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Subject: INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 03/06/08
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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com INSURANCE NEWSCAST "Headlines Only Edition" for: Thursday, 03/06/08 Here is a quick look at the stories that will be in Thursday's INSURANCE NEWSCAST.
India's Largest Private Insurer Partners with UnitedHealth Group to Give Travelers Visiting the U.S. Access to a Broad Array of Health Care Services MINNEAPOLIS--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) and ICICI Lombard, India?s largest private general insurance company and second-largest health insurer, are partnering to provide ICICI Lombard?s policyholders traveling to the United States with access to UnitedHealthcare?s programs and services.
TABB Group Says, 'The U.S. Financial Markets are in Full-Out, No-Holds-Barred, Free-For-All Radical Change' NEW YORK--(BUSINESS WIRE)--The U.S. financial markets are not just in flux, they are in full-out, no-holds-barred, free-for-all radical change. Not only have the national exchanges become fully electronic, but, according to TABB Group in a new industry study published today, ?U.S. Equity Market Structure: Driving Change in Global Financial Markets,? there are more than 55 different venues vying to match buyers and sellers and trade U.S. equities electronically.
Farmers Reaches Agreement in Principle to Acquire Zurich North America Commercial's Small Business Solutions Book LOS ANGELES--(BUSINESS WIRE)--Farmers Insurance Group,® the nation's third-largest personal lines property and casualty insurance group, announced today that an agreement in principle has been reached whereby Truck Insurance Exchange (the "Exchange"), which is one of the Farmers Exchanges, will purchase the rights to access renewals on Zurich North America Commercial's Small Business Solutions (SBS) book of business. In addition, the management of the SBS book of business will transfer to Farmers Group, Inc.
USI Holdings Corporation Acquires Corporate Planning Systems BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Holdings Corporation (?USI?), today announced the closing of the acquisition of Corporate Planning Systems (?CPS?), an employee benefit insurance brokerage firm. CPS, based in Bellevue, Washington, is expected to contribute approximately $4.5 million in revenues to USI on an annual basis.
Anthem National Accounts Introduces New Products for Large Employers' Early Retirees INDIANAPOLIS, March 5 /PRNewswire/ -- Anthem National Accounts today announced the addition of products for large employers designed to address the needs of early retirees -- a growing segment of the country's population. This new suite of products is designed to meet the needs of pre-65 retirees who are not eligible for Medicare and provide affordable access to medical coverage while helping to reduce employers' overall health care costs.
Heritage Union Acquires Annuity & Life Reassurance America, Inc. RICHMOND, Va., March 5 /PRNewswire/ -- Heritage Union, an upstart innovator of life insurance products tailored specifically to meet the needs of middle-income American consumers, has purchased Annuity & Life Reassurance America, Inc. The acquisition enables Heritage Union and its family of companies to serve customers in 43 states, the District of Columbia and the U.S. territory of Guam and introduce its breakthrough SalaryShield(R) life insurance products.
AXA Offers to Buy UK Insurer SBJ Group Ltd PARIS (Reuters) - French insurer AXA (AXAF.PA: Quote, Profile, Research) said on Tuesday it had made a takeover offer for British insurance company SBJ Group Ltd, as AXA continues its strategy of making small-to-medium sized acquisitions in Britain.
Munich Re Insurer Pushes Foreign Business in 2008 DUESSELDORF, Germany (Reuters) - Munich Re's (MUVGn.DE: Quote, Profile, Research) ERGO insurance unit is pushing ahead with its international expansion plans despite expectations of a drop in earnings this year.
U.S. workers check job prospects amid economic worries LOS ANGELES (Reuters) - U.S. workers are weighing their employment options more actively than employers think, amid economic worries and a weak job market, according to a survey released on Wednesday by Salary.com. Nearly half of workers reported conducting job-search activities within the past year, according to the survey.
ISAs versus pensions: weighing up the tax breaks LONDON (Reuters) - ISAs and pensions are top of the tax-efficiency tree, but which is a better way to save for retirement? In simple terms, the pension investor enjoys tax relief on contributions and investment growth, but pays tax on the income withdrawals. An individual savings account (ISA) investor makes contributions out of taxed income, enjoys tax relieved investment growth and is able to withdraw funds free of tax.
Pensions Regulator defends longevity move EDINBURGH (Reuters) - The Pensions Regulator defended its plan to make firms assume employees will live longer after they retire, a move that would force them to top up their pension funds with billions of extra pounds. It wants firms to assume the average 65-year-old retiring today will live until the age of 90, five years longer than most companies currently assume.
SEC Eyes Bond Insurers In Subprime Probes -Official NEW YORK (Reuters) - U.S. securities regulators are looking at bond insurers along with other financial companies in some three dozen investigations related to the subprime meltdown, a top enforcer said on Wednesday.
CNinsure Announces Acquisition of Two Insurance Intermediaries GUANGZHOU, China, March 5 /Xinhua-PRNewswire-FirstCall/ -- CNinsure Inc. (Nasdaq: CISG), a leading independent insurance agency and brokerage company operating in China, today announced the acquisitions of majority interests of Shenzhen Huameng Insurance Brokerage Co., Ltd. ("Huameng") and Fuzhou Guoxin Insurance Agency Co., Ltd. ("Guoxin").
PIA National Board Reaffirms Opposition to Optional Federal Charters, Support for State Insurance Regulation WASHINGTON ? The Board of Directors of the National Association of Professional Insurance Agents (PIA) unanimously passed a resolution March 2 reaffirming the association?s position in opposition to optional federal charters for insurers and its support for state regulation of insurance.
ILHealthAgents.com Announces First Health Insurance Website Designed for Illinois Residents Chicago, IL February 29, 2008 -- ILHealthAgents.com today announced the launch of the first health insurance website designed for individuals and families residing in Illinois. The site provides consumers an educational based insurance experience with information on the best available plans and prices from top insurers in the state of Illinois.
FinArch has momentum in the Philippines: EastWest Bank selects FinArch's Financial Studio for its Financial Transformation Program Ghent/Manila ? March 5 2008 - Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that East West Banking Corporation has selected FinArch's Financial Studio solution for its Financial Transformation Program (FTP). FTP starts with the implementation of a sub-ledger that will provide greater granularity in MIS and profitability reporting.
RIMS Media Advisory: RIMS Schedules Press Conference Call for Monday, March 10th During this interactive conference call, you will hear from RIMS president Janice Ochenkowski and Edward P. Bertero, chair of RIMS Quality Advisory Council, who will recap the conclusions from this week?s RIMS Quality Forum and provide an update on recent developments in RIMS initiatives to advance quality and customer service in the risk management and commercial insurance industry.
Willis China Appointed Insurance Consultant for the Operational Assets of the World?s Largest Hydropower Project, the Three Gorges Dam London, UK, March 5, 2008 ? Cementing its position as the pre-eminent power, utilities and construction broker in China, Willis Group Holdings (NYSE: WSH), the global insurance broker, has won a two-year contract as the insurance consultant for the operational assets of the largest hydropower project in the world, the Three Gorges Project. Located in Sandouping, a region in the Hubei province of China, the project will be fully operational by 2011.
XL Capital Assurance Warning Signals More Woes HONG KONG, March 5 (Reuters) - The warning by a ratings agency of a possible downgrade for bond insurer XL Capital Assurance is a reminder the sector's problems are far from over and that finding an appropriate rescue plan remains a challenge.
CITIC Says In Talks To Revise Bear Stearns Deal BEIJING, March 5 (Reuters) - CITIC Securities (600030.SS: Quote, Profile, Research), China's top brokerage by assets, is negotiating a bigger stake in Bear Stearns Cos (BSC.N: Quote, Profile, Research) to reflect the U.S. investment bank's tumbling stock price since the two parties agreed to swap stakes last October, a CITIC executive said Wednesday.
China Life Eyes Overseas Acquisition, No Share Issue BEIJING (Reuters) - China Life (2628.HK: Quote, Profile, Research), the country's top insurer, is looking for an overseas acquisition and for foreign investors, although it has no plans to issue new shares, its chairman said on Wednesday.
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