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Tuesday
07/08/08
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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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Daily Quote:
"We see our
customers as invited guests to a party, and we are the hosts. It's our
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a little bit better." - - Jeff Bezos, founder, Amazon.com
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HEALTHCARE
/ BENEFIT PLANS
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Back To Top |
Sponsors
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Workplace Benefits
Association |
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M&A / ALLIANCES / EARNINGS
/ CAPITALIZATION
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Life & Health
Benefit Brokers
Can you offer P&C
(auto & home) at the workplace? |
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Workplace Benefits
Association |
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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?
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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?
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
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1.
Ward Group Recognizes
2008 Ward's 50 Top Performing Insurance Companies |
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CINCINNATI,
July 7 /PRNewswire/ -- The list of Ward's 50 top performing
insurance companies was released by Ward Group, a consulting
firm that specializes in the insurance industry and the leading
provider of benchmarking and best practices services.
Annually, Ward
Group analyzes the financial performance of insurance companies
domiciled in the United States and identifies the top performers
in both the life-health and property-casualty segments. This
group of top performers is called the Ward's 50 for the year.
Each Ward's 50 company has passed all safety and consistency
screens and achieved superior performance over the five years
analyzed. Over 3,000 property-casualty insurance companies and
over 850 life-health insurance companies were included in the
analysis.
Over the last
decade, the insurance industry has changed dramatically with new
technology, changing customer and employee demographics and
increasingly competitive market conditions. "It is important for
companies to remain focused on meeting revenue goals while
maintaining an efficient operating model that enables them to
meet customer demands," explains Jeff Rieder, President of Ward
Group. "The best companies excel at balancing expense
management, technology deployment and customer service." The
Ward's 50 property-casualty insurance companies produced an
18.7% return on average equity from 2003 to 2007 compared to
14.6% for the property-casualty industry overall. The Ward's 50
life-health insurance companies produced a 17.5% return on
average equity from 2003 to 2007 compared to 13.1% for the
life-health industry overall.
The Ward's 50
benchmarks are available in Ward's Results, an insurance
industry financial reference series. To learn more about the
Ward's 50 and Ward Group operational benchmarking and consulting
services, visit http://www.wardinc.com.
2008 Ward's 50
Top Performers - Life-Health Companies
(listed
alphabetically)
- AEGON USA Group
- Aetna Life
Insurance Company
- AFLAC
- AIG SunAmerica
Life Insurance Company
- Alfa Life
Insurance Corporation
- American Family
Life Insurance Company
- American
National Insurance Company
- Amica Life
Insurance Company
- Anthem Blue
Cross Life & Health Insurance Co.
- Auto-Owners
Life Insurance Company
- AXA Equitable
Life Insurance Company
- Centurion Life
Insurance Company
- CIGNA Group
- Cincinnati Life
Insurance Company
- Combined
Insurance Company of America
- Farm Bureau
Life Insurance Company
- Farm Bureau
Life Insurance Company of MI
- Federated Life
Insurance Company
- Fidelity
Investments Life Insurance Company
- Genworth Life
Insurance Company
- Gerber Life
Insurance Company
- The Hartford
Life Insurance Company
- Liberty
National Life Insurance Company
- Metropolitan
Life Insurance Company
- Midland
National Life Insurance Company
- National Life
Insurance Company
- Nationwide Life
Insurance Company
- Northwestern
Mutual Life Insurance Company
- Pekin Life
Insurance Company
- Primerica Life
Insurance Company
- Principal Life
Insurance Company
- Prudential
Insurance Company of America
- Reliance
Standard Life Insurance Company
- RiverSource
Life Insurance Company
- Sentry Life
Insurance Company
- Shelter Life
Insurance Company
- Southern Farm
Bureau Life Insurance Co.
- Standard
Insurance Company
- State Farm Life
Insurance Company
- Symetra Life
Insurance Company
- Tennessee
Farmers Life Insurance Company
- Thrivent
Financial for Lutherans
- TIAA-CREF
- Union Security
Insurance Company
- United
Healthcare Insurance Company
- United
Insurance Company of America
- United Life
Insurance Company
- USAA Life
Insurance Company
- USAble Life
Insurance Company
- Western &
Southern Life Insurance Company
2008 Ward's 50
Top Performers - Property-Casualty Companies
(listed
alphabetically)
- Acuity
- Allstate
Insurance Company
- American Modern
Insurance Group
- Amerisure
Companies
- ANPAC
- Assurant Group
- Auto-Owners
Insurance Group*
- Central
Insurance Companies
- Chubb Group
- Church Mutual
Insurance Company
- Cincinnati
Insurance Group*
- Columbia
Insurance Group
- The Commerce
Group, Inc.
- Donegal
Insurance Group
- EMC Insurance
Companies
- Erie Insurance
Group
- Federated
Mutual Group
- Fireman's Fund
Insurance Group
- FM Global
- GEICO*
- GMAC Insurance
Group
- Great American
Insurance Companies
- The Hartford
Fire Group
- HCC Insurance
Holdings Group
- IDS Property
Casualty Insurance Company
- Island
Insurance Companies Group
- Kentucky Farm
Bureau Mutual Insurance Co.
- Louisiana
Workers' Compensation Corporation
- Markel
Corporation Group
- Mercury
Casualty Group
- Metropolitan
Property and Casualty Insur. Co.
- North Star
Mutual Insurance Company
- Old Republic
Insurance Group
- Pekin Insurance
Group
- Philadelphia
Insurance Companies
- ProAssurance
- Progressive
Casualty Insurance Company
- Protective
Insurance Group
- RLI Insurance
Group*
- Safety
Insurance Group
- SECURA
Insurance Companies
- Selective
Insurance Company of America
- Shelter
Insurance Group
- Tennessee
Farmers Mutual Insurance Co.
- Travelers
Insurance Group
- United Fire &
Casualty Group
- USAA Group*
- Utica National
Insurance Group
- West Bend
Mutual
- W.R. Berkley
Corporation Group
*18-year
recipient (1991-2008) |
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2.
BestWeek: For
Reinsurers, 2009 Renewals Will Hinge on Hurricane Season, Economic
Downturn |
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OLDWICK, N.J.--(BUSINESS WIRE)--The course of the softening global
reinsurance market will depend heavily on how the summer Atlantic
hurricane season develops and what impact that will have on renewals
negotiations heading into 2009, according to a story in BestWeek Europe.
And more is on the minds of reinsurers, particularly the ongoing
financial turmoil arising from the subprime mortgage crisis and credit
crunch, along with predictions of recession or depression in various
countries.
“There’s been a general slowing down in growth, especially in the
industrial countries,” said Chris Klein, global head of business
intelligence at reinsurance broker Guy Carpenter & Co. “There’s pressure
on costs and expenses. People are starting to review their insurance
exposures and deciding what they really want. This will filter down to
reinsurance, but at the moment it is too early to say what the impact
will be, as there are aggravating factors involved.”
Sean Mooney, chief economist at Guy Carpenter, told BestWeek Europe
there has been a 10% to 15% reduction in reinsurance rates up to
mid-year renewals this year, and there is now pressure on the investment
side of balance sheets as the stock markets fluctuate.
Also, in BestWeek U.S./Canada:
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Trade credit insurers are fielding record numbers of insolvency and past
due claims thanks to the subprime mortgage crisis and the ongoing credit
crunch; and
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Recent partnerships by two U.S. health insurers with technology giants
Microsoft Corp. and Google highlight just how much work must be done to
achieve easy access to personal health records.
And in both editions of BestWeek:
Twelve of the 15 A.M. Best Insurance Stock Indices finished down at the
end of second quarter 2008. www.ambest.com |
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3.
HUB International
Acquires United Benefit Consulting, Inc. |
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Northeast Operation Expands Employee Benefit Consulting Capabilities
CHICAGO--(BUSINESS WIRE)--Hub International Limited announced today that
Hub International Northeast (HUB Northeast) has acquired the assets of
United Benefit Consulting, Inc. (UBC), a Long Island-based firm
specializing in employee benefit consulting services. Terms of the
transaction were not disclosed. The employees of UBC will continue to
work from their existing office in Smithtown, NY. Susan
Sajiun-Fitzharris, CFP, President of UBC, will join HUB Northeast as
Vice President, reporting to Thomas L. Mangan, President of HUB
Northeast’s Employee Benefit Practice.
UBC was formed in 1972 and since its formation has been continuously
recognized as a top area employee benefit consulting firm. The company
services clients in a wide variety of industries. |
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4.
FACTBOX - McCain, Obama
On Health Care And Retirement |
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(Reuters) - Health care has ranked among the top issues with U.S. voters
in this presidential election cycle, and the Social Security retirement
program is a perennial issue for the country's influential elderly
population.
Both Barack Obama, who has claimed the Democratic nomination, and John
McCain, the presumptive Republican nominee, have offered health care and
retirement proposals. Here is a summary of their positions.
HEALTH CARE
McCain would end tax breaks for employer-provided health insurance and
instead provide a refundable tax credit of $2,500 per person, or $5,000
for families, to help people buy health policies. He would promote
competition by allowing people to buy insurance across state lines and
he would make it tougher to sue doctors in some cases.
Obama has proposed a national insurance program to allow individuals and
small businesses to buy affordable health care similar to that available
to federal employees, funded by a tax on employers who don't provide
coverage. Individuals would not lose coverage when they switch jobs.
He
would lower premiums through a program that would reduce the exposure of
employer health plans to the costs of a catastrophic illness. Drug costs
would be lowered by allowing patients to buy drugs from abroad and
letting the government negotiate for lower prices.
SOCIAL SECURITY
McCain has said he would work with Congress to rein in the growing costs
of retirement programs and has suggested changing the way benefits are
indexed to inflation. He has also supported creating private retirement
accounts for younger workers.
Obama opposes private retirement accounts. Affluent workers would pay
more in taxes to ensure that Social Security is fully funded.
Obama wants to automatically enroll workers in retirement plans to boost
savings, though employees could opt out if they choose.
(Compiled by Andy Sullivan, Donna Smith and JoAnne Allen; editing by
David Wiessler)
©
Thomson Reuters 2008 All rights reserved |
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5.
Management of
Environmental Risk Exposures Hampered by Uncertainty and Lack of Common
International Regulation, Says ACE |
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LONDON--(BUSINESS WIRE)--The effective management of environmental risks
is being hampered by a lack of certainty about the impact of
environmental liabilities and slow progress on international regulatory
harmonisation, according to the latest research amongst senior risk
managers by the Economist Intelligence Unit (EIU), co-sponsored by
insurer ACE (NYSE:ACE).
The survey of 320 senior global executives revealed that environmental
risk management has been neglected by many, with 43% of respondents
saying that they either managed it in an ad hoc manner or not at all.
According to ACE, this suggests that despite media, investor and
regulatory scrutiny of businesses’ performance in this area,
environmental risk has not yet become part and parcel of the main risk
management agenda.
When asked about the main areas hindering their ability to manage this
category of risk, 35% cited the lack of certainty regarding the impact
of environmental liabilities and 34% said the lack of international
regulatory harmonisation was the main issue.
Nearly half of respondents felt the ability to comply with legislation
and identify environmental liabilities were major strengths in managing
environmental risks. However, only 41% felt they accurately assessed the
scale and scope of these liabilities and only a third felt they
successfully made decisions on whether to absorb the risks or transfer
them. Both findings highlight the challenges businesses face in
quantifying the true extent of environmental risks.
While the survey highlights the challenges many organisations face in
getting to grips with environmental risk, there is evidence that many
see clear opportunities from improved performance in this area. Almost
six out of ten cited an enhanced reputation with customers as the key
benefit, ahead of a better reputation with investors which was cited by
30%.
Harrington concluded: “Environmental risk management is set to rise up
the corporate agenda as concerns about climate change, compliance with
developing legislation and the overall impact of business on the wider
environment increase. While these offer huge challenges to organisations
across Europe, they also deliver opportunities both in terms of enhanced
reputation and customer satisfaction for those that address the issue.
The insurance sector is well placed to play a strategic role in terms of
the development of products and services to help deal with these risks
effectively.”
The complete report: “Under the spotlight: The transition of
environmental risk management” and others in the series, can be
downloaded here:
http://www.aceeuropeangroup.com/AceEuropeRoot/Media+Centre/Research/EIU+Survey/default.htm
www.aceeuropeangroup.com www.acelimited.com |
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6.
Greenlining Exposes
Insurance Companies ‘Gaming’ the Consumer Protection System
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The Greenlining Institute, a multi-ethnic consumer protection
organization, filed a petition today with the Commissioner of the
California Department of Insurance demanding review of Farmers’ and Fire
Insurance Exchange’s application for a 6.9 percent rate increase on
their personal fire insurance product line.
Farmers’ 6.9 percent rate increase is the second such rate increase
Greenlining is challenging against Farmers this year. The consumer group
contends that for both rate increases Farmers reported calculations that
were much larger on their applications, but suspiciously proposed 6.9
percent increases, one-tenth of a percent below the 7 percent necessary
to mandate an automatic public hearing in California.
The group claims that Farmers’ request for a 6.9 percent increase is “a
conspicuously suspect figure that is intended to circumvent a mandatory
hearing.”
Greenlining also contends that Farmers’ rate increase is unjustified,
citing a number of serious concerns including Farmers’ lack of community
reinvestments and cancelling over 27,000 fire policies last year in
California. Samuel Kang, managing attorney for the Greenlining
Institute, said, “Farmers’ systematic cancellation of these policies
throughout California will severely impact the ability of homeowners to
recover after this summer fire season.”
Kang said Farmers is not the only insurance company that tries to avoid
a mandatory hearing by requesting a 6.9 percent increase.
“So far this year, we’ve identified half a dozen major insurance
companies trying to avoid public hearings by asking for 6.9 percent
increases,” said Kang. “They’re maximizing profit while minimizing
accountability. They’re gaming the system.”
Greenlining has urged California Insurance Commissioner Steve Poizner to
look into the matter, but Kang said Poizner refuses to act.
“Commissioner Poizner calls himself California’s top consumer protection
advocate, but all the biggest insurance companies are walking all over
him,” said Kang. “Consumers are starting to think that he doesn’t care
or doesn’t know how to lay down the law. Either way, it’s scary to think
who’s right.”
The Greenlining institute is a multiethnic public policy and advocacy
think tank that advocates for low income and minority communities
through economic development, consumer protection, health advocacy,
civil rights, and leadership development.
Farmers and Fire Insurance Exchange are subsidiaries of Zurich Financial
Services. According to Zurich’s 2007 financial report it is one of the
largest financial companies in the world with 384 billion dollars in
assets. Zurich’s 2007 financial report also indicated that the company
attained 55.1 billion dollars in revenue, and 7.5 billion dollars in
Pre-tax income in its last fiscal year.
Contact: Samuel Kang, Managing Attorney, 510-926-4011 |
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7.
Colonial Life Number
Two in Worksite Sales |
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COLUMBIA, S.C. (July 7, 2008) — Colonial Life & Accident Insurance
Company is the nation’s second-largest seller of employee benefits at
the workplace, according to Eastbridge Consulting Group’s 2007 U.S.
Worksite Sales Report.
Colonial Life ranked second on the annual study’s list of 2007 worksite
companies with new sales premium of $334.9 million last year, worth a
market share of 7.2 percent.
“Colonial Life has been an industry leader for nearly 70 years,” said
Randall C. Horn, the company’s president and chief executive officer.
“These results show our customers and partners continue to value our
proven expertise as a company that can help make their benefits count.”
Colonial Life passed the $1 billion mark in inforce premium for the
first time last year. The company’s inforce premium grew by 6.8 percent
to $1.03 billion, ranking it fourth among worksite carriers.
Other top national worksite sales rankings for Colonial Life from the
Eastbridge report included:
• Number 2 in short-term disability
• Number 2 in accident
• Number 2 in cancer
• Number 3 in critical illness
• Number 3 in universal and whole life
The study also estimated total worksite sales last year at just over $5
billion, an increase of almost 8 percent over 2006. The top 15 companies
in worksite sales accounted for more than three-fourths of the market
and saw average sales growth of 10 percent last year
Media Contact: Jeanne Reynolds, (803) 213-6274,
jdreynolds@coloniallife.com
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8.
INSURANCE NEWSLINK
Articles |
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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
New solution to aid conact centre compliance launched
Fiserv to sell majority share in insurance businesses
Navigant Consulting grows apace in Europe
Australian regulator sets out internal capital model
Tata AIG Life to expand and target micro insurance market
ICICI Prudential introduces web chat
Names lose action
Guy Carpenter i-aXs platform wins another award
Prudential Financial expands Brazilian presence
UnitedHealth in the news
Tokio Marine has Western ambitions
AXA gets Saudi approval
Two IT sales opportunity reports from Research and Markets
Japanese regulator orders life companies to improve
BUPA targets new EU countries
Report is critical of UK household insurance aggregator sites
UK
motor insurance fraud costing £5m per week says ABI
Bharti AXA gets green light for general insurance operations in India
NAIC ceo leaves
Ping An to buy more Fortis shares
Gunn to retire at Friends Provident
Bancassurance to grow in India
AXA to cut 120 Irish jobs
Cobra takeover a possibility
G8
countries must do more to combat climate change says report
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9.
Bank Insurance News In
Brief - July 7, 2008
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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
$3.21 BILLION IN INSURANCE BROKERAGE FEE INCOME IS A RECORD FOR BANK
HOLDING COMPANIES
BRISTOL COUNTY SAVINGS BANK ACQUIRES ‘SUBSTANTIAL’ INTEREST IN
INSURANCE AGENCY
BofA COMPLETES COUNTRYWIDE ACQUISITION
WEBSTER FINANCIAL SELLS RISK MANAGEMENT AND THIRD-PARTY ADMINISTRATOR TO
PMA CAPITAL
WILMINGTON TRUST TO ACQUIRE UBS FIDUCIARY TRUST
MASSMUTUAL DONATES CIVIL WAR ARTIFACTS TO ARMY INSTITUTE
NY SUPREME COURT DISMISSES SPITZER’S CHARGES AGAINST GRASSO |
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10.
Market Barometer - June
2008 - - Composite Rate Decline Continues to Moderate |
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The average property and casualty premium rates declined eleven percent
in June 2008 as compared to a decline of fourteen percent in June 2007.
This is the largest year on year rate moderation in the last three
years.
According to Richard Kerr, Founder and CEO of MarketScout, “The June
2008 composite rate of decline has moderated 21% as compared to June
2007. If July continues in a similar pattern, we may be nearing the
bottom of the soft market. Why? Underwriting results are weakening and
the issues some very large insurers are facing will have an impact on
the market as a whole. The current climate is still soft, but
underwriters cannot control many of the financial issues facing some
insurers. These outside financial influences are starting to make the
market a bit nervous. Thus, the moderating of rate reductions.”
MarketScout uses its insurance exchange to collect data to determine the
direction of property and casualty rates. The Market Barometer is unique
because it uses mathematically driven data which is corroborated by
in-person surveys conducted by The National Alliance for Insurance
Education and Research. Data has been assimilated every month since
2001. MarketScout publishes this data as a service to the insurance
industry.
A
summary of rates for each coverage and industry class as well as by
account size is available for each month.
http://www.marketscout.com. |
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11.
Towers Perrin
Commercial Insurance Pricing Study Reports Ongoing Modest Price
Decreases In First Quarter Of 2008 |
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Survey Indicates Growing Price Disparity Between Larger and Smaller
Insureds, Ongoing Loss Ratio Deterioration, Specialty Lines Decline
Slows
STAMFORD, CT, July 1, 2008 – Towers Perrin’s quarterly survey of
commercial lines insurance pricing and profitability (CLIPS) indicated
that average prices for all lines of coverage combined continued to
decrease during the first quarter of 2008, dropping about 6% compared
with the same quarter a year ago.
According to the survey, large insureds experienced price decreases
nearly four times larger, on average, than small accounts. However, the
dramatic drop in prices seen in 2007 for specialty lines, including
Directors & Officers (D&O) liability coverage, appears to have tapered
off.
Further, for the majority of product lines surveyed, the deterioration
in loss ratios seen in 2007 – which increased 12% versus 2006 – has
shown signs of continuing into 2008, as price reductions were not
matched by reductions in the cost of claims.
“The overall deterioration in pricing is a continuation of the trend
cited when we published our first survey three years ago,” said Jeanne
Hollister, Towers Perrin managing principal and property/casualty
insurance practice leader for the Americas region. “Our data indicate
more conservative price reductions than other marketplace surveys ? only
Towers Perrin’s survey has as its source the insurers that are
underwriting each of these lines of business.”
Pricing data are a critical component of the information insurers use to
develop business plans and anticipate changes in product profitability.
As investors and regulators closely monitor insurance pricing trends and
use this information to analyze insurance company performance and
financial security, it is critical that these audiences have access to
accurate data.
"In our view, these data are the most reliable, because they reflect
price change information captured in companies’ price monitoring
systems, as compared to data coming from secondhand sources cited in
other reports,” said Ms. Hollister.
www.towersperrin.com. |
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12.
NSM Insurance Group
Adds New Agents & Accountants Professional Liability Programs |
|
CONSHOHOCKEN, Pa., July 7 /PRNewswire/ -- Geof McKernan, CEO, NSM
Insurance Group, announced today the acquisition of a specialty
underwriting group focused on Professional Liability coverage targeting
P&C Insurance Agencies. This new group will include Wholesalers,
Retailers, MGAs and Program Administrators, plus a distinctive new
program for Accountants Professional Liability.
For more information regarding NSM Insurance Group products and
services, contact Susie McKernan, Director of Business Development, at
800-970-9778 x144 or e-mail
smckernan@nsminc.com. |
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13.
Great American’s
Specialty Human Services Division Expands Markets to Include For-Profit
Health Clubs |
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CINCINNATI--(BUSINESS WIRE)--The Specialty Human Services Division of
Great American Insurance Group recently announced that it has expanded
its program to include for-profit health and fitness clubs.
Effective immediately, the newly-eligible classes include:
*
For-profit exercise or health clubs
*
Yoga centers
*
Tai Chi centers
*
Aerobic centers
*
Dance studios
*
Pilates studios
www.hsd.gaic.com
www.greatamericaninsurance.com
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14.
UBS, CS May Have To Set
Aside $68 Billion: Report |
|
ZURICH (Reuters) - Swiss authorities could require UBS (UBSN.VX: ) and Credit Suisse (CSGN.VX: ) to set aside an additional 70 billion
Swiss francs ($68.29 billion) in capital, a newspaper reported on
Sunday, citing lawmakers.
"40 billion for UBS, 30 billion francs for CS," parliamentarian Hans
Kaufmann told Swiss weekly Sonntag, referring to the additional capital
the banks would have to put aside under the proposal.
Switzerland's top banking watchdog, the EBK, has told Reuters it plans
to introduce more stringent capital rules by October 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.
A
spokesman for the EBK, Alain Bichsel, told Sonntag that a sum had been
proposed and it would make details known in the autumn.
(Reporting by Sam Cage; Editing by Erica Billingham)
©
Thomson Reuters 2008 All rights reserved |
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15.
BofA Cuts Profit
Estimates On Private Equity Firms |
|
July 7 (Reuters) - Banc of America Securities cut its earnings estimates
and price targets on private equity firms Blackstone Group (BX.N: ) and Fortress Investment Group LLC (FIG.N:
), citing continued challenging
market conditions.
"We remain positive on the private equity business long term on
favorable macro trends including strong demand for less correlated asset
classes like alternatives driving continued strong pace of capital raise
and a still favorable outlook for PE returns the next 3-5 years," Hecht
said. (Reporting by Varsha Tickoo in Bangalore; Editing
by Jarshad Kakkrakandy; )
©
Thomson Reuters 2008 All rights reserved |
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16.
Countrywide Workers
Worried About Severance: Report |
|
(Reuters) - Workers at Countrywide Financial Corp are worried that new
owners Bank of America Corp will force them into a position that will
cause them to lose their severance benefits, the New York Post reported.
The "Countrywide Change of Control Severance Plan", posted on the
company's internal website, says BofA has the power to decide whether it
wants to pay severance benefits to an employee who turns down a new
position, even if it contains significant changes in compensation or job
location, the paper said.
BofA "would consider" paying severance if the employee has to relocate
or takes a 20 percent cut in their compensation, the paper said, adding
the company would pay severance for lower-level employees if the job
comes with a 10 percent cut in salary.
"In lieu of terminating Countrywide employees, BofA is opting to extend
token offers of employment that are inferior in every respect to the
employees' former positions, without granting these employees the option
to be terminated with severance," the paper cited a Countrywide
executive in California, who has retained an employment lawyer, as
saying.
BofA, which closed its takeover of Countrywide on July 1, said last
month it expects to eliminate about 7,500 jobs over the next two years,
amounting to three percent of the combined company's workforce.
Angelo Mozilo, who stepped down as Countrywide CEO last week, gave up
$37.5 million in severance pay and other fees he stood to gain from the
mortgage lender's sale to BofA.
BofA could not be immediately reached for comment.
(Reporting by Ajay Kamalakaran in Bangalore; editing by Sue Thomas)
©
Thomson Reuters 2008 All rights reserved |
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18.
Navigators Opens
Stockholm Office |
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Dow Jones & Company, Inc. -- July 7, 2008
NEW YORK--(BUSINESS WIRE)--July 07, 2008--
The Navigators Group, Inc. (NASDAQ:NAVG) announced today that it has
launched underwriting operations in Sweden through its new underwriting
agency, NUAL AB, and has opened a Stockholm office. The office, under
the leadership of Sverker Edstrom, Managing Director, NUAL AB, will
initially focus on management and professional liability products
underwritten by Navigators Pro, a division of Navigators Management
Company. Products include directors and officers, fiduciary, employment
practices, errors and omissions and professional liability.
"The Nordic countries are among the most innovative and growing
economies in the world," said Chris Duca, President of Navigators Pro.
"Navigators' presence in Continental Europe will strengthen our
capabilities and further enable us to provide innovative insurance
solutions to directors and officers of corporations."
www.navg.com |
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19.
Locke Lord Bissell &
Liddell Attorneys Recognized in The Legal 500 United States - 2008
Edition |
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(CHICAGO) June 30, 2008 – Recognized for the high-quality work and
exceptional service that they perform for their clients, Jon Biasetti
and Nick DiGiovanni, Partners in Locke Lord Bissell & Liddell’s Chicago
office, and Brian Casey, a Partner based in Locke Lord’s Atlanta office,
are featured in The Legal 500 United States - 2008 Edition. Biasetti
and DiGiovanni were specifically honored for their accomplishments in
the reinsurance practice, while Casey was lauded for his work in the
insurance practice.
This recognition follows on the heals of the announcement earlier this
month that Locke Lord’s insurance and reinsurance practice was ranked as
the No. 1 law firm in the United States in three separate practice areas
by Reactions magazine in its 2008 legal survey.
Biasetti, co-chair of Locke Lord’s Insurance Practice Group, focuses his
practice on a broad range of reinsurance matters, including all aspects
of transactions, particularly relative to property, annuity, health and
life insurance. He was recognized in The Legal 500 for “his command of
subject and ability to negotiate.” DiGiovanni, who leads Locke Lord’s
Reinsurance Practice Group, concentrates his practice on reinsurance and
insurance-related issues. His practice and experience involve national
and international reinsurance disputes in litigation, arbitration,
insolvency and rehabilitation proceedings. He was acknowledged in The
Legal 500 for his “high-quality representation” and as a “very skilled
litigator who understands the insurance business very well.” Casey,
co-chair of Locke Lord’s Insurance Practice Group, focuses on corporate;
mergers and acquisitions, corporate and structured finance and other
transactional; and regulatory matters for corporate clients in the
insurance, financial services and health care industries. He was
praised in The Legal 500 for his “quality of representation in
general.”
Locke Lord Bissell & Liddell LLP is a full-service, national law firm of
more than 700 attorneys with offices in Atlanta, Austin, Boston,
Chicago, Dallas, Houston, London, Los Angeles, New Orleans, New York,
Sacramento and Washington, D.C. With a vast geographic scope, and a
national reputation in complex litigation, regulatory and transactional
work, Locke Lord is focused on achieving client success as a team. Among
Locke Lord’s many strong practice areas are appellate, capital markets,
corporate, class action litigation, employee benefits, energy,
environmental, financial services, health care, insurance and
reinsurance , intellectual property, labor and employment, public law,
real estate, regulatory, REIT, tax and technology.
http://www.lockelord.com |
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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First hurricane of 2008 forms in distant Atlantic
(Reuters) - The first hurricane of the 2008 Atlantic storm
season formed on Monday, hundreds of miles (kilometers) away
from the United States and the Caribbean islands, the U.S.
National Hurricane Center said. The Miami-based center said it
was still too early to determine whether Hurricane Bertha would
hit any land, as computer models showed it would eventually
start curving to the northwest and then to the north, possibly
taking it near Bermuda.
Tropical Storm Bertha is seen in a satellite
image taken July 7, 2008. - REUTERS/NOAA/Handout |
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Talk of $200 oil casts shadow over G8 summit.
Group of Eight leaders pose for a group photo at a Tanabata ceremony at
the G8 Hokkaido Toyako Summit in Toyako, Japan, July 7, 2008. They are
(L-R) Italy's President Silvio Berlusconi, Russia's President Dmitriy
Medvedev, Germany's Chancellor Angela Merkel, Britain's Prime Minister
Gordon Brown, Japan's Prime Minister Yasuo Fukuda, U.S. President George
W. Bush, Canada's Prime Minister Stephen Harper, France's President
Nicolas Sarkozy and President of European Commission Jose Manuel Durao
Barroso. REUTERS/Bazuki Muhammad
Read Entire Story!!!
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Some coffee fans get grim delight in Starbucks
woes. The Starbucks sign is seen outside one of its stores in New York
July 3, 2008. REUTERS/Chip East
Read Entire Story!!!
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A police officer stands next to the wreckage of a
DC-9 plane at the crash site on the outskirts of Saltillo, northern
Mexican state of Coahuila July 6, 2008. The cargo plane crashed shortly
before landing near the Plan de Guadalupe international airport killing
the pilot and injuring the co-pilot, officials said. REUTERS/Zocalo De
Saltillo
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People watch fireworks during the first edition
of 'Golden Nights' International Pyrotechnic Festival in Bucharest July
5, 2008. REUTERS/Mihai Barbu
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Fireworks light up the sky over the Washington
Monument in celebration of Independence Day in Washington July 4, 2008.
REUTERS/Jay Westcott (UNITED STATES)
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People walk through a water fountain during "Rock
in Rio" music festival in Arganda del Rey near Madrid July 6, 2008.
REUTERS/Juan Medina (SPAIN)
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Street performers play music as they are
suspended in the air during the "Gathering on the Boulevard" show in
Quebec City, July 5, 2008. Street performer troupes from Canada, France
and the United States performed on Rene-Levesque boulevard during an
official event to celebrate the 400th year of foundation of Quebec City.
REUTERS/Mathieu Belanger (CANADA)
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Revellers hold up traditional red scarves in
front of Pamplona´s town hall square during the start of the San Fermin
festival July 6, 2008. REUTERS/Joseba Etxaburu
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The Eiffel Tower is seen lit in the blue and
yellow colours of the European Union flag to mark France's six-month
presidency of the European Union, July 6, 2008. The 300-metre (984-foot)
high tower took on its blue hue every evening for two months from June
30, the eve of the French presidency. REUTERS/Mal Langsdon
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