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Fitch: Windstorm Insurance May Pose A Problem For U.S. CMBS As 2006 Hurricane Season Begins CHICAGO--(BUSINESS WIRE)--June 12, 2006--U.S. commercial real estate (CRE) values in coastal areas, and in particular smaller multifamily properties, may suffer as insurance companies reduce loss exposure to hurricane-prone areas by increasing premiums, raising deductibles, dropping coverage amounts and even dropping coverage altogether following the most active and most expensive hurricane season in 2005, according to Fitch Ratings. 'CMBS servicers have noticed a sharp increase of anywhere between 25% and 400% in windstorm and flood insurance premiums since the official start of the hurricane season on June 1,' said Joseph Kelly, Senior Director, Fitch Ratings. This may present a problem for commercial real estate properties where premium increases cannot be passed through to tenants, and in fact the resulting value decline may be severe enough so a property can no longer support its full debt service, increasing the likelihood of payment default.' As premiums increase, and in some cases even skyrocket, the same is happening to deductibles, as Fitch has seen increases of 10% to 15% of replacement value for renewals, compared to 2% to 5% last year. Some CMBS servicers are requiring borrowers to provide guarantees to cover the difference between the two deductibles in order to mitigate the additional risk. With some insurers placing caps on windstorm coverage and even dropping coverage all together active, 'Fitch's chief concern is that windstorm insurance along coastal areas may become commercially unavailable, possibly echoing in severity the terrorism insurance issues of late 2001/early 2002,' said Senior Director Patty Bach. Key questions arose after Katrina, as much damage was caused by flooding, not by wind. Almost all residential property and casualty (P&C) windstorm policies specifically exclude damage caused by flooding (including storm surges), and have so for many years. Since private insurance companies were largely unwilling to underwrite and bear the risk of flood because of its catastrophic nature, the National Flood Insurance Program (NFIP) was created in the late-1960s to provide insurance coverage for flood damage. Unlike the residential insurance market, many commercial P&C insurance policies are negotiated contracts and therefore may or may not cover flood damage depending on the terms of the individual policy. Some standard commercial property policy will provide excess flood coverage after a NFIP policy. NFIP insurance not only provides primary coverage, but also helps lower premiums and increase availability of excess flood coverage in the private market. Currently, NFIP flood coverage on commercial properties is capped at $500,000 for the building and an additional $500,000 can be purchased to cover a buildings contents. Congress is currently working on proposed changes to the NFIP, which among other things would increase the current coverage limits. NFIP policies currently do not cover business interruption insurance. Mortgages secured in CMBS typically carry P&C insurance coverage equal to the replacement cost of the property. The majority of P&C insurance policies include wind as a covered peril, except for properties located in close proximity to the coast. Close proximity definitions differ by insurance companies and their risk appetite. For example, some insurance companies exclude wind for properties located within 20 miles of the coast, others 100 miles. When wind is excluded, a separate wind policy or rider needs to be purchased. Fitch plans to host a forum to further explore the issues surrounding windstorm insurance and the potential impact on the CMBS market (separate press release to follow). www.fitchratings.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. BestWeek: Midterm Elections Have Trade Groups Eyeing Committee Changes OLDWICK, N.J.--(BUSINESS WIRE)--June 9, 2006--With all 435 members of the House of Representatives up for re-election in November, and enough Senate seats in play to potentially switch control of that chamber to Democrats, insurance industry trade groups are bracing for potential changes on key committees, according to an article in the June 12 BestWeek. Possibly the most closely watched is the Senate Banking Committee, which has oversight of most insurance and banking matters. It is the Senate's committee of jurisdiction for legislation seeking to enact an optional federal charter -- an effort that has, for some segments of the industry, been years in the making. "Optional federal charter is one of our main priorities," said Jack Dolan, a spokesman for the American Council of Life Insurers. Also included in the June 12 BestWeek is a two-page federal elections preview, looking at how the upcoming elections would impact key committees. Also in this week's BestWeek: -- In the wake of the possible theft of millions of veterans' personal information, insurers are taking a closer look at ID theft coverage; and -- Challenges arise when homeowners insurers are asked to cover exotic critters such as lions and snakes. Also featured is Best's Insurance Composite Index, which finished the week of June 8, 2006, at 1,102.23, up 8.41% from a year ago. The composite index reflects the performance of 133 insurance stocks. The week's top performers were RenaissanceRe Holdings Ltd.; Atlantic American Corp.; Aspen Insurance Holdings Ltd.; Sierra Health Services Inc.; and Montpelier Re Holdings Ltd. The week's bottom performers were Citizens Financial Corp.; Presidential Life Corp.; Bristol West Holdings Inc.; SeaBright Insurance Holdings Inc. and W.R. Berkley Corp. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. GE Completes Sale of Insurance Units to Swiss Re FAIRFIELD, Conn.--(BUSINESS WIRE)--June 12, 2006--General Electric Company (GE) announced today it has completed the sale of its Insurance Solutions business, including Employers Reinsurance Corporation (ERC), to Swiss Re for $7.8 billion in cash and securities plus the assumption of $1.7 billion in GE Insurance Solutions Corporation debt. GE received $5.4 billion in cash and 33.3 million shares of Swiss Re common stock. As a result of the transaction, GE will own a 9% percent stake in Swiss Re. www.ge.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Life Settlement Solutions Launches Life Settlement Awareness Month Web Site; Complements Life Settlement Awareness Month Workshop at Million Dollar Round Table SAN DIEGO--(BUSINESS WIRE)--June 9, 2006--In response to agents' calls for quality educational opportunities on life settlements, Life Settlement Solutions, Inc. has launched a Web site to complement its hosting of Life Settlement Awareness Month. The new site, www.lifesettlementawarenessmonth.com, provides visitors up-to-date news regarding Life Settlement Awareness Month news and events, steps to a successful summer sales campaign and resources for agents looking to better serve their clients and increase profits. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. INTERSTATE COMPACT COMMISSION TO HOLD INAUGURAL MEETING Public Meeting to be Held at National Press Club WASHINGTON, D.C. (June 11, 2006) – The Interstate Insurance Product Regulation Commission will hold a public meeting on Tuesday, June 13 from 1:00 p.m. to 3:00 p.m. at the National Press Club in Washington, D.C. This will be the first meeting of the Commission upon surpassing its operational goal of adoption by 26 states. The National Association of Insurance Commissioners (NAIC) exceeded its goals for the Compact by adding Minnesota as the 27th state and reaching approximately 41% of the premium volume. “This is an historic moment for state-based insurance regulation as the compacting states convene for their inaugural meeting,” said National Association of Insurance Commissioners (NAIC) President Alessandro Iuppa. “The significance of 27 states adopting the Interstate Compact in as many months demonstrates the commitment of state insurance regulators, state legislators and governors, as well as the insurance industry, to strengthen our state-based regulatory system that has been successful for 135 years.” The Compact creates an Interstate Commission that provides the states with the ability to collectively use their expertise to develop uniform national product standards, affording a high level of protection to consumers of life insurance, annuities, disability income and long-term care insurance products. The Compact establishes a central point of filing for these insurance products, enhancing the speed and efficiency of regulatory decisions based on strong product standards and allowing companies to compete more effectively in the modern financial marketplace. During its inaugural meeting, the Commission expects to consider certain items, including formation of an interim Management Committee, initiating a plan of action from the NAIC Interstate Compact Implementation Task Force, publication of bylaws, a starting budget, staffing requirements and technology considerations. “The Commission is expected to put into motion the steps for operational development with a target goal for receiving and making regulatory decisions on product filings during the first part of 2007,” said Pennsylvania Insurance Commissioner Diane Koken. “I appreciate the hard work and commitment of dedicated regulators, the NAIC and other interested parties. Their unified efforts have put the Commission in a very good position as it begins its start-up activities.” The 27 Compacting states include Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Minnesota, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wyoming. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. NAIC PAST PRESIDENTS COMMEMORATE 135th ANNIVERSARY KANSAS CITY, MO (June 11, 2006) – To celebrate the 135th anniversary of the National Association of Insurance Commissioners (NAIC), twelve past presidents of the Association will provide congratulatory remarks via videotape during the Opening Session of the Summer National Meeting in Washington, D.C. “As we celebrate 135 years of state-based insurance regulation, we are delighted to have former regulators who have helped shape regulatory policies and consumer protections share some of their special NAIC memories,” said Alessandro Iuppa, NAIC President and Maine Insurance Superintendent. The personalized messages will include important milestones and memorable moments noted by past presidents during their tenure. In addition, twelve former presidents will be in attendance and recognized during the Opening Session. “This anniversary gives us a wonderful opportunity to look back on our rich history and many accomplishments and to help focus on our future as the nation’s insurance regulators,” said Catherine J. Weatherford, NAIC Executive Vice President and CEO. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. AIA DISMAYED BY NAIC ACTION THAT WILL REDUCE FINANCIAL SECURITY OF U.S. INSURANCE POLICIES WASHINGTON, D.C., June 12, 2006 –Despite the strong objections of U.S. insurance companies, state insurance regulators took action this weekend that will lead to reducing the capital that secures the insurance policies U.S. consumers depend on to help recover from losses, said Phillip Carson, senior counsel, American Insurance Association (AIA). A proposal to consider financial strength ratings of alien reinsurers as an alternative to the current requirement that these unlicensed reinsurers post 100 percent collateral was adopted in a unanimous vote by the National Association of Insurance Commissioners’ (NAIC) Reinsurance Task Force during the NAIC’s meeting in Washington, D.C. “This measure allows certain influential foreign reinsurers to reduce the capital they are currently required to post in order to back-up the reinsurance contracts they write in this country,” Carson stated. In March, the Task Force asked the industry to help develop alternative regulatory systems for its consideration. This weekend’s meeting was expected to be a progress report on insurer's evaluation of alternatives. “It was presumed we would continue examining alternatives with the state regulators, but it was apparently pre-determined that the Task Force would take the course they did. This abrupt decision calls into question the integrity of the evaluation process,” Carson said. “This action raises several questions, including whether the final outcome is also pre-determined, and why would regulators, who are supposed to protect insurers and their policyholders, tamper with a law that is not broken?” Current law requires foreign reinsurers to post 100 percent collateral for reinsurance contracts written in the U.S. when these reinsurers choose not to obtain a U.S. license, which means they are not subject to U.S. financial regulation. The financial strength proposal would allow alien reinsurers to post collateral in an amount based on the reinsurer’s financial strength. “It could be zero or it could be 100 percent. The bottom line is an overall reduction in the solvency protection for U.S. insurance consumers and companies,” Carson said. "We need state regulators to aggressively defend the interests of Americans who rely on insurance and their insurers in international negotiation," added David Snyder, AIA vice president and assistant general counsel. "That was not the case here." www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. AUTO INSURANCE FOCUS OF NAIC PUBLIC HEARING KANSAS CITY, MO (June 8, 2006) – The Uninsured Motorist Issues (C) Working Group of the National Association of Insurance Commissioners (NAIC) announces a public hearing on Auto Insurance Verification and Enforcement Systems. The hearing is scheduled on June 9, 2006 from 1pm to 5pm, at the Marriott Wardman Park Hotel in Washington D.C. The purpose of the hearing is to gather information regarding auto insurance verification and enforcement systems. The NAIC appointed the Uninsured Motorist Issues Working Group to develop or review standards for a state-based, cost-effective, and uniform approach for reducing the number of uninsured motorists on the nation’s highways. The Working Group will develop business rules for auto insurance verification and consider whether it needs to draft a model law or regulation to facilitate the development of such business rules. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
10. AlwaysCare Benefits, a Starmount Life Insurance company, Launches Consumer-Driven, Fully-Interactive Website Baton Rouge, LA, June 12, 2006 – AlwaysCare Benefits, a Starmount Life Insurance company, has recently redesigned and updated its website with online tools to further enhance its level of customer service. The website, www.AlwaysCareBenefits.com, provides information regarding the company’s core group dental and vision products as well as its new individual dental product. One of the key enhancements to the website is the addition of AlwaysAssist, a fully-integrated, interactive portion of the site which provides Benefit Administrators ease in: Modifying their employees’ information including adding and terminating coverage; Accessing Certificates of Insurance and plan designs as well as all the forms needed to administer their plan(s); Viewing billing and payment history. AlwaysAssist also allows employees to manage their dental and vision plans, providing them access to their plan design and certificate of coverage 24 hours a day, 7 days a week. Employees can also view their submitted claims to see the status and payment dates. Furthermore, employees can request replacement ID Cards online. AlwaysAssist offers AlwaysCare Providers access to check employee eligibility, verify benefits, submit claims and view claims status. “Empowering our customers with online tools and information is critical to our sustained growth,” said Erich Sternberg, President, AlwaysCare Benefits. “We continue to enhance our website with smart technology that keeps AlwaysCare Benefits on the cutting edge.” AlwaysCare customers are now able to access a Dental Health Center and Dental Cost Estimator enabling them to make better educated decisions about their dental needs. The Dental Health Center provides up-to-date information and articles designed to assist employees and their families in maintaining their overall dental health. This includes an Ask-A-Dentist service where employees can obtain answers to frequently asked dental questions and pose their own questions to dental professionals. Employees can also utilize a Dental Cost Estimator online to plan their dental expenditures. This tool provides them with a cost range for dental procedures based on their zip code, so they can effectively manage their dental expenses. In addition, www.AlwaysCareBenefits.com offers an in-depth provider search engine of over 64,000 in-network dental access points or directory locations and 18,000 in-network vision providers nationwide. As well as our extensive national network, AlwaysCare provides its Members access to approximately 114,000 certified dentists nationwide. Moreover, Agents, Group Administrators, Employees and Providers may now access the forms, documents and the transaction status they need to effectively manage their plans. For more information, please visit www.AlwaysCareBenefits.com or call Suzanne Ducote at 1-888-729-5433 x192. Starmount Life Insurance Company, named 2006 Company of the Year by the Greater Baton Rouge Business Report, and its affiliate, AlwaysCare Benefits, are family-run businesses. Known for reliable service and customer satisfaction, Starmount offers innovative insurance products—like individual life insurance, extra accidental death coverage and living benefits. AlwaysCare Benefits is a leading provider of group dental and vision benefits marketed nationally as AlwaysDentalSM and AlwaysVisionSM. AlwaysCare, in partnership with National Guardian Life* [AM Best A- (Excellent) rating, 2005], markets products in 49 states. *National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America, a.k.a. The Guardian, Guardian Life. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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11. BANK INSURANCE NEWS IN BRIEF - JUNE 12, 2006 TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com. To read these stories, visit http://www.bankinsurance.com/editorial/news/default.htm
12. Research and Markets: Open Enrolment is the Once-a-Year Opportunity for Employees to Change Their Health Insurance Coverage as Well as Adjust Contributions to the Savings, Retirement and Flexible Spending Options Their Employers Offer DUBLIN, Ireland--(BUSINESS WIRE)--June 12, 2006--Research and Markets ( http://www.researchandmarkets.com/reports/c38173 ) has announced th e addition of Health Plan Open Enrolment: Strategies to Improve Results to their offering. Health Plan Open Enrolment: Strategies to Improve Results, a May 24, 2006 audio conference on CD-ROM, looks at what can make for a successful health plan open enrolment season with plenty of time to implement these practices by next season. Open enrolment is the once-a-year opportunity for employees to review, elect and change their health insurance coverage as well as adjust contributions to the savings, retirement and flexible spending options their employers offer. Decisions made during this period carry significant financial weight for both employees and for the health plans they select. To support employees during this critical process and boost enrolment, employers and health plans go to great lengths to communicate the deadlines, conditions and impact of open enrolment to their populations. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. MetLife Continues Focus on Retirement Income Needs with New Lifetime Withdrawal Guarantee Rider NEW YORK--(BUSINESS WIRE)--June 12, 2006--MetLife today announced the most recent enhancement to its line up of optional living benefits with the launch of the new Lifetime Withdrawal Guarantee (LWG) rider for most new variable annuities sold. The LWG rider allows customers to withdraw up to 5% of their purchase payments for as long as they live, beginning as early as age 59 1/2. "At MetLife, we are dedicated to helping our customers preserve their lifestyle and maintain their financial independence in retirement," said Michael K. Farrell, executive vice president, MetLife, who leads Independent Distribution Group, including MetLife Investors. "Our customers have varying retirement needs, so we don't take a one-size fits all approach, but offer a variety of products and optional living benefits to fit the needs of virtually any variable annuity customer needing growth, protection and retirement income." www.metlife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Insurance Options Expand for California Food and Agribusiness Industries; Liberty Mutual Alternative Markets and Food Service Insurance Managers Partnership Brings More Capacity BOSTON--(BUSINESS WIRE)--June 12, 2006--It's been difficult lately for California food and agribusiness companies to find workers compensation insurance. Many of the select insurers who offer this highly specialized product have left the marketplace and, in doing so, have left the food and agribusiness industries scrambling for insurance. Now there is new capacity - and insurance relief - with the partnership between Liberty Mutual Alternative Markets, part of the Liberty Mutual Group, and FSIM, Food Service Insurance Managers. The Liberty Mutual-FSIM arrangement offers workers compensation insurance to California employers with premiums of $50,000 or higher. To reach more of these employers, Liberty Mutual and FSIM expanded their targets to include landscape gardening employers and golf courses/country clubs. These targeted industries are in addition to FSIM's traditional core industry classes, which include food processors/manufacturers, restaurants, grocery/retail stores, wholesale distributors, wineries, row/field crops, vineyards, orchards, berries, nurseries and florists. www.libertymutual.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. John Hancock Retirement Plan Services Launches Communication Campaign -- Fiduciary Standards Warranty Extends to Financial Representatives Industry-first commitment extends to financial representatives who are plan fiduciaries New online tools help determine investment selections eligible for the Warranty BOSTON, June 12 /PRNewswire-FirstCall/ -- Today, John Hancock Retirement Plan Services (JHRPS) launched a communication campaign to advise financial representatives that the John Hancock Fiduciary Standards Warranty protects them too. Financial representatives who are plan fiduciaries can be confident that the Warranty extends to them. The Warranty provides all 401(k) plan fiduciaries with specific assurances that the JHRPS investment selection and monitoring process satisfies the prudence requirement established under the Employee Retirement Income Security Act (ERISA). John Hancock promises to restore plan losses and pay litigation costs related to the suitability of this process or its investment lineup. The Warranty is being offered at no extra cost to plans. JHRPS introduced this Warranty last year and was the first in the industry to provide this protection. JHRPS also provides financial representatives with enhanced online fund selection and reporting tools -- i:evaluator(R) and i:reports(TM) -- that easily select an investment line up eligible for the Warranty or determine if the Warranty extends to an existing selection. www.manulife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. THE CPCU SOCIETY’S JUNE CPCU eJOURNAL COVERS INSURANCE SALES PROCESSES MALVERN, PA, JUNE 7, 2006—The June CPCU Society’s CPCU eJournal, “The Relational Sales Process: Applications for Agents, Claims Representatives and Underwriters,” examines the correlation of the sales process to the claims and underwriting practices and their relationships to an organization’s ability to serve its customers. The issue was authored by Stephen M. Avila, Ph.D., CPCU, Scott Inks, Ph.D., and Ramon A. Avila, Ph.D. “The relational sales process is typically one reserved for salespeople. Different than transactional selling, relational selling focuses on developing long-term customer relationships based on trust and value-added service. Salespeople, however, are not the only points of contact a customer (or prospect) may have with an organization. Within the insurance industry, claims representatives and underwriters may also come into contact with customers and prospects and be able to incorporate the relational sales process into their interactions with customers. The objective of doing so is to strengthen existing relationships and potentially, initiate new ones. This paper provides an overview of relational selling and its application to claims and underwriting,” write the authors in the June issue’s abstract. The authors propose that “by developing communication, trust, and expertise, relationships will be enhanced and the relational sales process will be optimized.” “This paper is the first to combine relationship building and the sales process into a model to apply to agents, claims representatives and underwriters, and it examines the importance of relationship building and the links between agents, claims representatives and underwriters in the sales process. These links will provide a competitive advantage for companies who are implementing these strategies or who plan to implement them,” says Stephen M. Avila, Ph.D., CPCU. The CPCU eJournal, a monthly electronic publication available to CPCU Society members, provides a medium for the _expression_ of opinion and the presentation of pertinent articles on subjects of interest to financial services and property and casualty insurance professionals. For more information, please contact Julia Sherwin at the CPCU Society at (800) 932-2728, Ext. 2738. Copies of June’s CPCU eJournal can be downloaded from the CPCU Society web site at www.cpcusociety.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Blue Shield Offers New Low-Rate Health Plans for Small Businesses SAN FRANCISCO, June 9 /PRNewswire/ -- Blue Shield of California Life & Health Insurance Company (Blue Shield Life) is introducing four new affordably priced PPO plans for small group employers, effective July 2006. For employers seeking low-rate plans, Blue Shield Life is offering Shield Spectrum PPO Plan 1000 Value* and Shield Spectrum PPO Plan 1500 Value*. Those seeking plans that can be coupled with a health savings account (HSA) may choose Shield Spectrum PPO Savings Plan 3400* and Shield Spectrum PPO Savings Plan 4800 Individual/9600 Family*. With the addition of these new products Blue Shield Life and its parent company, Blue Shield of California, offer 23 products to employers with two to 50 employees, one of the largest selections offered to this market by a California health plan. These new plans will be offered alongside the company's existing suite of PPO products, which range from rich-benefit, high-cost plans with zero or $250 deductibles to lower-rate, leaner-benefit plans with $500 to $3,000 deductibles. Blue Shield complements this selection with a wide variety of HMO, HSA-eligible, first-dollar coverage, and POS plans. www.mylifepath.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. UnumProvident Announces Expiration and Successful Completion of Tender Offer for $300 Million of Its Outstanding Securities CHATTANOOGA, Tenn.--(BUSINESS WIRE)--June 9, 2006--UnumProvident Corporation (NYSE:UNM), announced today the expiration, as of 9:00 a.m. Eastern on June 9, 2006 (the "Expiration Date"), of its cash tender offer for up to $300,000,000 (the "Offer") aggregate principal and liquidation amount of its outstanding debt and capital securities listed in the table below (the "Securities"). www.unumprovident.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. CS in talks to sell Winterthur to AXA -media ZURICH, June 11 (Reuters) - Switzerland's second-largest bank, Credit Suisse (CSGN.VX:), is in talks to sell insurance unit Winterthur to a competitor, despite repeatedly saying it wanted to float the business, several media outlets reported on Sunday. Citing insider sources, the "SonntagsZeitung" said the bank was in talks with French insurer AXA (AXAF.PA:). "France's biggest insurance company AXA is at the forefront of possible buyers." The UK's "The Business" paper also tipped the Paris-based group as a likely buyer for Credit Suisse's insurance arm. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. NAIC TO DONATE HEALTH INSURANCE TO 56 FAMILIES THROUGH D.C. CHARITY KANSAS CITY, MO (June 11, 2006) – With an alarmingly high rate of families in the United States lacking even the most basic health insurance, the National Association of Insurance Commissioners (NAIC) is stepping in to lend a helping hand in honor of its 135th Anniversary and in recognition of its 56 members. The NAIC is donating health insurance and nutrition assistance programs to 56 low-income families living in Washington, D.C. The money to pay for this charitable gift is being presented to Mary’s Center for Maternal & Child Care, a Washington, D.C. organization aimed at providing health care, education and social services for those in need. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. PIANJ’s second annual Company Performance Survey shows higher agent satisfaction TRENTON, N.J.—The Professional Insurance Agents of New Jersey Inc. announced the results of its second annual Company Performance Survey. In terms of versatility, Great American, Atlantic Mutual, Chubb Group (personal), Progressive/Drive ranked consistently strong, scoring among the top five companies on eight or more of the survey’s 16 performance items. Also scoring well were Selective, Andover Cos., ARI and First Trenton/Travelers NJ, which ranked among the top performers on at least five of the items. Overall top-scoring companies for all performance items combined, with total scores of more than 60, are Great American, Atlantic Mutual, Progressive/Drive, Selective, Chubb Group (personal), First Trenton/Travelers NJ, Penn National, Peerless, Palisades Group, St. Paul Travelers, Andover Cos., CNA/Continental Casualty, The Hartford and ARI. The highest possible overall score was 80. The average overall total score for all companies combined was 58, up from 55.3 last year. www.piaonline.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. 401(k) Advisors Inc. Assists New Century Financial Corporation In Selecting New 401(k) Provider Laguna Hills, CA – With the assistance of 401(k) Advisors Inc., one of the nation’s largest independent 401(k) consultants, New Century Financial Corporation, a real estate investment trust and one of the nation's premier mortgage finance companies, has selected JP Morgan Retirement Plan Services as its new provider of its 401(k) plan, the companies announced today. The new plan, with more than $100 million in assets, will provide its 7,000 participants with a more focused investment menu including lifestyle funds, improved investment education and custom advice, and more automated services – all at a reduced total cost to the company and the participant. In addition, the plan’s customized employee communication campaigns will address New Century’s need for education at multiple sites throughout the country. www.401kadvisors.com www.ncen.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Kingsway Financial Services Selects Skywire Software’s InsBridge BOSTON, MASS., AND FRISCO, TEX – June 4, 2006 (IASA 2006 Annual Conference, Booth #403) – Skywire Software announced Kingsway Financial Services Inc, one of the fastest growing property and casualty insurers in North America and a customer of Skywire Software’s business intelligence and data warehousing system, INSsight, has expanded its relationship with Skywire Software to include InsBridge. InsBridge is a Web-based rating, rules and underwriting system for all lines of business allowing users to easily create, manage and deploy rates and rules. www.skywiresoftware.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. NAIC CONTINUES COORDINATION WITH FEDERAL REGULATORS INFORMATION SHARING AGREEMENT MADE WITH FEDERAL CROP INSURANCE CORPORATION / RISK MANAGEMENT AGENCY WASHINGTON, D.C. (June 12, 2006) – In a continuing effort to expand and enhance regulatory cooperation between the two organizations, the National Association of Insurance Commissioners (NAIC), as the central repository for regulatory information for state insurance departments, and the Risk Management Agency (RMA), as the regulatory body for the Federal Crop Insurance Corporation (FCIC), have agreed to exchange data useful to both organizations with their respective regulatory roles. Presently, the two organizations are collaborating on an increased information-sharing initiative designed to streamline and enhance tasks performed by each group.www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Employee Benefit Communications, Inc. Has Moved TAMPA (June 9, 2006)—Employee Benefit Communications, Inc., a leading core and voluntary benefit communication and enrollment company, is proud to announce we have moved our Tampa Corporate Offices to a larger facility located in the Island Center building just down the street from our former office. “This is an exciting time for everyone in our organization. This move to a new and improved office setting solidifies our stature within the industry, of which we are all very proud,” stated Chris Bernardine, Sr., Managing Director of EBC. Our new address is: Employee Benefit Communications, Inc., 2701 North Rocky Point Drive, Suite 220, Tampa, FL 33607-5909, Phone: 813-639-0099, Barbara Housand, 813-639-0099, barbara.housand@combined.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Brooke Franchise Corporation Selects iRondo Imaging Station by Inlite Research, Inc. OVERLAND PARK, Kan., June 12 /PRNewswire-FirstCall/ -- Brooke Franchise Corporation, a subsidiary of Brooke Corporation (Nasdaq: BXXX), announced that it selected iRondo Imaging Station by Inlite Research, Inc. to process all faxed and scanned documents received at the company's processing center on the Phillipsburg, Kansas campus. The iRondo Imaging Station software repairs damaged or irregular document images and reads the barcode on document cover sheets so they are electronically filed for easy retrieval using the web-based Brooke Management System. www.brookecorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. ISO’S iiX UNIT AND BLUE COD TECHNOLOGIES PROVIDE UNDERWRITING REPORTS FOR GREATER PRODUCTIVITY AND COST SAVINGS COLLEGE STATION, TX, June 12 — In a marketing agreement with Blue Cod Technologies, Inc., ISO’s iiX unit, a leading provider of insurance underwriting information, will integrate its product suite with Blue Cod’s business rules framework. This arrangement will allow clients more convenient access to iiX’s underwriting reports. Under the agreement, Blue Cod clients can access iiX’s critical underwriting information in real time, including A-PLUS™ property and auto claims history reports, motor vehicle reports (MVRs) and iiX’s DriverAdvisorSM monitoring service. Blue Cod’s insurance solutions include the AllOne Suite, which integrates work management and correspondence capabilities with a variety of policy processing applications. www.iix.com www.bluecod.net www.iso.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Aetna Issues $2 Billion of Senior Notes HARTFORD, Conn.--(BUSINESS WIRE)--June 9, 2006--Aetna (NYSE: AET) today announced that it has completed a public offering of $2 billion of its Senior Notes. The offering consists of $450 million of 5.75 percent Senior Notes due 2011, $750 million of 6 percent Senior Notes due 2016 and $800 million of 6.625 percent Senior Notes due 2036. Aetna intends to use the net proceeds from the offering to redeem the entire $700 million aggregate principal amount of its 8.5 percent senior notes due 2041 that were recently called and will be redeemed on June 19, 2006, and to repay commercial paper borrowings, outstanding since the March 1, 2006 maturity of $450 million of its 7.375% senior notes. The remainder of the net proceeds raised will be used for general corporate purposes, including share repurchases. The offering will result in a lower weighted average interest rate for Aetna's long term debt. www.aetna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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