|
 |
Wednesday
07/02/08
|
Your Insurance News "Strategic Relationship"
|
|
|
|
|
|
|
Read
online at
www.insurancebroadcasting.com.
Read
daily by over 450,000 insurance industry
subscribers.
Walt Podgurski, CLU, CES, Publisher & Editor
|
|
|
© Copyright Notice
- the information on this page is protected by the copyright
laws - all rights reserved.
|
2008 TPA Licensing Manual
Compliance Tool Available for Purchase! |
|
 |
The Professional Insurance Marketing
Association (PIMA) is the premier forum for the leading Agents/TPAs/Brokers
and Companies in the sponsored insurance and direct marketing arenas.
This 2008 CD-ROM Publication, a benefit of PIMA membership, Is now
available to non-members for only $695. The CD contains a guide to state
statutes and regulations and is efficiently indexed with active
hyperlinks to resource sources.
To order or for a content preview,
go to
www.pima-assn.org or call
817-569-PIMA (7462).
At PIMA…Business Development is the ROI
|
 |
For more than 30 years the Professional Insurance Marketing Association
(PIMA) has been the premier networking, educational and resource forum
for leaders in the insurance direct marketing industry - serving
associations, employers, financial
institutions and other groups. |
|
|
|
Daily Quote:"Every
man makes a god of his own desire." - - Virgil |
|
Life & Health
Benefit Brokers
Can you offer P&C
(auto & home) at the workplace? |
|
 |
-
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?
-
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?
-
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.
|
|
M&A
/ ALLIANCES / EARNINGS / CAPITALIZATION |
|
|
|
1.
Global Stocks Close
Dismal 1st Half, Outlook Grim |
|
By Jennifer
Ablan
NEW YORK, June
30 (Reuters) - The worldwide credit crisis that burst onto
investors' radar screens nearly a year ago wiped out some $3.3
trillion in wealth from global stock market wealth in the first
half of this year, and optimism for a second-half recovery is
fading fast.
Benchmark stock
indexes around the world just wrapped up their worst first half
in six years or even more. For some, most notably the Dow Jones
industrial average, which dropped 14.4 percent in the six months
through June 30, it was the poorest start to a year in nearly
four decades.
Even the
superpowers among stock markets in emerging countries, including
China and India, have not escaped the sell-off.
Investors have
been dumping anything with risk -- stocks, emerging market
assets and corporate credits -- on persistent concerns that a
global slowdown will be exacerbated by quickening inflation,
fueled by elevated oil and food prices, and rising interest
rates. A crumbling outlook for corporate profits has recently
added to the gloom.
That has left
much of the world's equity markets in or near a bear market for
the first time since the dot-com bubble burst at the beginning
of the decade. And few are willing to say the worst is over.
"It is too
early to call for a sustainable bottom," Mohamed El-Erian,
co-chief executive officer of California-based Pacific
Investment Management Co, or Pimco, which oversees $812 billion
in assets, said in an interview with Reuters. El-Erian has been
a key voice in raising a red flag about a credit bubble for the
past year
Sentiment is no
better outside the United States.
"In this
environment, the stress continues to be very high," said Irene
Cheung, head of Asia local markets research with ABN AMRO in
Singapore. "The crunch we have seen in the past year is probably
not going to go away soon."
"We're clean
out of confidence and sentiment is poor," said David Buik of
Cantor Index in London.
(Additional
reporting by Rebekah Curtis in London and Kevin Plumberg in Hong
Kong; Editing by Leslie Adler)
© Thomson
Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
2.
Willis Research Network
Collaborates With USGS and CGS on Southern California Earthquake Study |
|
New research reveals a magnitude 7.8 earthquake could devastate the
region, causing up to $200bn in damages and over 50,000 casualties-
London, UK, June 30, 2008 - The Willis Research Network (WRN), part of
Willis Group Holdings Limited (NYSE:WSH), the global insurance broker,
has joined with the U.S. Geological Survey (USGS) and the California
Geological Survey (CGS) to develop a scenario that shows how a magnitude
7.8 earthquake along the San Andreas Fault could cause long-lasting
social and economic consequences, including critical damage to
infrastructure, transportation and power.
WRN Senior Academic Keith Porter of the University of Colorado led the
overall assessment of physical damages, while WRN Senior Academic
Charles Scawthorn of Kyoto University performed the analysis of fire
following an earthquake. The final report will be jointly published by
the USGS and the CGS.
The study concluded that a massive earthquake could cause up to $200bn
in damages and more than 50,000 casualties. One-third of the economic
loss would be attributable to fire following the earthquake, another
third to shake-related property loss, and most of the rest to direct and
indirect business losses associated with the interruption of water
supply. Fatalities are approximately equally attributable to fire and
shake-related damage. Full details of the report are available at:
http://www.usgs.gov/newsroom/article.asp?ID=1947. |
Return To
Top - -
Print Article / Read Entire Article
|
3.
Ironshore Intends To
Enter The Lloyd's Market With The Purchase Of Pembroke |
|
Ironshore to acquire Pembroke Managing Agency and Syndicate 4000 managed
by Mark Wheeler, Active Underwriter
Hamilton, Bermuda, July 1, 2008 - Ironshore Inc. announced today that it
has signed a sale and purchase agreement with Chaucer Holdings PLC and
the management of Pembroke for the £17 million cash purchase of Pembroke
Managing Agency Limited, which manages Lloyd's Syndicate 4000. The
transaction is subject to approval from Lloyd's and the UK's Financial
Services Authority. Mark Wheeler serves as Active Underwriter for the
Syndicate. Pembroke Managing Agency is led by Mark Butterworth,
Managing Director, and Mark Wheeler, Underwriting Director. The
Syndicate underwrites a portfolio of specialist lines products including
Financial Institutions, Professional Liability, Marine and other Select
Specialist lines. Ironshore will take over the 2009 underwriting year
of account onwards and Chaucer will retain the 2008 and prior
underwriting years of account.
www.ironshore.com |
Return To
Top - -
Print Article / Read Entire Article
|
4.
Willis Re Releases
Annual Renewals Report July 2008 -- Whose Cycle is it Anyway?-- |
|
London, UK, July 1, 2008 – Willis Group Holdings Limited (NYSE: WSH),
the global insurance broker, has released its annual reinsurance
renewals report for July 2008. Titled “Whose Cycle is it Anyway?”, the
report finds that while softening in the reinsurance market continues
unfettered, a disparity remains between reinsurance and primary pricing
levels. While recent reinsurance price reductions have provided some
relief for many cedants, these gains may quickly reverse in what is a
deceptively tenuous environment, the report noted.
The report focuses on rate movements across numerous territories and
includes detailed analysis from Willis Re’s product line experts. Key
findings of the report include:
Reinsurers may need to implement more transient capital structures and
take on additional leverage if post-loss funding becomes less attractive
to capital markets.
Potential subprime “shock losses” and falling rates / pricing present
greater parameter risk – taken together, these may cause edginess about
reserve adequacy.
With the brunt of the Atlantic hurricane season yet to arrive, the
potential for further / sizeable losses looms and reinsurer 2008 profits
are anything but assured.
Some investors have shifted their focus from the ILS sector to
opportunities in the credit markets that are perceived to be more
attractive.
As
the market increasingly understands the benefits and advantages of ILS
products, a less cyclical outcome is probable.
Peter Hearn, CEO, Willis Re comments: “Our industry faces many
traditional risks, but it is the ‘tail’ events like 9/11, Katrina and
the subprime crisis that drive change in the intertwined global
reinsurance marketplace. Current pricing trends, however, seem to
indicate that the market is giving little weight to the potential for
extreme events. We hope that this report will give our clients a good
overview of the market this renewal season and we will work together to
proactively address the full scope of their risk profiles going forward
in 2008.”
To
read the report in full, please click on the attachment or go to:
http://www.willis.com/Documents/Publications/Industries/Reinsurance/Willis_Re_1st_view_July_2008_063008_A4_format.pdf
|
Return To
Top - -
Print Article / Read Entire Article
|
5.
US Court Won't Stop
Medicare Competitive Bidding |
|
(Adds context, CMS comments, paragraphs 5-10)
WASHINGTON, June 30 (Reuters) - The durable medical equipment industry,
which sells supplies like oxygen tanks, lost a legal battle with the
U.S. government on Monday when a court ruled in favor of competitive
bidding in the Medicare program.
The U.S. District Court for the District of Columbia denied a request
for a preliminary injunction sought by the American Association for
Homecare, which has been trying to stop a pilot project from going
forward on July 1.
"Because the court concludes that the plaintiffs are unable to
demonstrate an irreparable injury, it denies the request for the
extraordinary remedy of a preliminary injunction," the court wrote.
Makers of so-called durable medical equipment (DME) including wheel
chairs sleep apnea products are fighting a Medicare bidding project
intended to combat fraud and waste in the health insurance program that
serves 44 million elderly and disabled people.
The Centers for Medicare and Medicaid Services (CMS) said the bidding
program will go forward on Tuesday. The pilot project, which will begin
in 10 cities, limits the number of suppliers and cuts prices on average
26 percent in 10 classes of medical equipment.
(Reporting by Kim Dixon,
editing by Tim Dobbyn)
© Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
6.
Best’s Review
Recognizes 63 Insurers for Maintaining “A” or Higher Financial Strength
Ratings for Decades |
|
OLDWICK, N.J.--(BUSINESS WIRE)--With the financial services industry
facing difficult economic conditions, it’s interesting to find out which
companies have achieved “A” or higher A.M. Best Financial Strength
Ratings for decades—some for a century. A.M. Best Co. has been issuing
financial strength ratings—opinions on the ability of individual
insurance companies to pay claims on the coverage they have
underwritten—since 1906. July’s cover story, “Standing the Test of
Time,” offers lists of the property/casualty and life/health insurers
that have been rated “A” or higher for 75 years and 50 years.
To
identify the companies with the longest record of consistent financial
strength, A.M. Best’s analysts pored over the rating agency’s
proprietary data—primarily Best’s Key Rating Guides and Best’s Insurance
Reports—to accumulate and verify ratings and other pertinent data dating
back to 1905.
The cover story also contains features on 14 companies that have
sustained an A.M. Best Financial Strength Rating of “A” or higher from
as early as 1907. These companies are:
*
Federal Insurance Co. (a member of the Chubb Group of Insurance Cos.)
*
The Life Insurance Company of Virginia (now known as Genworth Life and
Annuity Insurance Co.)
*
Great American Insurance Co.
*
Hartford Fire Insurance Co.
*
John Hancock Life Insurance Co.
*
MetLife
*
National Fire Insurance Company of Hartford (part of CNA Insurance Cos.)
*
New York Life Insurance Co.
*
Northwestern Mutual Life Insurance Co.
*
Penn Mutual Life Insurance Co.
*
Providence Mutual Fire Insurance Co.
*
Prudential Insurance Company of America
*
Standard Insurance Co.
*
Western & Southern Life Insurance Co.
www.bestreview.com |
Return To
Top - -
Print Article / Read Entire Article
|
7.
U.S. Seeks Court Order
For UBS Swiss Bank Records |
|
WASHINGTON (Reuters) - The U.S. Justice Department said on Monday it
asked a federal court in Miami to authorize the Internal Revenue Service
to request information from UBS AG (UBSN.VX) about U.S. taxpayers who
may be using Swiss bank accounts to evade federal income taxes.
The department said it seeks permission to allow the IRS to serve what
is known as a "John Doe" summons on the Zurich-based bank. The summons
is used to obtain information about possible tax fraud by people whose
identities are unknown.
On
June 19, former UBS banker Bradley Birkenfeld pleaded guilty in federal
court in Florida to conspiring to defraud the IRS by assisting UBS
clients in avoiding U.S. reporting requirements on income in Swiss bank
accounts.
According to Birkenfeld's court statement, UBS employees assisted
wealthy U.S. clients in concealing their ownership of assets held
offshore by creating sham entities and then filing IRS forms falsely
claiming the entities owned the accounts.
If
approved by the court, the summons will direct UBS to produce records
identifying U.S. taxpayers with accounts in Switzerland who elected to
have their accounts remain hidden from the IRS, department officials
said.
UBS said it was aware that U.S. authorities were seeking a court order
for the records.
"UBS
takes this matter very seriously and is working diligently with both
Swiss and U.S. government authorities, consistent with Swiss law and the
legal frameworks for intergovernmental cooperation and assistance," UBS
spokeswoman Rohini Pragasam said in a statement.
Birkenfeld said in court that UBS had about $20 billion of assets under
management in "undeclared" accounts for U.S. taxpayers.
The law requires a U.S. taxpayer to report all financial accounts in a
foreign country if the total value of the accounts exceeds $10,000 at
any time during the calendar year.
"We are working cooperatively with both the Swiss government and UBS to
obtain this information. However, we are prepared to seek enforcement if
that process is not successful," Deputy Assistant Attorney General John
DiCicco of the department's tax division said in a statement.
IRS Commissioner Doug Shulman said, "The information we gather from this
action will help us detect wealthy individuals who don't pay their taxes
as well as provide details about how advisors facilitate this abuse."
(Reporting by James Vicini, Editing by Tim Dobbyn and Braden Reddall)
©
Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
8.
Writedown Fears Nag As
UBS Rejigs Management |
|
By
Sam Cage
ZURICH (Reuters) - UBS (UBSN.VX) failed to calm investor fears about
possible further writedowns on Tuesday, dishing out instead a
restructuring of top management and sending the shares to a fresh
10-year low.
UBS, Europe's biggest casualty of the credit crisis and under fire from
investors for shoddy corporate governance, said it would dismantle the
office of chairman, a key demand of one of its top shareholders, Olivant.
UBS stock -- also under pressure after Merrill Lynch removed it from a
list of preferred stocks -- fell 6.9 percent to 19.96 francs by 1154 GMT
(7:54 a.m. EDT), extending Monday's losses below the 21-franc price on
its $15.5 billion deeply discounted rights issue.
Investors are worried not only possible about further losses on
investments but also that UBS may ask shareholders for more cash.
(Additional reporting by Katie Reid; Editing by Louise Ireland)
© Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
9.
Swiss Watchdog-Tough
Rules For UBS, CS By October |
|
FRANKFURT (Reuters) - UBS (UBSN.VX) and Credit Suisse (CSGN.VX) face
more stringent capital rules by October which will curtail their
investment banking and dividend payouts, Switzerland's top banking
watchdog has told Reuters.
In
an exclusive interview, the head of the Swiss Federal Banking Commission
said it was justifiable to single out the two for tough treatment and
warned against the perils of their investment banking work.
"UBS
and Credit Suisse run the biggest part of their risks in investment
banking which, although I wouldn't go so far as to say is impossible to
control, is certainly difficult to control," Daniel Zuberbuehler said.
"There is good reason to be tougher with them (UBS and Credit Suisse)
and single them out for special treatment because of their importance to
Switzerland."
Zuberbuehler laid down a tight timetable for the new rules, tailor made
to restrain UBS and Credit Suisse so they do not run into the same
trouble again that made UBS the biggest European casualty of the global
financial turmoil.
"What we want to do by October is agree the higher targets on
capitalization, for example, which will be effective immediately," he
said.
"These could take three or four years to be reached, depending on how
the banks fare profit-wise."
"We're not asking the impossible. But it means no share buybacks and
being careful about dividends. It means wealth management business can
no longer finance investment banking in the U.S., for example."
©
Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
10.
MetLife Estate
Resolution Services Enhances Supplemental Group Life Benefits |
|
NEW YORK, June 30, 2008 – MetLife, the largest U.S. life insurer and a
leading provider of employee benefits, today announced that it has
enhanced its group life benefits portfolio by adding estate resolution
services as a standard feature to its supplemental Term Life, Group
Universal Life (GUL) and Group Variable Universal Life (GVUL) insurance
coverages in those states that have approved the feature. MetLife
Estate Resolution ServicesSM can help employers increase employees’
appreciation of their group life insurance program by adding this new
feature that helps alleviate the administrative and financial burden of
probating an employee’s estate.
“MetLife Estate Resolution Services is an exciting addition to our group
life employee benefits offerings which now go full circle – from
estate planning, such as Will Preparation, to the actual distribution of
an estate’s assets. The new services can provide employees with the
added comfort of knowing that their estate’s executor will have valuable
assistance in a difficult time – especially important as many executors
have no prior experience handling such matters,” said Graham Cox, vice
president, Group Life Products Management, MetLife.
Probating an estate can take from six to nine months to complete
according to the American Bar Association. However, this will also vary
depending upon the size of the estate. With MetLife Estate Resolution
Services, offered through Hyatt Legal Plans, executors and
administrators will have access to the following comprehensive services
by an attorney (certain exclusions apply):
• Legal representation from the attorney of their choice. The
attorney fees are fully covered when using a participating Hyatt Legal
Plans attorney. Attorney fees for a non-participating lawyer are
reimbursable up to a scheduled amount.
• Preparation of documents and representation at court
proceedings needed to transfer the probate assets from the insured’s
estate to his or her heirs.
• The completion of correspondence necessary to transfer
non-probate assets, such as proceeds from insurance policies, joint bank
accounts, stock accounts or a house; and
• Associated tax filings.
Providing estate resolution services allows employers to optimize their
group life benefits – helping employees more greatly appreciate these
benefits. Benefits satisfaction has been linked to employee retention
– the top benefits objective for employers, according to the sixth
annual MetLife Study of Employee Benefits Trends. In the survey, 85% of
employees who said that they were satisfied with their benefits said
they planned to remain with their employer 18 months from now compared
to only 50% of employees who were not satisfied.
It
is easy and convenient for estate representatives to take advantage of
the services. When a death is reported to MetLife (Metropolitan Life
Insurance Company), beneficiaries receive an explanation of this service
with their claim package. Beneficiaries and/or the executor or
administrator simply call a toll-free telephone number to receive
assistance in locating a participating attorney. Attorney services will
be provided at no cost to the executor or administrator. Because a
beneficiary is not necessarily the executor of an estate, MetLife Estate
Resolution Services also provides beneficiaries with access to telephone
consultations with a Hyatt Legal Plans attorney. www.legalplans.com
www.metlife.com |
Return To
Top - -
Print Article / Read Entire Article
|
11.
Finance Executives
Worried, But Looking For Deals |
|
By
Emily Chasan
NEW YORK (Reuters) - Financial executives are worried about their
economies, but are looking for opportunities to buy companies on the
cheap and grow their businesses through mergers and acquisitions,
according to a global survey released on Tuesday.
When asked where they were willing to spend money in the next year, the
370 chief financial officers and other corporate finance executives
polled by American Express Co and CFO Magazine's Research Services
group, said they were most likely to choose mergers and acquisitions.
"I
think companies are really seeing a great opportunity for M&A
particularly when we're talking about smaller bolt-on acquisitions,"
said Celina Rogers, director of research at CFO Research Services.
Twenty-nine percent of those polled said their companies plan to
allocate more cash to mergers and acquisitions over the next year.
Deal-making topped executives plans to spend on capital improvements,
strengthening their balance sheets, paying dividends or buying back
stock.
(Reporting by Emily Chasan; Editing by Tim Dobbyn)
© Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
12.
MBIA Asset Management
Has Sufficient Cash and Eligible Collateral on Hand Following a
Portfolio Rebalancing to Meet Expected Termination and Collateralization
Requirements under Its Guaranteed Investment Contracts |
|
ARMONK, N.Y.--(BUSINESS WIRE)--On June 20, 2008, MBIA Inc. (NYSE: MBI)
announced that as a result of Moody’s downgrade of MBIA Insurance
Corporation’s insurance financial strength rating from Aaa to A2 it
expected that it would be required to post additional eligible
collateral and fund potential termination payments under its outstanding
Guaranteed Investment Contracts (GICs). The Company announced today that
following a portfolio rebalancing within its Asset/Liability Management
(ALM) business, which included sales of approximately $4 billion of
investment assets during the second quarter, it has sufficient eligible
collateral and cash to satisfy these additional requirements. As a
result of these activities, the Company’s entire remaining GIC portfolio
will be fully collateralized, to the extent all GIC holders exercise
their right to collateralization. While MBIA continues to buy and sell
municipal securities in the ordinary course of managing its insurance
investment portfolio, the repositioning activity in the ALM portfolio
did not include the sale of municipal securities.
“Contrary to recent statements in the media, MBIA is not in a ’tenuous
situation’,” said C. Edward "Chuck" Chaplin, Chief Financial Officer.
“Our ability to quickly reposition the assets underlying our ALM
business in a difficult market demonstrates the high quality and
liquidity of the portfolio. The holders of our insurance policies, GICs,
medium-term notes and other debt instruments can rest assured that MBIA
will meet its obligations to them as it always has — on time and in
full.”
www.mbia.com |
Return To
Top - -
Print Article / Read Entire Article
|
15.
DLF Pramerica Life
Insurance Co. Receives Regulatory Approval to Start Operations |
|
NEW DELHI, India--(BUSINESS WIRE)--DLF Pramerica Life Insurance Co. Ltd.
(DPLI), a joint venture between DLF, a leading real estate development
company in India, and Prudential Financial, Inc. (PFI) (NYSE:PRU), a
financial services leader headquartered in the United States, today
announced that it has been granted an R3 license by the Insurance
Regulatory Authority of India (IRDA), allowing DPLI to start life
insurance operations in India.
More information about the company is available on
www.dlf.in
www.prudential.com |
Return To
Top - -
Print Article / Read Entire Article
|
16.
National Long Term Care
Insurance Agency Partners with Nation's Leading Provider of Financial
Solutions for the Insurance Industry |
|
KIRKLAND, Wash., July 1 /PRNewswire/ -- Today LTC Financial Partners,
LLC (LTCFP), one of the nation's most experienced long term care
insurance agencies, and TWG Capital, the nation's leading provider of
financial solutions for the insurance industry, announced the creation
of the Agency Acquisition Program.
"Through the Agency Acquisition Program, TWG Capital allows us to
purchase blocks of business from long term care agencies and producers
at full present value. At the same time, also engaging them to help
fulfill our national distribution contracts and earn commissions,
renewals and equity in LTCFP," states Cameron Truesdell, CEO of LTCFP.
More information about the two organizations is available at the
companies' web sites: http://www.ltcfp.com (LTC Financial Partners) and
http://twgcapital.com (TWG Capital). |
Return To
Top - -
Print Article / Read Entire Article
|
17.
The Quantum Group Adds
New Insurance Product for Physicians |
|
Addresses steeply rising medical insurance premiums
WELLINGTON, Fla., July 1 /PRNewswire-FirstCall/ -- The Quantum Group
(Amex: QGP) ( http://www.QuantumMD.com ) has announced that subsidiary
company, The Quantum Agency, Inc., has added a new insurance product to
address steeply rising medical insurance premiums for physicians --
Medical Legal Expense Reimbursement Insurance.
The new Medical Legal Expense Reimbursement insurance coverage offered
through The Quantum Agency (TQA) is targeted for physicians who have
chosen not to carry standard professional liability insurance (i.e.
malpractice insurance) or who have indemnification of liability from
other sources. This coverage provides legal reimbursement, which can
help protect a physician's assets without being cost prohibitive.
www.TheQuantumAgency.com |
Return To
Top - -
Print Article / Read Entire Article
|
18.
Florida Eyes Subprime Settlement From Bank Of America |
|
MIAMI, July 1 (Reuters) - The U.S. state of Florida hopes to negotiate a
settlement with the Bank of America (BAC.N: Quote, Profile, Research,
Stock Buzz) for what the state called the deceptive lending practices of
its newly acquired mortgage unit Countrywide Financial Corp., the state
attorney general said on Tuesday.
"There is technically a deep pocket. They've acquired them, they assume
their liabilities," Florida Attorney General Bill McCollum told
journalists on a conference call.
Bank of America Corp completed its purchase of Countrywide on Tuesday, a
day after Florida filed a civil lawsuit accusing Countrywide of
deceptive lending practices.
The state alleged that the mortgage lender gave subprime loans to
borrowers who could not repay them, loaned money at higher subprime
rates to people who qualified for prime rate loans and engaged in other
unfair trade practices.
A
Bank of America spokesman could not immediately be reached for comment.
McCollum said he could not estimate how many Floridians were affected.
The lawsuit asks for actual damages to all consumers who were injured,
plus a fine of up $10,000 for each act that violates the law.
The attorney general believes Countrywide still has a large portfolio of
assets that could be tapped and that he would be in touch with Bank of
America's attorneys to try to negotiate a settlement.
"We aren't ready yet to give you a dollar figure but it would have to be
a dollar settlement of some sort," McCollum said. (Reporting by Jane
Sutton, Editing by Michael Christie) |
Return To
Top - -
Print Article / Read Entire Article
|
19.
Genworth Financial
Subsidiary Insurance Companies Launch IRA Variable Annuity
|
|
RetireReadySM IRA Annuity Product Offers Familiarity and Flexibility for
Pre-retirees, Other Consumers
RICHMOND, VA, June 30, 2008 – Genworth Life and Annuity Insurance
Company and Genworth Life Insurance Company of New York, subsidiaries of
Genworth Financial, Inc. (NYSE:GNW), have launched a new RetireReadySM
IRA Annuity product. The IRA Annuity is a new retirement product that
successfully combines the traditional benefits of an IRA with the
ability to provide a guaranteed income stream that only an annuity can
provide. This contract can only be issued as, and must be maintained as,
an IRA, Roth IRA or SEP IRA contract or within such qualified accounts.
The new product is insurance with underlying portfolios that include
well-known retail mutual funds. Retail mutual funds have until now only
been available within a very small number of variable annuities, and
with limited distribution. The IRA Annuity is targeted for all major
financial advisor channels of distribution. Financial advisors have
confidence in knowing the portfolio management stories behind certain
mutual funds, so the retail mutual fund feature should be well received.
Financial advisors and consumers interested in getting additional
information about the RetireReady IRA Annuity can visit
http://www.genworth.com/iraannuity. |
Return To
Top - -
Print Article / Read Entire Article
20. INSURANCE NEWSCAST "Pictures Of The Day"
 |
Curacao refinery sputters on, despite emissions.
The sunset is seen behind Isla refinery in Willemstad on the island of
Curacao in this picture taken June 16, 2008. The ageing Isla refinery on
this small Caribbean island, operated by Venezuelan state oil company
PDVSA, faces growing complaints by residents and several lawsuits
charging its industrial emissions cause health problems ranging from
chronic coughing to cancer. REUTERS/Jorge Silva
Read Entire Story!!!
|
 |
African summit tries to overcome Zimbabwe splits.
Zimbabwe's President Robert Mugabe (R) talks to a delegate before a
session at the African Union summit in the Egyptian resort of Sharm
el-Sheikh June 30, 2008. REUTERS/Asmaa Waguih
Read Entire Story!!!
|
 |
S.Korea fears beef protests driving away
investors. Catholic priests and nuns (C) lead a protest march demanding
a full-scale renegotiation of the U.S. beef import deal and the
resignation of South Korean President Lee Myung-bak in central Seoul
June 30, 2008. South Korean police said on Monday they have detained
more than 100 people for violence at weekend rallies, which was held by
people fearing mad cow disease. REUTERS/Lee Jae-won
Read Entire Story!!!
|
 |
People look at the wreckage of a cargo plane that
crashed near the Khartoum airport, Sudan, June 30, 2008. A cargo plane
crashed shortly after taking off from Khartoum airport on Monday,
exploding into a fireball and killing all four crew, witnesses and
officials said. REUTERS/Mohamed Nureldin Abdallah
|
 |
Poland deals new blow to French EU presidency.
France marks the start of its six-month presidency of the European Union
by lighting up the Eiffel Tower in Paris June 30, 2008. REUTERS/Charles
Platiau
Read Entire Story!!!
|
 |
World Trade Center behind schedule, over budget.
The World Trade Center site in New York, June 25, 2008. REUTERS/Mike
Segar
Read Entire Story!!!
|
 |
People walk in Red Square during a rainy day in
Moscow June 30, 2008. REUTERS/Denis Sinyakov
|
 |
Paramilitary police take part in a military
parade in Taiyuan, Shanxi province, June 30, 2008. China will have
nearly 100,000 commandos, police and members of the military on standby
up to and during the Beijing Olympics to handle potential terrorist
attacks, state media reported. REUTERS/Stringer
|
 |
Spain's King Juan Carlos (C) holds the Euro 2008
trophy beside (L-R) Princess Letizia, Crown Prince Felipe, national
soccer coach Luis Aragones, Queen Sofia and Infanta Elena during their
meeting at the Zarzuela Palace, outside Madrid, July 1, 2008.
REUTERS/Sergio Perez (SPAIN)
|
 |
People dressed as a Stormtrooper (front) and
Darth Vader from the movie "Star Wars" stand in a convenience store
during a promotional event for "Star Wars Celebration Japan" in Tokyo
July 1, 2008. "Star Wars Celebration Japan" will be held from July 19 to
July 21 in Chiba to celebrate the 30th anniversary of the movie's
release in Japan. REUTERS/Kim Kyung-Hoon (JAPAN)
|
|
|
