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Thursday
07/17/08 |
Your Insurance News "Strategic
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Read online at
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FBI probing IndyMac for possible fraud:
report
Wed Jul 16, 2008 4:12pm EDT
WASHINGTON (Reuters) - IndyMac is
under investigation by the FBI for possible fraud involving home
loans made to risky borrowers, The Associated Press reported on
Wednesday, citing an unnamed law enforcement official.
The report said it was not immediately clear how long the FBI's
probe of the bank has been ongoing but the probe is focused on
the company and not individuals who ran the thrift institution.
U.S. banking regulators seized mortgage lender IndyMac on Friday
after withdrawals by panicked depositors led to the third
largest banking failure in U.S. history.
The FBI declined to comment on IndyMac, but a spokesman earlier
on Wednesday said the FBI's probe of corporate fraud in the
subprime lending industry had risen to 21, from 19 in April. He
provided no details.
"The FBI currently has 21 investigations related to the subprime
market industry. We receive information from a variety of
sources on a daily basis, and we have an obligation to review
each allegation on its merits," spokesman Jason Pack said when
asked about IndyMac.
"Given the volatility of today's subprime market, we have seen
an increase in subprime related complaints. To protect the
integrity of our cases, we do not confirm or comment about
specific companies that may or may not be a part of our
investigations," he said.
Bureau spokesman Richard Kolko, asked whether IndyMac was under
investigation, noted the expansion of the industry probe but
said he had no names.
The bureau has publicly acknowledged only one company -- Doral
Financial Corp -- as involved in its corporate probe of the
mortgage industry. The largest U.S. mortgage lender,
Countrywide, also is under FBI investigation, authorities have
said, although the FBI has declined to comment and Countrywide
said it was unaware of any investigation.
When the FBI disclosed its industry investigation, major
investment banks Goldman Sachs, Morgan Stanley and Bear Stearns
Cos each said the government had asked them for information, but
there was no confirmation of any FBI role. Beazer Homes said
last year it had received a federal grand jury subpoena related
to its mortgage business.
Pack also said he was unaware of any new FBI initiative to
investigate potential stock manipulation in major financial
firms, including housing finance giants Fannie Mae and Freddie
Mac.
U.S. securities regulators issued an emergency rule on Tuesday
to limit certain types of short selling in such firms.
(Reporting by Randall Mikkelsen and John Poirier, editing by
Phil Berlowitz)
© Thomson Reuters 2008 All rights reserved
|
1.
Swiss Re Has $9.6 Bln
Exposure To Freddie, Fannie |
By Andrew
Thompson and Eva Kuehnen
ZURICH (Reuters) - Swiss Re said it had $9.6 billion exposure to
the debt of U.S. mortgage financers Freddie Mac (FRE.N: ) and
Fannie Mae (FNM.N: ), renewing fears over its vulnerability to
the credit crunch and sending its shares down.
Shares in the
world's largest reinsurer (RUKN.VX: ) fell about 8 percent,
hitting their lowest level in over five years after the group's
latest unwelcome admission to ownership of troubled U.S. assets.
The U.S.
government was last week forced to pledge help to Freddie and
Fannie, which command just under half of the United States' $12
trillion in outstanding mortgage debt, amid concerns they might
run out of capital as house prices tumble.
Swiss Re has
been one of the biggest insurance victims of the credit crunch,
because of its strategy of operating in both the investment
banking and insurance markets. It has already written down more
than 2 billion Swiss francs ($2 billion) on credit default
swaps.
But analysts
said investors had overreacted to the reinsurer's latest
announcement of its exposure to risky U.S. assets, because the
agencies' debt is insured by the U.S. government.
"If that is the
reaction to the announcement of exposure to Freddie Mac and
Fannie Mae then it is very overdone," said Julius Baer analyst
Roger Degen. "We are not talking about the shares of Freddie Mac
and Fannie Mae here, but the bonds."
But Rene Locher,
analyst at Sal. Oppenheim, said such bonds had lost value
despite government backing, which could lead to further
writedowns and therefore impact Swiss Re's profits.
Swiss Re said
its residential mortgage-backed security portfolio was split 47
percent Freddie Mac, 44 percent Fannie Mae and 9 percent Ginnie
Mae as of March 31. It added other structured products were 100
percent Ginnie Mae.
It said its
exposure to Freddie Mac was $5.2 billion and to Fannie Mae was
$4.4 billion at the start of July.
Swiss Re shares
were down 5.6 percent at 58.65 francs by 9:07 a.m. EDT,
underperforming the DJ Stoxx European insurance index , having
also been hit by downgrades by two banks.
Analysts at
Dresdner Kleinwort and Landsbanki Kepler both lowered
recommendations on Swiss Re. Dresdner downgraded the stock to
"hold" from "buy" and cut its price target to 70 Swiss francs
from 118 francs.
Kepler
Landsbanki cut its price target for Swiss Re by 10 percent to 83
francs, but kept its "buy" rating.
(Additional
reporting by Rupert Pretterklieber and Paul Arnold; Writing by
Sam Cage; Editing by Paul Bolding)
© Thomson
Reuters 2008 All rights reserved |
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2.
Zurich Says Holds US Agency Debt Worth $9.4 Bln |
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ZURICH, July 16 (Reuters) - Zurich Financial Services (ZURN.VX: ) still holds U.S. agency debt positions totalling $9.4 billion, the same as it had at the end of the first
quarter, a spokesman for the Swiss insurer said.
Zurich said $8.3 billion of the positions are exposure to the debt
of U.S. mortgage financiers Freddie Mac (FRE.N: ) and Fannie Mae (FNM.N: ).
Zurich shares extended losses after the news and were 1.5 percent lower
at 255 Swiss francs by 1400 GMT.
The spokesman said the positions were mostly available for sale and were
not trading positions, which means price swings in the bond do not
impact the group's profit. (Reporting by Paul Arnold, writing by Andrew
Thompson; editing by Sue Thomas)
© Thomson Reuters 2008 All rights reserved |
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3.
Goldman Questioned On
Bear, Lehman Share Fall: Report |
|
(Reuters) - Goldman Sachs (GS.N: ) has been questioned by chiefs of
rivals Bear Stearns Cos and Lehman Brothers (LEH.N: ) about speculation
that the securities firm had a role in putting pressure on their firms'
stocks, the Wall Street Journal said on Wednesday citing people familiar
with their talk.
Alan Schwartz, who headed Bear Stearns when it collapsed in March, has
asked Goldman CEO Lloyd Blankfein whether there was any truth to talk
that in the days preceding Bear Stearns's fall, traders in Goldman's
London office manipulated the struggling firm's stock, the paper said.
Lehman Brothers CEO Richard Fuld Jr., whose firm's shares also have been
battered, has also spoken with Blankfein. The Lehman chief also
contacted traders he felt may have been bad-mouthing his stock, the
paper said.
Spreading rumors one knows to be false with the intention of
manipulating a public company's price is illegal.
The U.S. Securities and Exchange Commission has been investigating
whether investors have looked to profit by spreading rumors to push down
Lehman and Bear shares.
(Reporting by Dhanya Skariachan in Bangalore;; Editing by Erica
Billingham)
© Thomson Reuters 2008 All rights reserved |
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4.
Forced Sellers Cast
Shadow Over Equity Markets |
|
By
Sitaraman Shankar and Simon Challis - Analysis
LONDON (Reuters) - Investors looking for the next shoe to drop in
Europe's stock bear market are watching the region's pension funds and
insurers uneasily.
The reasons for their discomfort: the prospect of forced selling by
European insurers, which prompted the last stock market collapse in
2003; and fears pension funds could worsen the situation by extending
their move out of equities.
But while these threats loom over an edgy market, analysts say prices
would have to fall by up to 15 to 20 percent more before the two groups
dump stock, and the effect of any selling will be less pronounced than
in the past.
European markets are extremely vulnerable: shares have fallen 30 percent
from a 6-1/2 year peak hit a year ago, driven by a credit market crisis,
an economic slowdown, and big losses at the region's top banks.
Among those hit have been UK blue-chip company pension funds, which
slipped into the red in June, hurt by falling shares and higher
inflation expectations.
"It is a further risk out there -- if you see material falls from these
levels, it could drag potential forced sellers into the market and
exacerbate the situation, causing stock prices to overshoot
fundamentals," said Royal Bank of Scotland strategist Ian Richards.
"If the market were to trade 10 percent lower than where we are now, a
lot more attention will be paid and a lot more questions will be asked
about when the forced sellers are brought into this process."
Insurance companies could be forced into selling stocks because they
hold a lot of equities as capital and as prices fall they need reduce
stock holdings to protect the solvency margin set by industry
regulators.
Big selling by the insurers and by pension funds, which have been
selling equities throughout the four-year bull run that ended last year,
could rule out any chance of a turnaround for stocks and make a bear
market more pronounced.
INSURERS STILL VULNERABLE
Insurers have slashed their exposure to equities since some were forced
to the verge of oblivion when the value of their large stock portfolios
crumbled back in the early 2000s. But they remain vulnerable to downward
lurches in stock markets.
Companies such as Allianz (ALVG.DE: ), Munich Re (MUVGn.DE: ), AXA (AXAF.PA:
) and Zurich Financial Services ZURNVX> have hedged some of their equity
exposure, but they may be forced to sell shares if markets fall further.
(Editing by Richard Hubbard)
©
Thomson Reuters 2008 All rights reserved |
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5.
ING Offers Group Life
With Funeral Planning Resources |
|
First-of-Its-Kind Marketing Agreement with Everest Eases Employee
Stress, Builds Employer Goodwill with End-of-Life Planning
MINNEAPOLIS and HOUSTON, July 15, 2008 – ING Employee Benefits (NYSE:
ING), a leading provider of employer-based group life, disability
income, stop loss insurance and voluntary products (through its insurers
ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of
New York), and Everest, the nation's first funeral planning and
concierge service, announced today they will implement a new marketing
agreement to offer a comprehensive employee life insurance option that
eases the emotional hardships arising from end-of-life issues.
With ING and Everest's combined group life solution, employees, their
families and most importantly, the parents of both the employee and
their spouse, receive the vital information and planning resources they
need to make the most informed decisions about funeral arrangements. The
service can be included with an employer's new or existing group life
contract and is determined at the employer-level. Employees then choose
from the level of service that is made available to them.
Ivan Gilreath, President of ING Employee Benefits, said the agreement
with Everest mirrors ING's business values and goes to the heart of
their mission. "ING is committed to making all facets of life better and
easier.
When a loved one passes away, employees are under immense grief and
stress," said Gilreath. "But with group life benefits from ING, and
Everest acting as the consumer's advocate, employees and their families
can more easily handle the difficult – and very expensive – task of
planning a funeral."
The need for both life insurance benefits and funeral planning tools has
never been greater. More than 78 million aging baby boomers – many of
them part of the sandwich generation who are balancing the care of their
aging parents with the needs of their young family – must now begin to
confront their own mortality and that of their parents.
Bradley Johnson, Vice President, Product Management, ING Employee
Benefits, said that this new offering is a win-win for employers and
their employees. "There's no question that the effects of a death within
an employee's close circle are far-reaching. With a plan like this in
place, employers have a tangible way to show their employees how much
they are valued on both a personal and professional level," said
Johnson.
With the added resource of Everest's nationwide services, ING Employee
Benefits clients will have a flexible alternative to the funeral options
currently available. Employees can access both pre-need and at-need
funeral planning services from a helpful and knowledgeable advisor who
will guide families through the difficult decisions they face.
Christopher Keating, vice president and consumer strategist for
Minneapolis cultural trend research company, Iconoculture, indicates
this type of offering resonates well with consumers as it relates to the
employee benefits market. "Consumers across the board are seeking 'get
real' solutions to the complexities and challenges of a changing world.
Funeral planning is one of those complexities – it's an important, and
widely overlooked, aspect of financial well-being. Properly planned, the
emotionally wrenching and financially stressful realities of the death
of a loved one can be better- managed."
Everest's concierge services can potentially save clients thousands of
dollars thanks, in part, to PriceFinder, Everest's proprietary database
with comprehensive pricing data from across the nation. With knowledge
in hand, Everest can negotiate terms and pricing with the funeral home
of choice, communicate the family's individualized plan to the funeral
home and provide around-the-clock assistance throughout the process.
Everest CEO and President Mark Duffey indicated it's a natural fit to
combine funeral planning services with a group life insurance product.
"Families cope with substantial financial and logistical concerns when
confronted with end- of-life issues," said Duffey. "Adding in Everest on
top of premier group life insurance is all about providing peace of mind
during life's most challenging time."
About Everest Funeral
Everest Funeral is an independent advocate for the consumer, offering
the nation's first funeral planning and concierge services. Everest
services are available nationwide and the company is dedicated to
providing the critical information and services families need to make
the most informed decisions about funeral-related issues. Everest
services are available direct to the consumer, as an employee benefit,
and in tandem with specific life insurance policies. Everest is not a
funeral home, does not sell funeral goods or services, and does not
receive commissions from funeral homes or other service providers in the
funeral industry. More information can be found
www.everestfuneral.com or by
calling 1-800-913-8318.
About ING Employee Benefits
ING Employee Benefits offers a broad array of products and services to
meet the financial needs of employers and their employees. The range of
products and services includes life insurance, disability income
insurance, stop loss insurance, accident insurance, critical illness
insurance, along with many other products and services. They have a
strong history with more than 90 years experience in the design,
implementation, and administration of employee benefit plans. Most
insurance products and services are provided by ReliaStar Life Insurance
Company and ReliaStar Life Insurance Company of New York, members of the
ING family of companies. Each insurer is solely responsible for the
financial obligations under the policies or contracts it issues.
ING Employee Benefits is part of ING Group, a global, integrated
financial services organization. ING Group offers banking, insurance and
asset management to more than 75 million private, corporate and
institutional clients in more than 50 countries. With a diverse
workforce of more than 120,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING
brand. For more information, visit
http://www.ingemployeebenefits-us.com/. |
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6.
Insurance Commissioner
Poizner Announces $50 Million Rate Cut For Northern California Aaa
Homeowners Insurance Policyholders
|
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Rate Cut to Save Bay Area Homeowners More Than $28 Million
Poizner has Approved Nearly$1.7 Billion in Rate Cuts Since Taking Office
SAN FRANCISCO – Insurance Commissioner Steve Poizner today announced a
10.6% rate cut for California homeowners, a total savings of $50 million
for California State Automobile Association Inter-Insurance Bureau (CSAA-IIB,
or AAA of Northern California) customers, including more than $28
million in savings for Bay Area homeowners.
“With skyrocketing gas prices and unemployment on the rise, Californians
are struggling to make ends meet,” said Commissioner Poizner. “I am
pleased to announce this significant rate cut today, which will save
homeowners fifty million dollars on their insurance. I applaud AAA of
Northern California for raising the bar for insurance companies and
exemplifying smart, consumer-friendly business practices.”
AAA of Northern California initially filed for a 7.7 percent decrease in
their homeowners insurance rates. After reviewing their rate filing
application, Commissioner Poizner approved a 10.6 percent decrease in
rates. As a result of this reduction, AAA of Northern California
customers will save an average of about $130 per year, per policy. An
average policy is about $1200. These savings will go into effect on
August 1, and will apply to renewing policyholders and new customers.
AAA of Northern California is the fourth largest homeowners insurer in
California, with about 400,000 policyholders and 6.7 percent market
share.
Since elected, Commissioner Poizner has approved nearly $1.7 billion in
rate reductions for California drivers and homeowners. Recent rate cuts
include:
$255 million rate reduction for Allstate homeowners insurance
policyholders
$30 million rate reduction for Fireman’s Fund homeowners insurance
policyholders
$61 million rate reduction for Mercury auto, renters and homeowners
insurance policyholders
$250 million rate reduction for Allstate auto insurance policyholders
$100 million rate reduction for AAA of Northern California customers
$65.8 million rate reduction for GEICO customers |
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7.
The Crisis in State and
Local Government Retiree Health Benefit Plans: Myths and Realities |
|
New Center for Excellence Issue Brief
WASHINGTON, July 16 /PRNewswire-USNewswire/ -- The Center for State and
Local Government Excellence has issued its first issue brief on retiree
health benefits, The Crisis in State and Local Government Retiree Health
Benefit Plans: Myths and Realities. The brief, which was written by
Robert L. Clark, professor of economics and management, innovation, and
entrepreneurship in the College of Management, North Carolina State
University, examines the current financial status of state retiree
health plans.
States with the lowest unfunded liabilities include North Dakota,
Wyoming, Iowa, Oregon, Rhode Island, and Oklahoma; states with the
largest include New Jersey, New York, California, North Carolina,
Connecticut, Louisiana, and Texas. The brief finds that:
--
Although there are wide-spread reports of a major fiscal crisis, the
reality is that some states face a fiscal crisis while others do not.
--
There are substantial differences in the total liabilities of state
retiree health plans, depending on the generosity of the plan and the
size of the public sector.
--
Retirement benefits are not protected by state laws or constitutions,
and public sector employers will continue to amend their plans to reduce
costs.
For a copy of the full brief visit
http://tinyurl.com/5rfyw2
http://www.slge.org. |
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8.
Fitch Issues Report on
Evaluating Property/Casualty Insurer Underwriting Performance |
|
CHICAGO--(BUSINESS WIRE)--In a new report, Fitch Ratings discusses the
process for evaluating property/casualty insurer underwriting
performance on an absolute and relative basis utilizing statutory
financial data.
Underwriting performance is a key driver of profitability for
property/casualty insurers, and assessing underwriting success is a
primary element in the financial review of insurers in the rating
process.
As
business mix by segment has a significant influence on underwriting
performance, the report discusses ways to compare underwriting results
versus the industry or peers adjusting for business mix. Included in the
report is a comparison of accident-year underwriting results over the
last 10 years for the top 25 U.S. property/casualty insurance groups
based on premium volume on both a reported and premium mix adjusted
basis.
To
access this Special report, 'Evaluating Property/Casualty Insurers'
Underwriting Performance: Business Mix Impact on Relative Results,'
please visit www.fitchratings.com
under Financial Institutions then Insurance then Special Reports. |
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9.
Fitch Report:
Principle-Based Reserves - Credit Implementations Mixed |
|
CHICAGO--(BUSINESS WIRE)--Fitch Ratings believes that the proposed
implementation of a principles-based approach for statutory accounting
has important long-term implications for product pricing, statutory
earnings, and capital management in the U.S. life insurance industry, as
discussed in a special report published today.
Fitch believes long-term credit implications could be significant
depending on the resolution of a number of outstanding implementation
issues. The new statutory reserving methodology is expected to be
implemented in stages, and be completed by 2011-2012.
The full report 'Principles-Based Statutory Reserves - Credit
Implications Mixed' is available on the Fitch Ratings' web site
www.fitchratings.com.
|
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10.
Summit Business Media Acquires WiesnerMedia's
Financial Group |
Expands Its B2B Media Footprint with Insurance and
Financial Advisors and Provides New Access to the Fast-Growing Group
Benefits Segment
NEW YORK, July 16 /PRNewswire/ -- Summit Business Media today announced
the acquisition of WiesnerMedia's Financial Group of B2B media and
marketing services, including Senior Market Advisor, Boomer Market
Advisor, Benefits Selling and Bank Advisor magazines, as well as
ProducersWEB.com, the fast-growing online destination for insurance
agents. The transaction is Summit's fourth major acquisition since being
formed in November 2006 and its seventh overall since its inception.
The group's products and services provide information on sales,
marketing and best practice techniques for insurance, financial,
benefits and bank advisors. In addition to the publications and
ProducersWEB.com, the transaction also includes Advisors Data Source, a
comprehensive database with 2 million agent and advisor names, and two
leading industry events, Benefits Selling Expo and Senior Market Advisor
Expo.
"This acquisition of one of the last significant independent financial
and insurance publishers substantially increases our penetration of the
life insurance and financial advisor markets, two of our core segments,
while providing access to the benefits advisor market, one of the
fastest-growing segments in the financial services marketplace," said
William F. Reilly, Chairman and CEO of Summit.
As a result of this acquisition, Summit will offer more readers more
high quality products and services, and provide marketers with even more
comprehensive and measurable ways to build their businesses.
Andrew L. Goodenough, Summit's President, added, "These assets
compliment Summit's existing B2B media platform, now with 25 magazine
titles, 150 reference books and electronic products, and 100 live
events. The WiesnerMedia properties further strengthen our market
position in the 'independent retail financial distribution' sector,
which we believe is a long-term, inexorable trend, as most major
financial providers continue to outsource sales to independent agents
and advisors."
Headquartered in Denver, the new Summit properties will report to Tom
Fowler, Executive Vice President and Managing Director of Summit's Media
Division. Betsy Kominsky, who had been Vice President/Publishing
Director at WiesnerMedia, becomes Vice President/Group Publisher of
Summit's Market Advisor Group and now reports to Fowler. Jeff Schottland,
Vice President and Director of ProducersWEB.com out of Philadelphia,
will also report to Fowler.
"Working with the support of Wind Point Partners, our private equity
investor, we will continue to make appropriate investments to advance
Summit's growth strategy," said Goodenough. "While strategic follow-on
acquisitions will remain an important part of that strategy, especially
in live event, data, reference and electronic arenas, we believe the
platform we have continues to have strong organic growth potential. This
growth is coming not only online, where in the first half of 2008 Summit
has grown more than 50% over last year, but also in print, where the
WiesnerMedia magazines have exhibited strong growth characteristics."
http://www.summitbusinessmedia.com
http://www.wiesnermedia.com
http://www.windpointpartners.com
|
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11.
Wachovia Sees Big
Quarterly Subprime Loss For AIG |
|
NEW YORK (Reuters) - Wachovia cut its investment rating and earnings
outlook for American International Group (AIG.N: ) on Tuesday, saying it
believed the world's largest insurer could post up to $7 billion in
second-quarter losses on assets linked to subprime mortgages.
Wachovia downgraded AIG to "market perform" from "outperform," saying
the investment losses could offset operating earnings and "put a dent
into the company's recent capital raise."
AIG shares fell nearly 10 percent to $20.37 in morning New York Stock
Exchange trade. The stock was the biggest percentage loser in the Dow
Jones Industrial Average.
Because the market value of derivatives continued to fall in the second
quarter, Wachovia said it expected AIG to post as much as $7 billion in
losses on investments held by a financial products unit.
The investments, which are linked to subprime mortgages, have already
triggered $20 billion in unrealized write-downs for AIG over the past
two quarters, leading to record net losses.
AIG had no comment on the note or estimates of the potential
second-quarter investment loss.
Wachovia cut its operating profit estimates for AIG to $1.15 a share
from $1.90 for 2008 and to $5.40 from $6.49 for 2009.
"We believe the world's largest insurer will continue to be plagued by
its exposure to the U.S. residential real estate market and its general
exposure to the credit markets over the next year," Wachovia said in a
note to clients.
In
addition, Wachovia said its lower earnings view reflected slowing of
AIG's main insurance business and expectations that claims received by
its mortgage insurance unit would continue to be high.
(Reporting by Lilla Zuill; Editing by Lisa Von Ahn)
©
Thomson Reuters 2008 All rights reserved |
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12.
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
Berkshire Hathaway and Munich Re to jointly buy GAUM
UK
fraudulent insurance claims to rise says Innovation Group
Survey warns on fraud by rogue brokers
Pantheon to stay at Friends Provident
Further capital boost for Max New York
Marsh gets captive approval in Dubai
US
P & C faces future from a position of strength says Conning
AIG acquires remainder of Ascot
Callidus Software broadens performance management capabilities
Willis takes full control in Hungary
Willis wants an end to contingent commissions
New joint takaful venture formed in the Gulf
CEA responds to EU on Insurance Guarantee Schemes consultation
Mapfre opens in Dubai
Philippines Insurance Report Q2 2008
US
investment for Chinese broker
Everest Re to open in Rio
ABI responds to Personal Accounts possible charging structures
Towers Perrin and Earnix launch new customer value and optimisation
product
Liberty Mutual Group to open in Beijing
IAG to leave Lloyd's
Willis Re appoints new chairman
HEMIC chooses Valen predictive analytics solution
China launches pilot microinsurance scheme
Sansung Life enters Vietnam market
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13.
France Seeks To Broker
Deal On EU Insurance Rules |
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By
Huw Jones
BRUSSELS, July 15 (Reuters) - Supervisors of insurance branch operations
outside their home country in the European Union will be beefed up to
end deadlock over draft EU rules for the 7 trillion euro ($11.17
trillion) sector, the bloc's president France said on Tuesday.
"The solution we have suggested is a compromise, a halfway house between
different potential solutions," French Economy Minister, Christine
Lagarde told the European Parliament.
European Commission proposals known as Solvency II are before the EU
assembly and governments for approval but a provision to radically
change how cross-border insurers are supervised still divides EU states.
Under the EU executive's plan the home country supervisor of a
cross-border company would have the last say on how much capital the
company must set aside to cover overall liabilities, including those
held in subsidiaries elsewhere in the EU.
(Reporting by Huw Jones, editing by Rory Channing)
©
Thomson Reuters 2008 All rights reserved |
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14.
Health Care Is A Mess,
Candidates Agree |
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By
Maggie Fox, Health and Science Editor
WASHINGTON (Reuters) - Barack Obama and John McCain agree that the U.S.
health care system is a mess. They agree Americans spend too much and
get too little for it, and they agree that 47 million Americans without
health insurance need coverage.
The prominent health economists enlisted by each presidential candidate
laid out clear differences between the campaigns that reflect the
relative importance each candidate places on health care reform, in
exclusive interviews with Reuters reporters and editors.
Obama, the Democratic candidate, hopes to get government, employers and
industry to lead the way. McCain, the Republican candidate, is counting
on patients themselves to do it.
McCain adviser Gail Wilensky noted that opinion polls indicate that
health care reform is a more important issue among Democratic voters
than Republican voters.
On
Monday, McCain referred to "some of the minor items like health care
plans." Wilensky winces when she reads the statement.
"I
wouldn't have chosen that particular phrasing," said Wilensky, a senior
fellow at Project HOPE, an international health education foundation,
and former administrator of the Health Care Financing Administration,
directing the Medicare and Medicaid programs under the first President
George Bush.
Obama has said health care reform leads his agenda, second only to Iraq,
said David Cutler, a Harvard economist who has been working for
health-system change for 15 years and now is advising Obama.
FALLING APART
"It is really bad and getting worse. It is dysfunctional and falling
apart," Cutler said.
Studies show that Americans spend double what people in other
industrialized countries do on health care, but often have more trouble
seeing doctors, are the victims of more errors and go without treatment
more often.
The nonprofit Commonwealth Fund found last year that Americans spent
$6,697 per capita on health care in 2005, or 16 percent of gross
domestic product, compared to $3,326 in Canada, or 9.8 percent of GDP,
for example.
"You basically need three things," Cutler said. "One, is you need to
cover everybody. Second, you need to improve the value of what you're
getting for what you spend. And third, you need to have a public health
system that actually works."
One key approach would be rewarding good behavior, in part by
compensating doctors who spend time with patients to counsel them on
healthier lifestyles and who help patients stay on medications such as
diabetes and blood pressure drugs, said Cutler.
Wilensky believes patients can figure this out.
"Most people don't know how much their employers spend on their behalf
for health insurance," Wilensky said.
"It makes something that is high-cost and impacts behavior look as
though it is free," she added. "People are thinking they are spending
other people's money."
McCain is proposing a $2,500 tax credit, $5,000 for a family, to buy
insurance. People can choose to continue to do this through employers if
they like, Wilensky added.
Cutler says Obama's plan can save families $2,500 apiece on average by
rewarding healthy behaviors and getting rid of administrative expenses.
He says it will reduce overall health care spending by 8 percent.
(Additional reporting by Caren Bohan, Will Dunham, Susan Heavey, Lisa
Richwine, Kim Dixon, Tim Dobbyn, John Crawley and Deborah Lutterbeck,
editing by David Wiessler)
(For more about the U.S. political campaign, visit Reuters "Tales from
the Trail: 2008" online at blogs.reuters.com/trail08/)
©
Thomson Reuters 2008 All rights reserved |
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15.
InsMark Launches a
Spanish Language Life Insurance Illustration System |
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San Ramon, CA ---- InsMark, Inc., the nation's largest
developer/publisher of Supplemental Illustrations for the life insurance
industry continues its tradition of providing marketing tools for its
user base by launching Version 4.0 of its Life Plan System with
illustration output in either English or Spanish.
Bob Ritter, CEO of InsMark, is quoted as saying, “The three key
ingredients of modern cash value life insurance are death benefit, cash
accumulation, and retirement cash flow through policy withdrawals and/or
loans. Life Plan is designed for easy explanation of these three
features -- in just two pages. We added the option for output in
Spanish due to the tremendous growth of the U.S. Hispanic population
which, according to the Census Bureau, is 45.5 million and growing. A
significant segment of this group prefers to transact financial business
in Spanish, and Life Plan 4.0 addresses this issue. We will be
converting more of our illustration modules to Spanish output in the
future.”
Please visit
http://www.insmark.com/ProductCenter/LifePlan/output.html to review
examples of Life Plan in English or Spanish.
Life Plan can be illustrated with Universal Life, Equity-Indexed
Universal Life, Variable Universal Life, and Whole Life.
For licensing information about Life Plan or other InsMark products,
individual producers should contact an InsMark Account Executive at
1-888-InsMark (467-6275). Institutional inquiries should be made to
David Grant, Sr. V.P. - Sales at 1-925-543-0513 (dag@insmark.com).
For detailed information about InsMark’s entire product line, please
visit
http://insmark.com/ProductCenter/index.html.
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16.
LA's "Black Widows"
Jailed For Life For Murders |
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LOS ANGELES (Reuters) - Two women in their 70s, dubbed the "Black
Widows" of Los Angeles, were sentenced to life in prison without parole
on Tuesday for befriending two homeless men and murdering them in
hit-and-run-crashes in order to collect $2.8 million in life insurance.
Helen Golay, 77, and Olga Rutterschmidt, 75, were convicted in April of
murder and conspiracy in a bizarre case with echoes of the 1944
Hollywood movie "Arsenic and Old Lace."
Prosecutors said the women had befriended two homeless men at an Eastern
European church, helped them find somewhere to live, took out life
insurance policies on them, and then arranged to have them killed in
hit-and-run car accidents in dark alleys.
The men, Paul Vados, 73, and Kenneth McDavid, 50, were run over by cars
in different Los Angeles area alleys in 1999 and 2005 respectively.
Prosecutors said greed was the motive. The two women collectively
received $2.8 million from life insurance and accidental death policies
they had taken out on the two men by transferring their signatures onto
rubber stamps to use on the forms.
Golay claimed to insurance companies that she was the fiancee of both
victims, while Rutterschmidt claimed to be a cousin.
The women were arrested in May 2006 on suspicion of fraudulently
collecting insurance payments. Investigators said the women might be
responsible for more deaths, saying six other life insurance policies
were not paid out because of suspicious circumstances.
The women were charged only with two murders and pleaded not guilty.
Prosecutors had not sought the death penalty.
(Reporting by Jill Serjeant; Editing by Eric Walsh)
©
Thomson Reuters 2008 All rights reserved |
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17.
Keenan & Associates
Announces Acquisition of Walker & Associates |
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TORRANCE, Calif.--(BUSINESS WIRE)--Keenan & Associates, the largest
privately-held insurance brokerage and consulting firm in California,
announced today that they have acquired the employee benefits business
from Walker & Associates, a Lafayette, Calif., firm providing insurance
services and employee benefits to public agencies. Founded in 1999,
Walker & Associates has built a strong presence among Northern
California schools districts and municipalities..www.keenan.com |
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18.
KnightBrook LLC
Announces the Merger and Acquisition of Excess Reinsurance |
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LOS ANGELES--(BUSINESS WIRE)--KnightBrook, LLC, a recently established
holding company of Knight Insurance Company and Venbrook Group, today
announced the merger of Northwestern Insurance Company and Excess
Reinsurance Company (Excess Re). As of July 1, 2008, Excess Re is the
post-merger surviving entity, owned by KnightBrook, LLC. Excess Re’s
subsidiary, Guilderland Insurance Company, was also acquired as part of
the transaction. |
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19.
PointSure Acquires
Black/White |
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SEATTLE--(BUSINESS WIRE)--SeaBright Insurance Holdings, Inc. (Nasdaq:
SEAB) announced today that its subsidiary, PointSure Insurance Services,
Inc. (“PointSure”), has acquired Black/White & Associates of Nevada,
Black/White & Associates, Inc., and Black/White Rockridge Insurance
Services, Inc. from Black/White Group..
www.sbic.com
www.pointsure.com |
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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Congress overrides Bush's Medicare veto.
President George W. Bush holds a news conference in the briefing room of
the White House in Washington July 15, 2008. REUTERS/Kevin Lamarque
Read Entire Story!!!
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Israel frees 5 Lebanese in swap with Hezbollah.
An Israelis woman lights a candle outside the family home of reserve
soldier Eldad Regev in the northern city of Kiryat Motzkin July 16,
2008. REUTERS/Amir Cohen
Read Entire Story!!!
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Saudi Arabia's King Abdullah (L) and Spain's King
Juan Carlos review troops after his arrival at Madrid's airport July 15,
2008. King Abdullah is in Madrid for the inauguration of the World
Conference on Dialogue which starts July 16. REUTERS/Andrea Comas
(SPAIN)
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Bradley Cohen calls out a trade in the S&P 500
pit at the Chicago Mercantile Exchange July 16, 2008. REUTERS/John Gress
(UNITED STATES)
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An African would-be immigrant holds onto a
perimeter fence in an enclosed compound at the Safi detention centre
outside Valletta July 15, 2008. Around 1,500 illegal immigrants are
currently held in detention in Malta for periods of up to 18 months.
Though their intention was to reach Italy, most found themselves in
Malta when they were rescued by the Maltese Armed Forces when they found
themselves in difficulties while on their way to reach European soil
from Africa. REUTERS/Darrin Zammit Lupi
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Sebastian the python meets Benedict the pope.
Pope Benedict XVI (L) pats a python at Kenthurst Study Centre where he
is resting ahead of World Youth Day in Sydney July 16, 2008. REUTERS/Osservatore
Romano/Pool
Read Entire Story!!!
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Fireworks explode over the National Stadium, also
know as the Bird's Nest, during a rehearsal for the opening ceremony of
the 2008 Beijing Olympic Games at the Olympic Green in Beijing July 16,
2008. REUTERS/Reinhard Krause (CHINA) (BEIJING OLYMPICS 2008 PREVIEW)
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American League wins marathon All-Star Game.
Minnesota Twins Justin Morneau (C) celebrates with American League
teammate J.D. Drew (7) after scoring in the 15th inning on a
bases-loaded sacrifice fly by Texas Rangers Michael Young as they
defeated the National League in Major League Baseball's All-Star game at
Yankee Stadium in New York July 15, 2008. REUTERS/Lucas Jackson
Read Entire Story!!!
View
INSURANCE NEWSCAST "Sports Pictures Of The Day"
All-Star Special Edition
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Elephants from the Ringling Bros. and Barnum &
Bailey Circus, take an early morning stroll en route to the Staples
Center in downtown Los Angeles, July 15, 2008. The circus has just
arrived in Los Angeles and will perform from July 16-20. REUTERS/Stefano
Paltera/Handout (UNITED STATES)
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A Siberian tiger is seen at the Hengdaohezi
Siberian Tiger Zoo in Hailin, Heilongjiang province, July 15, 2008.
According to the zoo, which has some 200 Siberian tigers, it is the
world's largest breeding centre for Siberian tigers. Picture taken July
15, 2008. REUTERS/Patty Chen (CHINA)
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