INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 05/04/07

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INSURANCE NEWSCAST "Headlines Only Edition" for: Friday, 05/04/07

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

1) Three-Quarters of Large US Employers Don't Want to Fund Retiree Health Benefits, But Still Willing to Provide Access, Finds PricewaterhouseCoopers Survey - NEW YORK, May 2 /PRNewswire/ -- A majority of large US employers want to provide their retired employees with access to health insurance, but they no longer want to fund the coverage, according to findings of a PricewaterhouseCoopers Management Barometer Survey released today. The survey also found that to cut health costs among their current workforce, employers are looking for greater accountability, telling employees to get healthy or pay the price.

2) Court Refuses to Prohibit Debate on MCC Premium Finance Program - NEW YORK, May 2 /PRNewswire/ -- In a significant reversal of its previous position, the Superior Court of Orange County ruled that life insurance industry innovator Mark Ross cannot be prevented from engaging in public dialogue about the business practices of Mutual Credit Corp. [MCC], an Irvine, Calif.-based premium finance agency that Mr. Ross alleges has defrauded seniors out of hundreds of millions of dollars in life insurance protection.

3) Still River Releases New Paper in Series on Comprehensive Retirement Income Planning - HARVARD, Mass.--(BUSINESS WIRE)--Still River has just posted its new paper, "Retirement Income Planning, Part 15: Can the Retiree Market Be Profitable for Advisors??. This paper looks at the time consuming nature of serving the retiree market, and proposes a solution to make the process more cost effective. -- Still River's holistic retirement planning software, RetirementWorks® II, is designed to answer all the questions a retiree faces. The system is available as either a web or a desktop application, and is extremely easy to use and simple to understand.

4) Willis Capital Markets Acts as Co-Lead Manager of $100 Million Earthquake Risk Linked Securitization - London, UK, May 2, 2007 ? Willis Capital Markets has acted as Co-Lead Manager of an offering of $100 million of notes linked to the occurrence of earthquakes in California. - The notes, which have been issued by Ajax Re Limited as part of a $1 billion shelf program, provide reinsurance protection to Aspen Insurance Limited. Lehman Brothers acted as sole initial purchaser and bookrunner for the transaction.

5) UBS winding up hedge fund after Q1 profits fall - Thu May 3, 2007 4:19AM EDT By Andrew Hurst, European Banking Correspondent - ZURICH (Reuters) - Swiss bank UBS shocked investors by reporting lower first quarter net profits on Thursday and the closure of its Dillon Read hedge fund arm which was hit by losses in the U.S. subprime mortgage market, sparking a selloff in its shares. - Dillon Read Capital Management ran up losses of 150 million Swiss francs ($124 million) in the first quarter, becoming the latest casualty of the crisis earlier in this year in the U.S. subprime sector.

6) Dutch court tells ABN to freeze LaSalle sale - Thu May 3, 2007 11:30AM EDT By Reed Stevenson and Gilbert Kreijger - AMSTERDAM (Reuters) - A Dutch court ruled on Thursday that ABN AMRO (AAH.AS: Quote, Profile, Research must freeze its $21 billion sale of U.S. unit LaSalle to Bank of America (BAC.N: Quote, Profile, Research, opening up the possibility of a rival bid for the Netherlands' biggest bank. - The commercial court in Amsterdam said the deal should be put to shareholders, as well as any other decision to sell the entire bank or parts of the bank.

7) Unum shares surge 9 pct as first qtr net doubles - NEW YORK, May 3 (Reuters) - Unum Group (UNM.N: Quote, Profile, Research shares soared in early trading on Thursday after the disability insurers reported late Wednesday that first-quarter profit doubled from year ago levels. - Unum, the largest disability insurer in the United States and Britain, said its latest earnings were $178.3 million or 51 cents, up from $73.4 million or 23 cents in the first quarter of 2006. - Unum shares rose rose $2.49, to $27.41, in trading on the New York Stock Exchange at shortly after 10 a.m., up nearly 10 percent and a level the stock has not reached since 2001.

8) Allianz, Hana in talks over insurer deal-source - Thu May 3, 2007 5:03AM EDT - SEOUL, May 3 (Reuters) - Allianz (ALVG.DE: Quote, Profile, Research, Europe's biggest insurer, is in negotiations with South Korea's Hana Financial Group (086790.KS: Quote, Profile, Research to sell its entire stake in an insurance firm to Hana, a source familiar with the situation said on Thursday. --- The size of the prospective deal has yet to be disclosed. The insurance unit has a capital of 23 billion won ($24.75 million).

9) Flagstone Re Announces Exercise of Over-Allotment Option by Underwriters - HAMILTON, Bermuda--(BUSINESS WIRE)--Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced today that the underwriters of the Company's March 29, 2007 initial public offering of common shares partially exercised their over-allotment option to purchase an additional 750,000 common shares. Including the over-allotment shares purchased, the Company sold 13,750,000 shares at a public offering price of $13.50 per share, resulting in net proceeds to the Company of approximately $173.1 million (after payment of the underwriting discount, but excluding offering expenses).

10) Allstate Insurance Company Launches New Web Site for the Media - NORTHBROOK, Ill.--(BUSINESS WIRE)--Allstate Insurance Company has launched its new media resources and executive communications section of its Web site (http://media.allstate.com).

11) State Fund to Receive Over $100,000 in Restitution From Los Angeles Businessman in Workers' Compensation Fraud Case - LOS ANGELES and SAN FRANCISCO, May 2 /PRNewswire/ -- Los Angeles Superior Court Judge David Horwitz ordered Rogelio Mata, owner of Rogma Construction Services, to pay full restitution to State Fund of $100,000 after pleading no contest to one count of Insurance Code Section 11880 - insurance premium fraud. Judge Horwitz also sentenced Mata to three days in county jail.

12) A.M. Best Adds Total Returns to Insurance Stock Indexes - OLDWICK, N.J., May 2, 2007?Beginning with the close of markets on May 2, the 15 stock indexes tracking publicly traded insurers will also include a daily summary of the index performance based on total return. --- Insurance companies often look to benchmark their own stock performance against a peer group. Market analysts do the same. Those looking to do such an assessment now are able to view actual, or total, return, including both the change in a company?s stock price as well as return in reinvested dividends, against a peer grouping on a similar basis. This is the same view that usually has greatest meaning to a company?s stockholders.

13) Big ?I? Town Hall Meeting Tackles Top Insurance Issues - WASHINGTON, D.C., May 3, 2007 -- Big ?I? CEO Bob Rusbuldt moderated an Insurance Panel and Town Hall meeting of industry stakeholders at the National Legislative Conference & Convention of the Independent Insurance Agents & Brokers of America (IIABA) in Washington, D.C. on Friday, April 27. The forum was the first insurance town hall meeting to include representatives from all industry stakeholders: a legislator, an insurance regulator, a consumer advocate, an independent agent and an insurance carrier CEO. The unique forum and diverse group discussed major trends and challenges facing the insurance industry and consumers today, including the aftermath of Hurricane Katrina, natural disasters and flood insurance, the McCarran-Ferguson Act, industry profitability, and terrorism risk.

14) Big ?I? Young Agents? President?s Panel Discusses Future Of Independent Agency System - WASHINGTON, D.C., May 2, 2007?A panel of prominent insurance industry leaders discussed current industry trends, the aftermath of Hurricane Katrina and the future of the industry at the Big ?I? Legislative Conference & Convention. The panel was part of the Young Agents meeting held in conjunction with the conference.

15) ?How? and ?When? of employee health incentives answered in new IncentOne issue brief - Lyndhurst, N.J. ? May 3, 2007 ? Major corporations are doing it. Universities like Ohio State are doing it. State legislators in Texas and Minnesota are proposing it. Now IncentOne explains how to do it right. -- Today IncentOne released ?The Art and Science of Health Incentives,? an issue brief addressing the rapidly growing trend among employers to offer incentives for improved employee health and wellness. The brief lends IncentOne?s expert voice to explain how and when employers should offer incentives.

16) BEN-E-LECT and grouplink Inc. partner to introduce first Employer-Driven, high deductible dental plan in colorado - COLORADO SPRINGS, CO, May 2, 2007?Ben-e-lect, one of country?s leading third-party administrators (TPAs) and innovator of ?employer-driven? benefits plans, announced the launch of its new high-deductible dental plan that will offer significant cost savings to Colorado employers providing dental benefits to employees. The plan is powered by GroupLink, Inc., an industry specialist in dental plans, and underwritten by Madison Life Insurance Company, an A- rated insurance carrier with assets of over $759 million.

17) LifeLock Partners With MyPublicInfo, Inc. - TEMPE, AZ ? (May 2, 2007) ? According to The Privacy Rights Clearinghouse, a non-profit group in San Diego, since January of 2005 more than 153,000,000 consumers have become potential victims of Identity Theft through losses of personal information. While data losses come from various means, one constant remains -- often the victims have no idea if their information has been used until it?s too late.

18) King Insurance Adds Admitted Comprehensive Personal Liability Market - San Juan Capistrano, CA?King Insurance Support Systems has announced they have acquired a new admitted market for comprehensive personal liability for California clients. -- This program is very competitive and is written on an admitted, monoline basis. Minimum premium is $240.00 with limits of $100,000 CSL, $300,000 or $500,000. Medical payment is $1,000. Deductible is $250. Additional residences or each unit of a multi-unit up to four are eligible.

19) Survey Finds Many Motorcycle Insurance Customers Don?t Understand Physical Damage Coverages --- But Lucky For Them, You Do! - MAYFIELD VILLAGE, Ohio (May 3, 2007) - For many motorcycle owners, riding is more than just a recreational activity, it?s a lifestyle. Riding represents freedom, friends and fun. It?s what fuels daydreams and fills weekends.

20) INSURANCE NEWSCAST ?Pictures Of The Day?

21) Professional Insurance Agents (PIA) Washington/Alaska Encourages Veto Of Bad Faith Bill - Like many other insurance organizations and insurance companies, the Professional Insurance Agents (PIA) of Washington is encouraging Washington Governor Chris Gregoire to veto the recently passed bad faith bill, ESSB 5726. - A letter from PIA Washington/Alaska Executive Vice President Clark Sitzes told the governor that the bill is bad public policy and is unnecessary. Washington State already has exceptional consumer protection laws. Policyholders in the state can already sue for breach of contract, bad faith and a host of other issues and recover damages as well as attorneys fees.

22) ICAT and Boulder Claims Selected by Citizens Property Insurance Corporation in Florida ? BOULDER, Colo., May 2 /PRNewswire/ -- ICAT Managers, LLC and Boulder Claims have been named by Florida's Citizens Property Insurance Corporation as policy and claims service providers for Citizens' recently authorized commercial nonresidential multiperil product. --- ICAT will provide support to Citizens for a commercial nonresidential multiperil product starting Sept. 1. The ICAT appointment was approved by the Citizens' Board of Governors during its regular board meeting April 26.

23) New Cash Benefit Account Insurance Pays for Long Term Care - ROCHESTER, N.Y., May 3 /PRNewswire/ -- A new approach for personal funding of long term care will eliminate the needless complexity of a typical long term care insurance policy and will instead pay a 100% guaranteed cash benefit, regardless of the cost of services or the type of services used. -- The new product, aptly named Simplicity ii(SM), is for consumers who are concerned about having their family and lifestyle disrupted if they ever become disabled, yet have been reluctant to purchase long-term care insurance because of its complexity.

24) More Agents and Brokers Benefit from the Security Offered by Swiss Re Commercial Insurance Division Introduces Nonadmitted Product with ?The Big I? - Overland Park, KS ? May 3, 2007 ? More insurance agents and brokers now have access to world-class errors and omissions coverage, thanks to Swiss Re?s Commercial Insurance. Swiss Re announces the launch of a nonadmitted coverage for the members of the Independent Insurance Agents and Brokers of America (IIABA).

25) Workscape Launches New Performance Management Solution at WorldatWork Conference - MARLBOROUGH, Mass. (May 2, 2007) - Workscape, a proven provider of outsourced benefits, compensation and performance management solutions, will officially launch and demonstrate the capabilities of its new performance management offering at the WorldatWork Total Rewards Conference and Exhibition in Orlando Fla. from May 6 - 9, 2007.

26) Retiring Baby Boomers and Growing Worldwide Affluence Will Continue to Fuel Historic Capital Rush toward Real Estate - LOS ANGELES--(BUSINESS WIRE)--Lew Feldman, Chairman of Goodwin Procter?s Los Angeles office, led a distinguished panel of well-known real estate capital markets professionals at this year?s Milken Institute Global Conference. Joining Feldman were the following capital market experts: Steven Kantor, Managing Director, Head of Leveraged Finance, Real Estate and Private Placements, Credit Suisse, Mark Karlan, Executive Managing Director, CB Richard Ellis Thomas Shapiro, Founder and President, GoldenTree InSite Partners Barry Sternlicht, Chairman and CEO, Starwood Capital Group

27) Survey of Healthcare Payers Reveals Major Setback with Pay for Performance (P4P) Programs - FRAMINGHAM, Mass.--(BUSINESS WIRE)--In a recent survey conducted by Health Industry Insights, an IDC company, results reveal a major disconnect between healthcare payers' pay for performance (P4P) program objectives and provider incentives and technology investment. According to the findings, the majority of survey respondents (70%), who represent 57 U.S. health plans with P4P programs in production or pilot, say they have a P4P program that actively promotes physician technology adoption to improve healthcare quality, safety and outcomes. However, despite respondents' assertions, findings show only one in three (33%) respondents actually implement physician technology adoption as a P4P incentive. Additionally, less than 37% report active investment or sponsorship of these initiatives.

28) Protective Introduces SecurePaySM Living Benefit - BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Company today announced the release of SecurePaySM, an innovative new living benefit available with Protective?s wide array of variable annuities. SecurePay will be available on all contracts written on or after May 1, 2007, subject to state availability.

29) Genworth Financial Launches New Cornerstone Advantage(SM) Long Term Care Insurance Product - RICHMOND, Va., April 30 /PRNewswire-FirstCall/ -- Genworth Financial today announced the launch of the newest addition to its portfolio of long term care planning solutions -- Cornerstone Advantage. - Cornerstone Advantage's unique design and innovative approach helps expand the long term care insurance market to a much larger consumer base and makes long term care protection a more "mainstream" insurance solution -- much like auto, life and health insurance.

30) NAIC Consumer Alert - Storm Preparedness, A Four?Step Process - Knowing what to do before and after a storm can help keep your family and property safe. An insurance plan also can help make the recovery process a little easier. Following a major disaster, many consumers may be overwhelmed and confused by the insurance claim?filing process. However, it is critical that a claim be filed correctly to ensure you receive due payment. Here are some tips from the National Association of Insurance Commissioners to help you ?Get Smart? about your insurance protection.

31) New ``AIG Select-a-Term'' Product Allows Policyholders to Customize Term Life Insurance - HOUSTON--(BUSINESS WIRE)--American General Life Insurance Company (American General Life), a member company of American International Group, Inc. (AIG), today announced AIG Select-a-TermSM, a new term life insurance policy that allows policyholders the choice to customize the term limits. -- AIG Select-a-Term offers the choice of a 10-year, a 12-year or any period from 15- through 30-year term life policy. AIG Select-a-Term?s flexibility provides policyholders the freedom to link their term policy to specific life events, such as the payoff of a mortgage or the completion of funding their child?s college education and avoid paying for extra, unnecessary coverage.

32) Dynamic Leisure Corp. Teams with AIG Travel Guard to Provide Insurance for Their Travelers - TAMPA, Fla.--(BUSINESS WIRE)--Dynamic Leisure Corporation (OTCBB:DYLI) (?Dynamic?), an international online technology-based, leisure travel packager and wholesaler, announced today that it now offers its clients travel insurance plans, including natural disaster/hurricane coverage through AIG Travel Guard, one of the nation?s leading providers of travel insurance and assistance plans.

33) ING Fixed Annuities Introduces Guaranteed Withdrawal Benefit for Life - DES MOINES, Iowa, May 1 /PRNewswire-FirstCall/ -- ING (Nachrichten/Aktienkurs) Fixed Annuities has introduced the ING IncomeProtector Withdrawal Benefit, an ING USA fixed-index annuity rider that provides an optional guaranteed stream of payments for life, according to a company announcement this week. ING IncomeProtector Withdrawal Benefit rider features both payment flexibility and an annual increase to the guaranteed withdrawal base amount that helps offset the potential effects of inflation.

34) Ability to Select, Customize Underlying Investments Added to Nationwide Financial Variable Annuity Living Benefits - COLUMBUS, Ohio--(BUSINESS WIRE)--To provide individuals with more allocation choices and greater ability to customize portfolios within their variable annuities, Nationwide Financial Services, Inc. (NYSE:NFS), today announced the introduction of Nationwide Custom PortfolioSM. The flexible portfolio management system, available with Nationwide variable annuity living benefit riders beginning May 1, offers investment professionals and their clients more than 50 underlying investment options, spreading across nine asset classes and seven risk tolerances.

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