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Thursday
07/03/08
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Your Insurance News "Strategic
Relationship"
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Read online at
www.insurancebroadcasting.com.
Read daily by
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Walt Podgurski, CLU, CES, Publisher & Editor
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M&A / ALLIANCES / EARNINGS
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1.
AIG Pays Sullivan $47
Million Severance Package |
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NEW YORK, July
1 (Reuters) - American International Group Inc (AIG.N: ) said it paid a $47 million severance package
to former Chief Executive Martin J. Sullivan, whose resignation
took effect on Tuesday.
Sullivan, who
left his position in mid-June after two quarters of record
losses at AIG and saw its share price fall by half, will receive
a severance of $15 million and a bonus of $4 million for the
portion of the year he worked, according to a regulatory filing.
Sullivan also
will hold on to outstanding equity and long- term cash awards
valued at about $28 million, the filing said.
His resignation
is being treated as for "good reason" meaning he is entitled to
the severance package outlined in his employment agreement, but
contingent on his not competing with AIG for business for one
year.
Sullivan, who
worked at AIG for 37 years, also will be provided an office and
an assistant until the end of December.
Sullivan was
under enormous pressure from major shareholders to leave after
AIG, the world's largest insurer, wrote down $20 billion in
losses on the market value of assets linked to subprime
mortgages.
When he was
ousted in mid-June, Sullivan joined the ranks of Wall Street
chiefs -- including former Citigroup Inc (C.N: ) chief executive Charles Prince and Merrill Lynch & Co
Inc's (MER.N: ) Stan O'Neal -- forced to
leave their jobs amid large losses stemming from the collapse of
the U.S. subprime mortgage market, which tightened credit
globally.
Sullivan was
replaced by veteran former Citigroup banker Robert Willumstad,
who was already AIG Chairman. Willumstad, 62, has said he will
craft a turnaround plan for AIG by September. Willumstad spent
nearly 20 years at Citi and 40 in banking.
Last month, AIG
posted the worst results in its 89 year history, leading to
lower financial ratings and forcing it to strengthen its balance
sheet by raising $20 billion in capital. (Reporting by Dan
Wilchins; additional reporting by Phil Wahba; editing by Carol
Bishopric and Andre Grenon)
© Thomson
Reuters 2008 All rights reserved. |
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2.
Grasso Case "Over" As
Court Dismisses Claims |
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Tue Jul 1, 2008 11:48pm
By
Bill Berkrot and Martha Graybow
NEW YORK (Reuters) - Former New York Stock Exchange chief Richard Grasso
won a knockout victory on Tuesday in his four-year fight to keep every
last penny of his $187.5 million pay package, as an appeals court threw
out the state's remaining claims against him.
The ruling, Grasso's second court victory in the past week, prompted New
York Attorney General Andrew Cuomo to throw in the towel.
The New York Supreme Court's appellate division, in a 3-1 vote,
dismissed two legal claims against Grasso brought by former Attorney
General Eliot Spitzer in 2004.
The ruling follows a decision last week by the New York Court of
Appeals, New York State's highest court, that dismissed other parts of
the suit.
The appellate division said claims seeking the return of more than $100
million of Grasso's pay -- a case brought under state law governing
not-for-profit companies -- could not be pursued because the exchange is
now a publicly traded, for- profit company called NYSE Euronext (NYX.N: ).
"We conclude that the attorney general's authority to prosecute the
causes of action seeking that relief lapsed with the merger," the court
said in its 99-page written ruling that also threw out a lone claim
against Kenneth Langone, a former NYSE director and head of its
compensation committee.
Cuomo declined to comment on the ruling, but spokesman Alex Detrick
said: "We have reviewed the court's opinion and determined that an
appeal would not be warranted. Thus, for all intents and purposes, the
Grasso case is over."
NYSE Euronext spokesman Rich Adamonis said the ruling "recognizes the
substantial and significant changes the NYSE has undergone since the
case was brought."
LONG BATTLE
Spitzer had become a political star in large part for his crusading
prosecution of powerful Wall Street figures. He won election as governor
by a landslide in 2007, but resigned in March after being caught up in a
prostitution scandal.
The then attorney general sued Grasso in 2004 amid an uproar over the
size of his pay package. Grasso, who ran the exchange for eight years
and resigned in 2003, contended he did nothing wrong and never misled an
NYSE board packed with some of Wall Street's most powerful executives.
A
spokeswoman said Spitzer was traveling in Southeast Asia and was not
available to comment.
For Grasso, the rulings mark the end of a legal nightmare.
Grasso "is gratified by the ruling of the Appellate Division. His
devotion to the stock exchange never wavered, and neither did his faith
that he would be vindicated by the courts," his lawyer said in a
statement.
The New York Supreme Court decision also threw out a claim against
Langone, a co-founder of Home Depot Inc (HD.N: ). A New York State appeals court in April had denied his bid to
dismiss the lawsuit, which charged him with breaching his fiduciary duty
at the NYSE in connection with Grasso's pay package.
Langone was not available for comment.
Cuomo, who continued to press Spitzer's suit when he took over the
office, argued Grasso's pay was unreasonable and that recouping the
money was in the public's interest.
But the appeals court ruled that, because the attorney general was only
seeking the return of money and because the money would now benefit a
for-profit corporation, a ruling against Grasso no longer served the
public interest.
"The motions to dismiss these causes on the ground that the Attorney
General no longer has authority to maintain them should have been
granted," the ruling said.
The sole dissenting judge, Angela Mazzarelli, argued that because the
NYSE still has a not-for-profit subsidiary, the attorney general does
have the power to enforce the not-for- profit corporation law.
(Additional reporting by Joseph A. Giannone and Phil Wahba)
(Editing by Andre Grenon, Phil Berlowitz, Gary Hill)
© Thomson Reuters 2008 All rights reserved. |
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3.
RAA Reports 2007
Industry Underwriting Results |
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WASHINGTON, D.C. – The Reinsurance Association of America (RAA) has
released its Reinsurance Underwriting Review: 2007 Industry Results.
The report includes industry aggregate data and summarizes underwriting
experience, operating results, ceded reinsurance & recoverables, reserve
development & leverage, and the invested assets of 34 reinsurance
companies.
For 2007, the 34 organizations reported net premiums written of $24.5
billion, premiums earned of $25.9 billion, loss and loss adjustment
expenses of $16.6 billion, commission and broker expenses of $4.8
billion, and other underwriting expenses of $2.5 billion.
The figures indicate a weighted loss ratio of 64.0%, commission and
broker ratio of 19.4%, and other underwriting expense ratio of 10.1%,
resulting in a combined ratio of 93.5%. As a group, the reinsurance
companies reported policyholders’ surplus of $79.6 billion. This same
group of reinsurers reported a return on equity of 11.0%, an investment
yield of 4.4%, net-net reinsurance exposure that was 7.7% of surplus and
net leverage of 182.0%.
Since 1980, the RAA has reported the underwriting results of the
nation’s major property-casualty reinsurers in its annual Reinsurance
Underwriting Review. The objective is to provide the insurance
industry, as well as the general public, with useful and timely
information on the U. S. reinsurance market. Copies of the Reinsurance
Underwriting Review are available for $250; order from the RAA website,
http://www.reinsurance.org or by calling 1-800-259-0199.
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4.
CaliforniaChoice®
Launches HR Support Center for Employers and Brokers |
|
.Participants Receive Free Advice From Human Resources Professionals and
Access to the Latest Forms, Laws, Job Descriptions and More
ORANGE, Calif.--(BUSINESS WIRE)--CaliforniaChoice®, a CHOICE
Administrators® program, today announced the launch of its
CaliforniaChoice® HR Support Center – a free service that provides
professional human resources support and information to brokers and
small-group employers (2-50 employees).
“The CaliforniaChoice® HR Support Center fills a need among our clients,
many of whom do not have internal human resources staff,” said Ron
Goldstein, president of CHOICE Administrators®. “It provides the latest
human resources information and answers questions about the dos and
don’ts of employee-employer relationships.”
CaliforniaChoice®, founded in 1996, is the state’s first employee-choice
health benefits program for employers with 2-50 employees. With its
ground-breaking design, it allows employers to contribute a set dollar
amount toward employees’ health care benefits and lets employees decide
how that money is spent.
The new CaliforniaChoice® HR Support Center is just one more way
CaliforniaChoice® is simplifying business for employers. Offered freely
to brokers and CaliforniaChoice® small-business participants, the
CaliforniaChoice® HR Support Center includes access to the following:
human resources forms and letters; employee handbooks; state and federal
employment laws; job descriptions; a question-and-answer database; human
resources and business news articles; a glossary of human resources
terms; a subscription to the monthly e-newsletter HR Advisor; and
reduced pricing on human resource posters, books and training videos.
CaliforniaChoice® employers and brokers have unlimited access to the
service online at www.calchoice.com.
Those who would like to customize forms and have regular access to human
resources professionals may upgrade their service for $17.50 per month.
For more information, call 1-800-542-4218 or logon to
www.calchoice.com and click on
the HR Support Center today.
About CaliforniaChoice®
CaliforniaChoice® is a product of Orange, Calif.-based CHOICE
Administrators® – a division of The Word & Brown Companies. Founded in
1996, it was the state’s first employee-choice health benefits program
for employers with 2-50 employees. CaliforniaChoice® allows employers to
contribute a set dollar amount toward employees’ health care benefits
and lets employees decide how that money is spent. Employees choose
health care coverage from one of five health plans and 22 benefit plans
that include dental, vision, hearing, group term-life, AD&D,
chiropractic and acupuncture options.
The Word & Brown Companies
The Word & Brown Companies, headquartered in Orange, Calif., provides
services to nearly 55,000 employers covering more than 6 million people
across the nation. During its more than 20-year-span, The Word & Brown
Companies has become the nation’s recognized leader in developing and
offering innovative technology and health benefit plan models and the
nation’s most sophisticated employee benefits services to companies of
all sizes. The Word & Brown Companies includes: The Word & Brown General
Agency; CHOICE Administrators®; CONEXIS; and Quotit® Corporation.
Visit
http://wordandbrowncompanies.com for more information.
|
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5.
Unum Reports Workers
Underestimate Risks, Lack Safety Net |
|
2008 Buyers Study Uses Industry Data, Shows Need for Strong Benefits
Education
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Decisions, decisions. First it was
whether to participate in an HMO or a PPO. Then it was picking
investments for a 401(k). Now, working Americans are becoming the
decision-makers for all sorts of other benefits options and must choose
how to spend their coverage dollars.
This fundamental shift leaves workers with many choices and, often, a
lot of anxiety. In its 2008 Buyers Study, Unum (NYSE:UNM) reports on the
evolving world of benefits, including a look at the employee perspective
on the growing responsibility for benefits choice and the need for
effective benefits education.
“Too often, workers have to make decisions about which benefits they
need and how much to spend on them without understanding the risks they
face or the best choices to protect themselves and their families,” said
Mike Simonds, senior vice president and chief marketing officer for Unum
US. “As employees become benefits decision-makers, they also need
providers and employers to give them useful information on how to make
those choices.”
Some statistics collected for Unum’s 2008 Buyers Study illustrate this
need:
*
Only 5 percent of baby boomers correctly estimate they have a one in
three chance of becoming disabled due to illness or injury during their
working years.
*
Only 12 percent of older Americans thought they were very likely to need
long term care, even though some data indicate 60 percent are likely to
need it.
*
One half of all bankruptcies are attributed to injury, illness and
medical bills
*
With the personal savings rate now at or below zero, few workers have
savings to fall back on in a medical emergency.
“We are all bombarded with warnings about our financial risks,” Simonds
added. “Unum understands the challenges of helping workers make
decisions that will protect their families. And it is a critical part of
our mission to help employers meet the benefits needs of their workforce
and protect the future of their businesses.”
Unum’s 2008 Buyers Study combines information on economic and
demographic trends with proprietary Unum sales data to create a portrait
of the employee benefits consumer. The Buyers Study also offers guidance
to employers on issues from managing economic uncertainty to making
valuable benefits choices available to workers. Unum recommends a number
of ways employers can help their employees offset financial stress,
including:
*
Present a variety of insurance coverage options so that employees can
create a package that meets their diverse personal or family needs
*
Develop a comprehensive plan to help educate employees on benefits
options
*
Provide clear, useful benefits communication and education
*
Offer individually owned voluntary benefits so employees can maintain
the same coverage if today’s economic conditions bring a reduction of
force
By
introducing the Buyers Study in 2006, Unum established a valuable
baseline for evaluating the effect of today’s trends on employee
benefits plans. The 2008 study continues that work, tracking the changes
that will continue to alter the benefits landscape.
A
copy of the Buyers Study 2008 is available in the reference section of
the newsroom of unum.com. Copies of the study can be requested through
http://www.unum.com/buyerstudy/learnmore.aspx.
About Unum
Unum (www.unum.com) is one of the
leading providers of employee benefits products and services in the
United States and the United Kingdom. Through its subsidiaries, Unum
Group provided more than $6 billion in total benefits to customers in
2007. |
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6.
China Insurer Ping An
Dives On Fortis Plans |
|
HONG KONG (Reuters) - Shares in China's Ping An Insurance posted their
second largest single-day fall on Wednesday as markets worried about the
firm's plan to shell out more cash to maintain its stake in Belgium's
Fortis.
Ping An (2318.HK: ) (601318.SS: ), which along with bigger rival China Life (2628.HK: ) has major investments in mainland Chinese equity
markets, fell 8 percent in Hong Kong to a three-month low. Its Shanghai
stock slid its daily limit of 10 percent.
Analysts cited a range of factors for the sudden plummet that
accelerated in the afternoon, saying institutional investors were acting
on fears China's No. 2 life insurer, hard pressed by the Shanghai
bourse's eight-month bear run, is ill-placed to be helping Fortis in its
plan to raise capital.
An
article in the Shanghai Securities News discussed risks involved in Ping
An's purchase, announced last week, of 5 percent of a 1.5 billion euro
share issue by Belgium's Fortis
(HK$1.136=1 yuan)
©
Thomson Reuters 2008 All rights reserved. |
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7.
UnitedHealth Group Agrees to Resolve Federal Securities Class Action
Lawsuit |
|
Company Also Settles
Outstanding ERISA Class Action Lawsuit
MINNETONKA,
Minn.--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) today announced
it has reached an agreement in principle with lead plaintiff California
Public Employees’ Retirement System (CalPERS) and plaintiff class
representative Alaska Plumbing and Pipefitting Industry Pension Trust,
on behalf of themselves and members of the class, to settle the federal
securities class action lawsuit arising from the consolidated amended
complaint filed on December 8, 2006, in the U.S. District Court in
Minnesota against the Company and certain current and former officers
and directors relating to its historical stock options practices. Under
the terms of the proposed settlement, UnitedHealth Group will pay $895
million into a settlement fund for the benefit of class members.
“This is a
significant agreement that resolves a major issue before our company in
a way that is in the best interests of our shareholders and other
stakeholders,” said Thomas L. Strickland, chief legal officer of
UnitedHealth Group. “The settlement provides UnitedHealth Group with
certainty and closure on this lawsuit, avoids potentially costly and
protracted litigation and allows us to continue to focus on providing
Americans with high-quality, affordable health care solutions.”
The proposed
settlement will fully resolve all claims against the Company, all
current officers and directors named in the lawsuit, and certain former
officers and directors named in the lawsuit.
The proposed
settlement is subject to approval by CalPERS’ board of directors,
UnitedHealth Group’s board of directors, the completion of final
documentation and preliminary and final court approval. Neither the
Company nor any of the individuals admit any wrongdoing as part of the
proposed settlement agreement. In addition to the payment to the
settlement fund, the Company will also supplement the substantial
changes that it has already implemented in its corporate governance
policies and practices with additional changes and enhancements. These
actions are fully consistent with the Company’s ongoing commitment to
leadership in corporate governance.
Separately, the
Company also announced today it has reached an agreement in principle to
resolve the Employee Retirement Income Security Act (ERISA) class action
litigation relating to the Company’s historical stock options practices
that was originally filed on June 2, 2006, in the U.S. District Court in
Minnesota against the Company and certain current and former officers
and directors.
Under the terms of
the proposed settlement, UnitedHealth Group will pay $17 million into a
settlement fund for the benefit of class members, most of which will be
paid by the Company’s insurance carriers. The proposed settlement, which
is subject to the completion of final documentation and preliminary and
final court approval, will fully resolve all claims against the Company
and all of the individual defendants in the ERISA class action
litigation. Neither the Company nor any of the individuals admit any
wrongdoing as part of the proposed settlement agreement. |
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8.
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
AIRMIC calls for full broker remuneration disclosure
Bell joins Bermuda Monetary board
US
P & C insurers could need to strengthen reserves says Conning
Bids for RBS insurance businesses due at the end of the month
Capita and Mastek expands Elixir licence agreement
Brown & Brown acquire in Georgia
ING finalises CitiStreet acquisition
Marsh receives Qatar license
Allied World moves for Darwin
SCOR rolls out Asia-Pacific hub
Indonesia life growth improves
Aon UK chief gloomy on sub-prime potential pay outs
New York Insurance Exchange possibility moves forward
Talisman goes live at MGM Advantage
A
third of UK financial services companies missing out on online sales
says survey
Groupama Healthcare sets an example with online EasyAdmin service
IAIS to develop market conduct standards
McCulloch moves to Xchanging
AEGON Religare Life jv gets Indian green light
Marsh forms international placement division
DLF Pramerica Life gets IRDA nod
Thomas Miller sells Guernsey company
20% of firms could fail to meet TCF deadline
Chaucer disposes of Pembroke stake
Humana acquires in Florida
Hiscox reviews syndicate positioning
Swiss Re in the news
Insurers could improve ERM capabilities says survey
Open GI and Optilead in online partnership
THB has better second half
|
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9.
Japan's FSA To
Discipline 10 Life Insurers-Nikkei |
|
NEW YORK, July 1 (Reuters) - Japan's financial regulator is expected to
issue a business improvement order to Nippon Life Insurance Co and nine
other life insurers, the Wednesday online edition of Japanese newspaper
Nihon Keizai Shimbun reported.
The Financial Services Agency is also expected to discipline Dai-ichi
Mutual Life Insurance Co, Meiji Yasuda Life Insurance Co and Sumitomo
Life Insurance Co as well as non-Japanese firms like Aflac (8686.T: ) (AFL.N: ) and Alico
Japan, the newspaper reported.
The disciplinary actions involve an industrywide scandal over nonpayment
of benefits which has been going on for several years, the paper said.
The FSA has determined that voluntary measures taken so far have been
inadequate to protect policyholders, the publication reported.
(Reporting by Christian Plumb; editing by Gunna Dickson)
© Thomson Reuters 2008 All rights reserved |
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10.
Fiserv Agrees to Sell
Majority Interest in its Insurance Business |
|
Agreement will increase focus on payments and transactional services to
the financial services industry
BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ:FISV), a leading
provider of information technology services to the financial and
insurance industries, today announced it has signed a definitive
agreement with Trident IV, a private equity fund managed by Stone Point
Capital LLC, in which Trident will invest approximately $205 million in
equity and $335 million in debt to acquire a 51 percent majority
interest in Fiserv’s insurance businesses.
Fiserv expects to receive approximately $510 million in net after-tax
proceeds and to retain a 49 percent equity interest in Fiserv Insurance
Solutions. The transaction is anticipated to close in July 2008, subject
to regulatory approval and other customary closing conditions. The
transaction will include nearly all aspects of Fiserv’s insurance
segment. The current management team and employee base will continue
with the company, which will be known as Fiserv Insurance Solutions,
Inc.
“Stone Point Capital brings a proven track record of insurance industry
success that we believe will accelerate the growth opportunities for
Fiserv Insurance Solutions and its clients,” said Jeffery Yabuki,
President and Chief Executive Officer of Fiserv. “Within Fiserv, we are
able to free up capital, maintain an interest in Fiserv Insurance
Solutions that should increase in value, and intensify our focus on
delivering products and services within the broad financial services and
payments landscape.”
In
a related action, the Fiserv Board of Directors authorized the
repurchase of up to an additional 10 million shares of Fiserv common
stock. (See related announcement, “Fiserv Announces 10 Million Share
Repurchase Authorization.”)
About Stone Point Capital LLC
Stone Point Capital LLC (www.stonepoint.com)
is a global private equity firm based in Greenwich, Connecticut. Stone
Point Capital, which serves as the manager of the Trident Funds, has
raised more than $10 billion of committed capital for investments in the
global insurance and financial services industries.
About Fiserv Insurance Solutions, Inc.
Hundreds of Life, P&C, Health, and Reinsurance carriers, managing
general agents, and administrators rely on Fiserv Insurance Solutions
for innovative insurance technology, professional services, and
outsourcing solutions. Solutions include business process outsourcing,
insurance policy and claims administration, underwriting, rating,
advanced billing and collections, point-of-sale technology and
straight-through processing solutions. In addition, more than 3,000
clients use the company’s market-leading financial and compliance
solutions. Fiserv Insurance Solutions can be found on the Internet at
www.fiservinsurance.com.
|
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11.
Moody's Sees Big German
Insurers Getting Bigger |
|
FRANKFURT, July 2 (Reuters) - Germany's big insurance groups are
expected to cement their dominant position in a difficult domestic
insurance market over the next 12-18 months, credit rating agency
Moody's said on Wednesday.
"Moody's expects the top players to maintain or even expand their strong
market positions throughout the rest of 2008 and beyond, principally
through increasing new business rather than merger and acquisition
activity," the agency said in its German insurance industry outlook.
"However, amongst the smaller and medium-sized insurers, M&A activities
are more likely," it added.
Germany's insurance market is the fifth biggest in the world, accounting
for about 6 percent of global premiums.
About half a dozen big insurance groups make up about half of the German
market, with insurer Allianz (ALVG.DE: ) alone
generating about one fifth of the country's insurance premiums. (Editing by David Cowell)
©
Thomson Reuters 2008 All rights reserved. |
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13.
Over 5,000 Physicians
Sign “Open Letter from America’s Physicians” in Just One Month |
|
Doctors Leverage Sermo to catalyze national awareness about the real
healthcare issues
CAMBRIDGE, Mass.--(BUSINESS WIRE)--The U.S. physician community is
making history today on Sermo (http://www.sermo.com) with the formal
announcement of the Open Letter from America’s Physicians. Through Sermo,
physicians across every specialty and every state are uniting and taking
action to address the most crucial challenges facing the current U.S.
healthcare system.
What began as a disparate group of physicians expressing concerns online
about the challenges of practicing medicine today evolved into a
coordinated grassroots movement. Thousands of physicians came together
on Sermo when a single colleague suggested they write an Open Letter to
the American public detailing the challenges of delivering quality care
to their patients. The Open Letter has enabled thousands of practicing
physicians to collaborate in an effort to demonstrate their commitment
to protect patients and reclaim their profession.
With approximately 600,000 practicing physicians in the US, the number
of physicians who have already signed the Open Letter equates to
millions of signatures in the general population. At this rate, the Open
Letter is likely to reach tens of thousand of signatures in the next few
months.
The goals of the Letter are simple: Give collective voice to the
physician community and restore the sanctity of the doctor-patient
relationship. Through a series of polls and discussions, over one
thousand physicians contributed to the final Letter, which outlines the
following challenges physicians face in delivering appropriate patient
care:
*
The insurance industry's undue authority and oppressive control over
healthcare processes
*
Excessive and misguided government regulation
*
The practice of defensive medicine in response to a harmful and costly
legal environment
“What the public does not know is the pervasive hypocrisy of the current
healthcare system and how it has diminished the authority of the only
true advocates for patients: physicians,” said Sean Khozin, MD, MPH, the
head of the Open Letter Writing Committee and the physician who began
the initial discussion on Sermo. “We must raise awareness about the
challenges physicians face in delivering quality care to our patients.
Today’s healthcare system has lost focus to the point where patient
well-being is placed after politics, profits, and special interests.
These trends are hurting our economy and compromising the doctor-patient
relationship. We invite all physicians to join us in this historic
effort.”
I’m a Physician, Where do I Sign?
To
support the effort, visit
http://www.doctorsunite.org. Here you will be given the opportunity
to learn more about the campaign and sign the Open Letter.
Among those who have already signed is Edward Annis, MD, a former
president of the American Medical Association (AMA) and influential
figure in the move to involve physicians in the healthcare debate. Most
notably, Dr. Annis delivered a nationally televised address in response
to President Kennedy’s speech on Medicare in 1962. At 95 years old, he
is the oldest Sermo member to sign the Letter.
“I
consider the Open Letter to be a superb document containing easily
substantiated facts as to why people have been separated from their
doctors and why today’s medical costs are so abusive and unjustified,”
said Dr. Annis, former AMA President. “I hope the Open Letter gets
nationwide distribution to alert the American people.”
Next Steps: Laying the Foundation for Change
As
the Open Letter continues to gain signatures, physicians on Sermo are
already in the process of creating solutions based on consensus
generated around Guiding Principles. These principles will be used to
structure discussions with the 2008 presidential candidates in an effort
to further address the real needs of patients nationwide. To arrive at
the Guiding Principles, physicians are asking themselves:
*
If we were able to design a new healthcare system from scratch, how
would it be structured?
*
What would be the nature of the doctor-patient relationship?
*
How would patient decisions be made?
Moving forward, physicians on Sermo will create small task forces that
will use the Guiding Principles as a foundation for providing actual
solutions to issues outlined in the Open Letter.
As
with the Open Letter and the Guiding Principles, these solutions will
incorporate the feedback of thousands of practicing physicians. Taking
this initiative even further, the Sermo community is helping to
establish a non-profit organization that will be focused on elevating
the Open Letter campaign and its message to redefine the doctor-patient
relationship and affect change in healthcare.
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14.
Time to Begin 403(b)
Transition is Now |
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The Principal guides non-profits through daunting new responsibilities
one step at a time
DES MOINES, Iowa--(BUSINESS WIRE)--Non-profit retirement plan sponsors
face a daunting set of new responsibilities in order to bring their
403(b) plans into compliance with new IRS regulations. They need to
begin taking action now. But where to start?
New guides from the Principal Financial Group® show what to do and when.
The 403(b) Compliance Guides break the complicated tasks into manageable
steps to help financial professionals and their clients comply with the
new requirements by the January 1, 2009 deadline.
One step at a time
"Non-profit plan sponsors face complex and extensive decisions from
reviewing their plans to creating new plan documents. On top of that
there are new form 5500 requirements. No wonder sponsors are asking for
help," said Aaron Friedman, national non-profit practice leader for The
Principal®.
“For years we’ve been helping non-profits run their 403(b) plans in a
manner that meets the spirit of the new requirements. We are able to
simplify the process for those who need to make changes and help
financial professionals and their clients get there one step at a time,”
said Friedman.
The first steps
The guides outline step-by-step actions to take over the next several
months. The Principal will make the guides available in four stages to
coincide with the suggested timing for taking action. Financial
professionals can use the guides to help clients get started. The guides
also provide tools to help complete the steps.
The first guide, which is available at
www.principal.com/403bguides, outlines immediate actions that plan
sponsors should begin taking now. They include:
*
Setting up a committee
*
Identifying any contracts included in their actively sponsored plans
*
Reviewing and documenting the key provision of each of their contracts
The first guide provides a Contract Comparison Tool to make it easier
for plan sponsors to make their reviews.
The next guides will be distributed in late July, August and on a
rolling schedule during the fourth quarter of 2008.
Other 403(b) resources from The Principal
The Principal has been providing services to non-profit plan sponsors
for more than 40 years. The new 403(b) guides are the latest addition to
a comprehensive education program from The Principal to help financial
professionals and their clients.
*
An easy interactive 403(b) tool outlines the action steps needed by each
of type of plan design. The tool is available at
www.principal.com/403btool.
*
An easy-to-use guide gives a before-and-after snapshot of key provisions
of the 403(b) regulations.
*
Two white papers are available—one by renowned 403(b) expert David
Powell of the Groom Law Group and the other by Aaron Friedman. The white
papers are available at
http://www.principal.com/retirement/biz/pen_403b.htm.
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15.
LTC Global Announces
the Acquisition of American Insurance Agency, Inc. |
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MEDFORD, Ore.--(BUSINESS WIRE)--LTC Global, Inc. today announced
that it has completed the acquisition of American Insurance Agency, Inc.
(AIA), a privately held life and health insurance agency based in
Lebanon, Tennessee. Mike Beckman, principal of AIA, joined the LTC
Global group of companies as Regional Manager, Annuity Division in
connection with the acquisition.
The acquisition of AIA represents LTC Global’s first strategic expansion
of its annuity distribution network since LTC Global commenced its
annuity business in March 2007 in connection with the acquisition of
Senior WealthCare Insurance Services. “Having worked with Mike Beckman
over the years, we are confident that this acquisition will bolster our
growing annuity business in both the short term and long term, and we
are looking forward to working with Mike as part of the LTC Global
family,” said Thomas A. Skiff, Chief Executive Officer of LTC Global.
The addition of AIA also supports LTC Global’s strategy to expand its
national Long Term Care insurance distribution network.
AIA represents LTC Global’s seventh agency acquisition since March 2007.
LTC Global’s other recent strategic acquisitions include Gelbwaks
Insurance Services, Inc. (Plantation, Florida), USA Insurance Marketing,
Inc. / Our Town Insurance and Financial Services, Inc. (Deerfield Beach,
Florida), Senior WealthCare Insurance Services (The Woodlands, Texas), A
M A Insurance Services (Stockton, California), Insurance Producers
Alliance, Inc. / Insurance Producers Alliance of America, Inc. (Palm
Beach Gardens, Florida) and Bob White Benefits, L.L.C. (Fort Worth,
Texas).
http://www.ltcglobal.com |
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16.
The Hartford Improves
Fiduciary Service To Help Give Retirement Plan Sponsors Greater Peace Of
Mind |
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SIMSBURY, Conn.--(BUSINESS WIRE)--To help retirement plan sponsors
manage their fiduciary responsibilities, the Retirement Plans Group of
The Hartford Financial Services Group, Inc. (NYSE:HIG) is instituting a
number of improvements to its co-fiduciary investment selection and
monitoring service. The Hartford has simplified its program and
increased the investment options covered by the service. It has also
eliminated the fee it currently charges clients for the service, which
is known as Fiduciary AssureSM.
Fiduciary Assure is designed for retirement plan sponsors who are
concerned about choosing the right mix of investment options and want to
protect themselves against legal challenges by providing investment
options to the plan that are in compliance with ERISA Section 404(c).
Mesirow Financial, an independent, third-party registered investment
advisor, will act as a co-fiduciary to defined contribution retirement
plan sponsors for the investment options it recommends.
www.mesirowfinancial.com
www.thehartford.com |
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17.
Great American’s
Specialty Human Services Division Expands Markets to Include Clubs and
Zoos |
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CINCINNATI--(BUSINESS WIRE)--The Specialty Human Services Division of
Great American Insurance Group is expanding its markets to include a
broader range of not-for-profit and for-profit clubs, zoos and
animal-related organizations. Effective immediately, the newly-eligible
classes include:
*
Country clubs (excluding golf clubs), swim clubs, tennis clubs,
racquetball clubs and other private clubs
*
Business and professional associations
*
Fraternal clubs
*
Grant making and fund-raising clubs
*
Other social and civic clubs
*
Large, medium and small zoos
*
Wildlife animal sanctuaries and preserves
www.hsd.gaic.com,
www.greatamericaninsurance.com
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18.
Barbican Holdings Group
Selects AIR Catastrophe Modeling Systems to Evaluate and Manage Global
Catastrophe Risk |
|
BOSTON & LONDON, July 2, 2008 — AIR Worldwide Corporation (AIR)
today announced that Barbican Insurance Group has licensed AIR's
catastrophe risk management systems. Barbican trades as Lloyd’s
Syndicate 1955 ("Barbican”) and writes a broad range of Property Direct
& Facultative, Casualty Treaty, Marine Treaty and UK regional business
including property. Barbican will use AIR's software to assist in the
management of its global catastrophe risk.
www.air-worldwide.com. |
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19.
MassMutual Call Center
Wins Prestigious Service Awards for Second Consecutive Year |
|
SPRINGFIELD, Mass., July 2 /PRNewswire/ -- MassMutual's Retirement
Services Call Center has earned two 2008 Annual Call Center Excellence
Awards sponsored by the International Quality & Productivity Center (IQPC).
MassMutual earned the top award for "Best in Class Call Center" category
(50 to 200 Seats) and was named a runner up for "Best Performance
Leveraging the Customer Experience as a Strategic Business Driver." |
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20.
INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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New York bans trans-fats. New York City's ban on
trans-fats in restaurants took full effect on Tuesday. It is the first
of its kind among major U.S. cities. REUTERS
Read Entire Story!!!
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Some will drive trucks, no matter cost. A small
SUV pulls away from a gas station showing the price of gasoline in Royal
Oak, Michigan in this file image from June 9, 2008. REUTERS/Rebecca Cook
Read Entire Story!!!
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Five dead in Mongolia post-election violence. The
Mongolian People's Revolutionary Party (MPRP) building is set on fire by
protesters during clashes in Ulan Bator, Mongolia, July 1, 2008.
REUTERS/Stringer
Read Entire Story!!!
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European Commission President Jose-Manuel Barroso
(L) stands with France's President Nicolas Sarkozy during a ceremony at
The Arc de Triomphe July 1, 2008 as France is taking over the presidency
of the European Union. REUTERS/Pool
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U.S. won't let Iran shut Gulf. U.S. Navy
Vice-Admiral Kevin J. Cosgriff, commander of the U.S. Navy's 5th fleet
based in Bahrain, looks on during the Gulf Naval Commanders conference
in Abu Dhabi July 2, 2008. REUTERS/Jumana El Heloueh
Read Entire Story!!!
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Penguin population plunge points to climate
havoc. A Chinstrap Pengiun on Half Moon Island in the South Shetlands,
off the Antarctic peninsula, in a file photo. REUTERS/Stringer
Read Entire Story!!!
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The Marine One helicopter (R) with President
George W. Bush on board arrives at the White House as a backup
helicopter flies past the Washington Monument July 1, 2008. Bush
returned to Washington after a one-day trip to Mississippi and Arkansas
for fundraising. REUTERS/Yuri Gripas
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A commercial flight lands on the Miami's
international airport, Florida July 1, 2008. Stocks pared losses to
trade little changed on Tuesday after a report showed U.S. factory
activity expanded in June for the first time in five months, offsetting
worries about rising oil prices. Stocks such as airlines, transportation
and energy-dependent manufacturers were hit hardest by the steady rise
in oil. REUTERS/Carlos Barria
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Trees are reflected in the still waters along a
river near Eugene, Oregon July 1, 2008. REUTERS/Mike Blake
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Spectators hold umbrellas at centre court as rain
delays the quarter-finals match between Roger Federer of Switzerland and
Mario Ancic of Croatia at the Wimbledon tennis championships in London
July 2, 2008. REUTERS/Toby Melville
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