Daily Quote: “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks." -- Warren Buffett
1. US hurricanes may wipe out 20-40 insurers-AM Best By Ed Leefeldt - NEW YORK, June 1 (Reuters) - The U.S. hurricane season kicked off Thursday with another gloomy prediction: major storms could cause $100 billion worth of property loss, and wipe out 20 to 40 insurers. With a booming coastal population and high-priced real estate, "this is not far down the road," said John Williams, an author of the report at A.M. Best Co., a leading rating agency for insurers. For 3 to 7 percent of insurers exposed to the catastrophe, that could spell disaster, Williams said. Likely to fail are thinly capitalized property casualty carriers that are low-rated at Best, along with some firms not rated at all. "This will take a bigger bite out of the industry than the 1906 San Francisco earthquake," Williams said. Insurance costs from last year's major catastrophes, or "megacats" -- Hurricanes Katrina, Rita and Wilma -- have already reached $58 billion, with some claims still in court. In addition, federal aid to rebuild areas such as New Orleans, which was flooded by Katrina, will top $100 billion, Best said. With population expansion in vulnerable areas and soaring real estate values, catastrophe losses are likely to double every 10 years, according to hurricane modelers. In Florida, which has seen five major hurricanes in the past two years, four insurers have already failed, according to Best. When insurers are no longer around to answer the phone, the burden falls to the state, which sets up a claims fund and forces solvent insurers to pay the costs. But settlements are slow, particularly after a catastrophe like Katrina has damaged the infrastructure, Williams said. DECLINING TO WRITE Insurers are also running from areas where storm damage is likely to be the worst. American International Group Inc. (AIG.N:), the world's largest insurer, is declining to write new property policies in areas of the Gulf Coast, while Allstate Corp. (ALL.N:), the U.S.'s second-largest home insurer, is limiting exposure in areas as far north as New York. While no one knows where hurricanes will hit this year or in the future, they are almost certain to arrive, fueled by warmer than usual water temperatures and new wind patterns in the Atlantic, forecasters said. Professor Mark Saunders, head of the British-based Tropical Storm Risk Venture, which plots storms, is expecting two major storms to hit U.S. coastal areas during the hurricane season, which runs for six months through November. These megacats won't be confined to the Gulf Coast, which has seen the worst of the recent storms. "The specter of a hurricane hitting a major Northeast population center is hardly the stuff of Hollywood fantasy," warned Wendy Baker, president of Lloyd's America, a unit of the insurance syndicate, in a speech on Thursday. Six of the 10 costliest storms in U.S. history have occurred within the 14 months of the 2004-2005 hurricane season. While 2006 isn't expected to suffer the megacats of 2005, it will be part of a pattern that has seen the most devastating pattern of hurricanes since 1900, said Saunders. On Wednesday William Gray and his Colorado State University forecasting team repeated their prediction that the 2006 season would produce nine hurricanes, five of which would be major storms with winds over 110 miles her hour. The National Oceanic and Atmospheric Administration expects eight to 10 hurricanes, with four to six of them major. Saunders' group is the lowest, looking for about eight hurricanes, more than three of them severe. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Allstate drops most homeowner earthquake coverage NEW YORK (Reuters) - Allstate Corp. (ALL.N:), the second largest U.S. auto and home insurer, said on Tuesday it is dropping earthquake coverage for most of its homeowner insurance policies as part of a plan to limit exposure to catastrophes. "When the policies come up for renewal, they won't be offered this endorsement," said Allstate spokesman Peter Debreceny. "However, it's readily available from other companies, and our agents will arrange it for clients." Allstate Chairman and Chief Executive Edward Liddy said in April that the company would no longer offer new coverage for earthquake damage, as well as cutting back exposure in hurricane prone areas. Debreceny said the earthquake coverage was "an area that did not meet our needs." The insurer, based in Northbrook, Illinois, said it would continue to offer the option in states that required it. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Fitch eyes new capital adequacy model for insurers LONDON, June 6 (Reuters) - Fitch Ratings is set to move to a global method of assessing insurers' capital requirements, it said on Tuesday, allowing investors and analysts to compare capital adequacy across borders on a consistent basis. The ratings agency said the model would be based on an international framework, to be fine-tuned locally. Presently it's virtually impossible to compare the capital adequacy of life insurers in one country with car insurers in another, and very difficult to compare different insurers even within a single company because of unique accounting methods. Much like Basel II, the structure that banks are now using to assess their capital adequacy, the Fitch model will measure not just the amount of capital, but the way assets are matched up with liabilities. Instead of traditional factor-based models used by ratings agencies, focused largely on historic data, Fitch said it would capitalise on developments in financial modelling and computing to deal with future scenarios, effectively trying to build in all factors at one time. The agency plans a consultation period to receive feedback from insurers before fully implementing the model in 2007. Fitch said it did not expect capital shortfalls highlighted by the new model to trigger ratings changes. "I would have thought there will be some winners and some losers," Fitch director Andrew Murray said, when asked about the impact of the new model on Fitch clients, adding a downgrade would depend on a series of other factors beyond capital. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Purchasing Power Rebrands Unique Voluntary Benefit Purchasing Power – The Every Day Benefit offers employees the opportunity to purchase brand name computers through payroll deduction ATLANTA, Ga., (June 5, 2006) – Purchasing Power today announces a new marketing and branding strategy with the launch of Purchasing Power – The everyday benefit. As part of the strategic plan to distinctly identify this unique voluntary employee benefit, Purchasing Power – The every day benefit will now be the sole brand name used. The company has evolved from a fledgling enterprise in 2002 to become the provider of one of today’s most unique and attractive voluntary employee benefits. Purchasing Power – The every day benefit provides employers the opportunity to offer their employees convenient, affordable and easy access to brand name personal computers. This benefit is valuable to employers because it bridges the digital divide, presenting their employees with affordable options to purchase home computers. With the creation of computer packages employees can purchase new name brand components with a simple phone call. These packages include everything the employee needs to join the technology revolution: CPU, keyboard, Internet access, mouse, monitor, all-in-one printer, fax and scanner, surge protector, full warranty and computer cables. Many employers offer online access to employee benefits portals, making Internet and email access from home an important benefit for employees. Employees appreciate the convenience of preconfigured computer packages that eliminate the apprehension of trying to select all of the components themselves. The purchases are paid through convenient payroll deductions, with no credit checks and no interest. Purchasing Power’s expanded commitment to sales and marketing in the voluntary employee benefit producer and employer communities is exemplified by the introduction of a greatly simplified process for employers to adopt and employees to purchase. To support this new marketing and branding effort, Purchasing Power has hired two industry experts. George F. Conmy has joined Purchasing Power as the Executive Vice President of Sales and Business Development. Elizabeth Halkos is the Director of Product Management and Marketing. Together these individuals bring more than 40 years of industry experience to this rapidly growing organization. George F. Conmy joins Purchasing Power with more than 25 years of experience in the voluntary benefit insurance industry and will be leading Purchasing Power’s overall sales effort. Most recently Conmy served as Vice President of the Benefits Division of the Security Mutual Life Insurance Company of New York. In this position Conmy was responsible for the overall direction and management of all Group and Worksite sales efforts. Additional responsibilities included the development of marketing plans, the expansion of National distributor relationships and key agencies and the supervision of all Regional Vice Presidents within the Benefits Division. Prior to his 10-year tenure at the Security Mutual Life Insurance Company of New York, Conmy worked at the American General Life Insurance Company of New York primarily in the area of distribution development and support. Halkos will lead Purchasing Power’s overall marketing strategy, including product offering, pricing, delivery channels, and branding. A graduate of Emory University’s Goizueta Business School, Halkos most recently managed the client relationships and created marketing strategies for Miller Brewing Company, EarthLink and Ocean Spray while consulting with Inforte. “We are pleased at the wealth of knowledge and experience that both George Conmy and Elizabeth Halkos will bring to our organization,” said Keith Calhoun, Chief Executive Officer of Purchasing Power. “We are confident in their abilities to take our sales and marketing efforts to the next level.” Purchasing Power, based in Atlanta, Georgia, has more than 17 years of industry experience and an established reputation for offering unique voluntary employee benefit programs. While striving to assist organizations in achieving their overall objectives, they provide employees with the opportunity to own name-brand personal computer bundles and related products and services, regardless of credit status and with the convenience of payroll deduction. Conmy can be contacted at 404-609-5155 and Halkos can be reached at 404-609-5141. For more information about Purchasing Power, visit www.Purchasingpower.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Lloyd's Equitas says increases asbestos reserves Tue Jun 6, 2006 8:39am ET - By Clara Ferreira-Marques - LONDON (Reuters) - Equitas, the company set up to take on Lloyd's of London's liability exposures, said it had increased reserves for asbestos claims, adding prospects for a U.S. trust fund to pay for claims were uncertain. Equitas raised asbestos reserves by 128 million pounds ($240 million) in its financial year ended March 31, with pollution reserves rising for the first time since 1999. "While we have once again produced solid operational results, we have had to increase reserves and we continue to face serious threats to our ultimate success," Chief Executive Scott Moser said in a statement on Tuesday. A planned $140 billion trust fund to pay for U.S. asbestos claims, to which Equitas would have contributed, has been the subject of lengthy political wrangling. Moser said on Tuesday that the legislation had stalled in the U.S. Senate and had "only slight chances" of being enacted in 2006. "In 2007, there will be a new Congress and there is no way of knowing whether it will have any interest in asbestos reform," he said. Asbestos reserves, discounted to take account of the time value of money, stood at 2.2 billion pounds on March 31. Asbestos claims represent the most serious threat to Equitas, and the company said it had continued to make progress in resolving claims with upfront settlements with some of its biggest claimants, reducing its exposure. In the latest financial year, Equitas said it had completed 18 major asbestos settlements, though efforts to reach agreements with reinsurers were less successful. Equitas said it had reduced net liabilities to 3.8 billion pounds from 3.9 billion a year ago. "While it is disappointing to report a further increase in our reserves, we cannot escape the fact that our liabilities are still measured in billions of pounds," Chairman Hugh Stevenson said. "The majority of claims facing us are not expected to be paid for many years and remain subject to considerable volatility," he said. On the operating side, investment return for the year increased to 189 million pounds from 133 million. Equitas, which discounts its liabilities, said investment return exceeded the unwinding of the discount by 88 million pounds -- the same as the previous year. It also cut operating costs by 11 percent as it continued to reduce staff levels. The company said its solvency margin, a benchmark calculation of its financial strength by which surplus assets are expressed as a percentage of claims it needs to pay, dipped to 12 percent from 12.2 percent. Equitas was set up in 1996 to take over and pay off Lloyd's (LOL.UL:) huge exposures, largely to asbestos claims, which threatened to bankrupt the world's oldest insurance market. Equitas effectively assumed all the market's pre-1993 liabilities so that Lloyd's could continue underwriting. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Northwest Air says will end pensions without help WASHINGTON (Reuters) - Northwest Airlines (NWACQ.PK:) said on Tuesday it would attempt to terminate its employee pensions in bankruptcy if Congress did not approve legislation giving airlines more time to finance those plans. In a letter to House of Representatives Majority Leader John Boehner, an Ohio Republican, the carrier said delay in the pension bill on Capitol Hill threatened the progress of restructuring and that action was needed to save pensions. Northwest previously said it was counting on the additional time of up to 20 years included in proposed pension legislation to help balance its pension accounts and avoid turning them over to federal pension insurers like US Airways (LCC.N:) and United Airlines (UAUA.O:) did in bankruptcy. But the airline firmed up its language in its letter to Boehner, who helped author the House pension bill and is a key negotiator with Senate lawmakers on a compromise measure. "Without congressional leadership and action, the NWA pension plans will be terminated and the retirement security of over 70,000 men and women placed in jeopardy," wrote Douglas Steenland, the airline's president and chief executive. Northwest would need permission from the judge in its bankruptcy case in New York to terminate its three pension plans covering pilots, all other union employees, and salaried and management employees. Delta Air Lines, also bankrupt, has said it may terminate the pension plan covering its 6,000 pilots union to save money as it restructures. Northwest said it hopes to emerge from Chapter 11 protection as early as 2007. It sought court protection in September. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Almost 45 Percent of Households ''At Risk'' of Falling Short in Retirement; According to New Index Developed by the Center for Retirement Research at Boston College BOSTON--(BUSINESS WIRE)--June 6, 2006--Almost 45 percent of working-age households are "at risk" of being unable to maintain their pre-retirement standard of living in retirement, according to the new National Retirement Risk Index (see Table). Younger households are particularly vulnerable, as are those with low incomes or no pensions. The reason for this gloomy picture is a rapidly changing retirement landscape defined by a rising Social Security retirement age, a sharp decline in traditional pensions coupled with modest 401(k) balances, low savings rates, and longer lifespans. The Index, developed by the Center for Retirement Research at Boston College (CRR), projects how much income households are expected to have in retirement relative to their pre-retirement income. It then compares this "replacement rate" to a target rate that would allow a household to maintain its pre-retirement standard of living. Households that fall more than 10 percent short of the target are considered "at risk." The Index uses conservative assumptions and therefore may actually understate the size of the retirement challenge. For example, the Index assumes people retire at age 65, while most retire earlier. The Index also assumes that households take full advantage of their available assets by purchasing an annuity with their financial wealth and taking out a reverse mortgage to tap their housing equity. Finally, the Index requires that household replacement rates only come within 10 percent of the target, not actually hit it. According to Alicia H. Munnell, Director of the CRR, the Index results suggest that "unless Americans change their ways, many will struggle in retirement." Munnell noted that "there is no silver bullet, the answer is saving more and working longer. Even relatively modest adjustments -- working two extra years or saving 3 percent more -- can substantially improve retirement security." For more information, download a copy of the issue in brief "A New National Retirement Risk Index" or the full report "Retirements at Risk: A New National Retirement Risk Index" at www.bc.edu/crr/nrri.shtml. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Whitehill Technologies, Inc. Acquires InSystems Whitehill purchases software business from Standard Register MONCTON, NB, Canada, and DAYTON, OH, United States – June 6, 2006 – Whitehill Technologies, Inc. today announced that it has purchased InSystems, a wholly owned subsidiary of Standard Register (NYSE:SR), a premier document services provider based in Dayton, Ohio, United States. Financial terms of the deal were not disclosed. “We believe that InSystems will be better positioned for success as part of a software company,” said Dennis Rediker, Standard Register’s president and CEO. “InSystems is a recognized software technology leader with an attractive customer base in the insurance market.” “The combined company’s critical mass will be nearly 1000 customers strong, including several hundred insurance companies and more than half of the world’s largest law firms,” says Paul McSpurren, president and CEO, Whitehill Technologies, Inc. www.insystems.com www.whitehilltech.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. AXA Accepts Investor Group Offer to Acquire the Ongoing Business of AXA RE GREENWICH, Conn., June 6 /PRNewswire/ -- AXA Group (NYSE: AXA) today accepted the binding offer submitted on April 6, 2006 by Paris Re Holdings Limited to purchase the business of AXA RE, a wholly-owned subsidiary of AXA Group. Paris Re Holdings Limited, which will have an initial capitalization of approximately $1.5 billion, was formed by an investor group to assume the ongoing business of AXA RE. The investor group is led by Stone Point Capital, the manager of the Trident Funds, and other investors including Hellman & Friedman, Vestar Capital Partners, Crestview Capital Partners, Och Ziff Management, ABN AMRO and New Mountain Capital. AXA Group will retain a 4% stake in the company. Vestar Capital Partners is a leading private equity firm specializing in management buyouts and growth capital investments. Vestar's investment strategy is targeted towards companies in the U.S. and Europe with valuations in the $100 million to $5 billion range. Since the firm's founding in 1988, Vestar has completed over 50 investments in the U.S. and Europe in companies with a total value of approximately $17 billion. These companies have varied in size and geography and span a broad range of industries. The firm's strategy is to invest behind management teams, family owners or corporations in a creative, flexible and entrepreneurial way with the overriding goal to build long-term franchise value. Vestar currently manages funds totaling approximately $7 billion and has offices in New York City, Denver, Boston, Paris and Milan. More information about Vestar is available at http://www.vestarcapital.com. Crestview Capital Partners is a $1.4 billion private equity fund. The firm was founded in 2004 by a group of Goldman Sachs partners and colleagues who had served in leadership roles in the firm's private equity business and senior management. Crestview's founding partners have invested nearly $6 billion in a wide range of industries in North America and Europe. Crestview's investors include primarily entrepreneurs, families, and endowments, as well as the partners of the firm. Och-Ziff Capital Management Group, founded in 1994 by Daniel Och, is a global institutional asset management firm, with offices in the U.S., London, and Hong Kong, managing in excess of $16 billion. Och-Ziff has over $2 billion currently invested in Global Private Equity, which encompasses various industries and geographies. The firm seeks to achieve consistent, positive absolute returns that are not correlated with the equity market indices through investments in securities of many asset classes. ABN AMRO is a leading financial institution with assets of 880 billion euro and shareholders' equity of 22 billion euro as of December 31, 2005. ABN AMRO's Merchant Banking Group makes non-strategic private equity investments in the financial services sector using ABN AMRO's balance sheet capital. Its private equity investment portfolio currently includes significant minority investments in Korea Exchange Bank in South Korea, NIB Capital in The Netherlands, GFKL Financial Services in Germany and Bluestone Mortgages in Australia. New Mountain Capital manages private equity and public equity capital with aggregate assets under management totaling more than $3.0 billion. New Mountain is a generalist firm but has developed particular competitive advantages in the most attractive sectors of education, health care, business services, IT services, media, software, insurance, consumer products, water and power. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. BenefitMall Acquires Weston Group Benefits, LLC; Second Purchase for BenefitMall This Year DALLAS, June 6 /PRNewswire/ -- BenefitMall, one of the nation's leading broker services companies, announced today that it has acquired Weston Group Benefits, LLC, one of the largest independent general agencies serving the New York Metropolitan area. Weston Group Benefits, LLC is headquartered in New York and is currently serving nearly 2,100 brokers and 25,000 in-force groups. They offer the largest diversified carrier contract portfolio in the tri-state area from regional leaders like GHI and HIP to large national carriers including Aetna, United Healthcare/Oxford Health Plans, HealthNet, Cigna and many others. www.westongroupbenefits.com www.benefitmall.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Client Retention Over 98%! AlwaysCareSM wants outstanding agents to sell AlwaysDentalSM and AlwaysVisionSM group policies. Expanding to 49 states. Excellent agent and customer service with toll-free telephone access 6 days a week. Excellent commissions paid. Dental network 54,000+. (Allows any dentist.) Vision network 20,000+. Voluntary plans and employer paid plans available. Offered through National Guardian Life Insurance Company* [AM Best A- (Excellent) rating], administered by AlwaysCare Benefits, Inc., a Starmount Life Insurance company. Call Agent Services, 888-729-5433, option 5. Fax 888-729-7627. E-mail info@StarmountLife.com (Include your name, address and telephone number.) For agent use only. http://www.alwayscarebenfits.com/ *Not affiliated with The Guardian Life Insurance Company of America, a/k/a The Guardian or Guardian Life. IN 4/06 11. Arthur J. Gallagher & Co. Acquires Robert Keith & Associates, Inc. ITASCA, Ill., June 5 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Robert Keith & Associates, Inc. of Naperville, Illinois. Terms of the transaction were not disclosed. Established in 1984, Robert Keith & Associates, Inc. is a surety bonding specialty agency offering all types of surety products and services to their Midwest client base. They specialize in bonding programs for general and trade contractors, home builders, commercial firms, mortgage brokers and lenders, public officials and not-for-profit organizations. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. BNC Insurance Services, Inc. Announces the Acquisition of T.M. Richards & Associates PHOENIX, June 6 /PRNewswire-FirstCall/ -- Richard W. Milne, Jr., President of BNC Insurance Services, Inc. (dba MILNE & BNC Insurance Services), a subsidiary of BNC National Bank and its parent company, BNCCORP, Inc. (Nasdaq: BNCC), and Tom Richards, principal of T.M. Richards & Associates in Phoenix, Arizona, announced the acquisition of substantially all of the assets of T.M. Richards & Associates by BNC Insurance Services, Inc. The total consideration paid in the acquisition was valued at approximately $2,000,000, of which approximately $1,500,000 was paid in cash and the remainder of which was paid in shares of BNCCORP, Inc. common stock. The transaction was effective May 31, 2006. www.milnebnc.com www.bncbank.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. HCA and LifePoint Sign Modified Purchase Agreement NASHVILLE, Tenn., June 5 /PRNewswire-FirstCall/ -- HCA (NYSE: HCA) today announced the company has signed a modified purchase agreement for the sale of four hospitals in West Virginia and Virginia to LifePoint for a base purchase price of $239 million, plus price adjustments for capital expenditures and certain working capital items (including inventory and the assumption of employee paid-time-off) of approximately $15 million as of April 30, 2006. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. ISO HomeValue Helps Insurers Estimate Replacement Cost of Condominiums as the 2006 Hurricane Season Begins BOSTON--(BUSINESS WIRE)--June 6, 2006--ISO HomeValue(TM), a residential property replacement cost estimator developed by ISO subsidiary AIR Worldwide, has expanded its valuation capabilities to include replacement cost estimates for individual condominium units. As the 2006 hurricane season commences, ensuring adequate insurance-to-value has increased significance to insurers and homeowners alike due to the tremendous growth of condominiums in the United States, particularly in the hurricane-prone coastal areas of Florida. www.isohomevalue.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. MetLife Launches Roth Offering Through 403(b) Plans with Educational Support Through MetLife Resources NEW YORK--(BUSINESS WIRE)--June 6, 2006--MetLife announced today the availability of a Roth offering through 403(b) plans as an option for customers to diversify tax risk and potentially enhance after-tax savings in retirement. The option is available through MetLife Resources, the company's distribution arm for its 403(b) business. www.metlife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. AIG Extends Support to Indonesia Earthquake Victims; AIG Makes Donation of $1,000,000 NEW YORK--(BUSINESS WIRE)--June 6, 2006--American International Group, Inc. (AIG) today announced that it is donating $1,000,000 to support relief efforts in the areas affected by the May 27 earthquake in Indonesia. Martin J. Sullivan, AIG President and Chief Executive Officer, said, The earthquake in Indonesia has left hundreds of thousands homeless with no access to the most basic necessities. The funds will be directed to organizations in Indonesia that can most efficiently and effectively provide much needed relief in the quake-stricken area. AIG offers its deepest sympathies to all those who have been affected by this tragedy." The AIG Companies have a long-standing presence in the region. In Indonesia, AIG Companies have offices in Jakarta and Tangerang that provide general and life insurance. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Pet Owners Will Spend Anything to Save Pet's Life, Survey Says Nearly Three-Quarters of VPI Survey Respondents Say They Would Foot Any Size Bill BREA, Calif., June 6 /PRNewswire/ -- If you would pay any amount of money to ensure a long and happy life for your pet, you're not alone. According to a recent survey of Veterinary Pet Insurance (VPI) policyholders and other pet owners who visited the VPI website, 70 percent of those who responded said they would pay any amount to save their pet's life. The latest opinion poll was delivered to VPI Pet Insurance policyholders through its quarterly newsletter, The Retriever, and was also accessible on the company Web site, www.my.petinsurance.com/newsletter. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. FINEOS Joins IBM ISV Advantage to Deliver Comprehensive Solutions to North American Insurance Companies; Insurance Firms Benefit from Fully Integrated Software Suite Utilizing IBM Architecture, Hardware, Software and Services BOSTON--(BUSINESS WIRE)--June 6, 2006--FINEOS, an award-winning global provider and a recognized expert in the development of packaged software solutions for the insurance industry, has been recruited into IBM's North America ISV Advantage initiative, a program designed to provide independent software vendors (ISVs) with technical and marketing support to meet the specific information technology needs of small and medium business (SMB) companies. The IBM ISV Advantage relationship expands FINEOS' existing global relationship with IBM as an exclusive cluster partner for the insurance industry while supporting FINEOS' continued expansion focused on serving the full breadth of North American insurance carriers. www.FINEOS.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. New Life Insurance Calculator for Women Estimates `The Value of All You Do' NEWARK, N.J.--(BUSINESS WIRE)--June 6, 2006--Prudential Financial, Inc. (NYSE: PRU) announced today a new tool that can assist families with selecting the right amount of life insurance coverage. While Life Insurance can never replace the emotional loss a family suffers in the event of a death, The Value of All You Do Calculator, now available on the company's website, estimates the economic value of many services women provide for their families, such as managing the home, caring for children, running errands, preparing food, and tutoring. Wives are less likely to own life insurance than their husbands at nearly all income levels, according to LIMRA, 2005. In addition, a 2006 study by Salary.com concluded that the value of the things moms do can amount to an average annual salary of $85,876 for working moms and $134,121 for stay at home moms. "We specifically designed this tool to assist with understanding the economic impact that a stay at home spouse has on their family household," said Maria Umbach, vice president of Individual Life Insurance for The Prudential Insurance Company of America, based in Newark, NJ. "The value of what many individuals do on a day-to-day basis is much greater than their salary or current assets. It's the present value of the tangible services they provide for those who depend on them and what it would cost to replace those services if they were no longer around." www.prudential.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. 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21. Life Settlement Solutions, Inc. Launches E-Newsletter; Quarterly Publication Provides Industry News, Sales Tips of the Trade and More SAN DIEGO--(BUSINESS WIRE)--June 5, 2006--For those seeking current life-settlement industry news, a new wealth of information has hit the wires with Life Settlement Solutions, Inc.'s quarterly electronic newsletter Life Settlements Market Watch. Life Settlements Market Watch features a column of industry insight and projections from Life Settlement Solutions' president and CEO Larry Simon, sales tips of the trade featuring strategies for life-settlement sales, and a regulatory and compliance update. Other sections include investor information, questions from Life Settlement Solutions' customers answered by Life Settlement Solutions' staff, the most recently published articles and press releases from Life Settlement Solutions, and a calendar of the upcoming events Life Settlement Solutions will be attending. to access the e-newsletter or join the mailing list, visit www.lss-corp.com/agent-news.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. America's Health Insurance Plans, American Dental Association Formalize Agreement on CDT System Administration WASHINGTON, June 6 /PRNewswire/ -- America's Health Insurance Plans (AHIP) and the American Dental Association (ADA) today announced that they have agreed to a multi-year Current Dental Terminology (CDT) licensing agreement on behalf of AHIP members. The ADA agreement with AHIP will provide AHIP members with a 20-30% discount. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. With Hurricane Season Approaching, MassMutual Advises: Have Your Financial Escape Plan Ready to Go Seven Financial Precautions that can help you Recover from a Disaster. SPRINGFIELD, Mass., June 6 /PRNewswire/ -- With the National Hurricane Center predicting a very active hurricane season, MassMutual is issuing a reminder to be prepared financially for a disaster. In addition to physical preparations -- such as designing an evacuation plan and having essential items such as clothing, food and water on hand -- it's important to take appropriate financial steps to help ensure that once the disaster has passed, you can quickly regain your financial footing. "Whether it's a hurricane, earthquake, fire or flood, it's vital that people take financial precautions before a catastrophe hits," says Stephen Collins, general agent, Collins Financial Network, a MassMutual general agency in Jackson, Miss., whose office last year weathered Hurricane Katrina. "Ensuring you are protected in case of disaster means not only having the right coverage, but also having the right financial escape plan." From protecting your financial documentation to having cash on hand, a little financial foresight can go a long way. MassMutual offers the following financial guidelines to help consumers across the nation prepare financially in case of a disaster: www.massmutual.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Oil Insurance Limited Announces Purchase Offer for Any and All of Its Outstanding $300 Million Deferrable Subordinated Debentures due August 15, 2033 HAMILTON, Bermuda, June 5 /PRNewswire/ -- Oil Insurance Limited ("OIL"), a Bermuda-based mutual insurance company, announced today that it is offering to purchase for cash any and all of its outstanding $300 million aggregate principal amount of deferrable subordinated debentures due August 15, 2033 (the "Securities"). In connection with the offer, OIL is soliciting consents from holders of the Securities to effect certain proposed amendments to the indenture governing the Securities, including, among other things, the elimination of substantially all of the restrictive covenants and certain events of default and amendments of certain other provisions contained in the indenture. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Top Payers Ranked in First Annual Report - Business Journal for Physicians Reports Health Insurer Shortfalls BALTIMORE, June 5 /PRNewswire/ -- In response to the growing rift between health insurers and doctors, Physicians Practice(R), America's Leading Practice Management Journal, this month released the Physicians Practice PayerView Index, a first-of-its-kind ranking of the best and worst payers for physicians to work with. This month's cover story of Physicians Practice includes in-depth analysis, and payer profiles compiled by the editorial staff. The full story is now available online at http://www.PHYSICIANSPRACTICE.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. SHPS publishes guide for ``Making Consumerism Work''; New publication offers strategies and tactics for transforming healthcare LOUISVILLE, Ky.--(BUSINESS WIRE)--June 6, 2006--SHPS, Inc., a national provider of healthcare consumerism solutions, announced today the publication of its new booklet, "Making Consumerism Work: A Practical Guide for Transforming Healthcare." The comprehensive guide offers strategies and tactics for implementing a healthcare consumerism program. In the 68-page booklet, SHPS offers a new perspective on consumer-driven healthcare (CDHC) by suggesting that the real solution is "healthcare consumerism." Healthcare consumerism expands the narrow, plan-focused approach of CDHC into a comprehensive health strategy that combines plan design, spending accounts, care management, wellness programs, incentives and health advocacy services. Complimentary copies of "Making Consumerism Work" are available for a limited time by visiting www.shps.com/consumerism. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Liberty Mutual Launches National Advertising Campaign Posing the Question: ''Responsibility. What's Your Policy?''; New Fully Integrated Campaign Developed by Hill Holliday Includes National Television, Print and Online Advertising BOSTON--(BUSINESS WIRE)--June 5, 2006--Liberty Mutual - the sixth largest property and casualty insurer in the U.S. - tonight launches a major national advertising campaign and tagline, "Responsibility. What's Your Policy?," with a 60-second branding spot during the season finale of NBC's, "Deal or No Deal," which airs at 8:00 p.m. EDT. The total media spend for this national advertising campaign is in excess of $38 million. Launching tomorrow, visitors can access the new Web site, www.whatsyourpolicy.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Watson Wyatt Opens Tampa Office WASHINGTON, June 5 /PRNewswire-FirstCall/ -- Watson Wyatt Worldwide, a leading global human capital consulting firm, announced today it has opened a consulting office in Tampa, Florida, to support the firm's expanding business activities throughout Northern and Central Florida. "Florida is a growing market, and we are very excited about expanding our presence within the state," said Edward Shumsky, managing consultant for Watson Wyatt's Miami and Tampa offices. "The Tampa office demonstrates our commitment to provide the highest level of service to our existing clients in the region as well as to develop new client relationships." www.watsonwyatt.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. McCamish Systems Announces Major Release of 409A Compliant Nonqualified Plan Documents ATLANTA--(BUSINESS WIRE)--June 6, 2006--The McCamish Systems Retirement Services Group today announced a major release of materials to assist in compliance with IRC 409A. 409A-compliant documents, plan summary and enrollment communications materials for use with 409A nonqualified deferred compensation plans and supplemental retirement plans are now available from the Deferral+(R) and Advisorfolio(TM) automated design platforms. According to Louis Richey, Senior Vice President at McCamish Systems, this first major release of revised documentation "incorporates all the guidance provided by Treasury and IRS released to date, including the Proposed 409A Treasury Regulations issued late last year." McCamish's release is intended to assist plan sponsors to get all new and existing plans into 409A compliance by the IRS's current December 31, 2006 deadline. 409A imposes severe penalties on plans that fail to comply by the end-of-year deadline. www.McCamish.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Former SEC and NASD Regulator Launches New Regulatory Compliance Services Firm in Alexandria, VA Alexandria, VA (PRWEB) June 6, 2006 -- FrontLine Compliance, LLC, a new securities compliance services firm, has been launched in Alexandria, Virginia by Amy Lynch, CRCP. Lynch, an 18-year financial industry veteran, is a former regulator for both the Securities & Exchange Commission (SEC) and NASD and a recognized expert in regulatory issues. In addition, Lynch held several senior compliance positions in the private sector. One of the first graduates of the NASD Institute/Wharton School Certification Program, she holds the Certified Regulatory Compliance Professional designation. www.frontlinecompliance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Cogendi, Standard & Poor’s Fund Services And AAAdvisors, An ABN AMRO Group Company, Announce Further Collaboration (PRWEB) June 6, 2006 -- Cogendi, a software company specialised in alternative and traditional multi-management, has announced that its groundbreaking software application, c*neo, which integrates on a recurrent and automatic basis substantial quantities of data sourced from Standard & Poor's Fund Services, is now fully integrated and feeds into the models developed by AAAdvisors, the multi-management company of the ABN AMRO Group and a subsidiary of Neuflize OBC. www.standardandpoors.com www.cogendi.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Coordinated Benefits Company, LLC Announces Nation's Largest Annual Health Plan Survey Extension Schaumburg, IL (PRWEB) June 5, 2006 -- Back in April, leading area employee benefits firm Coordinated Benefits Company in conjunction with United Benefit Advisors announced the release of on an unprecedented survey initiative which will provide invaluable benchmarks for employer-sponsored health plans based upon number of employees, industry, and region. The deadline to participate has been extended from June 2 to July 7, 2006. The survey is open to all employers for the first time and there is no cost to participate. Each participant will receive a complimentary electronic synopsis of key national results that will allow companies to compare their plans with those of peers and competitors, whether based on number of employees, location, or type of industry. www.cbcco.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Decision Research announces DecisionMaker Rating Enterprise Edition Boston, MA – June 5, 2006 – At the IASA Annual Conference, Decision Research Corporation (DRC), a rating and policy processing software solution provider to the property & casualty insurance industry, today announced the launch and immediate availability of their DecisionMaker Rating Enterprise Edition, offering insurers a complete solution for automated rate program roll-outs and analysis. www.decisionresearch.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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