Independence Holding Company (IHC: NYSE) is a publicly-traded health and life insurance holding company with more than $1 billion in assets. For more than 26 years, IHC has built a solid reputation of financial stability and has grown to become a respected industry leader. The Products of Great Thinking IHC offers a wide variety of best-in-class products through its member companies while providing affordable solutions to meet any need. Our products include:
Writing business through multiple distribution channels in nearly every state, the IHC Group companies include three highly rated insurance companies and three operating companies:
Everyone
at IHC and its companies takes pride in leading the industry by example. We
value the brokers and agents who sell our products and promote our services,
and we demonstrate it through our actions. These producers are vital to our
growth and we acknowledge their partnership role.
Daily Quote: "You will become as small as your controlling desire; as great as your dominant aspiration." - - James Allen (1849 - 1925)
1. Insurers AIG,C.V. Starr settle separation disputes By Ed Leefeldt - NEW YORK, Dec 5 (Reuters) - American International Group Inc. (AIG.N: ) and a company controlled by its former chief executive Maurice "Hank" Greenberg said on Tuesday they have settled a dispute regarding separation of the two companies. The settlement may be a step toward resolving the acrimonious battles, in and out of court, between AIG and the man who built it into the world's largest insurer by market value before his March 2005 ouster. "If they can act like adults and agree on anything it's positive for both companies," said Donald Light, an analyst with Celent LLC. But it still leaves many issues unresolved, including the ownership by another Greenberg company of millions of AIG shares, analysts said. "The spitting contest isn't over," said Morningstar analyst Matt Nellans. The current settlement ends a long-running battle between AIG and C.V. Starr Inc., where Greenberg is chief executive, over the use of offices, poaching of employees, and the trademarks of "Starr" and "American International." Under Greenberg, C.V. Starr had been an exclusive insurance agent for AIG. After Greenberg made an acrimonious departure from AIG, Starr began to sell insurance from other insurers such as Berkshire Hathaway Inc. (BRKa.N: ) and Ace Ltd. (ACE.N: ). The agreement is unlikely to affect AIG's bottom line, analysts said, since C.V. Starr has already been an AIG competitor since the start of the year. AIG spokesman Chris Winans said there was no monetary payment on AIG's part that was material or would require a financial disclosure. Greenberg spokesman Mark Corallo did not comment, citing a confidentiality clause in the settlement. GREENBERG FACES CIVIL CHARGES Greenberg himself still faces civil fraud charges brought by New York Attorney Eliot Spitzer, claiming the former AIG chief executive misled investors by moving items off the balance sheet through accounting maneuvers. Greenberg has denied those charges. Greenberg still has a vested interest in AIG, since he and groups that he runs hold about 356 million of AIG shares due to their past relationship with the insurer. Greenberg has sold about 27 million of those shares recently, realizing a gain of at least $1.5 billion. Among legal battles between AIG and Greenberg still to be decided are the control of millions of AIG shares by Starr International Inc., another company in which Greenberg has a stake. Starr International was once used to pay bonuses to AIG executives, and AIG has claimed control of most of the 300 million AIG shares now in Starr's possession. "The larger issue is still there," said Lee Norton, an analyst at JS Asset Management in West Conshohocken, Pennsylvania. "Starr and Greenberg own a large percent of AIG shares. It's an overhang on the stock because they are eventually expected to sell their shares." © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. AUTO INSURANCE PREMIUMS EXPECTED TO DROP IN 2007 FOR FIRST TIME SINCE 1999 NEW YORK, December 5, 2006 — The typical U.S. driver will pay less for auto insurance in 2007 than in 2006, with the average premium expenditure expected to drop by 0.5 percent, reported the Insurance Information Institute (I.I.I.) The average annual cost for auto insurance premiums nationwide for 2007 is estimated at $847 per policy, the first decrease since 1999. This translates into a $4 per policy savings as compared to the $851 the typical U.S. driver paid in 2006. And while $4 may not sound like much for an individual policy, it translates into hundreds of millions of dollars in total consumer savings when spread across the U.S. The trend in the auto market stands in stark contrast to the health insurance industry, where premium rates for employer-sponsored policies has risen 87 percent over the past six years (2000-2006), according to a survey by the Kaiser Family Foundation and the Health Research and Educational Trust “Competitive marketplaces, safer cars, aggressive fraud-fighting and innovative underwriting are joining forces in 2007 to drive down the price of an essential financial product,” said Robert Hartwig, senior vice president and chief economist of the I.I.I. “This is great news for drivers who were battered this year by higher fuel prices and rising auto repair costs.” For additional information on auto insurance, go to the I.I.I.’s Web site at www.iii.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Conning Research: Life Insurers - Especially Variable Annuity Providers - Adopting New Capital and Risk Management Measures HARTFORD, Conn., Dec. 6 /PRNewswire/ -- Traditional methods of measuring capital, risk and value creation no longer adequately serve the variable annuity insurer due to the complexity of new guaranteed benefits, according to a new study by Conning Research and Consulting, Inc. As a result, managers are developing alternatives as they pursue growth in the retirement market. "Variable annuities, with their market-dependent benefits and guarantees, are at the forefront of complexity and change in the life industry," said Scott Hawkins, analyst at Conning Research & Consulting, Inc. "Companies that succeed at gathering retirement assets will improve their evaluation and management of the capital that offsets the financial risks generated by these benefits." The Conning Research study, "Capital and Risk in Variable Annuities: The Rise of Economic Value and Beyond" looks at variable annuity companies to explore issues related to capital, risk and value creation in the insurance industry. "For variable annuity providers, managing capital and risk increasingly moves beyond allocating financial resources to satisfy regulatory concerns, to becoming a basis for strategic decision making," said StephanChristiansen, director of research at Conning Research. "Insurance companies must effectively manage two types of capital-regulatory capital for determining solvency, and economic capital to support strategic decision making. The good news is that there is interdependency between the two; effectively managing regulatory capital improves the company's economic capital." "Capital and Risk in Variable Annuities: The Rise of Economic Value and Beyond" is available for purchase from Conning Research & Consulting, Inc., by calling (888) 707-1177 or by visiting the company's web site at http://www.conningresearch.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Fitch: For-Profit US Hospital Providers Will Continue to Face Escalating Industry Pressures in 2007 NEW YORK--(BUSINESS WIRE)--Fitch expects the for-profit hospital industry to face many of the same challenges in 2007 that were seen in 2006, with rising bad debt expense and weak volumes offset by a favorable reimbursement environment. In 2007, Fitch expects the bad debt environment to continue to worsen but at a lesser rate than in 2006. Although Fitch anticipates little gains from same-store volume growth, continued strong pricing and acquisitions should contribute to overall revenue growth for the sector. In general, increased leverage is expected from time to time in the sector to fund internal growth and acquisitions; however, strong cash generation will allow companies in this sector to pay down debt quickly. Nonetheless, with potentially lower earnings, companies will have less flexibility in their credit metrics in 2007. www.fitchratings.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. MedAmerica Announces $6 Million Acquisition ROCHESTER, N.Y., Dec. 5 /PRNewswire/ -- MedAmerica Insurance Company announces the acquisition of the long term care business of Blue Cross and Blue Shield of Minnesota. The transaction is retroactive to April 1, 2006.MedAmerica's acquisition of 4,500 long-term care insurance contracts will provide more than $6 million in annual premium revenue and $500,000 in annual administrative fees. Through this acquisition, MedAmerica reinsures and administers the long term care insurance business of Blue Cross and Blue Shield of Minnesota. MedAmerica continues to be the dominant long term care insurer for Blue Cross and Blue Shield Plans nationally. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Since we opened our unique Volunteers Insurance Service (VIS®) program to other agents, brokers and program administrators in 2005, more than 60 have enrolled their nonprofit customers’ volunteers with us, through our easy-to-use Website: www.cimaworld.com/agent. By doing so, they not only have offered their customers an excellent solution to protecting volunteers, they also have earned new revenue. We pay you 12% commission on new business that you write with us, and on the renewal of that business. Once we receive the initial application, we handle all of the administration. VIS® at a glance – For 40 years, we have been offering protection for the volunteer workers of nonprofit organizations. The following coverages are available, separately or in any combination:
More than 2.5 million volunteers – working for more than 5,000 nonprofit organizations -- are insured with VIS®. Policy premiums range from a few hundred dollars to as much as $20,000 for the larger nonprofits. Why our program can be the best way to cover volunteers -- Insuring volunteers through VIS® is a better solution in most cases than including them on the organization’s own general liability policy, for three reasons:
VIS® also can be a better alternative than including volunteers on a workers’ compensation policy, because:
All you need to do is go to www.cimaworld.com/agent. If you have questions, please call Vicki Brooks or Laurie Coleman at 1.800.468.4200 or email them at vbrooks@cimaworld.com, or lcoleman@cimaworld.com. We hope you’ll be participating with us soon! 6. New Starmark HRA Bottom-Line Friendly for Employers, Easy for Employees
LAKE FOREST, Ill., Nov. 27, 2006 — Star Marketing and Administration Inc. (Starmark) introduces the Starmark HRA. This new offering enables employers to pair a health reimbursement arrangement, or HRA, with their health plan as an innovative approach to managing their overall health-insurance expenses. And, when combined with a higher-deductible health plan, employers can save money with lower health plan premiums. An HRA is an arrangement funded solely by an employer. Employees can use HRA funds to pay for eligible medical expenses under a selected health insurance plan. HRAs are owned by the employer, who decides how much to contribute to the arrangement, which expenses will be reimbursed through the HRA, who pays the eligible expenses first: the HRA or the employee, and if funds remaining at the end of the year will roll over to the next. Plus, rather than prefunding the arrangement, claims are paid through the HRA only as they occur. “An HRA gives the employer a lot of flexibility in creating a benefit program to offer employees,” said Kim Croisant, Starmark Second Vice President of Marketing and head of product development. “The employer is ultimately in control of how much he wishes to spend and how he wants the HRA to work, which is an attractive feature to small business owners searching for ways to reduce overall healthcare expenses.” The Starmark HRA is available for January 1, 2007, effective dates, and offers three suggested reimbursement arrangements from which employers can choose:
Plus, because an HRA empowers employees to take an active role in their healthcare decisions, Starmark provides them with helpful decision support tools through Healthy Foundations, which they can use to make informed choices:
Insureds can access Healthy Foundations through www.starmarkinc.com. For more information about the Starmark HRA, Healthy Foundations or any product in the Starmark portfolio, call 800.522.1246, ext. 33057, or visit www.starmarkinc.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Docucorp International and Skywire Software Enter into a Definitive Merger Agreement Creates Leading Software Platform Company with Deep Industry Expertise DALLAS - December 6, 2006 - Docucorp International® (Nasdaq:DOCC), a leading provider of Customer Communication Management (CCM) solutions, and Skywire Software, a privately-held enterprise software company, announced today that they have entered into a definitive agreement, under which Skywire Software will acquire all of Docucorp’s outstanding shares for $10.00 per share in an all-cash transaction valued at approximately $127 million. Skywire Software is a subsidiary of Hall Financial Group, a $2 billion private, diversified financial firm. Upon closing, Docucorp and Skywire Software will merge to become one of the largest providers of software and services targeted to specific vertical industries. www.docucorp.com www.skywiresoftware.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. MetLife Bank® to Provide Identity Theft Resolution Service at no Charge to All its Depositors WARWICK, R.I.--December 4, 2006--MetLife Bank, NA, today announced that it will provide full-service identity-theft resolution assistance to all its depositors at no charge, becoming the first direct bank to provide such services. MetLife Bank’s identity-theft services differ from those of many financial-services institutions in that the Bank does not charge its customers for the service, customers do not have to be victims of a full-fledged identity takeover in order to qualify for the service, and customers may utilize the service whether or not the suspected identity fraud involves their MetLife Bank account. www.MetLifebank.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. More Than a Paycheck: FreeTotalCompStatements.com helps employers show full value of employee compensation with free software New on-demand application allows small and mid-size employers to create total compensation statements that display full value of benefits and direct pay ROCKLIN, CA – December 4, 2006 -- Small- and medium-sized employers can now create total compensation statements for all their employees easily and at no-cost, with the launch today of FreeTotalCompStatements.com, ( www.FreeTCS.com ) -- the first free, on-demand total compensation statement software. FreeTCS.com is an advertising-supported, on-demand application that allows employers to produce high-impact, personalized, total compensation statements that communicate to employees that there is more to their total compensation than direct pay. “With the Bureau of Labor Statistics recently reporting that benefits make up 30 percent of total compensation, it’s no longer a luxury to show employees the value of their benefits program and the impact it has on their total compensation – it’s now a necessity,” said Ray O’Donnell, President of TotalRewards Software, Inc. parent company of FreeTCS.com. “Promoting the value of total compensation results in improved employee morale, increased employee productivity and the retention of top employee talent. Additionally, in this era of benefits cost-sharing, communicating a company’s benefits investment can lead to less resistance by employees towards any current or future cost sharing arrangements.” A premium, advertisement-free subscription is also available – featuring the ability to upload employee data via an Excel template, company branding through the Style Editor, additional cash compensation and benefit programs, as well as a free, multi-page online total compensation statement (the Enterprise Edition). Professional implementation and data management services are also available. The premium subscription starts at $50 a month per company. As an on-demand application, FreeTotalCompStatements.com, is available 24 hours a day, seven days a week and from any location. All employers need to get started is an Internet connection and web browser -- there is no software to install or complicated updates to download. Media Contact: Ray O’Donnell, Total Rewards Software, (916) 632-1000 x202 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Distribution is Key to Surviving Soft Market MarketScout has compiled market data for November 2006, which includes submissions placed via its electronic insurance exchange, interviews with industry executives and surveys conducted by The National Alliance for Insurance Education and Research. Rates remained soft in November with the composite rate for all lines of property and casualty coverages down 9%, as compared to a rate reduction of 4% in November of 2005. Workers’ Compensation and General Liability represented the largest segment of the market and were down 9% and 10% respectively. Property, Business Interruption and Inland Marine continued to soften further with rate decreases of 4%. Crime and Surety were the only coverages with a price increase, up 2%. “Effective product distribution is becoming more important to all insurers as the soft market continues,” stated Richard Kerr, Founder and CEO of MarketScout. “Insurers must develop good relationships with agents who control profitable books of business in their underwriting target zone. Frequently, these agents are located outside of the major metropolitan areas where rates are not cut as deeply, largely because of the absence of intense competition that is generated by the larger, more aggressive retailers and wholesalers. Reaching rural agents and their customers has traditionally been difficult; however, more of this business is now accessible via online aggregators. Even with access from the aggregators, this business can be tough to win because of the agent’s loyalty to smaller regional companies who have been supporting them for years.” November 2006 rates segmented by Coverage Class, Account Size, and Industry Class are set forth below. By Coverage Class
By Account Size
$25,001 - $250,000
$250,000 - $1,000,000
Over $1,000,000 By Industry Class
The Market Barometer is further supported by monthly surveys conducted by The National Alliance for Insurance Education and Research at CIC, CRM and Ruble seminars. www.marketscout.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. FDIC to weigh new bank capital standards By John Poirier - WASHINGTON, Dec 4 (Reuters) - When U.S. regulators meet on Tuesday they will likely ask the public for more feedback on how much capital small and large banks should hold in the event of a downturn in the country's economy. The Federal Deposit Insurance Corporation will seek comments on two related plans to determine the minimum capital requirements for both large and smaller banks in the United States. The new proposals would update a 1988 accord set by the so-called Basel Committee on Banking Supervision -- a panel of international central bankers. At that time, the panel agreed to adopt a set of minimum capital requirements for financial institutions in North America, Asia and Europe. But with the original Basel I accord now considered outdated, the Basel Committee agreed in June 2004 to revise its model to better reflect current credit, market and operational risks. However, implementing a new framework has not been easy for regulators. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Aspen Insurance Holdings Limited Announces Completion of Innovative Insurance Policy, Similar to Credit Default Swap HAMILTON, Bermuda--(BUSINESS WIRE)--Aspen Insurance Holdings Limited ("Aspen") (NYSE:AHL) (BSX:AHL BH) today announced the completion of an innovative insurance policy which has characteristics similar to a credit derivative. The policy is for up to $420 million of reinsurance receivables, in a transaction with Deutsche Bank, an AA rated investment bank. Pricing terms of the transaction were not disclosed. The insurance policy will protect a portfolio of Aspen's reinsurance contracts against the risk of default because of a reinsurer's inability to pay. This transaction provides an AA rated credit wrapper around a portfolio of Aspen’s current reinsurance receivables. “At Aspen we have embraced the convergence between the traditional reinsurance market and the capabilities and depth offered by the capital markets. The ground-breaking insurance policy we announced today extracts from the best of both markets,” said Chris O’Kane, Chief Executive Officer of Aspen. The five year policy provides cover for current and future receivables under existing reinsurance policies and reinsurance policies taken out during the policy term. The policy is triggered by certain non-standard credit events designed to isolate the specific nature of counterparty risk in the reinsurance market. Policy payments are made on the basis of a customized methodology developed between Aspen and Deutsche Bank. "The benefit to Aspen is a clear mechanism for obtaining enhanced recovery in the event of a reinsurer’s default," said Nick Foden-Pattinson, Director of R K Carvill (Holdings) Ltd, an advisor to Aspen on the transaction. “Tapping into the capital market’s appetite for credit products compliments our approach to attracting capital and managing risk, to which Aspen is committed. We are effectively compartmentalizing risk amongst investors with different risk profiles. What makes this interesting is that there is no significant correlation of risk between a major catastrophic event and capital markets event risk,” commented Aspen’s Chief Financial Officer, Julian Cusack. As of September 30, 2006, Aspen’s reinsurance receivables totalled $788 million. www.aspen.bm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. “Exercise Backdating” Subject of New Report by Gradient Analytics Executives May Have Minimized Personal Income & Payroll Taxes by Identifying Exercise Sweet Spots During Look-Back Period Actions May Affect Companies’ Financial Statements & Corporate Tax & Payroll Liabilities SCOTTSDALE, Ariz.--(BUSINESS WIRE)--In an environment of increasing intolerance related to well-documented cases of executives who behave self-servingly, an additional opportunistic practice appears to have provided executives with tax benefits that also may, in some cases, have financial statement and tax ramifications for the company, officials with the independent research firm, Gradient Analytics, said today. In a report released to the news media, Gradient provided an example of what it calls “exercise backdating” by the former CEO of Comverse Technology, Inc., (CMTV). Gradient’s on-going research for its clients (and parallel academic research by a team that includes Gradient Chairman and Chief Scientist Dr. Carr Bettis) suggests the practice may have been employed in several hundred firms, said Bettis. Gradient has released a longer report to clients that identified additional companies in which high-level executives may have practiced exercise backdating, with the intent of minimizing tax liability. Exercise backdating occurs when executives cherry pick a date within the time allowed by the Securities Exchange Commission (the “look-back” period) to report an exercise of options. Such stock options are generally taxed when they are purchased. Bettis said: Ultimately the practice of exercise backdating misaligns the interests of shareholders and executives and exposes executives to potentially damaging claims. Further evidence of internal control failures and ineffective corporate governance programs is certainly not a shock, and these issues have clearly already received significant attention of the lawmakers and regulators. However, live options grant backdating, exercise backdating points to possible violations of tax law which seems likely to be of interest to regulators and tax authorities. Dr. Donn Vickery, Co-founder and Editor-in-Chief of Gradient Analytics, said Gradient’s research indicates that even since the implementation of SoX requirements (August 2002), opportunistic look-backs may have been utilized by some executives. Prior to the passage of Sarbanes-Oxley, the “look-back” period was 40 days. Now it is two days. www.gradientanalytics.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. The Hartford Extends Successful Partnership with NCAA® and CBS Sports Through 2011 HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation's largest financial services and insurance companies, the National College Athletic Association (NCAA), and CBS Sports announced today that they have extended their partnership for five years. As an Official Corporate Partner of the NCAA, The Hartford will engage in a wide range of joint marketing and program initiatives, including support of student-athletes through its Playbook for Life program, which helps educate them on the importance of personal finance matters. The company’s relationship with the NCAA and CBS Sports began nearly three years ago in 2004. www.playbook.thehartford.com www.ncaa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Major U.S. Employers Join to Provide Lifelong Personal Health Records for Employees Independent System Will Give Individuals Access to Complete Medical Information Whenever and Wherever They Need It WASHINGTON--(BUSINESS WIRE)--As the cost of providing health care continues to rise, Applied Materials, BP America, Inc., Intel Corporation, Pitney Bowes, Inc. and Wal-Mart are funding an independent nonprofit institute to develop “Dossia,” a Web-based framework through which U.S. employees, dependents and retirees can maintain lifelong personal health records. Together, the companies will provide this benefit to more than 2.5 million individuals across the United States starting next year. “Dossia will empower individuals to manage their own health care, improve communications with their doctors, and ensure more complete and accurate information for health care providers than the current fragmented, paper-based system,” said JD Kleinke, chairman and CEO of the Omnimedix Institute, the non-profit organization with headquarters in Portland, Ore. that is developing Dossia. “With Dossia’s personal, private and portable personal health records, individuals will be able to maintain comprehensive, up-to-date histories for themselves and their families.” The unique Dossia framework gathers health information on behalf of the individual from various sources and stores it within secured databases. Dossia’s open architecture will support multiple personal health applications, allowing users to organize and summarize their information in ways that are most useful to them. Health records will be secure and private, accessible only by the individual or by others to whom they have granted permission. Records also will be portable, enabling individuals to continue using the records even if they change employers, health plans or doctors. “Dossia has the potential to positively impact millions of workers and their families, and it should serve as a call to other employers across the country to help their employees take control of their own personal health records,” said Linda Golodner, National Consumers League president. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. 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 17. Health Insurance Plans Make Strides in Addressing Gaps in Care Experienced by Minorities in U.S. WASHINGTON, Dec. 5 /PRNewswire/ -- Americans receive health care services that are in sync with the latest scientific evidence only about half the time. Studies also find that racial and ethnic minorities in the U.S. receive a lower quality of care than non-minorities and are at greater risk for certain diseases. There is widespread agreement that data are fundamental building blocks to identifying differences in the care experienced by specific populations, to developing programs to address differences, and to ensuring a higher standard of care. According to a new study released today by the Robert Wood Johnson Foundation (RWJF) and America's Health Insurance Plans (AHIP), two-thirds of consumers receive their coverage from an organization that collects data on the race and ethnicity of members, up from just over half three years ago. Prior to an original 2003 survey, national studies had identified very few providers or institutions that were addressing disparities in care using a data-driven, quality improvement approach.A complete analysis of the study is at http://www.ahip.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. OneBeacon Bringing Specialized Insurance Solutions to Media Business BOSTON, Dec. 5 /PRNewswire-FirstCall/ -- Broadcasters, publishers, multimedia companies, advertisers, advertising agencies and others in the media business have a new option for safeguarding themselves against loss. OneBeacon Insurance (NYSE: OB) today announced a new solution that combines property, general liability and auto coverage from its @vantage for Media product with specialized media professional liability protection from First Media(R), a OneBeacon division.The media liability coverages available through First Media(R) include defamation, invasion of privacy, copyright and trademark infringement, emotional distress, trespass, and misappropriation of likeness. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Guy Carpenter Publishes Report on Impact of Typhoon Saomai On Chinese Coastal Provinces NEW YORK--(BUSINESS WIRE)--Guy Carpenter & Company, Inc., the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE:MMC), today announced that its Instrat® unit has published Typhoon Saomai: Impact and Historical Comparison. In addition to providing an overview of the meteorological background to Typhoon Saomai, which made landfall in China on August 10, 2006, the report examines damages and estimated economic and insured losses along China’s eastern coast. Using historical data and comparisons, with additional analysis from Professor Johnny Chan at the City University of Hong Kong, the report also explores the typhoon hazard in general in China and the threat that typhoons pose to the country’s coastal provinces. “Saomai’s impact was devastating, especially in the Zhejiang and Fujian provinces, where it destroyed thousands of buildings and displaced more than 1.7 million residents,” said David Lightfoot, Managing Director and Instrat leader for the Asia Pacific region. “However, the storm had its greatest impact on regions of China that are still relatively undeveloped, which should limit overall insured losses. Saomai underscores that tropical cyclones are a persistent risk along the Chinese coastal provinces – one that insurance companies will need to take steps to manage as insurance coverage continues to grow across the region.” www.guycarp.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. Weitz & Luxenberg Responds to Wave of Serially-Sued Doctors NEW YORK--(BUSINESS WIRE)--In one of many recent cases of medical malpractice, The Birmingham News reported last week that an Alabama woman received an overdose of anti-nausea medication, slipping into a coma for 26 hours before awaking with stroke-like symptoms such as having to relearn words. She and her husband had no idea that the attending doctor had previously roamed from job to job, and reportedly had over 100 malpractice suits brought against him between 2002 and 2003. Weitz & Luxenberg, P.C., one of the leading medical malpractice and personal injury litigation law firms in America, is dedicated to holding such doctors and other medical professionals accountable for the tragic injuries they inflict with negligent care. This appalling Alabama story begs the question of how a serial abuser of the Hippocratic Oath could find safe haven time and again in local medical systems. “These doctors lose their license to practice, only to move to another state with another license,” said Allan Zelikovic, head of the Medical Malpractice Unit at Weitz & Luxenberg. “Better coordination and cooperation between states, malpractice insurance companies, and hospitals or health care organizations, would avoid most of these activities,” he added. www.weitzlux.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. MajescoMastek’s Elixir Incentive Compensation Management Enables Insurers to Successfully Adapt to Insurance Market Changes EDISON, N.J.--(BUSINESS WIRE)--MajescoMastek, a leading insurance IT solution provider, has designed a highly flexible platform for agent compensation that enables insurers to easily adapt to constant changes in the industry. The distribution landscape has undergone dramatic changes in the past few years. The era of captive agents is over. Today independent agents and financial institutions dominate the landscape, and insurers are competing among themselves to attract and retain top agents. With Elixir, it’s possible to define unique commission/incentive rules at each agent level and have different payment frequencies at individual agent level. Elixir also supports negotiable commissions at individual agent level. Elixir supports unlimited hierarchy and can blend into any organizational structure. With Elixir ICM it’s possible to have fully automated movements for promotion, demotion, suspension, termination, reinstatement, transfer of policy/agent, with undo-redo functionality support. Elixir maintains commissionable and reporting hierarchy separately. Elixir’s commission rule features allows automatic roll back-roll forward of commissions. Elixir ICM is multi-country and multi-currency compatible. www.majescomastek.com/channel-compensation.php Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Intercare Insurance Solutions Expands Operations into Orange and Los Angeles Counties SAN DIEGO--(BUSINESS WIRE)--Intercare Insurance Solutions, a leader in innovative benefits consulting and services, today announced it is expanding its operations to Orange and Los Angeles counties and has opened a new regional headquarters in Irvine, California. Led by newly appointed senior vice president, Rich Roge, the expansion allows Intercare to offer its results-oriented employee benefits, workers compensation, property and casualty insurance solutions to employers in these areas. www.intercaresolutions.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Blue Cross and Blue Shield of Texas Plans Move to New Headquarters; Larger Facility Able to House 1,000 More Employees at No Extra Cost Need for More Office Space Reflects 70% Growth of BCBSTX Membership Since 1998 RICHARDSON, Texas, Dec. 5 /PRNewswire/ -- Blue Cross and Blue Shield of Texas (BCBSTX) has announced plans to lease office space in a new headquarters building that will enable the health insurer to house 1,000 more employees than its current headquarters without any increase in leasing costs. BCBSTX is a division of Health Care Service Corporation (HCSC), which also operates the Blue Cross and Blue Shield plans in Illinois, New Mexico and Oklahoma. Blue Cross and Blue Shield of Texas -- the only statewide, non-investor- owned health insurer in Texas -- is the largest provider of health benefits in the state, working with nearly 40,000 physicians and 400 hospitals to serve 3.4 million members in all 254 counties. Blue Cross and Blue Shield of Texas is a division of Health Care Service Corporation (HCSC), the country's largest non-investor-owned health insurer and fourth largest health insurer overall. HCSC is a Mutual Legal Reserve Company and an Independent Licensee of the Blue Cross and Blue Shield Association. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Infinisource Launches Powerful “Quick-Quote” Generator Coldwater, MI – Infinisource, Inc., one of the nations leading benefits administrators, announced today that they have launched a sophisticated on-line quote generator. Appropriately named Quick-Quote, it will give employers, agents and brokers the ability to generate customized quotes for COBRA, FSA, HRA and Section 132 Transportation administration. “Initial response has been extremely positive.” said Cindy Tamke, VP of Sales and Marketing. “Within the first several days of launch, we generated a record number of requests. Agents and brokers recognize the value of being able to provide their clients with quick and accurate information on our services that will solve their clients’ benefit challenges. “ Since the logic is built directly into the system, we simply verify the numbers submitted and release the automated quote. Agents have the flexibility to forward the quote directly to their clients or they can present it to their clients in person.” Once a quote request is received, Infinisource provides the agent or broker with a user ID and password. This will allow them to re-enter the system at their convenience and track any quotes that they have requested for their clients. Quick-Quote is a technologically advanced system created by Infinisource designed to help agents and brokers maximize their time and productivity. It is just one of the many ways Infinisource is working to create innovative solutions for their clients. www.benefitsolved.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Zywave Offers Most Competitive PBM Pricing with Latest National Agreement MILWAUKEE — December 6, 2006 — Zywave, Inc., a leading provider of insurance technology services for brokers, today announced a new pricing agreement that further leverages their PBM program, ZywaveRX™. Recent significant expansion of the Zywave network of brokers, resulting in improved purchasing power, has produced possibly the best broker/consultant PBM pricing terms available in the market today. "The addition of substantial volume to our already robust employee network has resulted in some of the best pricing available from our two national PBM suppliers, Express Scripts® and SystemedRx," said Dave O’Brien, executive vice president of Zywave. "The ZywaveRx pricing terms beat more than 90 percent of the pharmacy deals available, which amounts to about $5,000 in plan savings for every 100 employees on the plan. This is real bottom-line savings for the employer and an important value-add for the broker who brings this kind of leverage to their client." www.zywave.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Agent Media Partners with LISA on 2nd Annual Life Settlement Study CLEARWATER (Nov. 29, 2006) – Agent Media, the publisher of the Agent’s Sales Journal and Insurance Marketing magazine, and the Life Insurance Settlement Association (LISA) are teaming up for Agent Media’s second annual life settlement study. Results will be published in the March 2007 edition of the Agent’s Sales Journal and the May 2007 edition of Insurance Marketing magazine. Together, Agent Media and LISA will survey life settlement producers nationwide about their industry outlook, experiences, and needs. The results will be featured in both publications as a benchmark study for agents and a means to educating MGAs, BGAs, wholesalers, and insurance company executives on how they can better serve their producers’ needs. For more information, visit www.AgentMediaCorp.com or www.LISAssociation.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Veterinary Pet Insurance Releases 10 Most Popular Canine Purebreds Insured BREA, Calif., Dec. 5 /PRNewswire/ -- With the holidays approaching and many pet lovers considering bringing a new four-legged family member into their homes, Veterinary Pet Insurance shares the 10 most popular purebred dogs insured with VPI in 2006. Ranking Breed Number Insured with VPI
The data compiled by VPI -- which insures more than 400,000 pets across the country -- parallels other statistics on the most popular dog breeds. According to American Kennel Club (AKC) registration figures, the Labrador Retriever has remained at the top post for 16 consecutive years, with more than 137,000 Labs registered with the organization as of 2005. The AKC also lists the Golden Retriever as the second most popular breed registered, and the Yorkshire Terrier as the third most popular. www.petinsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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