Daily Quote: “They build too low who build beneath the skies." -- Young
1. Odyssey Re Holdings Corp. Forms Newline Insurance Company Limited STAMFORD, Conn.--(BUSINESS WIRE)--June 19, 2006--Odyssey Re Holdings Corp. (NYSE:ORH) announced today the formation of Newline Insurance Company Limited (NICL), a casualty-focused insurance company based in London, England. All necessary regulatory approvals have been granted by The Financial Services Authority (U.K.) and Newline Insurance Company Limited will commence underwriting general liability, professional indemnity and directors and officers liability insurance in the U.K. and other European Union countries. A.M. Best Company has assigned an "A" (Excellent) Rating to Newline Insurance Company Limited. Andrew A. Barnard, President and Chief Executive Officer, commented, "OdysseyRe is pleased to establish this new underwriting platform to complement our successful Lloyd's operation." Brian D. Young, Managing Director of Newline, further commented, "NICL gives us additional operating flexibility and will extend the reach of our casualty insurance underwriting capability to a broader audience." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. American Safety Insurance offers $49.6 mln shares NEW YORK, June 20 (Reuters) - American Safety Insurance Holdings Ltd. (ASI.N:), which provides insurance products to small- and medium-sized businesses, on Tuesday said it raised $49.6 million from an offering of 3.2 million common shares at $15.50 each. The Hamilton, Bermuda-based company said it intends to use some net proceeds to increase the capital and surplus base of its insurance units, and the remainder for general corporate purposes, including possible acquisitions. It said it may offer an additional 480,000 shares to meet demand. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. U.S.SUPREME COURT ERRS IN DECISION ON WORKERS’ COMP, SAYS AIA WASHINGTON, D.C., June 20, 2006 – The U.S. Supreme Court got it wrong in a recent decision when it held that insurers do not have a claim to unpaid workers’ compensation premiums when an employer files for bankruptcy protection, the American Insurance Association (AIA) said today. “In denying workers’ compensation insurers the priority accorded payment of other employee benefits under the Bankruptcy Code, the 6-3 decision adversely affects the ability of insurers to continue coverage of this critically important social insurance protection,” said Bruce Wood, AIA assistant general counsel. “At the same time this decision puts worker protections at risk, along with the viability of the employer’s business,” Wood explained. “The court simply got it wrong. The majority’s narrow focus on the priority provisions of the Bankruptcy Code overlooked that workers’ compensation coverage is mandatory, and the consequences of an employer’s lapse in coverage,” Wood continued. “The dissent got it right. Unfortunately, the dissent is the dissent.” The Supreme Court’s June 15 decision in Howard Delivery Service, Inc. v. Zurich American Insurance Co., distinguished workers’ compensation benefits from other employee benefits. The court likened benefits such as pension plans and group life, health and disability insurance to lost wages, while it reasoned workers’ compensation is coverage for work-related accidents. AIA participated as an amicus in this case. “This decision means that an employer trying to reorganize its business will no longer be required to pay its workers’ compensation premiums. This result will jeopardize continued coverage, because an insurer now has no legal authority to compel payment of premiums and doubtful incentive to continue coverage,” said Wood. “Under current law, employers without workers' compensation coverage – even bankrupt employers – are subject to huge fines, criminal prosecution and business shutdown.” The court’s response to this prospect is simply that an injured worker can obtain compensation from a “state fund” or sue the employer for damages, which suggests that the court does not appreciate these consequences. “If by reference to ‘state fund,’ the court means uninsured employer funds, there are only ten states that maintain such a fund, and all are financed one way or another by employers, thereby meaning that financially healthy employers are subsidizing the losses of bankrupt employers,” Wood stated. “Furthermore, to rely on the tort system for recovering damages ignores the difficulties of that process in the best of circumstances, let alone the chances of collecting on a judgment from a bankrupt employer. And, the court failed to address the likelihood that a state will order the employer shut down for lapsed workers’ compensation insurance coverage.” Employers that self-insure their workers’ compensation coverage will face related problems, Wood points out. “Even though a self-insured employer is paying an on-going claim for a past injury, after a bankruptcy filing, ongoing medical treatment and cash benefits stop because the lack of explicit priority for workers’ compensation dumps injured workers into the same category as unsecured creditors. This is a poorly reasoned decision with an unfortunate policy result. It appears this is a matter for Congress to address.” www.aiadc.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Online Flood Course Now Available AUSTIN, TX (June 20, 2006) – Flood insurance education for all insurance industry professionals is currently in high demand, particularly now, on the leading edge of hurricane season. The National Alliance for Insurance Education & Research has developed a new, four-hour online course: Insuring Commercial Flood Exposures, to meet this growing need and requirement in many at-risk states. This course has been approved for four hours of state CE credit in 49 states. (State approval is pending in North Carolina.) The emphasis of the course is on commercial flood exposures with the National Flood Insurance Program (NFIP). An examination will be given at the end of the course, and the student must have a passing grade in order to receive CE credit. The student is given three attempts to pass the exam. For additional information about this course, and to register online, go to http://www.thenationalalliance.com/ (click “OnLine Courses”), or contact: 800-633-2165. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Beware Baby Boomers and Retirees: You are the Target Market, Choose Your Financial Planner Wisely FAIRFAX, Va., June 20 /U.S. Newswire/ -- Baby Boomers and retirees are the top target market for stock brokers and investment advisors according to Kelly Campbell, founder of Campbell Wealth Management in Fairfax, Va. You've seen the ads with lava lamps or golf courses or that famous Beatle singer...they are all trying to reach the baby boomers and retirees. "The problem is that many of those institutions do not have the client's best interest at heart. Many claim to be financial advisors when, in fact, they are nothing more than commissioned salespersons. Therefore, the key is to choose your financial advisor wisely," said Campbell. All too often, Campbell says, he has met with clients or encountered individuals (like his step-father) who have been mislead by those who claim to be financial advisors. That's why Campbell created "The 15 Absolute Requirements for Your Wealth Manager." Below is an overview of 10 of Campbell's 15 requirements to demand of your wealth manager. Your financial planner or wealth manager: 1. Must have the Certified Financial Planner designation as well as other financial certifications. 2. Must advise clients on a fee basis. Planners who work on a fee basis offer unbiased advice. Conversely, commissioned advisors are paid based on product sale, not on the quality of their planning. 3. Must understand and utilize Portfolio Management through Asset Allocation and Modern Portfolio Theory. 4. Must have account minimums and specialize in working with specific types of clients. 5. Must have a deep understanding of the relationship between taxes, investments, retirement strategies, estate planning, long-term care and health issues. 6. Must have an excellent staff and provide superior customer service. 7. Must have outside resources for gathering pertinent information, such as Morningstar, Northern Trust, Wall Street On Demand and others. 8. Must have an extensive product offering. There are more than 15,000 mutual funds and stocks and bonds listed on several exchanges nationwide, and over 2,500 insurance companies. Your planner must have the ability to offer those options that best suit your needs. 9. Must report performance returns on an annual basis, although quarterly performance reports are preferable. 10. Must have a minimum of five years experience, but preferably ten or more years in the financial industry. "Choose wisely, your financial future is not only in your hands," says Campbell. Source: Campbell Wealth Management, 3055 Prosperity Avenue, 2nd Floor, Fairfax, VA 22031, 703-207-6911, http://www.campbellwealth.com http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. FedEx Ground Could Be Out Nearly $100 Million from Recent Employment-Related Legal Actions and Tax Assessments SACRAMENTO, Calif., June 20 /U.S. Newswire/ -- California's Employment Development Department (EDD) has found that FedEx Ground/Home Delivery, a subsidiary of FedEx Corporation (NYSE:FDX) owes the state nearly $8 million in back employment taxes after finding that thousands of its contracted drivers are actually employees who have been wrongly classified as independent operators and required to pay their own expenses, including employment taxes. The decision increases to nearly $100 Million the amount FedEx Ground has been either assessed or ordered to pay since December in damages as a result of challenges to its employment practices. The California EDD finding applies to a three-year period ending in mid-2004, so the total amount of taxes owed the state may be significantly higher than the $7.888 million assessment. Its ruling is being appealed by FedEx before the California Unemployment Insurance Appeals Board, which resumes public hearings July 11 in San Bruno. In determining its assessment, the EDD concluded that the FedEx Ground drivers in California are subject to the complete and authoritative control over the manner and means by which they operate. Its ruling was consistent with California court decisions finding that the drivers are entitled to benefits as if they were classified as employees like other FedEx workers, including pick-up and delivery drivers. California is believed to represent approximately 20 percent of FedEx Ground's national business. "The EDD finding validates the position of drivers in California -- and we think ultimately nationally -- that FedEx should be required to contribute to the state unemployment compensation, provide workers compensation, disability, and other employment benefits that protect these working men and women and their families," said Lynn Rossman Faris, the Oakland, California-based lawyer who represents drivers there and in the nationwide class-action lawsuit. "We think these recent cases only scratch the surface of what ultimately could cost the company hundreds of millions of dollars." Besides the California tax assessment, the following are recent cases decided since last December in which the misclassification of workers has been a significant issue: -- Estrada v FedEx Ground, $5.3 Million State Superior Court award (plus $12.5 in court-imposed fees) for misclassifying California drivers as independent contractors. -- Wieber v. FedEx Ground, $7.35 million awarded to a Portland, Oregon driver who was defrauded and unjustly terminated. -- Issa v. FedEx Ground, $61 million awarded two California- based, Lebanese-American drivers for ethnic discrimination and harassment while maintaining a hostile workplace. -- Vincent v. FedEx Ground, $3.75 million California jury verdict in a personal injury case in which the plaintiff demonstrated that the FedEx Ground driver was an agent of the company and not an independent contractor. Faris also noted that earlier this month a Federal judge upheld the ERISA count in the nationwide class-action suit which is being litigated before the U.S. District Court in South Bend, Indiana. For further information, visit http://www.fedexdriverslawsuit.com. http://www.usnewswire.com/ /© 2006 U.S. Newswire Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. China Life plans stake in CITIC Securities BEIJING, June 20 (Reuters) - China Life Insurance Co. Ltd., the country's biggest life underwriter, plans to buy a 6.7 percent stake in third-ranked broker CITIC Securities Co. Ltd. sources close to the broker said, in a latest move aimed at integrating the banking, insurance and securities sectors. The firms had reached an initial agreement and a final deal might be closed by the end of the month, the sources told Reuters on Tuesday, requesting anonymity. (Additional reporting by Eadie Chen) ($1=8.003 yuan) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Foreign investors look beyond China's banks-PWC HONG KONG, June 20 (Reuters) - The average M&A deal in China's financial services sector is likely to shrink this year but the number of transactions will remain robust as foreign investors look beyond banks, according to a report by PricewaterhouseCoopers released on Tuesday. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. A.M. Best Special Report: U.S. Banks' Earnings Reach Quarterly High on a Variety of Operating Tactics OLDWICK, N.J.--(BUSINESS WIRE)--June 19, 2006--U.S. banks ended the first quarter of 2006 with record earnings of $37.3 billion in aggregate (from an average of $33.9 billion in 2005), benefiting from higher fee income and lower loss provisions, which offset a continuing trend of lower net interest margins. However, the industry's profitability is distributed less evenly, according to a special report issued by A.M. Best Co., as a lower percentage of banks saw higher profits. Higher aggregate earnings contributed to a corresponding increase in the industry's aggregate capital base as of the first quarter of 2006. Both return on assets (ROA) and return on equity (ROE) increased slightly from their fourth-quarter 2005 levels, with ROA rising from 1.34% to 1.35% and ROE rising from 13.01% to 13.07%. Best's Banking Center provides online access to data, special reports, analytical methodologies and news on the U.S. banking industry. For a complete overview, please visit www.ambest.com/banks. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. BIG “I” SAYS INSURANCE ANTITRUST EXEMPTION STILL IMPORTANT TO POLICYHOLDERS In Senate Judiciary Committee testimony, cites “little reason” for wholesale changes WASHINGTON, D.C., June 20, 2006—The Independent Insurance Agents & Brokers of America (the Big “I”) submitted testimony today before the Senate Judiciary Committee in support of retaining the McCarran-Ferguson antitrust exemption for the business of insurance. The Big “I”, the nation’s largest insurance association with 300,000 members, argued that repeal of the exemption could have negative implications for insurance purchasers. “We are very concerned that repeal could reduce competition, thereby increasing the cost of insurance for consumers,” says Big “I” CEO Robert A. Rusbuldt. “Such a move also could make certain high-risk coverages less available to policyholders, because the possibility of antitrust litigation could make insurers less willing to cooperate on efficiency-enhancing activities.” The Big “I” in its testimony argued that the financial condition and state of competition and consumer choice in today’s insurance marketplace are quite high, and that direct insurance supervision and law enforcement, in conjunction with the qualified application of federal antitrust law has served both the industry and consumers well. It urged the committee, at a minimum, to await the report of the Antitrust Modernization Commission, established by Congress less than two years ago to study a variety of antitrust issues, including the multiplicity of exemptions and privileges currently existing. “There is little reason or evidence that wholesale changes to the existing antitrust system are necessary or desirable,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations. “We would urge the Senate Judiciary Committee to think very hard and deliberately before taking any action, and at the very least to wait for the report of the Antitrust Modernization Commission. We truly appreciate the committee’s consideration of our viewpoint on this issue.” www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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Page - Benefits Marketing Association - 888-282-1765 11. Fifty Five Percent of U.S. Grandparents Provide Financially for Their Grandchildren's Education, According to New MetLife Mature Market Institute Poll WESTPORT, Conn.--(BUSINESS WIRE)--June 16, 2006--A national poll of grandparents by the MetLife Mature Market Institute found that 55% are contributing financially to their grandchildren's education. The MetLife Grandparents Poll, conducted by Zogby International, also found that of this group, 35% plan to provide a total of $50,000 or more over their lifetimes for the education of all their grandchildren. Forty percent of grandparents say they make no such financial contribution; 5% were unsure or did not answer. On a per year basis, the data shows that 22% anticipate contributing up to $2,000 while 14% will provide between $2,000 and $5,000; 11% will give between $5,000 and $20,000. Only 4% say they will contribute $20,000 or more annually. Twenty-one percent contribute to a fund set up for their grandchildren's college tuition while others help pay costs for all schooling, from pre-school through college. "Of the millions of grandparents in the U.S., more than half, at all economic levels, are spending thousands of dollars to see their grandchildren through school," said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. "While they are providing financial help for their grandchildren, grandparents may also be helping their adult children and, in some cases, their parents, at a time when they, themselves, are retired or close to retirement," said Timmermann. "To adequately plan for the future, it will be increasingly important for grandparents to maintain a healthy balance between gifting and saving, so the money they do set aside for education doesn't put their own retirement security in jeopardy." The findings also revealed some differences about child rearing practices from generation to generation. The results show that nearly half (48%) of grandparents feel their grandchildren are being raised differently than how they raised their children. Forty-five percent say their children's child-rearing practices mirror their own. Of the group who say there are differences, 54% say their offspring are more lenient with their grandchildren than they were as parents. Forty-three percent say their children give their grandchildren fewer household responsibilities than their children were given and 40% say their grandchildren have more opportunities than they provided to their children. Among the poll's other findings are that 3.5% of those over the age of 70 have at least one parent who is living. Of those between the ages of 55 and 69, 35.4% have a parent still living. The figure is 84.1% for those between 35 and 54. www.metlife.com A full report on the MetLife Grandparents Poll, can be found at: www.maturemarketinstitute.com under "What's New." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. BestWeek: Growth Slows in Admitted Assets for U.S. Life Insurers OLDWICK, N.J.--(BUSINESS WIRE)--June 16, 2006--The overall growth rate in admitted assets for the top 200 life insurance groups slowed in 2005 to a more moderate 6% range from more than 9% in 2004, according to an A.M. Best Co. statistical study in the June 19 BestWeek. Total industry growth also was lower, down to 5% in 2005. Following two years of higher growth, U.S. life insurers settled for slower but still continuing growth in admitted assets, as fixed annuity sales continued to experience a slowdown. Despite the slowdown in 2005, A.M. Best notes that the asset-accumulation products remained at the forefront in enabling life insurers to manage higher admitted assets. Protection-based life insurance products also had a positive impact on growth in admitted assets in 2005. Also in this week's BestWeek: -- Full coverage of the National Association of Insurance Commissioners' Summer National Meeting in Washington, D.C.; -- How Pittsburgh Steelers quarterback Ben Roethlisberger's motorcycle accident on June 13 could have triggered his disability policy; and -- A U.K. panel wrestles with Lloyd's ability to manage corporate risk. Also featured is Best's Insurance Composite Index, which finished the week of June 15, 2006, at 1,089.79, up 6.61% from a year ago. The composite index reflects the performance of 133 insurance stocks. The week's top performers were Kentucky Investors Inc.; Financial Industries Corp.; Meadowbrook Insurance Group Inc.; Donegal Group Inc.; and SeaBright Insurance Holdings Inc. The week's bottom performers were EMC Insurance Group Inc.; Independence Holding Co.; National Atlantic Holdings Corp.; Coventry Health Care Inc.; and American Equity Investment Life Holding Co. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. LIFE INSURANCE LEADERS MEET TO DISCUSS COMPETENCIES FOR GLOBAL EXPANSION Washington, D.C. (June 19, 2006)—Senior executives of the world’s leading life insurance and financial services companies will meet in New York City, Nov. 12-14 for the Global Financial Leadership Forum at the Waldorf=Astoria Hotel, 301 Park Ave, New York, NY 10022-6897. Organized by the American Council of Life Insurers (ACLI) in partnership with EDS, the Global Forum will focus on the competencies necessary for companies that are considering expanding globally. The Global Forum will feature the results of a survey from ACLI and EDS on “Essential Capabilities for International Growth.” The survey will provide customized research that will help U.S. insurance companies determine if they are fit for foreign expansion. The survey also will include insight from leading industry insiders, advisers and financial analysts on the risks and analysis involved in the decision to go global. www.acli.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Starr Aviation Agency and Chubb Enter Into Underwriting Agreement ATLANTA, Ga. & WARREN, N.J.--(BUSINESS WIRE)--June 19, 2006--Starr Aviation Agency, Inc., a wholly-owned specialty subsidiary of C. V. Starr & Co., Inc., and The Chubb Corporation (NYSE: CB) have entered into an underwriting agreement under which Chubb will provide hull and liability coverages to Starr Aviation's general aviation clients and workers compensation coverage to its general and commercial aviation clients. The general aviation segment includes owners of corporate, private pleasure and small business aircraft, municipalities that own aircraft, sightseeing and air taxi services, aircraft service and maintenance firms, manufacturers of non-critical aircraft parts and small regional airports. It does not include commercial airlines and manufacturers of airframes or critical parts, which are part of the commercial aviation segment. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Pay for Long Term Care Insurance With Health Savings Account: A Little-Known Option KIRKLAND, Wash., June 19 /PRNewswire/ -- As more Americans realize they need long term care insurance, an issue remains: paying for it on top of already-high health costs. "For millions, there's a simple answer," says Cameron Truesdell, CEO of LTC Financial Partners. "Just use some of the money that's already in your Health Savings Account." http://www.eranova.com/LTCFP/HSA.htm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Reactions www.reactionsnet.com Today honours Londons best underwriters, brokers and lawyers at a special lunch. London 21st June 2006 Reactions www.reactionsnet.com Today honours Londons best underwriters, brokers and lawyers at a special lunch. The Best Underwriters as chosen by the Brokers who work with them everyday are: Product range, Reputation/brand, Expertise/knowledge of field - Ace
In the broking section, voted for by London based underwriters, the big winner was Aon> They swept 10 out of 13 categories including: Property, Professional Liability, Aviation, Brand Reputation, Large client base, Ability to attract new business, Speed and professionalism in creating contract certainty, Presentation and skills, Adherence to agreed terms of trade and Policy Coverage Towers Perrin Claytons Was chosen as the best mid sized broker for Speed and professionalism in creating contract certainty. Lovell's was chosen by in-house counsel as best overall European law firm. They won in the regulation, Litigation, Insolvency, Corporate contracts, Policy drafting and Reinsurance categories. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Corporate Directors Give Executive Pay Model Mixed Reviews, Watson Wyatt Survey Finds Directors, Investors Agree Model Hurts Corporations' Image, Disagree on Link to Performance WASHINGTON, June 20 /PRNewswire-FirstCall/ -- Most corporate directors and institutional investors agree that the U.S. executive pay model has tarnished corporate America's image. However, they disagree over whether it has resulted in improved corporate performance or has led to excessive pay levels, according to a new report by Watson Wyatt Worldwide, a global human capital consulting firm. Copies of the Watson Wyatt Board of Directors Survey Report are available at http://www.watsonwyatt.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. State Fund Receives Nearly $600,000 in Restitution From San Diego County Contractor in Fraud Case SAN DIEGO and SAN FRANCISCO, June 19 /PRNewswire/ -- State Compensation Insurance Fund has received restitution of $599,817 from the owner of a San Diego framing company convicted of workers' compensation insurance fraud. Robert H. Rodriguez, 50, of El Cajon, the owner of RH General Inc. and JBD Staffing, Inc. made full restitution to State Fund after pleading guilty to insurance premium fraud. Rodriguez was also sentenced to three years formal probation and ordered to perform 125 hours of community service. His wife and co-owner Sandra Rodriquez, 49, of Alpine and his office manager Christa Hellgren, 52, of San Diego, all pleaded guilty to one count of Insurance Code 11880 (a) Premium Fraud and one count of Unemployment Insurance Code 2117.5 Tax Evasion. The Spring Valley framing contractor -- whose business State Fund insured from 2001 to 2003 -- falsified hourly wages of employees in order to qualify for a lower insurance premium. Rodriguez reported payroll for low-wage employees under a classification used for high-wage employees, resulting in a lower premium rate. In addition, he failed to report almost $500,000 in wages, bonuses and payments to unlicensed contractors, also lowering his premium rate. The fraud was first discovered through a routine State Fund audit. A search warrant was subsequently issued by the San Diego District Attorney's Office and during a search of the premises, evidence of fraud was obtained.www.scif.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. 5.7 Million People Now Receive Prescription Drug Coverage Through UnitedHealth Group's Medicare Part D Drug Plans MINNEAPOLIS--(BUSINESS WIRE)--June 19, 2006-- Approximately 1 out of Every 3 Medicare Beneficiaries Enrolled in a Stand-Alone Prescription Drug Plan or a Medicare Advantage Prescription Drug Plan Receive Coverage Through UnitedHealth Group After the conclusion of the initial enrollment period for the new Medicare Prescription Drug Program (Part D), more than 5.7 million Medicare beneficiaries are enrolled in plans offered by UnitedHealth Group. www.unitedhealthgroup.com 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. Anthem Blue Cross and Blue Shield Launches BeneFits: A New Solution Designed Especially For Colorado's Uninsured Small Businesses DENVER, June 19 /PRNewswire/ -- In Colorado, where small businesses account for more than 98 percent of all employers, more than 110,000 businesses with 1-50 employees don't offer health insurance. Small business owners cite several reasons for staying uninsured: premiums are unaffordable, there are participation hurdles to overcome, costs are unpredictable, and plans can seem overly complex. Many don't realize coverage is guaranteed for small groups in Colorado. In response to these challenges, Anthem Blue Cross and Blue Shield has introduced BeneFits to the Colorado market -- a small group product portfolio that provides small business owners with compelling reasons to begin offering group coverage. www.anthem.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Eastern Insurance Holdings, Inc. Announces Successful Stock Offering, Conversion and Acquisition LANCASTER, Pa., June 19 /PRNewswire-FirstCall/ -- Eastern Insurance Holdings, Inc. (Nasdaq: EIHI) ("EIHI") of Lancaster has announced the successful completion of its common stock offering, the conversion of Educators Mutual Life Insurance Company ("Educators Mutual"), also of Lancaster, to a stock insurance company and the simultaneous acquisition of Educators Mutual and Eastern Holding Company, Ltd. ("EHC") and its subsidiaries by EIHI. The company expects to begin trading today under the symbol EIHI on the NASDAQ National Market. As a result of the conversion and the acquisition, Educators Mutual, now known as Eastern Life and Health Insurance Company ("ELH"), and EHC have become wholly owned subsidiaries of EIHI. EIHI, through its subsidiaries, will operate a domestic casualty insurance group specializing in workers' compensation, a domestic accident and life insurance company, an offshore specialty reinsurance company and a third-party claims administration company. www.easterninsuranceholdings.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Spanish-Language Now Standard Offering for CIGNA Group Insurance Benefit Materials PHILADELPHIA, June 19, 2006 /PRNewswire-FirstCall/ -- Habla Espanol? More and more, that's the question employers need to consider when thinking about their employee benefits communications. With the Hispanic population growing among the fastest in the United States according to recent Census data, Spanish-language benefit materials are vital for effective employee understanding and program participation. Recognizing this trend, CIGNA Group Insurance recently enhanced its Group Life, Accident and Disability marketing program to include a wide variety of Spanish-language materials as part of its standard offering. Included in the suite of tools now available in Spanish are employee benefit information materials, insurance applications, enrollment and beneficiary designation forms, and more. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Coventry Health Care Announces Dismissal of All Charges in the Charles B. Shane Class Action Suit BETHESDA, Md.--(BUSINESS WIRE)--June 20, 2006--Coventry Health Care, Inc. (NYSE:CVH) today announced that U.S. District Judge Federico A. Moreno has issued a summary judgment order in favor of Coventry dismissing all remaining claims filed against the company as a part of the Charles B. Shane., et al., vs. Humana, Inc., et al., litigation filed in the United States District Court for the Southern District of Florida, Miami Division, Multi-District Litigation, No. 1334. This lawsuit was filed by a group of physicians as a class action against Coventry and nine other companies in the managed care industry. The Company is pleased with this outcome and remains committed to operational excellence, including mutually-beneficial relationships with physicians and other providers. www.cvty.com and www.firsthealth.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Retirement Income Industry Association Becomes Sponsor of Financial Research Corporation's 2nd Annual Retirement Income Conference BOSTON--(BUSINESS WIRE)--June 20, 2006-- The Retirement Income Association (RIIA) announced today its sponsorship of Financial Research Corporation's 2nd Annual Retirement Income Conference to be held on June 22, 2006 at the Harvard Club in Boston. RIIA is a national organization whose members are defining the future of retirement security in the United States. The vortex of innovation in the retirement income business, RIIA provides its members a non-biased forum for sharing information, strategies and research combined with unmatched opportunities to network with industry leaders. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Proprietary Research Growth Sluggish at Online Brokerage Websites Says New Report from Corporate Insight New York, NY – June 20, 2006 – After the 2003 Global Analyst Research Settlement (GARP), several online brokerage firms were forced to reestablish their research role, initiating third-party research and ample disclosures of its relationship with the rated companies. Three years later, proprietary research has survived its tarnished image but now faces pressure from firms’ bottom line, causing a proverbial tug-of-war between internal versus external research. A new report form Corporate Insight examines proprietary research using the following criteria: design and features, content of equity research reports, and methodology. “Eight of the seventeen firms we track provide proprietary research but for the most part, firms have reduced their offerings since GARP,” said Tracy Cormier, Senior Analyst at Corporate Insight and author of the e-Monitor report. “In addition, with increased regulatory pressure, firms display a wide variety of disclosure styles related to investment banking relationships, past rating performance and equity ratings. While all the firms include the basics, we found there is great disparity in implementation from firm to firm.” In this ninety page comprehensive report, Corporate Insight examines proprietary equity research from seventeen online brokerages and takes an in-depth look at the disclosure responsibilities of each of the firms. In addition, the report also includes summary/observations, recommendations to the industry, and detailed findings of the offerings of each firm. For more information on this research and related services, please visit www.corporateinsight.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. INSURANCENOODLE TO INTRODUCE NEW AIG ³WORLDRISK² PORTFOLIO OF INTERNATIONAL PRODUCTS CHICAGO June 20, 2006 InsuranceNoodle will be introducing the new AIG ³WorldRisk² portfolio of international products which extends insurance protection for small U.S.-based companies that sell products or whose employees travel overseas.www.insurancenoodle.com/secure/agency Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. CPCU SOCIETY TECHNICAL INSURANCE WORKSHOPS COMING TO VIRGINIA BEACH MALVERN, PA, JUNE 20, 2006—On June 29, the CPCU Society and the Society’s Tidewater, Virginia Chapter will be hosting two half-day workshops, Breach of Privacy and Identity Theft, and Personal Lines Questions and Answers. Each workshop has been approved for four (4) continuing education credits in Virginia and North Carolina. When: June 29, 2006, 8 a.m. –12:10 p.m. www.cpcusociety.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Great American Insurance Group Selects Duck Creek Technologies Bolivar, MO, June 20, 2006 – Duck Creek Technologies, Inc., a provider of rating and policy administration software for the insurance industry, today announced that Great American Insurance Group has selected Duck Creek’s EXAMPLE Platform®. The EXAMPLE Platform rating component is an integral element of Great American’s plan to replace its entire legacy infrastructure with a variety of component solutions. www.duckcreektech.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. VIP SALES MANAGEMENT PROGRAM – A FIRST IN SAN JUAN AUSTIN, TX (June 19, 2006) – The Professional Insurance Agents (PIA) of Puerto Rico & the Caribbean has announced a new opportunity available to insurance executives and sales managers: The VIP Sales Management Program, to be held June 28, 2006, in San Juan. Offered for the first time in Puerto Rico, this will be an interactive program to help agencies and companies learn to manage new producers or account executives. There is no charge for attendance.* The one-day program includes a reception and will be taught by Jeffrey Wodicka, CIC, a well-known insurance sales trainer, and William T. Hold, Ph.D., CIC, CPCU, CLU, Founder and President of The National Alliance for Insurance Education & Research, who is listed by Insurance Newscast as one of the “100 Most Powerful People in the Insurance Industry.” www.piaorpr.com or www.TheNationalAlliance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Sun Life Financial Announces New Managed Account BOLI Product For Community and Regional Banks Wellesley, MA [June 16, 2006] – The U.S. division of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) today announced a new Bank-Owned Life Insurance (BOLI) product that gives community and smaller regional banks financial benefits and investment opportunities that were previously reserved only for the largest banks. Sun Life’s new Pooled Stable Value Option provides consistent and stable value protection in conjunction with a choice of bank-eligible managed accounts for BOLI purchases that range from $1 million to $20 million. While BOLI products are currently available to all banks, the investment choices offered with Sun Life’s Pooled Stable Value Option are typically reserved for the largest financial institutions. Now these high-end investment products, including a mortgage-backed securities strategy by Goldman Sachs Asset Management L.P. and a fixed-income securities fund managed by Sun Life’s Sun Capital Advisers, Inc., are accessible to smaller institutions. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. BIG “I” HAILS INTRODUCTION OF SURPLUS LINES AND REINSURANCE REGULATION BILL WASHINGTON, D.C., June 19, 2006—The Big “I” today expresses its strong support for a bipartisan surplus lines and reinsurance regulatory reform bill introduced by Rep. Ginny Brown-Waite (R-Fla.) and Rep. Dennis Moore (D-Kan.). The legislation, the Nonadmitted and Reinsurance Reform Act, will create a uniform system of premium tax allocation and collection for surplus lines; provide for regulatory deference to the policyholder’s home state for the nonadmitted market; adopt the National Association of Insurance Commissioners (NAIC) nonadmitted insurance model act on a national basis; create streamlined access to the non-admitted/surplus market for sophisticated commercial purchasers; and rely on the home state for reinsurance solvency oversight while prohibiting extra-territorial application of state law. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Guidance on protecting customers’ personal information is a click away - PIACT, PIANH, PIANJ and PIANY offer members online privacy-compliance tool kit GLENMONT, N.Y.—To help members comply with the number of laws and regulations that govern the privacy of their customers’ personal information, the Professional Insurance Agents of Connecticut, New Hampshire, New Jersey and New York State have designed a privacy tool kit. “The issue of customer privacy has numerous caveats and obligations that insurance professionals may not be aware of, but still need to follow,” said Diane F. Kattrein, CAE, executive director, Professional Insurance Agents of New York State, New Jersey, Connecticut and New Hampshire. “There’s a lot to consider—whether its privacy notices, written information security programs, business associate agreements or document disposal. To assist members in meeting these challenges, PIA has created this all-encompassing tool kit.” The tool kit, created by PIA’s technical staff, gives members access to information they need to comply with state rules and regulations. The tool kit includes a survey to help PIA members assess their privacy needs and create their agencies’ privacy notices. There also is a comprehensive question-and-answer risk assessment tool to assist in developing an appropriate written information security program. www.piaonline.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. BANK INSURANCE NEWS IN BRIEF - JUNE 20, 2006
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