INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 12/15/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 12/15/06  

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

 

1) NYMEX and Gallagher Re to Launch Property Damage Risk Futures and Options Contracts - NEW YORK and LONDON, Dec. 14 /PRNewswire-FirstCall/ -- The New York Mercantile Exchange, Inc. (NYMEX; NYSE: NMX) and Gallagher Re, the specialist reinsurance intermediary and advisory firm, today announced that they have reached an agreement whereby NYMEX will list for trading and clear Property Damage Risk contracts, subject to regulatory approval by the Commodity Futures Trading Commission (CFTC). These contracts will allow the 'real time' electronic trading of property damage risk exposures, including hurricane risk through a cleared futures exchange. The contracts will be financially settled against the 'Re-Ex Index', which will be created by Gallagher Re.

 

2) MMC Amends By-Laws to Provide for Majority Voting in Director Elections - NEW YORK--(BUSINESS WIRE)--Marsh & McLennan Companies, Inc. (MMC) today announced that its board of directors has amended MMC?s by-laws to adopt a majority voting standard for the election of directors. The new standard is effective immediately and will apply to MMC?s annual meeting of stockholders in May 2007.

 

3) The Price is Wrong: Most Americans Significantly Underestimate Health Care Costs, Survey Shows - Former White House Health Policy Advisor Says More Price Transparency Needed  - NORTH RICHLAND HILLS, Texas--(BUSINESS WIRE)--More than 70 percent of U.S. consumers say they know little or nothing about how much their doctors charge compared to other doctors, according to a survey sponsored by HealthMarkets, a leading provider of affordable health and life insurance to individuals, the self-employed and small businesses.

 

4) Prudential Responds to ?Retirement Revolution? with Innovative, Patent-Pending Guaranteed-Income Product - IncomeFlexSM Defined Contribution Plan Feature Delivers Lifetime Income, Flexibility, and Growth Potential  - NEWARK, N.J.--(BUSINESS WIRE)--With American workers turning 60 at the rate of one every eight seconds, Prudential Retirement, a business of Prudential Financial (NYSE:PRU), has responded to the pending ?retirement revolution? by introducing Prudential IncomeFlexSM, a new patent-pending defined contribution plan feature that combines the security of lifetime income with the opportunity to capture market upswings and the flexibility to control fund assets.

 

5) Fidelity sued over retirement plan management fees - Thu Dec 14, 2006 12:08pm ET - BOSTON (Reuters) - Fidelity Investments is being sued by workers at Deere & Co. (DE.N: Quote, Profile , Research) who claim the world's largest mutual fund company charged them "unreasonable" fees and expenses to manage their retirement savings. -- Four Deere workers sued their employer plus Fidelity, which acts as a trustee and record keeper for the farm equipment maker's 401(k) plan.

 

6) Food and Commercial Workers Union Leader Raises Concerns over Healthy Americans Act - WASHINGTON, Dec. 12 /U.S. Newswire/ -- The president of the 1.3 million member United Food and Commercial Workers Union (UFCW) and the only labor representative serving on the Citizens Health Care Working Group, Joe Hansen, praised Senator Ron Wyden (D-OR) today for his leadership in the effort for health care reform. Both Hansen and Wyden supported recommendations of the Citizens Health Care Working Group (CHCWG) for a complete overhaul of the current system and to provide affordable, quality care for all Americans. The Working Group is a congressionally- mandated, non-partisan citizens panel created under the sponsorship of Wyden and Orrin Hatch (R-UT). CHCWG conducted community meetings in more than 50 locations across the country to tap the values, vision and ideas of a cross section of America.

 

7) Dr. Jacob Hacker Discusses Growing Economic Insecurity at 'The Great Risk Shift' Book Event - Author's Bold Plan for Health Care for All Dominates Discussion  -- WASHINGTON, Dec. 13 /U.S. Newswire/ -- Yale University professor and author Dr. Jacob Hacker discussed the growing economic insecurity facing working families yesterday at a packed briefing to talk about his new book, "The Great Risk Shift." The event was sponsored by the Campaign for America's Future. Dr. Hacker's book describes the increased responsibilities corporations and governments have shifted onto the shoulders of individuals regarding health care, retirement, education and recovery from job loss in America.

 

8) Health insurer BUPA to pull out of Ireland - DUBLIN, Dec 14 (Reuters) - Global health insurer BUPA is shutting its business in Ireland, the group said on Thursday following a decision by the Irish High Court last month requiring it to make payments to its main competitor.  -- The High Court ruled on Nov. 23 that BUPA would have to make so-called "risk equalisation" payments to the state-owned health insurer VHI to compensate for VHI's older client base.

 

9) Commerce Insurance and AAA Southern New England Enter Into Twenty Year Agreement - WEBSTER, Mass.--(BUSINESS WIRE)--The Commerce Insurance Company (?Commerce Insurance?) today announced that it has entered into a long-term marketing agreement with AAA Southern New England (?AAA SNE?) that extends the two organizations? business partnership to a minimum of twenty years, further enhancing the successful relationship that Commerce Insurance and AAA SNE have enjoyed for many years.

 

10) Gartner Consulting?s Worldwide IT Benchmarking Group Says Large Organizations Revise IT Spending Forecasts to 2.8% Growth for 2007 - STAMFORD, Conn.--(BUSINESS WIRE)--Organizations with more than $1 billion in revenue have reforecast their IT spending increase for 2007 to 2.8 percent, according to a new Gartner Consulting Worldwide IT Benchmark Report. These spending projections are down from research collected by Gartner during the first half of 2006. At that time, IT spending for 2007 was forecast to grow at 6 percent.

 

11) Live 24-Hour Help Line Expanded to Help Uninsured Georgia Residents Obtain Health Coverage - Help Line, Free Brochure Detailing Health Care Options Are Part of Campaign to Reduce Georgia's 1.4 Million With No Health Insurance  -- SAN JOSE, Calif., Dec. 14 /PRNewswire/ -- After discovering that nearly one-third of Georgia's uninsured are eligible for government health  insurance but aren't enrolled, the Foundation for Health Coverage Education (FHCE) has expanded its Uninsured Help Line (800-234-1317) and other services to offer Georgia residents information about eligibility and facilitate access to available coverage. It is also running public service announcements on local radio stations as part of its informational campaign in Georgia.

 

12) LifeSecure Insurance Company Announces Acquisition of Texas-Based Shell Company - Rapidly Increases Access to New Markets - BRIGHTON, Mich., Dec. 14 /PRNewswire-FirstCall/ -- LifeSecure Insurance Company today announced the completion of the purchase of Columbia  Universal Life, a Texas-based company with licenses to sell insurance products in 41 states and Washington D.C. The purchase price for the transaction was not disclosed.

 

13) Summit Business Media announces the acquisition of Judy Diamond Associates - New York, NY, December 13, 2006 ? William F. Reilly, Chairman and CEO of Summit Business Media, announced today the acquisition of Judy Diamond Associates (JDA).  -- JDA is a leading provider of information and database tools for the insurance and financial services industries.  The company?s product line is based on comprehensive data sets of health insurance and pension plans held by corporations, as well as information on plan sponsors (the companies who offer benefit plans) and the brokers who sell them.  Principal products include the American Directory of Group Insurance Plans, Broker/Carrier Market Share Data, The King of Pension Funds and the Employer Identification Number Finder. The company also offers a free website, www.freeerisa.com, which provides consumers a free lookup service on basic benefit plan information on millions of companies and benefits providers.

 

14) Commerce Banc Insurance Services Grows Premium Volume to $1 Billion - CHERRY HILL, N.J., Dec. 13 /PRNewswire-FirstCall/ -- Commerce Banc Insurance Services, a wholly-owned subsidiary of Commerce Bancorp, Inc., announced today that premium volume for the brokerage has reached the $1 billion milestone. -- "This is a very significant accomplishment in the life of Commerce Banc Insurance Services," said Commerce Banc Insurance Services Chairman and CEO George E. Norcross, III. "Growing our premium volume to $1 billion is a great tribute to the outstanding work of the Commerce team members who have played a vital role in helping us build our agency. Throughout the past decade, we have grown steadily from a start-up operation in South Jersey to one of the nation's most successful insurance brokerages."

 

15) REGULATORS ADOPT REO PROPOSAL - Reinsurance Evaluation Office Plan Amends U.S. Reinsurance Collateral Requirements - SAN ANTONIO (Dec. 13, 2006) ? The Financial Condition (E) Committee of the National Association of Insurance Commissioners (NAIC) on Tuesday adopted a proposal from its Reinsurance Task Force, which recommends that the current regulatory framework for the supervision of reinsurance be amended to focus on broad?based risk and credit criteria, and not solely on U.S. licensure status.

 

16) 2006 ?Judicial Hellholes? Include West Virginia, South Florida, Southeast Texas and Three Illinois Counties - Los Angeles, San Francisco, Philadelphia, Rhode Island, Delaware, New Jersey & Several Other Jurisdictions Also Cited for ?Unfair and Unbalanced? Civil Courts  -- WASHINGTON, DC, December 14, 2006 ? Naming the entire state of West Virginia, South Florida, Southeast Texas and three notoriously plaintiff-friendly counties in Illinois, the American Tort Reform Foundation (ATRF) yesterday released its annual Judicial Hellholes ® report, shining a bright spotlight on ?America?s worst jurisdictions in which to face a lawsuit.?

 

17) AIA APPLAUDS MASSACHUSETTS ASSIGNED RISK PLAN - BOSTON, Dec. 13, 2006 ? The assigned risk plan being implemented by Massachusetts Insurance Commissioner Julianne Bowler will provide a fair and transparent system for insuring high risk drivers, according to the American Insurance Association (AIA).  -- ?The residual market system has become a roadblock to writing auto insurance in the Commonwealth,? said John Murphy, AIA vice president, Northeast Region.  ?It favors some insurers over others.?

 

18) MapInfo® Location Intelligence Keeps James River Insurance One Step Ahead of Storms - MapInfo Enables James River to Enhance Response Time to Claims in Aftermath of Hurricane Katrina and Other Natural Disasters  -- TROY, N.Y.--(BUSINESS WIRE)--MapInfo Corporation (NASDAQ: MAPS), the leading global provider of location intelligence solutions, today announced that James River Insurance Company, an Excess and Surplus Lines insurance company, has implemented MapInfo location intelligence solutions to improve its underwriting practices, analyze potential catastrophe patterns and enhance its catastrophe management and claims response practices.

 

19) The Ohio Casualty Insurance Company Selects Guidewire ClaimCenter - Guidewire ClaimCenter® Chosen to Enable Ohio Casualty?s Streamlined Claims Process and Enhanced Services -- FAIRFIELD, Ohio & SAN MATEO, Calif.--(BUSINESS WIRE)--The Ohio Casualty Insurance Company (Ohio Casualty), headquartered in Fairfield, OH, and Guidewire Software®, a leading provider of solutions to property and casualty insurers, today announced that Ohio Casualty has selected Guidewire?s industry leading ClaimCenter system. Guidewire ClaimCenter will support Ohio Casualty?s end-to-end claims process for personal and commercial lines of business and will replace the company?s existing claims system through a phased deployment over the next 20 to 36 months.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Max Re Capital Ltd. to Establish a U.S.-Based Excess and Surplus Lines Platform to Be Headed by Stephen J. Vaccaro, Jr. as President and CEO - HAMILTON, Bermuda--(BUSINESS WIRE)--Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE BH) today announced plans to establish a U.S.-based excess and surplus lines platform that will complement the company?s existing insurance and reinsurance operations based in Bermuda and Dublin, Ireland. The proposed new subsidiary, which Max Re Capital intends to launch in the first quarter of 2007, will be named Max Specialty Insurance Company (?Max Specialty?) and will be based in Richmond, Virginia, with regional offices in Atlanta, San Francisco and Philadelphia.

 

22) The Hartford Now Selling Personal Insurance Through Independent Agents in West Virginia - Commissioner Welcomes Insurer to the Mountain State; Newly-Appointed Agents Help Distribute Auto and Homeowners Products  -- HARTFORD, Conn.--(BUSINESS WIRE)--More than 1.8 million people live in West Virginia, according to U.S. Census Bureau estimates. Recent data indicates that they drive roughly 1.4 million registered vehicles and reside in some 867,000 houses, condos and apartments throughout the state.

 

23) New Westfield Financial, Inc. Increases Maximum Purchase Limitation and Commences Syndicated Offering - WESTFIELD, Mass.--(BUSINESS WIRE)--New Westfield Financial, Inc. (the ?Company?), the proposed holding company for Westfield Bank and successor company for Westfield Financial, Inc. (AMEX: WFD), today announced that the subscription offering and community offering portion of its second step conversion concluded on December 12, 2006. More than 2,457 orders from depositors were received in the subscription offering, and more than 305 orders were received in the community offering, totaling 9,861,832 shares. These orders will be maintained by the Company, with interest on subscribers? funds continuing to accrue until completion of the offering.

 

24) Assured Guaranty Ltd. Announces $150 Million Enhanced Junior Subordinated Debentures Pricing - HAMILTON, Bermuda--(BUSINESS WIRE)--Assured Guaranty Ltd. (NYSE:AGO) (?Assured Guaranty? or the ?Company?) has announced that its subsidiary, Assured Guaranty US Holdings Inc., has priced its $150 million Series A Enhanced Junior Subordinated Debentures due 2066. The debentures will pay a fixed 6.40% rate of interest until December 15, 2016 and pay a floating rate based on three month LIBOR plus a margin of 2.38% with quarterly resets thereafter.

 

25) EmployeeMall Now Offers GuardedID® Anti-Keylogging Software To Protect Its Private and Public Sector Member Employees - EmployeeMall?s Wide Reach Enables Employees to Protect Their Online Identities -- EDISON, N.J. & BETTENDORF, Iowa--(BUSINESS WIRE)--StrikeForce Technologies (OTCBB:SKFT) and the Fraud Resource Group announced today that EmployeeMall.com is now offering the online identity theft prevention software, GuardedID®, for purchase though its Employee Benefit Discount Program.

 

26) CCC Information Services Inc. Announces Multi-Year Renewal Agreement With OneBeacon Insurance Group - CHICAGO, Dec. 14 /PRNewswire/ -- CCC Information Services Inc.  ("CCCIS") announced that OneBeacon Insurance Group has signed a multi-yearagreement to extend access to CCCIS' automated claims tools. OneBeacon is among the top 50 property and casualty insurers in the nation, according to the Ward Group - a national monitor of the American insurance industry - and is rated A (excellent) by A.M. Best.

 

27) Darwin Professional Underwriters Targets Tech//404(R) for Health Care Organizations - Breakthrough Insurance Liability Product Addresses Threats to Network Security and Data Privacy Losses for Health Care Organizations  -- FARMINGTON, Conn., Dec. 14 /PRNewswire-FirstCall/ -- Darwin Professional Underwriters, Inc., (Darwin) (NYSE: DR), a leading specialty insurance company, today announced the expansion of Tech//404(R), an innovative liability product for health care organizations, in response to increasing exposure to network security and data privacy losses.

 

28) Notice Regarding AEGON Delistings From Frankfurt and Zurich Stock Exchanges - THE HAGUE, Netherlands, December 14 /PRNewswire-FirstCall/ -- As previously announced on November 9, 2006, the secondary listing of AEGON N.V. (NYSE:AEG) common shares on the Frankfurt Stock Exchange in Germany and on the SWX Swiss Exchange in Zurich, Switzerland will be discontinued. The last day of trading for AEGON N.V. common shares on both exchanges will be Monday March 12, 2007 and the delisting is immediately effective after this date.

 

 

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