insurance Commission Forms Consumer Advisory Committee - Applications Now Being Accepted  - Lansdowne, Va. (Nov. 16, 2006) ? The Interstate Insurance Product Regulation Commission (Commission) is accepting applications for its newly formed eight-member Consumer Advisory Committee. During the Commission?s Annual Meeting today at the Lansdowne Resort in Lansdowne, Va., the Commission?s Management Committee agreed to solicit applications from consumer advocates interested in serving in an advisory role to the Commission.

 

11) Primerica Financial Services and Waddell & Reed Select Portfolio Builder(SM), Morningstar's New Asset Allocation and Portfolio Construction Tool  - CHICAGO, Nov. 16 /PRNewswire-FirstCall/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced that Primerica Financial Services and Waddell & Reed, Inc. have selected Morningstar(R) Portfolio Builder(SM), Morningstar's new asset allocation and portfolio construction tool, for use by their financial advisors.

 

12) OdysseyRe Files Registration Statement  - STAMFORD, Conn.--(BUSINESS WIRE)--Odyssey Re Holdings Corp. (NYSE: ORH) (?OdysseyRe?) announced today that, at the request of its majority shareholder, Fairfax Financial Holdings Limited (?Fairfax?) (TSX and NYSE: FFH), OdysseyRe has filed a registration statement with the Securities and Exchange Commission relating to a secondary offering of OdysseyRe?s common stock.

 

13) Hay Group Increases Health Insurance Benefits Capabilities  - WASHINGTON--(BUSINESS WIRE)--Jianhang (John) Xu joined the Metro DC office of Hay Group to help health insurance firms better manage their benefits.  -- Vice President Edwin Hustead said, ?John brings extensive experience in health insurance to bolster our team of health actuaries in Arlington.? Prior to joining Hay Group, John was employed with Medical Mutual of Ohio where he was an Actuarial Analyst participating in the Medical Mutual Actuarial Information Systems development to support actuarial services focusing on the health care costs and utilization trend analysis.

 

14) The Hartford Teams Up With Coaches vs. Cancer to Support Cancer Research, Education and Advocacy - The Hartford?s support of Coaches vs. Cancer highlights significant progress made in the fight against cancer in recent years  -- NEW YORK, N.Y. ? After decades of research, advances in detection and innovative new treatments, more battles are being won every day in the fight against cancer.

 

15) Liberty Mutual Group Receives General Insurance License from Vietnam?s Ministry of Finance - BOSTON--(BUSINESS WIRE)--Liberty Mutual Group has received its license to operate a wholly owned general insurance company in Vietnam. Vietnam Minister of Finance Vu Van Ninh presented Liberty Mutual with the license today at a private signing ceremony with Vietnam Prime Minister Nguyen Tan Dung at the International Convention Center during the APEC Economic Leaders? Meeting. Liberty Mutual has had a presence in Vietnam since 2003 when it opened its first representative office in Hanoi.

 

16) Safeco to Host Investor Session After Ringing Opening Bell at New York Stock Exchange  - SEATTLE, Nov. 16 /PRNewswire-FirstCall/ -- Safeco (Nasdaq: SAFC) will host an informal question-and-answer session for analysts in New York on Thursday, Nov. 30. The event will begin at 1:30 p.m. Eastern Time (4:30 p.m., Pacific Time) in Manhattan.

 

17) White Mountains Announces Authorisation to Repurchase Shares  - HAMILTON, Bermuda, Nov. 17 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that its Board of Directors authorised the Company to repurchase up to 1,000,000 common shares, from time to time, subject to market conditions.

 

18) Tower Group, Inc. Files $60 Million Shelf Registration Statement - NEW YORK--(BUSINESS WIRE)--Tower Group, Inc. (NASDAQ: TWGP) today filed a registration statement on Form S-3 with the Securities and Exchange Commission registering $55 million of equity securities for the account of the Company and $5 million of common stock for the account of a selling stockholder.

 

19) CompuPay and Blue Ocean Ink Agreement To Provide Combined Payroll and Workers' Compensation Insurance for Small Businesses  - MIRAMAR, Fla., Nov. 16 /PRNewswire/ -- CompuPay, Inc., a Miramar, Florida- based national payroll provider, and Blue Ocean Brokers, LLC (Blue Ocean) today announced an agreement to join forces to offer a combined payroll and workers' compensation product to small businesses in the states of Florida, Georgia and Alabama.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Willis Group Holdings Limited Announces Accelerated - Share Repurchase of $150 Million of Common Shares  -- New York, NY, November 16, 2006 ? Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today announced that it has entered into an agreement to purchase approximately 3.8 million shares of its common stock from an affiliate of Lehman Brothers, Inc. using an accelerated stock repurchase program for an initial purchase price of $150 million.  This repurchase is part of Willis? previously announced stock repurchase program.

 

22) Verint Receives 2006 India Market Leadership Award from Frost & Sullivan - Today, Verint Systems Inc.  (NASDAQ: VRNT), a leading provider of analytic software-based solutions for communications interception, networked video security and enterprise business intelligence, announced that it has received Frost & Sullivan?s 2006 Market Leadership Award for quality monitoring solutions in the India market for the second consecutive year. The Frost & Sullivan Award for Market Leadership is presented each year to the company that has demonstrated strategic excellence in product innovation, marketing and sales strategies.

 

23) Conseco Insurance Company introduces "Conseco Providence? - New whole life insurance product offers simple solution for clients' final obligations and agent commissions for sales up to the age of 85.  -- Carmel, Ind. Nov. 16, 2006 - Conseco Insurance Company, a life and health insurance company, today introduced Conseco Providence(SM), the newest addition to its life insurance product portfolio. This whole life insurance product is designed for clients who want to ensure that funds are available to pay for their final expenses.

 

24) CDC and Humana Partner to Create Next Generation of Public Health  - Alliance to Leverage Private-Sector Resources to Address Chronic Diseases -- LOUISVILLE, Ky. ? November 16, 2006 ? The Centers for Disease Control and Prevention (CDC) and Humana Inc. (NYSE: HUM), the nation?s leading consumer-oriented health benefits company, have entered into a partnership with the aim of expanding on traditional private- sector approaches to population health management.  The partnership will leverage Humana?s resources and technologies, including the ability to discover, target and intervene on individual health risks and the expansion of that capability to the entire U.S. population.

 

25) CONSOLIDATED SERVICES GROUP, INC CHOOSES CREATIVE MARKETING ALLIANCE FOR BRANDING CAMPAIGN - Lansdale, PA ? November 16, 2006 ?Consolidated Services Group, Inc.  (CSG), a privately-owned regional provider of property and casualty medical claims management services to the auto liability, general liability and workers? compensation industries, has selected the full service marketing firm Creative Marketing Alliance (CMA) to manage their public relations and marketing efforts. 

 

26) Insurance agent raises more than $28,500 for disabled American veterans, runs NYC marathon - Glenmont, N.Y.?The insurance industry is full of hard-working dedicated individuals who strive to help their clients and their community. But, John W. Bailey, CIC, of Dryden, N.Y., and executive vice president of George B. Bailey Agency Inc. is an independent insurance agent who goes above and beyond to help those around him.

 

27) Information to Decisions Inc. licenses NewLink?s Vista? insurance and wealth management models to deliver data warehouse solutions - NewLink Group Inc., a management consulting firm servicing the financial services industry, has licensed its Vista? Insurance and Wealth Management models to Information to Decisions Inc. (I2D). Using Vista?, i2D will provide accelerated rapid deployment of its data warehouse and business intelligence solutions to the Insurance and Wealth Management industry.

 

28) Trio of Fixed Index Annuities From RBC Insurance Spotlight New Interest Crediting Strategy, Link to Dow Jones Industrial Average  - GREENVILLE, S.C., Nov. 10 /PRNewswire/ -- Three new fixed index annuities from RBC Insurance utilize an innovative, client-friendly design that combines safety, flexibility, and liquidity with innovative asset diversification and interest crediting strategies.

 

29) Gilsbar, Inc. Launches New Reimbursement Account Tools & Market Leading Debit Cards  - COVINGTON, La., Nov. 10 /PRNewswire/ -- Gilsbar, Inc., a leading health plan manager and insurance services provider, announces the launch of its improved administration services for flexible spending accounts (FSA), and health reimbursement accounts (HRA).

 

30) CPAC: Can Your Business Survive a Disaster?  - CHARLOTTE, N.C., Nov. 10 /PRNewswire/ -- Business interruptions can become disasters. They need not be dramatic -- or even make the evening news -- but to the affected business, they may be a matter of life and death.

 

31) Wellness Programs for Retirees Found to Drive Significant Healthcare Cost Savings  - Using a Health Risk Assessment as a Guide is the Key to Saving up to $648 per Beneficiary Annually  -- ANN ARBOR, Mich., Nov. 13 /PRNewswire-FirstCall/ -- Wellness programs aimed at retirees can reduce individual healthcare costs by hundreds of dollars a year, according to a new study from Thomson Medstat. Healthcare costs were found to be between $101 and $648 less per year for Medicare recipients who participated in employer-sponsored wellness programs that involved the use of a health risk assessment. Thomson Medstat is a business of The Thomson Corporation (NYSE: TOC; TSX: TOC).

 

32) ACE Supports Call for Mandatory Pension Trustee Liability Insurance but Stresses Need for Ongoing Education Programme - LONDON--(BUSINESS WIRE)--Leading insurer ACE European Group (ACE) (NYSE:ACE) has welcomed proposals by Brian Holden MBE that the Pensions Regulator should make Pension Trustee liability insurance mandatory. However, ACE also stresses that although this might be a useful step forward, this is no substitute for the vital education and support needs of trustees.

 

33) Bob Dole Medicare Podcast Helps Seniors through 2007 Drug Coverage Enrollment Process  - On Opening of 2007 Enrollment Dole Highlights Ten Things Seniors Need to Know about Medicare Drug Coverage

 

34) Mobius Helps Insurers Manage the Explosive Growth of Information to Ensure Compliance While Reducing Operating Costs  - Industry Leader Presents Groundbreaking Enterprise Solutions and Kicks Off Partnership With Whitehill Technologies At ISOTech 2006   The conference, held at the Gaylord Palms Resort and Convention Center in Kissimmee, Florida from November 12-14, enables insurance technology and business professionals to tactically target opportunities for product enhancement and improved financial results

 

 

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