INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 05/16/07

[acinatech@yahoo.com]

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 05/16/07

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

AIG lifts bid for 21st Century minority holders - Tue May 15, 2007 8:17AM EDT - NEW YORK (Reuters) - American International Group Inc. (AIG.N: Quote, Profile, Research said it had reached a definitive agreement to buy out the minority shareholders in auto insurer 21st Century Insurance Group (TW.N: Quote, Profile, Research, which it already controlled, after raising its previous bid. - The agreed offer, of $22 a share in cash, was increased from an initial January bid of $19.75, a move some investors had expected since an independent committee of 21st Century's outside shareholders had to approve the deal.

AmWINS Group, Inc. Agrees in Principle to Acquire The American Equity Underwriters, Inc. - CHARLOTTE, N.C.--(BUSINESS WIRE)--AmWINS Group, Inc., the nation?s largest and most diversified wholesale insurance broker, today announced it has agreed in principle to acquire The American Equity Underwriters, Inc. (AEU). Based in Mobile, Alabama, AEU is a national provider of insurance programs for maritime employers with a special expertise in United States Longshore and Harbor Workers Compensation (USL&H) insurance. Through its subsidiary AEU Management, Ltd., AEU manages American Longshore Mutual Association, Ltd. (ALMA), a mutual insurance association based in Bermuda that is licensed by the United States Department of Labor to provide USL&H coverage to its members. The acquisition is expected to close in the second quarter of 2007.

Validus Holdings, Ltd. Announces Acquisition of Talbot Holdings Ltd.  - Hamilton, Bermuda. May 15, 2007. Validus Holdings, Ltd. (?Validus?) announced today that it has entered into a Share Sale Agreement to acquire all of the outstanding shares of Talbot Holdings Ltd (?Talbot?). Talbot owners include institutional investors and employees and management. The sale is conditional on regulatory approvals from the Financial Services Authority, the Corporation of Lloyd?s and the Bermuda Monetary Authority.

Insurer Ace to pay $9 mln fine to settle charges - NEW YORK, May 14 (Reuters) - Ace Ltd. (ACE.N: Quote, Profile, Research will pay $9 million in fines and restitution to Pennsylvania to settle allegations of bid rigging and market collusion, the state insurance commissioner said on Monday. - The settlement, the largest of its kind in the state, was the result of an investigation into the Bermuda-based insurer's quoting and commissions practices, according to acting Pennsylvania Insurance Commissioner Randy Rohrbaugh.

Oklahoma faults agents working for Humana ?NYT - NEW YORK, May 15 (Reuters) - The Oklahoma insurance commissioner has documented widespread misconduct by agents working for health insurer Humana Inc (HUM.N: Quote, Profile, Research and ordered the company to take corrective action, the New York Times reported on its Web site on Tuesday.

AHIP Announces New National Education Campaign on the Need for Disability Income Protection - WASHINGTON, May 14 /PRNewswire-USNewswire/ -- In the midst of Disability Insurance Awareness Month, America's Health Insurance Plans (AHIP) announced a new national education campaign to promote the need for disability income protection and highlight the value disability insurance provides for workers, employers, and taxpayers. - As the centerpiece of this campaign, AHIP released two new reports on disability income insurance, including a new study by academics at Cornell University on the need to improve the current support system for workers with disabilities and a survey of group disability carriers conducted by Milliman, Inc. that examines the return-to-work programs offered by insurers.

Employers Not Doing Enough to Meet Workforce Retirement and Recruitment Needs, Says Aon Consulting Survey - CHICAGO, May 14 /PRNewswire-FirstCall/ -- As nearly 80 million baby boomers begin to retire, three in five organizations nationwide believe the majority of their employees are not financially prepared to leave the workforce, according to a new survey conducted by Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE:AOC) .

New Eastbridge Study Finds Voluntary Medical Market Moving into the Mainstream - AVON, Conn.--(BUSINESS WIRE)--Five to seven years ago, voluntary medical plans were, to say the least, very basic. But today?s plans, according to some voluntary medical providers, are much more robust, with more and richer benefits?primarily driven by market pressures, rising medical costs, greater understanding of the product, and, of course, an overwhelming number of uninsured. In addition, these products have become more ?mainstream.? This is due, in part, to the entrée of major medical carriers, which has validated the marketplace for many brokers. Now that these carriers have entered the market, other carriers are developing or have developed products and brokers are taking the products more seriously.

Worksite industry performance earns a C+ from LIMRA - WINDSOR, Conn., May 2, 2007 ? Discovering gains in some areas and setbacks in others, LIMRA is giving the worksite marketing industry an overall grade of C+ for its progress in growing the use of voluntary benefits over the past four years.

Trustmark?s New Voluntary Group Critical Illness Insurance Features Employer-Funded Plan Designs with an Employee-Paid Voluntary Buy-up - LAKE FOREST, Ill., May 9, 2007 ? Trustmark Voluntary Benefit Solutions, a leading provider of payroll-deducted voluntary benefits, introduces Group Critical Illness (CI) plans that unite substantial benefit amounts with affordability. For the same premium, Trustmark?s Group CI plans provide nearly twice as much benefit as individual plans. As an affordable option that helps bridge the coverage gap created when employer benefit dollars are stretched thin and employees need more financial protection, Trustmark?s Group CI is an ideal solution.

The Retirement Income Industry Association Launches New Awards to Showcase Innovation in Retirement Communications - Boston, MA (May 14, 2007)  The Retirement Income Industry Association (RIIA) recently announced a new awards program designed to deliver independent, objective and cross-silo benchmarking of excellence in communications for the industry.  Awards will be announced at the RIIA Annual Meeting and Awards Dinner September 17, 2007 at the Royal Sonesta Hotel in Cambridge, MA.

SOA Study Reveals MEDai's Predictive Modeling Technology is Most Accurate - ORLANDO, Fla., May 15 /PRNewswire/ -- MEDai, Inc., headquartered in Orlando, FL, a leading provider of advanced solutions for healthcare that utilize award-winning predictive modeling technology, announced that its predictive modeling solutions achieved the highest R2 and lower Mean Absolute Predictive Error (MAPE), the two most important criteria in predictive modeling, in the recent Health Risk Assessment Study performed  by the Society of Actuaries (SOA).

Allianz Annuity Class Action Could Include 400,000 Claimants, According to Legal Counsel for Named Plaintiffs - ATLANTA, May 15 /PRNewswire/ -- A federal judge has certified the largest pending class action lawsuit alleging that the U.S. unit of global insurance giant Allianz (NYSE: AZ) fraudulently marketed some of its most widely sold annuity products, according to the law firms representing purchasers of the products.  - U.S. District Judge Ann D. Montgomery, of Minneapolis, Minn., certified the case late last week. The legal team for named plaintiffs Linda L. Mooney and Lieselotte W. Thorpe estimate that the class could include 400,000 purchasers of the Allianz annuity products included in the lawsuit.    

A.M. Best Special Report: Massachusetts Health Regulatory Market Review - Will Massachusetts Universal Plan See Its Reflection in Future of U.S. Health Care? - OLDWICK, N.J.--(BUSINESS WIRE)--The Massachusetts universal health care mandate, enacted a year ago this past April, may have energized the movement for state level reform, but will the plan be a template for the future of health care in the United States? Certainly the direct way in which the state?s Legislature, governor and voters made their historic decision to implement universal coverage suggests, at least at the state level, that there is the will to solve the problem and that the time is right to do so. Unfortunately, there is little uniformity among the states that have enacted or taken steps toward universal health care legislation. Nor is there likely to be uniformity in the future, as each state, so far, has crafted reform legislation to fit its population and economic circumstances.

A.M. Best Special Report: U.S. Banking Issues Smaller Banks Are Better Prepared to Withstand Surge in Loan Delinquencies - OLDWICK, N.J.--(BUSINESS WIRE)--The adequacy of U.S. banks? Allowance for Loan and Lease Losses (ALLL) levels was questioned in A.M. Best Co.?s March 26, 2007 special report, ?Are Loss Reserves Adequate in Light of Rising Delinquencies?? Supplementing that report are lists of the top 50 large banks and the top 50 small banks with the highest ratios of ALLL to Total Loans and Leases as of December 31, 2006.

Anthem Life Insurance Company Introduces Resource Advisor(TM) - LAS VEGAS, May 14 /PRNewswire/ -- Employees face the challenge of balancing the day-to-day demands of work combined with the stresses of everyday life -- parenting, elder care, financial burdens, or more life changing moments such as the loss or disablement of a loved one. To meet the varying needs of employees, Anthem Life Insurance Company has introduced Resource Advisor(TM) offering large employers an integrated solution through a program that features Anthem Blue Cross and Blue Shield's Behavioral Health division and Anthem Life's Life and Disability services. This new program is designed to offer employee resources to help improve their well being and manage problems before they become an emotional or financial burden.

Standard & Poor's Launches S&P Global Challengers 40 Index - NEW YORK, May 15 /PRNewswire/ -- Standard & Poor's, the world's leading index provider, launched today the S&P Global Challengers 40 Index, based upon its widely followed S&P Global Challengers List(TM) -- an annual composite of 300 mid-size companies that may be expected to emerge as challengers to the world's leading large cap companies. The index is an investable, geographically diversified basket of 40 mid-size companies that demonstrate the highest growth characteristics as measured by both intrinsic and extrinsic growth factors.

Lots of Health Care Proposals: But Who's Asking You? - SEATTLE and WASHINGTON, May 14 /PRNewswire-USNewswire/ -- While all sorts of new health care alliances are being formed and presidential candidates are putting forth their proposals, few groups are asking the  American public what they need and want when it comes to health care. CodeBlueNow! a national, nonpartisan grassroots organization with supporters across the country, and the National Coalition on Health Care, with 75 member organizations, representing over 150 million people, have joined forces to distribute the Health Care Values and Ideas America Opinionnaire(R) so the public at large can weigh in on what is important to them. This new interactive online survey lets people share their views and track how others feel about how health care is provided and paid for.

PIA Welcomes Carriers Joining PIA Branding Program - WASHINGTON ?  The National Association of Professional Insurance Agents today announced the first group of insurance companies to sign on as sponsors of the association?s compelling new agent branding program, Local Agents Serving Main Street America.SM  -- Charter sponsors of the PIA Branding Program are: AIG Agency Auto, American Commerce Insurance Company, Auto-Owners Insurance Company, Bristol West Insurance Group, Celina Insurance Group, Central Insurance Companies, Columbia Insurance Group, German Mutual Insurance Company, Harleysville Insurance,  The Hartford, Insurance House, MetLife Auto & Home, Motorists Insurance Group, Northern Neck Insurance Company, Ohio Casualty Group, Progressive Casualty Insurance Company, Southern Insurance Underwriters, State Auto Insurance Companies, Unitrin Specialty and Westfield Insurance.

The End of Online Identity Fraud: Introducing Armored Online, a Company Delivering a New Paradigm in Online Security to the Financial Services Industry - SALT LAKE CITY, Utah--(BUSINESS WIRE)--Armored Online, delivering a secure, branded channel that establishes a trusted environment for financial institutions and their customers to communicate and transact, launched today. Representing a new paradigm, Armored Online delivers technology solutions to financial institutions that protect customers from phishing, man-in-the-middle, Trojan and other attacks, eliminating the risk of online identity fraud. -

Less Than Half of Boomers Are Brand Loyal According to Research from Focalyst - NEW YORK--(BUSINESS WIRE)--Baby Boomers grew up with a wealth of choice of products and companies and they continue to enjoy the myriad options according to a research study from Focalyst, a market research and consulting firm focused exclusively on Baby Boomers and older consumers. In this study of more than 30,000 adults over the age of 42 in the continental U.S., Baby Boomers (those born between 1946 and 1964) were found to frequently switch brands across a wide variety of product and service categories including apparel, cars, prepared foods, airlines, and more. Service oriented categories such as banking and insurance companies are most likely to buck the trend and show the highest loyalty among this group.

Women Lag Behind Men on Life Insurance Coverage Despite More Awareness - BLOOMINGTON, Ill., May 15 /PRNewswire/ -- When it comes to safeguarding a family's financial future, women have less life insurance coverage than men despite more awareness, according to a new survey by COUNTRY Insurance & Financial Services. The survey finds more women (76 percent) rate life  insurance as very or somewhat important than men (69 percent), however only 14 percent report having coverage for three years of their current income.    

American Service Insurance announces new Artisan program in Tennessee - American Service Insurance, a property casualty insurer rated A- by AM Best, has launched a new Artisan auto program for small business commercial auto risks thru the independent agent network. - Thru an on-line web-based rater, this product offers auto liability and physical damage coverage to risks such as delivery services and tradesman.

CPCU Society Releases Results Of Member Poll On Cpcu Career Paths - MALVERN, PA, MAY 15, 2007?The CPCU Society?the professional association for nearly 28,000 chartered property casualty underwriters?released the results today of a March survey of its Member Opinion Panel. In this second survey of a two-part series on insurance career outlooks, members of the panel were asked for their views on CPCU career paths, and the career planning strategies and tools that Society members find valuable in managing their careers.

Ironshore Insurance To Provide Property And Catastrophe Insurance For South Carolina Risks - Hamilton, Bermuda, May 15, 2007 - Ironshore Insurance Ltd. was approved today to provide property and catastrophe insurance on an excess and surplus basis for risks located in the State of South Carolina. Ironshore will provide commercial property and condominium coverages to the coastal exposed businesses statewide.

National Planning Holdings, Inc.® Partners With Millennium Trust Company to Offer FlexHSA® Health Savings Accounts  - SANTA MONICA, Calif.--(BUSINESS WIRE)--National Planning Holdings, Inc. (NPH), the nation?s seventh-largest broker-dealer network1, today announced that representatives from its four affiliated firms will now offer FlexHSA Health Savings Accounts to eligible clients through Millennium Trust Company. Millennium Trust Company acts as custodian for the accounts, while Flexible Benefit Service Corporation (Flex) offers dedicated sales support and education for NPH advisors. First DuPage Bank provides debit card and checking services, allowing easy access to funds.

Can We Fix the Healthcare Payment Mess? - New Report Shares Strategies that Encourage

Efficiency, Quality, and Consumer Involvement  - CHICAGO--(BUSINESS WIRE)--Today?s healthcare payment system has produced a perplexing array of cross subsidies, hidden taxes and conflicting incentives, making it costly to administer and difficult to understand. And it has created such an intricate maze of conflicting incentives and priorities that any proposed solution damages at least one of the system?s stakeholders ? government, payers, providers, business, and consumers.

Melissa Data?s New Database Targets Homeowners - RANCHO SANTA MARGARITA, Calif. (May 15, 2007) ? Melissa Data ( www.melissadata.com ), a provider of business and consumer mailing lists, databases and sales leads, today announced the availability of a Homeowner database, one of the first online databases offering comprehensive information on both absentee and on-site homeowners, and their properties. - ?Absentee and on-site homeowners represent a segment of the population with substantial buying power,? said John Hull, Melissa Data vice president of list sales. ?Using the Homeowner database, businesses may customize, order, and download targeted lists to reach the right households with their offer -- in areas as local as a single ZIP Code to properties spread out across the nation.?

 

INSURANCE NEWSCAST from InsuranceBroadcasting.com
9221 Ravenna Road, Suite #D8, Twinsburg, OH 44087
888-282-1765 --- 330-425-8399