Benefits
Marketing Renaissance 2006
The Benefits Marketing Association thanks each and every Benefits Marketing Renaissance 2006 sponsor and exhibitor - their support is crucial. The Level 1 list of sponsors includes:
A complete list of over 70 Exhibitors and Sponsors at the Benefits Marketing Renaissance 2006 meeting in Nashville this week, including complete contact information, can be viewed at our website! Daily Quote: "Perhaps it would be a good idea, fantastic as it sounds, to muffle every telephone, stop every motor and halt all activity for an hour some day to give people a chance to ponder for a few minutes on what it is all about, why they are living and what they really want." -- James Truslow Adams (1878 - 1949)
1. Swiss Re sigma, catastrophe report 2005: Catastrophes cause total damage of USD 230 billion – about one third, or USD 83 billion, covered by insurance Zurich, 24 February 2006 – In 2005, more than 97 000 people lost their lives due to natural catastrophes or man-made disasters. The Swiss Re sigma statistics for 2005 counted almost 400 catastrophes, which caused damage totalling more than USD 230 billion. About one third, or USD 83 billion, was covered by insurance. In the previous year, insured catastrophe losses had amounted to USD 48 billion. 2005 turned out to be the costliest year ever for property insurers. More than 97 000 die in catastrophes Still recovering from the tsunami of December 2004, Asia was again hit by a severe natural catastrophe: on 8 October 2005, an earthquake measuring 7.6 on the moment magnitude scale shook the mountain region of Kashmir. More than 73 300 people lost their lives, 72 000 of them in Pakistan and 1 300 on the Indian side. Over the whole of 2005, more than 97 000 people died in catastrophes. Total damage amounts to USD 230 billion Natural and man-made catastrophes in 2005 caused USD 230 billion of damage to buildings, infrastructure, vehicles, or losses to directly affected businesses. Hurricane Katrina entailed the highest total damage by far, at USD 135 billion. Hurricane Wilma ranked second, with destruction amounting to USD 20 billion, followed by hurricanes Rita at 15 and Dennis at 4 billion. The total damage of the Kashmir earthquake is estimated to be USD 5 billion. Man-made disasters triggered damage totalling USD 10 billion, the most costly being the terrorist attack in London in July, explosions in oil processing plants in Canada in January and in the US in March, and the riots in France in October and November. At USD 83 billion, insured losses take on a new dimension Claims to property insurers added up to USD 83 billion: 78 billion stemmed from natural catastrophes, and 5 billion from man-made disasters. The hurricanes in the US and Caribbean dominated the record-high losses, mainly as a result of four hurricanes making landfall in the US. Hurricane Katrina alone triggered claims of USD 45 billion, followed by hurricanes Rita and Wilma at USD 10 billion each and Dennis at USD 1 billion. The hurricane season 2005 also broke several meteorological records: 27 named storms (previous record year: Page 1/4.1933 with 21), of which 15 reached hurricane windspeeds (previous record year: 1969 with 12). For the first time ever, three hurricanes attained category 5, the highest on the Saffir-Simpson scale. In Europe, winter storm Erwin and summer floods in the Alps each cost property insurers USD 1.9 billion. Man-made disasters triggered claims adding up to USD 5 billion worldwide, the costliest being explosions in oil-producing plants in Canada and the US, and fires at electronic equipment manufacturers in Taiwan and Malaysia. Prospects: more strong hurricanes during AMO warm phase The increase in hurricane losses is related to the warm phase of “Atlantic multidecadal oscillation” (AMO) in the North Atlantic. This warm phase started in 1995 and is expected to last for another 10 to 30 years. Given such climatological conditions, propitious to windstorms, the above-average hurricane activity can be expected to continue, entailing more intense hurricanes. Printed editions of sigma No 2/2006 can now be ordered: English and German versions are now available, those in French, Italian, Spanish, Chinese and Japanese will be available soon. Please send your orders, complete with your full postal address, to: E-mail: sigma@swissre.com
How to obtain a copy of this sigma media release: The English, German and French versions of this sigma news release are available electronically on Swiss Re’s website: www.swissre.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Hurricanes Drive 39 Percent State Farm(R) Net Income Decline BLOOMINGTON, Ill., Feb. 24 /PRNewswire/ -- Hurricane losses and loss adjustment expenses totaling $6.3 billion (after reinsurance) contributed to a reduction in State Farm's 2005 net income. The Company is reporting an after-tax net income from all sources of $3.24 billion, down 39 percent from the $5.31 billion in net income for 2004. Net worth for the State Farm group increased by $3.9 billion to $50.2 billion. The primary reasons for this improvement were the insurance operating results and the $759 million realized and unrealized gain (net of deferred tax) on property-casualty (P-C) companies' unaffiliated stock portfolios. The P-C companies reported a pretax operating profit of $3.5 billion in 2005, including investment and other income of $4.3 billion and an underwriting loss of $779 million. This compares with a pretax operating profit of $5.5 billion in 2004, which included investment and other income of $3.57 billion and an underwriting gain of $1.96 billion. The State Farm group's net worth also is affected by the results of operations of non-P-C affiliates, which resulted in a gain for the year of $379 million, primarily driven by results for State Farm Life Insurance Company. Total revenue, which includes premium revenue, earned investment income and realized capital gains (losses), was $59.2 billion for 2005 compared with the 2004 figure of $58.8 billion. State Farm's insurance operations consist of seven P-C insurers and two life insurers. The P-C insurers are primarily engaged in automobile, health, homeowners and commercial multiple peril (CMP) lines of business. The net results of State Farm Mutual Automobile Insurance Company, State Farm Indemnity Company and State Farm County Mutual Insurance Company of Texas include the Auto and Health business. The net results of State Farm Fire and Casualty Company, State Farm Lloyds, State Farm General Insurance Company and State Farm Florida Insurance Company reflect the Homeowners, Commercial Multiple Peril (CMP) and other P-C lines of business. State Farm Life Insurance Company and State Farm Life and Accident Assurance Company write the Life and Annuity business. The State Farm group also provides banking products and mutual funds through affiliated companies. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. New Report Confirms: Medical Malpractice Insurance 'Crisis' Is Over , Feb. 27 /U.S. Newswire/ -- Americans for Insurance Reform (AIR) released a new study today confirming the wholesale decline of medical malpractice insurance rates nationwide. The AIR study also shows that this phenomenon is occurring whether or not states enacted restrictions on patients' legal rights, such as "caps" on compensation. The medical malpractice insurance "crisis" is over, according to the study. AIR's study is based on the most recent Council of Insurance Agents and Brokers survey of market conditions, showing that the average rate hike for doctors over the past six months has been 0 percent. This is following similar results for the last quarter of 2004, which saw rates rising only 3 percent at the end of that year. By comparison, rates jumped 63 percent during the same quarter of 2002. According to Joanne Doroshow, AIR spokesperson and Executive Director of the Center for Justice & Democracy, "Consumer rights organizations have long maintained that the 'crisis' of skyrocketing insurance rates for doctors and other policyholders would end when the insurance investment cycle stabilized, and that this would occur whether or not so-called tort 'reform' laws were enacted. Insurance industry data now unmistakably confirms this prediction." "We are now witnessing the wholesale collapse of insurance rates, including medical malpractice rates," said J. Robert Hunter, AIR spokesperson, Director of Insurance for the Consumer Federation of America, former Federal Insurance Administrator and Texas Insurance Commissioner. "The end of the 'hard market' of sharp rate increases, less competition and cutbacks in coverage has occurred and a 'soft market' is now fully in place." A "hard" insurance market is characterized by higher rates, less competition and limited coverage. This is the result of the cyclical nature of the insurance business. Prior to the "hard market" of the last few years, the last such "hard market" occurred in the mid-1980s. But like today, the insurance cycle turned after a few years and prices began to fall. This had nothing to do with tort law restrictions enacted in particular states, but rather to modulations in the insurance cycle everywhere. "The hard phase of the insurance cycle clobbers American businesses and professions every ten to fifteen years," said Hunter. "Although these hard markets last only about two to three years, they can no longer be tolerated." For the full report, please see http://insurance-reform.org. Contact: Laurie Beacham or Joanne Doroshow, 212-267-2801 http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. The Council of Insurance Agents & Brokers Challenges AIR Conclusions on Medical Malpractice WASHINGTON, Feb. 27 /U.S. Newswire/ -- The Council of Insurance Agents & Brokers Monday challenged the conclusions by a so-called consumer lobbying group that the malpractice insurance market has stabilized, saying the group has manipulated data in The Council's quarterly commercial market surveys to justify a predetermined conclusion. "This is clearly a case where Americans for Insurance Reform decided they wanted to declare that there were no longer any problems getting medical malpractice insurance, and then they manipulated numbers to support their agenda," said Ken A. Crerar, president of The Council of Insurance Agents & Brokers. In a news release issued earlier Monday, Americans for Insurance Reform (AIR) cited a new "study" which it said was based on The Council's quarterly commercial market index. That index tracks pricing trends among various lines of commercial property/casualty insurance, including medical malpractice insurance, from quarter to quarter by asking commercial insurance brokers about the market conditions for their account renewals. The latest survey, which covered the fourth quarter 2005, showed a slight increase in premiums for medical malpractice insurance renewals, averaging about .6 percent, according to an analysis of The Council data by Lehmann Brothers Equity Research. The survey for the third quarter of 2005 showed that the average medical malpractice account renewal also held steady. "However, to interpret that data to mean that the 'crisis' is over is a gross misrepresentation of the situation," Crerar said. "First of all, having rates stabilize for one or two quarters doesn't mean those rates have gone down. It only means that they have not gone up any farther. It is like saying that just because gasoline costs $2.50 a gallon today, down from $3 a gallon last year, we don't have an energy crisis, and gas is cheap." Crerar said in addition to the faulty conclusions reached in the press release, he strongly objects to the manipulation of Council survey data and the publication of false numbers, accrediting them to The Council's surveys. For example, the news release at one point uses an "average" rate increase of 3 percent, reported in the final quarter 2004 Council survey, and compares it with a supposed increase in rates of 63 percent during the fourth quarter of 2002. But the 2002 figure is totally false. "There is no such figure in our fourth quarter 2002 survey," Crerar said. "It appears that AIR and its spokesmen, Robert Hunter and Joan Doroshow, have added together figures that represent the percentage of accounts experiencing rate increases and are trying to report that as a rate increase. This is not just sloppy math, it is total incompetence." At best, Crerar continued, the findings from The Council's survey in fourth quarter 2002 could be used to show that more than 60 percent of the medical malpractice insurance accounts that were being renewed that quarter experienced a rate increase. But that is hardly the same as a 60 percent increase in rates, he said. "Everything about this AIR news release is wrong, just wrong," Crerar said. "Any respectable consumer advocacy group would realize that this is simply an organization representing the interests of criminal trial lawyers and trying to stymie any meaningful reform for medical malpractice and the tort and liability system." www.ciab.com http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. BestWeek: Insurers Explore Terror Options as Clock Ticks Toward Deadline OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 24, 2006--The property/casualty industry won a major legislative battle in 2005 with Congress' move to extend provisions of the Terrorism Risk Insurance Act. But with only two years until that extension also expires, the clock already is ticking to find a permanent replacement for the federal terrorism insurance backstop, according to an exclusive story in the Feb. 27 issue of BestWeek. In the absence of a long-term plan, decisions on terrorism coverage must be short-term ones, noted Aaron Davis, vice president of property syndication with Aon Risk Services. In anticipation of the extension act's expiration, Davis said he has been encouraging clients to maintain their relationships with insurers in the stand-alone terrorism insurance market, or with those that build added protection into their all-risks policies. Upon the act's expiration, Aon projects that 80% to 85% of the terror capacity will leave the market without the mandated offer of cover, Davis said. He estimates there will be a maximum of $400 million to $600 million of all-risk market capacity available with full-term terrorism coverage, while limits of $1 billion to $1.2 billion will be available through a combination of stand-alone and all-risks. Also in the Feb. 27 BestWeek: -- Why life insurers are hoping for a pension-reform bill by April 15; -- How the soft market, intense regulatory scrutiny and unprecedented catastrophes fueled intense competition among the leading U.S. commercial insurance brokerages in 2005; and -- Why MetLife Inc.'s incoming chairman and CEO, C. Robert Henrikson, thinks freezing or terminating pension plans, along with the uncertain fate of Social Security, offer opportunities for U.S. life insurers. Also featured is Best's Insurance Composite Index, which finished the week of Feb. 23, 2006, at 1,158.43, up 13.43% compared with a year ago. The composite index reflects the performance of 137 insurance stocks. The week's top performers were Vesta Insurance Group Inc.; National Western Life Insurance Co.; SeaBright Insurance Holdings Inc.; Safety Insurance Group Inc.; and Aspen Insurance Holdings Ltd. The bottom five were PXRE Group Ltd.; Citizens Financial Corp; State Auto Financial Corp.; James River Group Inc.; and Quanta Capital Holdings Ltd. BestWeek is published by A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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The #1 Insurance Newsletter In The World 6. 3rd Annual Networks Financial Institute Insurance Summit to Focus on Options and Alternatives to Federal Insurance Charters INDIANAPOLIS, Feb. 27 /U.S. Newswire/ -- Nationally-recognized expert on insurance markets and regulation, Scott Harrington, Ph.D. and Alan B. Miller professor of the Wharton School at University of Pennsylvania, will discuss "Federal Charters for Insurance Companies: Options and Alternatives" during the 3rd Annual Insurance Summit presented by Networks Financial Institute at Indiana State University. The summit will be held at the Ronald Reagan Building & International Trade Center in Washington, D.C., on March 1, 2006. While the issue of a new federal role in insurance regulation is ongoing and much debated, Dr. Harrington will propose alternatives and options. "The Summit is not about an either/or situation regarding federal charters, but a forum to propose and discuss alternatives and options," said Elizabeth Coit, executive director of NFI. Coit noted that 2006 marks NFI”s third year of convening national leaders within the financial services industry to address the most critical issues impacting insurance. Leading national policymakers and industry experts will add their weight to this important event, including Rep. Paul E. Kanjorski, (D-PA), member of the House Financial Services Committee; Jamie Burnett, legislative director for Sen. John Sununu (R-NH); Glenn E. Westrick, counsel of the House Financial Services Committee; Charles E. Symington Jr., senior vice president, Federal Government Affairs & Federal Relations, Independent Insurance Agents & Brokers of America; J. Kevin McKechnie, associate director of government relations, American Bankers Insurance Association; J. Stephen Zielezienski, senior vice president & general counsel, American Council for Life Insurance; Gary Hughes, senior vice president & general counsel, American Insurance Association; Richard M. Bouhan, executive director, National Association of Professional Surplus Lines Offices; and Emil Henry Jr., assistant secretary for financial institutions, United States Department of the Treasury. Questions these speakers and panelist will debate include: Should there be a federal role in insurance chartering and regulation? What are the pros and cons of an optional federal charter and/or mandatory federal regulation? Where are we in the process now? Registration information is online at http://www.networksfinancialinstitute.org or available at 1-800-603-7113. Registration is required and space is limited. http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Guy Carpenter Announces Development of i-aXs(TM), a Revolutionary Online Risk Management Platform for the Insurance Industry NEW YORK--(BUSINESS WIRE)--Feb. 27, 2006-- Analysis and Reporting That Once Took Weeks Will Take Just Minutes Using Ground-breaking Technology Guy Carpenter & Company, Inc., the leading global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), announced today the development of i-aXs(TM), a revolutionary online risk management platform. This new technology provides insurance executives with the ability to leverage vast data repositories for better and faster decision making, right from their own desktops. The i-aXs platform provides Guy Carpenter clients with immediate access to their own exposure data, along with a unique suite of web-enabled reporting tools, that are customizable to their needs. Among the many features being developed as part of the i-aXs suite of tools:
"Risk management has become extremely data-intensive, and clients have expressed their frustration with having too much data and not enough resources to manage it, let alone leverage it," said Ryan Ogaard, Managing Director and Global Leader of Guy Carpenter's Instrat unit. "With i-aXs, we've unleashed the power of data, information and analysis, and we believe it will fundamentally change the way decisions about risk are made." www.guycarp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Canada...lessons to be learned from the old country by leading Canadian International Healthcare Management Consultancy There is an alarming similarity between the state of Canadian domestic healthcare delivery, financing and provision and that which was prevalent to the UK in the 1980's and early 1990's. Certainly the steady increase in population has made the infrastructure crack at the seams and the general standards in hospital, clinic and primary care facilities are not high. PMI premiums which in Canada are in the main supplementary (top-up or cash plan) programs, as there is no official acknowledgement of the existence of a private sector, are provided by locally admitted insurers and sold in the main to corporations. These programs are similar to UK hospital cash plans and provide for dental, optical, private access to primary care etc but are by no means private medical Insurance policies as UK nationals would understand it. Provincial Health Plans in Canada are paid for by payroll deduction at a fixed rate of 2% which is constant. The supplementary programs typically cost employers around 3.2% of payroll costs and are treated as a cost of doing business by employers typically with more than 50 employees on staff. Canadian Medical inflation is currently running at between 13-15%, whereas our southern neighbours have been hovering around the 15-17% level. 2005 marks a slight betterment with the rate currently being mentioned of 12-13%. As to who are the culprits for these levels in the US, there are three majors participants: 1: The Doctors, because to be frank they are surgery happy. 2: Prescription Drug costs are now a huge issue. 3: The aging population, which is by far the biggest culprit. US Employers have been heavily impacted by this factor and have had to move quickly toward implementing new health, wellness and preventative disease management in >an effort to reduce costs. For example; It has become common for all employees over 40 to be tested for illness prevention reasons. These tests are encouraged by employers who make them available free of charge, for those employees who do not take the tests there is often levied a 5% increase/surcharge on corporate health insurance contributions. For those who have the tests there is often a -5% reduction in premium. Further, employees who smoke are now premium loaded by as much as + 20% load of participative premiums. Fraud does play a part in increasing the costs of health insurance as with any country of the world, though measures to control this aspect of abuse are very stringent. The US system remains very open to abuse and manipulation. Insurance groups dedicate huge amounts of money to fraud detection, prevention and prosecution. The typical standard rate for a family in the US accessing a PPO or HMO facility is US$900.00 per month with high deductibles and co-insurances, a great many hidden deductibles housed within sectional benefit limitations. In Canada, the typical cost of the supplementary type program is CAD$250-300 per month. In addition, Rx drugs certainly are much less expensive in Canada and there is much debate at the moment and concern that US citizens and corporations are purchasing their drugs cross border. PMI uptake is very much on the increase in Canada. Under the Canadian Health Act corporations can effectively queue jump. Individuals currently cannot. The majority of Canadians do not have access to Private GP cover. However, Corporations can for their top executives purchase plans which guarantee this provision. Even though the spend on the public system continues to increase in Canada in real terms, the waiting lists have not decreased. There is a major opportunity here for a third party insurer should the political climate change. The next opportunity for change is the General Election which was the recently fought in January 2006 and heralded a change in government when the Conservative party was elected. While, there are no moves to dismantle the state system. There are however moves to modify and the demands for a two-tier system are growing in intensity, especially in Quebec and the Western provinces of BC and Alberta. Typically in the densest Canadian centers of population, a wait for an MRI can be as much as 5 weeks. The wait to get the result afterwards can be as much as 2 weeks. In the US the wait is not applicable if one can pay or has insurance. Quite often the Canadians look to the south for indications and benchmarks, lessons to be learned from healthcare delivery. They would be much better informed if they looked at European systems for guidance. Canada recognizes the symptoms in the UK from 20 years ago but elects to ignore them. The reason. Canadian politicians only have a mandate to plan and prepare for 6 years ahead. David B. Green International Healthcare Management Consultant IHI Consulting International Inc Canada Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Broadspire Services Signs Definitive Agreement to Sell Disability Services Division to Aetna; Casualty Claims Business to Focus on Growth Strategy; Strengthen Operations and Technology PLANTATION, Fla.--(BUSINESS WIRE)--Feb. 27, 2006--Broadspire Services, a Platinum Equity company that is a premier provider of casualty and disability claims management, announced today that it is selling its disability management services division to Aetna, one of the nation's leaders in health care, dental, pharmacy, group life, disability and long-term care benefits. The transaction, which is subject to normal closing conditions, is expected to be completed during the second quarter of 2006. "This is a win-win-win transaction for customers, Broadspire and Aetna," said Dennis Replogle, Broadspire's president and CEO. "Broadspire will be able to strengthen its casualty business with greater focus and investment, Aetna will enhance its integrated health and disability business, and our customers will see greater value and performance from improved products and services as both organizations execute on their go-forward growth plans. We are eager to work with Aetna as a new strategic partner." Broadspire's disability services division provides companies with programs and services that assist ill or disabled employees with their health care and efforts to return to productive employment. The business has about 85 customers and 850 employees located at Broadspire's corporate headquarters in Plantation, Fla., and throughout the country. www.platinumequity.com www.choosebroadspire.com www.aetna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Flagstone Reinsurance Announces Completion of Initial Capitalization HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 27, 2006--Flagstone Reinsurance Holdings Limited ("Flagstone Re" or "the Company") announced today that it has completed its initial capitalization of more than $715 million through a private placement of its equity securities. Flagstone Re, a global reinsurance company, was formed in response to the significant market dislocation and substantial losses experienced by the industry from the 2005 Hurricane season. The Company has been authorized as a Class 4 Bermuda licensed reinsurer and has received an initial "A-" financial strength rating from A.M. Best Company. The transaction was led by management, Lehman Brothers Merchant Banking and Lightyear Capital. Mark Byrne, Chairman, and David Brown, President and CEO, lead the senior management team, which includes Gary Prestia, Chief Underwriting Officer for North America, and Guy Swayne, Chief Underwriting Officer for International. The Company will focus on the property and specialty reinsurance business. Flagstone is fully operational, with an established operating platform in Bermuda, Nova Scotia and India, and has already underwritten a substantial amount of business for the 2006 fiscal year. "There is a significant demand for underwriting capacity as a result of the hardening market and the aftermath of Hurricanes Katrina, Rita, and Wilma," said David Brown, CEO. "Flagstone is prepared to meet that demand and is committed to this market." Mark Byrne, Chairman, added, "Our goal is to leverage world class analytical resources and underwriting experience to create a premier global short tail reinsurer." Lehman Brothers Merchant Banking, part of the Private Equity business of Lehman Brothers (NYSE:LEH), the global investment bank, manages funds that seek significant long-term capital appreciation through direct investments in established operating companies in partnership with management. The group invests in companies with sound business fundamentals, proven operating teams and a compelling business strategy or vision. Lehman Brothers Merchant Banking Partners III L.P. is the Merchant Banking group's current fund. The fund closed successfully in July 2005 with over $1.2 billion of capital commitments from institutions, high net worth individual investors and Lehman Brothers, its affiliates and employees. The group is part of Lehman Brothers Private Equity, which has more than $10 billion of assets under management. Lightyear Capital is a private equity investment firm providing buyout and growth capital to companies in the financial services industry. Based in New York, Lightyear manages approximately $2 billion in assets, including The Lightyear Fund, L.P., with investments across the financial services spectrum including brokerage, insurance, leasing, specialty finance, wholesale and consumer banking, and financial technology. Lightyear brings unique strengths and discipline to its investment process, as well as operating, transaction and strategic management experience, along with significant contacts and resources beyond capital. The senior team of professionals has an average of 20 years of financial services-related experience and includes David Glenn, Stewart Gross, Richard Sterne, Donald Marron (the former Chairman and CEO of PaineWebber Group) and Mark Vassallo. Contacts: Flagstone Reinsurance Holdings Limited, Hamilton, Brenton Slade, 441-278-4300 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Insurance Industry Leaders, Including Aon and Willis, Recognize Value of Amber Certification Certified Hedge Funds Eligible for Discounts to Insurance Premiums HAMILTON, Bermuda, Feb. 27 /PRNewswire/ -- Amber Partners Ltd., an independent specialist in hedge fund operational risk, today announced that leading UK and US insurers to the hedge fund industry have determined that Amber Certified funds will be eligible for premium discounts on Directors & Officers, Errors & Omissions and Crime Coverage insurance. Amber Partners produces comprehensive due diligence reports on individual funds, giving investors independent information on fund structure and controls. "We are very pleased that insurers will consider Amber Certifications when underwriting policies for hedge funds and their managers," said Reiko Nahum, Founder and Chief Executive Officer of Amber Partners. "The discount to premiums offered as a result of Amber Certifications has been significant." Richard Ellis, Associate Director of Aon Limited said, "We are delighted that, as a result of our collaboration with Amber Partners, Aon has obtained materially reduced premiums from the Lloyd's insurance market in recognition of the direct correlation between superior operational risk management and improved insurance risk." Andrew S. Fielding, Managing Director of ASF Financial said, "We believe that Amber Partners' certification process is beneficial to insurers when evaluating the operational risk exposures of hedge funds and fund managers. In turn, this should help the ASF/Willis joint venture achieve competitive Executive Risk insurance premiums for our clients in this sector." Amber expects approximately 30 funds to achieve certified status by summer 2006. Amber Partners is an independent operational risk certification firm to the hedge fund industry. Introduced in November 2005, Amber conducts comprehensive back office and fund due diligence, providing certification to funds that meet a benchmark of operational quality. Amber certified funds are industry leaders, have a commitment to operational best practice and have responded to investor requirements for greater operational transparency. The company was formed by Reiko Nahum, a leading expert in the field of operational risk, and is supported by a consortium of shareholders including Bear Stearns, BNP Paribas, certain principals of Vega, Anchor Asset Management and Alexandra Fund Management, a wholly-owned subsidiary of Temasek Holdings, Singapore. To register and obtain access to Amber's reports, free of charge, please visit http://www.amberpartners.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. ACS Wins $84 Million ITO Contract With UnumProvident DALLAS, Feb. 27 /PRNewswire-FirstCall/ -- Affiliated Computer Services, Inc., (NYSE: ACS), a premier provider of business process outsourcing and information technology solutions, announced today that it has been awarded an information technology outsourcing (ITO) contract with UnumProvident. The company is the industry leader in disability income protection, and one of the top providers of supplemental insurance benefits in the nation. The five-year agreement is valued at $84 million. Under the terms of the contract, ACS will provide a full range of operational support services for UnumProvident's mainframe and help desk operations, and will assist in the management of the midrange & end-user environments. UnumProvident is the largest provider of group and individual disability income protection insurance in the United States and United Kingdom. Through its subsidiaries, UnumProvident Corporation insures more than 25 million people and paid $6 billion in total benefits to customers in 2005. With primary offices in Chattanooga, Tennessee, and Portland, Maine, the company employs approximately 12,000 people worldwide. For more information, visit http://www.unumprovident.com. www.acs-inc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Navigators Acquires the Renewal Rights to Genesis Professional Liability Manager’s D&O and EPL Policy Portfolio New York – February 27, 2006 -- The Navigators Group, Inc. (NASDAQ:NAVG) announced that its subsidiary Navigators Management Company, Inc. has signed a definitive agreement to acquire the renewal rights to the directors’ and officers’ liability (D&O) and employment practices liability (EPL) policy portfolio of Genesis Professional Liability Managers, Inc. The transaction does not include any past or existing liabilities of the policy portfolio. Chris Duca, President of Navigators Pro, a division of Navigators Management Company, Inc., stated, “This acquisition is a strategic fit with Navigators Pro’s core business of D&O and EPL coverages and will expand our distribution network. We are committed to providing insurance brokers and policyholders with excellent and personalized service through a “seamless” transition to Navigators.” http://www.navg.com/ www.managementliability.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. 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. RSUI, rated "A" (Excellent) class X by A.M. Best Co., is a leading underwriter of specialty insurance products. Its D&O coverage provides strong capacity for primary and excess D&O limits, and may include the following coverage enhancements: separate limits for D&O and Employment Practice Liability, including third party discrimination coverage, defense expense in addition to the policy limit, and full prior acts coverage. The Preferred Club Program is a leading insurance provider to the golf and country club industry, insuring more than 1,000 private, semi-private and upscale daily-fee clubs. It recently added a new package solution that extends coverage for public daily-fee courses. www.PreferredClub.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. BANK INSURANCE NEWS IN BRIEF - FEBRUARY 27, 2006 TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com."
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