INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 05/24/07

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 05/24/07

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

Parmalat says NJ court rejects Citigroup appeal - NEW YORK, May 23 (Reuters) - Parmalat SpA (PLT.MI: Quote, Profile, Research on Wednesday said New Jersey's highest court rejected Citigroup Inc.'s (C.N: Quote, Profile, Research attempt to dismiss its $10 billion lawsuit accusing the largest U.S. bank of helping former management commit fraud. - Parmalat, an Italian company best known for its long-life milk, said the state supreme court rejected Citigroup's appeal of a January ruling by Bergen County Superior Court Judge Jonathan Harris. The judge had turned aside Citigroup's argument that Parmalat brought the case in the wrong court.

BISYS to pay $25 mln to settle charges-US SEC - WASHINGTON, May 23 (Reuters) - Financial services provider BISYS Group Inc. (BSG.N: Quote, Profile, Research has agreed to pay about $25 million to settle charges that the company violated financial reporting and internal controls provisions of the securities laws, the U.S. Securities and Exchange Commission said on Wednesday. - The SEC charged that, from July 2000 through December 2003, former BISYS officers and employees engaged in a variety of improper accounting practices that resulted in overstatement of the company's reported financial results for the fiscal years ended June 30, 2001, 2002, and 2003 by roughly $180 million.

Statistics on Americans without health insurance - Wed May 23, 2007 9:19AM EDT - (Reuters) - Nearly 45 million people in the United States, or about 15 percent of the population, were without health insurance in 2005, a number expected to grow as medical costs explode, employers scale back worker benefits and insurers cut coverage and cherry-pick customers.

Health care crisis squeezes working families - Wed May 23, 2007 9:19AM EDT By Lisa Baertlein - LOS ANGELES (Reuters) - Volunteer firefighter Cindy Holland has no medical insurance, and her husband's health benefits as a full-time paramedic do not extend to family members, so she and their three children go without. - The hard-working Northern California family makes too much money to qualify for public health insurance but too little to afford a private policy, caught in a Catch 22 that puts many U.S. workers at risk of financial ruin.

MassMutual Sponsors First-Ever Study of Plan Sponsor Views of Retirement Advisors -PRINGFIELD, Mass., May 22 /PRNewswire/ -- MassMutual Retirement Services has published a white paper entitled, "The Successful Retirement Advisor: Quantitative Research Analyzing Plan Sponsors' Needs and Experiences." Research for the report was commissioned by MassMutual and conducted by Brightwork Partners, LLC. The research sought to identify the needs and satisfaction levels of plan sponsors and how advisors can bridge the gaps as they strive to build a more successful retirement services practice. More than 350 plan sponsors of 401(k) plans with assets between $10 million and $300 million participated in the study, which was designed to answer questions such as:

NFIB Releases Small Business Health-Care Survey Results - WASHINGTON, May 22 /PRNewswire-USNewswire/ -- The National Federation of Independent Business, the nation's leading small-business advocacy group, in a briefing yesterday released its Small Business Health-Care Survey, the most recent, comprehensive small-business health-care data available. The survey of small-business owners identified cost as the single most important problem facing the health system today.   

NY Gov to announce WTC-related regulatory pact - NEW YORK, May 23 (Reuters) - New York State's governor and its insurance commissioner are set to announce a regulatory settlement later on Wednesday involving an ongoing dispute over the World Trade Center site destroyed in the Sept. 11, 2001 attacks, a spokesman for the insurance commissioner said. - New York State Governor Eliot Spitzer and New York Superintendent of Insurance Eric Dinallo are set to announce the settlement involving an ongoing spat between World Trade Center developer Larry Silverstein and several of the insurers on the site, said David Neustadt, a spokesman for Dinallo. - He declined to provide further details ahead of the news conference scheduled for 2:30 p.m. New York time.

Zurich raises ROE goal, aims for world's top 5 - By Douwe Miedema - ZURICH, May 23 (Reuters) - Zurich Financial Services Group (ZURN.VX: Quote, Profile, Research raised its profitability goal on Wednesday, saying it wanted to become one of the world's top-five insurers in a sign it might scoop up further rivals. - The Swiss insurer, itself the target of takeover speculation, said it would raise its goal for operating return on equity (ROE) to 16 percent from 12 percent, and that it wanted to expand both in mature and emerging markets.

Swiss give Glaxo cancer pill first Europe approval - LONDON, May 23 (Reuters) - GlaxoSmithKline Plc's (GSK.L: Quote, Profile, Research new cancer pill Tyverb won its first European approval on Wednesday, as Swiss regulators cleared it for treating women with advanced or metastatic breast cancer.  - The regulatory green light represents a small piece of good news for Europe's biggest drugmaker, whose shares have fallen more than 7 percent this week due to safety fears over its diabetes medicine Avandia.

Investors in defunct hedge fund sue UBS: WSJ - Wed May 23, 2007 1:01AM EDT - NEW YORK (Reuters) - Investors in Wood River Partners have sued UBS AG (UBSN.VX: Quote, Profile, Research, alleging the defunct hedge fund's prime broker fraudulently earned more than $100 million by misusing knowledge of its trades, the Wall Street Journal reported on its Web site on Wednesday.

PartnerRe Acquires Renewal Rights of Mutuelle Centrale de Reassurance - PEMBROKE, Bermuda, May 23 /PRNewswire-FirstCall/ -- PartnerRe Ltd (NYSE: PRE) today announced that it has signed a definitive agreement with the French Monceau Group effective July 1, 2007 to acquire renewal rights for the international reinsurance business of Mutuelle Centrale de Reassurance (MCR), the reinsurance subsidiary of the Monceau Group. This acquisition of renewal rights concerns the reinsurance contracts with non-affiliated insurance companies outside of France.

Hilb Rogal & Hobbs Agrees to Acquire the Urman Company - RICHMOND, Va.--(BUSINESS WIRE)--Hilb Rogal & Hobbs Company (NYSE: HRH), one of the world's largest insurance and risk management intermediaries, announced today that it has signed a definitive agreement to acquire the stock of The Urman Company, a Denver-based retail employee benefits and property and casualty brokerage. Terms of the transaction, which is expected to close on June 1, 2007, were not disclosed.

UBS downgrades four U.S. insurance firms - Wed May 23, 2007 8:53AM EDT (Changes source, adds details)  - May 23 (Reuters) - UBS said it downgraded Reinsurance Group of America Inc. (RGA.N: Quote, Profile, Research, Nationwide Financial Services Inc. (NFS.N: Quote, Profile, Research and Metlife Inc. (MET.N: Quote, Profile, Research to "neutral" from "buy" based on valuation. - The brokerage also downgraded Phoenix Cos. Inc. (PNX.N: Quote, Profile, Research to "neutral" from "buy" and said there was a lower likelihood for a takeout of the insurance company in the next 12 months, contrary to some media reports.

RMS Performs Analysis for Parametric Securitization Covering Japan Typhoon Risk - NEWARK, Calif., May 22 /PRNewswire/ -- Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, has designed the trigger mechanism and performed the risk analysis for a parametric securitization of typhoon risk in Japan. Issued by Akibare Ltd., a Cayman Islands special purpose vehicle (SPV), the securities provide $120 million of five-year, collateralized cover for Mitsui Sumitomo Insurance Co., Ltd.

A.M. Best Requests Public Comment on Draft Rating Methodology: Understanding BCAR for Title Insurance Companies - OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. is requesting comments from market participants in the title insurance industry and other interested parties on a draft of its methodology report ?Understanding BCAR For Title Insurance Companies.? The draft document is currently available in the Methodology section of A.M. Best's homepage.

Nation's Largest Pet Insurer Releases Top 10 Reasons Pets Taken to the Veterinarian  - BREA, Calif., May 22 /PRNewswire/ -- Veterinary Pet Insurance (VPI), the nation's oldest and largest provider of pet health insurance, recently reviewed all medical claims received in 2006 to identify the top 10 reasons dogs and cats were taken to the veterinarian.

NAMIC Asks Governor to Veto Uninsured/Underinsured Motorist Coverage Legislation - INDIANAPOLIS (May 21, 2007) ? The National Association of Mutual Insurance Companies (NAMIC) is urging Colorado Gov. Bill Ritter to veto legislation concerning uninsured and underinsured motorists. In a letter to the governor, NAMIC warned that the legislation would hurt, rather than help, consumers.

DocuDent Accident Documentation Kit Proves Ideal Vehicle To Protect Drivers & Insurance Companies From Accident Fraud - LOS ANGELES, CA., MAY 20, 2007 ? Anyone who's ever been in a car accident knows first-hand that the minutes just following a collision are invariably filled with distress, anxiety, anger, fear and perhaps physical trauma. In other words, the worst possible time for the parties involved to accurately document what took place, how bad the damage is, and which person is to blame.

The American College?s Alumni Association Grows To 18,000 Members In Only One Year - BRYN MAWR, PA - May 22, 2007 ? In just one year, The American College Alumni Association has grown to include 18,000 registered members.  This remarkable growth is attributed to the strong affinity and enthusiasm graduates of The American College feel for this remarkable institution of higher learning ? dedicated to serving the educational needs of our nation?s financial services professionals.   

June Job Market Shows Slowing Employment Growth in Manufacturing Sector -  (Alexandria, Va., May 22, 2007)?According to new numbers from the Leading Indicator of National Employment® (LINE),  manufacturing hiring will be much weaker in June 2007 than it was in June 2006. Within the larger service-sector, growth will be just slightly stronger than in June 2006.  LINE is a collaborative effort between the Society for Human Resource Management (SHRM) and the Rutgers University School of Management and Labor Relations.

CPCU Society National Leadership Institute Unveils New Course In Seattle - MALVERN, PA, MAY 22, 2007?On June 6, the CPCU Society and Society?s Pacific Northwest and Lake Washington Chapters will be hosting a brand new CPCU Society National Leadership Institute (NLI) course: Building Communication Strategies: Leverage Your Best Critical Thinking.  When: June 6, 2007, 8 a.m. ? 4 p.m. (Registration: 7:30 ? 8 a.m.)  Where: Pemco Mutual Insurance Company, 325 Eastlake Avenue East, Seattle, WA 98109

IMSA, Standards-Setting Organization, Commends NASD, State Regulators for Support of Consumer Protections in Suitability Standards Model - Bethesda, MD, May 22, 2007 ? The Insurance Marketplace Standards Association (IMSA) applauded the recent announcement from the NASD and state regulators in support of the NAIC Suitability in Annuity Transactions Model Regulation. - A number of states, including New York, Texas, Massachusetts, Iowa, Indiana, Oregon, Maine and North Dakota, have formally recognized IMSA standards and the protections these standards represent.

AIA President Represents Property-Casualty Insurers In Efforts To Engage China - WASHINGTON, D.C., May 22, 2007-- Gov. Marc Racicot, President, American Insurance Association (AIA), today applauded the efforts of Secretary Paulson and the U.S. delegation in the second Strategic Economic Dialogue by highlighting the commitment to achieving greater liberalization and modernization of China's financial system for the benefit of both nations.  Racicot will participate in a press conference as part of the Engage China Coalition, whose members from eight leading financial services industry trade groups will discuss their interests in greater access to China's financial markets and the goals of U.S. insurance companies, banks and securities firms in market reform efforts in China, scheduled for 11 a.m. today.

Max Specialty Now an Eligible Surplus Lines Insurer in 45 States, With Additions of New York, North Carolina and Kansas - RICHMOND, Va.--(BUSINESS WIRE)--Stephen J. Vaccaro, Jr., President and Chief Executive Officer of Max Specialty Insurance Company, an excess and surplus lines company based in Richmond, Virginia, today announced that, with the additions of New York, North Carolina and Kansas, Max Specialty is now an eligible surplus lines insurer in a total of 45 states.

Kaplan Financial Experiences Surge in Licensing Initiatives As Firms Respond to Broker/Dealer Advisory Rule - CHICAGO--(BUSINESS WIRE)--Many firms are now facing increased pressure to initiate Series 65 and Series 66 licensing programs resulting from the recent upholding of the Investment Advisers Act of 1940. Last week, the SEC announced it would not appeal the ruling. As a result, Kaplan Financial (www.kaplanfinancial.com), a leading source of education and compliance solutions, is seeing increased interest from individuals and financial institutions needing to ensure that they - and their employees ? pass the exams the first time, so they can continue to serve clients.

Highmark Blue Cross Blue Shield Launches Personal Health Record - PITTSBURGH, May 23 /PRNewswire-FirstCall/ -- Highmark Blue Cross Blue Shield members can view and manage their own health care information through Highmark's Personal Health Record, which is a private, secure and password- protected Web-based tool available through http://www.highmarkbcbs.com As a single-source for health information about members and their dependents, the Personal Health Record from Highmark utilizes medical claims and administrative information as well as information that is entered by consumers themselves.

Aspen Insurance Holdings CEO Outlines Strategy in Interviews - HAMILTON, Bermuda--(BUSINESS WIRE)--Aspen Insurance Holdings Limited (the ?Company?) (NYSE:AHL) today announced the availability of recent on-camera interviews with Chief Executive Officer, Chris O?Kane. During the interviews with Bloomberg News and with a reporter on the floor of the New York Stock Exchange where Aspen was celebrating its five year anniversary, Mr. O?Kane provides an overview of Aspen?s history and strategy and comments on recent financial results.

Bulldog Solutions Launches the Bulldog Index: Dynamic Benchmarking of Online Lead-Generation Data - AUSTIN, Texas--(BUSINESS WIRE)--Lead optimization and management company Bulldog Solutions has launched the Bulldog Index, a set of dynamic benchmarks of online lead-generation metrics to help marketers create successful, sustainable lead-generation campaigns.

Travelers Introduces New IndustryEdgeSM Coverages For Educational Institutions - HARTFORD, Conn.--(BUSINESS WIRE)--Travelers Commercial Accounts division today announced the addition of a broad range of new features to its IndustryEdgeSM product for educational institutions. Management Liability, Crime coverage, International coverage and enhanced Inland Marine coverage will now be available, in addition to currently available coverages for Property, Workers Compensation, Auto, General Liability and Umbrella/Excess Liability.

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