INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 12/08/06

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 12/08/06  

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

 

1) Allstate to stop writing new NJ homeowner policies - Thu Dec 7, 2006 12:58pm ET - NEW YORK, Dec 7 (Reuters) - Allstate Corp. (ALL.N: Quote, Profile , Research), the largest publicly traded U.S. home and auto insurer, said on Thursday it will stop writing new homeowner policies in New Jersey on Feb. 5, citing concern a hurricane might strike the state.

 

2) Aon launches insurance for UK pension funds - LONDON, Dec 7 (Reuters) - Brokerage and risk management consultant Aon Ltd said on Thursday it has launched a insurance deal for UK pension funds to pay out cash if a sponsor firm goes bust, part of a trend in the retirement industry.

 

3) Declining Loss Ratio Results in Positive Nine Month Income for 13 Major US Reinsurers - Net income for 13 major US reinsurers rose to US$6 billion for the first nine months of 2006 from a breakeven position in the comparable period last year.  This positive result was prompted by a 30 percentage point fall in the loss ratio according to the latest Benfield US Quarterly report. 

 

4) TSR Predicts an Active Atlantic Hurricane Season in 2007 - TSR?s extended outlook predicts Atlantic basin and U.S. landfalling activity will be 60% above norm in 2007  -- London, 7 December 2006 - Tropical Storm Risk (TSR), the award-winning consortium of experts on insurance, risk management and seasonal climate forecasting led by the Benfield UCL Hazard Research Centre at University College London, today warned that a return to high hurricane activity in 2007 was likely following the below-average 2006 hurricane season.  TSR?s long-range forecast anticipates Atlantic basin and U.S. landfalling hurricane activity will be 60 percent above the 1950-2006 norm next season.

 

5) Bridges to Excellence helps employers achieve Bush administration?s ?cornerstones? for health care purchasing - BTE commends Secretary Leavitt for unprecedented scope  -- Dec. 6, 2006, Washington, D.C.  The Department of Health and Human Services? drive to get 60 percent of the nation?s employers to commit to President Bush?s ?four cornerstones? plan for the purchase of health insurance is both commendable and unprecedented in scope, according to Bridges to Excellence (BTE), the employer-sponsored, value-based purchasing group.

 

6) Fitch Releases Its Review of U.S. Insurance Industry; Agency Looks Ahead to 2007 - CHICAGO--(BUSINESS WIRE)--Fitch Ratings today released four 2007 Outlook reports for the U.S. insurance industry and will hold a teleconference on the insurance sector tomorrow morning (Dec. 7) when Fitch analysts will discuss three of the sectors: the Property & Casualty, Life and the Health & Managed Care business lines.

 

7) BISYS® Alternative Investment Services and T-Zero Create Strategic Alliance to Provide Leading Credit Derivative Affirmation Service  - ROSELAND, N.J.--(BUSINESS WIRE)--BISYS Alternative Investment Services, a leading global provider of administrative, accounting and tax services for the hedge fund and private equity industry, today announced a new strategic partnership with T-Zero, a credit derivative market leader in trade affirmation. T-Zero provides a leading post-trade affirmation and connectivity platform for the Credit Default Swap (CDS) market.

 

8) Consumer-Driven Health Plan Design Drives Success, Customer Satisfaction - Blue Cross and Blue Shield of Illinois Senior Vice President Provides Comments on Employee Benefit Research Institute (EBRI)/Commonwealth Fund (CF) 'Consumerism in Health' Survey

 

9) New EBRI-Commonwealth Fund Research: Consumer-Driven Health Plans Slow To Catch On, 2nd Annual Survey Finds  - New Plans Also Not a Major Source of Coverage for the Uninsured   -- WASHINGTON--(BUSINESS WIRE)--Americans have not yet warmed to consumer-driven health plans, a relatively new kind of coverage that offers reduced premiums but carries higher annual deductibles. Enrollment in consumer-driven plans remains low, and satisfaction continues to lag when compared with more comprehensive health insurance, according to a survey released today by the Employee Benefit Research Institute (EBRI) and The Commonwealth Fund, nonpartisan organizations.

 

10) Sturtevant and Ham Second Agency to Join Northeast Bank Insurance Group - LEWISTON, Maine--(BUSINESS WIRE)--On the heels of the recently announced Palmer Insurance Agency acquisition, Northeast Bank Insurance Group, Inc., a wholly-owned subsidiary of Maine-based Northeast Bank, announced that the Company has acquired a second insurance agency in less than a week. Closing the deal on December 1st, Sturtevant and Ham Insurance located in Livermore Falls will now operate under the Northeast Bank Insurance Group, Inc. umbrella.

 

11) Republic Companies Group, Inc. Announces Completion of Merger - NEW YORK, Dec. 7 /PRNewswire/ -- Republic Companies Group, Inc. (Nasdaq: RUTX) ("Republic") announced today the completion of its previously announced merger with a wholly-owned subsidiary of Israel's Delek Capital Ltd., a majority-owned subsidiary of Delek Group Ltd. ("Delek"). Under the terms of the merger agreement, stockholders of Republic will be entitled to receive $20.40 in cash for each share of common stock, for a total equity consideration of approximately $290 million on a fully diluted basis.

 

12) Scottish Re Group Limited Completes Repurchase of $115 Million Senior Convertible Notes Issue - HAMILTON, Bermuda, Dec. 6 /PRNewswire/ -- Scottish Re Group Limited (NYSE: SCT) announced today that it has repurchased nearly all of the $115 million 4.5% Senior Convertible Notes issued by Scottish Re, which note holders had the right to put to the Company today. Scottish Re has begun the process of calling the remaining $8,000 in Senior Convertible Notes that were not put in order to retire the full issue.

 

13) MMC Securities Corp. Completes $510 Million Collateral Program for North Carolina Self-Insurance Security Association - Marsh: ?We?re Always Looking For New Ways ??  - RALEIGH, N.C.--(BUSINESS WIRE)--MMC Securities Corp., an affiliate of Marsh Inc., the world?s leading risk and insurance services firm, today announced it has completed a $510 million alternative collateral program on behalf of the North Carolina Self-Insurance Security Association for its Security Fund.

 

14) US Federal District Court Decision Re-Affirms Debt Resolve's Patent Protection  - WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Debt Resolve, Inc. (AMEX:DRV) of White Plains, New York, announced that a recent ruling by the U.S. Federal District Court in New Jersey has upheld the company?s patent. The ruling held that certain online dispute resolution systems provided by the National Arbitration Forum (NAF) infringe asserted claims of U.S. Patent No. 6,330, 551 ('551 Patent), and will be enjoined. This major patent infringement case, titled Cybersettle v. NAF, reaffirms Debt Resolve?s patent protection, since Debt Resolve and Cybersettle both have rights under the same patent; Cybersettle for insurance; Debt Resolve for settlement of consumer debt. NAF, which had earlier admitted the validity of those patent claims, is a Minnesota-based company involved in alternative dispute resolution, including settling disputes concerning consumer and commercial debt.

 

15) Aon Re Global Recognized as Best Reinsurance Broker by Readers of Reinsurance Magazine - Company Picks Up Best Use of the Internet, Individual Broker of the Year Nods  -- CHICAGO, Dec. 6 /PRNewswire-FirstCall/ -- Aon Re Global, the world's leading provider of reinsurance brokerage and integrated capital solutions and services, was named best reinsurance broker by readers of Reinsurance magazine.

 

16) RESEARCH ALERT-Merrill Lynch cuts Aon to neutral Thu Dec 7, 2006 11:25am ET --Merrill Lynch said the downgrade of the insurance broker was based largely on valuation.

 

17) China Life to buy $4 billion power assets - HONG KONG/SHANGHAI, Dec 7 (Reuters) - China Life Insurance Co. (2628.HK: Quote, Profile , Research) (LFC.N: Quote, Profile , Research), the country's top life insurer, will buy assets worth 32 billion yuan ($4 billion) in China Southern Power Grid, two company officials told Reuters on Thursday.

 

18) American Bar Insurance Offers Enhanced Benefit Solutions - CHICAGO--(BUSINESS WIRE)--Thomas J. Norris, Executive Director and CEO of American Bar Insurance Plans has announced an alliance with JMB Insurance to provide enhanced health care and related benefit brokerage and insurance consulting services to law firms. The new initiative will include tools and protocols to promote improved lifestyle choices that inspire a healthier culture for ABA members, their employees and their families.

 

19) Aetna Signs Agreement with University of Miami - - Contract adds 900 new doctors to Aetna?s South Florida network - PLANTATION, Fla.--(BUSINESS WIRE)--Aetna (NYSE: AET) announced today that it has reached agreement with the University of Miami on a new contract, expanding hospital and physician access for its members in South Florida.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) The Hanover Insurance Group Expands Avenues Business Owner's Policy with 96 New Classes - - New Classes Help Agent Partners Succeed in Small Commercial Market -  WORCESTER, Mass., Dec. 7 /PRNewswire-FirstCall/ -- From Sunglass Stores to Pet Daycare, The Hanover Insurance Group (NYSE: THG), a leading super regional property and casualty company, is adding 96 new classes to the company's Avenues(TM) Business Owner's Policy (BOP) in an effort to help its agent partners meet the needs of a growing number of small commercial clients. This is the second time this year that The Hanover has expanded the number of BOP classes it offers, bringing its total of broadly defined BOP classes to more than 460, covering the equivalent of more than 1,000 industry classes.

 

22) XL Insurance Introduces New Commercial Marine Liability Policy - NEW YORK, Dec. 6 /PRNewswire/ -- XL Specialty Insurance Company, part of XL Capital Ltd's ("XL") insurance operations ("XL Insurance") today unveiled a new Commercial Marine Liability (CML) policy available through its Marine & Offshore Energy (MOE) unit.

 

 

23) AgencyPort Launches Enhanced AgencyPortal Platform with Version 3.4 - New Release Provides Expanded Transactional Processing Capability and Improved Systems Upload Experience.  -- BOSTON--(BUSINESS WIRE)--AgencyPort Insurance Services, a leading provider of web-based solutions designed specifically for property and casualty insurers, today announced the release of an enhanced version of its AgencyPortal product, Version 3.4. The new AgencyPortal 3.4 features include:

 

24) Mutual of Omaha Selects FINEOS - FINEOS Claims Selected for Group Employee Benefit Claim Operations  -- DUBLIN, Ireland--(BUSINESS WIRE)--FINEOS Corporation, a global provider of expertly developed and packaged componentized software solutions for the insurance industry, today announced it has signed an agreement with Mutual of Omaha to implement its FINEOS Claims solution.

 

25) XACTWARE?S NETWORK PROCESSES FIVE MILLIONTH VALUATION - Orem, Utah, December 7, 2006 ? XactValue reached a significant landmark recently when it processed its five millionth valuation. -- XactValue is the property industry?s premier tool for determining the replacement cost of a structure. The correct replacement cost is critical for both insurers and policyholders.

 

26) TelaDoc?s Physician Telephone Consults Deliver Quality Care, Lower Costs to Prescription Benefits, Inc. Network of Employers, Brokers and Consultants - DALLAS, Tex./BIRMINGHAM, Ala. ? December 6, 2006 ? A strategic business partnership between TelaDoc Medical Services, Inc. (www.TelaDoc.com), the nation?s leading physician telephone consult company and  Prescription Benefits, Inc. (www.Rxbenefits.com), a leader in providing innovative and cost-effective medical and pharmacy benefits for self-funded employer groups throughout the United States, offers Prescription Benefits? clients, customers and stakeholders the convenience of simply picking up the telephone and receiving quality, affordable medical care from primary care physicians (PCPs), wherever or whenever services are needed.

 

27) Mt. Washington Delivers Discount to NH SBLI Policyholders - Affiliation Offers P&C Savings to Life Insurance Customers  -- CONCORD, N.H.?Dec. 6,  2006?Concord-based Mt. Washington Assurance Corporation announced that it has partnered with The Savings Bank Life Insurance Company of Massachusetts to offer a special, low auto insurance rate to SBLI?s more than 22,000 New Hampshire customers. 

 

28) Renaissance Health Insurance Company of New YorkSM to Focus on Dental Coverage for Small and Mid-Sized Businesses  - New Company Announces Board of Directors  - New York, N.Y. ? December 6, 2006 ? Renaissance Health Insurance Company of New York (Renaissance New York), a member of the Renaissance family of companies, announced today it will sell and service insurance plans in select New York markets including Rochester, Syracuse and Buffalo. The announcement was made by Renaissance New York board director James R. Sherin, president and CEO of the Retail Council of New York State.

 

29) IOWA RECOGNIZES IMSA QUALIFICATION AS MARKET OVERSIGHT TOOL - Bethesda, MD ? The Insurance Marketplace Standards Association (IMSA) today applauded the Iowa Division of Insurance for a Bulletin that names IMSA and other best practice organizations as ?valuable tools? the Division can use to carry out its market oversight responsibilities.

 

30) FLOODED, WRECKED VEHICLES POSE SAFETY, CONSUMER RISK - ?Katrina Cars? Returning to Marketplace - Hurricane Season Over, But Flooded Cars Still Threaten Public -- *** Lawmakers, Coalition to Announce Next Steps in Push for New Law to Make Roadways Safer, Protect Unsuspecting Car Buyers and Reduce Title Fraud ***

 

31) Genworth Financial Granted Mexico's First Mortgage Insurance License - Company Now Able to Work With More Mortgage Lenders to Increase Mexican Homeownership  -- RICHMOND, Va., Dec. 6 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. (NYSE: GNW) has received the first authorization to incorporate a mortgage insurance company in Mexico. Under the authorization, granted by Mexico's Ministry of Finance, Genworth expects to begin writing mortgage insurance directly in the country by the second quarter of 2007, after incorporating and receiving final approval from Mexico's Insurance Commission and Ministry of Finance.

 

32) HOTCHKISS INSURANCE AGENCY, INC. ANNOUNCES THE TEXAS ASSOCIATION OF BUILDERS ENDORSEMENT OF THE TEXAS HOME BUILDERS WORKERS? COMP GROUP - DALLAS, TX?December 7, 2006- Hotchkiss Insurance Agency, Inc. (HIA), a leading provider of custom designed insurance programs and services to businesses, associations and franchise operations announced today that the Texas Association of Builders (TAB) has endorsed the Texas Home Builders Workers? Compensation Group (THB-WC).

 

33) First Notice Systems Integrates StrikeIron Web Services for Insurance Claims - Leveraging Web service across multiple touch points decreases cycle time from first notice of loss to settlement for property and casualty carriers  -- Research Triangle Park, NC ? December 5, 2006 ? StrikeIron Inc., provider of the Web Services Marketplace, today announced that First Notice Systems, Inc., the industry leader in claim reporting solutions for the insurance industry, has integrated StrikeIron?s Address Verification Web Service into First Notice?s product and service offerings. As a critical interface between customers and clients, First Notice must maintain real-time response speed, data accuracy, and efficient business process flow to continue to deliver the company?s high-quality service. By integrating StrikeIron web services, First Notice has further enhanced insurance claims reporting by adding functionality that continues to reduce loss adjustment expense.

 

34) IPcelerate Launches Bundled Healthcare Solution - Pre-Configured Set of VoIP Applications Improve Service and Quality of Care  -- DALLAS--(BUSINESS WIRE)--IPcelerate, Inc., a provider of advanced communications-based software applications, announced today the introduction of a pre-integrated, pre-configured bundled solution for healthcare organizations. IPcelerate?s solution addresses the most critically needed and utilized features of healthcare customers, including two-way nurse call integration, increased patient and caregiver security through RFID integration, liability reduction and transcription facilitation with on-demand recording, and dial-out capabilities for information dissemination to patients and insurance companies.

 

35) Aetna Foundation Awards Grants Totaling $280,000 in Maryland, Virginia and Washington, D.C. - LARGO, Md.--(BUSINESS WIRE)--Aetna (NYSE: AET) and the Aetna Foundation announced that they have awarded grants totaling $280,000 to nine organizations located in Maryland, Virginia and the District of Columbia.

 

36) Aetna Foundation Awards Grants Totaling $285,000 to Six Florida Organizations - JACKSONVILLE, Fla.--(BUSINESS WIRE)--Aetna (NYSE: AET) and the Aetna Foundation announced that they have awarded grants totaling $285,000 to six organizations located in Florida.

 

 

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