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
NEWSCAST -
The #1 Insurance Newsletter In The World Daily Quote: "Man's mind, stretched to a new idea, never goes back to its original dimensions." -- Oliver Wendell Holmes, Jr. (1841 - 1935)
Colonial Supplemental Insurance, an industry leader in worksite marketing is currently seeking a Regional Recruiting Manager to support the West Region. This employee-based position has a base salary between $45-60K and yearly bonus ranging from $20-30K. We will guarantee the first year bonus at $20K, which means the package is in the $65-85K range. Colonial also offers an extensive benefits package and travel reimbursements. Specifically, RRM responsibilities are to:
This position requires up to 50% travel throughout the West Region. The ideal candidate will reside in the Southern California area, as relocation is not available. We have targeted a final interview date of March 2nd, so all inquiries will be handled quickly. For more information on Colonial, please log on to our website www.coloniallife.com. If you have a proven track record of recruiting
for sales and sales management positions and are interested in a
personal interview, please contact: Craig Cottle,
craigcottle@greyhavens.org. 1. White Rock Sets Up New Bermuda Segregated Accounts Company BERMUDA, Feb. 23 /PRNewswire-FirstCall/ -- White Rock, the Aon-owned leader in protected cell companies and rent-a-captives, has announced the addition of a segregated accounts company, White Rock Insurance (SAC) Bermuda Ltd (White Rock Bermuda), to its fast growing family. White Rock Bermuda will provide an alternative risk management model for the middle market sector, but without the investment in capital and management time required for stand-alone captives. The White Rock model can provide a variety of risk management tools ranging from single mono-line programmes through to run-offs and securitisations. White Rock is licensed in Bermuda for all classes of general and long-term (life) insurance business. In addition, White Rock is on the doorstep of one of the world's largest offshore reinsurance markets, which can be used as part of the programme design. Clive James, a director at White Rock, commented: "The establishment of White Rock in Bermuda provides another cell captive option to our client base. Bermuda brings a number of exciting opportunities not only to the American region but to our worldwide risk managers. The flexibility of the Bermuda market for cells brings us the opportunity to provide a quick, simple, effective and cost beneficial method of entering the captive market." White Rock is a division of Aon Captive Services Group, Aon Corporation's captive and alternative risk financing arm. Segregated Accounts Companies For many years Bermuda has transacted business on the basis of segregating assets and liabilities through companies formed by private acts of Parliament. Dedicated legislation for such transactions originated in Guernsey under Protected Cell Company (PCC) legislation, was mirrored in the Cayman Islands with Segregated Portfolio Company (SPC) legislation and then was further developed in Bermuda with Segregated Accounts Company legislation. Although each legislation differs, the basic premise is the same across domiciles: assets and liabilities of one cell or account are legally separated from assets and liabilities of any other cell or account in the company. www.aon.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Life of the South Announces Purchase of Property and Casualty Company February 21, 2006 (Jacksonville, FL) - Life of the South announced this week that it has purchased Lyndon Southern Property Insurance Company. Lyndon Southern is a Louisiana domiciled property and casualty company. Ned Hamil, President and CEO of Life of the South (LOTS) in Jacksonville, FL said, “The purchase of Lyndon Southern completes a part of our strategy to own widely licensed life and P&C Companies throughout the United States.” In addition to the purchase of Lyndon Southern, LOTS acquired 100% ownership of Insurance Company of the South, a property and casualty insurer domiciled in Georgia. LOTS also extended the license of its primary life company, Life of the South Insurance Company, to 31 states. Hamil indicated that ten (10) additional states would be filed within weeks. LOTS management indicated that the acquisitions and expansions are a part of the company’s strategy to support its growing debt protection business. “We will continue to expand the licenses of our companies consistent with our stated goal of having widely licensed insurance companies to support the growth we are experiencing in all of our business units. We expect to have our companies licensed in forty (40) states by year end 2006. www.life-south.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. President's Vision for Healthcare Reform Could Define Winners and Losers Among Insurers, Financial Services Firms New DiamondCluster White Paper Analyzes Challenges for Health Insurers, Opportunities for Financial Institutions CHICAGO, Feb. 22 /PRNewswire/ -- President Bush's recent State of the
Union address outlined three vital themes for the nation's healthcare
that could have a significant impact on health insurers and financial
services firms, cautions management consulting firm DiamondCluster
International (Nasdaq: DTPI). "In 2005 healthcare spending was 16 percent of U.S. gross domestic product (GDP) and that percentage will only increase as the baby boomer generation ages," said Patricia O'Brien, M.D., who leads DiamondCluster's healthcare industry practice. "While the administration's proposals seek to address that problem by making healthcare more affordable, they also create challenges and opportunities that insurers ignore at their own risk." Aamer Baig, a partner in DiamondCluster's financial services practice added: "Financial services firms are being presented with the opportunity to be in middle of the healthcare equation by providing services through health savings accounts (HSAs). But while there's opportunity there, capturing a profitable position will also require significant upfront investments in technology and process improvements." A complete copy of the DiamondCluster white paper, "Winners and Losers at Healthcare's Last Frontier," can be obtained sending an e-mail request to healthcarepolicy@diamondcluster.com. The Impact on Health Insurers In his State of the Union address, the President proposed making HSAs and health insurance "portable, so workers can switch jobs without having to worry about losing their health insurance. The administration also proposed that the insurance component of an HSA plan would become permanently portable with tax-free premiums that would "not increase based on a (worker's) health status at the time they changed jobs, left the labor force or moved." The ability to lock in an insurance premium would also apply for those individuals with traditional healthcare plans, regardless of changes in health status. "The President's proposal implies price controls by forcing insurers to continue to provide coverage, regardless of whether an individual becomes chronically ill," said Dr. O'Brien. "We would expect the effect of this change to be higher premiums for group policies. Portability may also increase an insurer's administrative costs by changing the way they manage member records and plan pricing. And it may well require new technology investment to manage relationships with members as they move from job to job, or state to state." Allowing consumers to purchase insurance outside their home state likely
would encourage a flurry of industry consolidation among insurers, so as
to eliminate price-based competition across states and to create
economies of scale to spread higher fixed operating costs across a
larger customer base. The President also called for making "wider use of electronic records and other health information technology to help control costs and reduce dangerous medical errors." This could be a shot-in-the-arm for health insurers who can develop new information based services. WebMD, for example, reported total revenues of $1.16 billion in fiscal year 2004. "Health insurers, more than any other participant in the healthcare value network, have the activity and efficacy data that consumers, physicians and other providers need to make informed healthcare decisions," said Dr. O'Brien. "Information could be the basis for redefining the health insurer's value proposition, such as helping consumers select the best and most cost-effective treatment." How should insurers respond if the President's plans come to fruition? "Health insurers will need to succeed on the basis of customer service,
scale, efficiency in investing in new information technology
capabilities, and be able to adopt new technology more quickly than
their rivals," Dr. O'Brien contended. "For example, by providing
planning and decision support tools to consumers, and more robust
pay-for-performance metrics for physicians and hospitals, insurers can
develop sizable new revenue streams and make a valuable contribution
towards improving the quality of healthcare." The President's push for permanently portable HSA accounts could make
those plans more attractive and potentially alter the role of banks and
other financial services firms in the healthcare equation. "The President's proposal further opens the door for financial services firms, particularly in serving the largest and most sophisticated employers," said Baig, who has written and spoken extensively on the subject of HSAs. "These employers will expect best-of-breed benefits, including superior
service, real-time claims adjudication, high-quality information and
tools for employees to manage their health expenses and medical
decisions and a range of funds and services for managing the assets they
hold in their HSA accounts." "Owning the customer experience offers greater long-term profit potential," said Baig, "and puts the financial services firm in a stronger position to provide such issues as healthcare financing, provider bad debt, and claims adjudication. But it won't be easy. As new entrants into the healthcare arena those firms will have to increase their industry knowledge and make meaningful investments and partnerships towards developing new products and distribution channels." "The Next Frontier" Summing up the healthcare implications of the President's State of the Union message, Dr. O'Brien said: "The President's proposals are pushing us to the next frontier of healthcare in our nation. No one can accurately predict what lies ahead or just how much progress we will make in improving the quality and affordability of healthcare. But one thing is certain: the President's proposals would create a very different set of healthcare industry dynamics and very few, if any, insurers and financial services companies are prepared to compete in that new frontier." www.diamondcluster.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Prudential Retirement Unveils Approach for Reinventing the Defined Contribution Plan NEWARK, N.J.--(BUSINESS WIRE)--Feb. 22, 2006--By simplifying plan design, using the best elements of the traditional defined benefit model, educating participants on generating retirement income, and delivering retirement-income solutions, plan sponsors can help dramatically improve retirement outcomes for their employees, according to a Prudential Retirement white paper report released today. Prudential Retirement is a business of Prudential Financial, Inc. (NYSE: PRU). The report recommends reinventing today's 401(k) and other forms of defined contribution plans by drawing from lessons learned from behavioral finance, risk management and defined benefit fundamentals to help ensure that modern American workers have a better opportunity to achieve a secure retirement. "Defined contribution plans are extremely popular with American workers, most of whom use them as their primary retirement-savings vehicle. Despite this popularity, however, most workers are not saving enough or investing wisely, and many are increasingly at risk of not being able to achieve a worry-free retirement. We can and must do a better job of helping them," said John Kim, president, Prudential Retirement. Entitled Reinventing the Defined Contribution Plan: Research, Analysis and Recommendations, the report reflects the thought leadership of Prudential Retirement's Secure Retirement Advisory Group, comprised of Prudential executives, retirement industry experts, and academic leaders. The report also outlines a set of core strategies that plan sponsors and providers can use to meaningfully improve the odds that defined contribution plan participants will achieve better outcomes from their plans:
For a copy of the complete report, visit www.Prudential.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. National City Selects Vertafore Benefits AgencyCenter to Automate Insurance Division TAMPA, Fla., Feb. 23 /PRNewswire/ -- Vertafore Benefits, a leading
provider of software and automation services for employee benefits
brokers and agencies, announced today that National City Corporation has
selected Vertafore Benefits' powerful AgencyCenter application to help
support its insurance division. "We spent several months carefully evaluating a number of insurance agency software and automation services and products to help us improve our operations," said Russ Miller, COO of National City's Employee Benefits Agency. "Vertafore was simple to use and will help us achieve our goals." Launched in 2004, Vertafore Benefits AgencyCenter application offers employee benefits brokers and agencies a web-based workflow management system designed to help manage virtually every aspect of an agency's business including sales, implementation, commission tracking, policy management and renewal processes. More than 300 agencies supporting their cumulative 300,000 clients now use AgencyCenter. "We are very excited that National City has selected AgencyCenter to help enhance its insurance division's operations," said S. Stuart Spector, General Manager of Vertafore Benefits. www.nationalcity.com Vertafore Benefits ( www.vertaforebenefits.com ) is a division of Vertafore, Inc., a company with over 30 years experience in agency automation software servicing over 15,000 agencies, 120,000 end users, and 300 insurance carriers. Vertafore Benefits AgencyCenter application offers employee benefits brokers and agencies a web-based workflow management system for managing sales, implementation, commission tracking, policy management and renewal processes. The broker-centric BenefitsCenter application provides automated benefits administration solutions with portals for brokers, employers and employees. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. IT’S EASIER FOR EMPLOYEES TO GET CANCER COVERAGE AT WORK New Colonial Supplemental Insurance group voluntary cancer product enhances an employer’s benefits program with a popular consumer benefit offered with no health questions. COLUMBIA, S.C. (Feb. 23, 2006) — The new group voluntary cancer insurance product from Colonial Supplemental Insurance adds a popular consumer benefit to an employer’s benefits package with the advantages of group underwriting, which means there are no health questions as long as participation requirements are met.* “Because of medical advances in cancer treatment, more people are surviving cancer than ever before, but these treatments can be expensive,” says Monica Francis, assistant vice president of product marketing for Colonial. “Plus, there are indirect costs, such as lost income when the patient, spouse or other family member can’t work, child care expenses and costs for travel to treatment centers.”Francis points out that cancer insurance can help protect people from high medical expenses associated with cancer treatment. “For example, with Colonial’s group cancer product, an insured could use benefits he receives to help pay for expenses related to cancer treatment or for indirect expenses.” Sold to employees at the worksite, Colonial’s group voluntary cancer insurance product pays benefits directly to the insured, unless specified otherwise. The product is currently available for sale in 35 states, including Washington, D.C. For more information about Colonial’s products and services or opportunities with the company, contact Monica Francis at (803) 798-5555, ext. 8448, e-mail her at MLFrancis@ColonialLife.com or visit www.coloniallife.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Are Insurers Prepared for the Perfect Storm? Observations in New Paper from GE Insurance Solutions -- KANSAS CITY, Mo.--(BUSINESS WIRE)--Feb. 23, 2006--While increased frequency of hurricanes is nothing new in historical terms, the enormous growth in coastal population and development is dramatically increasing the potential for insured losses, according to a new paper from GE Insurance Solutions. "Demographic trends in Florida and other coastal locations as well as the likelihood of increased frequency and severity of storms should remind the (insurance) industry of the growing exposures it will continue to face. The cost of hurricanes will rise -- sooner or later surpassing even those of Hurricane Katrina," says the paper entitled "Coastal Warning: The Rising Costs of Hurricane Frequency and Severity." Kenneth Slack, Senior Underwriter, Global Property Catastrophe Reinsurance, and Larry Spoolstra, Chief Underwriting Officer for North America and Asia Pacific P&C Reinsurance, at GE Insurance Solutions co-authored the paper. The authors say there's a perception that Hurricane Katrina created an
insured loss that was unforeseen. They note, however, that it was well
within the expected range of events anticipated by the insurance
industry. To protect their bottom lines, these same insurers "might have been prompted to buy fresh catastrophe cover from a reinsurance market that had its own losses," the paper says. "The industry would have found itself in a period of massive demand and limited (insurance) capacity." The paper questioned whether the industry's capital providers would continue to maintain sufficient levels of support going forward if a heavy natural catastrophe season occurred during the same year as an unexpected loss, such as the Sept. 11, 2001, terrorist attacks. Given the rising catastrophic loss trends, "it is vital for the industry to keep a perspective on the high level of risk it faces," the paper says. To read "Coastal Warning: The Rising Costs of Hurricane Frequency and Severity" go to http://www.geinsurancesolutions.com/erccorporate/inst/ic/pp/nh/060213_warn.htm. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Top Industry Experts, Life Reinsurance, Highlight Fourth Annual Life Insurance Conference ATLANTA, Feb. 23 /PRNewswire/ -- The fourth annual Life Insurance Conference will convene April 3-5 at the Hilton in the Walt Disney World(R) Resort in Lake Buena Vista, FL. Thomas M. Marra, president and COO of Hartford Life, and Paul E. Rutledge, III, president of Transamerica Re will be the keynote speakers. Significant additions to the program are sessions focusing on life reinsurance. "We received many requests to include more discussion of reinsurance at the conference," said LOMA president and CEO, Thomas P. Donaldson, FLMI, CLU. "This year, we're providing seven sessions on the topic. Everyone who attends will take away information that will help their company grow and prosper in this highly dynamic, competitive industry." In addition, the 2006 conference will present sessions on critical issues including product design, distribution, crisis management, and more. Sponsored by LOMA, LIMRA, the Society of Actuaries and the American Council of Life Insurers (ACLI), the Life Insurance Conference is the most comprehensive vehicle for industry professionals to examine trends and developments in product management, new markets and distribution, technology, and regulations. More than 500 participants are expected to attend and enjoy the outstanding speakers, discussions and networking opportunities. For information on The Life Insurance Conference, April 3-5, 2006 at the Hilton in the Walt Disney World(R) Resort in Lake Buena Vista, FL, visit www.loma.org, www.limra.com, www.soa.org, or www.acli.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. OdysseyRe Completes $100 Million Offering of Senior Notes
STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 22, 2006--Odyssey Re Holdings
Corp. (NYSE: ORH) announced today that it has completed the private sale
of $100 million of floating rate senior notes. The notes were sold in
two tranches, $50.0 million of Series A due 2021 and $50.0 million of
Series B due 2016. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Erie Indemnity Reauthorizes Share Repurchase Plan ERIE, Pa., Feb. 22 /PRNewswire-FirstCall/ -- At its regularly scheduled meeting held on February 21, 2006, the Board of Directors of Erie Indemnity Company (Nasdaq: ERIE) approved reauthorization of a $250 million stock repurchase program. The reauthorized stock repurchase program becomes effective immediately after the available funds from the current repurchase program are expended. As of the date of this release, approximately $56 million of the original $250 million remains from the current repurchase program, which was scheduled to conclude December 31, 2006. Under the newly-approved program, the Company may repurchase up to $250 million of its outstanding Class A common stock through December 31, 2009. The Company may repurchase the shares from time to time in the open market or by privately negotiated transactions, depending on prevailing market conditions and alternative uses of the Company's capital. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Heath Care Cost Projections Reaffirm Need for Cost Containment Strategies Slower Drug Spending Growth Supports Recent Research Crediting Private Plans' Innovations WASHINGTON, Feb. 22 /PRNewswire/ -- Karen Ignagni, President and CEO of America's Health Insurance Plans (AHIP), made the following statement on the health care spending report released today by the Centers for Medicaid and Medicare Services (CMS). "Although health care spending continues to grow, the latest health spending projections confirm that health insurance plans have made substantial contributions to reducing the rate of growth. "The projections demonstrate that success in the private sector of health insurance plans' pharmacy management programs bodes well for public programs, including the new Medicare prescription drug benefit. The report's conclusion that health insurance plans' innovations will decelerate drug spending in Medicare echoes the findings of a new PricewaterhouseCoopers study that credits tiered formularies and other initiatives with meeting consumer demand for more affordable medications. "The new projections underscore the need for systemic strategies that contain costs while advancing quality care. Common sense medical liability reform would be a good first step. We also need a system-wide commitment to practicing medicine based on the best available scientific evidence and a transparent, digital information network that enables consumers and providers to make informed health care decisions. The report's inclusion of the impact of medical innovation as a cost driver highlights the challenge of matching investments in innovation with corresponding funding to assess which new treatments and technologies are safe and work better than existing therapies. Finally, the report cites successful health insurance plans' disease management programs as another means at the disposal of consumers that often are yielding a double benefit of improved outcomes and cost savings." The PricewaterhouseCoopers cost study is available at http://www.pwc.com. America's Health Insurance Plans - Providing Health Benefits to More Than 200 Million Americans Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Medicare Part D Enrollment Exceeds 25 Million WASHINGTON, Feb. 22 /PRNewswire/ -- Karen Ignagni, President and CEO of America's Health Insurance Plans (AHIP), made the following comments regarding today's statement by the Centers for Medicare and Medicaid Services (CMS) on new enrollment data: "More than 25 million beneficiaries who are enrolled in the Medicare prescription drug program are taking advantage of a benefit that was not available to them just weeks ago. That means millions of beneficiaries, many of whom did not have prescription drug coverage prior to the new benefit, already are saving on the cost of their prescription drugs."In just three months, the more than a half a million new enrollees in Medicare Advantage (MA) have joined millions of other MA beneficiaries who have access to comprehensive prescription coverage for often lower premiums than traditional Medicare drug coverage." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Statement by Former U.S. Senator John Breaux on Today's CMS Release of Updated Enrollment Figures for Medicare Prescription Drug Benefit WASHINGTON, Feb. 22 /U.S. Newswire/ -- The following is a statement by former U.S. Senator John Breaux, honorary chairman, Medicare Rx Education Network on today's CMS release of updated enrollment figures for the Medicare prescription drug benefit: "Today's climbing enrollment numbers show that seniors are signing up and finding that they are saving money. The benefit is moving forward, with 1.5 million more people joining just in the last 30 days. Everyone involved - including beneficiaries, insurance plans, and the government - are learning and adapting as they go forward and smooth out the enrollment problems. Enrollment continues for three more months, so there is still time to look into the benefit and enroll." The Medicare Rx Education Network provides information and assistance
with outreach and education for the new Medicare Part D prescription
drug benefit. The network, which includes 79 national organizations, is
chaired by former U.S. Senator John Breaux. Members share an interest in
educating Medicare beneficiaries about the new Medicare prescription
drug benefit and work closely with the appropriate federal agencies to
obtain up-to-date information to ensure that information disseminated by
the network about Medicare Part D is factual and accurately conveyed so
that beneficiaries and their caregivers can make informed choices. By
sharing information with each other about member organizations'
independent efforts, collaborating on activities, and identifying ways
to work together, the network aims to eliminate duplication of efforts
and maximize the effectiveness of outreach efforts. The network does not
engage in legislative activities or take positions on pending
legislative or administrative policies related to the Part D benefit and
its implementation. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. HealthSouth to pay $445 mln to settle lawsuits Thu Feb 23, 2006 11:11 AM ET --
CHICAGO (Reuters) - HealthSouth Corp. (HLSH.PK:), a provider of rehabilitation services, on Thursday said it
has agreed to pay at least $445 million to settle class-action lawsuits
over its accounting and financial reporting.
The news sent the company's shares up by as much as 7.5 percent in
over-the-counter trading. The shares have plunged in recent years amid
an accounting scandal, the ouster of its chief executive, and several
government probes.
Birmingham, Alabama-based HealthSouth said it is not admitting
wrongdoing in the settlement, which also covers some former executives
and directors. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. FreedomWorks Supports Renewed Push for Medical Malpractice Caps in Wisconsin; Applauds Sen. Fitzgerald and Rep. Gielow MADISON, Wis., Feb. 22 /U.S. Newswire/ -- Sen. Scott Fitzgerald (R-Juneau) and Rep. Gielow (R-Mequon) have proposed legislation that will reinstate caps on jury awards for non- economic damages at $750,000. With Gov. Doyle's refusal to put into place a minimum level of safeguards against rising healthcare costs and a deluge of trial lawyers, this legislation couldn't come at a more critical time. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. FTCR: 'Health Savings Accounts' Require Patients To Pay More But Do Nothing To Slow Increasing Health Care Costs Contact: Jerry Flanagan of the Foundation for Taxpayer and Consumer Rights, 310-392-0522 ext. 319 SANTA MONICA, Calif., Feb. 22 /U.S. Newswire/ -- Health savings accounts will do nothing to control health care costs, which will reach 20 percent of the U.S. gross domestic product by 2015, according to a report released today by the government and patients will bear more of the financial burden of health care. Health savings accounts were a centerpiece of President Bush's State of the Union Address and are supported by major insurers which will profit from policies that require Americans to pay more for less coverage. www.ConsumerWatchdog.org http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. The Hartford Introduces Professional Liability Insurance Designed Especially for Small Real Estate Firms
New 'E&O' coverage taps an underserved market; completes insurer's E&O
portfolio for real estate industry Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Hilb Rogal & Hobbs Professionals Named Risk & Insurance Magazine's Power Brokers of the Year RICHMOND, Va.--(BUSINESS WIRE)--Feb. 22, 2006--Hilb Rogal & Hobbs Company (NYSE: HRH), the world's tenth largest insurance and risk management intermediary, announced today that three of its associates have been named Power Broker of the Year within their industry by Risk & Insurance magazine. Those receiving this honor are: Jane Sharfstein, vice president, managing director of HRH's National Marine Practice, with over 28 years of experience in the marine industry; Steve Sachs, senior vice president and managing director for HRH's National Real Estate Practice, with over 35 years of experience in insurance, 33 of which were in the real estate industry; and Joe Vineis, senior vice president, who has over 22 years of experience in the insurance industry. Mike Murphy, president of HRH's Baltimore operation, and Cliff Simpson, executive vice president, complex property, also received Power Broker nominations. www.hrh.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Mercer Named Benefits Consultant of the Year SINGAPORE, Feb. 23 /Xinhua-PRNewswire/ -- Mercer Human Resource Consulting has been named Benefits Consultant of the Year in the annual Global Pensions Awards announced in London, for the second consecutive year. A panel of 20 judges, made up of pension funds and consultants globally, voted Mercer top in its category. Mercer was initially shortlisted for the award following a survey of over 1,000 pension funds who were asked to nominate a service provider in each of the 20 award categories. www.mercerHR.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. Foundation Awards $11 Million to Health Consumer Advocates; $1.8 Million Aimed to Ease Problems with Medicare Part D LOS ANGELES--(BUSINESS WIRE)--Feb. 22, 2006--The new Medicare program is the latest challenge that has resulted in a lot of confusion and delays for low-income Californians in need of health services. To help ease the problem, The California Endowment, the largest health foundation in the state, committed $11.3 million today to further strengthen consumer assistance. www.calendow.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Sequoia Insurance Company Selects Guidewire ClaimCenter; Guidewire's Industry-Leading Web-Based Claims System to Transform Sequoia's End-to-End Claim Process MONTEREY, Calif. & SAN MATEO, Calif.--(BUSINESS WIRE)--Feb. 23, 2006--Sequoia Insurance Company, a multi-line property and casualty insurer serving the western United States, and Guidewire Software(R), a leading provider of solutions to property and casualty and workers' compensation insurers, today announced that Sequoia Insurance Company has selected Guidewire ClaimCenter(R) as the insurer's new claims processing system. www.sequoiains.com www.guidewire.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. American Independence Corp. Announces Agreement to Write Fully-Insured and Medical Stop-Loss Health Insurance Through Independence American NEW YORK--(BUSINESS WIRE)--Feb. 22, 2006--American Independence Corp. (NASDAQ: AMIC) today announced that it has executed an agency agreement for a marketing organization with a growing block of fully-insured health business, including Consumer Driven Health Plans (CDHPs) primarily sold to small employer groups, and Medical Stop-Loss to begin writing for Independence American Insurance Company. The agency that produces this business will immediately begin writing Employer Medical Stop-Loss through Independence American, and will move the majority of its existing block of fully-insured and stop-loss health insurance (currently approximately $35 million and growing) to Independence American in January 2007, with the balance moving by the end of 2007. This block has averaged 8% risk profit over the past five years, although there is no guaranty that such results will be maintained. Independence American will be the exclusive issuing carrier for business underwritten by this agency through December 31, 2011. Subject to certain conditions, the agreement will automatically extend until December 31, 2016, and the agency could be entitled to additional cash consideration. www.americanindependencecorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. CPCU SOCIETY REINSURANCE SYMPOSIUM COMING TO PHILADELPHIA MALVERN, PA, FEBRUARY 23, 2006— The CPCU Society and the Society’s Reinsurance Section will be hosting the annual Reinsurance Symposium, March 16-17. This year’s program is titled Managing Reinsurance—Cycles, Catastrophes, and Things That Go Bump in the Night. The symposium will take place at the Philadelphia Marriott Downtown.The Symposium will begin Thursday morning at 8:30 a.m. with a continental breakfast and continue to 5 p.m., at which time a reception will begin. The Symposium will continue from 8:30 a.m. to noon Friday. A luncheon Thursday will include a ceremony honoring new Associate in Reinsurance (ARe) graduates. www.cpcusociety.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Sukay & Associates Represents Hess Egan in its Sale to M&T Insurance Agency PHILADELPHIA, Feb. 23 /PRNewswire/ -- Sukay & Associates, Inc., a financial advisory and consulting firm to insurance brokers and banks, announced its recent representation of Hess Egan Hagerty & L'Hommedieu, Inc. ("Hess Egan"), a commercial insurance and surety brokerage agency, in its sale to M&T Insurance Agency, Inc. ("MTIA"). Terms of the deal were not disclosed. www.sukayassociates.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. bWell international Addresses Impact of HSAs on Retirement Planning at Upcoming Retirement Income Industry Association Meeting
NEW YORK, N.Y., February 23, 2006 – Phillip Micali, founder and CEO of
bWell international, inc. ( www.bwell-inc.com ), will address the issue of
income and health expectations at The Second Annual Managing Retirement
Income: Innovative Strategies to Capture and Retain Retirement Income,
sponsored by the Retirement Income Industry Association, Monday,
February 27, 2006, Hotel@MIT, Cambridge, Mass. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Metavante Expands Healthcare Payments, Names Division President MILWAUKEE, WI--(MARKET WIRE)--Feb 22, 2006 -- Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI - News), today announced that it has expanded its Healthcare Payments Solutions division with the addition of the recently completed AdminiSource acquisition. AdminiSource provides healthcare payment distribution services to insurance carriers and healthcare organizations. www.metavante.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. INSURANCE COMMISSIONER JOHN GARAMENDI ISSUES CEASE AND DESIST ORDER TO THE GLOBAL HEALINGS SOCIETY—WARNS CONSUMERS OF THE POTENTIAL EXPOSURE WHEN PURCHASING FAKE AUTO INSURANCE SACRAMENTO – Insurance Commissioner John Garamendi announced today the service of a Cease and Desist (C&D) Order on The Global Healings Society of Puyallup, WA following an investigation by the California Department of Insurance (CDI) Investigation Division. The Order demands The Global Healings Society to cease and desist transacting any and all insurance business in California. “We are warning consumers that they are exposed to possible loss without coverage if they have paid for insurance provided by The Global Healings Society also known as The Auto Bond and The Community Financial Bond,” said Commissioner Garamendi. “These companies are selling fake auto insurance policies and consumers are being warned not to purchase insurance from any of these companies.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. INSURANCE COMMISSIONER JOHN GARAMENDI ANNOUNCES THE CONVICTION OF A THOUSAND OAKS FORMER LIFE INSURANCE AGENT THOUSAND OAKS – Today, Insurance Commissioner John Garamendi announced the Thursday, February 16 conviction of former life insurance agent Bassem Btadini, 51, also known as Bob Btadini. Btadini entered a No Contest plea and was convicted of five misdemeanor counts of Corporations Code Section 25540(a), Sale of Securities without Qualification. Btadini was ordered to repay $397,287.00 in restitution ($150,000 immediately) to four victims and was placed on a one-year probation. Btadini was arrested in February 2003 after a three-year investigation conducted by the California Department of Insurance’s (CDI) Investigation Division. Btadini had been involved in plea discussions with the Los Angeles County District Attorneys office since the conclusion of his preliminary hearing in 2004. CDI received several complaints from individuals who were solicited to purchase a living trust by Btadini. He eventually sold some of the individuals annuity products and later persuaded them to invest in nine-month promissory notes. The notes were not qualified for sale in the State of California as required by law. The notes were issued by several out of state “start up companies” seeking capital to maintain and expand their businesses. All of the companies defaulted on the notes and none of the investors received their promissory note investments back. All of the victims were senior citizens. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Preferred Club Program Offers D&O Coverage From RSUI West Chester, Pa.–February 20, 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 the Preferred Club Program has added a new market for Directors’ & Officers’ (D&O) liability coverage with RSUI. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Fiserv Announces 10 Million Share Repurchase Authorization; Schedules Annual Meeting and Reclassifies Income Statement Brookfield, Wisconsin, Feb. 22, 2006–Fiserv, Inc (Nasdaq: FISV) today announced that its board of directors has authorized the repurchase of up to 10 million shares of the company’s common stock representing 5.6 percent of the total outstanding shares. The company anticipates it will complete its previous authorization by the end of February. www.fiserv.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. COMMISSIONER JOHN GARAMENDI ANNOUNCES THE SURRENDER OF GLENDALE ATTORNEY ON A FELONY CHARGE OF GRAND THEFT Attorney defrauds life insurance company of over $380,000 as a scheme involving her 89 year-old mother’s long term care insurance policy LOS ANGELES – Insurance Commissioner John Garamendi announced that on February 9, 2006, attorney Marilyn P. McCumber, 68, self-surrendered to the Los Angeles County Superior Court. She pled guilty to felony grand theft for insurance fraud and was sentenced to five years probation and a $10,000.00 fine. On March 29, 2005, the California Department of Insurance’s (CDI) Fraud Division received a Suspected Fraudulent Claim referral from Transamerica Occidental Life Insurance Company alleging that McCumber had submitted fraudulent billing in connection with her 89 year-old mother’s long term care insurance policy. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. INSURANCE COMMISSIONER ANNOUNCES ARRESTS OF TWO SUSPECTS FOR INSURANCE FRAUD, GRAND THEFT AND CONSPIRACY CHARGES Body shop manager frames the theft of his own vehicle and, if convicted, could face up to five years in prison and/or $50,000 in fines, plus restitution LOS ANGELES – Insurance Commissioner John Garamendi announced that on January 6, 2006, suspects Troy Portillo (body shop manager) and Gabi Zaarour (parts department manager) were arrested in the City of Torrance for insurance fraud, grand theft and conspiracy charges. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35.
AIA TO MAKE CASE
FOR OPENING LATIN AMERICAN INSURANCE MARKETS AT NAIC INTERNATIONAL
SUMMIT Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. EIGHT LIFE INSURANCE COMPANIES RENEW MEMBERSHIP IN IMSA, ETHICS STANDARDS-SETTING ORGANIZATION WASHINGTON, DC – Eight distinguished life insurance companies have qualified to renew their membership in the Insurance Marketplace Standards Association (IMSA), the national organization dedicated to promoting high ethical standards in the marketing, sales and service of individually sold life insurance, annuities and long-term care insurance. IMSA Executive Director Brian Atchinson congratulated the following companies for successfully completing the rigorous, independent review of their marketing, sales and compliance practices required every three years to qualify for renewed IMSA membership:
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 37. Benfield Launches New Technology Platform for Placement of Facultative Catastrophe Risks Benfield, the world’s leading independent reinsurance and risk intermediary, today announced the launch of eCatFac™, a groundbreaking electronic placing platform which facilitates the placing of facultative reinsurance for cedants with large catastrophe exposures. www.benfieldgroup.com . www.ereinsure.com 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. |
