INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 05/29/07

[acinatech@yahoo.com]

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 05/29/07

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

Spitzer eyes reform of financial services rules-FT - NEW YORK, May 29 (Reuters) - New York Gov. Eliot Spitzer, who rose to political prominence by uncovering wrongdoing on Wall Street, is forming a panel to propose ways to streamline state financial services regulations, the Financial Times reported on Tuesday. - The panel will include the chief executives of Goldman Sachs Group (GS.N: Quote, Profile, Research, Citigroup (C.N: Quote, Profile, Research, American International Group (AIG.N: Quote, Profile, Research and MetLife (MET.N: Quote, Profile, Research, as well as heads of state-chartered banks, the newspaper said.

SEC prevails in first suit over finite insurance - Fri May 25, 2007 4:04PM EDT By Emily Chasan - NEW YORK, May 25 (Reuters) - The U.S. Securities and Exchange Commission has won its first case over whether companies abused a certain type of insurance to hide earnings losses, it said on Friday. - The U.S. market regulator had accused an executive at cell phone distributor Brightpoint Inc. (CELL.O: Quote, Profile, Research of scheming to overstate the company's actual earnings through improper use of an insurance policy.

BestWeek: Terror Mandate Plan Forces Insurers to Ponder Doomsday Attacks - OLDWICK, N.J.--(BUSINESS WIRE)--They are the doomsday scenarios that keep many Americans awake at night, but few of them are considered covered perils under most property/casualty insurance contracts. - But that could soon change, according to an exclusive story in BestWeek U.S./Canada, as Congress is expected to consider legislation that would expand the Terrorism Risk Insurance Act's ?make available? provision--which requires the industry to offer coverage for terrorism risks?to include coverage for events resulting from nuclear, biological, chemical or radiological attacks.

Skittish Insurance Industry Skirts Hurricane-Prone Coastal Areas; Proxix Solution's CATUM Tames Storm-Surge Risk - PALM HARBOR, Fla., May 29 /PRNewswire/ -- A just-published White Paper [http://www.proxix.com/whitepaper0507.htm] prepared by Howard Botts, Ph.D., of Proxix Solutions outlines problems with current underwriting methodologies using distance to coast or distance to coast plus elevation to evaluate property risks in hurricane-prone areas.

Swiss Re's Commercial Insurance and IIABA Sign Five-Year Agreement - OVERLAND PARK, Kan., May 29 /PRNewswire/ -- Independent insurance agents and brokers across America have enjoyed the benefits of first-class Errors & Omissions protection for decades, and that tradition lives on. The Independent Insurance Agents & Brokers Association of America and Swiss Re's Commercial Insurance signed an agreement whereby Swiss Re remains the endorsed E&O carrier of the Big I for five more years.

AEGON and Industrial Securities Agree on Asset Management Joint Venture - THE HAGUE, Netherlands, May 28 /PRNewswire-FirstCall/ -- AEGON and China's Industrial Securities have agreed to establish an asset management joint venture. Under the agreement, AEGON will acquire a 49% interest inIndustrial Fund Management Company (IFMC), a Chinese mutual fund manager with approximately EUR 1.7 billion in assets under management(*). Industrial Securities, one of China's leading securities companies, will retain the remaining 51% of IFMC. The transaction will be submitted to the China Securities Regulatory Commission (CSRC) for approval and is subject to normal closing requirements.

Destiny Health and AEGON Direct Marketing Services Announce Partnership to Deliver Health Empowerment Plan Nationwide - CHICAGO--(BUSINESS WIRE)--Chicago-based Destiny Health and Maryland-based AEGON Direct Marketing Services, Inc. today announced they are partnering to offer the Destiny Health Empowerment Plan? nationwide. The Destiny Health Empowerment Plan is a wellness-based healthcare plan(1) being made available to employer and affinity groups through various distributors.

New Vermont Sponsored Captive Formed by United Insurance Company - BURLINGTON, Vt., May 25 /PRNewswire-FirstCall/ -- United Insurance Company, a Cayman based reinsurance company announces the formation of its sponsored captive insurance company subsidiary, United Insurance Company, USA, Ltd. in Burlington, Vermont as part of its global expansion.   --- United Insurance Company is a Cayman based re-insurance company owned by the captive insurance companies of 18 US, Canadian, and European multinational corporations and Aon Corporation. United provides exclusive reinsurance solutions to captive and cell clients of Aon Global Insurance Managers worldwide.

Eastbridge Consulting Group Announces Release of Worksite MarketVision? ?The Employee Viewpoint Revisited - AVON, Conn.--(BUSINESS WIRE)--The benefits world continues to change, and employees appear to be more educated as well as more experienced in choosing and buying insurance. They look closely at the cost and value of each product and want to understand exactly how the product fits their particular needs. Carriers wanting to gain more of their business will need to fully understand the needs of today?s employees and then create value propositions that focus on more than just features and benefits.

A.M. Best Special Report: Bermuda?12-Month Financial Review - OLDWICK, N.J.--(BUSINESS WIRE)--After Bermuda?s insurers braced for another chaotic 2006 hurricane season, the exact opposite occurred, as insured losses relating to catastrophes were only a fraction of 2005 losses. Marking the two extremes, the Bermuda market reported a very healthy 2006 combined ratio of 83.7, compared with a catastrophic combined ratio of 119.4 for 2005, according to a new special report from A.M Best Co.

AIG's aim: $20 bln in Taiwan wealth management - Mon May 28, 2007 5:19AM EDT By Faith Hung - TAIPEI (Reuters) - American International Group (AIG.N: Quote, Profile, Research, the world's biggest insurer, is aiming for US$20 billion in assets in five years at its new Taiwan wealth management unit, which opens for business around September. - The unit, with wealth management and private banking businesses, is the fourth for AIG Private Bank in Asia as the U.S. company expands beyond its insurance business into the wealth management sector.

U.S. investors buy stake in China Pacific Insurance - Fri May 25, 2007 11:45PM EDT - SHANGHAI, May 26 (Reuters) - U.S. investors, including private equity firm Carlyle Group [CYL.UL], have acquired a combined 19.9 percent stake in China Pacific Insurance (Group) Co. by subscribing to the insurer's new share offer. - China's third-largest life insurer, which plans a Hong Kong stock listing, has expanded its share capital by 42.6 percent to 6.7 billion yuan ($876 million) through a share placement, the China Insurance Regulatory Commission (CIRC) said.

Aegon to buy stake in China fund manager ?sources - Mon May 28, 2007 2:48AM EDT - SHANGHAI, May 28 (Reuters) - Dutch insurer Aegon (AEGN.AS: Quote, Profile, Research has agreed to buy a 49 percent stake in Industrial Fund Management Co., a medium-sized Chinese fund manager, two sources involved in the deal said on Monday.

Alvarez & Marsal Launches Risk Management Advisory Practice - NEW YORK--(BUSINESS WIRE)--Alvarez & Marsal, a leading independent global professional services firm, announced it has formed a dedicated Risk Management Advisory (RMA) practice. Led by managing director Daniel Spragg, the practice provides objective, independent risk management consulting and due diligence services to mid/large cap corporations and private equity firms.

Coalition Warns Hurricane Chief that Briny Plan Puts Citizens at Risk - DELRAY BEACH, Fla.--(BUSINESS WIRE)--The proposed population increase at Briny Breezes could create huge problems in the event of a forced evacuation. That?s from a new letter to Craig Fugate, Director of the Florida Division of Emergency Management. - In the letter, former Congressman Tom Evans, Chairman of the Florida Coalition for Preservation, warned that by making Briny Breezes one of the most densely populated areas on Florida?s east coast, the development ?will dramatically increase the number of people and properties placed in harm?s way? should a major hurricane strike the area.

Statement of Robert A. Jackson State Director, AARP-Texas on Passage of CHIP Legislation Today - AUSTIN, Texas, May 27 /PRNewswire-USNewswire/ -- "There's no higher priority than the health and welfare of our children. We applaud the Legislature for recognizing this today. In a state not known nationally for taking care of its most vulnerable, adding 100,000 children to the rolls of the insured is most welcome news. Some of our lawmakers exhibited real statesmanship in fighting a good battle to get the best bill passed under the current circumstances. We commend them for their efforts. (Logo: http://www.newscom.com/cgi-bin/prnh/20030514/AARPLOGO )

Top 500 Managers' Worldwide Institutional Assets Approach $25 trillion - NEW YORK, May 25, 2007 /PRNewswire - The 500 largest money management firms saw their worldwide institutional assets approach $25 trillion, as of Dec. 31, 2006, according to Pensions & Investments' annual money manager survey. - That represents a 14.3% increase from the previous year, to $24.578 trillion. Assets managed by the top 500 managers on behalf of U.S. institutional tax-exempt investors jumped 15% in 2006, to $11.826 trillion. P&I's annual survey is widely cited by investment industry officials.

PSS World Medical to Acquire Activus Healthcare Solutions - JACKSONVILLE, Fla.--(BUSINESS WIRE)--PSS World Medical, Inc. (NASDAQ GS: PSSI) announced today that it has entered into a definitive agreement to acquire 100% of the outstanding stock of Activus Healthcare Solutions, Inc. (?Activus?). Activus is a California-based distributor of medical supplies to office-based physicians and ambulatory surgery centers in California, Oregon, Nevada, and Arizona. Activus generates $22 million in annual revenue and adds 14 sales representatives with an average tenure of over 19 years in fast-growing markets.

S&P:  Enhanced Insurance Risk-Based Capital Model Released - NEW YORK May 25, 2007?On May, 23, 2007, Standard & Poor's Ratings Services released a comprehensive enhancement of its capital models for life, annuity, property/casualty, health insurance, and reinsurance companies worldwide. This globally consistent framework developed for analyzing insurance company capital includes regional risk factors developed to reflect features unique in the local market.

For A Price, Lender Captives Benefit Both Lenders And Mortgage Insurers, Article Says - NEW YORK (Standard & Poor's) May 24, 2007?Standard & Poor's Ratings Services has published a report titled, "Lender Captives Benefit Both Lenders And Mortgage Insurers, For A Price," which examines the relationship between the two industries. - According to mortgage insurers' (MI) statistics, much of the new insurance written (NIW) in 2006 was subject to lender captives, which are mortgage lenders established to reinsure a portion of the insurance they direct to MIs.

Nasdaq to buy Nordic bourse group OMX for $3.7 bln - By Patrick Lannin and Anna Ringstrom  - STOCKHOLM, May 25 (Reuters) - U.S. electronic stock market Nasdaq (NDAQ.O: Quote, Profile, Research has agreed to buy Nordic markets owner OMX (OMX.ST: Quote, Profile, Research for $3.7 billion, as Nasdaq seeks to expand abroad following a series of rival stock market mergers. - The move, announced on Friday, comes after Nasdaq's bid for the London Stock Exchange (LSE.L: Quote, Profile, Research was rejected in February and as rivals have pushed ahead with their own mergers.

Watchdog puts back Scor offer period for Converium - ZURICH, May 25 (Reuters) - The Swiss Takeover Board said on Friday that the start of Scor's (SCOR.PA: Quote, Profile, Research offer period for Swiss reinsurer Converium (CHRN.S: Quote, Profile, Research should be put back to June 12. - Earlier in May, French rival Scor ended a protracted takeover struggle for Converium after it raised its bid to 3.4 billion Swiss francs ($2.77 billion). - Converium advised its owners to accept Scor's increased cash-and-share offer. Scor already held a 32.9 percent in the group.

Growth In Thailand's Insurance Industry Expected Despite Challenges, S&P Reports Say - HONG KONG  May 23, 2007--Thailand's insurance industry shows considerable promise for life and non-life players despite the challenges and competition expected, said Standard & Poor's Ratings Services today in its "Thailand Insurance Outlook 2007-2008" series of articles. - These views were published in two articles titled "Thai Life Insurers Embark On A Long, Rocky Path To Growth" and "Regulatory Shakeup Should Spur Consolidation Among Thailand's Non-Life Insurers."

Guaranteed Minimum Withdrawal Benefit Launched in Integrity Variable Annuities - CINCINNATI--(BUSINESS WIRE)--Integrity Life Insurance Company (Integrity) today introduced a new variable annuity living benefit rider that can guarantee investors regular income for life ? no matter how financial markets fare.1 Designed to maintain, sustain and potentially gain income during retirement, Guaranteed Lifetime Income Advantage, a guaranteed minimum withdrawal benefit (GMWB) rider, also offers investment flexibility and control.

Guy Carpenter Publishes Report on Legislative and Judicial Trends in Continental Europe - LONDON--(BUSINESS WIRE)--Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), today announced the publication of Recent Legislative and Judicial Trends in Continental Europe Affecting the Casualty Insurance Industry, a new report produced by the firm?s International Casualty Specialty Unit, in conjunction with the international law firm DLA Piper. The report, the second in a bi-annual series, provides a brief summary of key legislative and judicial changes taking place in Continental Europe on a territory-by-territory basis, including Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden and Switzerland.

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