BRAND NEW INSURANCE INDUSTRY WEBINAR! - - February 21, 2pm EST Join precision email solutions company ExactTarget in an ALL NEW WEBINAR presented with Anthem Blue Cross Blue Shield's marketing department. Learn how Anthem has used email to deliver personalized, and very profitable, communications to their policy holders and brokers. While you register for the webinar be sure to take advantage of ExactTarget's REFERRAL PROGRAM which offers a drawing for Video iPods! Daily Quote: "You must never conclude, even though everything goes wrong, that you cannot succeed. Even at the worst there is a way out, a hidden secret that can turn failure into success and despair into happiness. No situation is so dark that there is not a ray of light." -- Norman Vincent Peale, 1898 - 1993
1. Former General Re, AIG execs plead not guilty Thu Feb 16, 2006 1:35 PM ET ALEXANDRIA, Virginia (Reuters) - Three former officers of the reinsurance unit of Warren Buffett's Berkshire Hathaway Inc. (BRKa.N:), and one former executive of insurance giant American International Group Inc. (AIG.N:), pleaded not guilty on Thursday to charges stemming from a $500 million accounting fraud. The four were indicted earlier this month on 13 criminal counts of conspiracy, fraud and making false statements for their alleged role in the book-cooking scheme. The three former officers of Berkshire's General Re unit appearing in federal court were ex-Chief Executive Officer Ronald Ferguson, ex-Chief Financial Officer Elizabeth Monrad, and ex-Assistant General Counsel Robert Graham. Also appearing in U.S. District Court for the Eastern District of Virginia was Christian Milton, former head of reinsurance operations at New York-based AIG, the nation's largest insurer. U.S. District Judge Gerald Bruce Lee set bail at $1 million each and scheduled a May 22 start date for the trial. The accused and their attorneys declined to comment when approached by reporters outside the courtroom. The charges stem from a transaction between AIG and General Re in 2000 that investigators said improperly pumped up reserves on AIG's books by $500 million. AIG has admitted it accounted for the deal improperly and has restated $3.5 billion of earnings over five years and last week agreed to pay $1.64 billion to settle charges with federal and New York state officials. The matter led last year to the ouster of AIG's long-time chief executive, Maurice "Hank" Greenberg. In June, two former General Re executives -- John Houldsworth and Richard Napier -- pleaded guilty to charges that they had helped AIG misstate financial results. The indictment against the four in court on Thursday referred to a November 14, 2000, telephone conversation in which Monrad allegedly told Houldsworth that the dealings under scrutiny were "being handled at the highest levels in AIG" and that two people at AIG who knew about the dealings were Milton and "AIG unindicted co-conspirator #1." AIG shares were off 54 cents at $67.75 in early afternoon trading Thursday on the New York Stock Exchange. AIG stock hit a 12-month low of $50 in April last year as reports swirled that further accounting problems had been uncovered. Berkshire's Class A shares were down $200, or just 0.23 percent lower, at $87,800 per share. Insurance is the biggest business of the investment company run by Buffett. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Employers Expect Rate of Increase in Health Benefit Costs to Slow in 2006, Watson Wyatt, National Business Group on Health Survey Finds 8 Percent Increase Still a Strain on Businesses WASHINGTON, Feb. 15 /PRNewswire-FirstCall/ -- For the fourth consecutive year, the increase in the cost of providing health care benefits to U.S. workers slowed as companies stepped up their efforts to control rising costs, according to the results of a forthcoming survey conducted by Watson Wyatt Worldwide and the National Business Group on Health. According to the survey, employers expect health care benefit costs to increase a median 8 percent this year, down from the 10 percent increase they expected in 2005. The vast majority of employers surveyed - 86 percent - also said their health care benefit costs came in at or below budget in 2005. Employers expect prices to increase about 8 percent again in 2007. Although health care cost increases have declined steadily since 2002, U.S. per capita spending on health care remains twice that of many other industrialized countries. In addition, the increase in health benefits prices continues to outpace the rate of growth in wages and other business costs. "Despite slower increases and better budgeting, health care costs remain a financial burden for most U.S. employers," said Ted Nussbaum, Watson Wyatt's director of group and health care consulting in North America. "Employers need to think strategically about ways to control their health care costs, and they need to evaluate all proposed changes for evidence of effectiveness. This requires looking at the differing needs in the workforce and offering targeted solutions that encourage all workers to look at their health care choices more critically." Although virtually all employers are very or somewhat confident that they will continue to offer health care benefits 10 years from now, many are planning to implement strategies to better manage their health care benefit programs. Nearly one-third of employers (32 percent) said that in the next one to two years they will start encouraging workers to use health care services wisely while slightly less (30 percent) said they plan to increase accountability of employees to manage their own health. About one-fourth of employers plan to focus on ways to improve their workers' health. Employers are also implementing a wide variety of cost management strategies. Nearly half of employers (47 percent) are currently auditing or reviewing who is eligible and who enrolls in their health care plans, or plan to begin doing so this year. Forty-two percent said they would absorb cost increases rather than pass additional costs on to workers. "Most companies remain committed to providing health care benefits for their workers and families," said Helen Darling, president of the National Business Group on Health. "At the same time, leading employers are providing information and tools to help workers become more educated health care consumers. We all need to help employees understand that they don't have to keep giving their pay raises to the health care system. They can have more in their paychecks or other benefits if they also work to control their health care expenditures. Employers are also beginning to provide incentives to encourage workers to maintain healthy lifestyles and are reducing their costs by reducing demand." www.watsonwyatt.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. A.M. Best Maintains a Stable Outlook on the Personal Lines Market Segment OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 16, 2006--A.M. Best Co. maintains a stable outlook for the personal lines segment in 2006 based on its favorable risk-adjusted capitalization and consistently strong operating profitability. Despite the impact from an unprecedented hurricane season in 2005, the segment is estimated to generate an underwriting profit for the third consecutive year. With the private passenger automobile liability and physical damage lines accounting for more than 60% of net written premium for the composite, the personal lines segment's strong profitability has benefited greatly from favorable frequency and severity trends. The utilization of enhanced pricing models by the majority of companies has also contributed to the segment's outstanding underwriting profitability, despite a recent modest softening of rates and an increase in advertising expenditures. Although significantly impacted by hurricane losses, the homeowners line of business' combined ratio was only slightly greater than break-even. A disciplined underwriting approach focused on price adequacy, policy exclusions and increased deductibles were all contributing factors that limited the overall loss to a manageable level. Also a material amount of losses were ceded to third party reinsurance companies, lessening the overall impact on the segments' underwriting performance. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. A.M. Best Maintains Negative Outlook on U.S. and Bermuda Reinsurance Sectors OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 15, 2006--A.M. Best Co. has completed its assessment of the U.S. and Bermuda reinsurance markets and is extending its negative outlook for 2006. A.M. Best anticipates that there will be few if any rating upgrades or positive rating outlooks assigned in 2006. Although there were a number of rating downgrades in 2005 and, currently, only a few reinsurers in these sectors hold ratings with negative outlooks, A.M. Best believes that the underlying stability of these markets remains tenuous. A.M. Best believes that the U.S. and Bermuda reinsurance sectors remain susceptible to pricing competition as investor expectations for double digit returns run high. Should the currently perceived market opportunities in property not be significantly realized, the companies that received much of the new capital that recently flowed into these markets might be forced to find alternative strategies. The markets have already demonstrated that while property rate increases attained for January 2006 renewals were favorable, they were nonetheless narrowly focused and limited to those covers affected by recent losses. Casualty business has seen little if any benefit from the hurricane losses in 2005. Should companies seek to diversify the new capital into casualty, it could trigger additional softening for the casualty segment as well. Additionally, A.M. Best believes that another active storm season in 2006 or further reserve development from the 2005 storms, as some are predicting, would be material and may help to prolong the hard property market, but at an additional cost to earnings and capital. The financial flexibility of some companies is already stretched with debt to capital for the industry at an all time high. While common equity has previously flowed into the market with relatively little resistance, A.M. Best questions if another year of losses will dampen investors' appetites for a stake in insurance and reinsurance holdings. www.ambest.com/reinsurance Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. MOODY'S: RATING OUTLOOK POSITIVE FOR U.S. HEALTHCARE INSURERS New York, February 13, 2006 -- In a recent report on U.S. healthcare insurers, Moody's states that its positive outlook reflects the sector's strong financial results and a combination of economic and political factors. "Following a year of record profit margins and strong membership growth, U.S. healthcare insurers should continue to post strong earnings and growth during 2006," explains Vice President Stephen Zaharuk, the report's author. "Our overall positive outlook is based on several factors," he adds. "The generally favorable economic forecasts for the U.S. economy bode well for health insurers," the analyst says, "implying good prospects for enrollment and revenue levels." "Another overarching factor is the political climate," Mr. Zaharuk states, noting that the legislative landscape and the anticipated White House proposals should be rather benign to healthcare insurers. The report is titled "U.S. Healthcare Outlook." www.moodys.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Benefits
Marketing Renaissance 2006
The Benefits Marketing Association will be hosting the eighth annual Benefits Marketing Renaissance conference. This will be a spectacular event with 600 attendees and 80 exhibitors representing the top providers of products and services in benefits marketing, and two and a half days of presentations delivered from 40 industry leaders - all set at the fabulous Opryland Hotel in Nashville, Tennessee. Benefits Marketing Renaissance and Benefits Marketing Mania have evolved as the the two leading conferences for professionals involved in the marketing of voluntary benefits at the worksite. Each conference has over 500+ attendees, 70+ Exhibitors, and 30+ presenters. Attendees are either involved in the distribution of voluntary products, or have an interest in developing a revenue stream in this area.
Attendees will make a substantial number of contacts for prospective strategic partnering and gain more insight into benefits marketing best practices. Licensed agents register 2 for the price of 1! Don't miss the Nashville Themed Music at Registration sponsored by Transamerica Worksite Marketing, The Grand Ole Opry "Walk The Supplemental Line" Extravaganza at the Grad Ole Opry sponsored by UnumProvident, or the "Fat Tuesday" Mardi Gras party sponsored by AIG Employee Benefit Solutions. For more information, visit www.benefitsmarketing.org, call 888-282-1765, or send an e-mail to wpodgurski@aol.com What Happens At A Benefits Marketing Association Meeting Goes Home With You And Builds Your Business And Improves Your Career And The Service You Provide To Your Clients 6. U.S. Insurer Failures At Record Lows In 2005, Report Says NEW YORK Feb. 13, 2006—Standard & Poor's Ratings Services today released a report examining the record low insurance failures in the U.S. market. "In 2005, the number of U.S. insurance failures continued to fall, reaching levels not seen in the past decade," noted Standard & Poor's credit analyst Steven Dreyer. "Compared with 2004, not only has the total count of failures fallen, but the total asset size of failures has also dropped dramatically." The report, titled, "U.S. Insurer Failures Continue Record Lows," states that the top five failures of 2005 had total assets of $112 million (based on year-end 2004 data) compared with $5.3 billion at year-end 2003. www.ratingsdirect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Pros And Cons Of Alien Reinsurer Collateral Examined In FAQ Report NEW YORK Feb. 13, 2006--Standard & Poor's Ratings Services today published an article titled, "Credit FAQ: Hotly Debated Collateralization Rule Change May Affect Insurer/Reinsurer Capital Needs," which examines, in detail, several of the issues surrounding the pros and cons of the collateralization requirement for alien reinsurers. Recently, the question of whether alien reinsurers should have to collateralize 100% of their booked U.S. liabilities has become an important topic. Alien reinsurers are those that are not domiciled in the U.S. and do not have a U.S. operating subsidiary but do business with U.S. primary companies. Critics call the collateralization requirement anticompetitive and protectionist and say that it restricts capacity and inflates reinsurance costs. U.S. regulators, however, seeking to protect the interests of domestic ceding insurers, "are concerned that removing the collateral requirement would reduce their oversight ability and enforcement clout," said Standard & Poor's credit analyst Laline Carvalho. Questions explored include why U.S. regulators are reluctant to relax the collateralization requirement, whether the requirement adds to the cost of doing business in the U.S. for externally domiciled reinsurers, and whether the differences in regulatory effectiveness, financial disclosures, and accounting transparency in the home countries of alien reinsurers are factored into Standard & Poor's rating process. www.ratingsdirect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Court Reporters, Roofing Contractors Featured in First Release of the 2006 Best's Underwriting Guide OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 16, 2006--The first release of the 2006 Best's Underwriting Guide includes updated and revised articles on underwriting financial planning firms, roofing contractors, seed processors and nine other classifications, plus a new article on particleboard manufacturing, A.M. Best Co. announced. This release also contains a list of articles that have been reviewed by the Guide's editorial staff along with industry underwriting experts. To search the Guide online with no obligation, go to www.ambest.com/buglcm. For more information on Best's Underwriting Guide visit www.ambest.com/sales/bugcdrom, or call Customer Service at (908) 439-2200, ext. 5742. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. UNUMPROVIDENT HELPS BROKERS, EMPLOYEE BENEFIT MANAGERS UNDERSTAND FMLA CHATTANOOGA, Tenn. (Feb. 16, 2006) – UnumProvident Corporation (UNM) and AOL will share with employers and brokers the positive impact a leave management program can have on a company’s bottom line during a free Employee Benefit News (EBN) online seminar on one of the most complex regulatory issues that employers face today – compliance with the Family and Medical Leave Act (FMLA). The online seminar, Understanding the Impact of FMLA Management is scheduled Thursday, Feb. 23, at 2 p.m. (Eastern). Featuring Patrick Leary, senior benefit consultant for AOL, and Rob Hecker, vice president of UnumProvident’s Leave Management Unit, the online seminar provides practical solutions to the challenges of leave management and illustrates the return on investment (ROI) of effective leave management through a case study that focuses on AOL employee FMLA data. “According to Mercer Human Resources Consulting, unscheduled employee absence can cost employers nearly 15 percent of payroll each year, including costs associated with overtime, replacement workers and loss of efficiency,” Hecker explained. The case study presented at this online seminar depicts the value of integration – a solution that effectively manages a disability claim and simultaneously reviews for FMLA or state leave eligibility. Since implementation of the Family Medical Leave Act in 1993, millions of Americans have taken family medical leave and 33 states have adopted their own leave regulations. The resulting tracking and reporting complexity has taxed many human resource organizations. Indeed, the Society of Human Resource Management reports that more than two-thirds of today’s human resource professionals say the Family and Medical Leave Act is a challenge to administer. And a 2005 report by the Employment Policy Foundation estimated that lost time due to FMLA cost companies an estimated $4.8 billion in profits each year. “Employers can’t manage what they don’t understand,” Hecker said. “And the complexity of family and medical leave laws has many of today’s benefits managers frustrated and potentially liable for compliance violations.” AOL contracts with UnumProvident for assistance with managing family and medical leave for more than 12,000 employees. AOL’s experience is included in a UnumProvident research report on family and medical leave to be released in the first quarter of 2006. To register for the free online seminar, visit http://www.sourcemedia.com/webseminar/UnumProvident/splash.html. www.unumprovident.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. IBM to invest $1 bln for "info-on-demand" practice Thu Feb 16, 2006 10:17 AM ET - By Yinka Adegoke - NEW YORK (Reuters) - IBM (IBM.N:) will invest $1 billion to develop software and recruit thousands of consultants over the next three years to expand its business of making corporate information more accessible to office workers, the company said on Thursday. The world's largest computer services company is dedicating 15,000 existing consultants to the drive to help steal a march on rivals such as Microsoft Corp. (MSFT.O:), Accenture Ltd. (ACN.N:) and Electronic Data Systems Corp. (EDS.N:). It will grow this base by 65 percent, or 9,750 people, globally over the next three years. Most of those will come from outside the company, Michael Schroeck, a partner in IBM Business Consulting Services, told Reuters. Computer services company BearingPoint Inc. (BE.N:) and Web search leader Google Inc. (GOOG.O:) on Tuesday said they would form a corporate consulting practice to apply Google's search techniques inside businesses. Analysts say these software and services companies are among dozens betting on the market for "information-on-demand," which applies Web techniques to help companies struggling to manage inside and outside their organizations. "All the big system integrators should be nervous," Forrester analyst Barry Murphy said. "If I was Accenture or EDS, I would be concerned because this puts IBM in a position to have the most experienced services force out there." To deliver on the promise of speedier access to information, International Business Machines Corp. is bringing together its software and consulting businesses to help clients cope with globalization, mergers and regulatory compliance. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
YOU HAVE MARKETING CHOICES; Trade Shows, Direct Mail, Magazine Ads and Telemarketing, just to name a few. Consider INSURANCE NEWSCAST as a branding and lead-generating supplement to your other marketing efforts. An INSURANCE NEWSCAST ad placement will deliver your message to 350,000 INSURANCE NEWSCAST subscribers, identifying your company, products, and services, and providing your telephone number, hyper-linked e-mail address and hyper-linked website URL... and at a fraction of the cost of other marketing options. For more information call 888-282-1765, send an e-mail to wpodgurski@aol.com, or or click here to read the media kit online. INSURANCE
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The #1 Insurance Newsletter In The World 11. Secondary Life Insurance Market Takes Cues from Wall Street MIAMI--(BUSINESS WIRE)--Feb. 16, 2006--The secondary market for life insurance has more in common with Wall Street than most would guess. Therefore, it is no surprise that many ideas from Wall Street are being implemented in this growing market sector. With the adoption of electronic trading systems in the 90's, Wall Street saw many changes in the stock market including greater transparency and improved liquidity. Miami based Life-Exchange, Inc. (Pink Sheets:LFXG), an independent business-to-business online exchange built specifically for the secondary life insurance market, will benefit this market in the same way. http://www.life-exchange.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. AHIP Statement on New Survey Showing Approval of Medicare Prescription Drug Benefit WASHINGTON, Feb. 15 /PRNewswire/ -- Karen Ignagni, President and CEO of America's Health Insurance Plans, made the following statement in response to a new Harris Interactive survey showing that 80 percent of enrollees in the Medicare prescription drug plan approve of the new benefit: To find out more about how enrollees in the Medicare prescription drug plan feel about the program, please visit http://www.ahip.org/content/pressrelease.aspx?docid=14086. For more information about Medicare, please visit http://www.healthdecisions.org/Medicare. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Beazley Offers Wage and Hour Coverage as Extension to Employment Practices Liability FARMINGTON, Conn., Feb. 15 /PRNewswire-FirstCall/ -- Specialty lines insurer Beazley (BEZ.L) announces the availability of coverage for wage and hour claims as an extension of its employment practices liability (EPL) coverage. The wage and hour coverage is available and separately underwritten on Beazley's stand alone EPL policies as well as on BeazleyOne, a private company liability policy that covers both EPL and directors and officers exposures. Available by endorsement, the wage and hour extension provides a dedicated defense sublimit for wage and hour claims. www.beazley.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Coventry Health Care Announces Increased Authorization to Repurchase Shares BETHESDA, Md.--(BUSINESS WIRE)--Feb. 16, 2006--Coventry Health Care, Inc. (NYSE:CVH) announced today that its Board of Directors has authorized the Company to repurchase an additional 5% of its outstanding common stock, bringing Coventry's total authorization including the remainder of prior authorizations to approximately 10.2 million shares. www.cvty.com and www.firsthealth.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. AXIS Capital Announces Trident Has Agreed to Sell 3,150,000 Shares in a Block Trade PEMBROKE, Bermuda--(BUSINESS WIRE)--Feb. 15, 2006--AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that Trident II, L.P. and related entities ("Trident") have agreed to sell 3,150,000 of AXIS Capital's common shares in a block trade (plus any additional shares that may be sold upon exercise of the underwriter's option to purchase additional shares). www.axiscapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Aetna and the Aetna Foundation Contribute $19 Million Nationally in 2005; $2.6 Million Through the Regional Community Health Grants Program HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 15, 2006--Aetna (NYSE: AET) today announced that more than $19 million in grant funding was awarded nationally in 2005 -- $2.6 million of which was awarded through the Foundation's Regional Community Health Grant Program funding 95 nonprofit organizations in 20 states. The other $16.4 million was distributed through Aetna and the Aetna Foundation in the form of matching grants and direct awards to fund health, education, civic and community, arts and culture, and diversity initiatives. www.aetna.com/foundation Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. BlueCross Foundation Grants $775,000 to Support Free Medical and Prescription Services for the Uninsured COLUMBIA, S.C., Feb. 15 /PRNewswire/ -- The BlueCross BlueShield of South Carolina Foundation recently awarded $775,000 in grants to help strengthen and expand free medical and prescription services to the uninsured and underinsured across South Carolina. "Individuals who cannot afford health insurance coverage can still have access to appropriate care provided by free health clinics," said Foundation Director George Johnson. "We are pleased to be able to fund better access to healthcare for the uninsured and underinsured and to help limit one of the cost drivers of premiums for the insured - that is the use of hospitals for non-emergency care by the uninsured." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Retirement Income, Retirement Plans and Annuities are Focus of Annual Retirement Industry Conference WINDSOR, Conn.--(BUSINESS WIRE)--Feb. 15, 2006--Paced by leading speakers on the economy and consumers, the Retirement Industry Conference, sponsored by LIMRA, LOMA and the Society of Actuaries April 5-7, 2006, will take close aim at issues of retirement income, retirement plans and annuities. "Creating a retirement income stream is emerging as one of the critical financial issues of the 21st Century," said Robert A. Kerzner, president and CEO of LIMRA International, who will deliver opening remarks at the conference. "This conference will deliver the facts and ideas the industry needs to meet the retirement income challenge for the new generation of retirees." Formerly the Annuity and Pension Conferences and the Retirement Symposium, the new conference is an integrated approach to the major issues of the retirement industry. It immediately follows the Life Insurance Conference, sponsored by the same organizations and the ACLI, from April 3-5. The Retirement Industry Conference will take place at the Hilton at Walt Disney World Resort in Orlando, Fla. For information, or to register, visit www.limra.com or www.loma.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. National Authorities Brief Healthcare on Final HIPAA Enforcement Rule in Melamedia Seminar ALEXANDRIA, Va.--(BUSINESS WIRE)--Feb. 16, 2006--HHS today issued its long-awaited final enforcement rule governing the HIPAA privacy, security and electronic transaction standards, calling it a regulation with "extremely, broad implications" for healthcare. The final rule details how HHS will define violations, determine culpability and the steps that organizations may take to protect themselves. To explain the final rule and how organizations should modify their compliance programs, Melamedia's independent newsletter, Health Information Privacy/Security Alert, is sponsoring a 90-minute audio seminar: Understanding the HIPAA Enforcement Rule - The New World of Compliance. The March 16 seminar features national experts who will explain the final rule and its implications for healthcare and its Business Associates. Registration is $250 per site (one call-in line). Register at www.melamedia.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day"
View INSURANCE NEWSCAST "Sports Pictures Of The Day" 21. The Hartford Announces Lower Car Insurance Prices in Indiana Company's popular 'Dimensions' product purchased through agents now priced more favorably for customers HARTFORD, Conn., Feb. 15 /PRNewswire-FirstCall/ -- To better serve its Indiana agents and customers, The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation's leading providers of investment and insurance products, announced today that it will offer lower prices to many drivers under its popular Dimensions personal auto insurance program, which is available through the company's network of independent agents. www.thehartford.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Genworth Financial Introduces Fixed Indexed Annuity RICHMOND, Va., Feb. 15 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. today announced the introduction of the SecureLiving(SM) Classic Indexed Annuity, issued by Genworth Life Insurance Company. "The Classic Indexed Annuity is a powerful complement to our fixed annuity line up," says Pam Schutz, President of Genworth's Retirement Income and Investments group. "This product is another choice for Boomers seeking a secure way to save for retirement that includes protection of principal and tax-deferred growth." Because the product's indexed interest rate is based on the performance of the S&P 500, it gives people an opportunity for potentially higher rates than other fixed interest alternatives. "There are more than 240 index products on the market today with lots of moving parts and complexity," says Schutz. "Because our focus is on delivering consumer value in a clear way, we've designed a simpler product. Three key areas consumers focus on are surrender period, participation rate and tax treatment. The Classic Indexed Annuity is designed to deliver superior value on all three." www.genworth.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Health Care Injects $18.3 Billion Annually into Middle Tennessee Economy; Impact Study Findings Show One in Five Jobs Related to Nashville Health Care Industry. NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 15, 2006--Nashville's health care industry has a total economic impact of $18.3 billion in the Nashville MSA and 154,800 jobs can be attributed to health care, 22 percent of the region's non-farm employment in 2004, according to an economic impact study released today by the Nashville Health Care Council (NHCC). Over the past 10 years, health care has been the fastest growing industry sector in the Nashville MSA. With employment of 94,346 in 2004, Nashville's health care industry cluster represents the largest non-governmental employer in the region, the study found. Conducted by the Business and Economic Research Center (BERC) at the Jennings Jones College of Business at Middle Tennessee State University (MTSU), the report examined the impact of the health care industry on business revenue, personal income, employment, office space and other factors. The MTSU analysis also includes a comparison to 12 similar MSAs such as Dallas, Atlanta, Birmingham, Ala., Denver, Colo., Indianapolis, Ind. and Louisville, Ky. The comparison ranks Nashville first among the 13 regions based on objective indicators relating to health care business climate and health care infrastructure. To view the full health care industry economic impact study, visit www.healthcarecouncil.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Venture Technology Expands With Package From OneBeacon West Chester, Pa.–February 14, 2006–Venture Insurance Programs ( www.ventureprograms.com ), a national program administrator and leader in the design and underwriting of select industry-focused insurance packages, today announced that its Venture Technology has added a new comprehensive package solution. The technology package product is through OneBeacon Insurance Group, rated “A” (Excellent) XIV by A.M. Best Co. and is available in all states as well as internationally. Coverage includes property, general liability, auto, workers' compensation, umbrella, and errors & omissions. It is ideally suited for hardware manufacturers, software developers, telecommunications firms, medical technology firms and federal government contractors. www.onebeacon.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Washington National returns to educator market with new TSA product portfolio Carmel, Ind. February 16, 2006 Washington National - Insurance Company, a subsidiary of Conseco, Inc., today announced its return to the 403(b) market with the Educators' Choice series of tax-sheltered annuities. Offering first-year premium bonuses and strong agent compensation, these new annuity products complement the extensive worksite portfolio offered by the Conseco insurance companies. Washington National will support the launch of these competitive new products with dedicated service from its home office support team. The company's Worksite Integrated Services team provides each agent with a relationship manager, who serves as a single point of contact for service. Agents have direct access to the company through this team, making it easy to do business with Washington National. Agents who are interested in learning more about Washington National and the Educators' Choice series can call (800) 689-0240, ext. 7566. www.conseco.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Andromeda Webs Launches a Family Finance Weblog on it’s Brokers Online Web Site Andromeda Webs launches a family finance weblog packed with up to date comment and useful tips penned by its own in-house editor. You'll find the blog on Andromedas' flag ship site, www.life-assurance-bureau.co.uk. (PRWEB) February 16, 2006 -- Financial web site specialist Andromeda Webs Ltd has successfully completed the trial launch of it’s web blog located on its Brokers Online web site. The blog’s aim is to draw visitors attention to up to date issues about family finance. Daily entries encompass mortgages, loans, protection insurance and insurance for cars, travel and pets. There are also hints and tips on many other aspects of family finance. All the published information is bang up to date. The blog is written by Michael Challiner, the company’s own finance editor. “The blogs’ daily entries are written in a friendly style with lots of information to assist readers make sense of this confusing financial world”, he remarks. The Brokers Online web site specialises in Life Insurance, Critical Illness Insurance, Loans and Mortgages. Andromeda Webs operates over 30 financial services web sites partnering each web site with specialist brokers who process all the financial applications. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Second Wave of Consumer-Directed Healthcare Opportunities for Financial Services Companies Detailed in BearingPoint Report New Report Provides Strategies To Help Companies Enter Fast-Growing $2.6 Billion Market McLean, Va., February 16, 2006- BearingPoint, Inc. (NYSE:BE), a leading global management and technology consulting firm, today issued the white paper, "Consumer-Directed Healthcare: The Second Wave?" which can help financial services companies that believe they missed earlier opportunities to create Consumer-Directed Healthcare (CDH) accounts and services to capitalize on this burgeoning $2.6 billion market. "This report provides a looking glass into the current opportunities still available to those companies who waited to see if they wanted to enter the CDH accounts business and now feel that they missed the boat as accounts opened at faster rates than the first introduction of IRAs," said James Dean, a senior manager with BearingPoint and co-lead of the Financial Services CDH practice. "We included a snapshot of the array of CDH financial services offerings which companies can still offer such as investment, funding, payment, customer service, and processing practices. The white paper can assist both financial services firms and the healthcare industry to align their current capabilities with new and emerging industry trends in financial services to the CDH market." A copy of the paper can be found at www.bearingpoint.com/CDH-PrePaid06 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. DataPath Introduces Fully-Automated, Electronic Substantiation of FSA-Eligible Items at Walgreens Little Rock, AR (February 15, 2006) – DataPath, Inc., a leading provider of software solutions for employee benefits, today announced that its payment processing system will work with Walgreens, the nation’s largest drugstore chain, to electronically substantiate over-the-counter Flexible Spending Account (FSA)-eligible items effective March 1st, 2006. The service electronically tracks and verifies that items are FSA-eligible, which eliminates the paper-based substantiation and reimbursement process for claims administrators and consumers. For employees who use the mySourceCardTM and myResourceCard®, the program virtually eliminates the need to provide receipts when they use their flexible spending dollars at Walgreens locations nationwide. Third Party Administrators will be able to decrease the number of letters requesting additional documentation to verify FSA purchases. When purchasing prescriptions and/or over-the-counter (OTC) FSA-eligible items using DataPath’s payment card, the technology will match the items and automatically approve the transaction with no follow-up procedures. www.myRSC.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Todd R. Soll Insurance Services, Inc. Moves to Encino Encino, Calif., Feb. 15, 2006…Todd R. Soll, president of Todd R. Soll Insurance Services, Inc., Intermediaries for Healthcare Professional Liability, announced that he is moving his offices to larger quarters in Encino, Calif. His offices were formerly in Beverly Hills, Calif. The new address will be 17547 Ventura Blvd., Ste 304, Encino, CA 91316. The national toll free number will remain the same: 877.857.9600. The direct phone is now 818.907.9605 and the new fax is 818.907.9682. The website is www.toddsoll.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. JAMES LEE WITT TO ADDRESS AAIS ANNUAL CONFERENCE Wheaton, Illinois, Feb. 15, 2006--James Lee Witt, former director of the Federal Emergency Management Agency (FEMA) and the nation’s leading authority in public safety and emergency management, will speak at the 2006 Annual Conference of the American Association of Insurance Services (AAIS), April 9-11 at The Ritz-Carlton in Sarasota, Fla. In addition to Witt, the AAIS Annual Conference will feature comments on disaster policy and other issues from Ernst Csiszar, president of the Property Casualty Insurers Association of America (PCI), a previously announced speaker. Csiszar's public comments emphasize private market and state and local measures to address disaster losses, but the organization has not publicly endorsed or opposed any proposal.The theme of the AAIS conference is "Executive Leadership: Decision-Making in a Dynamic Environment." For more information on the conference, and to register, go to www.AAISonline.com, or contact Joseph Harrington, director of corporate communications, at joeh@AAISonline.com. People who sign up by the end of Friday, Feb. 17 receive an "early bird" discount on their registration fee. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. POPULAR IRMI TECH-eRISK SEMINAR RETURNS FOR 3RD SERIES DALLAS—In response to its most highly rated seminar series from 2005, International Risk Management Institute, Inc. (IRMI), will be hosting its third Tech-eRisk seminar series in March and April of 2006. IRMI and Mike Rossi of Insurance Law Group are teaming up again to offer the enhanced Tech-eRisk 2006: Risk Management and Insurance Solutions for Technology, Media, and eBusiness Exposures. The seminar series will inform risk managers, insurance agents, brokers, underwriters, and attorneys about how to structure contract indemnity and other provisions to contemplate technology, media, privacy, and e-commerce risks as well as how to properly insure these risks. The seminars will be held at hotels near major airports in the following cities: San Francisco, March 7-8; Houston, March 21-22; and Washington, D.C., April 4-5. The registration fee is $697, with substantial discounts for groups. For more information on Tech-eRisk 2006, go to www.IRMI.com/seminars/TecheRisk or call (800) 827–4242 and ask for the Seminar Coordinator. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article The e-mail address subscribed to INSURANCE NEWSCAST is insurancenewscast-2027-log@pipe.insuranceletter.com. |
