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Tuesday
07/01/08
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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
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Life & Health
Benefit Brokers
Can you offer P&C
(auto & home) at the workplace? |
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What if your
employer and employee clients wanted to buy their auto and
homeowners policies at the workplace through the convenience of
payroll deduction?
-
What if your
clients’ commercial brokers have never brought up the concept of
helping employees with a payroll deduction auto and homeowners
option, leaving the option open for you to capitalize on?
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What if affinity
groups loved this idea? (There is proof that they do).
-
What if the
carriers that specialized in this area could easily walk you through
the process of obtaining your P&C license?
-
What if you
could meet with all of the four workplace P&C leading companies at one time
and also hear experts discuss strategic marketing plans for putting
these plans into practice.
-
What if you
could do all this in time to implement these discussions into your
fall 2008 benefit planning meetings with your clients?
-
What if the
turnover on these types of plan were extremely low guaranteeing your
relationship as one of the employer’s insurance advisors?
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What if the
enrollments were completely turn-key and handled by the carriers
personnel?
-
Wouldn’t it be
worth $199.00 to attend Workplace Benefits Mania 2008 at Caesars
Palace in Las Vegas July 28, 29, and 30 to determine if this could
result in a significant revenue stream for your agency going
forward? (And provide you a permanent place at the benefits table)
Workplace Benefits Mania
2008
July 28, 29 & 30 - Caesars Palace, Las Vegas, NV
Registration
remains open but the room block guarantee
at Caesars
Palace expires this Friday, July 4th.
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Daily Quote: "The
problems of the world cannot possibly be solved by skeptics or cynics
whose horizons are limited by obvious realities. We need men and women
who can dream of things that never were..." -- John F. Kennedy
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HEALTHCARE
/ BENEFIT PLANS
Back To Top |
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Napa
risks bankruptcy unless pensions, benefits
reduced - Napa Valley
Register, CA
-
Anheuser
details staff benefit, pension reductions -
memo - Reuters
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Governments strain under retiree obligations
- Pittsburgh Tribune-Review, PA
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City
retirees miffed as health benefits dwindle
- Greenville News, SC
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Despite
Economic Downturn, Employee Benefits Remain
Stable in 2008 - FOXBusiness
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Florida
Health Insurance Analyst says McCain's Group
Health Ideas Bad For Employees -
PR Web
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Democrats’ quick fix is no solution for
workers - Workers World
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Employees Want More On-The-Job Help With
Retirement Plans - Findlay
Living, Ohio
-
Rising
benefits costs are changing small business
practices - New England Business
Bulletin, MA
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Healthcare Doesn’t Have to Be a Crisis for
Employers - Hawaii Reporter, HI
-
Getting
the health insurance run-around -
Chicago Tribune,
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M&A / ALLIANCES / EARNINGS
/ CAPITALIZATION |
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INTRODUCING SIMPLY UNUM® The benefits landscape is shifting, and
your clients need a simple solution. With Simply Unum, you can increase
sales and strengthen your business relationships by providing a wide
array of group and voluntary benefits that fit your clients’ budgets,
while reducing administrative efforts at the same time — making
everyone’s lives that much easier. Find out how you can harness the
changing benefits landscape at
unum.com/coolsolution. |
|
| |
Insurance products
and services are offered by the subsidiaries of Unum Group. ©
2008 Unum Group. All rights reserved. Unum is a registered
trademark and marketing brand of Unum Group and its insuring
subsidiaries. Simply Unum may not be available in all
jurisdictions. NS07-313 (5-08) |
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1.
Allied World To Buy
Darwin Professional For $550 Mln |
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Mon Jun 30,
2008 9:55am EDT
(Reuters) -
Insurance and reinsurance company Allied World Assurance Co
Holdings Ltd (AWH.N: ) said it will acquire Darwin Professional
Underwriters Inc (DR.N: ) for $550 million in cash to expand its
operations in the United States.
Darwin is a
unit of Alleghany Corp (Y.N: ).
Allied will pay
$32 per share for Darwin, a premium of about 6 percent on
Friday's closing on the New York Stock Exchange.
Shares of
Darwin were up 3.6 percent at $31.28 in early trade Monday on
the NYSE.
"This
acquisition will more than double Allied World's presence in the
U.S., particularly within the U.S. health care market," said
Scott Carmilani, chief executive of Allied World.
Darwin's Chief
Executive Stephen Sills will retire after the transaction
closes.
In a separate
statement, New York-based insurer Alleghany said it expects to
receive about $300 million for its 55 percent holding of
Darwin's stock.
The company
also expects an after-tax gain of about $94 million from the
deal, which includes about $9 million of gain deferred at the
time of Darwin's initial public offering in May 2006.
Allied expects
the transaction to close in the fourth quarter of 2008 and
expects it to add to earnings in the first full year after the
closing.
Shares of
Allied World were down 1 percent at $41.16 on the NYSE.
(Reporting by Amiteshwar Singh in Bangalore; Editing by Bernard
Orr)
© Thomson
Reuters 2008 All rights reserved |
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2.
BestWeek: Market Cap
for 179 Insurers Tallied |
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OLDWICK, N.J.--(BUSINESS WIRE)--Publicly traded insurance-related
organizations followed by the A.M. Best stock indexes collectively lost
$396 billion in market capitalization since the start of 2008. But
despite a generally downward direction, some insurance organizations
gained market cap during that same period, according to a story in
BestWeek U.S./Canada.
The aggregate market capitalization for the 179 companies in the A.M.
Best indexes stood at $1.36 trillion as of the U.S. market close on June
26, down from $1.76 trillion at the start of 2008.
A
slumping market for equities is remaking the insurance lineup. American
International Group Inc., which is weathering a change in leadership,
leads the list of organizations losing the most market cap value. AIG’s
market cap was $65.7 billion as of Thursday’s close, down from $129.2
billion at the start of the year.
Also, in BestWeek U.S./Canada:
--
The U.S. property/casualty industry’s net profit plunged 45% to $9.3
billion in the first quarter of 2008, driven primarily by premium
erosion, deteriorating underwriting results, higher catastrophe-related
losses and weaker investment returns, according to a new special report.
--
Presumptive Republican presidential nominee Sen. John McCain is calling
for 45 new nuclear power reactors to be built over the next 20 years.
Though often viewed as virtually uninsurable, those who regularly write
and place nuclear risks say a significant expansion would actually serve
to grow, not shrink, available capacity.
And in BestWeek Europe: A bill is making its way through the U.K.
parliamentary process that will open the Lloyd’s market to non-Lloyd’s
brokers.
www.ambest.com |
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3.
Fund Manager Pays $2.1
Million To Lunch With Warren Buffett |
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By
Emily Chasan
NEW YORK (Reuters) - A Chinese fund manager has won a lunch with famed
U.S. investor Warren Buffett after bidding $2.11 million for the
opportunity in a charity auction, more than three times what the lunch
fetched last year.
Zhao Danyang, who runs Hong Kong-based Pureheart China Growth Investment
Fund, had the winning bid in the eBay Inc auction that ended late on
Friday.
Proceeds of the lunch with the 77-year-old chairman of Berkshire
Hathaway Inc benefit Glide, a nonprofit foundation in San Francisco that
offers programs for the poor, hungry and homeless.
Mohnish Pabrai, an Irvine, California-based investor, paid $650,100 for
the right to dine with Buffett last year.
Buffett began donating lunches in 2000 after his wife Susan introduced
him to the Rev. Cecil Williams, who founded Glide and runs the Glide
Memorial United Methodist Church. The auctions, including the current
one, have grossed more than $4 million for the organization. Last year's
winning bidder paid $650,000 for lunch with Buffett.
Zhao and up to seven friends will meet Buffett for lunch in New York
City at the Smith & Wollensky steakhouse.
Buffett, who is the world's richest man according to Forbes Magazine,
took over Berkshire in 1965, transforming it from a failing textile
maker into a sprawling Omaha, Nebraska-based insurance and investment
company with more than 70 businesses.
Often called the Sage of Omaha, Buffett has been lauded among investors
for his preference for investing in larger companies with
easy-to-understand businesses, large or dominant market shares,
consistent earnings, and strong management.
Berkshire's investments include American Express Co and Coca-Cola Co.
Zhao, who has more than a decade of investing experience, selects
investments "from the view of an industrial investor," according to his
firm's website.
Buffett has pledged most of his fortune to the Bill & Melinda Gates
Foundation and four family charities. He has said his Berkshire shares
will go to philanthropy.
(Editing by Braden Reddall)
©
Thomson Reuters 2008 All rights reserved |
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4.
Integro and Amber
Partners Introduce Unique Fraud Protection Insurance for Hedge Fund
Investors |
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Policy Returns Capital in 90 Days upon Government or Regulatory Seizure
of Assets
NEW YORK--(BUSINESS WIRE)--Integro, an international insurance brokerage
and risk management firm specializing in complex risk, and Amber
Partners (Bermuda) Ltd., experts in hedge fund operational due
diligence, are pleased to announce the introduction of Hedge Shield®,
insurance coverage designed to protect sophisticated investors from
hedge fund losses due to fraud, allegations of fraud and other such
malfeasance.
Underwritten by several world class insurance carriers, the Hedge Shield
policy will cover hedge fund investors against potential losses and
reputational damage resulting from a seizure of assets by a governmental
or regulatory agency due to actual or alleged fraudulent activity. Given
the nature of a sudden collapse, Hedge Shield provides prompt recovery
of the policyholder’s interest in a hedge fund position within 90 days
of a seizure. Investors also benefit from Amber Partners’ world class
due diligence expertise conducted as part of the underwriting process.
Amber Partners’ Management has collectively reviewed approximately 700
hedge fund operations.
“Hedge Shield fills a vital need for institutional hedge fund
investors,” affirms Integro CEO Roger Egan. “Nearly 85% of hedge fund
‘meltdowns’ over the past ten years have had elements of operational
weakness which could invite fraud. Seizures resulting from the majority
of those failures would have triggered this new offering, sparing
investors a significant impact to their portfolio and reputation through
immediate recovery of assets.”
“Amber Partners is pleased to assist underwriters for Hedge Shield,”
said Reiko Nahum, CEO of Amber Partners. “Our due diligence for Hedge
Shield is specifically focused on four primary areas where the potential
for fraud typically exists: overstatement of net asset values, theft of
fund assets, concealment of trades, and false claims as to assets which
the fund does not have title.”
Commenting on a key aspect of the Hedge Shield coverage, Roger Egan
noted: “Without Hedge Shield, if fund assets are seized, investors risk
losing their full principal with little assurance that a final
adjudication will result in any repayment. Awaiting a final adjudication
of fraud could take several years; Hedge Shield obviates the need to
wait.”
www.integrogroup.com
www.amberpartners.com |
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5.
Humana Announces Intent
to Acquire Metcare Health Plans, Inc. |
|
Metropolitan Health Networks, Inc. to Continue Managing Members Through
New Provider Service Agreement
LOUISVILLE, Ky.--(BUSINESS WIRE)--Humana Inc. (NYSE: HUM) today
announced it has signed a definitive agreement to purchase Metcare
Health Plans, Inc. (“MHP”), a wholly owned subsidiary of Metropolitan
Health Networks, Inc. (“Metropolitan”) (AMEX: MDF) – based in West Palm
Beach, Florida – for an estimated $14 million. The transaction is
subject to regulatory approvals from the Florida Office of Insurance
Regulation and the Centers for Medicare and Medicaid Services.
AdvantageCare, the Medicare Advantage health plan offered by MHP,
provides Medicare beneficiaries with access to comprehensive health care
coverage in Florida. The acquisition is expected to increase Humana’s
Medicare Advantage membership by approximately 7,000 members in the
following 13 Florida counties: Charlotte, Collier, Glades, Lake, Lee,
Manatee, Marion, Martin, Okeechobee, Polk, Sarasota, St. Lucie and
Sumter.
“We are very excited about the purchase of MHP, as it will enhance
Humana’s mission to provide Medicare beneficiaries broad access to
affordable health care in Florida,” said Michael A. Seltzer, Humana
Florida Senior Products CEO. “The MHP leadership team also brings Humana
management expertise and expanded market presence in several Florida
counties, greatly complementing Humana’s existing Florida operations.”
Under terms of the agreement, Humana has agreed to purchase all of the
issued and outstanding shares of common stock of MHP for an estimated
$14 million. Subject to regulatory approvals, the transaction is
targeted to close during the third quarter of 2008.www.metcare.com
www.humana.com |
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6.
FINRA Warns Investors
About Compromising Important Assets In Uncertain Economic Times |
|
WASHINGTON--(BUSINESS WIRE)--Mary Schapiro, CEO of the Financial
Industry Regulatory Authority (FINRA), expressed deep concern today that
some investors may be trying to cope with rocky economic conditions by
putting their most valuable assets at risk in an effort to raise cash
quickly.
Schapiro expressed that concern in a speech to the Women in Housing and
Finance in Washington, DC. FINRA simultaneously released a new Investor
Alert, Weathering Tough Financial Times—The Long-term Costs of Quick
Cash, both to caution investors about endangering their home, their
retirement savings or their life insurance and to offer tips for
maintaining financial stability.
“Rising fuel and food prices, declines in the housing market, volatility
in the financial markets, an ever-tightening credit crunch – they’re all
creating unexpected financial challenges for many Americans,” Schapiro
said. “But tough financial times don’t necessarily justify resorting to
risky ways to make ends meet.”
Troubling trends include individuals borrowing from or prematurely
depleting their retirement savings, especially through the relatively
new 401(k) Debit Cards; selling their life insurance policies at a
discount in transactions known as “life settlements,” and tapping into
their home equity through reverse mortgages.
“Each of these should be considered strategies of last resort,” Schapiro
said. “They may raise cash quickly, but each also carries long-term
consequences that can undermine financial security in retirement and
pose the potential for losing a significant, and sometimes
irreplaceable, asset.”
To
learn more about risky investment decisions that may appear tempting in
unsteady economic times, see the FINRA Investor Alerts 401(k) Debit
Cards – Think Before You Swipe; Think Twice Before Cashing Out Your
401(k); Look Before You Leave: Don’t Be Misled By Early Retirement
Investment Pitches That Promise Too Much; Seniors Beware: What You
Should Know About Life Settlements; Reverse Mortgages: Avoiding a
Reversal of Fortune, and Smart 401(k) Investing. www.finra.org |
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7.
UBS Tumbles On News It
Eyeing Paine Webber Sale |
|
By
John O'Donnell
FRANKFURT (Reuters) - Investors took fright on Monday that UBS faced
further losses after news that it was considering the sale of the heart
of its U.S. wealth management business, broker Paine Webber.
UBS is under pressure from the Swiss financial watchdog and one of its
top shareholders, Olivant, to overhaul its business after more than $37
billion in writedowns during the global credit turmoil.
Sources with direct knowledge of the matter told Reuters that as part of
a company-wide review it is now examining a sale of the U.S. broker it
bought nearly eight years ago for about $10 billion.
UBS stock slid by more than 4 percent on the news, making it one of the
biggest fallers among European banks. It was trading down 3.2 percent at
21.70 Swiss francs at 6:05 a.m. EDT.
Peter Thorne, an analyst at Helvea, said investors may take this as a
signal that the troubled Swiss bank needed the money to patch up growing
problems.
"Two years ago, it was almost unthinkable that they would sell it," said
Thorne. "It is not exactly the family silver but almost. In my mind, it
has been slated for disposal ever since the crisis broke."
Paine Webber, which was bought as a bridgehead into North America,
suffers from higher costs and thinner margins than the lucrative Swiss
business.
It
burns through almost nine out of ten dollars in revenues to pay 8,200
brokers and other costs. Costs at UBS's wealth management business in
Switzerland and elsewhere outside the United States eat up just half of
income.
The U.S. market has been tough to crack. While UBS's Swiss business has
predominantly very wealthy customers, the U.S. operation is more
"downmarket".
Paine Webber, which sells investment advice and stock tips on
commission, has proven largely unsuccessful in tapping America's
super-rich.
It
made just 183 million Swiss francs ($180 million) pretax profit in the
first three months of this year compared to more than 1.4 billion francs
earned before taxes in banking for the rich elsewhere in the world,
including Switzerland. (Editing by Paul Bolding)
($1=1.016 Swiss Franc)
©
Thomson Reuters 2008 All rights reserved |
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8.
Election Could Delay
Fed Rate Rise Until December |
|
By
Alister Bull
WASHINGTON (Reuters) - The Federal Reserve may be hesitant to raise
interest rates ahead of the U.S. election in November, although there is
no hard evidence to support the widely held view that politics
influences monetary policy.
The Fed has raised rates in election years, as well as leaving them on
hold or cutting. As a result, there is no pattern to confirm the strong
sense that the central bank prefers to hold fire as Americans go to the
polls.
Nonetheless, economists say the case for rate increases would have to be
particularly convincing for the Fed to act.
"The Fed will want to be as low-key and invisible as possible and that
means the Fed will not want to change the funds rate ahead of the
election," said William Poole, who retired in March as president of the
St. Louis Federal Reserve Bank after a decade on the Fed's rate-setting
committee.
"But I believe that if there is a compelling case, the Fed will do so,"
he said. "I do not believe the Fed will abstain from necessary policy
action because of the election."
Some see political calculations delaying Fed action until after the
November 4 presidential election to the central bank's first post-vote
policy meeting on December 16.
"We're facing an election, and the Fed usually tries to stay on the
sideline," said Henry Kaufman, a veteran observer of the U.S. economy
and former chief economist with Salomon Brothers in the 1970s and 1980s.
"I
doubt whether the Federal Reserve will, as it is now structured, have
the strength within its voting power to say we're going to go up 50
basis points, 50 basis points, 50 basis points," Kaufman told Reuters
earlier this month, referring to the possibility of a series of
half-percent point moves.
Interest rate decisions are subject to a vote by members of the Federal
Open Market Committee. The ballot is split between the presidentially
appointed members of the Fed's Board of Governors in Washington and five
of the 12 regional Federal Reserve bank presidents.
(Additional reporting by Emily Kaiser in Washington, editing by Maureen
Bavdek)
©
Thomson Reuters 2008 All rights reserved |
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9.
Fortis Gets $630 Mln
Capital From Russian Billionaire: Report |
|
(Reuters) - Belgian-Dutch financial services group Fortis (FOR.AS: ) (FOR.BR:
) received $630 million in capital from Russian billionaire Suleiman
Kerimov as part of its recent share issue, the Wall Street Journal said,
citing people familiar with the matter.
Fortis, which last week raised 1.5 billion euros ($2.4 billion) from the
heavily discounted share issue, secured the money from Kerimov's
Swiss-based investment vehicle, Millennium Group, as part of the share
issue, the people told the newspaper.
Millennium Group already owns about 2 percent of Fortis along with
stakes in U.S. investment bank Morgan Stanley (MS.N: ), Swiss bank
Credit Suisse Group (CSGN.VX: ) and Germany's Deutsche Bank AG (DBKGn.DE:
), according to a person close to Millennium, the paper said.
On
Thursday, shares of Fortis, which has been hit by the fallout from the
U.S. subprime crisis and credit crunch, plunged to their lowest point in
more than five years after the company announced a package of measures,
including the share issue, to shore up its finances.
Fortis said it was forced to take what it called "exceptional measures"
by tough market conditions as well as its purchase of parts of its
former Dutch rival ABN AMRO, sealed just as the credit crisis hit last
year.
In
addition to the share issue, it said it would skip this year's interim
dividend, dispose of 2 billion euros of non-core assets, sell and lease
back real estate and pay its full-year dividend in shares to boost its
solvency by 8.3 billion euros.
Fortis could not be immediately reached for comment.
Shares of Fortis closed at 10.65 euros Friday in Amsterdam.
($1=.6331 Euro)
(Reporting by Pratish Narayanan in Bangalore; Editing by Kim Coghill)
©
Thomson Reuters 2008 All rights reserved |
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10.
Prudential (UK)
Customers Miss Out On Inherited Estate Windfall |
|
By
Myles Neligan
LONDON, June 27 (Reuters) - Four and a half million Prudential (PRU.L: )
customers will not receive a hoped-for windfall after the insurer
abandoned plans to reattribute an 8.7 billion pound ($17.3 billion)
surplus in its with-profits fund.
Under the plan, Prudential policyholders would have received a one-off
payment in return for giving up the right to a share of any future
distribution of the surplus, or inherited estate, with the full amount
going instead to Prudential's shareholders.
The company has said previously that policyholders would have been
entitled to "a small one-off benefit", with newspapers reporting
estimates of several hundred pounds on average.
Prudential UK and Europe Chief Executive Nick Prettejohn said on Friday
the group had concluded that shareholders and policyholders were
unlikely to reach any mutually acceptable reattribution deal.
The estate, built up from decades of shareholder contributions and
unclaimed policies, and used to protect policyholders from market
fluctuations by smoothing out returns, would underpin the with-profits
fund's performance in current choppy financial markets, he said.
"This isn't a decision based on current market conditions," he told
reporters on a conference call. "But current volatile conditions are an
excellent example of why it is necessary to have a strong inherited
estate." (Editing by Louise Ireland/Ian Jones)
©
Thomson Reuters 2008 All rights reserved |
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11.
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
Focus Solutions in AEGON extranet development
Indian public general insurers to streamline processes
ABI warns on proposed Equality Bill
New ceo at Ceska Pojistovna
Resolution pulls Bradford & Bingley offer
Prudential decision not to reattribute inherited estate will fuel the
debate
Widespread backing for Pitt Report on UK flooding
Friends Provident's long term counterparty credit rating lowered by S &
P
Italian antitrust regulator criticises insurance industry
Changes in UK business interruption risks reviewed by SunGard
Admiral to take on 450 staff
Aetna opens in Shanghai
KPMG fined over Independent Insurance audit
Swinton to recruit 600 more staff
Giles acquires two brokers in Wales
Marsh and Capita sign 10 year outsourcing deal
AEGON China jv boosts capital again
Zurich gets the nod for life branch in Taiwan
Sternberg to retire at New York Life
India increases world life share
Geden to retire at NFU
Teradata chosen by Alfa Insurance
|
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12.
BANK INSURANCE NEWS IN
BRIEF - JUNE 30, 2008
|
|
TODAY'S BANK INSURANCE
IN BRIEF" is provided each week courtesy of Michael White Associates @www.bankinsurance.com.
To read these stories , visit
http://www.bankinsurance.com/editorial/news/default.htm
SEC PROPOSES ‘ANNUITY CONTRACT’ AND ‘OPTIONAL ANNUITY CONTRACT’
DEFINITIONS
NORTHERN TRUST TO ACQUIRE LAKEPOINT INVESTMENT PARTNERS
INSURANCE PREMIUM INCOME CLIMBS 3.3% IN 2007
1Q
IS A ROUGH RIDE FOR P&C INSURERS
SEC MOVES TO PREVENT CONFLICTS OF INTEREST AMONG CREDIT RATING AGENCIES
INSURANCE PROFESSOR WILLIAM RABEL RECEIVES AWARD
JAPANESE LIFE INSURANCE POLICIES LOSE GROUND TO ANNUITY, MEDICAL AND
CANCER INSURANCE |
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|
13.
Markel American
Insurance Company Announces Introduction of Renter’s Protection
Insurance |
|
Waukesha, WI, June 30, 2008 – Markel American Insurance Company
announced today the introduction of its new Renter’s Protection
insurance program.
The program provides tenant homeowner’s coverage on a broader form than
the standard HO-4 renter’s policy and provides many options to increase
coverage as well as the limits within the policy. It is designed to meet
the needs of tenants in rental complexes in a unique way by providing
options not commonly available.
Program highlights include the following options:
Flood Coverage
Earthquake Coverage
Multiple levels of endorsements to increase limits for items such as
jewelry, electronics and tools
Scheduled Personal Property Coverage
The ability for properties that meet specific criteria to receive
discounts
“This program is the premier offering for renter’s insurance coverage,”
said Timberlee Tamraz Grove, president and COO of Markel American
Insurance Company. “In developing this program, we built in options that
can’t be found anywhere else.”
The program is currently offered nationwide through Leasing Desk, the
leading national provider of easy-to-implement customized, risk transfer
solutions for the multi-housing industry. As Dirk Wakeham, president and
CEO of Leasing Desk said, “This furthers our strategy of providing our
apartment owner clients multiple A-rated insurance companies and
demonstrates that we are capable of helping them fulfill their desire to
mandate insurance coverage for all residents.”
A
subsidiary of the Markel Corporation, Markel American Insurance Company
specializes in the lines of Powersport Products, Specialty Marine,
Preferred Yacht and Small Boat, and Specialty Property. For more
information on our products, please visit
www.markelamerican.com
|
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|
14.
New York Life To Donate $100,000 To Midwest Relief Effort |
|
NEW YORK, N.Y., June 27, 2008 — New York Life Insurance Company
announced today it will donate $100,000 to aid and support relief
efforts following the devastating floods in the Midwest.
The company is immediately contributing $50,000 to the American Red
Cross Disaster Relief Fund. In addition, New York Life will match
one-to-one employee, agent and retiree gifts to the American Red Cross,
earmarked for its Central U.S. Floods & Tornadoes Fund, up to a total of
$50,000. The total contribution by the company and members of the New
York Life family could reach $150,000 including employee, agent and
retiree contributions.
www.newyorklife.com |
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|
15.
Progressive Independent
Agents Get New Growth Tool As Company Introduces One-Of-A-Kind Car
Insurance Product |
|
Agents gain competitive edge with optional behavior-based insurance,
MyRateSM
MAYFIELD VILLAGE, Ohio (June 27, 2008) – Independent agents will soon
have a powerful new tool to attract and retain customers: a
behavior-based car insurance product that offers lower rates on cars
that are driven in less risky ways. The optional program, called MyRate,
is available only from Progressive.
“We think this new product could have a dramatic impact on our agents’
ability to grow their business,” said J.C. Jones, Progressive product
manager. “For example, think about the preferred customer who doesn’t
normally shop around. As we begin to advertise and create demand for
MyRate, that customer may now come to a Progressive agent for a product
they can’t get from any other company.”
Jones said MyRate could also be a retention tool. In states where
Progressive has tested similar programs, retention is significantly
higher among customers who choose to participate.
Drivers who sign up for MyRate receive a small wireless device that
easily plugs into a port in their car. The device is sent directly to
the customer, so agents won’t need to install it. The device allows
Progressive to see how, how much and when the car is being driven. Cars
driven less often, in less risky ways and at less risky times of day can
receive a lower premium.
www.progressive.com |
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|
16.
New Tiburon Research
Report - Consumer Wealth, Liquidation, & the Retirement Income
Challenge: The Impact of the Credit Crisis & the Decline in Home Equity
|
|
Tiburon Strategic Advisors, a market research & strategy consulting firm
serving a wide variety of financial institutions and investment
managers, is pleased to announce the release of its newly updated
research report on the Consumer Wealth, Liquidation, & the Retirement
Income Challenge. This research release summarizes some of the report's
key findings.
This is Tiburon’s fourth draft of this report. This draft incorporates
substantially more specific analyses, including analyses of consumers,
consumer households, and private business sales.
Key Findings
This report outlines consumers & their savings objectives, defines baby
boomers and summarizes the case for their pending saving crisis,
addresses the flow of funds within households and provides the real
facts on the state of consumer wealth, and addresses baby boomers’
likely liquidation.
To
better understand the developments in consumer wealth, liquidation, &
the retirement income challenge, executives can purchase Tiburon's
Consumer Wealth research report where the key findings highlighted above
are covered in greater detail. Please contact Sarah Sage at
SSage@TiburonAdvisors.Com
or 415-789-2540.
Tiburon offers thirteen online business benchmarking tools that are
available to all types of financial advisors in an effort to help them
benchmark their business practices and build more successful businesses.
The sites include
www.BrokerBestPractice.Com for wirehouse & regional brokers,
www.FABestPractices.Com for
fee-only financial advisors,
www.IndependentRepBestPractices.Com for independent reps, and
www.PrivateBankerBestPractices.Com for private bankers. Almost 5,000
advisors have used these tools. By completing one of the online surveys,
financial advisors can access a FREE copy of the relevant comprehensive
Tiburon research report, which summarizes and analyzes the collective
results. www.TiburonAdvisors.Com |
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|
17.
U.S. Risk Introduces
VOCAL—Coverage for the Entertainment Industry |
|
Dallas — June 30, 2008 — U.S. Risk Underwriters, a subsidiary of U.S.
Risk Insurance Group, Inc. (www.usrisk.com),
the ninth largest managing general agency and surplus lines wholesaler
in the nation, has launched VOCAL, a new product designed for
self-employed persons in the entertainment industry.
VOCAL provides coverage options for those in the highly entrepreneurial
entertainment industry under a master policy, and features a convenient
online system that provides users with the responsiveness necessary in
this fast-paced industry. Coverage is written through carriers rated “A”
or higher by A.M. Best. www.usrisk.com |
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18.
NAIFA and LifeMark
Securities Corp. Announce Membership Collaboration |
|
FALLS CHURCH, VA ?June 27, 2008 ?The National Association of Insurance
and Financial Advisors (NAIFA) and LifeMark Securities Corp. (LifeMark)
have announced a unique new arrangement to promote NAIFA membership to
LifeMark’s independent representatives. In this first-of-its-kind
agreement with a broker-dealer organization, LifeMark will pay the full
cost of NAIFA membership dues for current company representatives, and
will provide no-cost NAIFA membership as a benefit to new hires.
For more information about this or other NAIFA corporate partnership
initiatives, please contact Anne Meredith Meyerson, NAIFA Director of
Corporate Partnerships, at
ameyerson@naifa.org or (703) 770-8218.
www.naifa.org |
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19.
Agency Eliminates Need
To Shop For Health Insurance Quotes |
|
When looking for affordable health insurance, it's often difficult to
know where to begin. The insurance terms and talk is confusing. Where to
start? Coverage Point (http://www.coveragepoint.com)
has built a reputation of meeting the health insurance needs for
individuals, families and small businesses. Coverage Point's close
relationship with the most reliable insurers in the business has made
finding affordable health insurance quotes simple. With agents who
provide expert advice, Coverage Point ensures comprehension of health
plans, keeping the consumer informed to make the right healthcare
choices. |
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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Rice presses China and Africa on Zimbabwe.
Secretary of State Condoleezza Rice (L) talks with Chinese Premier Wen
Jiabao during their meeting in Beijing June 30, 2008. REUTERS/Oded
Balilty/Pool
Read Entire Story!!!
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Detroit's mood grim as automakers face the brink.
American flags flutter in the wind in front of the General Motors Corp.
headquarters in downtown Detroit, Michigan November 7, 2007.
REUTERS/Rebecca Cook
Read Entire Story!!!
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Malaysia's Anwar leaves Turkish embassy.
Malaysia's de facto opposition leader Anwar Ibrahim speaks to
journalists as he leaves the Turkish ambassador's residence in Kuala
Lumpur June 30, 2008. REUTERS/Zainal Abd Halim
Read Entire Story!!!
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Rhapsody to challenge iTunes by embracing the
iPod. A customer checks out Apple's iTunes in a file photo. Digital
music seller Rhapsody is launching a $50 million marketing assault on
Apple's iTunes, offering songs online and via partners including Yahoo
Inc and Verizon Wireless, Rhapsody said on Monday. REUTERS/Kiyoshi Ota
Read Entire Story!!!
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Pope Benedict XVI (L) and Ecumenical Patriarch of
Constantinople Bartholomew I arrive to lead the Vespri's ceremony at the
St. Paolo's Basilica in Rome June 28, 2008. Pope Benedict called for
Christian unity when he joined the spiritual head of Orthodox Christians
on Saturday to launch a year dedicated to St. Paul, the evangelist of
the early Church born two millennia ago. The pope presided over the
ceremony at Rome's Basilica of St. Paul's Outside the Walls, which
houses a marble sarcophagus believed to contain the remains of the 1st
century apostle. REUTERS/Tony Gentile
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Spain's King Juan Carlos speaks during the
inaugural session of the 19th World Petroleum Congress in Madrid, June
30, 2008. The World Petroleum Congress, which is held every three years,
will last until July 3. REUTERS/Susana Vera(SPAIN)
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An anti-war protester interrupts US Republican
presidential candidate Senator John McCain (R-AZ) (R) as he addresses a
National Association of Latino Elected and Appointed Officials
conference in Washington, June 28, 2008. The banner reads, "McCain
equals war". REUTERS/Jonathan Ernst
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Spain triumphs at Euro 2008 final. Spain's
captain Iker Casillas (C) lifts the trophy after his side defeated
Germany in their Euro 2008 final match at Ernst Happel stadium in
Vienna, June 29, 2008. REUTERS/Leonhard Foeger
Read Entire Story!!!
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High U.S. gas prices pinch NASCAR fans. Race
leader Kurt Busch is stopped on pit road after heavy rains shortened the
NASCAR Sprint Cup Lenox Industrial Tools 301 at New Hampshire Motor
Speedway in Loudon, New Hampshire, June 29, 2008. REUTERS/Robert LeSieur
Read Entire Story!!!
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Sports attendance up, hot dog spending down. A
cotton candy vendor walks on the aisle before the MLB interleague
baseball game between the Chicago White Sox and Chicago Cubs in Chicago
June 27, 2008. In an economic downturn, U.S. fans still go to sports
games, partly as an escape from financial woes, but they are saving on
the extras, like hot dogs and beer. REUTERS/Frank Polich
Read Entire Story!!! |
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A reveller attends the 'Christopher Street Day' (CSD)
parade in the streets of Berlin June 28, 2008. Several thousand visitors
took part at the 30th annual CSD parade in the German capital to
demonstrate for the rights of all lesbian, gay, bisexual, transgender
and transsexual people and to commemorate clashes between gay people and
U.S. police in New York City's Christopher Street in June 1969.
REUTERS/Hannibal Hanschke
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