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Friday
08/01/08 |
Your Insurance News "Strategic
Relationship"
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Daily Quote:
"The first principle
is that you must not fool yourself - and you are the easiest person to
fool." - - Richard P. Feynman - joint recipient of the Nobel Prize in
Physics
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We are
Chipping Away at the
Limited Nature of Mini-Med Plans!
Patient Advocacy from The Karis Group - A new value-added
benefit to all Foundation One plans effective September 1st! |
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- The Karis Group is a
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- They help patients with
large out-of-pocket balances by mediating between the
patient and providers to resolve outstanding bills.
- Historically, Karis
saves patients over 30% on their bills, and is able to
get some type of reduction on 3 out of 4 bills they work
on.
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Limited
Benefit Healthcare Solutions Since 1999
Call us today for
more information: 877-712-4004, ext. 3
website: www.found1ins.com
email: info@found1ins.com
Foundation One Security is
underwritten by: American Fidelity Assurance Company, Oklahoma City,
OK.
Policy limitations and exclusions apply.
The Karis Group is not part of the fully insured benefits provided
by American Fidelity Assurance Company. |
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Thain gains $2 mln on Merrill Lynch share purchase |
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Thu Jul 31, 2008 5:52pm EDT
.NEW YORK, July 31 (Reuters) -
Merrill Lynch & Co Inc (MER.N: ) Chief Executive John Thain has
made more than $2 million this week from shares he bought in the
bank's $8.55 billion offering.
Thain bought 500,000 shares on Tuesday as part of an agreement
by senior Merrill executives to buy 750,000 shares in the
offering, which replenished the investment bank's capital after
it agreed to sell $30.6 billion of repackaged debt at a deep
discount.
The shares Thain bought at $22.50 on Tuesday closed on Thursday
at $26.65.
Greg Fleming, president, bought 100,000 shares, while Nelson
Chai, chief financial officer, bought 22,700 shares.
The gain for executives is also a gain for investors.
Singapore's state-run Temasek Holdings Pte Ltd [TEM.UL] spent
$3.4 billion on the offering and has already earned $630
million.
That gain may be cold comfort for the fund, which has lost more
than $1.8 billion on the roughly 87 million shares it bought at
$48 apiece.
Merrill Lynch has recorded more than $40 billion of write-downs
in the last four quarters as the housing crisis and credit
crunch battered its collateralized debt obligation holdings.
Even with the latest disposal to Lone, Merrill retains wide
exposure to mortgage debt. (Reporting by Elinor Comlay; Editing
by Andre Grenon)
© Thomson Reuters 2008 All rights reserved
1.
Deutsche Bank
Writedowns Swell Beyond $11 Billion
By John
O'Donnell
FRANKFURT (Reuters) - Deutsche Bank AG announced fresh writedowns on
Thursday, taking its bill from the global financial crisis
beyond $11 billion.
Germany's
flagship financier had originally been seen as one of the few to
emerge unscathed from the crisis, but as the problems on global
markets continue Deutsche Bank is being sucked ever deeper into
trouble.
The group's
pretax profit collapsed in the second quarter to 642 million
euros ($1 billion) -- a fraction of the 2.7 billion euros it
made a year earlier -- as writedowns ate into its bottom line.
Deutsche listed
its latest injuries from the global crisis, saying it made 1
billion euros of writedowns in residential mortgage-backed
securities and a further 500 million euros linked to monoline
insurers which insure against bond defaults.
Commercial real
estate investments cost it 300 million.
Its bill from
the turmoil, while modest compared to Swiss rival UBS AG, has
overtaken that of its Zurich-based competitor Credit Suisse
Group AG, which has made about $8 billion of writedowns.
The extra
damage in the second quarter, however, had been broadly expected
and Deutsche's shares were just 0.4 percent lower at 3:24 a.m.
EDT, in line with European rivals.
"We remain
cautious for the remainder of 2008," said Chief Executive Josef
Ackermann, who also chairs top global banking group the
Institute of International Finance.
His remarks
contrast with his bullish statements of the past. As late as
last November, Ackermann signaled he saw no further writedowns
and stood by his goal of making a pretax profit of 8.4 billion
euros this year, a target that has since been quietly dropped.
So far this
year, the bank has made roughly 400 million euros.
Konrad Becker,
an analyst with Merck Finck, said: "the writedowns are the
decisive point and show that the crisis lingers ... But the
results, if you look at costs and interest income, for example,
are better than expected."
Deutsche's wage
bill fell by almost one third to almost 2.7 billion euros in the
second quarter as bonus payouts fell.
INVESTMENT
BANKING
Many investors
believe Deutsche is over-reliant on investment banking, which is
suffering as the liquidity which oils international financial
markets dries up.
Credit Suisse,
for example, can fall back on its business managing the money of
the world's rich, which accounted for roughly 40 percent of
profits even in the investment banking bull years.
Deutsche Bank,
by contrast, earned almost two thirds of pretax profit in 2006
from investment banking.
Its investment
banking business dipped into the red in the second quarter this
year, making a loss of 311 million euros after the writedowns.
Investor
concern is reflected in Deutsche's share price. It is trading on
a price earnings ratio of about 6 -- making it cheaper than its
Swiss rival, which is priced above 8 times.
(Editing by
Rosalba O'Brien)
© Thomson
Reuters 2008 All rights reserved |
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2.
Merrill Relief Another
Illusion In Hall Of Mirrors? |
|
By
Pedro Nicolaci da Costa - Analysis
NEW YORK (Reuters) - U.S. bank stocks may be staging another suckers'
rally.
The launchpad for this week's recovery in financial sector shares was
another huge $5.7 billion writedown from Merrill Lynch (MER.N: ), which was swiftly followed by what is
fast becoming Wall Street's motto in the year-long credit crisis: the
worst is over.
Not so fast, say skeptics, who argue that Merrill's announcement
actually contains the seeds of another downturn in the credit markets.
Nouriel Roubini, whose long-time view that the U.S. economy was headed
for trouble has been vindicated by slumping house prices and rising
defaults on mortgages, says the devil is in the collateralized debt
obligations which are often backed by mortgage debt.
In
particular, he argues that the fact that Merrill was forced to finance
three quarters of the sale of $30.6 billion of its collateralized debt
obligations, or CDOs, means that the securities are worth even less than
the depressed value they garnered in the transaction.
"That implies that these CDOs are worth much less than 22 cents of the
dollar," said Roubini. "The true market value of this garbage is closer
to zero."
In
the latest twist in financial engineering, Merrill actually used the
toxic securities it had been unable to offload as collateral in the
transaction with distressed debt investor Lone Star, so the bank is
still on the hook for possible losses, analysts said.
In
addition, Merrill's attempt to raise capital via a $900 million stock
sale to Singaporean sovereign wealth fund Temasek, also came with a
caveat of its own: the investment bank will give the Temasek a rebate of
$2.5 billion on an earlier $4.4 billion share purchase.
Moreover, the market price fetched for the CDOs, however fuzzy, sets a
new, lower benchmark for other financial institutions when they have to
mark-to-market or value their assets. This means rather than signaling
an "end-game" for write-downs, as some optimists had suggested,
Merrill's move could actually be the start of another round of
headline-grabbing losses.
"It just shows this is going to continue," said Thomas Nyheim,
vice-president and portfolio manager at Christiana Bank & Trust Company,
in Delaware. "This is setting a lower bar."
FUNHOUSE
Merrill's case gets to the heart of the country's financial crisis:
Wall Street developed financial products that were so complex that
nobody knows what they are worth.
All investors know is that, until the prices of the underlying assets
-- houses and home mortgages -- start to recover, these things are not
worth very much.
"Herein lies the problem," said Jack McHugh, an analyst at Pretorian
Advisors in Chicago. "Nobody knows how to value the stuff an institution
holds until a price is rendered in the marketplace."
Sure, financial stocks have rallied this week. On Wednesday the S&P
financials index was up 2.0 percent, and Merrill itself was up 2.51
percent. The broader stock market rode the wave, with the Dow Jones
Industrial Average .DJI up 1.6 percent.
Yet most investors believed this has been a relief rally, helped on
Wednesday by the Federal Reserve's renewed assurances that it will
continue to provide a backstop for market liquidity, rather than the
start of a real rebound.
Even those analysts who greeted Merrill's announcement with glee were
having second thoughts.
"Perhaps the initial euphoria over Merrill's asset sale and capital
raise ... overstates the positive implications," said Jeffrey Rosenberg,
a Bank of America strategist who initially welcomed Merrill's news as
the beginning of the end for the banking sector's woes.
"Merrill now finds itself effectively in the position of having sold
off its upside but retaining its downside."
(Reporting by Pedro Nicolaci da Costa)
©
Thomson Reuters 2008 All rights reserved |
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3.
U.S. Economy To
Underperform Through Mid-2009: IMF |
|
By
Lesley Wroughton
WASHINGTON (Reuters) - The U.S. economy is in unchartered waters and the
economy is likely to underperform through the middle of next year in the
face of a worsening housing and credit crisis, the International
Monetary Fund said on Wednesday.
With U.S. house prices falling sharply and because recovery from a
housing bust is often slow, the IMF said the Federal Reserve should keep
interest rates on hold for now, even though inflation concerns are
rising.
"Concerns about activity would need to be much more pronounced to
justify a more accommodative stance," IMF staff said in a report
outlining its consultations with the U.S. Treasury and the Federal
Reserve.
"The case for a preemptive hike in policy rates, as markets now
anticipate, is ... unclear," it added.
The IMF raised its economic growth projections for the United States on
July 17 to 1.3 percent in 2008, up from the 0.5 percent it estimated in
April. It forecast 2009 growth would be 0.8 percent, up from its prior
estimate of 0.6 percent.
An
IMF official said the U.S. economy has been more resilient than expected
but still faces difficult times ahead because the housing turmoil
weakens household demand and worsens credit conditions.
The IMF said U.S. Treasury officials argued that the flexibility of the
U.S. economy and support from strong corporate balance sheets, external
demand, and economic stimulus would spur a recovery in the second half
of 2008.
DOLLAR SLIGHTLY OVERVALUED
The IMF said the U.S. dollar's decline has moved the currency closer
to medium-term equilibrium, but staff estimated that its value is still
somewhat on the strong side.
Using different methodologies, the IMF said the dollar was still
overvalued by between 0 percent to 10 percent in real effective terms.
"Given the state of our understanding and knowledge I would say it is
pretty close to equilibrium," an IMF official told the conference call
with reporters.
IMF staff said while U.S. officials did not take a position on the
level of the dollar during discussions, they believe the dollar "has
moved in line with fundamentals, including interest rate differentials
and relative output."
Still, several IMF directors noted that the dollar's depreciation was
greater against mostly free-floating currencies like the euro, than
against currencies of countries with large current account surpluses,
such as China.
The IMF said the expansion of U.S. mortgage guarantee programs could
prevent excess home price declines, and IMF officials said they
supported legislation passed by Congress aimed at resurrecting the
housing market.
The law, signed by U.S. President George W. Bush on Wednesday,
launches a $300 billion government initiative to refinance troubled
mortgages, and boosts oversight of housing finance providers Fannie Mae
(FNM.N: ) and Freddie Mac (FRE.N: ), which own or guarantee almost half
of the country's $12 trillion in home mortgage debt.
"We strongly support the initiative given the importance of
minimizing preventable foreclosures, but we have concerns about the
actual take-up of what is being offered," the IMF official said. "The
decision of lenders to write down mortgages and modify their terms is
voluntary, and the question is, Are there sufficient incentives for
lenders to do so?"
The IMF said fiscal stimulus measures to boost the economy were well
timed, but any further action should provide temporary support to
housing and financial sectors at the root of problems.
In response, some U.S. officials said targeted spending packages
could delay an adjustment in housing and asset prices and may be
perceived as "bailing out" reckless behavior. Others, however, said in
the case of a further downturn there could be a role for some limited
measures.
(Editing by Leslie Adler)
©
Thomson Reuters 2008 All rights reserved |
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4.
Credit Market Far From
Tossing Away Its Crutches |
|
By
Ros Krasny - Analysis
CHICAGO (Reuters) - New Federal Reserve liquidity measures announced on
Wednesday continue the process of healing for severely injured global
credit markets, but a happier day will be when the market can toss away
its crutches for good.
The positive reception to moves by the Fed, ECB and Swiss National Bank
in currency, equities, and credit markets was short-lived in Wednesday
trading, underlining how brittle the financial system remains.
"This latest I.V. keeps the patient in stable but not critical
condition, but not ready for discharge," said Doug Roberts, chief
investment strategist at Channel Capital Research in Shrewsbury, New
Jersey.
By
various measures the credit crisis of the past year is still raging, or
in the Fed's words, conditions remain unusual, exigent and fragile.
The U.S. central bank said it would continue to lend directly to
investment banks by extending the Primary Dealer Credit Facility (PDCF)
and the Term Securities Lending Facility (TSLF) from the
originally-planned August sunset.
The Fed also announced a new program, auctions on TSLF options, for
times of "elevated stress" such as the end of a quarter.
"These actions should help to somewhat alleviate market stresses, but
are incremental rather than transformational," said economists at
Goldman Sachs.
The PDCF gives investment banks access to the Fed's discount window
for lender-of-last-resort cash. The TSLF is a series of weekly auctions
of 28-day loans of Treasury securities to primary dealers.
An extension of the facilities was hinted at recently by Fed Chairman
Ben Bernanke and other Fed policy-makers.
Still, it was seen as well timed ahead of major economic reports due
later this week and the Federal Open Market Committee's policy meeting
next Tuesday.
"It should be a plus for depository institutions and financial
institutions in general," said Michael Moran, chief economist at Daiwa
Securities American in New York.
The lending facilities could be around until at least the end of
January, or withdrawn if circumstances change.
"The Fed was clear that these facilities (PDCF and TSLF) are
temporary and will end when it judges the emergency has passed," said
Marc Chandler, currency strategist at Brown Brothers Harriman in New
York.
Measures such as the TED spread, the difference between Treasury bill
yields and Eurodollar deposit yields, still imply high risk in the
banking system.
"Some reduction of uncertainty in the banking sector is a
prerequisite, but right now it seems another shoe is falling every other
day," said Channel Capital's Roberts. The sector could take years to
fully right itself, he added.
The TED spread, which was trading near 25 basis points before the
credit crisis erupted in August 2007, peaked in March near 200 bps, but
is still near 100 bps.
"Conditions in financial markets remain very fragile, with key gauges
of the health of the financial sector only looking moderately better
than the most recent peak in the spring," said Rudy Narvas, analyst at
4CAST Ltd in New York.
UNCONVINCED
A "show me" attitude prevailed in the credit default swap market,
which measures the cost of protecting corporate debt.
The main index of investment-grade credit default swaps traded down
to about 130.5 basis points early but ended at about 132 bps against
131.6 bps at Tuesday's close, according to Markit Intraday data.
"There's still a lot of serious issues out there that need to be
resolved and more bonds that need to be marked down across the financial
spectrum," said Mirko Mikelic, a corporate bond portfolio manager for
Fifth Third Asset Management in Grand Rapids, Michigan.
BIRTHDAY APPROACHES - GOT CAKE?
Analysts said the Fed's provisions can't address the issues behind
the credit crisis, now nearing a dubious first birthday, namely the
billions of dollars in bad mortgages that have sunk the U.S. housing
market and caused more than $400 billion of writedowns at financial
institutions around the world.
Figures on Wednesday showed that serious delinquencies on loans
guaranteed by Fannie Mae (FNM.N: ), the largest provider of funding for
U.S. residential mortgages, rose to 1.3 percent in May from 1.22 percent
in April.
With U.S. house prices still plummeting, according to the latest
Standard & Poors/Case Shiller home price index, mortgage delinquencies
most likely have not peaked.
In a report this week, economists at Deutsche Bank forecast that the
shock from the credit crunch and the related reduction in leverage
ratios at financial institutions would linger.
"We estimate that this deleveraging will depress credit supply to the
non-bank sector by roughly 15 percent in the United States and 12
percent in Euroland by 2010," the report said. "The current credit
tightening has the potential to be a significant drag on growth for some
time to come."
In that vein, GMAC and Ford Motor Credit on Tuesday announced steps
to cut back on auto leases, a move that threatened to hurt auto sales
already at decade lows.
"Creditors in the United States are wary of making mortgage loans,
consumer loans, and student loans, all of which are rising in price and
have become less available," said Timothy Canova, professor of
international economic law at Chapman University School of Law in
Orange, California.
"There is no forcing banks to take on increased risk at a time when
their losses are mounting," he said.
(Additional reporting by Dena Aubin in New York)
©
Thomson Reuters 2008 All rights reserved |
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5.
A.M. Best Special
Report: Earnings Decline, Expenses Are Up, But BCBS Results Remain
Favorable |
|
OLDWICK, N.J.--(BUSINESS WIRE)--Despite declines in some key measures,
overall results remained favorable for Blue Cross Blue Shield companies
in 2007 and are expected to remain that way in 2008. Investment income
has been negatively impacted by volatile credit markets and lower
interest rates, but only a few companies are exposed to the subprime and
equity markets and A.M. Best Co. believes the exposure is manageable.
While some companies, such as WellPoint Inc., the largest for-profit
Blue Cross Blue Shield plan, have lowered earnings guidance, earnings
are expected to remain favorable.
Other trends for 2007 included:
*
Consolidated underwriting earnings declined for the second consecutive
year, with 2007 showing the largest decline.
*
Net income declined, after remaining flat for 2005 and 2006. Net
earnings, however, were aided by an improvement in realized gains, which
more than doubled from 2006.
*
Despite membership growth and rate increases, premium growth slowed due
to the combined effects of competition for commercial business, premium
rate actions and a shift of employer groups from fully insured to
self-insured plans.
*
The health care expense ratio showed the highest increase in more than
three years.
*
The sales, general & administrative (SG&A) expense ratio remained fairly
constant, with the for profit publicly traded segment the only one with
a decline.
*
Total capital grew, although at a lower rate than in 2006 and 2005.
www.ambest.com |
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6.
Virtual Management
Systems to offer Agents & Brokers the “My Hidden Paycheck” feature via
their Employee Benefit HR Management Solution (HR Support Center) |
|
Bend, OR August 01, 2008: Virtual Management Systems (VMS), the
web-based sales and retention tool used by Benefit Agents & Brokers
nationwide, is pleased to announce the August 1, 2008 launching of the
"My Hidden Paycheck" feature. Subscriber Agents can now provide their
Employer / HR director clients with custom tailored total compensation
statements, showcasing the value of benefits provided by their company,
above and beyond just an employee’s salary.
“Through extensive conversations and on going market research, we’ve
found that the majority of Benefit Brokers are in need of Total
Compensation type features for Group Health Clients,” said Bart
Piernicki, Business Development Manager for Virtual Management Systems.
“With the addition of “My Hidden Paycheck” our subscriber agents will
have the ability to provide this valuable feature within the (VMS)
portal, at no additional cost to them or their clients. We are extremely
excited about this new value-add and have already received a tremendous
response from our agent beta-test group.”
About Virtual Management Systems
Virtual Management Systems (VMS) assists Agents & Brokers by providing a
cost effective, user friendly Employee Benefits HR Management Solutions.
Providing a Value-Added product for Insurance Agencies, our co-branded
Employee Benefits Portal enables Group Health Clients to view benefit
information online 24/7. Also through the (HR Support Center), a variety
of Human Resource and Workers Compensation documents can be stored,
created and accessed. VMS is the key to unlocking your agencies hidden
potential.
For more information please call 866.572.9879 or e-mail:
info@virtualmgtsystems.com
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7.
Moderate Earthquake
Hits Los Angeles Region |
|
BOSTON, July 30, 2008 -- A moderate earthquake struck Los Angeles
late Tuesday morning at 11:42am PDT, shaking downtown buildings but not
causing major damage or serious injury according to early eyewitness
reports and the Los Angeles Fire Department. The quake was felt as far
south as San Diego and as far away as Las Vegas. The U.S. Geological
Survey initially issued a moment magnitude (Mw) of 5.8 and later
downgraded the event to 5.4. Based on the latest available information
on the seismic parameters of this event, AIR Worldwide does not expect
significant insured losses.
"The epicenter was located about 30 miles east of Los Angeles in the
community of Chino Hills. Focal depth was reported to be 7.6 miles,"
said Mehrdad Mahdyiar, director of earthquake hazard at AIR Worldwide.
"More than a dozen aftershocks followed the initial temblor, the largest
of which was estimated at magnitude 3.8."
In
Los Angeles, buildings swayed for several seconds. Occupants streamed
out from some buildings and city officials evacuated City Hall. Early
reports of minor damage include a water main near California State
University in the Monterey Park area that broke and lifted the roadway
and two streets in the community of City Terrace that buckled.
"The earthquake occurred about 3.1 miles south of the Chino fault, about
3.7 miles north of the Whittier fault, and about 28 miles southwest of
the San Andreas fault," commented Mahdyiar. "The seismicity of this area
is dominated by interaction between the Pacific and North American
plates. In southern California most of the relative motion of these
plates is carried by the San Andreas, San Jacinto, and Elsinore faults.
However, the area comprises a very complex tectonic environment. The San
Andreas fault diverges from a northwesterly direction to a more westerly
one about 62 miles east of today's quake. This structure creates a
convergence regime across the San Andrea fault creating numerous
east-west trending faults with complex seismicity."
"Building codes in California are among the strictest in the world,"
continued Mahdyiar. "AIR expects minimal to no damage to engineered
structures and residential wood frame from Tuesday's event. Older
masonry buildings that have not undergone retrofit may sustain some
minor shear cracks and damaged parapets."
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8.
ReliaQuote Chooses
MARKETech Paperless Platform |
|
McLEAN, VA, July 30, 2008, ReliaQuote Insurance Services, McLean,
VA. announced today it has chosen MARKETech, Inc., Gainesville, FL as
its provider of intelligent FillableForms, electronic signature, and
data-porting services for the paperless gathering and processing of life
insurance applications.
Long an industry leader in the Direct Marketing life insurance vertical,
ReliaQuote tapped MARKETech because of the flexibility and robust
features of its paperless platform.
“After some research, we determined that MARKETech’s FillableForms are
the most functional and flexible smart-forms available,” said Shervin
Eftekhari, ReliaQuote’s Principal. “Features such as client-side
editing, rules-driven form creation and the ability to integrate
specific functional logic on a field-by-field basis makes FillableForms
the most desirable forms technology available. Their multi-process
e-Signature capability is unique, affording a choice of three
industry-supported e-Sign methods. Completed application packages can be
securely ported via MARKETech’s JANUS data translator, into any work
flow or data base. It’s a complete package. And most importantly, its
ease-of-use makes the product implementation seamless within the call
center.” said Eftekhari.
http://www.marketech.us |
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9.
Decreased Payments from
Medicare and Insurers Create Major Challenges for Healthcare Providers,
According to a Survey Conducted by IVANS, Inc.
|
|
Electronic Health Records Cited as Having a Significant Impact on
Improving Healthcare
STAMFORD, Conn. – July 30, 2008 – Healthcare providers today are
challenged between the desire to improve patient care and having fewer
funds to provide that care due to reductions in insurance payments and
increased administrative and technology costs, according to a survey
conducted by IVANS, Inc.
Increasing the quality of care and improving patient satisfaction are
two of their top three most pressing business issues healthcare
providers said. Yet, dealing with decreased payments from Medicare and
insurers was cited as their biggest concern. Nearly half of providers
surveyed generate more than 50% of their revenue from Medicare, so
reductions in payments can have a dramatic affect on their
organizations. And, as the baby boomer generation retires and the demand
for medical services increases, the operational and administrative
challenges of servicing this larger population of patients is expected
to worsen this divide.
To
help close this gap, many healthcare providers are turning to
technology. More than 60% believe the use of electronic health records
can have a significant impact on improving their businesses, and greater
than 65% have already implemented or plan to implement these systems.
Eight-five percent believe that Health Information Exchanges can
facilitate information sharing for improving patient care.
For a full summary of IVANS 2008 Healthcare Provider
survey, please contact Cecile Locurto at (203) 698-7218 or
Cecile.Locurto@ivans.com.
For more information about IVANS solutions for the healthcare industry,
visit www.ivans.com.
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10.
TIAA-CREF Series Looks
at Myths and Facts about Retirement Income |
|
Eliminating the Potential Risks of Annuitization
NEW YORK--(BUSINESS WIRE)--As Baby Boomers approach retirement, a
growing number of individuals will confront the challenge of converting
their savings into income that may need to last for as long as 30 years.
A new article by TIAA-CREF explores approaches to maximizing the
potential of annuities to help assure individuals never run out of
money.
“Retirement requires a change in how people think about their money.
Annuities can, and in many cases, should, play a big part in generating
and guaranteeing retirement income,” said Maliz Beams, Executive Vice
President, Individual Client Services, TIAA-CREF. “A life annuity is
often the clear choice for maximizing and guaranteeing retirement
income.”
According to the Centers for Disease Control, 77 out of every 100 people
who reach age 65 will live to age 80 or older, and almost a quarter will
surpass age 95. While a low-cost annuity backed by the solid
claims-paying ability of an insurer can help to guarantee lifetime
income, some individuals hold off on purchasing an annuity for fear that
they will not live long enough to see a positive return on their
investment.www.tiaa-cref.org |
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11.
The Hartford Introduces
New Cyber Liability Insurance to Protect Against Cyber Risk—An Unseen
Network Liability |
|
Insurer unveils The Hartford CyberChoice 2.0sm to address growing
liability risk of storing electronic data via web-based communities
HARTFORD, Conn.--(BUSINESS WIRE)--Information sharing among Internet
users via web-based communities such as social-networking sites has
today become a real liability threat for many organizations, businesses
and universities around the country. In fact, according to Trend Micro,
an Internet content security firm, there has been a dramatic increase in
web threat activity during the first half of 2008, with web threats
peaking in March at 50 million, from approximately 15 million in
December 2007.
To
address the growing concern around threats now associated with the
functionalities of Web 2.0, Hartford Financial Products, an underwriting
unit of The Hartford Financial Services Group, Inc. (NYSE: HIG) has
developed a new liability product, CyberChoice 2.0 that provides
businesses with a robust, technology-related insurance policy that goes
beyond traditional business insurance.
CyberChoice 2.0 includes both errors and omissions and first-party
coverage designed to help meet the needs of today’s traditional
companies that recognize their technology exposure and information
risks.
www.thehartford.com |
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|
12.
Google Considering
Venture Capital Arm: Report |
|
SAN FRANCISCO (Reuters) - Google Inc (GOOG.O: ) is considering setting up its own venture capital investment
arm, the Wall Street Journal said on Wednesday, citing several people
briefed on the discussions.
David Drummond, the Internet search leader's senior vice president of
corporate development and chief legal officer, would lead the investment
business, the Journal said. Google has hired William Maris, a former Web
hosting entrepreneur, to help set up the unit, the paper said.
A
Google spokesman confirmed that Maris has been hired but declined to
comment further.
A
source familiar with the company's thinking told Reuters that any
decision to move ahead with a venture capital unit was in very
preliminary stages and that no firm decisions had been taken.
According to a 2005 posting on Global Envision, a humanitarian aid site,
Maris worked as a partner with Anne Wojcicki in a health investment fund
called Catalytic Health. Last year Wojcicki married Google co-founder
Sergey Brin.
Maris created his own Web hosting company called Burlee.com, which is
now part of Atlanta-based Web.com. He also made investments in
technology companies for Sweden's wealthy Wallenberg family, according
to the Global Envision site.
(Reporting by Eric Auchard; Editing by Greg Mahlich)
©
Thomson Reuters 2008 All rights reserved |
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|
13.
Ex-Credit Suisse Broker
Missing As Securities Probe Nears: Report |
|
(Reuters) - A former Credit Suisse broker charged with fraud in an
auction rate securities scam may have fled to his native Bulgaria, the
Wall Street Journal reported on Thursday, citing people familiar with
the case.
The move comes as prosecutors prepare to bring criminal charges in a
probe into activities of two former Credit Suisse brokers --
Bulgarian-born Julian Tzolov and Eric Butler -- claiming they lied to
investors about how they placed money into short-term securities, the
Journal said.
The two New York-based brokers resigned from Credit Suisse on September
7, 2007, the newspaper had said earlier this month. It had also said
Credit Suisse is not a target of the investigation, according to people
familiar with the matter.
The investigation involves the market for auction rate securities, which
allow issuers such as municipalities and student loan companies,
closed-end mutual funds or financial institutions to borrow money for
the long term but at short-term, or lower, interest rates, according to
the paper.
The probe is being conducted by the U.S. attorney's office for New
York's Eastern District, the paper said. The Justice Department did not
immediately return a call or an e-mail seeking comment.
Lawyers for Tzolov and Butler could not immediately be reached for
comment.
(Reporting by Varsha Tickoo in Bangalore; Editing by Paul Bolding)
©
Thomson Reuters 2008 All rights reserved |
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|
14.
RMS Breaks 3,000th
Employee Threshold with BPO Expansion |
|
Pennsylvania, Colorado, India and Mexico Offices Lead the Way
BETHLEHEM, Pa.--(BUSINESS WIRE)--RMS, a leader in global Business
Process Outsourcing (BPO), has now expanded beyond their 3,000th
employee. Through continued growth in the company’s BPO services,
several offices have experienced recent expansions and the addition of
staffing to support customer demand. The Bethlehem Pennsylvania
headquarters and operations center added an additional 80 seats to their
employee total within the first year of occupying their new facility,
and the Pueblo Colorado office recently expanded with the addition of
250 seats. Demand for BPO outsourcing, through the company’s India
operations, has driven 220 seats being added at that location as well.
www.rmsna.com |
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|
15.
First Command Launches
Brand Campaign |
|
Cross-Media Advertising Strategy Encourages Middle-Income Americans to
‘Dream Boldly. Plan Confidently™.’
ATLANTA--(BUSINESS WIRE)--First Command Financial Services, Inc., has
launched a new brand campaign that promotes the company’s unique
approach to helping middle-income Americans pursue their financial goals
and lifetime dreams.
With the theme “Dream boldly. Plan confidently,” First Command launched
the national campaign July 31 on the company’s Web site,
www.firstcommand.com. The campaign also includes print and online
advertising, a 30-second TV commercial, local radio spots, direct mail,
trade show display advertising and outdoor media. |
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|
16.
Making the Most of Your
Life Settlement Opportunity: Dos and Don’ts
|
|
By
Robert Finfer
With the secondary life insurance market booming, agents are looking for
a piece of the action. But while many agents have the ability to
execute this type of transaction with their current license, limited
knowledge about the process may prevent them from getting the best deal
for their clients. Think you have a life settlement opportunity? The
following “dos and don’ts” will help you navigate the market and avoid
common pitfalls.
DON’T Negotiate with Direct Providers
DO
Select a Specialized Broker
DON’T Approach Multiple Brokers or Deal with Direct Funders
DO
Investigate Your Broker
DON’T Underestimate the Time Required to Complete a Transaction
DO
Discuss Your Expectations with Your Broker
Robert Finfer is President and CEO of Integrity Capital Partners, a
leader in the secondary life insurance market and recognized annually as
one of the largest insurance companies in the Washington Metropolitan
area by the Washington Business Journal. Robert is a member of LISA,
NAIFA, MDRT and he is also a “Top of The Table” Producer. He can be
contacted at rob@integrityp.com.
|
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|
17.
GMAC Posts $2.48
Billion Loss On Big Write-Downs |
|
Thu Jul 31, 2008 9:11am EDT
NEW YORK (Reuters) - Finance company GMAC posted a $2.48 billion
second-quarter loss on Thursday, as rising gas prices forced write-downs
of truck and sport-utility vehicle leases, and losses in its mortgage
lending unit soared.
"A
soft economic environment and continued volatility in the mortgage and
credit markets have significantly affected results," Chief Executive
Alvaro de Molina said. "Higher fuel prices and weaker consumer credit
prove to be headwinds."
GMAC's loss compared with a profit of $293 million a year earlier. Its
Residential Capital LLC mortgage unit lost $1.86 billion, its seventh
straight unprofitable quarter, after losing $254 million a year earlier.
Auto finance operations lost $717 million, compared with a year-earlier
$395 million profit.
(Reporting by Jonathan Stempel; Editing by Derek Caney, Dave Zimmerman)
©
Thomson Reuters 2008 All rights reserved |
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|
18.
Wachovia Loses $8.86
Billion, Slashes Jobs |
|
Tue Jul 22, 2008 10:49am EDT
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.
Its shares fell $1.25, or 9.5 percent, to $11.93 in premarket trading.
The net loss for the Charlotte, North Carolina-based bank equaled $4.20
per share, and compared with a profit of $2.34 billion, or $1.22, a year
earlier.
Excluding items, the loss was $1.27 per share, compared with the average
analyst estimate of $1.30, according to Reuters Estimates. Results
included a $6.06 billion write-down of goodwill because asset values
declined, and reflected a $4.19 billion increase in reserves for bad
loans.
"The credit deterioration was worse than expected," said Gerard Cassidy,
an analyst at RBC Capital Markets, who has a "sector perform" rating on
the bank.
"Wachovia is in capital-preserving mode, which means it has to shrink
its balance sheet, leading to a vice-like effect on income statement,"
he added. "Revenue growth will likely shrink, even as operating expenses
rise. This will lead to lower earnings, or possibly losses, in the
future."
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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19.
INSURANCE NEWSCAST "Pictures Of The Day"
 |
Karadzic appears at U.N. court. Former Bosnian
Serb leader Radovan Karadzic stands in the court room of the
International Criminal Tribunal for the Former Yugoslavia at the start
of his initial appearance in The Hague July 31, 2008. REUTERS/Jerry
Lampen
Read Entire Story!!!
|
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Obama, McCain duel over celebrity ad, attacks.
Republican presidential candidate U.S. Senator John McCain (R-AZ) smiles
as he is introduced at a campaign picnic outside the Maine Military
Museum in South Portland, Maine July 21, 2008. REUTERS/Brian Snyder
Read Entire Story!!!
|
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Olmert's vow to quit shakes peace talks. Israel's
Prime Minister Ehud Olmert delivers a statement to the media at his
official residence in Jerusalem July 30, 2008, in this picture released
by the Israeli Government Press Office (GPO). REUTERS/Avi Ohayon/GPO/Handout
Read Entire Story!!!
|
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Pope Benedict XVI strolls in a garden with his
brother Bishop Georg Ratzinger during his annual holiday in Bressanone,
northern Italy July 31, 2008. REUTERS/Osservatore Romano (ITALY)
|
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Israel's Foreign Minster Tzipi Livni speaks with
the press after meeting with U.N. Secretary-General Ban Ki-moon at the
United Nations Headquarters in New York July 31, 2008. REUTERS/Brendan
McDermid (UNITED STATES)
|
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Gore likely to star at Democratic convention.
Former presidential candidate Al Gore delivers a speech on America's
future energy needs in Washington July 17, 2008. REUTERS/Jim Young
Read Entire Story!!!
|
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Ancient Greeks used "computer" to set Olympics
date. Performers wear costumes depicting ancient Olympic themes at a
rehearsal of a show featuring the mascots in Beijing July 25, 2008.
REUTERS/Reinhard Krause
Read Entire Story!!!
|
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A luggage pile is seen in the foreground as
customers wait in line after a computer glitch crippled the baggage
handling system at the American Airlines' Terminal 8 at New York's John
F. Kennedy International Airport July 30, 2008. AMR Corp's American
Airlines said on Wednesday about 35 flights have been delayed from JFK
Airport after the software that controls the baggage sorting conveyor
belt malfunctioned. REUTERS/Joshua Lott
|
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Chinese dancers perform the "Thousand-hand
Avalokitesvara Bodhisattva", or "Guan Yin", a Chinese goddess, at the
Olympic Village in Beijing July 31, 2008. REUTERS/Daniel Aguilar (CHINA)
(BEIJING OLYMPICS 2008 PREVIEW)
|
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An aerial view shows the market square of the
southern Bavarian town of Weilheim painted with a copy of Russian-born
French Expressionist Vasily Kandinsky's painting 'Weilheim-Maria's
square' ('Weilheim-Marienplatz'), July 28, 2008. About 500 pupils and
Weilheim citizens painted the 2,100 square metres area with its about
8,000 paving stones to produce the biggest Kandinsky picture worldwide.
Picture taken July 28, 2008. REUTERS/Handout/Ein Kandinsky fuer Weilheim
(GERMANY)
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