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Subject: INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 12/14/06
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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 12/14/06 Here is a quick look at the stories that will be in Thursday's INSURANCE NEWSCAST.
1) INSURANCE COMMISSIONER JOHN GARAMENDI ANNOUNCES SETTLEMENT WITH PRUDENTIAL INSURANCE TO END PAYMENT OF UNDISCLOSED COMMISSIONS AND SERVICE FEES FOR EMPLOYEE BENEFIT GROUP INSURANCE COVERAGE - The agreement calls for full disclosure of all commissions and other compensation in connection with group life, accidental death and dismemberment, long and short term disability, health (including long-term care), dental, vision and/or related group insurance coverage.
2) UPDATE on Prudential Financial Settlements in Group Insurance Regulatory Investigations - NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) wishes to issue the following update to its release BW5709 (NJ-PRUDENTIAL)(PRU) Prudential Financial Settlement in Group Insurance Regulatory Investigation issued earlier Tuesday: -- Prudential Financial, Inc. (NYSE: PRU) confirmed today that its subsidiary, The Prudential Insurance Company of America, has reached separate settlements with the New York Attorney General and California Department of Insurance in connection with their investigations into regulatory matters involving its Group insurance business.
3) More than One-Fifth of all American Retirees Forced into Retirement Earlier than Planned - Sun Life Financial Survey Finds Layoffs, Illness, Injury and Family Obligations Can Necessitate Retirement Years Before Retirees Are Financially Prepared -- Wellesley, MA [Dec. 13, 2006] ? Not only are many Americans financially unprepared for retirement, but a recent survey by Sun Life Financial (NYSE: SLF, TSX: SLF) of individuals forced to retire reveals that 22% of all retirees are forced into retirement several years before they had anticipated.
4) RMS PUBLISHES ASSESSMENT OF FUTURE FLOOD RISK IN NEW ORLEANS - Stakeholders Urged to Consider Analysis of Future Risk Factors as Crucial for City Redevelopment -- Newark, Calif. - December 4, 2006 - Risk Management Solutions (RMS) today released an extensive report on the future flood risk faced by the city of New Orleans due to hurricane storm surges. The report, Flood Risk in New Orleans: Implications for Future Management and Insurability, outlines the ongoing threat of flood risk due to future hurricane storm surges and considers the role of insurance, the planning process, and the government in providing physical and economic protection so those living and investing in the city can have confidence that the risk is being effectively managed.
5) U.S. Tort Costs Total $261 Billion in 2005, According to Tillinghast Study - Growth Rate for Tort Costs is the Smallest since 1997 -- STAMFORD, Conn.--(BUSINESS WIRE)--U.S. tort costs totaled $261 billion in 2005, which is approximately $880 per person and $4 less per person than in 2004, according to the 2006 Update on U.S. Tort Cost Trends from the Tillinghast business of Towers Perrin. The growth rate of tort costs in 2005 was 0.5%, which is significantly lower than the growth rate of 5.7% in 2004 and 5.5% in 2003. The $1.1 billion increase over tort costs in 2004 is the smallest since 1997. The 2006 Update analyzes U.S. tort costs from 1950 through 2005, with projections through 2008.
6) Swiss Re Executives Note Current Economic Conditions and Present Economic Analysis of Terrorism Risk Insurance - NEW YORK, Dec. 12 /PRNewswire/ -- Swiss Re sees growth opportunities in the US insurance industry as risks are becoming more complex. That is the message from leading experts at Swiss Re.
7) RESEARCH ALERT-Goldman cuts UK banks, insurance sectors - Dec 13 (Reuters) - Goldman Sachs downgraded the UK banks, insurance, capital goods and pharmaceuticals sectors, while upgrading the telecoms, tobacco sectors and food producers.
8) Wall Street eyes heart of darkness: global warming - By Peter Bohan -- CHICAGO, Dec 13 (Reuters) - The topic of the conference was climate change and the rhetoric was sobering, haunted by scientific projections of a roasted world for our children and a looming environmental disaster of Biblical proportions. -- But this was no talk shop of environmental activists. It was a meeting of Wall Street investors, insurance executives, state treasurers and pension fund managers, who between them manage about $3.7 trillion in assets.
9) Axis founding investor to sell 3 million shares - NEW YORK, Dec 13 (Reuters) - Axis Capital Holdings Ltd. (AXS.N: Quote, Profile , Research) said a private equity fund that is one of its founding investors will sell 3 million shares. -- Trident II, L.P. and related companies will sell the stake, or about 2 percent of Axis' outstanding shares, in a block trade to public investors, Axis said in a statement issued after markets closed on Tuesday.
10) Australia's QBE says to buy Praetorian for $800 mln - SYDNEY, Dec 13 (Reuters) - Australia's QBE Insurance Group Ltd. (QBE.AX: Quote, Profile, Research), said on Wednesday it has agreed to buy Praetorian Financial Group (PFG) for $800 million from German reinsurer Hannover Re (HNRGn.DE: Quote, Profile, Research) and upgraded its 2006 profit forecast.
11) Hannover Re sees use for cash after unit sale - FRANKFURT, Dec 13 (Reuters) - German reinsurer Hannover Re (HNRGn.DE: Quote, Profile , Research) said it would use the cash freed up by the sale of U.S. unit Praetorian to assume more lucrative reinsurance risks, which could boost its 2007 returns.
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) 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.
14) ImageRight Chosen #1 in U.S. Insurer Technology Survey - Best IT Vendor: Document Solutions -- Conyers, Georgia ¾ December 12, 2006 ¾ ImageRight, the leader in Property and Casualty Content Management and Workflow Solutions, announced today that it has been selected the #1 IT Vendor for Document Solutions in the 2006 U.S. Insurer technology survey*.
15) Zywave Insurance Technology Now More Than 600 Brokers Strong - The successful pairing of insurance knowledge and innovative technology have resulted in more than 600 partners nationwide who utilize Zywave technology to grow their business through differentiation and value-add service.
16) Workers Comp, Market Conditions Highlight 2007 Legislative Agenda of Independent Insurance Agents, Brokers of NY - (DeWitt, New York, Dec. 12, 2006) ? A dysfunctional workers? compensation system and downstate coastal market concerns are at the center of the 2007 Legislative Position Paper of the Independent Insurance Agents & Brokers of New York, Inc, the state?s oldest and largest insurance trade organization. The annual document is a compilation of the association?s priority issues for the upcoming legislative session.
17) MEDRISK REVAMPS WEB SITE - KING OF PRUSSIA, PA. (Dec. 12, 2006) ? MedRisk, Inc. has completely updated and upgraded its website www.medrisknet.com with a new look and navigation system. The claims services and specialty managed care company worked with design firm Malish & Pagonis to organize information so its various audiences can easily find sections they need.
18) HILB ROGAL & HOBBS AGREES TO ACQUIRE LOAN PROTECTOR INSURANCE SERVICES - RICHMOND, Va--Hilb Rogal & Hobbs Company (NYSE: HRH), the world's tenth largest insurance and risk management intermediary, announced today that it has signed a definitive agreement to acquire the operating assets of Loan Protector General Agency, Inc. and Loan Protector Tracking Services, Inc.
19) Phoenix Companies Selects McCamish Systems for Executive Benefits Support and Administration - ATLANTA--(BUSINESS WIRE)--Dec. 12, 2006--McCamish Systems, LLC has been chosen to provide 409A Technical Support and Plan Administration for The Phoenix Companies Inc.'s strategic effort in the executive benefits market. Phoenix will be utilizing three McCamish platforms to pursue the market. Deferral+(R) and Advisorfolio(TM) will provide 409A compliant plan design, documents and 409A plan implementation. McCamish's BPO services will provide plan administration and recordkeeping services.
20) INSURANCE NEWSCAST ?Pictures Of The Day?
21) Cingular Provides Brooke With New Services in a Competitive Marketplace - Leading Insurance Industry Franchisor Rolls Out Wireless Voice and Data Services To Enhance Agent Productivity and Customer Service -- ATLANTA, Dec. 13 /PRNewswire/ -- Brooke Franchise Corporation has selected Cingular Wireless to make voice and data services available to its network of more than 700 franchise locations in a highly competitive insurance industry. The two-year national contract gives franchisees access to a variety of devices and services, including those based on Cingular's UMTS/HSDPA technology.
22) Companies Should Review Codes of Ethics for Compliance with New Reporting Requirements. - Cleveland, Ohio ? December 14, 2006 ? The Lawson Firm, a Cleveland-based law firm providing legal and compliance management services to the insurance industry, urges companies to review their codes of ethics in light of new annual and quarterly statement interrogatories adopted by the NAIC. The new interrogatories, which will appear on statement blanks starting with the statement for the first quarter of 2007, will require companies to state whether senior officers are subject to a code of ethics which includes the following standards:
23) GlobalOptions Combines Two Fraud Units, Forming New Investigative Division to Serve Insurance Industry New Company Named ?GlobalOptions Fraud & SIU Services? - NEW YORK--(BUSINESS WIRE)--GlobalOptions Group (OTCBB: GLOI) announced that it is combining its two industry-leading investigative units, CBR and Hyperion Risk. Effective immediately, the Nashville-based company will be known as GlobalOptions Fraud & SIU Services.
24) National Health Partners Announces Plans to Expand Insurance Programs for Health Advantage One Company Sees New Programs as Key Driver for Continued Record Sales in 2007 - HORSHAM, Pa.--(BUSINESS WIRE)--National Health Partners, Inc. (OTCBB: NHPR), a leading provider of unique discount healthcare membership programs, announced today that it plans to launch several new insurance programs that are being designed to work with the Company?s CARExpress healthcare discount program. The Company also announced that it sees sales continuing to grow at a record pace in 2007.
25) AAPPO Study Examines the Adoption of P4P and Other Incentive Programs in the PPO Industry - American Association of Preferred Provider Organization logo. (PRNewsFoto/American Association of Preferred Provider Organization) -- LOUISVILLE, Ky., Dec. 12 /PRNewswire/ -- The American Association of Preferred Provider Organizations (AAPPO) announced today that it has released the results of its P4P study in a paper, entitled "PPO Approaches to Pay for Performance and Clinical Improvement Incentive Programs." AAPPO developed the case studies to identify potential pay for performance (P4P) models applicable to PPOs.
26) RenaissanceRe Announces $300 Million Public Offering of 6.60% Series D Preference Shares - PEMBROKE, Bermuda--(BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today it has agreed to sell in an underwritten public offering $300 million aggregate liquidation preference of its 6.60% Series D Preference Shares, with a liquidation preference of $25 per share. The Company currently expects to consummate the sale to the underwriters on December 15, 2006.
27) NationsHealth Moves to NASDAQ Capital Market - SUNRISE, Fla.--(BUSINESS WIRE)--NationsHealth, Inc. (Nasdaq: NHRX; NHRXW; NHRXU) today announced that The NASDAQ Stock Market, Inc. has approved the Company's application to transfer the listing of its securities from The NASDAQ National Market to The NASDAQ Capital Market. The Company anticipates that its common stock, warrants and units will begin trading on The NASDAQ Capital Market effective with the beginning of trading on December 13, 2006, under the current symbols ?NHRX,? ?NHRXW? and ?NHRXU,? respectively. Until that time, the Company?s securities will continue to trade on The NASDAQ National Market under these symbols.
28) NASD Fines Four Firms for Supervisory Failures Relating to Mutual Fund Sales Charge Waivers - Edward Jones, RBC Dain Rauscher, Royal Alliance, and Morgan Stanley To Pay an Estimated $43.8 Million in Remediation to Customers; Morgan Stanley Credited for Taking Remedial Measures -- WASHINGTON, Dec. 13 /PRNewswire/ -- NASD announced today that it has imposed fines totaling $850,000 against four firms -- Edward D. Jones & Co., L.P. of St. Louis ($250,000), RBC Dain Rauscher Inc. of Minneapolis ($250,000), Royal Alliance Associates, Inc. of New York ($250,000), and Morgan Stanley DW Inc. of New York ($100,000) -- for failing to have adequate supervisory systems and procedures to identify opportunities for investors to purchase Class A mutual fund shares at net asset value (NAV), or without a front-end sales charge.
29) Selective Receives E-Fusion Award From A.M. Best - Recognized for Technology That Increases Productivity and Management -- BRANCHVILLE, N.J., Dec. 13 /PRNewswire-FirstCall/ -- Selective Insurance Company of America has announced it received the 2006 E-Fusion Award from A.M. Best Co. for innovative, business-focused agency integration technology. The award was presented at A.M. Best's 2006 E-Fusion Insurance & Technology Conference in Boston, MA.
30) CIGNA Acquires vielife Through its CareAllies Operating Unit; Expands Consumer Engagement, Health Advocacy Capabilities Around the Globe - vielife to continue to operate as an independent, stand-alone brand to serve current and future customers worldwide -- BLOOMFIELD, Conn., Dec. 13, 2006 /PRNewswire-FirstCall/ -- CIGNA today announced it has further expanded its consumer engagement and health advocacy capabilities through its acquisition of privately held vielife, a U.K.-based leading provider of integrated online health management and coaching programs. vielife, based in London, provides health risk assessment, behavioral change programs and online coaching for over 1.3 million people in the United States, Europe, Canada, and Australia. Terms of the agreement were not disclosed.
32) RenaissanceRe Announces Public Offering of Preference Shares - PEMBROKE, Bermuda--(BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today it has launched a public offering to sell a new series of preference shares. RenaissanceRe anticipates using the net proceeds from the offering to redeem all of its outstanding 8.10% Series A Preference Shares as soon as practicable following completion of the offering and to redeem all of its outstanding 8.54% Junior Subordinated Deferrable Interest Debentures as soon as practicable on or after March 1, 2007.
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