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1. AHIP Briefs Congressional Staff on New Access Proposal Plan Would Expand Access to Health Insurance Coverage to All Americans Survey Found That the American Public Wants Congress to Address This Critical Issue WASHINGTON, Nov. 30 /PRNewswire/ -- Congressional staff members were briefed today at an event on Capitol Hill on a new policy proposal put forth by America's Health Insurance Plans (AHIP) to expand access to health insurance coverage to all Americans. The plan is designed to expand access to health insurance coverage to all children within three years and 95 percent of adults within 10 years. It would expand eligibility for public programs, enable all consumers to purchase health insurance with pre-tax dollars, provide financial assistance to help working families afford coverage, and encourage states to develop and implement access proposals. "We are committed to working with federal legislators from both parties to advance a positive agenda for health care reform," said James Roosevelt, Jr., President and CEO of Tufts Health Plan. "This bipartisan plan provides a practical, fiscally responsible, and politically achievable solution that builds upon the strengths of the current system while utilizing the innovation and efficiency of the private sector." AHIP commissioned a public opinion survey which found that voters rank access to affordable health care their number one domestic priority. According to the survey conducted by Ayres, McHenry & Associates, Inc. and The Glover Park Group on behalf of AHIP, 80 percent of adults want Congress to do more to extend access to coverage. "The American public wants Congress to address this critical issue," said Karen Ignagni, President and CEO of AHIP. "Our members have put forth a bold set of federal policy reforms that can act as a roadmap to reforming the health care system in a way that will provide over 40 million uninsured Americans will access to affordable coverage." Full implementation of this proposal is expected to cost the federal government approximately $300 billion over a 10-year period. AHIP expects these reforms to reduce the rising cost of uncompensated care, thus saving money in the long run. "We currently spend nearly $50 billion a year in uncompensated care for uninsured Americans. This is putting an undue burden on hard working families who are paying approximately a thousand dollars a year in higher premiums to offset these costs," said Ignagni. "The cost of inaction is just too great to ignore. We can actually save money by bringing uninsured Americans into the system and helping them get the care they need." The AHIP plan calls for enactment of federal legislation that provides significant financial incentives to states and makes changes to federal tax policy to make health coverage more affordable. Key elements of the AHIP plan include:
The Capitol Hill briefing is part of an ongoing effort by the health insurance industry to expand awareness of and build support for these policy proposals. AHIP is also devoting significant resources to a new "We Believe" campaign. This effort includes a national community outreach program led by AHIP board members, advertising in opinion-leader publications, and earned media outreach. To learn more about AHIP's reform proposal, please visit http://www.ahipbelieves.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. 63 Percent of Boomers Fear Not Having Enough Money for Retirement, but Many Wary of Investing in Stocks Lack of Retirement Preparedness and Pervasive Fear of Stock Market Investing Indicates Need to Re-define “Retirement Risk Tolerance” RESTON, Va.--(BUSINESS WIRE)--A commonly held American belief about financial retirement planning may be in need of a change. Traditional retirement planning approaches recommend that as Americans age, their portfolios should include an increasingly higher percentage of fixed investments, and a lower percentage of riskier equity investments. However, new data released today may call this conventional approach to “retirement risk tolerance” into question. Today, NAVA reports that while a majority of Americans acknowledge they may not have enough money for retirement, many also are wary of investing in the stock market, where the historically higher returns may offer the quickest way – or in some cases the only way – to boost their sagging retirement assets. Sixty-three percent of Americans aged 50 to 59 said they are concerned about whether they will have enough money to maintain their desired lifestyle in retirement. The picture is slightly better for Americans in all other age groups, but not much, with 50 percent expressing such concerns. Yet, when asked how much of their retirement assets they would be willing to invest in the stock market, 32 percent of baby boomers surveyed replied they would not be comfortable investing anything at all in the stock market. In addition, less than one-fourth (22 percent) of respondents of all ages would be comfortable investing more than 30 percent of their assets. These findings highlight a growing dilemma for many baby boomers who are behind in their financial retirement planning, as many may not be able to generate the investment returns necessary to adequately fund their retirements. According to Mathew Greenwald, president and CEO of Mathew Greenwald & Associates, Inc., a premier public opinion and market research company, a number of factors are necessitating a change in the way Americans tolerate investment risk in retirement. “With Americans living longer, coupled with rising healthcare costs, the decline of company pensions and dismal national savings rates, many will need much more retirement income than they originally thought,” notes Greenwald. “For many retirees and near-retirees, this may mean that they need to keep a higher percentage of their assets in equity investments, including variable annuities, which offer potentially greater returns than more conservative financial vehicles, such as CDs and bonds.” Additional data released today by NAVA highlights factors that could impact the conventional view of consumers’ retirement risk tolerance: Fretting fortysomethings – Sixty-seven percent of Americans between age 40 and 49 are either somewhat or extremely concerned about having enough money to maintain their desired retirement lifestyles; 58 percent of Americans age 39 or younger share this feeling. Older Americans, retirees are risk-averse – Fifty percent of respondents age 60 and older and 50 percent of retired respondents said they would not invest any of their assets in the stock market. Women, unmarried Americans avoid stocks – Forty-one percent of female respondents and 42 percent of unmarried Americans said they would not invest any of their retirement assets in stocks. “Many Americans can benefit from annuities as part of a new retirement risk tolerance model,” said Mark Mackey, president and CEO of NAVA. “A variable annuity is the only financial product that offers the best of both worlds to many Americans who are financially unprepared for retirement. Variable annuities allow individuals to invest in stock funds that typically generate higher returns, and as a result, larger retirement nest eggs, than fixed investments. At the same time, unique annuity insurance guarantees protect assets from market downturns, giving individuals the confidence and peace of mind to stay invested in the market for as long as they need to.” An annuity is a financial retirement vehicle offering a combination of insurance benefits, tax-deferred savings and guaranteed lifetime income payments. Variable annuities allow individuals to invest in a variety of underlying fixed and equity funds, and provide returns based on the performance of these funds. Valuable annuity insurance features include beneficiary protection in the form of the guaranteed minimum death benefit, and living benefits which protect against downside market risk. A variable annuity also offers the ability to convert retirement savings into a steady “paycheck” for life, similar to pension plan payments. www.RetireOnYourTerms.com www.navanet.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. InsuranceBroadcasting.com Welcomes Visitors From 111 Countries in October Twinsburg, OH - - 12/04/06 – An analysis of web traffic from the www.insurancebroadcasting.com website showed visitors from 111 unique countries in October of 2006. Visitors from the top 30 countries are included below. “We are pleased to touch so many insurance industry people from around the globe” said Walter B. Podgurski, CEO of InsuranceBroadcasting.com. “A great deal of effort goes into each day’s INSURANCE NEWSCAST with the intent to make it the biggest and best insurance newsletter in the industry and we appreciate each subscriber and are gratified to have a global presence. It is also of some interest, we believe, to see which countries are reading an English language publication online.” (Editor’s Note: 8 of the top 30 are U.S. related or unknown and not included in the count of 111 countries.)
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Most Small Business Owners in First Survey of Its Kind by NAPEO Offer Health Benefits but Oppose Government Mandating Them ALEXANDRIA, Va.--(BUSINESS WIRE)--A majority of owners of small businesses in a new survey say they oppose government requiring them to offer health benefits, but most already do, bucking the national trend in the small business community. More than 700 small-business owners served by professional employer organizations, or PEOs, responded to the November survey by the National Association of Professional Employer Organizations, or NAPEO. The amount of companies in the survey that offer benefits – 95 percent -- is unusually high, because soaring costs make benefits especially hard for small businesses to afford. (Fewer than half of American companies with less than 10 employees offer health benefits, says the Kaiser Family Foundation.) Increasingly, small businesses outsource many human resources responsibilities, including payroll, workers compensation and health benefits, to PEOs. The trade association’s first quarterly survey also found more than half the companies responding said their employees were interested in wellness programs to prevent ailments like diabetes and heart disease. As health costs jump, almost all the companies said they won’t raise the amount employees contribute to their health benefits next year. They didn’t explicitly rule out raising employees’ out-of-pocket expenses – what they actually pay at the doctor’s office – like deductibles and co-payments, as companies large and small across the nation are planning. But companies that use professional employer organizations find PEOs make it easier and more cost-effective to offer health benefits by assuming the work of administering a health-care plan. “If America is going to resolve the health-care crisis, it will take all hands on deck,” said Milan P. Yager, executive vice president of the trade association. “The small business owners and operators in this survey – working with their PEOs – are champions of health care options that match today’s workforce.” NAPEO itself is neutral on government-mandated insurance. It simply asks that new laws requiring businesses with a certain number of employees to provide health insurance treat small businesses that use professional employer organizations the same as other small businesses. To read the full report: http://www.napeo.org/newscenter/research.cfm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. BEACON’S FIXED ANNUITY PREMIUM STUDY REPORTS THIRD QUARTER’S FIXED ANNUITY SALES Evanston, IL, December 1, 2006—U.S. sales of fixed annuities rose to an estimated $19.9 billion in third quarter, 2006, an increase of 9.3% from the previous quarter and 9.9% from third quarter, 2005. But on a year-to-date basis, results were 4% below the same period last year, according to new data from the Beacon Research Fixed Annuity Premium Study based on sales of 52 insurance companies. Estimated sales by product type were: book value - $8.12 billion, indexed - $6.52 billion, market value-adjusted (MVA) - $3.68 billion, and immediate - $1.58 billion. MasterDex, an indexed annuity issued by Allianz Life Insurance Company of North America, was the quarter’s top-selling product in the Study for the ninth consecutive quarter. Allstate Financial’s (NYSE: ALL) Preferred Performance, a book value product, took the number two spot for the third quarter in a row. Two book value products issued by New York Life -- LifeStages/MainStay Preferred Fixed Annuity and LifeStages/MainStay Single Premium Fixed Annuity were number three and five, respectively. Both were top five products in the last two quarters as well, and the Single Premium Fixed Annuity has been among the top five for 11 consecutive quarters. CRC, an MVA annuity issued by Hartford Life (NYSE: HIG) took fourth place. This was the first time since second quarter, 2003 that an MVA product placed among the top five. Third quarter results include sales of some 243 products. Rank Company Name Product Name Product Type 1 Allianz MasterDex Indexed 2 Allstate Financial Preferred Performance Book Value 3 New York Life LifeStages (and MainStay) Preferred Fixed Annuity Book Value 4 Hartford Life CRC MVA 5 New York Life LifeStages (and MainStay) Single Premium Fixed Annuity Book Value Four of the top five products also led sales in a distribution channel, with Allstate’s Preferred Performance again the bank channel leader, New York Life’s LifeStages Preferred Fixed Annuity the long-running best seller among captive agents, the Allianz MasterDex continuing as top product among independent producers, and Hartford’s CRC leading wirehouse sales. GPA Plus, a book value product issued by John Hancock (TOR: MFC.TO), kept its top-selling position in the independent broker-dealer channel.* Among large/regional broker-dealers, the top product was the Protective Life (NYSE: PL) ProSaver® Platinum (an MVA product). Channel Company Product Product Type Banks and S&Ls Allstate Preferred Performance Book Value Captive Agents New York Life LifeStages Preferred Fixed Book Value Independent Producers Allianz MasterDex Indexed Independent Broker-Dealers John Hancock GPA Plus Book Value Large/Regional Broker-Dealers Protective Life ProSaver® Platinum MVA Wirehouses Hartford CRC MVA By product type, New York Life had the leading immediate annuity. Treasury rates fell in third quarter. Apparently, investors expecting further declines were motivated to lock in longer-term fixed annuity rates. This drove the ongoing trend toward products with longer rate terms. Among book value products, the dominance of one-year interest guarantee periods (IGPs) continued to decline, accounting for 66% of sales (down from 71% in second quarter, 83% in first quarter, and 86% in fourth quarter, 2005). Among MVA products, there was a significant shift to seven-year IGPs. “Investors once again went long in order to lock in fixed annuity effective yields of about 5% (including bonuses),” said Jeremy Alexander, CEO of Beacon Research. “MVA annuities tend to have longer rate terms, which partly explains their recent popularity. MVA products provided more than 82% of the quarter-to-quarter growth in Study participants’ third quarter sales.” Beacon Research is an independent research organization founded in 1997. It compiles market intelligence on fixed annuity products for subscribers to its web-based systems at www.annuitynexus.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. AEGON Survey Shows: Multinationals Take the Lead in Driving Cross-Border Pension Integration First Ever Multinational Pensions Survey Business Believes Pension Administration Complexity Drives Up Cost Multinationals Seek Market-Led Cross Border Pensions Solutions Through Pension Networks THE HAGUE, Netherlands, December 4 /PRNewswire-FirstCall/ -- The complexity of navigating Europe's diverse national pension systems is driving up costs for multinationals in the region, according to the first-ever pensions survey of multinational companies published today by AEGON (LSE: AGN, NYSE: AEG). The 'Bridging Pension Plans Worldwide' survey suggests that the diversity of pension systems across the European Union is making the region less competitive than their global rivals and accelerating the trend towards relocating jobs outside of the European Union. The worldwide survey of pension experts provides new evidence that multinational corporations will be looking for more efficient ways to provide retirement benefits to employees. 74% of those interviewed would prefer to design and implement their own integrated cross-border corporate pension systems rather than waiting for EU-wide pension legislation to be implemented. The survey, conducted in conjunction with LIMRA International (the worldwide association of insurance and financial services companies), also highlights an increasing worldwide trend towards transferring a greater degree of financial risks off their own balance sheets and onto individual employees by shifting from defined benefit (DB) plans to defined contribution (DC) arrangements. 61% of employers with over 5,000 employees agree that the DB to DC trend is likely to continue around the globe.
A summary report of the 'Bridging Pension Plans Worldwide' study is available on http://www.aegonpensionnetwork.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Russell Reynolds Associates’ Study Reveals Highly Competitive Recruiting Environment, Increased Turnover and Rising Compensation in Asset and Wealth Management Industries Tenth Annual Report Ushers in Era of the Broad-Based Investment Professional – Managers Who Seamlessly Straddle Traditional and Alternative Investments Report Further Identifies Top 10 Industry “Hot Spots” NEW YORK--(BUSINESS WIRE)--The recruiting environment among senior professionals in the asset and wealth management industries was particularly strong in 2006 – a year that saw brisk turnover among all functions as well as rising compensation levels, particularly for proven producers, according to a report by global executive search and assessment firm Russell Reynolds Associates. In fact, the intensity of the competition for investment professionals (due to both organic market demand and the lure of hedge funds), has forced investment firms to look beyond traditional talent pools – a strategy that brings with it both significant rewards and costly risks. Released today, the tenth annual Asset and Wealth Management Recruiting Trends Report is a qualitative and anecdotal study that reflects first-hand observations of industry leaders, prepared by the global partners of Russell Reynolds Associates’ Asset and Wealth Management Practice. “This past year has been marked by an industry-wide, global focus on convergence,” said Jeff Garrity, managing director and head of Russell Reynolds Associates’ Americas Asset and Wealth Management Practice. “Traditional and alternative investment houses are evolving and adopting each other’s product and investment strategies, blurring the once clear lines that separated the two. The resulting demand for broad-based professionals who can straddle differing investment strategies has never been greater, and the war for talent has never been more contentious. As a result, many asset and wealth managers have begun to widen their scope, seeking more available, affordable talent from outside traditional talent pools in analogous industries. It’s a risky, but necessary strategy, likely to continue in 2007.” Top 10 “Hot Spots” In addition to ushering in the year of the broad-based investment professional, 2006 also saw some notable pockets of rising demand, compensation and emerging industry trends. These asset and wealth management “hot spots” included: 1. Alternative Investments Changing the Face of Firms: 2. Convergence Causing Confusion: 3. Real Estate Reigns Supreme: 4. Widening the Net for Wealth Management: 5. Spanning the Alpha, Beta Space: 6. The Power of Pension Reform: 7. The Baby Boomer Boom: 8. Sourcing for Succession: 9. Equity Peaks: 10. Risk Management Remains Relevant: The report also provides an overview of varying global realities and regional differences in the asset and wealth management industries. More specifically, it details hot spots specific to the U.S., Canada, Mexico, the U.K., France, Germany, the Netherlands, Poland, Australia, China and Hong Kong, India, Japan and Singapore. We welcome you to visit us online at www.russellreynolds.com where the full report can be found. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Healthcare Sector Focused on Retirement Plan Design to Attract, Retain Workforce, According to American Hospital Association/Diversified Investment Advisors Survey PURCHASE, N.Y.--(BUSINESS WIRE)--U.S. healthcare organizations are increasingly relying on the design of their retirement plans to serve double duty: to make saving and investing for retirement as simple as possible while making education and a breadth of fund offerings accessible to its workforce – all with an eye toward growing and retaining a qualified workforce in competitive times. According to the fourth annual survey, Retirement Plan Trends in Today’s Healthcare Market – 2006, conducted by the American Hospital Association (AHA) and Diversified Investment Advisors, Inc. (Diversified), healthcare employers, much like their counterparts in the corporate sector, have embraced automated retirement planning programs. In fact, 24% of healthcare plan sponsors automatically enroll employees in defined contribution plans upon eligibility, and 9% offer automatic deferral rate increases. In addition, a surprising 32% of healthcare employers offer a relatively new type of investment option – managed accounts, which offer investment advice and portfolio oversight from a professional investment management firm. “We expect these numbers to increase given the recent passage of the Pension Protection Act of 2006, which both clarifies the rules and offers incentives to employers to implement automatic features within their employee retirement plans,” said David Ray, the not-for-profit practice leader at Diversified. “The primary objective of these features and others such as lifecycle funds and automatic investment options is to help healthcare employees reach their financial goals for retirement.” The 2006 AHA/Diversified study also showed that healthcare employers are offering a greater number of investment options to provide increased investment flexibility to their employees. This year, 37% of plan sponsors said they offer more than 20 funds compared with 26% one year ago, and 30% two years ago. More than one-half of the plan sponsors surveyed said they would like to add asset allocation, equity growth, balanced and stable value funds within the next plan year. “Many plan sponsors are augmenting their fund array with additional funds from various families,” explained Ray. “As a result, we see a connection between the increase in the number of investment options and increased investment flexibility.” Other key survey findings included:
Retirement Plan Trends in Today’s Healthcare Market – 2006 focuses on healthcare organizations’ defined contribution retirement plans with the largest number of participants other than their 401(a) plan. The sample represents hospitals that had one or more active defined contribution plans during the 2005 year. A total of 339 hospital administrators responded to the survey, which is based on 2005 data. To request a copy of the survey report, please visit www.aha-solutions.org or call 800-242-4677. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Bank of New York to buy Mellon for $16.5 bln By Jonathan Stempel NEW YORK (Reuters) - Bank of New York Co. (BK.N: ) said on Monday it will buy Mellon Financial Corp. (MEL.N: ) for $16.5 billion, combining two storied names in American finance to create a powerhouse in asset management and custody services for institutional investors. The combined company, to be called Bank of New York Mellon Corp., will rank first worldwide with $16.6 trillion of assets under custody. It will rank 10th in asset management and 9th in wealth management, overseeing more than $1.1 trillion of assets. About 3,900 of a combined 40,000 jobs will be eliminated over three years to help save $700 million, or 8.5 percent of costs, by 2010. Restructuring charges will total $805 million after taxes. Annual revenue will total about $12.5 billion. (Additional reporting by Megan Davies, Svea Herbst-Bayliss and Christopher Kaufman) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Australia's IAG to buy UK motor insurer for $1.1 bln By Denny Thomas SYDNEY, Dec 4 (Reuters) - Insurance Australia Group Ltd. (IAG.AX: ) has agreed to buy Equity Insurance Group, a UK motor insurance underwriter, for 570 million pounds (US$1.13 billion), its second British buy as it battles stagnating growth at home. IAG, Australia's No.2 general insurer by premium income, plans to raise A$600 million ($472 million) in an institutional share placement to help fund the purchase from a private equity group that bought Equity -- formerly Cox Insurance Holdings Plc. -- last year for close to 300 million pounds. (Additional reporting by Richard Pullin) ($1=A$1.27, =.5048 Pound) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
If you are not yet a member, please click here. The fees to become a member of The Workplace Benefits Association are waived for one year. If a member decides to renew at the end of one year, the membership fee is only $29.00 per year, however there is no obligation to renew a membership, and no payment information is collected until a member does decide to renew. www.workplacebenefits.org The Members of the Workplace Benefits Association strive to bring an integrated solution through a master plan that involves a standardized employer guide and checklist. This procedure ensures that no important area is overlooked while providing the flexibility for each employer and employee to create an individual solution to their benefits and financial planning. (Proviso - The Workplace Benefits Association does not sell workplace benefits and is not in the business of offering advice) Workplace Benefits Renaissance 2007 The people and organizations involved in the sales and service of Workplace Benefits have a premier opportunity to network and learn at the Workplace Benefits Renaissance Meeting to be held on the corner of Bourbon and Canal Street in the heart of the French Quarter at the Astor Crowne Plaza Hotel, New Orleans, La. The dates are February 13, 14, & 15, 2007. This will be the 10th Benefits Renaissance Meeting, but the first under the “Workplace Benefits Association” label. Expected attendance is 125 of the leading Workplace Benefit vendors and 800 total workplace benefit consultants. 11. Employers Holdings files with US SEC to go public WASHINGTON, Dec 4 (Reuters) - Employers Holdings Inc., a specialty provider of workers' compensation insurance, filed with U.S. regulators on Monday to raise up to $288 million in an initial public offering of common stock. The company, a Nevada mutual insurance holding company that plans to convert to a stock corporation, said in a registration statement with the Securities and Exchange Commission that Morgan Stanley was underwriting the IPO. Along with the conversion, the company's name will change from EIG Mutual Holding Company to Employers Holdings Inc. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. 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
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. BANK INSURANCE NEWS IN BRIEF - DECEMBER 4, 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
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. CIGNA HealthCare to Acquire the Memphis-Based Mid-South Administrative Group, LLC MEMPHIS, Tenn., Dec. 1, 2006 /PRNewswire-FirstCall/ -- CIGNA HealthCare announced today that it has entered into a definitive agreement to acquire the Memphis-based Mid-South Administrative Group, LLC ("MSAG"). The acquisition will give CIGNA HealthCare an expanded local presence in Memphis and West Tennessee. The privately owned, Memphis-based MSAG designs and administers self- funded healthcare benefits for nearly 10 regional employers and their employees, totaling more than 28,000 client members. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Palmer Insurance Agency Joins Northeast Bank Insurance Group, Inc. LEWISTON, Maine--(BUSINESS WIRE)--The insurance subsidiary of Northeast Bank, Northeast Bank Insurance Group, Inc. announced today that the Company has acquired the Palmer Insurance Agency of Turner, Maine. Originally opened in 1991, with an office located at 10 Snell Hill Road in Turner, Palmer Insurance agency offers complete lines of property and casualty insurance. Palmer has 6 employees and generated $4 million in gross premiums over the past year. www.palmerins.com www.northeastbank.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. First Charter Announces Sale of Southeastern Employee Benefits Services Monday December 4, 9:27 am ET - CHARLOTTE, N.C.--(BUSINESS WIRE)--First Charter Corporation (NASDAQ:FCTR - News) today announced the sale of Southeastern Employee Benefits Services (SEBS). A part of the Wealth Management division of First Charter Bank, SEBS performs the record-keeping and administrative functions for retirement plans and was purchased by the bank in 2003. www.FirstCharter.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Assurant Announces Three-Year Extension to Its Exclusive Distribution Partnership With Service Corporation International (SCI) - Company to Acquire Mayflower National Life Insurance Company from SCI NEW YORK, Dec. 1 /PRNewswire-FirstCall/ -- Assurant, Inc. ("Assurant") (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, announced today that it will extend for three years its exclusive distribution partnership with Service Corporation International ("SCI") (NYSE: SCI) and that it has entered into a definitive agreement to acquire 100% of the outstanding stock of Mayflower National Life Insurance Company ("Mayflower") from SCI. SCI acquired Mayflower on November 28, 2006 as part of its acquisition of Alderwoods Group, Inc. Assurant will pay SCI $65 million with available cash. The transactions are expected to close in early 2007 subject to customary regulatory approvals. Assurant expects that its acquisition of Mayflower will be immediately accretive to earnings. The exclusive distribution agreement, which allows Assurant to distribute its preneed insurance products and services through SCI-owned or affiliated funeral homes in North America, will be extended through September 30, 2013.Assurant's acquisition of Mayflower, a leading provider of preneed insurance products and services, will add approximately $52 million in annual net earned premiums. www.assurantsolutions.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Universal American Completes Sale of Its Canadian Subsidiary PennCorp Life Insurance Company RYE BROOK, N.Y.--(BUSINESS WIRE)--Universal American Financial Corp. (NASDAQ:UHCO) announced today that it has completed its previously announced sale of UAFC (Canada) Inc., including its Canadian insurance subsidiary PennCorp Life Insurance Company, in an all-cash transaction to a venture 70% owned by La Capitale Civil Service Insurer Inc., a subsidiary of La Capitale Financial Group Inc., and 30% owned by GMF Assurances, a French mutual insurance company. Based on after-tax proceeds of approximately $96 million (comprised of approximately $93 million of cash at closing, plus an additional $3 million in two years if certain conditions are satisfied), the sale is expected to result in a net gain to shareholders’ equity of $21 million, or $0.36 per diluted share. Universal American anticipates that the transaction will generate an after-tax realized gain of $57 million. Proceeds from the sale will be used for general corporate purposes, primarily to support the faster growing segments of Universal American’s U.S. Medicare business. www.uafc.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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22. BANKERS CONSECO LIFE INSURANCE COMPANY INTRODUCES NEW HEALTH AND LIFE INSURANCE OPTIONS FOR SENIORS IN NEW YORK December 1, 2006 (CHICAGO, ILL.) – Bankers Conseco Life Insurance Company today announced that it will begin selling health and life insurance plans, including those specifically designed for seniors, through their career agent force in the state of New York, effective immediately.Bankers' product portfolio will be available in New York through agents in newly-opened offices in Syracuse, Jamestown and Albany. At least six additional branches and satellite offices are planned to be opened throughout the state in 2007. www.bankersconseco.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Information for upcoming bWell Lunch and Learn, Dec. 7 Reminder: Register Today for bWell's December Lunch and Learn Teleconference: "Open Enrollment 2007: What We're Learning and What We've Learned from This Round" • As a special holiday offer, the teleconference will be presented at a special price of $99 • As an additional bonus offer, register for this seminar and receive a 30% discount off the registration fee at Consumer Health World, December 11-13 in Washington, DC. FEATURED SPEAKERS: • Marco Diaz, Director of Benefits, Reuters America Inc. • Phil Micali, CEO, bWell International DATE: Thursday, December 7, 12 p.m. to 1 p.m. ET Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Countrywide Launches Auto Insurance Product in Ohio CALABASAS, Calif., Dec. 4 /PRNewswire/ -- Countrywide Financial Corporation -- America's #1 home loan lender* -- today announced that Countrywide Insurance Group's widely-anticipated auto insurance product is now available to consumers in the state of Ohio. Ohio residents can now obtain an auto insurance quote from Countrywide Insurance Services, Inc. by calling a licensed auto insurance agent at (800) 669-6656. Residents can learn more about home warranty, homeowners, renters, and term life insurance products through these same licensed insurance agents or by visiting any Ohio financial center. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Axentis Delivers Insurance Sales Compliance Solution for Salesforce.com’s AppExchange CLEVELAND--(BUSINESS WIRE)--Axentis, the leading provider of on-demand governance, risk and compliance (GRC) management solutions, and salesforce.com [NYSE: CRM], the market and technology leader in on-demand business services, today announced the availability of Insurance Sales Compliance for salesforce.com's AppExchange. Salesforce.com customers can now deploy Insurance Sales Compliance as part of their Salesforce implementation, making it easier and faster to manage sales training and ensure compliance and certification requirements. Insurance Sales Compliance is immediately available for deployment at http://www.salesforce.com/appexchange. Applications available via the AppExchange directory are built using Apex, the world’s first on-demand platform. www.axentis.com www.salesforce.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. AIG Financial Products and Global Infrastructure Partners Complete Acquisition of London City Airport LONDON--(BUSINESS WIRE)--AIG Financial Products Corp. (AIG-FP), a wholly owned subsidiary of American International Group, Inc. (AIG), and Global Infrastructure Partners (GIP), the infrastructure joint venture between Credit Suisse and GE Infrastructure, announced today that they have completed the acquisition of 100% of the share capital of the company that owns and operates the business known as London City Airport (“the Airport”) from Airport Management and Investment Limited. Pursuant to the terms of the deal, AIG-FP and GIP will each own 50% of the equity interest of the company that owns the Airport. This transaction was originally announced on October 11, 2006, and completion had remained subject to merger clearance by the European Commission. The European Commission granted its merger approval on November 23, 2006. www.aigfp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. WellPoint Expands Specialty Pharmacy and Managed Care Medicaid Operations In Indiana Corporate Expansion Will Create 1,200 New Jobs in Indiana and Provide Enhanced Services for Members Nationwide INDIANAPOLIS, Dec. 4 /PRNewswire-FirstCall/ -- WellPoint, Inc. (NYSE: WLP) announced today that it is significantly expanding operations of its specialty pharmacy business in Indiana. The company will house its rapidly growing PrecisionRx Specialty Solutions (PRxSS) operations in Indianapolis. PrecisionRx Specialty Solutions is a full-service specialty pharmacy unit created to more effectively coordinate care and distribute specialty drugs such as therapies for hepatitis C, rheumatoid arthritis, multiple sclerosis, hemophilia, infertility, respiratory syncytial virus prevention, psoriasis and transplants. The company does this in collaboration with physicians, pharmacists and patients to more effectively manage the patient's medication and condition. In addition, WellPoint is continuing to expand its managed care Medicaid services operations in the Midwest to provide health care benefits to enrollees in state managed care programs. In total, WellPoint will create 1,200 new positions in Indiana over the next five years as a result of these two initiatives. www.precisionrxspecialtysolutions.com www.wellpoint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Companion Technologies’ Claims Management Software Available Nationwide COLUMBIA, S.C.--(BUSINESS WIRE)--EnterprisEDI, the powerful health insurance claims and revenue cycle management software from Companion Technologies, is now available to hospitals and medical practices nationwide, Companion Technologies announced today. Peviously, EnterprisEDI was marketed only to hospitals in South Carolina, North Carolina and Texas. More than 90 percent of South Carolina hospitals use the system. www.companiontechnologies.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Aflac Incorporated to Voluntarily Withdraw Trading on NYSE Arca COLUMBUS, Ga., Dec. 1 /PRNewswire-FirstCall/ -- Aflac Incorporated (NYSE: AFL) announced today that it plans to voluntarily withdraw its common stock from listing on NYSE Arca, Inc., formerly the Pacific Exchange. Aflac's equity securities will continue to be listed on the New York Stock Exchange. The decision to voluntarily withdraw listing from NYSE Arca, Inc. was made to eliminate duplicative administrative requirements inherent with dual listings as a result of the NYSE Group's recent merger with Archipelago Holdings, the parent company of NYSE Arca. NYSE Arca will continue trading Aflac's common stock on an unlisted trading privilege basis. www.aflac.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Aspen Insurance Holdings Limited Announces Repurchase of $156 Million of Ordinary Shares from Founding Shareholders HAMILTON, Bermuda--(BUSINESS WIRE)--Aspen Insurance Holdings Limited ("Aspen") (NYSE:AHL) (BSX:AHL BH) today announced it has agreed to repurchase approximately $156 million of its ordinary shares, representing approximately 5.9 million shares, from two of its founding shareholders: The Blackstone Group and CSFB Private Equity. The shares are to be repurchased at a price per share of $26.50, representing a 1.7% discount to the closing price on November 30, 2006. Following the share repurchase, Blackstone Group will hold approximately 11.4 million shares and CSFB Private Equity will hold approximately 4.4 million shares. www.aspen.bm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Markel Corporation Announces Redemption of Markel Capital Trust I Capital Securities RICHMOND, Va., Dec. 1 /PRNewswire-FirstCall/ -- Markel Corporation (NYSE: MKL) announced today the issuance of a notice of redemption of all outstanding 8.71% Capital Securities of Markel Capital Trust I. The Capital Securities will be redeemed on January 2, 2007 at a redemption price of 104.355% of the outstanding principal amount, plus accrued and unpaid interest to the redemption date. As of November 30, 2007, approximately $106.8 million of the Capital Securities were issued and outstanding. www.markelcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Orion HealthCorp Completes Major Strategic Initiatives ATLANTA--(BUSINESS WIRE)--Orion HealthCorp, Inc. (AMEX: ONH) today announced that it had completed its previously announced acquisition of all of the issued and outstanding stock of two revenue cycle management companies located in Los Angeles, California, and Mobile, Alabama. In addition, the Company also announced the completion of its previously announced debt and equity private placement with Phoenix Life Insurance Company and with Brantley Partners IV, L.P., currently Orion’s largest investor, resulting in gross proceeds to the Company of $8 million. www.orionhealthcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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