INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 05/22/07

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INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 05/22/07

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

Florida storm losses may run $3.5 bln a year - Fri May 18, 2007 2:56PM EDT - By Suzy Valentine - FORT LAUDERDALE, Fla., May 18 (Reuters) - Florida may face an average of nearly $3.5 billion a year in hurricane damages over the next three decades, an insurance industry official said on Friday. - Damages in Florida were expected to total $104 billion over the next 30 years, according to the Florida Insurance Council's executive vice president, Sam Miller, who was speaking less than two weeks before 2007's Atlantic hurricane season gets under way.

Daimler bears $1 bln Chrysler pension risk - Mon May 21, 2007 6:18am ET - FRANKFURT (Reuters) - DaimlerChrysler (DCXGn.DE: Quote, Profile , Research) has assumed a $1 billion risk from Chrysler should its pension plans be terminated before an agreement with U.S. agency Pension Benefit Guaranty Corporation (PBGC) expires in five years. - A spokesman for Daimler said on Monday that it had shouldered the risk as part of a deal to sell its loss-making U.S. unit Chrysler to buyout firm Cerberus (CBS.UL: Quote, Profile , Research), confirming a statement from the PBGC late last week.

A.M. Best Special Report: U.S. Hurricane Catastrophe Review ? One Blow Away From $10 Gas - OLDWICK, N.J.--(BUSINESS WIRE)--A well-aimed hurricane in the Gulf of Mexico could couple staggering insured catastrophe losses with severe economic disruptions as the storm tears through the dense, onshore and offshore infrastructure of the region?s all-important petroleum industry. Hurricanes Katrina and Rita gave a taste of the possibilities in 2005. Now, forecasts for the upcoming season suggest the quiet passage of 2006 may have been a greater aberration than was the mayhem of 2005, given current, long-term atmospheric trends.

"Sicko" an incisive diagnosis of U.S. health care - Sun May 20, 2007 9:22PM EDT By Kirk Honeycutt - CANNES. France (Hollywood Reporter) - This is the movie where Michael Moore gets a few Michael Moore haters off his back. - "Sicko" posits an uncontroversial, if not incontrovertible, proposition: The health care system in the U.S. is sick. Even a right-wing Republican, when denied care by his HMO or stuck with an astronomical bill, is going to agree. Disagreement might arise over the prescription Dr. Moore suggests. But he makes so much damn sense in his arguments that the discussion could be civilized -- except for the heat coming from the health care industry, with billions of dollars in profits at stake, and certain politicians whose pockets are lined with industry campaign donations.

True Group LTC Advisor - May 2007, Milliman -  Inflation is a crucial element in any long term contract. For instance, if we assume an annual increase in LTC costs of 5%, 30 years later, a 50-year old participant of a long-term care plan will face nursing home costs more than four times the initial purchased coverage amount. It is clear that there is very little value in such a benefit, particularly since inflation in nursing home costs runs in the range of 5-10%, by far outpacing consumer price index average for nursing home care which exceeds 5.0% for the beginning of 2007.i

AIR Worldwide Collaborates with the Beijing Institute of Architectural Design for Better Understanding of Building Vulnerability in China - BOSTON--(BUSINESS WIRE)--AIR Worldwide Corporation (AIR) today announced a collaboration with the Beijing Institute of Architectural Design (BIAD) to better understand the vulnerability of buildings in China. BIAD, the leading design firm in China, researched and analyzed seismic response of building types common to China. The findings will be used to enhance AIR?s industry leading China earthquake model.

Affiliated Delta Dental Companies Report 1 Million New Enrollees Added in 2007 - SAN FRANCISCO--(BUSINESS WIRE)--The holding company system that includes Delta Dental of California, Pennsylvania and affiliates in a total of 16 states and the District of Columbia announced today that more than one million new enrollees will join in 2007. - The nonprofit enterprise, which operates under a single, shared management structure led by President and CEO Gary D. Radine, expects to add up to 1.1 million enrollees in 2007, based on new sales in 2006, combined with first quarter sales in 2007. With 98 percent retention of last year?s enrollment, the growth means the affiliated companies now cover nearly 22 million Americans in an array of commercial and government-sponsored dental programs.

Barclays and AEGON UK Form Distribution Partnership - THE HAGUE, The Netherlands, May 21 /PRNewswire-FirstCall/ -- AEGON and Barclays today announce a new distribution partnership, which will see selected AEGON products made available to Barclays customers through its national network of Financial Planners. - Through the partnership Barclays will offer a range of products to retail investors via its Select Choice offering. The launch of AEGON's "5 for Life" which offers guaranteed income in retirement later this month will see investment solutions featuring on Barclays Financial Planning's Select Choice platform for the first time. This represents the most significant bank distribution deal AEGON has secured in the UK to date and is an important step in AEGON's strategy to extend its distribution capability in the UK market to a wider range of business and individual customers.

Sun Helps Insurance Industry Open New Markets Through New Distribution Channels - LAKE BUENA VISTA, Fla., May 21 /PRNewswire-FirstCall/ -- Acord Loma Insurance Systems Forum -- Sun Microsystems, Inc. (Nasdaq: SUNW) today introduced the Sun Distribution Channel Portal solution to help the insurance industry open up new markets and better serve new and existing customers by making it easier to develop new product distribution channels. - The solution includes Sun servers, storage, services and software to help insurers quickly and cost-efficiently reach new customers through non- traditional channels such as banks, supermarkets, post offices, kiosks, telephones and PDAs. At the same time as increasing top-line growth, the Sun solution also helps insurers reduce bottom-line costs associated with traditional distribution channels and offers ways to improve customer service.

Antares Management Solutions, Prudential Insurance Partnership Continues to Grow - WESTLAKE, Ohio, May 21 /PRNewswire/ -- Antares Management Solutions has received a contract renewal to provide full Business Process Outsourcing (BPO) services for Prudential's (NYSE: PRU), individual health insurance business through the year 2017. - Under terms of the ten-year contract extension, Antares will continue to assume all administration duties, including full claims processing, customer service, premium administration, benefit and policy administration, financial administration and reporting, along with banking services, imaging and compliance management.    

Community Bank System, Inc. Completes Acquisition of Hand Benefits & Trust, Inc. - SYRACUSE, N.Y., May 18 /PRNewswire-FirstCall/ -- Community Bank System, Inc. (NYSE: CBU), through its Benefit Plans Administrative Services, Inc. subsidiary (BPAS), has completed its acquisition of Hand Benefits & Trust, Inc. (HBT), a Houston, Texas-based provider of employee benefit plan administration and trust services. - BPAS provides daily valuation, actuarial and employee benefit consulting services on a national scale, from offices in Upstate New York and Pittsburgh.

Assurity Life introduces new Long-Term Care Insurance - Assurity Life Insurance Company, Lincoln, Neb., has entered the long-term care market with the introduction of its new AssurityBalance® Long-Term Care Insurance, a comprehensive plan offering some of the most desirable benefits available in the industry. - Two base policy options include a Facility Care-Only Option and a Comprehensive Option that covers both facility care and home and community-based care. Joint coverage is available on both options with up to an 80 percent premium discount. There is also a choice of either a simple or compound inflation protection rider which allows for an annual benefit amount increase regardless of claim status.

Global Expansion Marks 25th Anniversary of Workplace Options - Raleigh, N.C. ? May 21, 2007 -- Twenty-five years after Workplace Options (WPO) began offering work-life consulting and training services, the once-small company is now the world?s largest provider of work life employee benefits, spanning four continents and 80 countries. - The company, based in Raleigh, North Carolina, celebrates its 25th anniversary year with continued growth. This month, Workplace Options will move into a new headquarters three times the size of its current center. Global expansion includes the June 2006 purchase of Employee Advisory Resource (EAR) in London, one of the UK?s largest providers of employee effectiveness services. In early 2007, Workplace Options acquired Dublin?s EAP Solutions, further extending its worldwide network of providers.

Chase Joins MarketScout - Dallas ? May 21, 2007 ? MarketScout, the Dallas, Texas based eInsurance Exchange, announced Jay Chase has joined the firm as Chief Underwriting Officer and Senior Vice President. Mr. Chase with over 25 years of executive level underwriting experience for major US and international insurers will add substantial strength and leadership to MarketScout?s growing eInsurance business.

Merrill Lynch takes minority stake in GSO - NEW YORK, May 21 (Reuters) - Merrill Lynch & Co. (MER.N: Quote, Profile, Research said on Monday it agreed buy a minority stake in GSO Capital Partners LP, an $8 billion hedge fund that will give the world's largest brokerage access to more leveraged finance deals. Financial terms were not disclosed.

Lloyds sells Registrars business for 550 mln stg - LONDON, May 21 (Reuters) - Lloyds TSB (LLOY.L: Quote, Profile, Research has agreed to sell its share registration business to private equity firm Advent International for 550 million pounds ($1.1 billion) in cash, the British bank said on Monday. - People familiar with the situation had told Reuters earlier this month that Advent was in exclusive talks to buy Lloyds TSB Registrars for around that amount, having fought off rival suitors including Australia's Link Market Services and private equity group Doughty Hanson.

INTERVIEW-MetLife aims to double S.Korea market share - By Kim Yeon-hee and Lee Eun-yul  - SEOUL, May 21 (Reuters) - MetLife Inc., the largest U.S. life insurer by assets, aims to double its share in South Korea, with the domestic life insurance market seen growing 5-10 percent annually in the next few years, the head of its South Korean unit said on Monday.

Newbridge extends deadline to buy Taiwan insurer - TAIPEI, May 21 (Reuters) - U.S. buyout firm Newbridge Capital [NB.UL] has extended a deadline on its proposal to buy a controlling stake of Taiwan's Union Insurance (2816.TW: Quote, Profile, Research for US$100 million, the insurer said on Monday. - "We are still in the final stage of negotiation with Newbridge," said Union spokesman Kenny Cheng. "We hope we can close the deal as soon as possible.  --  A Newbridge executive declined to comment.

State Auto introduces Web-based quoting for business insurance through bizXpressTM - COLUMBUS, Ohio ? May 21, 2007 ? State Auto Insurance has made quoting a business policy easier than ever with its new Web-based quoting system, bizXpressTM. The rating and new business processing application is now available to State Auto?s Ohio agents, and will be rolled out to agents throughout the company?s 29 operating states throughout summer 2007.

Agent?s Sales Journal Spotlights Long Term Care in August, September - CLEARWATER, FL (May 21, 2007) ? The Agent?s Sales Journal will be making the long term care industry the focus of its coverage with two upcoming issues devoted to helping agents learn more about the market in order to increase long term care sales. - The August issue, in honor of Long-Term Care Awareness Week, will feature the Producer?s Guide to Long-Term Care Insurance, a special pull-out insert, sponsored by the American Association for Long-Term Care Insurance.

HVB Luxembourg Upgrades Regulatory Reporting Systems with FRS - Brussels and London, 21, May 2007 ? FRS, a leading global provider of enterprise risk and regulatory compliance solutions, has announced that it has secured a contract with HVB Luxembourg, a bank of the UniCredit Group, to implement new software to support Common Reporting (COREP) and Financial Reporting (FINREP) Standards.  COREP and FINREP are guidelines set out by the Committee of European Banking Supervisors (CEBS), to homogenise, simplify, and accelerate the exchange of financial information.

AIA Urges Auto Insurance Competition In Massachusetts - BOSTON, May 18, 2007 ? The American Insurance Assocation (AIA) today urged Massachusetts Insurance Commissioner Nonnie Burnes to move the state auto insurance rating system to a competitive model.   AIA?s comments came in testimony at a hearing on whether to move to competition or maintain the ?fix and establish? system.

Improve Your Communication With Professional Insurance Communicators of America - Indianapolis, IN / May 15, 2007 - Professional Insurance Communicators of America (PICA) offers professional development and technical education to insurance communicators in historical Charleston, South Carolina, June 11-13. The 53rd Annual PICA Workshop takes place at the Renaissance Charleston Hotel Historic District, Charleston, S.C.

PIA National Announces Call for Awards Nominations - WASHINGTON, May 18 /PRNewswire/ -- The National Association of Professional Insurance Agents (PIA National) has announced a call for nominations for three prestigious national awards. - The 2007 PIA National Company Award of Excellence, Company Representative of the Year and Managing General Agency of the Year awards will be presented during a luncheon ceremony on September 15, 2007, held in conjunction with the association's fall 2007 meetings in Albuquerque, New Mexico. The deadline for nominations for all three awards is July 25, 2007.

GLOBAL LEADERS NAMED TO INSURANCE HALL OF FAME - New York, New York  -- May 18, 2007 -- The International Insurance Society (IIS) today announced three insurance leaders as the 2007 winners of the prestigious Insurance Hall of Fame Awards, Robert Clements, United States, José Manuel Martínez, Spain, and Frederic Reiss, Bermuda. They will be honored during the gala dinner at the 43rd IIS Annual Seminar, this year to be held at the InterContinental hotel in Berlin, July 9, 2007.

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