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1. Willis Re publishes its ‘Vision of the Future’ New York, NY, June 23, 2006 – Willis Group Holdings (NYSE: WSH), the global insurance broker, has published a new, hard-hitting report today reviewing the prospects for Reinsurance over the coming years. This takes the five-year window since 9/11 as a suitable moment to take stock of the “new era”. Key findings of the Report:
Nick Goulder, International Casualty Director, Willis Re, the leading author of the Report, said: “Both buyers and sellers are looking for better outcomes and Rating Agencies are under increasing scrutiny. The reinsurance world is full of dynamic challenges at the moment and only the most sophisticated strategies are going to survive. This is an exciting time to be a global adviser; we look forward to dynamic feedback from the reinsurance market as this report takes the debate to a new level.” www.willis.com Please see the full report: http://www.willis.com/news/News_Attachments/future_vision_june2006.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. AAMGA CALLS ON CONGRESS TO PASS INSURANCE REGULATORY REFORM LEGISLATION Washington, DC, June 21, 2006 – The American Association of Managing General Agents (AAMGA), the nation’s oldest and leading international trade association dedicated to the wholesale and surplus lines insurance markets, testified before the House of Representatives Financial Services Committee today urging passage of the Non-Admitted and Reinsurance Reform Act of 2006 (HR 5637). “This Bill is vital to the needed modernization of the regulatory complexities existing in the surplus lines insurance marketplace, and we look forward to continuing our on-going efforts with the Committee to secure additional support and get this important legislation passed,” AAMGA Executive Director Bernd G. Heinze testified. Rep. Richard Baker (R. LA), Chairman of the House Subcommittee on Capitol Markets, Insurance and Government Sponsored Enterprises, chaired the Hearing on Commercial Insurance Modernization, and called on his colleagues to adopt the Bill’s measures that are aimed at streamlining the inconsistent, burdensome and costly licensing, taxation and compliance regulations of the individual states by creating a consistent standard. The Act was introduced Monday, June 19, 2006 by Rep. Ginny Brown-Waite (R. FL) and Rep. Dennis Moore (D. KS), and has already received broad bi-partisan support. The AAMGA has been working with the Subcommittee to establish means by which to provide further guidance to state regulators on establishing a uniform approach on surplus lines, multi-state risks and in precluding the extraterritorial application of state laws to preserve the certainty of reinsurance contracts. “The surplus lines industry is essential to our Nation’s economic infrastructure by providing expertise, protection and security to those businesses and consumers depending on the integrity of the marketplace. But we must remove the anchors of inconsistent, anti-growth regulations that prevent the surplus lines market to adapt and respond quickly to market changes and consumer needs with specialized coverages, while maintaining the state based system of insurance regulation and the surplus lines market’s fundamental precept of freedom from rate and form to benefit the consumer in the protection of its risk exposures,” Heinze testified. Key components of the Non-Admitted and Reinsurance Reform Act would:
The AAMGA’s testimony is bolstered by over 270 member managing general agents who collectively write over $23.9 billion in annual written premium each year, or approximately 72% of the total surplus lines premium written in North American each year. Its diverse membership base includes additional domestic and international insurance and reinsurance companies, brokers, Lloyd’s and London Market Underwriters, Syndicates and Brokers, premium financing and technology companies, law firms, insurance claim professionals and other related entities operating within the wholesale insurance market. The American Association of Insurance Claim Professionals (AAICP) joined the AAMGA in support of the legislation and a broader effort to break down antiquated state-by-state barriers. “Through their work with non-admitted insurers, reinsurers, and other industry partners, independent adjusters know all too well that needlessly restricting insurance services across state lines is inefficient and, ultimately, unsustainable,” Heinze said. “Insurance is the DNA of capitalism and free market entrepreneurship. Providing the availability of varying levels of security from risk stimulates the growth of business, private investment and opportunities. It affords incentives for research and development that help to create jobs and positive returns on equity; and, for the public and private consumer, affords continuity and recovery from fortuitous events based on the terms and conditions of coverage,” Heinze added, as he thanked Chairman Baker for his leadership on insurance modernization and on this legislation that will develop and create a uniform and consistent foundation on which essential state based regulation can continue without restraining the creativity and security provided by the surplus lines market. NOTE: The full text of the AAMGA’s Testimony on Commercial Insurance Modernization and the Non-admitted and Reinsurance Reform Act of 2006 can be obtained from the AAMGA’s website at www.aamga.org, or by utilizing this link: http://www.aamga.org/files/Heinze_AAMGA_Testimony.pdf . Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Hedge fund Pequot probed by US regulators Fri Jun 23, 2006 3:23pm ET - By Joel
Rothstein and Svea Herbst-Bayliss - WASHINGTON/BOSTON (Reuters) - U.S.
financial regulators have investigated Pequot Capital, a $7 billion
hedge fund, for possible insider trading, according to a letter from the
lawyer who headed the investigation, a copy of which was obtained by
Reuters on Friday. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Rampant Identity Theft in Washington: One in Nine Households Victims of Identity Theft in 2005 SCOTTSDALE, Ariz.--(BUSINESS WIRE)--June 23, 2006--A new white paper measuring the impact of identity theft in the state of Washington released today by Identity Theft 911 has exposed the true extent of the problem that is fast becoming the country's leading crime. The 21-page white paper, from the recognized leader in identity theft victim resolution and education, entitled "An Analysis of Significant Identity Theft Trends and Crime Patterns in the State of Washington," reveals just how seriously this crime threatens Washington residents. A copy of the Washington white paper can be found at http://www.identitytheft911.org. Key findings of the Washington study include:
"Identity theft -- the fastest-growing crime in America -- is a form of financial terrorism, plain and simple," said Adam Levin, Chairman of Identity Theft 911 and former Director of the New Jersey Division of Consumer Affairs. "This extremely serious threat has Washington consumers deeply concerned about the safety of their personal information. As the public begins to ask questions -- and, more importantly, to demand answers -- they're looking to the businesses and institutions they trust to stand by and take proactive steps to protect them against this crime." www.identitytheft911.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. One of the Largest U.S. Financial Solutions Providers, Asset Marketing Systems, Teams up with Raike Financial Group; Strategic Alliance Announced to Launch Unique Business Venture WOODSTOCK, Ga.--(BUSINESS WIRE)--June 23, 2006--Raike Financial Group, Inc. (OTCBB:RKFG) today announced a strategic alliance with Asset Marketing Systems Insurance Services, LLC (AMS). Working together, both companies will have an opportunity to expand their products and services by leveraging existing broker-client relationships. The strategic partnership provides a win-win opportunity for both companies -- Raike Financial Group, Inc. now has an opportunity to expand its product line, marketing services, sales and training support on the Fixed Index Annuity, LTC and Life Insurance avenues giving them a competitive advantage in the marketplace. AMS will provide Raike Financial Group, Inc. with best practices for running fixed index annuity (FIA) business, which has recently become challenging given increasing industry regulation. AMS is one of the nation's largest FIA marketers with extensive experience in providing highly effective marketing and service support for agents who sell them. www.raikefinancial.com www.assetmarketingsystems.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6.
NAR Hails Supreme
Court Decision to Hear OCC Preemption Case http://www.usnewswire.com/ /© 2006 U.S. Newswire 202-347-2770/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. UnumProvident Posts Investor Presentation to Website CHATTANOOGA, Tenn.--(BUSINESS WIRE)--June 23, 2006--UnumProvident Corporation (NYSE:UNM) today announced that its Investor Presentation will be available on the company's website beginning Friday, June 23. To access the Investor Presentation, go to www.unumprovident.com and click on the Investors and Shareholders tab. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. First Marblehead to Provide Direct-to-Consumer Private Student Loan Services for GE Consumer Finance BOSTON--(BUSINESS WIRE)--June 22, 2006----The First Marblehead Corporation (NYSE: FMD) today announced it has entered into a three-year agreement with GE Consumer Finance, a top provider of innovative financial solutions, to market a full suite of Direct-to-Consumer (DTC) private student loan services under its consumer brand, GE Money. GE Consumer Finance will offer financing programs to a variety of education levels, including K-12, undergraduate, graduate, and continuing education. www.geconsumerfinance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Leesport Financial Corp. Announces Organizational Plan WYOMISSING, Pa., June 22 /PRNewswire-FirstCall/ -- Leesport Financial Corp. (Nasdaq: FLPB) has announced today a plan that will reduce annual salary and benefit costs by approximately $1.2 million commencing in 2007 and a 2006 savings of approximately $600,000 beginning in July 2006. "We, as a senior management team, recognized the need to take a hard look at our organizational structure and efficiencies," stated Robert D. Davis, President and Chief Executive Officer, Leesport Financial Corp. "Through a team process, we identified some positions within our corporate, insurance, investment, banking and mortgage lines of business that we could eliminate through staff reductions," he added. In total there are fourteen individuals that will receive severance packages, effective June 30, 2006. "In the latter part of 2005, Leesport Financial embarked on a revenue and process improvement review of the company, led by our senior management team," stated Davis. "This review was the start of a deliberate effort to accelerate shareholder return and to meet our goal of 10% annual earnings per share growth. These staff reductions are one of various initiatives we are undertaking to achieve our goal of top tier financial performance," he added. Severance costs associated with this reorganization will be recognized in the second quarter and will have an after-tax cost of approximately $285,000. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Anthem Blue Cross and Blue Shield in Indiana, Kentucky and Ohio Offers Access to Dental and Life Insurance in Individual Market INDIANAPOLIS, June 22 /PRNewswire/ -- In an effort to provide access to more preventive care and improve the total health of consumers, Anthem Blue Cross and Blue Shield in Kentucky, Indiana and Ohio will begin offering an individual dental plan and individual term life insurance within the three states. Called Anthem Individual Dental Blue(R) and Blue Preferred(R) Term Life, the introduction of both options represents the first time the companies have offered dental and life insurance options to individuals. Current or future medical members who enroll in either or both plans will have the convenience of combining all of their premiums into one monthly payment. www.wellpoint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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The #1 Insurance Newsletter In The World 11. Eagle Investment Systems and Patni Computer Systems Announce Strategic Alliance BOSTON and PHILADELPHIA, June 20th, 2006 - Eagle Investment Systems LLC (Eagle) and Patni Computer Systems, Ltd. (Patni) announced today that they have entered into a strategic alliance. The two organizations will work together to leverage their respective vision, technology and capabilities to offer the investment management community an industry-leading spectrum of services and an economic advantage that exceeds the capabilities of each company independently. www.eagleinvsys.com www.mellon.com www.patni.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. SEC effort to oversee hedge funds cracked Sat Jun 24, 2006 10:11am ET - By Svea
Herbst-Bayliss - BOSTON (Reuters) - U.S. financial regulators took a
one-two punch on Friday that might leave their efforts to regulate the
$1.3 trillion hedge fund industry in shambles. And now, there is another chance to
review oversight methods. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. NAIC PRESIDENT DELIVERS KEYNOTE ADDRESS AT EUROPEAN COMMISSION HEARING Solvency II Focus of Meeting in Brussels KANSAS CITY, MO (June 22, 2006) – National Association of Insurance Commissioners (NAIC) President Alessandro Iuppa addressed delegates at a European Commission hearing Wednesday, June 21, 2006 in Brussels, Belgium, reaffirming the commitment of the NAIC and the United States insurance regulatory community to work closely with their European colleagues on the Solvency II project. Iuppa’s keynote speech was part of a public hearing on Solvency II. A large number of key stakeholders in the European insurance community attended the hearing, which was organized by the Internal Market and Services Directorate General of the European Commission. Solvency II is a major project to develop a regime of insurance solvency that will work throughout Europe, which added 10 new member countries in 2004. “The beauty of the Solvency II initiative is that, when completed, it will truly stand as the crowned jewel of the European single market for insurance,” Iuppa said during his address. “Reaching consensus on a single set of solvency rules in Europe will represent - from that day forward - the foundation of your regulatory system and a model for the rest of the world. “U.S. insurance regulators are fully supportive of efforts to raise the quality of insurance supervision internationally,” he said. Iuppa referenced the NAIC’s International Internship Program as an example, describing its success in providing opportunities for non-US regulators to experience firsthand how sophisticated insurance supervision is conducted. Iuppa is Superintendent of the Maine Bureau of Insurance and Chair of the International Association of Insurance Supervisors (IAIS). In his remarks, he called on Europe to join with U.S. insurance regulators in providing leadership in the development of international standards, especially at the IAIS, where he urged consideration of “a significant structural overhaul.” For the IAIS to be more effective, Iuppa suggested “creating a new role for a committee of major markets at the IAIS to continue the development of meaningful and truly global supervisory standards.” Iuppa stated that continuing to develop training materials, setting up a speakers’ bureau, and partnering with existing education providers could achieve the implementation function of the IAIS. In keeping with the NAIC's outreach to key financial services policymakers in Europe, Iuppa held meetings with Charlie McCreevy, EU Commissioner for Internal Market and Services, and European Parliament members Peter Skinner and Pervenche Berès, Chair of the Committee on Economic and Monetary Affairs. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Salary Increases Will Stay Below 4 Percent for Fourth Consecutive Year, The Conference Board Reports in New Salary Survey June 22, 2006…Pay increases for most salaried workers will average only 3.5 percent this year and stay at that level through 2007, The Conference Board reports today. For the fourth consecutive year, salary increases are below 4 percent as employers keep the lid on budgets. “Moderate inflation has allowed employers to continue to control payroll costs,” says Charles Peck, compensation specialist at The Conference Board. “This continued control is reflected in the pattern of salary increase budgets this year compared with last year’s projections.” (See Table 1.) For all industries as a group and for all three employee groups (nonexempt, exempt and executive) 2006 salary budgets are virtually identical to last year’s projections. Pay increases in diversified financial services and insurance were slightly higher than projected; diversified service was slightly lower. Estimates for 2007 for all industries and for all employees show salary hikes staying at 3.5 percent with the exception of the executive group, which is projected to move to 3.8 percent. (See Table 2.) This pattern persists in the individual industry sectors with six out of seven projecting higher increases for executives in 2007. Inflation is projected to be less than median salary budgets in both 2006 and 2007. The Conference Board currently projects a 3.1 percent rise in inflation for 2006 and 3.3 percent for 2007. Median salary structure adjustments were under 3 percent for the fifth year in a row. (See Table 3.) Salary structure adjustment is the movement, up or down, of pay ranges established by organizations for the hierarchy of jobs. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Unisys and REAAL Insurance Expand Relationship with Five-Year, $11.6 Million (€9.2 Million) IT Infrastructure Outsourcing Contract BLUE BELL, Pa., June 22, 2006 – Unisys Corporation (NYSE: UIS) today announced that its Netherlands subsidiary has expanded its relationship with long-time client REAAL Insurance through a new five-year outsourcing contract with a value estimated at $11.6 million (€9.2 million). By managing the company’s IT infrastructure, Unisys will provide support 24 hours a day, seven days a week, to REAAL and its agents, enhancing the efficiency of their IT infrastructure operations and their capability to provide secure business services to customers. www.unisys.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
16. FTWILLIAM.COM ANNOUNCES THE RELEASE OF FTWPORTAL Milwaukee, WI June 22, 2006 - Software developer ftwilliam.com announced today the release of ftwPortal. ftwPortal is used in conjunction with ftwilliam.com's Form 5500 software product to enable a Form 5500 preparer to have a client review, edit and print the client's Form 5500 directly from the preparer's website. ftwPortal relieves 5500 preparers of the burden of collecting missing Form 5500 information, printing the forms and mailing the forms to their clients. www.ftwilliam.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Sun Life Financial To Expand Employee Assistance Program and Work-Life Services to All Group Life and Disability Customers Wellesley, MA (June 22, 2006) – The U.S. division of Sun Life Financial Inc. (NYSE: SLF, TSE: SLF) announced today that its Group Insurance Division has expanded the offering of its comprehensive employee assistance program (EAP) – including a wide range of work-life services -- to all of its group life, long-term disability (LTD), short-term disability (STD) and self-insured customers. The new offering was previously available with the company’s LTD plans. This expansion is offered through a partnership with ComPsych® Corporation. www.compsych.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. XCELICOR JOINS FORCES WITH ENWISEN TO PROVIDE CUSTOMERS ROBUST AND AFFORDABLE ON-DEMAND HR COMMUNICATIONS SOLUTIONS. Tampa FL – June 22, 2006 – Xcelicor Inc., a leading North American human capital management (HCM) consultancy firm, announced today that it has chosen Enwisen, the leading provider of on-demand HR communications solutions, as its preferred vendor for HR communications and decision support applications that integrate with clients’ HCM transactional environments. www.xcelicor.com www.enwisen.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Investors Heritage joins COSS and CrailHuntly to launch Combosurance Huntersville, NC - Investors Heritage has selected COSS to develop its point-of-sale Life illustrations for the CrailHuntly Combosurance package. As a participant, Investors Heritage will be one of four carriers to underwrite and issue life policies under the first Combosurance package called Basic Permanent. Combosurance enables consumers to simultaneously buy several policies from multiple insurance companies in one package. Consumers will have the convenience of one application process, one underwriting process, and one premium payment each due date. www.investorsheritage.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. NAMIC Launches New Public Policy Publication Focused on Insurance Politics Indianapolis (June 22, 2006) – The National Association of Mutual Insurance Companies (NAMIC) announced today that it has launched a new public policy publication, the NAMIC Review of Insurance Politics, that seeks to “illuminate the intersection of insurance and politics.” The Review will be published on an annual basis. “The familiar products of insurance politics – laws that directly pertain to the business of insurance, enacted by state legislatures and administered by state insurance departments – are augmented, and sometimes eclipsed, by sundry decisions of state and federal courts, Congress and the executive branch, quasi-regulatory and legislative bodies such as the National Association of Insurance Commissioners and the National Conference of Insurance Legislators and in states that allow ballot initiatives,” said Robert Detlefsen, NAMIC Public Policy Director and editor of the NAMIC Review. The inaugural issue features three essays that examine the type of class action lawsuit in which plaintiff attorneys seek to alter existing insurance regulatory regimes, sometimes in direct contravention of the expressed will of legislators and regulators. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. BestWeek: Airbus' Super-Jumbo Jet Could Super-Size Insurer Liability OLDWICK, N.J.--(BUSINESS WIRE)--June 23, 2006--Aviation insurers patiently await the introduction of the world's largest passenger aircraft into the commercial aviation space despite a series of delays that have altered its production and delivery schedule, according to an article in the June 26 BestWeek. Aviation insurers say the size of the
A380 and its large seating capacity will increase exposure
significantly, and force airlines and manufacturers to seek higher hull
and liability insurance limits. Airports also face increased liability.
Airbus said it will make good on its promise to deliver the first A380
to Singapore Airlines before the end of the year, but would likely limit
delivery of the aircraft in 2007 to nine, instead of the 20 to 25
initially planned. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23.
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