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Wednesday
07/09/08
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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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Daily Quote:
"The person that
turns over the most rocks wins the game." - - Peter Lynch |
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1.
Lehman Cuts Target On
Big U.S. Insurers, Reinsurers |
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July 8
(Reuters) - Lehman Brothers cut its price target on several
leading insurers and reinsurers, citing challenging financial
markets and a deteriorating outlook for the property and
catastrophe reinsurance markets through 2010.
Second-quarter
results for non-life insurers should reflect negative revenue
growth, difficult earnings per share comparisons versus a year
ago, underlying margin deterioration, and higher catastrophes,
the brokerage wrote in a note to clients.
Most property
and casualty insurers, except American International Group (AIG.N:
) and XL Capital (XL.N: ), have modest exposure to the credit
crunch, strong balance sheets, excess capital and are unlikely
to raise capital or cut their dividends, Lehman said.
Lehman noted
that American International Group has the most exposure of the
companies it covers to the credit crisis and could suffer more
investment writedowns.
Property and
casualty stocks could face pressure over the next two months,
reflecting seasonal concerns about hurricane activity, but could
present a potential buying opportunity in September as hurricane
concerns ease, it added.
Equal weight
(Reporting by Sweta Singh in Bangalore; Editing by Bernard Orr)
© Thomson
Reuters 2008 All rights reserved |
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2.Dutch Health System Rated Best, U.S. Worst - Polls |
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NEW YORK, July 7 (Reuters Life! ) - Americans are the least satisfied
with their health care system, while the Dutch system is rated the best,
according to new research.
Polls about health care in 10 developed countries by Harris Interactive
revealed a range of opinions about what works and what doesn't.
In
the United States a third of Americans believe their system needs to be
completely overhauled, while a further 50 percent feel that fundamental
changes need to be made.
"Given that all countries other than the U.S. have universal health care
systems in place, this may invite questions on why the U.S. remains the
only wealthy, industrialized country without such a system," Harris
president George Terhanian told Reuters.
In
the Netherlands, where health care is financed by mandatory health
insurance, 42 percent of people think their system works well and needs
only minor changes.
And only nine percent of the Dutch think a complete overhaul is
necessary, compared to 12 percent in Canada and Spain, 15 percent
Britain and France, 17 percent in Germany and New Zealand, 18 percent in
Australia and 20 percent in Italy, according to the polls of more than
1,000 people in each country.
The U.S. model, widely criticized on its combination of private
insurance and publicly-funded programs, spends more on health care than
any other nation worldwide but ranks low on overall quality of care,
according to the World Health Organization (WHO).
France's health system, based on compulsory national insurance, was
ranked best in the world by the WHO in 2000, while Britain's National
Health Service, the world's largest publicly funded system, was in 18th
place.
The Harris comparison of the national surveys showed that 70 percent of
the French and 59 percent of Britons think their health services are
"the envy of the world."
Nearly 70 percent of Germans, a majority of whom receive coverage from
state-funded insurance plans, feel that access to healthcare depends on
a patient's ability to pay for it.
But at least 47 percent of those surveyed in all countries think there
are some good things in their systems but they need to be improved.
"It is by no means clear through these surveys that universal health
care systems represent the so-called magic pill," said Terhanian.
(Reporting by Claire Sibonney; Editing by Patricia Reaney)
(claire.sibonney@thomsonreuters.com;
Reuters Messaging:
claire.sibonney.reuters.com@reuters.net; +416-941-8142)
©
Thomson Reuters 2008 All rights reserved |
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3.
Fed May Keep Open
Lifeline As Housing Distress Continues |
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Tue Jul 8, 2008 11:54am EDT
By
Burton Frierson
NEW YORK (Reuters) - Federal Reserve Chairman Ben Bernanke said on
Tuesday the U.S. central bank might keep open a lifeline to financial
firms, while the latest data showed distress in the housing and retail
sectors continues.
Bernanke promised to consider retaining an emergency lending facility
for Wall Street firms past year-end, showing the Fed is determined to
stop the housing-inspired credit crisis from wreaking further havoc on
the economy.
Investors have lived in constant fear of yet another eruption of credit
turmoil, which started last year when it became clear that the bursting
of the U.S. housing bubble was causing severe losses across financial
markets.
"The presumption was that (Fed officials) were going to wind down the
lending programs if and only if credit conditions improve. Obviously
that has not been the case," said William O'Donnell, director of
interest rate strategy at UBS Securities LLC in Stamford, Connecticut.
"Money has become dear despite their efforts. The problems seem to be
elevated and are actually creeping higher. They may have to do more."
FED CONSIDERING OPTIONS
In
remarks to a mortgage lending forum sponsored by the Federal Deposit
Insurance Corp, Bernanke said credit costs have been driven higher and
the pace of U.S. economic growth also has been hurt by market turmoil.
"We are currently monitoring developments in financial markets closely
and considering several options, including extending the duration of our
facilities for primary dealers beyond year-end, should the current
unusual and exigent circumstances continue to prevail in dealer funding
markets," Bernanke said.
The Fed set up the so-called Primary Dealer Credit Facility, or PDCF, in
March as part of its effort to facilitate the purchase of ailing
investment bank Bear Stearns by JPMorgan Chase & Co. It said at the time
the PDCF would continue for at least six months.
The lending program allows primary dealers -- the biggest firms that
deal directly with the Fed -- to borrow directly from the Fed at the
discount rate, currently 2.25 percent.
(Reporting by Burton Frierson; Editing by Dan Grebler)
©
Thomson Reuters 2008 All rights reserved |
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4.
Corporate Synergies
Release Shocking Report on 5500 Non-Compliance |
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100-299 Employee Size Accounted for 70% of All Firms Out of Compliance
MT. LAUREL, N.J.--(BUSINESS WIRE)--Corporate Synergies recently released
a new study, to be well publicized, based on data from the US Department
of Labor. The study indicates that a shocking 49% of employers were
improperly filing or failing to file their 5500 reports. This has stayed
consistent in both of the years studied. Corporate Synergies’ new study
reveals the following data from research of over 74,710 employers.
For those employers who were required to file 5500s, non-compliance
ranges from 29 to 59 percent, depending on the employer’s size. Based on
a comparison between 2003 and 2005 form 5500 filling data, the total
percentage of non-compliance increased from 47% to 49%; however, total
number of firms in the analysis dropped. The decreased number of firms
may be the result of merger and acquisition activity during the two year
period.
“If a company does not submit its 5500 form, it is vulnerable to costly
fees,” warns Eric Raymond, CEO of Corporate Synergies. “Not only does
the company face criminal penalties, but its plan administrator can be
subject to daily fees of up to $1,100. It is imperative that employers
take steps to submit this crucial form.”
www.CorpSyn.com |
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5.
Eastbridge Study
Recognizes Voluntary Sales Growth Leaders in the Large Carrier Category |
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AVON, Conn.--(BUSINESS WIRE)--Since 2000, voluntary sales have increased
from $3.1 billion to $5.038 billion a year (in 2007). The sales growth
rate for the last two years has been 7-8 percent and is expected to
continue in this range for the next several years. The growth rates of
many companies have contributed to these results but each year,
Eastbridge Consulting recognizes the companies leading the pack in
strong growth.
“Annually, we recognize those companies that led the industry in
voluntary sales growth,” says Gil Lowerre, president of Eastbridge.
“This year, among large companies ($30+ million in voluntary sales),
Reliance Standard, CIGNA, and Aflac were the fastest growing companies
based on voluntary sales.”
Parties interested in participating in next year’s study should email
Eastbridge at info@eastbridge.com. All participants receive a free copy
of the complete findings, including company-specific results.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving
insurance and financial services organizations in the United States and
Canada.
Contacts: Eastbridge Consulting,
Jennifer Davis, 860-676-9633 |
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6.
Hooper, Lundy & Bookman
Negotiates 11.8 Million Settlement for California Hospitals in Blue
Cross Rescission Class Action |
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LOS ANGELES--(BUSINESS WIRE)--On behalf of the California Hospital
Association and all California hospitals, Hooper, Lundy and Bookman,
Inc. has negotiated a landmark $11.8 million settlement with Blue Cross
of California, Blue Cross Life and Health and their parent company,
Wellpoint, Inc., in a class action relating to rescission of patients’
policies. The lawsuit, filed in October, 2006, alleges that Blue Cross
illegally rescinded patients’ health care insurance policies after the
patients received services at California hospitals. (Case No. BC360235 (CCW)).
“We are very pleased to have come to an agreement with Blue Cross that
fairly reimburses hospitals for the services they provided to Blue Cross
members and protects the patients from being liable to pay for those
services,” said Hooper, Lundy & Bookman attorney and co-plaintiff
counsel, Daron Tooch.
Under terms of the Memorandum of Understanding approved by the court
today:
*
Blue Cross will establish a Facility Compensation Fund to reimburse
hospitals for the services they provided to rescinded members.
*
Blue Cross will establish a Patient Reimbursement Fund to reimburse
patients for payments they made to hospitals after their policies were
rescinded.
*
Hospitals will cease collection activities against rescinded Blue Cross
members for claims that were not paid by Blue Cross due to policy
rescissions.
“The practice of rescinding patients’ policies after the patient has
received medically necessary services causes a great deal of financial
stress to both the patients and the hospitals who provide those
services. This settlement goes a long way towards compensating the
hospitals for those services and providing closure to the patients for
these debts,” said Hooper, Lundy & Bookman attorney and co-plaintiff
counsel, Glenn Solomon.
Background
Hooper, Lundy & Bookman, Inc. filed a class action complaint against
Blue Cross in October, 2006, seeking to establish protection of
hospitals statewide from the practice by Blue Cross of California, Blue
Cross Life and Health, and their parent company, Wellpoint, Inc., of
retroactively rescinding insurance policy coverage for numerous patients
after the health care services have been provided by the hospitals. The
complaint explained that California law prohibits Blue Cross from
retroactively denying payment after the services have been provided in
good faith.
Blue Cross has been the subject of dozens of lawsuits by patients
alleging that Blue Cross routinely looks for after-the-fact reasons to
cancel policies by reviewing previously approved applications. But the
rescissions also directly impacted the hospitals, because they were the
ones not being paid for their services, and instead were being directed
and forced by Blue Cross to try to collect from their patients.
www.health-law.com |
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7.
New York Insurance
Exchange may revive by 2009 |
|
By
Lilla Zuill
HAMILTON, Bermuda (Reuters) - New York Insurance Superintendent Eric
Dinallo said on Monday a revival of the defunct New York Insurance
Exchange could happen as early as next year.
Dinallo, in a telephone interview from New York, said the next 18 months
was a "realistic horizon" to revive what is seen as the U.S. equivalent
of the Lloyd's of London market.
The original New York exchange, which created a centralized marketplace
for brokering and underwriting, was founded to great fanfare in 1980 but
later that decade closed its doors after the industry was hit by a
severe period of losses. New York laws permitting the exchange still
exist.
This time around Dinallo sees the exchange as better positioned for
success. "It is only going to work if there is client demand, but I
believe that is falling into place."
The exchange would allow underwriters to form syndicates to reinsure,
and insure unusual or very large exposures.
Dinallo, who is forming a working group to set out exactly how the
exchange could operate, has already tapped the views of a wide range of
industry participants including both U.S. and foreign insurers, some of
the major insurance brokerages and possible investors.
Several private equity, hedge fund and large investment banks have
expressed interest, said Dinallo, seeing the exchange as a
diversification tool.
"Non-traditional capital is looking for uncorrelated risk, which I think
generally reinsurance, catastrophe and terrorism (risk) is... about as
uncorrelated as you are going to get."
Dinallo said regulatory oversight would seek to ensure risks insured by
the exchange were not dominated by one geographical region or type of
risk. Investors who backed claims paying ability of the exchange, would
also have a role in policing the risks accepted by syndicates.
NATIONAL ACCESS
The exchange would seek permission to sell coverage across the United
States, Dinallo said. That could help insurers who want to do business
across the United States but are faced with the expense of
state-by-state licensing and regulation.
The insurance industry has been lobbying U.S. lawmakers to create a
federal insurance regulator but there is also resistance to the
proposal.
The National Association of Insurance Commissioners, a body that
represents state insurance regulators, has been lukewarm to a national
regulator, concerned it could erode consumer rights.
Dinallo said the exchange could bypass some of these issues, by creating
"federalization without federalization." The idea was well received when
he broached the topic with other state regulators earlier this year.
He
said the exchange could be run on an electronic platform but also have
physical space for clients to meet with brokers.
By
increasing insurance and reinsurance capacity, the exchange could in
turn lower pricing.
There are now more potential participants for the exchange than in the
1980s. A foreign reinsurance market, mostly in Bermuda, has since sprung
up, and participants would likely be eager for greater access to U.S.
business.
While reinsurance rates are currently softening because there have been
few large claims in recent years, Dinallo said this was an ideal time to
get the exchange off the ground, so everything would be in place once
there was a need.
The exchange would also need be well capitalized enough to gain a strong
credit rating, said Dinallo, something that could be a boon for
insurance participants, clients and investors.
Insurers would effectively get the benefit of the exchange's strong
rating on any business done through the market, much as Lloyd's
syndicates do today. Clients would have the peace of mind of knowing
that the exchange's claims paying ability was secured by its strong
capitalization.
An
investment grade rating could also improve liquidity for investors
because it could create trading opportunities. "They (investors) can be
in and out -- that is fine as long as the money coming in is as strong
as the money leaving."
Lloyd's of London LOL.UL is the world's oldest and largest insurance
market, with permission to sell policies in about 30 countries and
territories around the world.
(Reporting by Lilla Zuill; Editing by Tim Dobbyn)
©
Thomson Reuters 2008 All rights reserved |
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8.
Reinsurance Association
Of America Launches Natural Catastrophe Website
|
|
WASHINGTON, D.C. (July 7, 2008) – Citing the prevalence of
misinformation about how to best pay for natural catastrophe losses in
the U.S., the Reinsurance Association of America (RAA) has launched
www.natcatus.org, a website
dedicated to debunking myths about catastrophes.
Frank Nutter, president of the RAA, stated, “Given the enormity of the
economic impact resulting from natural catastrophes, preventing and
paying for the devastation has become a widely-debated public policy
issue in both state legislatures and in Congress.
NatCatUS.org has a
single goal—to educate policymakers and the American public about the
realities of cat fund proposals.”
The RAA has long held that natural disaster is an insurable risk in the
private sector if the free market is allowed to work.
The RAA argues
that a federal cat fund is not a long term solution and, in fact,
displaces the private market.
“Public policymakers should not constrain
the private insurance market’s ability to insure risk.
If policymakers
follow competitive, free market principles, a federal natural disaster
reinsurance fund is unnecessary,” Nutter explains.
Visit www.natcatus.org for an
objective discussion on common myths about catastrophe reinsurance,
pending federal and state legislation, and viable alternatives to
federal and state catastrophe funds. |
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9.
IHIAA Selects Norvax As
Its Exclusive Provider Of Sales Automation Systems For Independent
Health Insurance Agents |
|
Norvax Inc. is endorsed by the Independent Health Insurance Agent
Association (IHIAA) for its industry-leading suite of quote engines,
agent websites, email autoresponders and lead management systems.
CHICAGO, IL – July 8, 2008– Norvax, the leading provider of health
insurance technology and Internet tools for insurance sales, has been
selected as the exclusive provider of sales automation tools for the
Independent Health Insurance Agent Association (IHIAA).
“Everyone knows the importance of having the right tool for the job,”
said John Petrowski, president of IHIAA. “That’s especially true for
independent health insurance agents. Norvax has the sales automation
tools to help individual agents generate more leads, submit more apps
and boost their bottom lines. And they do it with an integrated suite of
tools—not expensive piecemeal patches.”
Norvax currently works with thousands of agents and brokers, providing
them with professional websites designed to help producers generate more
health insurance leads. In addition, the Norvax suite includes the
industry’s #1 quote engine, providing up-to-date quotes from more than
70 of the nation’s top carriers in seconds.
It
also includes the LeadMiner email autoresponder, a drip marketing tool
that effortlessly keeps agents in constant contact with thousands of
prospects, and the BrokerOffice lead management system, the leading lead
management tool designed specifically for health insurance agents.
As
part of its alliance with IHIAA, Norvax is providing IHIAA members with
preferred pricing on its technology bundle and access to its training
resources. Norvax recently moderated a popular webinar on the challenges
and obstacles faced by new agents, featuring Petrowski. These agent
challenges are what initially prompted Petrowski to create the IHIAA,
and it’s what drew him to Norvax.
“We’re proud to partner with an organization like IHIAA,” said Jeremiah
Desmarais, vice president of marketing for Norvax. “Their focus on the
development, training and proper equipping of independent agents is
needed in our industry. Its officers and members are known within the
health insurance community to provide unbiased, practical advice to
agents at all levels in their business.”
For more information about Norvax and its suite of health insurance
sales automation tools, please visit
www.Norvax.com. Agents and brokers interested in an IHIAA membership
can also visit www.IHIAA.com.
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10.
Fitch: U.S. Title
Insurance Industry's Capital Remains Adequate, But Declines to Historic
Low |
|
CHICAGO--(BUSINESS WIRE)--Fitch Ratings has completed its study on the
U.S. title insurance industry's risk-adjusted capital (RAC) position at
year-end 2007, which showed a significant decrease in the RAC ratio for
Fitch's aggregate title insurer universe. The title industry's RAC ratio
is at its lowest since the RAC Model was first introduced in 1997.
The fall in the RAC ratio reflects both a deterioration in capital and a
reduced redundancy between statutory reserves and expected claims.
Widespread expense reductions favorably influenced targeted
policyholders' surplus, but the affect was outweighed by lost surplus.
While the industry ratio fell dramatically, Fitch notes that a few
companies held relatively steady and consequently, disparities among
individual title insurance companies deepened.
For a copy of the report 'Title Insurers' Risk-Adjusted Capital Adequacy
at Year-End 2007', dated July 7, 2008, please see the Fitch Ratings web
site www.fitchratings.com
under the tab 'Financial Institutions, 'Insurance' and 'Special
Reports'. |
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11.
Speculative Debt
Defaults Rise In 2nd Qtr -Moody's |
|
By
Elena Moya
LONDON, July 8 (Reuters) - The rate of defaults in speculative-grade
debt rose to 2.0 percent in June from 1.5 percent at the end of the
first quarter, as the credit crunch means companies struggle to pay
interest, a report said on Tuesday.
The global default rate has also climbed from 1.4 percent a year ago,
the report from credit rating agency Moody's Investors Service (MCO.N: )
said.
Of
the 35 companies which have defaulted so far in 2008, 31 are based in
the United States and three in Canada. The only defaulter outside North
America was Kremikovtzi AD, in Bulgaria. (Editing by David Holmes)
©
Thomson Reuters 2008 All rights reserved |
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12.
Merrill May Write Down
$5 Bln In Q2 - Wachovia |
|
July 8 (Reuters) - Merrill Lynch & Co (MER.N: ) is expected to write
down about $5 billion in the second quarter, said Wachovia, which
expects the No. 3 Wall Street investment bank to post a loss in the
quarter and full year.
Wachovia, which said Merrill may be in need of another capital infusion,
added that the potential for additional writedowns following recent
results should weigh on Merrill's multiple in the near term.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Himani
Sarkar)
©
Thomson Reuters 2008 All rights reserved |
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13.
How Vulnerable is New
England to a Major Hurricane? Disaster Safety Officials Warn of
Devastating Impact |
|
Director of National Hurricane Center to Join Conference in Newport,
Rhode Island Addressing Threats Associated with a Major New England
Hurricane
NEWPORT, R.I.--(BUSINESS WIRE)--Bill Read, Director of the National
Hurricane Center, will join with hurricane experts, meteorologists and
insurance industry leaders to convene the Northeast Hurricane Mitigation
Leadership Forum (invitation only), a two day conference to address the
threats associated with a major New England Hurricane.
The Northeast Hurricane Mitigation Leadership Forum will take place at
the Newport Marriott; 25 Americas Cup Avenue, Newport, Rhode Island,
Thursday, July 10, beginning at 3:00 pm and will conclude mid-day on
Friday, July 11th. The sponsors of the Forum include WeatherPredict
Consulting Inc. (http://www.weatherpredict.com/), Federal Alliance for
Safe Homes, Inc. – FLASH ® (http://www.flash.org/), RenaissanceRe,
(http://www.renre.com) and the University of Rhode Island (http://www.uri.edu).
When it comes to hurricanes, much of the national focus has been on
Louisiana, Mississippi and Florida, where Hurricane Katrina and a string
of other deadly storms in 2004 and 2005 wreaked havoc. Yet, emergency
management experts have long feared the devastating impact a major
hurricane would have on New England. A series of panel discussions will
address the multitude of threats associated with a major hurricane.
“The Great Hurricane of 1938” or “The Long Island Express” as it is also
known, ranks as one of America’s deadliest hurricanes. While technology
has advanced dramatically since 1938, experts predict a storm of this
magnitude striking today would still cause devastating damage. This
panel will explore the damage that could be expected from a Category 3
hurricane making landfall on New England. |
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14.
“Green” Homeowners
Insurance Launches Nationwide by Fireman’s Fund Insurance Company |
|
NOVATO, Calif.--(BUSINESS WIRE)--Fireman’s Fund Insurance Company – the
nation’s first provider of green insurance for commercial buildings –
will launch green insurance for homeowners starting this summer.
This is the first-ever admitted green insurance available to homeowners
in the United States. Setting a new standard, Fireman’s Fund (www.firemansfund.com/green)
is offering this innovative product to homeowners who currently own
green homes or who want to upgrade their residences with green features
after a loss using environmental safety and efficiency standards. If a
home is completely destroyed, it can be rebuilt to green standards,
certified as having Leadership in Environmental and Energy Design status
(LEED®, www.usgbc.org/leed).
|
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15.
Beazley Introduces MPL
Secure, a New Comprehensive Miscellaneous Professional and Network
Security Liability Product |
|
FARMINGTON, Conn., July 8 /PRNewswire-FirstCall/ -- Beazley Group plc (BEZ.L)
announced today the introduction of MPL Secure, a miscellaneous
professional liability and network security liability policy form
designed to provide state of the art coverage that fits the growing
needs and exposures of today's marketplace.
http://www.beazley.com |
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16.
Command Center
Announces New Workers’ Compensation Program |
|
New Program to Generate Positive Cash Flow of $3.4 Million in First Year
POST FALLS, Idaho--(BUSINESS WIRE)--Command Center, Inc. (OTCBB:CCNI),
an emerging provider of on-demand, reliable labor solutions, today
announced it has changed insurance providers for its workers’
compensation coverage nationwide and, as a result, has significantly
reduced its projected annual costs and cash flow requirements for
workers’ compensation insurance. The changeover in programs will account
for estimated positive cash flow of more than $3.4 million over the next
year.
www.commandonline.com |
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|
17.
AIG General Insurance
Company China Limited Receives Approval to Establish Branch in Beijing |
|
NEW YORK & BEIJING--(BUSINESS WIRE)--American International Group,
Inc. (AIG), has announced that its wholly owned subsidiary, AIG General
Insurance Company China Limited (AIG General), headquartered in
Shanghai, Peoples Republic of China, has been granted approval by the
China Insurance Regulatory Commission (CIRC) to establish a branch in
Beijing.
This marks the first step in AIG General’s geographic expansion across
China following its incorporation as a wholly owned foreign enterprise (WOFE)
in September 2007. Prior to establishing AIG General last year, its
parent company AIU Insurance Company had operated branches in Shanghai,
Guangdong, and Shenzhen, which were subsequently consolidated into AIG
General at the time of its incorporation. |
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18.
Wealth Funds Meet In
Singapore To Allay Western Fears |
|
By
Kevin Lim
SINGAPORE
(Reuters) - Sovereign wealth funds that control an estimated $3 trillion
in assets will meet in Singapore this week to discuss a code of ethics
aimed at allaying Western fears that their investments are politically
motivated.
The International Monetary Fund's international working group of
sovereign wealth funds (SWFs) will gather on July 9-10 to thrash out
voluntary guidelines that the IMF hopes will be finalized by October
this year.
Highly-secretive wealth funds, investment funds owned by national
governments, have become increasingly active in buying Western assets in
the past year, often armed with cash piles from soaring oil prices and
trade.
Several have participated in multi-billion-dollar capital infusions into
banks such as Citigroup (C.N: ) and UBS (UBSN.VX: ), which were reeling
from losses from the collapse of the U.S. subprime mortgage market.
Goldman Sachs estimates U.S. and European banks may need a further
capital infusion of more than $200 billion. Analysts say banks have
already written off $400 billion in bad investments.
But the funds' growing clout has fuelled political concerns about
foreign influence over domestic assets. That could spur protectionism,
chilling the climate for foreign investment in the West even as the
global economy slows, analysts say.
"It's important to establish some guiding principles. This will help
contain the risk of a backlash in the West and also establish some kind
of trust between investor and investee," said Chua Hak Bin, chief Asian
strategist for Deutsche Bank Private Wealth Management in Singapore.
(Additional reporting by Saeed Azhar; Editing by Neil Chatterjee & Kim
Coghill)
©
Thomson Reuters 2008 All rights reserved |
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19.
Bank Holding Company
Insurance Brokerage Fee Income |
|
Sets New Quarterly Record
FOR IMMEDIATE RELEASE – Radnor, PA, July 7, 2008 – IBank holding company
insurance brokerage fee income was up 3.2% in first quarter 2008 from
$3.11 billion in the first quarter of 2007, enough to set a new
quarterly record of $3.21 billion, according to the Michael White-Symetra
Bank Holding Company Fee Income Report (BHC-FIR).
The report, compiled by Michael White Associates, LLC (MWA) and
sponsored by Symetra Financial, measures and benchmarks bank holding
companies’ performance in generating insurance, retail investment,
annuity and mutual fund fee income. It is based on data reported by
nearly 1,000 top-tier large bank holding companies.
BHCs’ $3.21 billion in first-quarter bank insurance brokerage fee income
also represented a 7.5% increase from $2.99 billion in fourth quarter
2007. Thus far in 2008, 61.4% of BHCs engaged in insurance brokerage
activities.
TOP 15 BANK HOLDING COMPANIES IN INSURANCE BROKERAGE FEE INCOME
1Citigroup NY
2
Wells Fargo & Company CA
3
BB&T Corporation NC
4
Bank of America Corp. NC
5 HSBC North America Hldgs. IL
6
Regions Financial Corp. AL
7
Wachovia Corporation NC
8
$24,764 $19,893 24.49%
Bancorpsouth, Inc. MS $13,162,303 38.22%
9
Huntington Bancshares Inc. OH
10 JPMorgan Chase & Co. NY
11 Unionbancal Corporation CA
12 BBVA USA Bancshares, Inc. TX
13
TD Banknorth Inc. ME
14
Eastern Bank Corporation MA
15
Popular, Inc. PR
SOURCE: Michael White-Symetra Bank Holding Company Fee Income Report
www.BankInsurance.com
www.symetra.com |
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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Iran to "hit Tel Aviv, U.S. ships" if attacked.
Iran's President Mahmoud Ahmadinejad (R) listens to India's national
security adviser M. K. Narayanan (L) during an official meeting in
Tehran July 1, 2008. REUTERS/Raheb Homavandi (IRAN)
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World stocks at 21-month low as banks plunge. A
man looks at a stock quotation board outside a brokerage in Tokyo July
8, 2008. REUTERS/Toru Hanai
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U.S. and Czechs sign missile deal to Moscow's
dismay. The U.S. Secretary of State Condoleezza Rice and Czech Minister
of Foreign Affairs Karel Schwarzenberg toast a glass of champagne, July
8, 2008, after they signed a treaty allowing the U.S. to build a missile
defence radar in the Czech Republic. The plan, strongly opposed by
Russia, must still be approved by the Czech parliament. REUTERS/Petr
Josek(CZECH REPUBLIC)
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An Orthodox priest holds a service commemorating
U.S. journalist Paul Klebnikov in a church in central Moscow July 8,
2008. The family of murdered U.S. reporter Paul Klebnikov on Tuesday
said they were deeply disappointed the Russian authorities had failed to
catch his killers and urged them to improve their efforts. Klebnikov is
seen on the portrait next to the priest. REUTERS/Denis Sinyakov (RUSSIA)
|
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Reverend Al Sharpton (L) and Nicole Paultre-Bell
leave a New York City court after appearing to face disorderly conduct
charges, July 8, 2008. Sharpton and dozens of others were arrested May
8, 2008 for stopping traffic in New York City to protest the acquittal
of a policemen who killed Sean Bell, an unarmed black man with 50 shots
on his wedding day in 2006. REUTERS/Mike Segar (UNITED STATES)
|
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Betancourt gets hero's welcome in Paris. Freed
Franco-Colombian hostage Ingrid Betancourt (top, 2nd L) attends a
ceremony with her family members at the Senate in Paris July 8, 2008.
REUTERS/Jacky Naegelen (FRANCE)
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A firefighter watches over a backfire set in a
redwood forest during a massive wildfire in Big Sur, California, July 6,
2008. REUTERS/Robert Galbraith
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Britain's Prince Harry assists in the rebuilding
of a school near Butha Buthe in Lesotho, July 8, 2008. Prince Harry is
in Lesotho with his regiment the Household Cavalry. REUTERS/Mike
Hutchings (LESOTHO)
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Ukrainians in folk costumes put wreaths in a
river during the celebration of the traditional Ivana Kupala (Ivan the
Bather) holiday, 19 miles southeast of Kiev, Ukraine, July 6, 2008.
REUTERS/Konstantin Chernichkin
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Visitors look at the walls of an ice cave at
Rhone glacier in the Swiss Alps at the Furkapass July 5, 2008.
REUTERS/Denis Balibouse
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The Llaima volcano spews lava in Cherquenco town,
Chile, July 3, 2008. REUTERS/Ivan Alvarado
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