INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 12/18/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 12/18/06  

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

 

1) State Fund to Receive Over $3 Million in Restitution From San Diego Businessmen in Historic Workers' Compensation Fraud Case - SAN DIEGO and SAN FRANCISCO, Dec. 14 /PRNewswire/ -- In one of the largest workers' compensation insurance fraud cases in San Diego County history, the owners of a San Diego area roofing company have been ordered to pay $3 million in restitution to the State Compensation Insurance Fund. San Diego Superior Court Judge William H. McAdam ordered Paul Frederick Mayer and David Gordon Archer, owners of Mayer Roofing, to pay full restitution to State Fund plus $81,649 in investigation costs after pleading no contest to felony charges of conspiracy and workers' compensation insurance fraud. Judge McAdam also sentenced the company owners to three years of summary probation.    

 

2) Brit Insurance signs deal on new Bermuda start-up - Thu Dec 14, 2006 3:18am ET - LONDON, Dec 14 (Reuters) - Brit Insurance Holdings Plc (BRE.L: Quote, Profile, Research) said on Thursday it had launched a new Bermuda-based property-catastrophe reinsurer, the latest in a line of insurers to set up a new firm to exploit buoyant market conditions.

 

3) Genworth Financial merges 3 life insurance cos into existing cos - Dec 15 (Reuters) - Genworth Financial Inc. (GNW.N: Quote, Profile, Research) said it will merge three of its life insurance companies into existing Genworth-named insurance companies, effective Jan. 1, to simplify its corporate structures.

 

4) Russell Fine-Tunes Index Rule on Inclusion Eligibility - TACOMA, Wash.--(BUSINESS WIRE)--Russell Investment Group plans to enhance the portion of its rules-based methodology that defines a company?s eligibility for inclusion to its family of U.S. equity indexes. Effective with the June 2007 reconstitution, companies that incorporate outside the United States for taxation, political or other benefits but otherwise behave primarily like a U.S. company will be considered for inclusion.

 

5) Health Insurers Outlook Remains Positive Through First Quarter Of 2007, Article Says -  NEW YORK  Dec.12, 2006--Buoyed by a benign regulatory environment, strong capital levels, rational pricing, and moderating medical costs, the outlook for the U.S. managed care business is expected to remain positive into the first part of 2007, according to an article published on Dec. 5, 2006, by Standard & Poor's Ratings Services. The article, which is titled "Expected Upgrades Will Keep Health Insurance Outlook Positive Through Early 2007," notes that credit upgrades among the health insurers should significantly outpace downgrades until a more stable ratings environment emerges after the first quarter. At that time, the outlook for managed care companies could be revised to stable.

 

6) European Insurers Enjoy Very Good Results In 2006 And Into 2007, Says Report - LONDON   Dec. 14, 2006--The European insurance sector has enjoyed very good results in 2006 and 2007 is expected to be another good year for the sector, although the primary and reinsurance markets may be beyond their pricing peak, according to a report ("European Insurance: 2006 In Review, 2007 In Anticipation") published today by Standard & Poor's Ratings Services.

 

7) ?Have An Optimistic Day? Newsletter To Interview David L. Fear, RHU, President of the National  - Association of Health Underwriters, On Internet Talk Show, Wednesday, December 20th at 12:00 Noon Central Standard Time. -- San Antonio, TX ? 12/18/2006 ? At Noon, CST, each Wednesday, you can listen to ?Achieving the Extraordinary? with Ron Graves on his 7th WaveNetwork Internet Talk Show. This is a one hour weekly talk show streaming worldwide dedicated to OPTIMISTIC living and people who ?Achieve the Extraordinary? in their lives. More information is on the www.optimisticday.com website or go to www.7thwavenetwork.com and download or listen on line to previous shows. The call in number to talk to Ron or his guests is 1-866-472-5795.

 

8) Most Americans misjudge long-term care needs-AARP - CHICAGO, Dec 13 (Reuters) - Most Americans over the age of 42 misjudge their need for long-term medical care and the costs entailed, a dangerous ignorance, the senior lobby AARP said in a study released on Wednesday. -- With the 77 million-strong baby boom generation nearing retirement age, use of nursing homes, assisted living and home-care workers is likely to increase significantly, the report said. The U.S. government estimates about 9 million people will need long-term care services this year, with that number rising to 12 million by 2020.

 

9) UK insurance brokers risk punishment over fees-FSA - LONDON, Dec 12 (Reuters) - Some British insurance brokers risk being punished for failing to disclose fully to commercial clients exactly what they earn for placing their business with insurers, Britain's financial watchdog said on Tuesday.

Some brokers were failing to disclose in full their remuneration when asked by clients, putting them in breach of the Financial Services Authority's rules, Hector Sants, the FSA's Managing Director of the Wholesale & Institutional Markets unit, wrote in a letter to insurance broking chief executives.

 

10) OSHA Unveils New Hurricane Recovery and Response Work eMatrix - WASHINGTON, Dec. 14 /U.S. Newswire/ -- Employers and employees involved in hurricane cleanup and recovery efforts will benefit from a new Web-based resource, Hurricane eMatrix: Hazard Exposure and Risk Assessment Matrix for Hurricane Response and Recovery Work, (URL: http://www.osha.gov/SLTC/etools/hurricane/index.html ) unveiled today by the Occupational Safety and Health Administration.

 

11) Brookings Launches Global Health Financing Initiative with Grant from the Bill & Melinda Gates Foundation - WASHINGTON, Dec. 14 /U.S. Newswire/ -- The Brookings Institution launched a new global health financing initiative today, aimed at assessing mechanisms to fund health programs in poor countries and determining which could best increase and improve the impact and efficiency of global health financing. The initiative was established through a Bill & Melinda Gates Foundation grant of $3.18 million over two years.

 

12) Fewer breast cancers linked to less hormone therapy - Fri Dec 15, 2006 10:01am ET -- DALLAS (Reuters) - A sharp decline in new breast cancer cases in 2003 in the United States have come because millions of older women ceased hormone replacement therapy the previous year, researchers said on Thursday.  -- But they stressed that because their analysis is based on population statistics, the reasons are not completely certain. -- "The investigators report that there was an overall 7 percent relative decline in breast cancer incidence between 2002 and 2003," the University of Texas M. D. Anderson Cancer Center said in a statement.

 

13) China Life Insurance's Shanghai IPO approved -- SHANGHAI, Dec 15 (Reuter) - China Life Insurance Co. (2628.HK: Quote, Profile , Research)(LFC.N: Quote, Profile , Research) won regulatory approval to list in Shanghai by issuing up to 1.5 billion local currency A-shares, the China Securities Regulatory Commission said on Friday.

 

14) National Association of Wholesaler-Distributors Endorses The Hartford?s Marine and Management Liability Products  - A Year after Naming The Hartford as a Preferred Business Insurance Provider, Association Adds the Company?s Specialized Property and Casualty Products to Round out Member Needs -- HARTFORD, Conn.--(BUSINESS WIRE)--The National Association of Wholesaler-Distributors (NAW) representing more than 40,000 wholesale distribution companies across the country, has selected The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation?s leading providers of investment and insurance products, as the preferred provider of Marine and Management Liability coverage.

 

15) eAutoclaims Announces Fee-Based Pricing Option - OLDSMAR, Fla., Dec. 14 /PRNewswire-FirstCall/ -- eAutoclaims (OTC Bulletin Board: EACC) announced today a new pricing option for the Managed Collision Repair Service and Independent Appraiser Network. The new pricing model offers clients the option of receiving services on a flat fee basis instead of eAutoclaims' traditional shared discount pricing from the company's Guaranteed Repair Network (GRN) shops that discount their repair work. The new option directly applies voluntary shop discounts to repair costs offered by the eAutoclaims' national network of repair shops. The new model will include flat rate pricing for use of Independent Appraisers participating in the eAutoclaims Appraisal Assignment Network (AAN). The flat rate is determined by the services included and volume contribution. The pricing for use of the GRN (Guaranteed Repair Network) and IA (Independent Appraiser) networks ranges from $85 to $120 per assignment.    

 

16) Medicare Experts Advise Seniors at Enrollment and Education Activities - Arizona Senior Olympics and CMS Partner to Encourage Seniors to Sign Up Before the Close of 2007 Enrollment Period  --  SURPRISE, Ariz., Dec. 14 /PRNewswire/ -- With only 17 days until the 2007 Medicare enrollment period closes, Senior Olympics partnered with the Centers for Medicare and Medicaid Services (CMS) to educate seniors about the advantages of Medicare's new drug benefit and answer questions about the enrollment process. The educational session, held at the Arizona Traditions Community Center, featured the official Medicare Bus, which provided seniors and people living with disabilities with the opportunity to get their questions answered. The event also featured free health screening for seniors.

 

17) Health Net Buys 2.7 Million Shares in Accelerated Share Repurchase - LOS ANGELES--(BUSINESS WIRE)--Health Net, Inc. (NYSE:HNT) today announced that it repurchased 2,689,538 shares of its common stock, at an initial purchase price of $47.22 per share or $127 million, under an accelerated share repurchase (ASR) agreement with JPMorgan dated December 13, 2006.

Under the agreement, Health Net has repurchased the shares, and JPMorgan is expected to purchase an equivalent number of shares in the open market in the next few months. The repurchased shares are subject to a future price adjustment based on JPMorgan?s volume-weighted average purchase price for the shares.

 

18) OdysseyRe Announces Exercise of Over-Allotment Option in Connection with Offering by Fairfax of OdysseyRe Common Shares - STAMFORD, Conn.--(BUSINESS WIRE)--Odyssey Re Holdings Corp. (NYSE: ORH) announced today that the underwriters have exercised their over-allotment option to purchase an additional 1,165,000 shares of ORH common stock in connection with the previously announced underwritten public offering that priced on December 4, 2006. Including the over-allotment shares, 10,165,000 shares were sold at a price of US$34.60 per share, resulting in net proceeds to Fairfax Financial Holdings Limited (?Fairfax?) of approximately US$338 million. The offering was jointly led by Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC.

 

19) Fox News Commentator Morton Kondracke to Keynote 2007 PIA Federal Legislative Summit - Executive Editor of Roll Call to Brief Main Street Agents - WASHINGTON, Dec. 14 /PRNewswire/ -- Veteran journalist and commentator Morton M. Kondracke will deliver the keynote address during the 2007 Federal Legislative Summit held March 28-29 in Washington, D.C. by the National Association of Professional Insurance Agents (PIA).

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) PIANY's MetroRAP keynote: Different factors affect New York City's market - GLENMONT, N.Y.-Insurance professionals who want to know how catastrophe risk and its impact on capacity will affect their business cannot afford to miss the Professional Insurance Agents of New York State Inc.'s annual Metropolitan Regional Awareness Program. John DeMartini, senior vice president and catastrophe management practice leader of Towers Perrin Reinsurance will deliver the keynote address discussing this important issue during MetroRAP's awards luncheon Thursday, Jan. 25, 2007, at the New York Marriott Brooklyn, Brooklyn, N.Y.

 

22) PIA survey: N.J. homeowners coastal availability is worse than a year ago - TRENTON, N.J.-Professional insurance agents in New Jersey completed a comprehensive survey regarding the conditions and availability of homeowners and other property insurance for the state's coastal areas. Most of the 49 respondents, all of whom say they write a considerable number of coastal insurance policies, report that homeowners insurance availability is worse or much worse, compared to a year ago, says the Professional Insurance Agents of New Jersey Inc., which conducted the survey in November.

 

23) Conseco Consolidates Operations - CARMEL, Ind., Dec. 14 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO) today announced that it is consolidating its back-office operations to improve efficiency, enhance policyholder and agent service, and reduce costs. The consolidation is expected to achieve annual cost savings of $25 million commencing in 2008. Cost reductions in 2007 are expected to cover related implementation costs, which will all be incurred in 2007.

 

24) AXA Equitable Empowers Small to Mid-Size Plan Sponsors with Fiduciary Toolkit - Resource Helps Clients Avoid Ten Common Mistakes  -- New York, December 14, 2006 ? To help defined contribution plan sponsors manage their fiduciary obligations, AXA Equitable introduces the Fiduciary Toolkit, a comprehensive resource available through its Retirement Strategies (SM) 401(k) product designed for small to mid-size businesses.

 

25) Enclarity Selected by CorVel for NPI Crosswalk, Provider Data Accuracy and Integration - Nationally known company contracts for Enclarity's crosswalking and data integration solutions for its group health and workers' compensation operations  -- ALISO VIEJO, Calif. ? December 13, 2006 ? Enclarity, Inc., an information management and analytic software company focused on the healthcare market, announced today that CorVel Corporation has selected Enclarity's ProviderPoint? and NPI Enabler? solutions. CorVel will use Enclarity's systems for both group healthcare and workers' compensation operations, and to prepare for compliance with the HIPAA National Provider Identifier (NPI) regulations for its provider PPO network by the May 23, 2007 deadline.

 

26) ICBA Praises New Health Savings Account Enhancements Changes Make HSAs More Consumer-Friendly - Washington, D.C. (December 14, 2006)?The Independent Community Bankers of America (ICBA) praised legislation passed by Congress that provides even better options for individuals and small businesses to access health care coverage through Health Savings Accounts (HSAs). The ICBA-backed Tax Relief and Health Care Act of 2006 is now set to be signed into law by President Bush.

 

27) Aetna Signs Agreement with Melbourne Physicians Group - ORLANDO, Fla.--(BUSINESS WIRE)--Aetna (NYSE: AET) announced today that it has reached agreement on a three-year contract with Melbourne Internal Medicine Associates (MIMA), one of the leading multi-specialty physician group in Florida?s Brevard County.  -- Under the new contract, which took effect Dec. 1, members of Aetna?s commercial plans can receive covered in-patient and out-patient services, at in-network rates, from physicians in any of MIMA?s 15 locations in Brevard County.

 

28) CIGNA HealthCare Announces Long-Term Agreement with University of Michigan Health Management Research Center - Agreement includes licensing of health risk assessment tools and analytics,  research collaboration; Expanded capabilities to also be available through CareAllies and CIGNA Behavioral Health

 

29) Colorado Signs $4.7 Million Healthcare Enrollment Contract with MAXIMUS - RESTON, Va.--(BUSINESS WIRE)--MAXIMUS (NYSE:MMS), a leading provider of health program management services to government, announced today that the Company has signed a contract with the Colorado Department of Health Care Policy and Financing to continue to provide managed care education and enrollment services for Colorado's Medicaid program. The contract is valued at approximately $4.7 million for a four and a half year term. MAXIMUS began services as the Colorado Medicaid Managed Care Enrollment broker in May 1998 and has since won three competitive bids to continue to provide these services in Colorado.

 

30) NAIC SUPPORTS SAN ANTONIO CHAPTER OF HABITAT FOR HUMANITY - SAN ANTONIO (Dec. 9, 2006) ? The National Association of Insurance Commissioners (NAIC) has selected the local chapter of Habitat for Humanity as the official charity for the Association?s 2006 Winter National Meeting in San Antonio. The choice continues the NAIC?s year?long campaign to support Habitat for Humanity in the four cities the Association has visited for its quarterly national meetings.

 

31) PUERTO RICO PRESENTED WITH NAIC?S FIRST ESPRIT DE CORPS AWARD - Honor Recognizes Department?s Unselfish Work in Translating NAIC Consumer Alerts, Insure U Web Site -- SAN ANTONIO (Dec. 10, 2006) ? The National Association of Insurance Commissioners (NAIC) bestowed its first Esprit de Corps Award to the Puerto Rico Department of Insurance (Puerto Rico DOI) today during the Association?s Winter National Meeting in San Antonio.

 

32 COMMISSION OUTLINES 2006 ACHIEVEMENTS AND GOALS FOR COMING YEAR - Management Committee Chair Diane Koken - Discusses Compact?s Progress at NAIC Reception  -- SAN ANTONIO (Dec. 8, 2006) ?With its plan of action in full swing and several achievements already under its belt, the Interstate Insurance Product Regulation Commission (Commission) is off to a fast start with no signs of slowing down in 2007.

 

33) Moody's Issues Supplement to Proposal on Hybrids and Preferred Stocks - New York, December 07, 2006 -- Moody's Investors Service has published a supplement to a November request for comment on ""Rating Preferred Stock and Hybrid Securities" that addresses a number of questions offered by market participants concerning the scope of a proposed change to Moody's treatment of some common deferral and settlement mechanisms for hybrid securities including preferred stock.

 

34) Whitehill Technologies releases Whitehill Enterprise 5.6 - Document automation software lets legal and professional services firms create professional documents and gain access to better business information   - MONCTON, NB, Canada - Dec. 5, 2006 - Whitehill Technologies, Inc. today announced the release of Whitehill Enterprise 5.6, a leading document generation solution for legal and professional services firms.

 

35) TD Banknorth Selects Verint ULTRA Solution - Leading Banking and Financial Services Company Deploys ULTRA Analytics Suite to Enhance Customer Service With Actionable Intelligence  -- MELVILLE, N.Y. December 4, 2006 ? Verint Systems Inc.  (NASDAQ: VRNT), a leading provider of analytic software-based solutions for security and business intelligence, today announced that TD Banknorth selected its ULTRA? Analytics suite to enhance customer service and increase operational efficiency.  ULTRA?s actionable intelligence will enable TD Banknorth to drive superior performance by understanding the root cause of customer calls.

 

36) Investors Underwriting Managers, Inc. Announces Name Change - RED BANK, NJ, December 4, 2006 ? Glen Curley, president/chief operating officer of Investors Underwriting Managers, Inc. (IUM), announced today that effective December 1, 2006, the company?s name was change to Markel Underwriting Managers, Inc.  -- The name change coincides with the company's tenth anniversary, which occurred on October 31, as a wholly-owned subsidiary of Markel Corporation. Said Curley, ?Markel Corporation?s financial strength and stability over 75 years is unprecedented. At IUM, we?ve long appreciated the value of the Markel name, and felt the time was right to demonstrate that by changing our name.?

 

 

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