INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 05/17/07

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 05/17/07

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

Bank of America eyes options for NJ brokerage - NEW YORK, May 16 (Reuters) - Bank of America Corp. (BAC.N: Quote, Profile, Research, the second-largest U.S. bank, on Wednesday said it was exploring strategic options for a New Jersey-based commercial insurance brokerage unit. - Cranford-based Banc of America Corporate Insurance Agency LLC, provides brokerage and consulting services for property and casualty insurance and for employee benefits.

ANALYSIS-Bermuda reinsurers eyeing Lloyds syndicates - By Lilla Zuill  - NEW YORK, May 15 (Reuters) - Bermuda reinsurers, money burning a hole in their pockets after hefty 2006 earnings, are looking to expand into the Lloyd's of London insurance market, sources familiar with the situation said. Interest in joining Lloyd's [LOL.UL], the world's oldest and largest insurance market, is coming largely from reinsurers, dubbed the "Class of 2005," that formed in Bermuda after Hurricane Katrina.

U.S. healthcare expensive, inefficient: report - Tue May 15, 2007 1:07am ET By Maggie Fox, Health and Science Editor - WASHINGTON (Reuters) - Americans get the poorest health care and yet pay the most compared to five other rich countries, according to a report released on Tuesday. - Germany, Britain, Australia and Canada all provide better care for less money, the Commonwealth Fund report found. - "The U.S. health care system ranks last compared with five other nations on measures of quality, access, efficiency, equity, and outcomes," the non-profit group which studies health care issues said in a statement.

Pimco hires Greenspan as consultant: report - Wed May 16, 2007 7:08am ET - SAN FRANCISCO (Reuters) - Allianz AG's (ALVG.DE: Quote, Profile , Research) Pacific Investment Management Co. has signed up former U.S. Federal Reserve chairman Alan Greenspan as a consultant on economic issues, the Wall Street Journal said on Tuesday. - The deal signed this week calls for Greenspan to hold quarterly strategy sessions with Pimco executives, and to correspond with them up to twice a week through conference calls and e-mail, the newspaper said on its Web site.

Governor Deval Patrick And Attorney General Martha Coakley Announce $170 Million Workers' Compensation Rate Cut - May 15, 2007 - BOSTON ? Today, Attorney General Martha Coakley and Governor Deval Patrick announced a settlement in this year's workers? compensation rate setting proceeding, which will result in approximately $170 million in savings for businesses in Massachusetts. The new reduction averages a 16.9 percent savings per business; a significant increase from the last rate reduction in 2005 which averaged only a 3 percent savings.  The Commissioner of Insurance has approved the settlement.

Massachusetts Workers? Comp Rate Decrease Shows It's Time For A Competitive Rating System - BOSTON, May 16, 2007 ?The agreed rate decrease for workers? compensation insurance policies in Massachusetts is good news for workers and employers.  It also is the perfect time for the state to move to a competitive rating system, according to the American Insurance Assocation (AIA).   --- AIA is supporting legislation (H. 1840) that would bring to Massachusetts employers a rating system used in all the other New England states and that would encourage insurers to compete for their business.

AG Coakley Recovers $58.5 Million Dollars From Big Dig Insurer - May 14, 2007 - BOSTON ? Massachusetts Attorney General Martha Coakley's Office has reached a $58.5 million settlement with American International Group (AIG), the workers' compensation carrier for the Central Artery Tunnel (CA/T) Project.  A review by the Attorney General's Office found that the company failed to pay certain surplus funds to the Commonwealth as required under its contract. Today?s $58.5 million settlement includes $26 million in losses to the state, plus interest. The recovered money, which represents 15 years of unpaid surplus funds, will be returned to the CA/T Project.  In the course of the Attorney General's investigation and negotiations, AIG agreed to pay a large portion of the funds immediately to help address the CA/T's financial needs; AIG will pay the remainder of the settlement by May 22.

Allied Capital Announces $90 Million Investment in Leading U.S. Claims Recovery Outsourcer - WASHINGTON--(BUSINESS WIRE)--Allied Capital Corporation (NYSE:ALD) announced today that it has committed $90 million of debt financing to support a recapitalization of Trover Solutions, Inc. led by private equity firm Tailwind Capital Partners. Trover is a leading provider in the U.S. of outsourced claims recovery services and recovery software to the healthcare and property & casualty insurance industries. Allied Capital?s investment took the form of Term A and B senior notes as well as an unfunded revolver.

U.S. Companies Are Relying More on Time-Vested Restricted Share Plans, Despite European Market?s Shift Away Years Ago, According to New Hay Group Executive Compensation Study - PHILADEPHIA--(BUSINESS WIRE)--According to Hay Group?s 2006 Top Executive Compensation study, 63% of U.S. companies surveyed are providing time-vested restricted share plans to eligible employees, while less than 5% of European companies grant restricted shares as part of their equity plans.

Edentify Delivers Its Identity Fraud Solutions to over 4,000 General Information Services Customers - BETHLEHEM, Pa.--(BUSINESS WIRE)--Edentify Inc. (OTC BB:EDFY.OB), a leading provider of identity management and fraud detection solutions, today announced its partnership with General Information Services, Inc. (GIS), one of the largest human resources-solution providers in the country. Edentify will bundle its suite of identity fraud prevention solutions?including IDAssess, IDScreen, and IDAlert?with GIS?s portfolio of employment screening services, giving its clients broader employee screening capabilities. Edentify now has the opportunity to deliver its technology to GIS?s nationwide customer base of over 4,000 major corporations. This customer base includes financial institutions, retail stores, insurance companies and many Fortune 500 companies. Likewise, GIS customers will have access to a robust identity fraud detection solution to conduct better background checks on current and prospective employees.

USI Holdings Corporation Closes Acquisition of Steven E. Goldin Insurance, Inc. - BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Holdings Corporation today announced the acquisition of Miami, FL-based benefits broker, Steven E. Goldin Insurance, Inc. ("Goldin"). Goldin provides benefits products and services to mid-sized businesses throughout Southeast Florida. Goldin is expected to contribute approximately $2.0 million of revenues to USI on an annual basis.

Phoenix Marketing International Research Identifies Top Insurance Ads in the Market - BOSTON--(BUSINESS WIRE)--Communications & Brand Analytics (CBA), a Phoenix Marketing International practice, announced today a completed study on the advertising and brand differences of over fifteen major Property and Casualty Insurance carriers and the effect their advertising had on consumers. The survey platform, known as the AdPi Audit, is founded on a category perspective where surveys take into account key advertisers and ads running in the market in a given timeframe. This methodology provides "real world" evaluations of clients' ad and brand performance.

Life Partners? Chairman Comments on Market Activity - WACO, Texas--(BUSINESS WIRE)--Brian D. Pardo, Chief Executive Officer of Life Partners Holdings, Inc. (NASDAQ GM:LPHI) commented today on the recent increase in market activity for the company?s common stock. - ?Over the past 30 days, we?ve seen the closing price for our stock increase dramatically from $12.35 to $18.86 last Friday while this time last year, our stock price was only $5.57. In addition, our average daily volume over the past three months has increased to 41,000. --- Life Partners will file its Form 10-KSB detailing the company?s results over the past fiscal year on or about May 28.

 

ClaimForce Passes $150 Million Mark in Successful Insurance Rental Car Management - CHICAGO--(BUSINESS WIRE)--ClaimForce, Inc. announced today that it has exceeded the $150 million mark in successfully managing insurance replacement rental car expenditures. This is a major milestone for the web-based, independent, multi-vendor claim service network and communication platform. Insurance replacement rental and reimbursement costs insurance companies $4.4 billion each year and is one of the largest service costs associated with auto claims. Prior to the ClaimForce rental solution, insurance companies were without a single solution to offer choice to policyholders, manage walk-in customers, or track and pay for the services associated with insurance replacement rental.

RMS Performs Risk Anaylsis For Travelers Indemnity Company's Northeast Us Hurricane Risk Securitization - Newark, Calif. - May 16, 2007 - Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, performed the risk analysis for a securitization by the Travelers Indemnity Company, a wholly owned subsidiary of the Travelers Companies Inc (NYSE: TRV), of hurricane risk in the Northeast US. The analysis was based on a weighted index of industry losses by state and line of business, as reported by Property Claims Services (PCS).

Worldwide ERC® and Primacy Relocation Name 2007?s ?Best Cities for Relocating Families? - LAS VEGAS ? [May 16, 2007] ? Worldwide ERC®, the association for workforce mobility, and Primacy Relocation® announced that Fort Worth ? Arlington, Texas; Knoxville, Tennessee; and Provo-Orem, Utah, are 2007?s Best Cities for Relocating Families? among large, medium and small U.S. metropolitan areas. The two organizations worked with Bert Sperling of Sperling?s BestPlaces to rate cities based on those factors ? short-term and long-term ? that determine the likelihood of a successful relocation. [complete list at end of document]

The CPCU Society National Leadership Institute (NLI) and the Columbus Chapter proudly present . . . Strategic Thinking and Strategic Planning - Register Today! - Approved for CE Credits in Ohio! -- When: June 28, 2007, Where: American Family, 550 Polaris Parkway, Suite 100 , Westerville, Ohio 3082 -- Strategic Thinking This course focuses on participant interaction to learn how to think strategically and solve problems analytically and strategically. Strategic Planning This interactive course will allow attendees to practice applying the strategic planning process to gain a deeper understanding of the strategic fit between the organization?s goals and capabilities and its changing marketing opportunities

Kinloch Holdings, Inc. Launches New Division To Help Middle Market Employers Control Healthcare Costs  - May 16, 2007, New York, NY ? Kinloch Holdings, Inc., an insurance brokerage holding company that is building a series of super regional brokers, announced the formation of Kinloch Consulting Group, Inc. The new entity will focus on delivering client-focused employee benefits services to the group?s middle market customers. On April 1, 2007 Kinloch acquired the assets of Nystrom, Palumbo, Inc., a Long Island-based benefits firm, which will serve as the employee benefits operating platform for Kinloch?s New York Metropolitan area hub.

Humana introduces new, flexible individual health insurance plans - WAUKESHA, Wis. ? May 15, 2007 ? Humana (NYSE: HUM) announced today the introduction of a new portfolio of individual health insurance plans under its HumanaOne® brand, designed to make it easy for consumers to select a plan according to their own personal preferences, lifestyles and budgets.  

ftwilliam.com announces document updates to include the new Massachusetts Cafeteria Plan Requirements - Milwaukee, WI May 16, 2007 - ftwilliam.com, a provider of high quality plan documents and government forms software announced today that their website has been updated to include the new Massachusetts Cafeteria Plan Regulations.  - ftwilliam.com?s web site has been updated to provide a link to documents which will allow ftwilliam.com?s customers to assist their clients in complying with the new Massachusetts Cafeteria Plan Regulations. The materials also provide a link to the Commonwealth's new Section 125 Handbook.

Independent Study Highlights Potential Effects of Florida's Insurance Reform Legislation Passed During 2007 Special Session - TALLAHASSEE, Fla., May 15 /PRNewswire-USNewswire/ -- The Property Casualty Insurers Association of America (PCI) today unveiled the results of an independent study on the potential economic impact of the property insurance reforms enacted during the 2007 January Special Session on taxpayers, consumers and the state's economic stability.  - The report, prepared by Milliman, Inc. (Milliman) and commissioned by PCI, found that the new law provides immediate savings for homeowners by shifting potential payments for hurricane losses from the homeowners receiving the current policy benefits to future policyholders, motorists and business owners.  The report further noted that Florida's new law provides the greatest benefit to households in Florida's highest risk coastal areas, while potentially increasing household premiums in less-risky areas. 

SMART Announces Relationship With Leading Private Equity Firm Great Hill Partners -  DEVON, Pa., May 16 /PRNewswire/ -- SMART Business Advisory and Consulting LLC (SMART), today announced that Great Hill Partners LLC, a Boston-based private equity firm, has invested $60 million into the Firm.  Further details of the transaction were not disclosed.  --- Great Hill Partners LLC is a private equity firm that manages over $1.5 billion in capital and focuses on investing in growth companies operating in the business and consumer services, media, transaction processing and software industries.  Great Hill Equity Partners III, L.P. targets investments of $20 million to $100 million.

The American College Announces Grand Opening Of Alumni Store Website - BRYN MAWR, PA - May 15, 2007 ? The American College has announced the opening of their new virtual alumni store available through the Alumni Association website.  The store boasts a wide variety of American College branded merchandise ranging from polo shirts and golf accessories to watches and jewelry.  Smaller items include American College mugs, cuff links and pen sets.  To visit the alumni store, go to the alumni association website at www.theamericancollege.onlinecommunity.com.

Washington Governor Signs Legislation That Will Clog The Courts And Raise Insurance Costs - Olympia, WA, May 16, 2007 ? Three insurance industry advocacy trade associations expressed deep disappointment in Washington Governor Christine Gregoire?s (D) decision to sign legislation designed to increase unnecessary lawsuits. -- The American Insurance Association (AIA), the National Association of Mutual Insurance Companies (NAMIC), and the Property Casualty Insurers Association of America (PCI) joined with the Washington business community in urging Gov. Gregoire to veto SB 5726. 

Jefferson National Expands Industry?s Largest Tax-Deferred Platform by Adding Institutional Class Funds to Monument Advisor Variable Annuity - NEW YORK & LOUISVILLE, Ky.--(BUSINESS WIRE)--Jefferson National?s Monument Advisor, the first and only variable annuity with a flat-insurance fee, has now added institutional class funds to its supermarket of more than 170 tax-deferred funds?the industry?s largest, with four times more funds than the typical VA1. With the addition of these ultra-low cost funds, Monument Advisor is now uniquely positioned to better serve the growing market of fee-based and fee-only advisors, a segment which has increased more than 41% in four years to reach $2.2 trillion in assets under management as of 20062.

OneBeacon Brings New Insurance Options to New Hampshire Homeowners - CANTON, Mass., May 14 /PRNewswire-FirstCall/ -- New Hampshire consumers have a new option for insuring their homes and belongings. With OneChoice Homeowners, OneBeacon Insurance is delivering comprehensive protection for the dwellings, personal property, and liability needs of a broad range of  New Hampshire residents.

NCOA?s BenefitsCheckUp Helps Cleveland Seniors Find Benefits - WASHINGTON, DC, May 15, 2007 -- The City of Cleveland?s Department of Aging has used BenefitsCheckUp since 2003 as part of its commitment to ensuring that Cleveland is an elder-friendly community by enhancing the quality of life for its seniors. - BenefitsCheckUp® is an online service developed by the National Council on Aging to help seniors, family members and organizations find out if they are eligible for public and some private benefits programs.

New ShirleyBOARD.com Web Site Provides Help to People Caring for Older Americans - Santa Cruz, CA ? May 15, 2007 -- Close to 6 million Americans live more than an hour away from an aging parent or loved one that they are caring for. This number will increase, as by 2030 one of every five Americans will be over age 65. These valiant caregivers find themselves responsible for communicating with doctors and family members, coordinating medical appointments, monitoring prescriptions, managing insurance claims and much more on behalf of their aging loved ones. All this while simultaneously trying to live their own lives and raise their own families.

Sierra Nevada Brewery Derives Value From Outsourcing Total Rewards Statements to Benefit Software Inc. - Santa Barbara, CA - May 15, 2007 - In a strategic and cost-saving move, Sierra Nevada Brewing Co., the seventh largest brewery in the United States, has selected Benefit Software Inc. (www.bsiweb.com), a leading provider of employee benefits communication solutions, to produce total rewards statements for its workforce.

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