INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 05/14/07

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Monday, 05/14/07

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

Towers Perrin Survey Indicates Increased Life Insurance Merger and Acquisition Activity in Next 12 Months - STAMFORD, Conn.--(BUSINESS WIRE)--CFOs at major life insurance companies believe mergers and acquisitions within their industry will significantly increase over the next 12 months. - According to the latest CFO survey from the Tillinghast business of Towers Perrin, 57 percent of the respondents said it is possible or highly likely they will acquire another company in the next 12 months. Seventy-seven percent said it is possible or highly likely they will acquire a block of business from another company.

Groundbreaking Proposals For Increasing Retirement Savings Released By Diverse Coalition Of Experts - WASHINGTON ? The Conversation on Coverage, an unprecedented public policy initiative to expand pensions and retirement savings, released its final recommendations today at the National Press Club.  Covering the Uncovered: Final Report of the Conversation on Coverage offers innovative common-ground proposals to increase pension coverage and retirement savings for American workers ? particularly low - and moderate-income wage earners. The report can be viewed at www.conversationoncoverage.org.

Health Savings Account Enrollees Predicted to Rise to 30 Million by 2009 - CHICAGO--(BUSINESS WIRE)--Health savings accounts (HSAs) are positioned for aggressive growth over the next three years, according to a new report from Mintel. The report predicts the number of HSA enrollees will increase to 30 million by the end of 2009. The research firm?s exclusive survey revealed that only one third of respondents would not be interested in a HSA, indicating substantial potential for increasing enrollment through consumer education. Of the respondents, 13 percent say that they currently have a HSA through their employer.

David Takes on Another Goliath - Ohio Agency Sues Department of Insurance - CINCINNATI--(BUSINESS WIRE)--Total Benefits Planning Agency, Inc., has sued the Ohio Department of Insurance (DOI) to halt its improper efforts to block Total Benefits' strategy for cutting employer health care costs. -- However, Anthem Blue Cross/Blue Shield -- which loses premium dollars when clients adopt the strategy -- has objected. Anthem has terminated Total Benefits' contract to write new business, terminated agents doing business with Total Benefits, and threatened in writing to terminate agents even contemplating adopting the strategy.

Arthur J. Gallagher & Co. Acquires Tropp & Company - ITASCA, Ill., May 10 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Tropp & Company headquartered in Lake Forest, Illinois. Terms of the transaction were not disclosed.

Chief Economist: Fed Could Cut Interest Rates By Fall - May 10, 2007 (OWINGS MILLS, MD) ? Following the May 9 decision of the U.S. Federal Reserve to leave interest rates unchanged, Euler Hermes ACI Chief Economist Daniel C. North issued the following commentary: "As expected yesterday, The Federal Reserve held the Fed Funds interest rate steady at 5.25%. In the statement accompanying the action, the Fed cited both economic growth and inflation as concerns. The statement noted that "Economic growth slowed in the first part of this year and the adjustment in the housing sector is ongoing? but it also stated that "Core inflation remains somewhat elevated ? (and) the high level of resource utilization has the potential to sustain?? inflationary pressures.

Workplace Audio From Workplace Benefits Association - Automating Enrollments When You Don?t Have Face-to-Face Access To The Employees - Cleveland, OH - 05/04/07 - The Workplace Benefits Association is pleased to announce the most recent Workplace Audio: 5/11/07 - Greg Schlatter, President of miQuotes.com. The subject matter is ?Automating Enrollments When You Don?t Have Face-to-Face Access To The Employees.?  - The 10-minute interview discusses the concept of setting up a totally automated Internet enrollment platform when you are unable to have any face-to-face contact with the employees.

US CREDIT-Marsh & McLennan spread weakness seen persisting - Thu May 10, 2007 4:17PM EDT - By Neil Shah - NEW YORK, May 10 (Reuters) - Credit spreads of Marsh & McLennan Companies Inc. (MMC.N: Quote, Profile, Research are likely to weaken further as the insurance broker grapples with soft revenue growth that may make it more attractive to private-equity firms. - New York-based Marsh & McLennan, the world's largest insurance broker, said on Tuesday that first-quarter profit dropped about 36 percent as revenues in its biggest unit fell short of expectations. For details, see [ID:nN08430265].

Senate bill would block retailers' banks - Thu May 10, 2007 2:03PM EDT By John Poirier - WASHINGTON (Reuters) - U.S. senators introduced on Thursday bipartisan legislation that would block retailers such as Home Depot Inc. from operating a bank. - The bill, which is co-sponsored by Democrats Sherrod Brown of Ohio and Tim Johnson of South Dakota, and Republican Wayne Allard of Colorado, mirrors a version that is expected to win approval by the full House of Representatives.

Money, health woes haunt Katrina victims-study - Thu May 10, 2007 2:37PM EDT By Lisa Lambert - WASHINGTON, May 10 (Reuters) - Financial hardship and health problems still plague survivors of Hurricane Katrina in New Orleans, with black residents struggling more than whites, the Kaiser Family Foundation said on Thursday. - More than half of the 1,504 people surveyed by the foundation after the disaster said they had money problems because of the hurricane and resulting floods, and 17 percent said they had lost a job or had to take a lower-paying job. Kaiser conducted the study from September to November 2006.

Ex-Morgan Stanley lawyer pleads guilty to fraud - Thu May 10, 2007 3:00PM EDT By Sarah Coffey - NEW YORK (Reuters) - A former Morgan Stanley (MS.N: Quote, Profile, Research lawyer and her attorney husband pleaded guilty on Thursday to conspiracy and securities fraud in what U.S. authorities have called the most pervasive insider trading ring since the 1980s that netted more than $15 million in illegal profits. --- Both defendants agreed to forfeit $9,000 in profits they made through the scheme. Randi Collotta agreed not to appeal a sentence of 18 months or less in prison, while her husband agreed not to appeal a sentence of 16 months or less, Assistant U.S. Attorney Andrew Fish said. Each faces a maximum 25 year prison term.

Cutting Social Security Benefits: What's in Your Wallet? - WASHINGTON, May 11 /PRNewswire-USNewswire/ -- American seniors need Social Security. It's a simple truth often lost in the political and philosophical debate swirling around "entitlement reform." A new study released by the National Academy of Social Insurance examines the pocketbook realities facing retirees, now and in the future.    

Hasta La Vista Allstate; California Homeowners Won't Miss Insurer If It Stops Selling New Policies, Says FTCR - SANTA MONICA, Calif., May 10 /PRNewswire-USNewswire/ -- Goodbye and good riddance to Allstate's excessive rates and overcharges, said consumer advocates today, in response to the insurer's announcement that it will stop selling new homeowners insurance policies in California. The Foundation for Taxpayer and Consumer Rights (FTCR) said Allstate's decision is part of an ongoing effort by the company to bully the state into allowing unwarranted rate increases.

Congress Must Give Pharmacies Negotiating Power Against Pharmacy Benefit Managers to Preserve Patient Access to Prescription Drugs  - WASHINGTON, May 10 /PRNewswire-USNewswire/ -- Pharmacy Benefit Managers' (PBMs) persistent under-reimbursement to independent pharmacies for Medicare D drugs threatens to destroy patient access to medication counseling and care. Since the Medicare D benefit began, many independent  pharmacies have closed because PBMs have under-paid them to fill prescriptions at a loss to their businesses. The Association of Community Pharmacists Congressional Network (ACP*CN) urges Congress to pass H.R. 971, giving pharmacies collective bargaining rights under the US antitrust law to band together and negotiate fairer contract terms with PBMs.

WellCare Strengthens Compliance Practices to Protect Medicare Beneficiaries - TAMPA, Fla., May 10 /PRNewswire-FirstCall/ -- WellCare Health Plans, Inc. (NYSE: WCG) today announced additional compliance measures designed to protect the rights of Medicare beneficiaries. These new enhancements will increase the oversight of independent sales agents who market the company's Medicare Advantage products. WellCare is working in conjunction with America's Health Insurance Plans (AHIP) as it prepares to introduce new principles to protect Medicare beneficiaries nationally.

Medicare Advantage Advocacy Group Sees Surge in Membership - WASHINGTON, May 10 /PRNewswire-USNewswire/ -- In the past month alone, more than 100,000 seniors have joined the Coalition for Medicare Choices to urge Congress to protect the benefits they receive through Medicare Advantage plans. With the recent surge in membership, the Coalition now totals more than 350,000 members from across the nation.

New Book Puts Art into Estate Planning - NEW YORK, N.Y. May 10, 2007-Wealth Management Press, an imprint of Penton Media, Inc., announces the publication of Life is Short, Art is Long ? Maximizing Estate Planning Strategies for Collectors of Art, Antiques, and Collectibles. Written by Michael Mendelsohn, with Paige Stover Hague, Esq., this new book is the definitive guide for financial advisors, lawyers, CPA?s and insurance professionals who provide estate and financial planning services to clients who have more than $1 million in art, antique and collectibles assets. Mendelsohn?s innovative PowerGifting? strategies reduce federal tax liability, create philanthropic capital and optimize intergenerational wealth transfer.

CastleBay Consulting announces acquisition of Apteon - Austin, TX, May 10, 2007 ? CastleBay Consulting Corporation, a consulting services firm specializing in providing high impact consulting services to the Property & Casualty insurance market, today announced that it has acquired Apteon, a Pennsylvania based provider of P&C technology related consulting and services.  By combining the complementary service offerings and skill sets of the two organizations, CastleBay has extended its portfolio of services while adding additional resources to increase the company?s delivery bandwidth.

Sun Life Financial Launches New IRA Review Program To Meet Demand for Generational Wealth Strategies - Wellesley, MA (May 10, 2007) ? The U.S. Individual Insurance Division of Sun Life Financial (NYSE: SLF, TSX: SLF) today launched an innovative new marketing program - Creating Generational Wealth - targeted to the booming retirement and wealth transfer markets.  This IRA Review Program provides financial advisors with diverse strategies to help clients evaluate their situation and make appropriate changes to their IRA and/or employer-sponsored qualified plans for retirement and for transferring wealth to the next generation.

Want benefits growth? Think small. -- The best opportunities for growth exist at the low end of the employer market, experts say. But small client servicing costs often exceed small client revenues. Time is money. The question for advisers is how to make the math work. -- Research shows that there is more than $200 billion in employee benefits opportunity for the taking, according to LIMRA. The group estimates that the core group insurance market stands at about $624 billion annually, which includes both existing enrollees and potential enrollees. Current enrollees account for $410 billion of the market, leaving $213 billion of total unrealized market premium for the potential enrollees at companies, many of them small firms, that do not currently offer benefits

WKF&C Adds Two More Carriers for General Liability - Melville, New York?Tom Wilson, President of WKF&C Agency is extremely proud to announce the signing of two (2) non-admitted, premier carriers with A.M. Best ratings of ?A-? in an effort to provide a broader range of General Liability coverage to their insureds.   --- Eligible classes of business include: Habitational Real Estate, including apartments, condominiums, co-ops and 1-4 family dwellings, up to and including 15 stories in height ? Mercantile, Retail and Office risks for lessors? risk ? Vacant buildings and land ? Owners? Interest for construction and renovation projects ? Special Events? Liability.

XN Financial Announces Canadian Launch Of XN Global Preferred Care - Montreal, CANADA ? Wednesday, May 9, 2007 ? XN Financial announces the Canadian launch of XN Global Preferred Care, a new approach to critical illness for groups and individuals that?s designed for one purpose: maximizing the chance of a full and fast recovery from the world?s most life-threatening diseases, including cancer and heart disease.

'That Dog Just Don't Hunt': Create a Purposeful Workplace with the Right Employees - SANTA ROSA BEACH, Fla., May 8 /PRNewswire/ -- In Charles Acker's new book, "That Dog Just Don't Hunt: Create a powerful and purposeful workplace by selecting and keeping the right employees" (now available through AuthorHouse), the author identifies methods adopted by many of today's managers that often breed employee distrust, turnover and deficiencies rather than mentoring employees to be purposeful, powerful resources focused on the success of the business.

Unum Named One of Best Employers for Healthy Lifestyles - WASHINGTON (May 9, 2007) ? Unum (NYSE: UNM) today received a 2007 Best Employers for Healthy Lifestyles award from the National Business Group on Health, a national non-profit organization of large employers. - Unum was honored with a Gold Award presented by the Business Group?s Institute on the Costs and Health Effects of Obesity. The award reflects Unum?s commitment and dedication to combating obesity and promoting a healthy lifestyle for its employees. It is the second time Unum has received this recognition.

Cooper Gay Agrees Terms For The Acquisition Of A Stake By Sonae - London: The Cooper Gay Group has announced that SC Insurance and Risk Services, SGPS, SA, a subsidiary of the Portuguese corporation Sonae SGPS, S.A. has agreed terms for the acquisition of approximately 14% of Cooper Gay (Holdings) Limited with an option to increase its holding to 28%.  -- Completion of the transaction is subject to competition clearance and regulatory approval.

Fortress Launches $5 Billion Private Equity Fund and Announces $2.84 Billion Initial Closing - NEW YORK, May 7 /PRNewswire-FirstCall/ -- Fortress Investment Group LLC (NYSE:FIG) announced today that it completed a closing with third party commitments of approximately $2.84 billion for its newly launched private equity fund. The fund is being raised to continue Fortress's strategy of making control investments in asset-based businesses and asset portfolios primarily in North America and Western Europe.

$187 Million Fund Closed - Fund Exceeds $150 Million Target - BUFFALO, N.Y., May 8 /PRNewswire/ -- Summer Street Capital Partners, LLC ("Summer Street") announced today that it has closed Summer Street Capital II, L.P. and its affiliate partnership (collectively, "SSC II"), a $187 million private equity fund dedicated to small market buyout and growth equity investments. SSC II exceeded its $150 million target. Summer Street was founded in 1999 and manages approximately $300 million in aggregate.

Not a Hedge Fund, Not a Mutual Fund, But . . . . CHICAGO, May 8 /PRNewswire/ -- For the first time, investors have their choice of using traditional S&P 500 equities or Single Stock Futures to create customized portfolios in their personal accounts, using a family of investment products just launched by Scalar Funds Management, LLC. Strategies include both absolute-return Market Neutral, and pure directional portfolios similar to Mutual Funds.

CPCU Society National Leadership Institute Course Coming To Puerto Rico - MALVERN, PA, MAY 8, 2007?On June 6, the CPCU Society and the NAIW will be hosting a CPCU Society National Leadership Institute (NLI) course: Building Highly Effective Teams. Course materials and refreshments will be included. This course has been approved for eight (8) continuing professional development (CPD) units by the American Institute for CPCU. -- When: June 6, 2007, Where: Caribe Hilton San Juan, San Geronimo Grounds, San Juan, Puerto Rico 00902-1872

Tenet?s Florida Hospitals Enter into Agreement with Great-West Healthcare  -  CORAL SPRINGS, Fla.--(BUSINESS WIRE)--Tenet Healthcare Corporation?s (NYSE:THC) Palm Beach Health Network and Miami-Dade/Broward Health Network announced today they have reached a multi-year agreement with Great-West Healthcare to provide in-network healthcare services to more than 100,000 Great-West Healthcare plan members in Florida. The agreement is effective June 1, 2007, and includes all Great-West Healthcare health plans. The contract renews the network participation agreement at St. Mary?s Medical Center and Good Samaritan Medical Center, and adds Tenet?s remaining nine acute hospitals and one rehabilitation hospital in South Florida to Great-West Healthcare?s network. Financial terms of the agreement were not disclosed.

Leading Student Health and Accident Insurer Selects Flagship Global Health To Support Members in Emergencies  - NEW YORK, May 10 /PRNewswire-FirstCall/ -- The Maksin Group, a leading provider of student health insurance and K-12 catastrophic and accident insurance has signed an agreement with Flagship Global Health (Pink Sheets: FGHH.PK) to incorporate Flagship's emergency support services into its student health policies. The Maksin Group is a fully licensed insurance agency and third party administrator (TPA) specializing in the student insurance market and the employee benefit arena with over 10,000 schools and organizations as clients. The firm carries about 250,000 student health policies for educational institutions across the country and has accident policies in force covering millions of K-12 students. Maksin also offers in addition to a full range of other accident and health insurance programs.

Mitchell Williams Law Firm Announces Expansion Into Texas Former Texas Deputy Commissioner To Lead Insurance Regulatory Practice - LITTLE ROCK, AR (May 9, 2007) ? Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., a full-service law firm with offices in Little Rock and Rogers, Ark. has announced its first-ever expansion into Texas with the opening of a third office in Austin.  Bill Bingham, former Deputy Commissioner for Regulatory Matters in the Life, Health, and Licensing Program of the Texas Department of Insurance, will lead the office?s insurance regulatory practice as counsel.

 

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