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Subject: INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 11/30/06
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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 11/30/06 Here is a quick look at the stories that will be in Thursday's INSURANCE NEWSCAST.
1) Judge rules insurance covers New Orleans homeowners - By Jeffrey Jones - NEW ORLEANS, Nov 28 (Reuters) - A Louisiana federal judge has ruled many New Orleans homeowners whose houses sustained water damage after Hurricane Katrina are not excluded from coverage under their insurance policies, a judgment that represents a loss for the insurance industry.
2) Florida legislators to meet on insurance overhaul - MIAMI, Nov 29 (Reuters) - Florida's incoming governor and top lawmakers agreed on Wednesday to a special legislative session in January to overhaul property insurance in a state hard hit by two years of hurricanes and other big storms.
3) Generali settles litigation on Nazi-era insurance - MILAN, Nov 29 (Reuters) - Italy's leading insurer Generali (GASI.MI: Quote, Profile, Research) has settled class action litigation over insurance policies issued to thousands of Holocaust victims, the law firm representing the policy-holders said.
4) Ford says 38,000 union workers accept buyouts - Wed Nov 29, 2006 10:18am ET - DETROIT (Reuters) - Ford Motor Co. (F.N: Quote, Profile, Research) on Wednesday said a total of 38,000 employees -- almost half of the automaker's U.S. factory workforce -- had accepted buyout offers to leave the company.
5) Life Companies, Agents, Brokers Call for Action to Halt Speculative Uses of Life Insurance - WASHINGTON, Nov. 28 /PRNewswire/ -- The American Council of Life Insurers (ACLI), the Association for Advanced Life Underwriting (AALU), the National Association of Insurance and Financial Advisors (NAIFA), and the National Association of Independent Life Brokerage Agencies (NAILBA) are calling for changes to state regulation to protect the vital, social purposes of life insurance from transactions known as stranger-originated life insurance (STOLI).
6) RIMS LAUNCHES RISK MATURITY MODEL FOR ENTERPRISE RISK MANAGEMENT - Executives with Risk Management Responsibilities Gain Critical Insights, Guidelines and Customized Assessments on Risk Programs -- NEW YORK, November 28, 2006 ? The Risk and Insurance Management Society, Inc. (RIMS) announced today the launch of the Risk Maturity Model for Enterprise Risk Management (ERM), an online resource that provides guidelines and best practices for developing and maintaining a comprehensive risk management program. The Risk Maturity Model provides standardized criteria by which organizations can evaluate and improve their approach to enterprise risk management.
7) Regulators Comment on New Underwriting Methodologies - CHICAGO ... Regulators want to make sure that insurers are serving the urban market appropriately, according to Illinois Insurance Director Michael T. McRaith, who spoke at a recent workshop sponsored by the Urban Insurance Partners Institute (UIPI), a nonprofit insurance industry organization.
8) The Solution for U. S. Health Care Financing Reform - Chronic Crisis: Guide and Response to the Healthcare Debate ? for Regular People -- Merrick, New York, November 21, 2006 - TheCenter for Health Care Policy Research and Analysis (www.thepolicycenter.org), an organization committed to resolving the problem of 47 million uninsured Americans, announced today that one of its Board of Directors, Selvoy Fillerup, MD, MSPH, FACS has published a new book entitled:
9) PIANY picks top legislative issues for 2007, plans meetings with legislators statewide - Glenmont, N.Y.?The Professional Insurance Agents of New York State Inc. has announced its legislative agenda for 2007. The top issues include: Labor Law and workers? compensation reform; producer compensation and transparency; property insurance availability; late notice of claim denials; and banning advertisements in state agency mailings.
10) Moody's: Positive Results From Updated Liquidity Model for U.S. Life Cos - New York, November 29, 2006 -- In a new report, Moody's Investors Service updates its U.S. life insurance liquidity model, employing 2005 year-end data, and reports little change in the industry's liquidity profile.
11) INSURANCE 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.
12) 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.
13) HealthEquity Receives Investment From Berkley Capital Investors, L.P. - HealthEquity Receives Investment From Berkley Capital Investors, L.P. SALT LAKE CITY--(BUSINESS WIRE)--Nov. 28, 2006--HealthEquity(R), Inc., an innovator in administrating health savings and reimbursement accounts and providing services to help employees manage the financial side of health care, announced that it has received a minority investment from Berkley Capital Investors, L.P., a subsidiary of W. R. Berkley Corporation (NYSE: BER). As HealthEquity continues to add clients and introduce additions to its product offering, this financing will be used to support the company's growth.
14) PIA Introduces Agent Branding Program, Local Agents Serving Main Street America SM - Compelling New Branding Program is Provided Free to PIA Members, Carrier Participation is Also Free -- WASHINGTON - Members of the National Association of Professional Insurance Agents and the insurance companies they represent can now participate in the compelling new PIA Branding Program, Local Agents Serving Main Street America,SM to increase their market share while strengthening the place of America's professional independent agents in the insurance marketplace.
15) Virginia Mutual Policyholders Approve Acquisition Plan - RICHMOND, Va.--(BUSINESS WIRE)--Policyholders of Virginia Mutual Insurance Company today approved the previously announced Plan of Conversion with Alfa Corporation. Under the agreement, Virginia Mutual will convert from a mutual company to a stock company and simultaneously merge with a wholly owned subsidiary of Alfa Corporation. As a result of this conversion, Virginia Mutual?s excess surplus will be distributed to eligible policyholders, and Alfa Corporation will recapitalize the business in a new subsidiary, Alfa Alliance Insurance Corporation. Virginia Mutual and Alfa companies have participated in a Strategic Affiliation Agreement since August 10, 2001.
16) AirPhotoUSA® Offers New Higher-Resolution Aerials for East Coast Metropolitan Areas - PHOENIX--(BUSINESS WIRE)--AirPhotoUSA, a GlobeXplorer® company and a leading provider of affordable, pre-packaged aerial information solutions, announced today a major-market update featuring high-resolution, one-foot pixel imagery of the Eastern United States.
17) Zenith Files 4.4% Reduction in Its California Workers? Compensation Rates Effective January 1, 2007 - WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Zenith National Insurance Corp. reported that its wholly owned subsidiary, Zenith Insurance Company, has filed today with the California Department of Insurance its workers? compensation rates for use in California on or after January 1, 2007. The new rates represent an average reduction of 4.4% when compared to rates in effect since July 1, 2006.
18) Lesbian and Gay Baby Boomers Report Concerns About Aging and Funding Retirement, According to MetLife Mature Market Institute First National Survey Reports a Higher Rate of Caregiving - Fear Discrimination in the Health Care Arena - WESTPORT, Conn.--(BUSINESS WIRE)--Lesbian, Gay, Bisexual and Transgender (LGBT) Baby Boomers have more distinct concerns about aging with regard to financial stability, personal support and end-of-life legal issues and are providing care at a higher rate than those in the general population. Men and women both fear outliving their income in retirement, women (60%) more than men (55%).
19) CCRRG Issues Distribution to Its Insured Members - SANTA ROSA, Calif.--(BUSINESS WIRE)--Mutual insurance company Continuing Care Risk Retention Group, Inc. (CCRRG), administered by Magnolia LTC Management Services, Inc., today announced a distribution to its insured members.
20) INSURANCE NEWSCAST ?Pictures Of The Day?
21) CNA Streamlines Underwriting Process with Guidewire PolicyCenter - Guidewire?s Policy System to Enhance Producer Relationships and Underwriting Accuracy -- SAN MATEO, Calif.--(BUSINESS WIRE)--Guidewire Software®, a leading provider of technology solutions to property and casualty and workers? compensation insurers, today announced that CNA, a leading provider of property and casualty insurance, has begun deployment of Guidewire PolicyCenter® to support its core underwriting process.
22) Principal Financial Group, Inc. Announces Authorization of Share Repurchase Program - DES MOINES, Iowa--(BUSINESS WIRE)--Principal Financial Group, Inc. (NYSE:PFG) announced today that its Board of Directors has authorized the repurchase of up to $250 million of the company's outstanding common stock. The repurchases will be made in the open market or through privately negotiated transactions, from time to time, depending on market conditions. The stock repurchase program may be modified, extended or terminated at any time by the Board of Directors.
23) GE Healthcare Financial Services, KMF Senior Housing Investors and Senior Lifestyle Corporation Complete $280 Million Acquisition - New Venture Demonstrates Ongoing Commitment to Long-Term Care Real Estate -- CHICAGO--(BUSINESS WIRE)--GE Healthcare Financial Services, KMF Senior Housing Investors, L.L.C. and Senior Lifestyle Corporation today announced the formation of a new joint venture that has completed a $280 million acquisition of four senior housing communities located in Ill., Ohio and Colo. The communities were purchased from a joint venture between affiliates of Senior Lifestyle Corporation and Walton Street Capital, L.L.C.
24) VPI Broadens Market Share in Financial Services Industry - Award-Winning Interactions Recording and Workforce Optimization Technologies Implemented at Unprecedented Rate by Financial Services Institutions -- CAMARILLO, Calif.--(BUSINESS WIRE)--VPI (http://www.VPI-corp.com), a leading innovator and provider of integrated interactions recording and workforce optimization solutions, today announced the unprecedented growth of its financial services client base for the second half of the year. The announcement follows VPI?s recent acquisition of Syntora, Inc., a provider of agent performance optimization solutions for contact centers. VPI initially integrated Syntora?s real time performance management and agent coaching software into its own Activ! Performance Suite? in 2004, and since then the combined solutions have won multiple industry awards, including two Best of Show awards at the annual International Call Center Management (ICCM) Conference & Exposition.
25) Target Markets Program Administrators Association - Wilmington, DE, November 2006 - Program Specialists Honored at the TMPAA Summit -- The Target Markets Program Administrators Association (TMPAA) awarded three member agencies the Association?s Best Practice Designation at their recent Sixth Annual Summit in Tempe, Arizona.
26) Retirement Strategies Group and Brecek & Young Advisors Form Relationship To Create National Sales Force For Association and Affinity Group Retirement Plans - San Diego, CA (November 27, 2006) ? Retirement Strategies Group, a leading provider of retirement programs and services for affinity groups and associations, and Brecek & Young Advisors, a several year honoree as broker dealer of the year, recently announced that they had formed a relationship to build a national sales force serving the retirement needs of association and affinity group members.
27) Two Long Term Care Planning Experts Join Forces: MAGA Ltd. and MasterCare Solutions Form Strategic Alliance - DEERFIELD, Ill., Nov. 29 /PRNewswire/ -- As Long Term Care Insurance grows in popularity, the industry continues to evolve. Recently, two LTC marketing heavyweights -- MAGA Ltd. of Deerfield, Illinois and MasterCare Solutions, Inc. of Portland, Oregon -- have forged a formidable partnership.
28) Auto Insurer Kicks-Off Special, First-Of-Its-Kind Discount for New Jersey Mass Transit Riders - HOBOKEN, N.J., Nov. 29 /PRNewswire/ -- New Jersey Skylands Insurance Companies is leading the charge to make auto insurance more affordable for drivers throughout the Garden State. Today they unveiled an innovative promotion that highlights a first-of-a-kind discount for New Jersey drivers who regularly commute to work via mass transit -- a discount of up to 10 percent on New Jersey Skylands' already low rates.
29) OneBeacon to Enter AD&D Market - BOSTON, Nov. 28 /PRNewswire-FirstCall/ -- OneBeacon Insurance Group (NYSE: OB) today announced its planned entry to the group Accidental Death & Dismemberment market. Leading the effort to build this capability are three industry veterans -- Lori Cernera, Keith Firestone, and Stephen Mueller -- who have recently joined OneBeacon. The Company is targeting product availability by mid-2007.
30) Virginia Bankers Association Establishes Financial Literacy Foundation - RICHMOND, Va., Nov. 28 /PRNewswire/ -- Recognizing the importance of financial literacy and financial education, and in tribute to its long-time CEO, the Virginia Bankers Association has established the VBA Education Foundation, a non-profit entity that will be devoted to financial education in Virginia. At a recent retirement celebration held in Richmond, with over 200 bankers, legislators and guests present, VBA chairman James C. Cherry, chairman, Mid-Atlantic Banking at Wachovia Bank, and G. William Beale, immediate past VBA chairman and president and CEO at Union Bankshares Corporation in Bowling Green, announced that 80 banks have committed over $1.1 million to the Walter Ayers Fund for Financial Education as the initial funding campaign for the new foundation.
31) Tufts Health Plan Selects DST Health Solutions to Provide Consumer-Directed Healthcare Administration Solution - BIRMINGHAM, Ala., Nov. 28 /PRNewswire-FirstCall/ -- Tufts Health Plan, a nationally recognized leader in providing quality healthcare coverage with Massachusetts' highest enrollment in consumer-directed healthcare (CDH) plans, recently selected DST Health Solutions, Inc. to provide comprehensive administration for their new health reimbursement arrangement (HRA) and health savings account (HSA) products.
32) Workers? Compensation Policy Review - Summary of the Contents ? July/August 2006 - Workers? compensation costs vary considerably among employers due to factors such as a firm?s geographical location and industry. In ?Workers? Compensation Costs in 2005: Regional, Industrial, and Other Variations,? Florence Blum and John Burton analyze the Bureau of Labor data on employers? costs in 2005. The workers? compensation costs for all employers in the private section averaged 2.47 percent of payroll, but there are considerable differences among employers.
33) DISABLED SPORTS USA HOSTS THE HARTFORD SKI SPECTACULAR 2006 ? NATION?S PREMIER WINTER SPORTS EVENT FOR THE PHYSICALLY DISABLED - 19th Annual Ski Festival Coming to Breckenridge, Colorado on December 3-10; Featuring Adaptive Skiing Instructor Training, Mentorship Programs and Competitive Racing; Special Guests to Include U.S. and British Wounded Warriors Disabled in Iraq & Afghanistan
34) Strategic Investment Advisors (SIA) Announces Change of Name to Kenfield Capital Strategies (KCS) - SANTA MONICA, Calif.--(BUSINESS WIRE)--Strategic Investment Advisors is pleased to announce that effective October 28, 2006, it effected a primary business name change with securities regulators to Kenfield Capital Strategies. Ken Waltzer, Founder and President of Kenfield Capital Strategies, said, "This new name better reflects the wider range of our service offerings, which now include financial and estate planning in addition to personalized investment management.?
35) Cost-Basis Tax Reporting Gets Easier: DTCC and NetWorth Join to Offer New Tools - NEW YORK--(BUSINESS WIRE)--The Depository Trust & Clearing Corporation (DTCC) and NetWorth Services, Inc. have formed a strategic alliance to offer a new service that provides security issuers, transfer agents, broker/dealers, mutual fund companies and other financial services professionals with cost-basis information quickly, accurately and efficiently, solving a problem that has plagued the industry and its investors for years.
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