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Wednesday
07/23/08 |
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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M&A / ALLIANCES / EARNINGS
/ CAPITALIZATION |
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We are Chipping Away at the
Limited Nature of Mini-Med Plans!
Telephone Medical Consultation from CallMD —
A new value-added benefit to all Foundation One plans
effective September 1st!
- CallMD provides a nationwide network of medical doctors
available for four free telephone consultations and, if
appropriate,
for the issuing of non-narcotic prescription drugs.*
- Members have access to doctors for routine medical needs
without having to take the time to go to a doctor’s office.
- Employers have found this to be a popular employee benefit,
and
a substantial advantage for the company. By enabling
employees
to connect to a doctor from home or work, absenteeism and
sick
leaves are reduced, and overall productivity improves.
- Service is available 24 hours a day, 7 days a week.
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Call us today for
more information: 877-712-4004, ext. 3
website: www.found1ins.com
email: info@found1ins.com
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Limited
Benefit Healthcare Solutions Since 1999 |
Foundation One Security is
underwritten by: American Fidelity Assurance Company,
Oklahoma City, OK.
Policy limitations and exclusions apply.
CallMD is not part of the fully insured benefits provided by
American Fidelity Assurance Company.
*Some states do not allow CallMD physicians to issue
prescriptions. |
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1. Marty Traynor & Turner Williams To Be
Inducted Into The Worksite Marketing Hall-Of-Fame |
| Cleveland, OH - - 07/22/08 - The Workplace
Benefits Association is pleased to announce that Marty Traynor
and Turner Williams have been selected to be inducted into the
Worksite Marketing Hall Of Fame. Induction will take place on
Tuesday, July 29th at Workplace Benefits Mania 2008, Caesars
Palace, Las Vegas, NV. The Workplace
Benefits Association is proud to recognize Marty Traynor and
Turner Williams for their contributions to the voluntary
employee benefit business. Every industry has a cluster of high
achievers that help set the pace and show what the possibilities
are. To be elected to the Hall of Fame one must have formed,
altered, enabled or impacted the worksite landscape. In the
worksite marketing arena, Marty and Turner have distinguished
themselves and their profession over their careers.
www.workplacebenefits.org
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Martin F. Traynor, Vice President, Voluntary Benefits,
Mutual Of Omaha Martin Traynor, vice president, Voluntary Benefits,
Mutual of Omaha. Traynor is responsible for managing the
company’s Voluntary Benefits products and services.
Traynor joined the company in June 2007. With more than
39 years in the insurance industry, Traynor has held key
leadership positions ranging from administration to
marketing and sales at organizations such as National
Worksite Benefits, Inc., Alexander Hamilton Life and
Capitol Bankers Life.
For
the past 20 years, Traynor’s focus has been on worksite
and voluntary benefit product design, implementation and
sales support. His most recent position prior to Mutual
of Omaha was vice president of Trustmark Voluntary
Benefit Solutions.
Traynor is a regular contributor to a benefits magazine through a monthly column. He also is well known
as a speaker on voluntary benefits at various insurance
industry meetings and conferences. He received his
bachelor’s degree in political science from LeMoyne
College in Syracuse, N.Y.
Traynor holds professional designations as a Chartered
Life Underwriter and Fellow, Life Management Institute. |
Turner P. Williams, Turner P. Williams &
Associates
Turner P. Williams truly is a worksite
marketing pioneer and many would consider him the
“founding father.”
Turner was influential in delivering the
first major case with over 20 K employees to National
Life and Accident Insurance Company (acquired by
American General (now AIG) ) with over 3 million of premium written
in 1978.
Turner was a leading producer for many
carriers over the years. For over 30 years he was one of
the leading producers for Provident Life & Accident
(which is now part of Unum); many of those years as the
leading national producer. Turner also was a major
producer many years for American Heritage Life (now part
of the Allstate Workplace Division), Protective Life
(Voluntary Dental) and Boston Mutual.
Many of the industry leaders either
worked directly with turner, such as David Bird, Jim
Hunt, Tinker Kelly, Boyce Smith, and Tom Smith, or were
influenced by his association such as Peter Tillson.
Turner started as a group Rep for
Travelers (then Provident Life & Accident) before
joining Corroon and Black (now Willis). Turner formed his
own agency after becoming the highest paid employee of
Corroon and Black and focused on voluntary employee
benefit plans.
His carrier awards and recognition are
far too many to mention. He has been called one of the
greatest insurance salesman by two different major
insurance carrier Presidents. The Turner Williams
stories still told today are legendary.
Turner is semi-retired going into the
office on most days and lives with his wife, Reca in
Nashville, Tennessee. |
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2.
Why Women WorrySM: New
Research from The Hartford and the MIT AgeLab Identifies Inflation,
Health and Longevity as Major Retirement Worries for Women |
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Study finds gender a key factor driving retirement angst. Women are very
aware of the specific challenges they face in planning for their
financial future.
SIMSBURY, Conn.--(BUSINESS WIRE)--The Hartford Financial Services Group,
Inc. (NYSE: HIG), through its Advance 50 Team of corporate financial
gerontologists, and the MIT AgeLab recently joined forces to explore how
men and women perceive retirement and worry (or don’t) about what it may
mean for them. Findings showed that women worry much more about many
aspects of retirement, and identified primary areas of concern. Today,
they unveil results from this nationwide survey of pre-retirees and
retirees on retirement attitudes and emotions and suggest proactive
steps women can take to turn angst into action.
WOMEN ARE WORRIED, WITH GOOD REASON
In
November and December of 2007, researchers conducted telephone
interviews with 1,194 pre-retirees and retirees between the ages of 45
and 74. A retirement concerns scale gauged men and women’s level of
concern. Results show that women are well aware of the specific
retirement risks they face. They out-worry men in every category except
about being bored in retirement where men slightly outpace women. Top
concerns fall into three areas:
*
Inflation. Women worry about their purchasing power in retirement. 83
percent surveyed are very or somewhat concerned that the general cost of
living in retirement will grow faster than their income, versus 69
percent of men.
*
Health. Women worry about declining health. 75 percent were very or
somewhat concerned. And concerns about health go hand-in-hand with
concerns about the rising cost of healthcare, with 87 percent of women
worried.
*
Longevity. Longer life means greater inflation risk. 64 percent of women
are very or somewhat concerned about outliving their retirement assets
versus 46 percent of men.
“While our research shows that men worry more about having enough to do
in later life, aging is a woman’s world,” said Dr. Joseph Coughlin,
founder and director of the MIT AgeLab. “She is likely to outlive her
male counterpart, remain active longer, and be responsible for caring
for him and others – so it only makes sense that she is more worried
about how she is going to live than about what she is going to be
doing.”
Added Stephanie Chappell, corporate financial gerontologist and part of
The Hartford’s Advance 50 Team, “Women’s worry is well placed. They are
well aware of the risks and are concerned about the right things.
They’ll likely live longer than men, yet have less retirement income
(according to the Women’s Institute for a Secure Retirement, women’s
median retirement income is only 58 percent of men’s). Even for married
women, a newly widowed woman’s income decreases by 50 percent on
average, yet expenses only decrease 20 percent according to LIMRA. In
addition to facing cash flow challenges, women are often a caregiver to
aging parents, spouses or loved ones. And when financial advisors have
traditionally focused on the male spouse, it’s no surprise women are
anxious about their finances later in life.”
TURNING ANGST INTO ACTION
Although women surveyed by The Hartford and the MIT AgeLab were somewhat
less anxious about managing their nest egg in retirement compared to
other factors, with 36 percent very or somewhat concerned, this was
nearly double the amount of men (19 percent). “Because of women’s unique
challenges, it only makes sense that they are worried about long-term
financial matters.” said Eric Waller, a Retirement Solutions Consultant
with The Hartford. “An adequate level of worry is helpful, provided it
motivates us toward a change in long-term planning and lifestyle habits
and behaviors. Women can turn ‘non-productive worry’ into ‘productive
worry’.” Waller recommends three basic areas:
*
Build a Safety Net. Greater longevity for women means greater risk that
inflation and cash flow needs will eat away the retirement nest egg.
Women have a much greater risk of outliving their spouse and, since
Social Security and pension benefits are tied to earnings, end up with
lower levels of guaranteed income. It is especially important for women
to investigate guaranteed retirement income sources such as annuities
and protect their income while working and in retirement through
vehicles such as life, disability and long-term care insurance.
*
Plan for Growth. Worry can lead to fear, which can lead us to invest
much too conservatively, particularly during volatile market periods. To
prepare for what will likely be a much longer retirement, women should
start investing early in a wide variety of retirement savings vehicles
and a wide variety of asset classes, both individually and through their
employer. And, because women tend to spend fewer years in the workforce,
it’s essential to start saving as early as possible.
*
Take Care of You. Women often take care of everyone else, but it’s just
as important that they take care of their own financial and physical
health. Even though they’re juggling many priorities, women need to stay
involved in the financial planning process, either solely or with their
spouse, and stay informed about their retirement finances. Investing in
health and wellness can also pay off financially, by potentially
avoiding the onset of chronic illnesses and associated doctor bills.
“Of course, these strategies won’t solve everyone’s worries, and every
situation is different,” noted Waller. “But women’s focus on the
long-term is a key strength. Most important, a qualified financial
advisor can help to ensure that both spouses are actively engaged.”
http://web.mit.edu/agelab
www.thehartford.com |
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3.
Annual Eastbridge Study
Finds Voluntary Disability as Leader Again This Year in Terms of
Voluntary Sales. |
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AVON, Conn.--(BUSINESS WIRE)--Voluntary disability sales (VSTD plus VLTD)
again came in ahead of life insurance (term plus UL/WL) this year in
overall product sales. Disability sales accounted for 23 percent of
total voluntary sales while life accounted for 19 percent. This is the
second year that disability sales premium exceeded life sales premium.
Total disability sales were $1.143 billion, up about three percent over
2006. Short-term disability sales accounted for 72 percent of the
disability total, according to Eastbridge’s annual U.S. Worksite Sales
Report. The life and disability lines were followed by the hospital
indemnity/voluntary medical and accident lines, both with about 15
percent of voluntary sales.
In
terms of sales growth, voluntary LTD, accident, vision, and dental saw
significant increases. Specifically, long-term disability had a 12
percent increase and accident sales increased nearly nine percent from
2006 to 2007. Voluntary dental sales were up about 17 percent and vision
was up over 900 percent.
“Voluntary vision sales were somewhat of a surprise,” comments Bonnie
Brazzell, vice president of Eastbridge. “We heard carriers saying that
their sales were increasing, but the level of increase was substantial.
This percent increase is a little misleading since our base of sales was
small, but there is clearly strong growth in this line,” adds Brazzell.
On
the flip side, sales for universal life/whole life, term life, cancer,
and critical illness decreased. Term was down about seven percent while
UL/WL was down about three percent. “We believe that the decline in life
sales does not reflect a disinterest in voluntary life products,” says
Gil Lowerre, president, Eastbridge. “Instead, we believe it reflects the
fact that many sales today are coming from employers that already offer
voluntary products, especially voluntary life insurance. If we were able
to look at the sales mix within only those cases that are new to
voluntary, we suspect we would see a distinct difference. Life insurance
is the most owned voluntary product when we survey employees.”
As
for cancer and critical illness, cancer sales accounted for nine percent
of total sales and critical illness two percent in 2007. Both lines
showed a decrease over 2006. Cancer was just slightly down but critical
illness was down by 12 percent.
The mix of products between group and individual platform has remained
almost unchanged since 2005. In 2007, the mix was about 46 percent group
and 54 percent individual. While the year-to-year changes have been
slight, since 2002, individual has decreased its market share from 59
percent of sales to 54 percent. The growth rate for group products in
2007 was slightly higher than for individual. Group sales grew at 7.2
percent while individual grew at 6.6 percent.
The U.S. Worksite Sales Report is an annual report conducted by
Eastbridge for the past eight years. The most recent report (2007)
includes detailed data on the performance of 64 worksite marketing
carriers, both group and individual, and represents the largest number
of carriers included in any sales report for the industry. The report is
only available to participants. For more information, contact Eastbridge
at info@eastbridge or call (860)
676-9633. |
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4.
AIG Employee Benefit
Solutions® Announces LIVESTRONGTM SurvivorPlan |
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New supplemental insurance policy provides education, resources and
benefits to advance wellness – plus support should a cancer diagnosis
occur
HOUSTON--(BUSINESS WIRE)--AIG Employee Benefit Solutions® announced
today the launch of the LIVESTRONG™ SurvivorPlan, a distinctive
supplemental insurance policy developed in partnership with the Lance
Armstrong Foundation. The new policy provides participants the
opportunity to connect with a broad array of resources designed to help
them stay healthy and, should a cancer diagnosis arise, take control of
their treatment. The policy is being offered to the employer market
through AIG Employee Benefit Solutions and is underwritten by AIG Life
Insurance Company, Wilmington, DE, and American International Life
Assurance Company of New York, N.Y.
“In addition to giving employees educational and financial resources to
help them live a healthy lifestyle today, the LIVESTRONG SurvivorPlan
also provides them with emotional and financial benefits in the event of
a diagnosis,” said John Penko, senior vice president of sales, AIG
Employee Benefit Solutions. “This is a plan any employer can get behind
to protect their employees.”
In
terms of keeping employees healthy, early detection is one of the keys.
As such, the LIVESTRONG SurvivorPlan provides an annual $100 screening
benefit to cover a wide variety of early detection tests such as
mammograms, colonoscopies, electrocardiograms and others.
For those employees or members of their family covered under the plan
who receive a cancer diagnosis, the LIVESTRONG SurvivorPlan provides
them with immediate access to the outstanding support system of the
Lance Armstrong Foundation and also delivers the financial support
needed to stay focused on recovery.
“While most health insurance can cover the direct costs of a cancer
diagnosis, out-of-pocket costs and other expenses place a tremendous
financial burden on cancer survivors and their families,” said Penko.
Loss of wages and salary, deductibles, coinsurance, travel expenses to
and from treatment centers, lodging, meals and child care comprise about
63 percent of the total cost of cancer treatment.1
The LIVESTRONG SurvivorPlan helps offset these costs, which are not
often considered when dealing with cancer. Plus, all benefits are
payable directly to the insured to use as they see fit. For some, this
may mean a practical application of the funds to offset related medical
expenses, while others may opt to use the funds to spend quality time
with family. No one experiences cancer the same way, and the LIVESTRONG
SurvivorPlan enables policy owners the flexibility to use the financial
benefit however they want.
“When most people think of insurance, they think of it as a benefit to
families of a loved one who has died,” said Doug Ulman, Lance Armstrong
Foundation president. “The LIVESTRONG SurvivorPlan is a living benefit,
paid to the policyholder upon diagnosis to help them pay for the costs
associated with their disease and hopeful recovery. It is intended for
people living with cancer; people who are planning for survival and
fighting the disease every day. We believe in helping survivors every
step of the way, and that includes making smart financial decisions.”
Other coverages provided by the LIVESTRONG SurvivorPlan include, but are
not limited to prolonged hospital stays, radiation/chemotherapy
treatments, intensive care unit treatment, nursing services and hospice
care, bone marrow transplants, second surgical opinions and National
Cancer Institute evaluation/consultation.
For more information on AIG Employee Benefit Solutions’ LIVESTRONG
SurvivorPlan, visit www.aiglivestrong.com.
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5.
iPipeline Acquires COSS
Development Corporation |
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Timothy Wallace appointed head of iPipeline
EXTON, Pa., July 22 /PRNewswire/ -- iPipeline, the leader in on-demand
sales distribution software for insurers and financial services firms,
today announced it has acquired COSS Development Corporation, a leading
provider of mission-critical web-enabled illustration systems and
fill-able forms technology. The acquisition enables iPipeline to create
a first-of-its-kind ecosystem for carriers, distributors and agents,
allowing all to better serve their customers and increase sales in an
expedited, streamlined manner. iPipeline also announced the appointment
of Timothy Wallace, a 28-year veteran of the technology industry, to
President and Chief Executive Officer.
iPipeline and COSS have been business partners since 2004 and serve over
100 insurance carriers and 700 brokerage general agencies, banks and
broker-dealers. As a result of the acquisition, iPipeline will provide
an end-to-end offering for point of sale applications. Specifically,
brokers will be able to use a Web-based system that allows them to
present their clients with comparisons and illustrations for insurance
products, access the most up to date forms and complete them online.
This integrated offering enables all stakeholders to achieve straight
through processing in one easy-to-use system.
"iPipeline
is at an inflection point in its growth cycle and is proud to have
attracted the caliber of Timothy Wallace to take the Company to the next
level. Tim is a proven technology executive with a strong focus on
customer needs and has established an impressive track record of
starting companies, growing them and taking them public," said Mike
DiPiano, managing general partner at NewSpring Capital, who has been
named chairman of the board of iPipeline.
"The combination of iPipeline's market penetration and content coupled
with COSS's technology create a very unique firm that will dramatically
increase its product and service innovations for brokers," Wallace said.
"I am looking forward to working with the current management and
leverage each organization's core competencies to enhance our offerings
and grow market share. We are in a great position to leverage the assets
of the combined business and deliver a holistic solution to our
customers."
While financial terms of the transaction were not disclosed, iPipeline
financed this acquisition with funding raised recently in a Series A
investment co-led by Fidelity Ventures and NewSpring Capital.
Tim Wallace
Prior to iPipeline, Wallace served as Interim President and Chief
Operating Officer of MEDecision, Inc. Wallace's previous experience
includes Chairman and CEO of Full Tilt Solutions, Inc., CEO of Xerox
Connect and President of XLConnect, a company Wallace founded and helped
take public in 1996. Wallace was a finalist in for Ernst & Young's 2001
Entrepreneur of the Year Award and twice has been part of teams that
built Inc 500 fastest growing companies. Wallace received a Bachelor of
Science degree in business administration from Indiana University of
Pennsylvania and a MBA from Miami University of Ohio.
About COSS
COSS is a leading technology company serving the financial services
industry with point-of-sale solutions. Founded in 1987, COSS offers a
complete suite of web and desktop solutions to simplify life and annuity
sales. Their flagship product, COSSEnterprise(TM), provides seamless
integration of Needs Analysis, Illustrations, Advanced Marketing, and
Electronic Forms into one user friendly interface.
About iPipeline
iPipeline provides the leading suite of sales distribution software to
the insurance and financial services markets delivered as an on-demand
service. This platform includes the most comprehensive forms and content
enabling the industry to market, sell and process insurance faster.
iPipeline provides agents everything they need to make a sale by
aggregating over 100 insurance companies in a single, Web-based network.
This simple, intuitive system integrates directly into over 700 Web
sites of the industry's largest banks, broker-dealers and insurance
distributors on a subscription based model. iPipeline's integrated
approach enables insurance companies to access sales distribution,
eliminates point of sale mistakes and streamlines the issuing of
insurance policies.
iPipeline has offices in Pennsylvania, Georgia, North Carolina and
Wisconsin. For more information, visit:
http://www.ipipeline.com.
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6.
Legal Club Introduces
New Keylogging Identity Theft Defense System |
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FOR IMMEDIATE RELEASE: Sunrise, Florida, July 23rd, 2008, Legal Club of
America® announced the addition of a Keystroke Encryption software
component to its already robust Identity Theft program.
Legal Club is now embedding a unique, patent pending, Keylogging
Identity Theft Defense System™ as part of its Identity Theft program.
Legal Club now offers the only identity theft program in the worksite
that helps prevent online identity theft. The keylogging defense
system, which was developed by a North East based security software
developer, provides a solution that enables users to protect themselves
from the threat of keylogging and personal information leakage to
current as well as future keyloggers.
KEYLOGGING is far and away the number one identity theft threat to
individuals conducting online personal and business transactions.
Spyware, Phishing, computer viruses, cookies, lost laptops, data
breaches and lost wallets are generally what the average person thinks
of when envisioning the risk of identity theft.
Unfortunately, Keylogging is a far more insidious and prevalent threat!
It is a powerful breed of self propagating software that can copy user’s
keystrokes. A keylogger can record every keystroke that an individual
types on their keyboard and then forwards that file to an identity
thief.
By
copying keystrokes, hackers are able to access all of an individual’s
personal and professional information. PINs, social security numbers,
user names and passwords give criminals instant access to bank accounts,
credit card numbers, brokerage accounts, proprietary information,
employee and client account records and more.
“Our program prevents malicious keylogging by taking a proactive
approach. The Keylogging software defends against keyloggers by
encrypting every keystroke at the keyboard level and then reroutes those
encrypted keystrokes directly to a user’s browser. The software allows
your keystrokes to bypass the multiple communication areas that are
normally vulnerable to keylogging attacks that could compromise your
vital information”; says William Case, Legal Club’s IT Director and EVP.
“The program was designed as a toolbar for your browser, always present
when your browser is launched”; says Mr. Case. He goes on further to say
“With our defense system, individuals can now email, access critical
business applications, browse, shop and bank with confidence knowing
that each and every keystroke is encrypted and not being transmitted to
an awaiting Identity Thief. The program basically renders any and all
keyloggers useless. Our identity theft program is truly one of a kind,
offering individuals a true “Prevention to Prosecution Solution™”.
Founded in 1994, Legal Club of America® has been providing millions of
individuals, and their families, with access to free and discounted
legal care through their proprietary network of plan attorneys. In
recent years, Legal Club identified the need to provide its members with
access to additional professional services to address issues that
commonly accompany their legal needs. For that reason they created the
Family Protection Plan, which provides members with solutions and access
to professionals in the following fields; Identity Theft Services, Tax
Advice and Return Preparation, Financial Education and Credit
Counseling, and LifeEvents™ Counseling.
www.legalclub.com |
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7.
Starmount Life
Insurance Company Celebrates 25th Anniversary - Over 370,000 Lives
Covered since 1983 |
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Baton Rouge, LA - July 21, 2008 – Starmount Life Insurance Company,
parent company of AlwaysCare Benefits, is celebrating its 25th
anniversary with over 370,000 lives covered. A Baton Rouge family-owned
business founded in 1983, Starmount underwrites and administers
individual life and accident insurance, individual dental, as well as
group dental, vision and hearing employee benefit plans.
Starmount is admitted in 43 states as a life, health and accident
carrier, and licensed throughout the United States as a third party
administrator, where a TPA license is required, except New York.
Owned and operated by the Sternberg family, the company attributes its
success to its commitment to quality customer service, competitive plans
and user-friendly technology. In August, the company will expand its
group product portfolio to include group life as well as short term and
long term disability coverage.
“Starmount is committed to improving the quality of life for our
customers by offering affordable insurance options,” said Hans
Sternberg, Chairman, Starmount Life Insurance Company. “We are driven to
provide outstanding customer service and exceed our Members'
expectations.”
Until 1992, the Sternbergs owned Maison Blanche, then the largest
family-owned department store in the country, with over 8,000
Associates. Starmount currently employs 143 Associates and will break
ground on a new 24,000 sq foot national headquarters in Baton Rouge this
fall.
For more information on Starmount Life Insurance or AlwaysCare Benefits,
please visit www.StarmountLife.com or
www.AlwaysCareBenefits.com or call
888-729-5433, ext. 5.
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8.
RAA Releases 2007
Statistics On Offshore Reinsurance In The U.S. Market |
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WASHINGTON, D.C. – The Reinsurance Association of America (RAA) has
released its report Offshore Reinsurance in the U.S. Market: 2007 Data.
The report is prepared based on ceded reinsurance as reported in
Schedule F, Part 3 data filed with the National Association of Insurance
Commissioners (NAIC), and presents 2007 statistics on U.S. premiums
ceded to, and net recoverables from, more than 4700 reinsurers in 108
jurisdictions outside the U.S. Additionally, the report ranks offshore
jurisdictions with the largest participation in the U.S. market for both
affiliated and unaffiliated reinsurance business, and provides
historical market share trends of U.S. reinsurance companies versus
offshore companies.
In
2007, total U.S. premium ceded to offshore reinsurers was $58.4 billion,
compared to $54.7 billion in 2006, an increase of 6.8%. Net
recoverables totaled $113.0 billion, a decrease of 1.1% from $114.2
billion in 2006. The total premium ceded to unaffiliated offshore
reinsurers was $24.6 billion, a 10.7% increase compared to $22.2 billion
in 2006.
The RAA has reported annual statistics on offshore participation in the
U.S. market in its report Offshore Reinsurance in the U.S. Market since
1990. The objective is to provide policymakers and the public with data
and analysis about the U.S. reinsurance market. Copies of Offshore
Reinsurance in the U.S. Market: 2007 Data are available for $250; order
from the RAA website,
http://www.reinsurance.org or by calling 1-800-259-0199. For a
complimentary press copy, please contact Geneva Green,
green@reinsurance.org or
202-638-3690. |
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9.
Towers Perrin Creates
Wholly Owned Capital Markets Subsidiary, Towers Perrin Capital Markets
Inc. |
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NEW YORK--(BUSINESS WIRE)--Towers Perrin, a global professional services
firm, has created Towers Perrin Capital Markets (TPCM) Inc., a wholly
owned subsidiary that will advise clients in the areas of risk-linked
securities, retirement risk transfer transactions and asset risk
management services, including evaluating and facilitating risk
management solutions involving securities and other capital markets
instruments.
Prakash Shimpi, a Towers Perrin principal and head of its Enterprise
Risk Management (ERM) practice, and a pioneer in the development of
alternative risk transfer products such as contingent capital and
insurance-linked securities, has been appointed chief executive officer
of TPCM Inc.
“Through TPCM we can now help clients tap into the potential value of
employing the capital markets as part of an integrated risk management
strategy,” said Mr. Shimpi, who since 2004 has led Towers Perrin’s
market-leading ERM practice, covering both financial and nonfinancial
institutions.
TPCM Inc.’s address is 335 Madison Ave., 21st Floor, New York, NY 10017.
Additional information is also available on the TPCM Web site at
www.tpcapitalmarkets.com.
www.towersperrin.com |
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10.
AIR Worldwide Announces
Release of U.S. Hurricane Model for Offshore Assets |
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BOSTON, July 22, 2008 – AIR Worldwide Corporation (AIR) today announced
the availability of the U.S. Hurricane Model for Offshore Assets. The
new probabilistic model will help insurers and reinsurers better manage
hurricane risk to offshore platforms and rigs in the Gulf of Mexico.
“The AIR U.S. Hurricane Model for Offshore Assets leverages the proven
strengths of AIR’s U.S. Hurricane Model, which has been the industry
standard for assessing hurricane risk since it was introduced in 1987,”
said Dr. Paolo Bazzurro, director of engineering analysis at AIR
Worldwide. “The models share a single catalog of simulated events that
enables companies to assess potential losses from individual hurricanes
impacting onshore and offshore properties in the U.S., the Gulf of
Mexico and the Caribbean.”
One of the unique features of the AIR Model is that it explicitly models
the physical damage and estimates losses from wind and wave forces.
“Physical damage to offshore platforms in the Gulf of Mexico is caused
mainly by waves and wind; wind causes damage to the topside, namely to
the deck plus equipment, and the waves cause damage primarily to the
structure underneath the deck,” continued Dr. Bazzurro.
www.air-worldwide.com. |
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11.
James Carville to
Highlight Largest CNY Insurance Trade Show - Vince Lombardi Jr. Will
Serve as Morning Motivational Speaker |
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(Syracuse, New York, July 21, 2008) — The Syracuse Insurance Day
Conference—also known as Syracuse IDay—is proud to announce James
Carville as keynote speaker during its annual event. The political
strategist, who played a pivotal role in then-Arkansas Governor Bill
Clinton’s 1992 presidential victory, will headline the 48th annual
Syracuse IDay on Oct. 9. The gathering will take place at the Oncenter
Convention Center, 800 South State Street, Syracuse, and is Central New
York’s largest insurance tradeshow, but is open to the public.
Since 1993, the Syracuse IDay Committee contributed to the Central New
York community in the form of charitable donations. This year’s
recipient is the Carol M. Baldwin Breast Cancer Research Fund.
Sponsoring organizations include the Independent Insurance Agents of
Central New York, Inc., the Chartered Property Casualty Underwriters
Society, Syracuse Chapter and the Syracuse Insurance Professionals.
For more information on Syracuse IDay, go to
www.syracuseiday.com.
Carville’s Website is
www.carville.info, while Lombardi Jr. is available at
www.vincelombardijr.com.
The Carol M. Baldwin Breast Cancer Research Fund is located at
www.findacure.org. |
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12.
Markets Depend On
Housing Recovery: Paulson |
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NEW YORK (Reuters) - Treasury Secretary Henry Paulson said on Tuesday
financial markets will remain under stress until the U.S. housing
market's slide ends and called the health of mortgage finance
enterprises vital to the recovery of the U.S. economy.
In
remarks at the New York Public Library, Paulson cautioned that working
through market turmoil will take additional time.
"Our markets won't make progress in a straight line and we should expect
additional bumps in the road," Paulson said. "Until the housing market
stabilizes further, we should expect some continued stresses in our
financial markets," he added.
Paulson said restoring confidence in government-sponsored finance giants
Fannie Mae and Freddie Mac is crucial to stabilizing markets rattled by
a year-old credit crunch and a sharp fall in home values.
"Their continued activity is central to the speed with which we emerge
from this housing correction and remove the underlying uncertainty in
our financial markets and financial institutions," he said.
"Now more than ever, we need Fannie and Freddie out there, financing
mortgages," Paulson added.
After a recent collapse in their share prices, Paulson proposed giving
the GSEs expanded access to government loans and said the government
should stand ready to buy equity in the companies if needed.
Congress is considering the measures this week as part of a broader GSE
oversight and housing rescue bill.
(Reporting by David Lawder, Burton Frierson, and Mark Felsenthal)
© Thomson Reuters 2008 All rights reserved |
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13.
Wachovia Loses $8.86
Billion, Slashes Jobs |
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By
Jonathan Stempel
NEW YORK (Reuters) - Wachovia Corp, the fourth-largest U.S. bank, on
Tuesday posted an $8.86 billion second-quarter loss, slashed its
dividend and announced the elimination of more than 10,700 jobs after
losses tied to mortgages soared.
Through Monday, Wachovia shares had plunged 65 percent this year,
compared with a 30 percent drop in the KBW Bank Index.
(Editing by Maureen Bavdek)
©
Thomson Reuters 2008 All rights reserved |
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14.
Prudential Retirement
to Help Clients Fulfill New 403(b) Regulatory Requirements |
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NEWARK, N.J.--(BUSINESS WIRE)--In response to the landmark regulatory
changes to 403(b) retirement plans set to take effect January 1, 2009,
Prudential Retirement has issued a new Planning and Resource Guide to
help its 403(b) clients manage the transition to the new regulatory
environment. The guide includes an overview of Prudential Retirement’s
service solutions for plan document and information sharing
requirements, as well as suggestions about how to prepare for the new
general administrative responsibilities plan sponsors will face under
the new regulations. Prudential Retirement is a business of Prudential
Financial Inc. (NYSE: PRU).
“Failure to comply with the new regulations may expose 403(b) retirement
plans to a number of significantly increased compliance, liability and
risk issues including plan audits, unintended tax consequences and even
fines,” said Jamie Kalamarides, senior vice president, Retirement
Solutions. “Prudential Retirement remains committed to the 403(b)
market. We believe the new regulations present an exciting opportunity
to help our 403(b) clients make changes in order to offer an improved
plan to their employees. We have developed a suite of tools and services
aimed at helping plan sponsors understand the regulatory requirements,
simplify plan administration, and enhance plan design to improve
participant outcomes.”
Plan administrators who wish to learn more about the tools and solutions
available should contact their Prudential Retirement service
representative. More detailed explanations of specific provisions of the
final regulations are available through Prudential Retirement Plan
Analyst and Compliance Bulletins, which can be accessed by logging onto
http://www.prudential.com/pensionanalyst.
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16.
Travelers Introduces
First Electric Boat Discount |
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Electric Boat Owners Can Save up to 10 Percent(1) on Boat Insurance
Policies
HARTFORD, Conn.--(BUSINESS WIRE)--Travelers (NYSE: TRV), a leading
provider of boat and other personal insurance products, is launching a
first in the industry insurance premium discount* of up to 10 percent
for those owning electrically powered boats. Whether boaters are
interested in a quieter boating experience, or if they are seeking
environmentally friendly boating solutions that help save money on
annual fuel costs, electric boats can provide the right alternative for
this segment of boaters. As a result, the number of electric boat
manufacturers has grown and there continues to be a demand for electric
boats in the current economy.
www.travelers.com |
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17.
Protective Life and
West Coast Life Introduce a New Series of Universal Life Products |
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Competitive Secondary Guarantee UL Series Offers Attractive Blend of
Protection, Flexibility and Affordability
BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Company (NYSE:PL)
and West Coast Life Insurance Company announced the release of a new
series of universal life policies, the Protective Centennial G II
Universal LifeSM Series and the West Coast LifeTime Platinum III
Universal Life Series.
The Protective Centennial G II Universal LifeSM Series and the West
Coast LifeTime Platinum III Universal Life Series products continue to
build on our experience and expertise as issuers of competitive and
innovative permanent life insurance products. Both the Protective
Centennial G II UL Series and West Coast LifeTime Platinum III UL Series
provide flexible lapse protection options, including guaranteed death
benefit coverage that may last the lifetime of the insured. The premiums
will vary according to the issue age, gender, face amount, length of
lapse protection, and underwriting class (health status) of the proposed
insured. Policy loans, partial surrenders, policy changes, or delinquent
premiums may affect the length of the lapse protection and may cause the
purchaser to lose the lapse protection. |
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19.
New York Life
Introduces A New Five Year Fixed Annuity With A Five Year Interest Rate
Guarantee |
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New York Life Select 5 Fixed Annuity Offers Competitive Interest Rates
and Tax-Deferral
NEW YORK, N.Y., July 22, 2008 — New York Life Insurance and Annuity
Corporation1 today announced the launch of a new fixed deferred annuity
product, the New York Life Select 5 Fixed Annuity, a single premium
product offering clients a competitive interest rate that is guaranteed
for five years with full liquidity at the end of the guarantee period.
www.newyorklife.com |
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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Karadzic arrested in Serbia, worked as doctor.
Pro-Karadzic demonstrators confront Serbian riot police in Belgrade July
22, 2008. REUTERS/Marko Djurica
Read Entire Story!!!
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Fannie, Freddie rescue estimate mounts. Mortgage
firm Freddie Mac headquarters are pictured in McLean, Virginia, July 13,
2008. REUTERS/Larry Downing
Read Entire Story!!!
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U.S. military says Iraq troop "surge" has ended.
Handout picture by the U.S. Combined Security Transition Command
Afghanistan shows U.S. Democratic presidential candidate Barack Obama
(R) greeting a U.S. serviceman during a visit to Camp Eggers in Kabul
July 20, 2008. Obama had breakfast with U.S. troops in the Afghan
capital on Sunday and talked about their experiences in the country that
has seen a sharp rise in violence this year. REUTERS/U.S Combined
Security Transition Command Afghanistan/Petty Officer 1st Class Douglas
C. Mappin/Handout (AFGHANISTAN).
Read Entire Story!!!
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(L to R) Belgium's Prime Minister Yves Leterme,
mediators Raymond Langendries, Karl-Heinz Lambertz, Francois Xavier de
Donnea and Belgian King Albert II pose at the Royal Palace in Brussels,
July 22, 2008. King Albert II refused to accept Prime Minister Leterme's
resignation on Thursday and asked mediators, two senior French-speaking
politicians and the premier of Belgium's small German-speaking
community, to establish how to start reform talks in a credible manner.
REUTERS/Francois Lenoir (BELGIUM)
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A Venezuelan army officer walks near a crashed
Venezuelan "Super Puma" helicopter near Colomi July 21, 2008. Four
Venezuelan army officers and a Bolivian military official were killed
when a helicopter often used by Bolivia's President Evo Morales crashed
in central Bolivia. Morales was not onboard when the accident occurred
in the central Cochabamba region, but had used the helicopter two hours
earlier, said Bolivia's Defense Minister Walker San Miguel. The
helicopter is one of two the Venezuelan government lent Morales after he
took office in January 2006. REUTERS/Rafael Balderrama
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Supporters of the ruling Congress party celebrate
outside the party president Sonia Gandhi's residence in New Delhi July
22, 2008. India's Prime Minister Manmohan Singh's government won a vote
of confidence in parliament on Tuesday, ensuring the immediate survival
of the ruling coalition and a civilian nuclear deal with the United
States. REUTERS/Adnan Abidi (INDIA)
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Traffic is seen during rush hour in Beijing July
20, 2008, where the left lane is reserved as an Olympic lane for cars
with a special permit. REUTERS/Christina Hu
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A girl is seen with home made powder on her face
to avoid sun burn near Sibuan Island, Malaysia July 15, 2008. You
Witness News/Shasmanizam Mohamad Shah
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An insect rests on a pineapple leaf in Nagaon,
India. You Witness News/Diganta Talukdar
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A mother and her children walk down the steps of
their house at a sea village in Semporna Sabah, Malaysia July 16, 2008.
You Witness News/Shasmanizam Mohamad Shah
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