INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 05/31/07

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 05/31/07

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

Ernst & Young partners charged in tax fraud case - Wed May 30, 2007 10:52AM EDT - (Reuters) - Federal prosecutors on Wednesday accused four current or former partners of accounting firm Ernst & Young (ERNY.UL: Quote, Profile, Research in a tax fraud conspiracy case related to crimes arising out of selling tax shelters. - In an indictment filed in U.S. district court in Manhattan, prosecutors allege the defendants at the "Big Four" accounting firm created and marketed tax shelters from 1998 through 2004 based on false and fraudulent scenarios to allow wealthy individuals to reduce the federal taxes they would have to pay.

RIMS Media Advisory: RIMS ISSUES POSITION ON BROKER COMPENSATION - May 30, 2007 - Much has changed since RIMS issued its August 2005 statement on industry compensation and placement practices. In response to regulatory matters and settlement agreements, many brokers pledged to refuse to accept placement fees from insurers on business where they represent the buyer. RIMS applauded this action and supported the prohibition on the use of placement service agreements or other similar arrangements for the entire broker industry. We are disappointed to learn that some brokers are apparently reconsidering their pledge to refuse to accept these fees.

Group Medical Costs Continue Sharp Increase -  WASHINGTON, May 30 /PRNewswire-USNewswire/ -- The cost of providing group health benefits to employees continued to increase sharply during the past six months, with the vast majority of employers -- regardless of their business size -- paying significantly more for account renewals than in the fall of 2006.  --- Despite the cost increases for group medical insurance, however, most employers are continuing with traditional coverage plans and shifting costs to employees in the form of higher deductibles and co-pays as opposed to limiting options or discontinuing coverage.

Is Business Ready For ?Black Death?? - RALEIGH, N.C.--(BUSINESS WIRE)--What if the Bubonic Plague was used as a weapon of mass destruction? How would you and your business continue with daily operations in the event of a tragedy? Do you know your role or responsibilities in a crisis such as this? How does a business ensure its employees that it is safe to come to work? The North Carolina Technology Association, (NCTA) the primary voice of the technology industry in North Carolina, has assembled a diverse panel of experts to discuss how to prepare and persevere during a bioterrorism incident such as the plague on Thursday, June 7, at the NCTA Five Pillars of Executive Leadership in a Non-Secure World conference, presented by Williams Mullen Maupin Taylor, P.A., at Embassy Suites Hotel in Cary, N.C.

Are Businesses Prepared for the 2007 Hurricane Season? - Experts from Marsh & McLennan Companies, Inc. (MMC) to Host Media Briefing on Preparing for and Managing the Consequences of a Major Storm -- Where:  Marsh & McLennan Companies 1166 Avenue of the Americas, (corner of 45th Street and 6th Avenue) OR via conference call: (800) 500-0311 Confirmation code: 9274888  -- When: Friday, June 1, 2007 8:30 a.m. - 9:30 a.m. Registration will begin at 8:00 a.m. Breakfast will be

Florida Insurer Turns to Retail Location to Reach Customers - NASHVILLE, Tenn., May 30 /PRNewswire/ -- HealthLeaders-InterStudy, the leading provider of managed care market intelligence, reports that Blue Cross and Blue Shield of Florida is turning to a retail location to push its insurance products in what has emerged as a growing trend in healthcare. According to the latest Florida Health Plan Analysis, the state's largest nonprofit insurer has opened its first retail location at a Jacksonville mall, with plans to expand the concept this year.

Wausau Multiline Productivity Poll: Wausau Survey Reveals Efficiency Trends Across Major Lines of Commercial Insurance - WAUSAU, Wis., May 29 /PRNewswire/ -- Spurred by advice from their agent or broker, commercial insurance buyers show increasing interest in buying more than one line of coverage from a carrier, according to a new survey commissioned by Wausau Insurance. - The independent survey of 200 financial executives, the 3rd annual Wausau Multiline Productivity Poll, was conducted by Guideline, a national market research firm. A similar sample of financial executives, from predominately mid-sized companies, was polled over the past two years withmany of the same questions.

Insurance Companies Say 'Too Much Regulation' is a Global Concern, CSFI Banana Skins Poll with PricewaterhouseCoopers Finds -  NEW YORK and LONDON, May 29 /PRNewswire/ -- Regulatory overkill is the greatest risk facing the global insurance industry, according to the CSFI's latest Banana Skins survey, in association with PricewaterhouseCoopers LLP. - PwC has provided longstanding support for the CSFI's Banana Skins surveys in the banking sector and thereby recognized that a similar study of risks in the insurance industry was a natural extension of the series.

Human Capital Risk Seen as Most Significant Threat to Companies, According to a New Survey Sponsored By ACE - NEW YORK--(BUSINESS WIRE)--International risk managers see human capital risk as being the most significant threat facing their global business operations, according to a new survey conducted by the Economist Intelligence Unit and sponsored by the ACE Group of Companies. - The survey?s findings show that human capital risk, such as skills shortages, succession issues and the loss of key personnel, were seen by respondents as being more significant than threats from reputational risk, information technology risk, political risk and regulatory risk. This represents a change from a year ago, when reputational risk was perceived in the Economist Intelligence Unit?s quarterly risk barometer survey as being the biggest threat that respondents faced.

Japan life insurers cut foreign debt holdings in 06/07 - Wed May 30, 2007 5:33AM EDT By Naomi Tajitsu - TOKYO, May 30 (Reuters) - Japanese life insurers kept their distance from foreign debt in the financial year that ended in March due to ongoing yen weakness, which made the bonds too expensive and tarnished their appeal, the top firms said on Wednesday. - At the same time, many of the insurers raised their yen bond holdings in the 12 months to March, earnings statements showed, even as Japanese government bond yields stayed low despite two rate rises by the Bank of Japan to 0.5 percent.

AIG Private Client Group Expands Its Hurricane Protection Unit to Serve Policyholders in All Coastal Areas of Florida - NEW YORK--(BUSINESS WIRE)--AIG Private Client Group, a division of the personal lines property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced the expansion of its Hurricane Protection UnitSM to serve its policyholders throughout all coastal areas in the state of Florida. - First launched in select Florida counties in July 2006, the Hurricane Protection Unit was created to proactively mitigate wind and water damage at the earliest opportunity, and to ultimately help preserve the value of furnishings, artwork and other possessions.

BB&T Insurance Services to acquire metro Atlanta agency - RALEIGH, N.C., May 30 /PRNewswire-FirstCall/ -- BB&T Insurance Services, the nation's seventh largest insurance broker, today said it plans to expand its metro Atlanta operation with the acquisition of Reese Insurance Associates Inc. of Riverdale, Ga. Reese provides both commercial and personal property and casualty coverage as well as group benefits insurance.

State Fund Files An Average 11 Percent Premium Decrease - SAN FRANCISCO, May 30 /PRNewswire/ -- State Compensation Insurance Fund today announced it filed July 1, 2007 workers' compensation insurance rates calling for an 11% average decrease in collectible premium. The new rates will affect new and renewal workers' compensation policies with an effective date on or after July 1, 2007. The filing is State Fund's eighth consecutive rate reduction.

RIMS Releases 2007 Risk Management Compensation Survey, Announces Webinar To Present Results - New York, N.Y.?May 24, 2007?The Risk and Insurance Management Society, Inc. (RIMS) has published the 2007 Risk Management Compensation Survey. The survey, compiled by Salary.com, Inc., a leading provider of on-demand compensation management solutions, is the premier source of compensation data in the risk and insurance management profession.

Trade Associations Appeal to Congressional Leaders to Keep Mandatory NBCR Coverage Out of TRIA Extension Proposal - WASHINGTON (May 24, 2007) ? Private insurers should not be required to offer coverage for terrorism attacks generated by nuclear, biological, chemical and radiological weapons of mass destruction, industry trade groups told congressional leaders today. In a letter to Sen. Chris Dodd, D-Ct., and Rep. Barney Frank, D-Ma., the National Association of Mutual Insurance Companies (NAMIC) and the Property Casualty Insurers Association of America (PCI) said the government should study the NBCR issue.

RLI Marine Adding Specialty Cargo Coverage - PEORIA, Ill., May 29 /PRNewswire-FirstCall/ -- RLI Corp. (NYSE: RLI) -- RLI Marine, a division of RLI Insurance Company, has added a specialty cargo coverage to its product line. The coverage focuses on high-tech and life sciences risks.  ---Property covered by specialty cargo policies include capital equipment, component parts, and finished and miscellaneous goods in the high-tech field; and temperature-sensitive products, class or scheduled drugs, tablets, cryogenic vessels and capital equipment in the life science field.

New Generation Of Variable Annuities Provides More Flexibility And Benefit Options - New York, N.Y. May 30, 2007 ? AXA Equitable Life Insurance Co. today premiered enhancements to its Accumulator® series of variable annuities, including an expanded choice of "living benefits" and the unbundling of optional income and death benefits.

Willis Property Alert: A Tale of Two (Evolving) Markets - New York, NY, May 30, 2007 ? As the global capacity, pricing regimens, terms and conditions for both Cat Risks and non-Cat Risks in the global property insurance market are changing more rapidly than many would have anticipated a year ago, insurance buyers are clearly benefiting from the health, financial strength and increased capacity of today?s insurance marketplace.

Insurance Commissioner Steve Poizner Unveils Reform Package for Workers' Comp System - SACRAMENTO - Insurance Commissioner Steve Poizner today unveiled a series of reforms to address systemic and structural deficiencies in California's workers' compensation system. Citing a vibrant and profitable workers' comp market, Commissioner Poizner also called for an additional 14.2 percent decrease in workers' compensation pure premium rates. This advisory recommendation is used by the workers compensation insurance industry as a benchmark for filing its rates.

Perr & Knight Launches New Insurance Operations Best Practices Journal - LOS ANGELES, Calif./May 29, 2007 ? Perr & Knight, a leading provider of management consulting, regulatory compliance, competitive intelligence and actuarial services to the insurance industry, today announced the publication of the Journal of Insurance Operations. The Journal provides in-depth coverage of insurance operations best practices by leading authorities in the industry. The inaugural issue is being released to coincide with this year?s IASA Business Show in Minneapolis.

M Financial Group Welcomes Protective Financial & Insurance Services, Inc. (dba Corrigan & Company) to Network of Member Firms - PORTLAND, OR, MAY 29, 2007 - M Financial Group today announced that Corrigan & Company has become a Provisional Member Firm. Based in Santa Barbara, California, Corrigan & Company is a leading executive benefits firm specializing in the production of community bank owned life insurance (BOLI). -- Corrigan & Company (formerly BenmarkWest) was founded in 1990 by Michael E. Corrigan, a Principal of the firm. Michael?s experience in the securities business began in 1978 and he has since held sales, investment, and several senior management positions with national financial institutions and successful life insurance companies.

2007 Hurricane Season Should Prompt Integrated Approach to Coastal Issues, NAMIC Suggests - WASHINGTON (May 25, 2007) ? With the start of the 2007 hurricane season just days away, the National Association of Mutual Insurance Companies (NAMIC) urges lawmakers, public policymakers, insurers, and consumers to collaborate on steps to minimize human suffering and property damage from future storms while promoting and preserving a strong private insurance market.

Symetra?s Low Cost, High Value ?Focus:? The Smart Variable Annuity Choice - Bellevue, Wash. ? (May 29, 2007) ? Symetra Life Insurance Company has introduced a distinctive new variable annuity that is among the most cost-effective of such products on the market. The Symetra Focus Variable Annuity is also one of the only variable annuities available featuring index investment options from Vanguard. The product?s low-cost structure and premier investment options are designed to help clients keep more of the returns generated from investments linked to the annuity.

Why I Left My Insurance Agent  - I was talking to a friend the other day, explaining what I do for a living, when she interrupted me and proceeded to tell me all about how wonderful her insurance agent was.  Her story caused me to reflect on why I left my previous agent.  I don?t think my previous agent will be upset by this article, because not only did he not notice me when I was a policyholder, but I?m quite sure he didn?t notice when I left.

PIANH names MMG ?Company of the Year? at Annual Conference - CONCORD, N.H.?During its Annual Conference last week in Concord, the Professional Insurance Agents of New Hampshire Inc. awarded MMG Insurance with the association?s inaugural Company of the Year award. The company was selected based on its ranking in PIANH?s first-ever Company Performance Survey. Honorable mention awards were presented to: MetLife Auto & Home; OneBeacon Insurance; and Peerless Insurance Co. because these companies ranked in the top echelon of the survey.

New York Life Retirement Plan Services Introduces Diagnostic Program to Understand and Predict Employee Retirement Planning Behavior - WESTWOOD, Mass., May 30 /PRNewswire-FirstCall/ -- New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, today introduced an in-depth program designed to help the firm and its clients better understand and predict employee retirement planning behavior.

The Hartford?s Life Insurance Policies Offer Some New Protections Against the Uncertainties of Life - May 30, 2007 09:42 AM Eastern Daylight Time - SIMSBURY, Conn.--(BUSINESS WIRE)--For people who need life insurance and are comfortable with the risks of equity investing, variable universal life (VUL) has long been an option to protect families from the premature death of a breadwinner. Now, variable universal life can provide a valuable source of benefits for living needs, too.

Video: Shopping for Financial Security: All Workers Need Disability Insurance, But Where Should They Get It? LIFE Foundation Offers Five Tips for Evaluating Disability Insurance Coverage Options - WASHINGTON, May 30 /PRNewswire/ -- When making a significant purchase, whether a new car or a flat screen TV, most Americans carefully study the options so they can make an informed decision. The same should be true when it comes to purchasing protection for what may be the most valuable asset of all -- the ability to earn an income. To coincide with Disability Insurance Awareness Month this May, the nonprofit Life and Health Insurance Foundation for Education (LIFE) offers a buyer's guide to help Americans better understand their options for purchasing disability insurance, a critical product which ensures that you can support yourself and those you love even in the event of a disabling illness or injury

AEGON and BRE Bank Enter Exclusive Negotiations on Pension Fund Merger - THE HAGUE, The Netherlands, May 29 /PRNewswire-FirstCall/ -- AEGON (NYSE: AEG; LSE: AGN) and BRE Bank have entered into exclusive negotiations on a possible merger of their two Polish pension funds, PTE Ergo Hestia SA and PTE Skarbiec-Emerytura SA. As part of these discussions, BRE Bank would grant AEGON the option to acquire BRE Bank's shareholding in the merged pension funds. The final agreements would be subject to approvals from the Polish Financial Supervision Commission (KNF) and the Office of Competition and Consumer Protection (OCCP). Currently, BRE Bank owns 100 percent of the shares and voting rights in PTE Skarbiec-Emerytura, which manages the accounts of over 440,000 members(*).

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