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Thursday
3/27/2008
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Your Insurance News "Strategic
Relationship" |
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Read online at
www.insurancebroadcasting.com.
Read daily by
over 450,000 insurance industry
subscribers.
Walt Podgurski, CLU, CES, Publisher & Editor
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© Copyright Notice
- the information on this page is protected by the copyright
laws - all rights reserved.
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Marshall
Sylver - Educator, Entertainer, Author
"The ultimate mentor
of inner and outer influence"
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Marshall Sylver is one
of the most sought-after keynote speakers in the world today. He's
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His mind changing technologies will transform your life forever and he
will be sharing this information for 4 presentation hours at Workplace
Benefits Mania 2008: all included in your registration fee.
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Workplace Benefits Mania
2008
July 28, 29 & 30 - Caesars Palace, Las Vegas, NV
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Industry "Movers & Shakers" Attendees |
90 Leading Industry Exhibitors |
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Field Proven Expert Speakers |
Special 4-hour "Influence" workshop
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Build your voluntary benefits revenue stream!
Workplace Benefits Association - 888-282-1765 -
www.workplacebenefits.org
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Daily Quote:
"We live in a
moment of history where change is so speeded up that we begin to see the
present only when it is already disappearing." - - R. D. Laing
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Read online at
www.insurancebroadcasting.com.
Read daily by
over 450,000 insurance industry
subscribers.
Walt Podgurski, CLU, CES, Publisher & Editor
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© Copyright Notice
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laws - all rights reserved.
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DEPENDENT ONLY
Limited Benefit Group Health Indemnity Plans
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Dependent participation in health care plans is often notably low, and
many employers have had few options to offer employees and their
dependents. Foundation One Insurance Services, Ltd. offers a solution to
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Policy limitations and exclusions apply.
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Texas approves Farmers Insurance's revised premiums - Dallas Morning News -
Dallas,TX,USA
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Woman accused of killing husband for insurance money
- Dallas Morning News -
Dallas,TX,USA
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Change will save RB thousands in insurance fees
- Riverside Brookfield
Landmark - Oak Park,IL,USA
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Benefits change proposed for state workers
- Providence Journal -
Providence,RI,USA
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Larimer County to offer employee medical benefits to domestic partners
- The
Coloradoan - Fort Collins,CO,USA
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Key insurance sector issues are reviewed
- Gulf Daily News - Manama,Bahrain
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Automobile Association lowers homeowners' insurance rates -
Bizjournals.com, NC
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Bill would extend Citizen's rate freeze -
Bizjournals.com, NC
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Pressure Mounts as Major Defined Benefit Plan Deadline Nears
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WSJ.com/Harris Interactive Study Asks: ''Are There Fair And Reliable
Ways to Assess Healthcare Quality?''
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WellPoint NextRx Announces New Agreement With Trustmark
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ROI
Calculator from WellSteps Shows How Worksite Wellness Programs Lower
Employee Health Care Costs
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Milliman Care Guidelines Expands, Updates Clinical Content and
Software
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BGAs
to learn how clients can escape pension tax trap at sales summit
Apr. 3-4
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AIG
Group Management Division Launches Group Life Product That Expands
Employee Benefit Capabilities in the European Union
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Consumerism In Health Survey
- National Center for Policy Analysis -
Dallas,TX,USA
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Change will save RB thousands in insurance fees
- Riverside Brookfield
Landmark - Oak Park,IL,USA
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Benefits change proposed for state workers
- Providence Journal -
Providence,RI,USA
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Larimer County to offer employee medical benefits to domestic partners
- The
Coloradoan - Fort Collins,CO,USA
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Texas approves Farmers Insurance's revised premiums - Dallas Morning News -
Dallas,TX,USA
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Woman accused of killing husband for insurance money
- Dallas Morning News -
Dallas,TX,USA
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Key insurance sector issues are reviewed
- Gulf Daily News - Manama,Bahrain
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Kansas House approves health care bill with insurance subsidies -
Kansas City Star, MO
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Candidates diverge on health care plans -
USA Today
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1.
Goldman Sees $1.2
Trillion Global Credit Loss |
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Tue
Mar 25, 2008 1:30pm EDT
NEW
YORK (Reuters) - Goldman Sachs forecasts global credit losses
stemming from the current market turmoil will reach $1.2
trillion, with Wall Street accounting for nearly 40 percent of
the losses.
U.S. leveraged institutions, which include banks,
brokers-dealers, hedge funds and government-sponsored
enterprises, will suffer roughly $460 billion in credit losses
after loan loss provisions, Goldman Sachs economists wrote in a
research note released late on Monday.
Losses from this group of players are crucial because they have
led to a dramatic pullback in credit availability as they have
pared lending to shore up their capital and preserve their
capital requirements, they said.
Goldman estimated $120 billion in write-offs have been reported
by these leveraged institutions since the credit crunch began
last summer.
"U.S. leveraged institutions have written off less than half of
the losses associated with the bursting of the credit bubble,"
they said. "There is light at the end of the tunnel, but it is
still rather dim."
Of
the cumulative losses expected by these leveraged players, bad
residential home loans will represent about half, while
poor-performing commercial mortgages will represent 15 percent
to 20 percent.
The
rest of the losses will come from credit card loans, car loans,
commercial and industrial lending and non-financial corporate
bonds, Goldman economists said.
Facing more credit losses, leveraged institutions have raised
about $100 billion in new capital from domestic and foreign
investors and reduced dividend payouts. This amount is more than
three-quarters of the write-offs to date, the report said.
(Reporting by Richard Leong)
© Reuters 2008 All rights reserved |
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2.
US Pension Funds
Seek Emergency Block Of Bear Deal |
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NEW YORK,
March 26 (Reuters) - Two Michigan pension funds are seeking emergency
court action to stop the planned takeover of Bear Stearns Cos Inc (BSC.N: ) by JPMorgan Chase & Co (JPM.N: ) from moving forward, according to court papers.
The funds
have asked the Delaware Chancery Court for a temporary restraining order
blocking the sale of 95 million newly issued Bear Stearns shares to
JPMorgan. The stock sale, set to close around April 8, is expected to
give JPMorgan a big boost in its efforts to win shareholder approval of
the proposed buyout of the ailing investment bank. (Additional reporting by Chris Reiter)
(Reporting by Martha Graybow, editing by Dave Zimmerman)
© Reuters
2008 All rights reserved |
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3.
Citigroup to pay
$1.6 billion to settle Enron claims |
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Wed Mar 26,
2008 9:34am EDT
NEW YORK
(Reuters) - Citigroup (C.N: ) has agreed to pay
Enron Corp creditors $1.66 billion as the final part of a settlement of
a lawsuit over banks' responsibility in the energy trading firm's
downfall, a group representing creditors said on Wednesday.
The group
said that in addition to the payment, Citi has agreed to waive and
release additional claims.
(Reporting
by Michael Erman; editing by John Wallace)
© Reuters
2008 All rights reserved |
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4.
Coughlin Stoia Geller
Rudman & Robbins LLP Files Class Action Suit against Humana, Inc. |
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NEW YORK--(BUSINESS WIRE)--Coughlin Stoia Geller Rudman & Robbins LLP
(“Coughlin Stoia”) (http://www.csgrr.com/cases/humana/)
today announced that a class action has been commenced in the United
States District Court for the Western District of Kentucky on behalf of
purchasers of Humana, Inc. (“Humana” or the “Company”) (NYSE:HUM) common
stock during the period between February 4, 2008 and March 11, 2008 (the
“Class Period”).
The complaint charges Humana and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. The Company
provides various health and supplemental benefit plans for employer
groups, government benefit programs, and individuals in the United
States. |
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5.
Homeowners Take
First-Ever Tax Deduction for Mortgage Insurance |
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WASHINGTON--(BUSINESS WIRE)--Many qualified taxpayers are preparing to
claim their first-ever tax deduction for mortgage insurance premiums on
home loans that closed in 2007.
The tax deduction was first approved by Congress in late 2006 and
applied to loans with mortgage insurance that closed in 2007. In an
important move to further assist borrowers, Congress voted in December
of last year to extend the mortgage insurance tax deduction through
2010. Extension of the tax deduction for mortgage insurance premiums was
part of the Mortgage Forgiveness Debt Relief Act of 2007.
The deduction allows households with an adjusted gross income of
$100,000 or less to deduct the full cost of their government or private
mortgage insurance premiums on their federal tax returns. Families with
incomes between $100,000 and $109,000 are eligible for a reduced
deduction.
For more information about the new deduction visit
www.privatemi.com.
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6.
Travelers of
Massachusetts Warns Drivers about Consumer Web Sites |
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Insurance Company Urges Motorists to Contact Independent Agents to Gain
Clearer Picture of Auto Insurance Options
WORCESTER, Mass.--(BUSINESS WIRE)--Less than a week before historic auto
insurance reform takes effect in Massachusetts, Travelers of
Massachusetts today urged Bay State auto insurance policyholders to use
caution when using consumer web sites, saying many sites provide
insufficient information to motorists seeking to make informed buying
decisions.
“Many of the sites derive price quotes from an extremely limited amount
of information and do not include most of the rating variables and other
characteristics insurers use to rate policies and determine prices,”
said Susan K. Scott, senior vice president and general counsel of
Travelers of Massachusetts.
Scott’s comments come as the state overhauls the auto insurance system.
For the first time in three decades, drivers can choose from auto
insurers who now have the ability to set their own rates and offer new
products, credits and discounts. www.travelersma.com |
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7.
Talent Shortage Emerges
as No. 1 Employer Concern: Deloitte/ISCEBS |
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Economic Security in Retirement and Financial Growth Opportunities Most
Troubling to Employees, According to Survey
NEW YORK, March 25 /PRNewswire/ -- A shortage of skilled and talented
workers has become the most pressing concern among employers,
supplanting the perennial leading problem, rising cost of health care,
according to the 14th annual Top Five Total Rewards Priorities survey
conducted by Deloitte Consulting LLP (Deloitte) and the International
Society of Certified Employee Benefit Specialists (ISCEBS).
Nearly three-quarters of the 413 U.S. human resources professionals
surveyed cited talent as their top concern. Meanwhile, 71 percent
identified cost containment of health care as a top five concern this
year, dropping from 80 percent last year. Other leading issues are the
willingness of employees to pay for an increasing portion of benefit
plan coverage and to manage their own reward budget (58 percent), clear
alignment of total rewards strategy with business strategy and brand (56
percent), and demonstrating appropriate return on investment for reward
expenditures (42 percent).
A full copy of the report is available at
www.deloitte.com/us/2008Top5 or at
www.iscebs.org. |
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8.
Coalition Forms To
Oppose Flood Insurance Plan |
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Wed Mar 26,
2008 8:22am EDT
NEW YORK,
March 26 (Reuters) - A coalition of environmentalists, consumer
advocates and insurers has formed to oppose proposed legislation that
would expand a federal flood insurance scheme.
The measure
would add coverage for wind damage, which the coalition says could prove
costly for taxpayers and send the wrong message about developing
environmentally-sensitive, catastrophe-prone areas.
Proponents
of revamping the federal plan say home and business owners need to have
access to wider coverage, after many property owners were left without
adequate coverage in the wake of 2005's Hurricane Katrina, which caused
record damage along the Gulf Coast.
The
coalition -- which counts the Consumer Federation of America, the
National Wildlife Federation and the Reinsurance Association of America
among its members -- laid out its stand in a letter to influential
senators this week.
"Taxpayers
nationwide will be left to pay the cost of wind damage, which would more
than triple the government's exposure under the National Flood Insurance
Program (NFIP)," the coalition said in the letter, a copy of which was
obtained by Reuters.
To add wind
damage to the federal plan would likely take a bite out of business for
private insurers, which still see the coverage as a viable business
opportunity.
The Senate
is expected to vote on the proposed changes to the federal flood
insurance scheme in the coming weeks. (Editing by John Wallace)
© Reuters
2008 All rights reserved |
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9.
Court revives The
Doors insurance lawsuit |
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Tue Mar 25,
2008 3:05pm EDT
SAN
FRANCISCO (Reuters) - Squabbling between surviving members of the 1960s
rock band The Doors is serious enough that a lawsuit over an insurance
policy covering "advertising injury" should proceed, a federal appeals
court ruled on Tuesday.
The band
tried to carry on after its lead singer, Jim Morrison, died in 1971, but
eventually split up. In recent years drummer John Densmore has waged a
legal fight against guitarist Robby Krieger and keyboardist Ray Manzarek
over their touring as "The Doors of the 21st Century." A judge
eventually told them to stop using that name.
According
to court papers, the Densmore lawsuit cost Manzarek and Doors Touring,
Inc. more than $3 million in legal fees. Amid that fight, Manzarek filed
an insurance claim.
Manzarek,
who played distinctive organ riffs on such hits as "Light My Fire," took
out a commercial liability insurance policy in 2002 to 2003 from St.
Paul Fire and Marine Insurance Company.
That policy
included protection against advertising injury, which refers to losses
from things such as slander, libel and privacy infringement.
Manzarek
notified the insurance firm of Densmore's suit in 2003, but the firm
declined to provide insurance coverage. The keyboardist, who lives north
of San Francisco, sued for breach of contract and in 2006 a district
court dismissed the case.
On Tuesday,
the U.S. 9th Circuit Court of Appeals overruled that decision, saying
the lower court should review Manzarek's complaint.
(Reporting
by Adam Tanner, editing by Patricia Zengerle)
© Reuters
2008 All rights reserved |
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10.
China Life says to
shy away from stocks in 2008 |
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Wed Mar 26,
2008 4:35am EDT
BEIJING
(Reuters) - China Life Insurance Co (2628.HK: )
(601628.SS: ) will cut its allocation to
publicly traded equities this year, the chief investment officer of
China's largest life underwriter said on Wednesday.
"We will
probably take some measures to reduce the percentage of stocks and
stock-related assets in our portfolio because we think Chinese and
global stock markets will see big swings in 2008," Liu Lefei said at a
briefing on China Life's 2007 results.
The insurer
on Tuesday posted a 42 percent gain in second-half 2007 profit, topping
analysts' expectations due to strong investment returns.
(Reporting
by Langi Chiang; Editing by Alan Wheatley and Lincoln Feast)
© Reuters 2008 All rights reserved |
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11.
Aegon aims to be top
5 Taiwan insurer, eyes pensions |
|
Tue Mar 25,
2008 8:02am EDT
TAIPEI
(Reuters) - Dutch insurer Aegon (AEGN.AS: ) (AEG.N:
) aims to become one of Taiwan's top five
insurers over the next three to five years from its current No. 10 spot
by tapping demand for pension products, an executive said on Tuesday.
Aegon,
which recently formed a T$2 billion (US$66 million) joint venture with
Taiwan's Taishin Financial (2887.TW: ), is eager
to expand its market share in Taiwan, the fourth-biggest banking market
in Asia.
(Reporting
by Faith Hung; Editing by Edmund Klamann)
© Reuters 2008 All rights reserved |
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12.
INSURANCE NEWSLINK
ARTICLES |
|
Recent
articles added to INSURANCE NEWSLINK, the worldwide, strategic concise
intelligence database of over 30,000 articles including interviews,
uniquely analysed by company, market, research, regulatory, and IT
topics.
Please click here for a content overview and a 15-day free
review.
THE TIME
EFFECTIVE WAY TO STAY AHEAD
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SSP to
acquire Koukia
-
Friends
Provident rumours result in share rise
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Snapshots
UK Personal Pensions 2008
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Midland
approve acquisition by Munich Re
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US brokers
unlikely to change way they access London Market
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Generali to
open first non-life branch in China
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Actuarial
outsourcing growing in India
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Aioi to
provide extra capital boost in Europe
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ABI pushes
government on personal injury legal reform
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Snapshots
Italy Life Insurance 2008
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Big net
profit increase at China Life
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Sunshine
Life commences business in Beijing
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General Re
pay forfeiture fine in finite case
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New finance
executives at Prudential
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Insurers
are improving ERM systems says Standard & Poor's
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Prudential
looking to acquire in the US
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14.
MetLife Releases
Animated Short Film and Launches New Online Tools to Demystify Insurance
and Simplify the Purchasing Process for Consumers |
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NEW YORK--(BUSINESS WIRE)----MetLife, the nation's largest life insurer
and leading provider of employee benefits, continued its 140-year
tradition of providing education to consumers today when it released a
new animated short film entitled "Everybody into the Pool" and launched
Simplified(SM) by MetLife, a new online micro site for consumers. The
goal of the educational film, which features Snoopy(R), is to demystify
how insurance works by explaining in layperson's terms the powerful and
efficient financial principle that makes insurance possible and within
reach: risk pooling. MetLife is also simplifying the insurance
decision-making process for consumers with its new online tools. www.metlife.com |
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15.
CNA HealthPro Announces
New Products / Professional Liability Coverage Forms |
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New policy forms created in collaboration with life sciences customers
and brokers.
CHICAGO--(BUSINESS WIRE)--CNA announces the latest innovation in medical
product liability: its launch of one of the broadest insurance coverage
portfolios in the marketplace. Industry leaders in the life science
arena for nearly two decades, CNA’s HealthPro Advanced Medical
Technology unit now provides a new generation of coverage for product
liability along with products designed to address professional liability
exposure. The new policy forms are clear and concise with broad coverage
terms as well as additional highlights, including: circumstance
reporting, a “related claims” provision, Advertising Injury/Personal
Injury protection for clinical trials, dual coverage trigger for both
Professional Liability and Products Work-Hazard Liability, and an
automatic primary and non-contributory provision.
www.cna.com/healthpro.
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16.
Preferred Employers
Insurance Company Introduces First Medical Provider Network For
California Small Business |
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SAN DIEGO--(BUSINESS WIRE)--Preferred Employers Insurance Company
(Preferred Employers), a specialist in workers’ compensation insurance
for small employers in California, today announced the creation of its
own, proprietary medical provider network for treatment of work related
injuries. The network, Preferred Select MPN, is the first of its kind
for a California workers’ compensation insurance carrier. It is
comprised of a select number of medical providers specializing in
occupational injuries and will become effective May 1, 2008. |
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17.
Banks Continue to Earn
Near Record-Level Insurance Brokerage Fee Income in 2007 |
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FOR IMMEDIATE RELEASE – Radnor, PA, March 25, 2008 – Bank insurance
brokerage fee income hovered near record levels in 2007, reaching a
total of $4.04 billion, a scant 0.8% lower than the record $4.08 billion
attained in 2006, according to the Michael White-Symetra Bank Fee Income
Report (Bank-FIR).
The report, compiled by Michael White Associates, LLC (MWA) and
sponsored by Symetra Financial, measures and benchmarks the banking
industry’s performance in generating insurance, investment, and mutual
fund and annuity fee income. It is based on data reported by all 7,707
commercial and FDIC-regulated savings banks.
The Bank-FIR reveals that nearly half the banks (45.7 percent) in the
United States engaged in activities that produced insurance brokerage
revenue. Bank insurance brokerage fee income consists of commissions
and fees earned by a bank or its subsidiary from insurance product sales
and referrals of credit, life, health, property, casualty, and title
insurance. It does not include income derived from the sale of
annuities.
Source: Michael White-Symetra Bank Fee Income Report
www.BankInsurance.com
www.symetra.com |
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|
18.
Discover® Card Launches
Insurance Center |
|
Informative Web Site Serves as a Central Source for Independent
Insurance Quotes
Riverwoods, IL, March 26, 2008 – Discover Financial Services (NYSE: DFS)
announced today the launch of the Discover Insurance Center, an
easy-to-use Web site that offers consumers auto, homeowner’s, and term
life insurance, as well as home warranty plans from trusted, reputable
providers.
www.Discovercard.com/insurancecenter |
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|
19.
JPMorgan To
Integrate Bear Prime Brokerage |
|
Wed Mar 26,
2008 1:12am EDT
NEW YORK
(Reuters) - JPMorgan Chase & Co (JPM.N: )
executives have told Bear Stearns Cos (BSC.N: )
employees they will integrate the firm's prime brokerage and global
trade processing businesses, the Wall Street Journal said on Wednesday,
citing people familiar with the situation.
The
newspaper called the moves among the easiest decisions for JPMorgan,
which is buying Bear in a transaction now valuing the investment bank at
roughly $10.02 per share. The businesses employ about 800 of Bear's
14,000 employees, the newspaper said.
(Reporting
by Jonathan Stempel; Editing by Tomasz Janowski)
© Reuters 2008 All rights reserved |
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20.
INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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British pomp greets Sarkozy and wife on state
visit. Britain's Prince Phillip and France's first lady Carla Bruni
arrive by carriage for the Guard of Honor review at Windsor Castle in
Windsor, southern England March 26, 2008. REUTERS/Kieran Doherty
Read
Entire Story!!! |
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Dinosaur fossil found on bus in
Peru. A police officer displays a giant dinosaur jawbone during a news
conference in Arequipa, south of Lima, March 25, 2008. Officials found
the fossil of a giant dinosaur jawbone while investigating a suspicious
package on a bus in the mountains of Peru on Tuesday. REUTERS/Stringer
Read
Entire Story!!! |
 |
A man walks at a Ighzer Ksar, or
fortified village, on the outskirts of the oasis town of Timimoun, about
1,200 km (750 miles) south of Algiers, March 25, 2008. REUTERS/Zohra
Bensemra |
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Former first lady Nancy Reagan
speaks next to Republican presidential candidate Senator John McCain at
her residence in Bel Air, California March 25, 2008. Nancy Reagan
endorsed Arizona Senator John McCain for the presidency. REUTERS/Mario
Anzuoni |
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Ballet dancers of Moscow's Classical
Ballet company prepare for a dress rehearsal of Pyotr Tchaikovsky's
"Swan Lake" in Madrid, Spain, March 25, 2008. REUTERS/Andrea Comas |
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Smoke from an explosion at a
fireworks warehouse rises over an industrial area in Dubai March 26,
2008. No official reports are available but fatalities are expected to
be announced. REUTERS/Steve Crisp |
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Members of the paramilitary force
Bangladesh Rifles march during the 37th Independence and National Day
celebrations in Dhaka March 26, 2008. REUTERS/Mohammad Shahidullah
(BANGLADESH) |
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A capsule on the world's largest
ferris wheel, the Singapore Flyer, is seen above Marina Bay in Singapore
March 26, 2008. The Marina Bay Sands casino construction site is seen at
left. U.S. gaming giant Las Vegas Sands, which won the right to build
and run Singapore's first casino at a cost of $3.6 billion, is planning
to open the resort in 2009. Picture taken through glass. REUTERS/Michael
Fiala (SINGAPORE) |
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A Rio Tinto HIsmelt plant at Kwinana
near Perth is shown in this undated handout image. Rio Tinto said it
rejected BHP Billiton's $147 billion takeover offer, aimed at assembling
a super mining house, on value only, but warned that mining companies
could run the risk of becoming too big. REUTERS/Rio Tinto/Handout
(AUSTRALIA). |
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