Daily Quote: "Mistakes are merely steps up the ladder." - - Paul J. Meyer
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.
1. Prudential Financial settles group insurance probe for $19 mln Dec 12 (Reuters) - Prudential Financial Inc. (PRU.N: ) said its Prudential Insurance Company of America unit agreed to pay $19 million as settlement for an investigation into its group insurance business and change its business practices. The second-largest life insurer in the United States will pay $2.5 million in penalties to New York state and $16.5 million into a fund to be paid to certain group insurance policyholders as well as discontinue paying contingent commissions, it said in a statement. (Reporting by Kuncheria Cholemkeril in Bangalore) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. New York's Spitzer raps UBS over high-fee accounts Tue Dec 12, 2006 1:00pm ET NEW YORK, Dec 12 (Reuters) - New York Attorney General Eliot Spitzer sued UBS Financial Services on Tuesday, accusing the brokerage of defrauding thousands of customers by steering them into fee-based accounts. UBS steered clients from regular brokerage accounts into a program known as InsightOne, which charges fees based on account assets rather than trading activity, according to the lawsuit filed in New York State Supreme Court in Manhattan. Spitzer's office said that UBS steered customers into these accounts who would have been better served in traditional, commission-based accounts. "Asset-based fee accounts are inappropriate for investors who rarely trade securities or hold significant amounts of cash, no-load mutual funds or other similar assets," the attorney general's office said in a statement. Spitzer's office also accused UBS of paying brokers who moved customers into the wrap accounts, creating a conflict of interest. The brokerage, a unit of Swiss banking company UBS AG (UBSN.VX: ) also encouraged brokers to engage in extra trading activity, or churning, to meet account activity minimums. As a result, InsightOne customers as a group paid tens of millions of dollars more in fees than they would have paid in traditional brokerage commissions. One 91-year-old client paid $35,000 in an account that made four trades over two years, the lawsuit said. The lawsuit charged UBS with violations of state anti-fraud laws, common law fraud and breaches of fiduciary duty. The complaint seeks unspecified disgorgement, damages and restitution. UBS officials declined to comment, saying they had not yet seen the lawsuit. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Health system not yet ready for disaster: study Tue Dec 12, 2006 12:48pm ET - By Maggie Fox, Health and Science Editor WASHINGTON (Reuters) - Half of all U.S. states would run out of hospital beds within the first two weeks of a moderate flu pandemic and 47 states would run out if a bad one hit, according to a report issued on Tuesday. The report from the Trust for America's Health shows the United States is still poorly prepared for a pandemic, biological attack or similar disaster, despite five years of government warnings and emphasis on the issue. "I think the public believes that more is being done and that we are better prepared than we are," the group's executive director, Jeffrey Levi, told reporters in a telephone briefing. The report said that in the five years since the September 11 attacks and deadly cases of anthrax being sent in the mail, the United States has endured public health threats ranging from Hurricane Katrina and to a life-threatening E. coli outbreak to a potential flu pandemic. But virtually all states still lack what is known as surge capacity in hospitals, meaning their hospital beds would fill up quickly if there were large numbers of casualties or sick people. The report said 40 states have a shortage of registered nurses. "We can have lots of hospital beds but if we don't have workers to take care of patients in those beds, we are still in a pretty bad state," Levi said. The Trust, a non-profit group that reports on and advocates for public health measures, measured the 50 states and Washington, D.C., on 10 measures of preparedness:
Only one state, Oklahoma, has an acceptable score on all 10 measures, according to the group. California, Iowa, Maryland, and New Jersey scored the lowest on the assessment. More than half of states scored six or less on the 10 measures and 12 and Washington, D.C., scored five or less, according to the report, published at http://healthyamericans.org/reports/bioterror06/. Federal money is being spent, the report said. The Public Health Security and Bioterrorism Act of 2002 provided nearly $1 billion a year in increased funds for federal and state preparedness for mass health hazards. On Saturday Congress passed a bill to improve preparedness, including additions to Project BioShield, a $5.6 billion program created in 2004 to speed vaccine and drug development. The bill also would designate the Department of Health and Human Services as the lead federal agency to respond to public health emergency -- something the Trust recommends. But the federal government, including President George W. Bush and Health and Human Services Secretary Mike Leavitt -- have made it repeatedly clear that states, local authorities and individuals must do the biggest share of preparing for disasters, natural or human-inflicted. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Federal Agencies Finalize Rules on Health Nondiscrimination WASHINGTON, Dec. 12 /U.S. Newswire/ -- The U. S. Department of Labor's Employee Benefits Security Administration (EBSA), Internal Revenue Service and Department of Health and Human Services today announced the publication of final rules that provide guidance in complying with the nondiscrimination provisions of the Health Insurance Portability and Accountability Act (HIPAA). The final rules also provide guidance on the implementation of wellness programs. HIPAA's nondiscrimination provisions generally prohibit a group health plan or group health insurance issuer from denying an individual eligibility for benefits based on a health factor and from charging an individual a higher premium than a similarly situated individual based on a health factor. Health factors include: health status, medical condition (including both physical and mental illnesses), claims experience, receipt of health care, medical history, genetic information, evidence of insurability (including conditions arising out of acts of domestic violence), and disability. EBSA also issued updated frequently asked questions at http://www.dol.gov/ebsa on HIPAA's nondiscrimination requirements to assist the employee benefit community in complying with the new rules. The final rules are to be published in the Dec. 13 Federal Register. The rules will be effective on the first day of the plan year beginning on or after July 1, 2007. For calendar year plans, the new rules generally apply beginning Jan. 1, 2008. U.S. Labor Department releases are accessible on the Internet at http://www.dol.gov The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202-693- 7828 or TTY 202-693-7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit http://www.dol.gov/compliance http://www.usnewswire.com/ /© 2006 U.S. Newswire 202-347-2770/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. I.I.I. PAPER OFFERS ANALYSIS OF INDEXED ANNUITY PRODUCT PROS AND CONS Created in 1995, Indexed Annuities Now Account for 33 Percent of Entire Fixed Annuities Market NEW YORK, December 12, 2006 — U.S. indexed annuities (IAs) investors are benefiting from the current performance of the Standard & Poor’s 500 (S&P 500), to which most IAs are tied, while at the same time being protected from downside risk, an Insurance Information Institute (I.I.I.) report found. Indexed annuities have only been on the market for 11 years; they were known previously as equity-indexed annuities and are currently also referred to as fixed-index annuities. Annuities are fixed or variable insurance company contracts that allow investors to convert premiums, and any tax-deferred earnings generated by those premiums, into either savings or lifetime income. Ninety-five percent of all IAs sold in the U.S. are tied to the S&P 500, a broad market index that reflects the overall performance of stocks sold in U.S. markets. IAs provide their owners with the potential for larger interest credits than might be paid on traditional fixed-rate annuities. Yet IAs are also structured to minimize the effect of downward market fluctuations, with IA investors realizing a guaranteed minimum return. “That does not, however, mean that all IA investors with the same tied index achieve equal rates of return, because IA issuers may ‘cap’ or otherwise limit the amount of the tied index gain that they credit as extra interest,” said Dr. Steven Weisbart, an I.I.I. economist. “Yet IA investors are protected from losing any of their principal if they hold the annuity to the end of the surrender period, something that cannot be said for those who invest directly in stocks and mutual funds.” Indexed annuities are a type of fixed annuity, offering a guarantee of principal and a minimum rate of interest, supported by the insurance company’s so-called general account. That account includes insurer assets from products such as fixed annuities as well as term, whole life and universal life insurance. Americans invested more than $160 billion into fixed and variable annuity products in 2005, mostly in the form of single premium payments that were often upwards of $50,000. Most annuities bought today are characterized as ‘deferred’ annuities, meaning that money contributed to them is intended to grow for years before it is withdrawn as a single sum or as a stream of payments. Surrender charges are a significant issue that investors should consider before purchasing an IA. With IAs and all other types of annuities, insurers impose a surrender charge if a policyholder chooses to liquidate an annuity before a prescribed period of time has passed. The surrender charge helps the insurer offset a portion of the sales and other expenses associated with the issuance of annuities contracts that otherwise would be recoverable in future years had these policies stayed in-force. Surrendering ‘early,’ however, can be expensive for a policyholder. An investor with a $50,000 IA, for instance, could pay anywhere from $2,500 to $5,000 to break the contract. The surrender charge period is generally eight to 10 years, although it can be longer. In contrast to IAs and other fixed income annuities products, variable annuity payments are based exclusively on the performance of a stock portfolio (or other asset class) in which the issuer invests, whether it is an insurer, a charity or a trust. Therefore, the value of a variable annuity may change, depending on whether the value underlying investments go up or down. State and federal regulators require sellers of variable annuities, which are legally considered securities, to register with the National Association of Securities Dealers and the Securities and Exchange Commission, whereas fixed income annuity products are regulated by the state insurance department in which they are sold. The I.I.I.’s Equity-Indexed Annuities: Fundamental Concepts and Issues report can be found online at http://www.iii.org/media/hottopics/additional/eia/. A nine-page Executive Summary of the document is available at http://www.iii.org/media/hottopics/additional/eiasummaryf/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Majority of Pension Experts Worldwide Believe Multinational Companies, Not Governments, Will Develop Cross-Border Pension Arrangements First-Ever Global Survey of Pension Experts Reveals U.S. Leads International Business Community in the Migration from Defined Benefit Plans to Defined Contribution Plans PURCHASE, N.Y.--(BUSINESS WIRE)--Most pension experts believe that multinational companies will forge new territory by designing and implementing pragmatic solutions for the management of global pension arrangements rather than rely on government initiatives to streamline pension issues, according to the first-ever worldwide survey of pension experts. AEGON, one of the world’s largest life insurance and pension companies, and LIMRA International, a global research firm, conducted the Delphi study Bridging Pension Plans Worldwide. More than 100 pension experts worldwide participated in the study to provide executives responsible for global retirement plan management with insights into the retirement industry’s future. Specifically, 70% of respondents worldwide believe that multinational corporations with large, offshore manufacturing operations are most likely to implement a global pension solution. Of the U.S.-based pension experts surveyed, a vast majority (81%) agreed with the overall response. “This ground-breaking study underscores the need for multinational companies to formulate a global pension plan strategy as a competitive advantage, with an eye toward streamlining administration and controlling fees. In fact, administrative capabilities were cited by 44% of U.S. pension experts as the primary driver to develop and manage a transnational pension network. Similarly, U.S. experts on the study’s panel expect that global networks can reduce administrative costs by 6% to 10%,” explained Mark Mullin, executive vice president, AEGON USA, Inc. and CEO, Diversified Investment Advisors, Inc. “However, disparate tax laws and budget constraints were cited by the U.S. experts as barriers to developing a global pension arrangement.” A summary report of the Bridging Pension Plans Worldwide study is available on www.aegonpensionnetwork.com. www.divinvest.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Groups target medical mistakes to save lives Tue Dec 12, 2006 1:40pm ET - By Kim Dixon - CHICAGO (Reuters) - A group of health-care leaders are banding together to make hospitals a less dangerous place to get well. The nonprofit Institute for Healthcare Improvement, with support from the American Hospital Association trade group and the U.S. Centers for Disease Control and Prevention, launched a campaign on Tuesday, seeking hospital participation to prevent 5 million medical mistakes over two years. The institute estimates about 15 million medical mistakes occur in hospitals each year. Between 44,000 and 98,000 Americans die annually from preventable medical errors, according to a landmark report by the U.S. Institute of Medicine, which advises the federal government on health matters. More patients die in U.S. hospitals as a result of medical errors than from breast cancer or in road accidents, according to the report. "No one in health care can feel comfortable with the magnitude of infections, adverse drug events and other complications that hospital patients endure," said Donald Berwick, president of the Institute for Healthcare Improvement. The coalition, to accomplish its goal, is asking 4,000 of the 5,000 U.S. hospitals to commit to at least one concrete improvement and report periodic quality and mortality data. Among the dozen interventions outlined include cutting medical prescription errors by focusing on hospital staff transitions and following proven steps to prevent fatal heart attacks. A new target for the group is hospital boards of directors, who are being asked to get more involved in quality of care, something not generally seen in their purview. "Boards don't understand safety -- why would they?," said Berwick, noting that typically they are not medical experts. "Hold the executive accountable to progress on safety."This effort builds on an earlier campaign by adding six quality measures, including encouraging hospitals to implement control systems to prevent deadly bacterial infections. Medication-related errors alone cost the health-care system about $2 billion annually, the Institute of Medicine says. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Ameriprise to hire consultant over stolen laptop NEW YORK, Dec 11 (Reuters) - Ameriprise Financial Inc. (AMP.N: ) has agreed to hire a consultant to review its laptop policies after the theft of one of its computers exposed the personal data of more than 150,000 clients. In a deal with Massachusetts' top securities regulator, Ameriprise's outside consultant will submit a written report outlining a series of recommendations for the financial services company to adopt. Ameriprise also will pay $25,000 to the office of William Galvin, secretary of the commonwealth of Massachusetts, to cover the cost of the investigation. The settlement came after Ameriprise disclosed in January that a company laptop containing information about 158,000 clients was stolen from an employee's car. It was an embarrassing admission for the fourth-largest U.S. asset manager and brokerage. But Ameriprise is not alone as many other large corporations have admitted similar thefts of laptops loaded with sensitive customer and employee data that had not been encrypted. "The amount of personal data that was on this (Ameriprise) employee's laptop computer is shocking," Galvin said in a statement. "Most of the information should not have been there." Galvin said the stolen computer contained customer names, account numbers, account values and personal information about past and current Ameriprise advisers, including their Social Security numbers. "We have been working closely with the Commonwealth of Massachusetts and are pleased to resolve this matter," Ameriprise said in a statement. Ameriprise reported the laptop theft to the securities division of Galvin's office. The company said the theft happened when an employee's vehicle was broken into at an off-site location. At the time, Ameriprise downplayed the theft. A company spokesman then told Reuters the information on clients was limited. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. BNP, Pudong Bank plan China insurance JV -sources SHANGHAI, Dec 12 (Reuters) - France's BNP Paribas (BNPP.PA: ) has signed a memorandum of understanding with Shanghai Pudong Development Bank (600000.SS: ) to establish an insurance joint venture in China, sources close to the deal said. The insurance business arm of BNP Paribas will be the only foreign shareholder of the planned venture, which will be based in Shanghai, the sources said on Tuesday. Shanghai International Group, the largest single shareholder in Pudong Bank with a stake of about 22 percent, will be one of the three founding shareholders of the insurance venture, the sources said. Shanghai International Group is the flagship investment arm of the Shanghai city government. Citigroup Inc. (C.N: ) owns about 4 percent of Pudong Bank. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. NAIC COMMITTEE ADOPTS AMENDMENTS TO VIATICAL SETTLEMENTS MODEL REGULATION SAN ANTONIO (Dec. 11, 2006) – The Life Insurance and Annuities (A) Committee of the National Association of Insurance Commissioners (NAIC) today adopted highly debated amendments to the Viatical Settlements Model Regulation during the Association’s Winter National Meeting in San Antonio. The amendments, which were proposed to attack a new emerging type of life insurance practice known as Stranger-Originated Life Insurance (STOLI), would impose a five–year ban on a policy that is financed with the specific intent to be sold to investors. A life settlement is the transfer of life insurance benefits available under a policy. STOLI policies are life insurance policies that are financed and purchased with the intent of selling them for life settlements. “The action of the Committee stops the abusive practice of Stranger Originated Life Insurance and significantly beefs up consumer protections for those that choose to legitimately sell their life insurance policy to investors,” said Jim Poolman, Life Insurance and Annuities (A) Committee Chair and North Dakota Insurance Commissioner. The Committee began looking at this type of life insurance practice in May 2006. The life settlement industry has changed significantly since the last revisions to the Viatical Settlements Model, which many states have adopted. The issue was highlighted at a May 3, 2006 hearing held by the Committee in New York City. More than 300 insurance regulators, industry representatives and interested parties attended the hearing, which featured testimony from financial and life insurance experts, life insurance settlement advocates and consumer representatives. “Regulators have moved swiftly with input from all interested parties to address the questionable practices in this marketplace,” Poolman said. “Consumers who choose to sell their policy are far better protected by the fraud prohibitions and disclosures under this model.” www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. Venture Launches New Professional Liability Program West Chester, Pa. – Dec. 12, 2006 – Venture Insurance Programs (www.ventureprograms.com), a national program administrator and leader in the design and underwriting of select industry-focused insurance packages, today announced that it has launched Venture Professional, a professional and management liability solution featuring Directors & Officers (D&O), Errors & Omissions (E&O) and Employment Practices Liability Insurance (EPLI) coverage. Venture Professional, which is the company’s first heterogeneous program, utilizes multiple admitted and non-admitted insurers as well as Lloyd’s of London syndicates. Available markets will depend on the specified profession and line of business. “Venture Professional builds on Venture’s experience writing D&O insurance for the boards of private country clubs, E&O coverage for technology companies and fiduciary liability of banks,” said George Tsui, Venture's executive vice president of underwriting. “This new program will support Venture’s current industry programs, while offering mono-line professional and management liability solutions for a wide range of business classes.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. THE COUNCIL HAILS LAST MINUTE WIN ON HSAs BEFORE ADJOURNMENT OF 109th CONGRESS “Tax Relief and Health Care Act of 2006” Passes WASHINGTON – After a vigorous two-year effort by The Council of Insurance Agents & Brokers (The Council) for key Health Savings Accounts (HSA) provisions, the Senate approved the Tax Relief and Health Care Act of 2006 very early Saturday morning by an overwhelming majority vote, 79 to 9. The House had passed the contentious tax extenders bill the previous day by a vote of 367- 45. The bill now goes before President Bush for signature, which is fully anticipated. The Council, with guidance and expertise from members of its Council of Employee Benefits Executives (CEBE) Board, has worked diligently on proposals to enhance the relatively new HSA product. “We are pleased the Congress has addressed a few of the technical problems that were unintended consequences of the original 2003 law. With the new amendments, HSAs are a better option for some employers and their employees,” said Michael A. Paschke, CEBE chair and executive vice president of Brown & Brown, Inc. There are six health savings account (HSA) provisions included in the tax extenders bill:
Of the six provisions, however, the issue of midyear enrollment was a key win for the industry. “The midyear enrollment is one we identified early on as an impediment to plan participation, as midyear hires were unfairly penalized,” said J. Martin Brayboy, chairman of the CEBE government affairs subcommittee and vice president of Rose & Kiernan, Inc. “This change will make HDHP/HSA plans a more attractive option,” he added. All of the provisions were derived from bills originally introduced by leaders on HSAs, Reps. Eric Cantor, R-VA, and Paul Ryan, R-WI. The provisions were either drawn from or consistent with recommendations made by the HSA Working Group, of which The Council sits on the steering committee. Additionally, Chairman Bill Thomas, R-CA, of the House Ways and Means Committee championed the HSA provisions and pressed them through in the final hours. “The Council is grateful to each of these representatives for their tireless and steadfast work,” said Council President Ken A. Crerar. “This is a big win for improving the health care system,” he added. www.ciab.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. ABA/ABIA HSA COUNCIL APPLAUDS PASSAGE OF IMPORTANT HEALTH SAVINGS ACCOUNT FIXES WASHINGTON, Dec. 11—The HSA Council, a joint project of the American Bankers Association and the American Bankers Insurance Association, today applauded Congress’ passage of legislation that will increase the availability and attractiveness of health savings accounts. "These technical fixes address a number of concerns that are critical to accelerating HSA adoption nationwide,” said Kevin McKechnie, staff director of ABA/ABIA HSA Council. “One of the most important changes is the ability to fully fund a health savings account, no matter when an individual becomes eligible during the year.” The legislation, passed this weekend as part of a broader tax bill, makes changes to the tax code that could make HSAs more attractive. Specifically, the legislation:
“I am very pleased with President Bush’s leadership on this issue. Congress took steps to make health care more affordable for Americans by removing some of the barriers preventing the widespread adoption of health savings accounts,” said E. Craig Keohan, chairman of the ABA/ABIA HSA Council and president of First Horizon Msaver, Inc. “By allowing rollovers from other account-based plans, people can worry less about not having sufficient funds when they start their HSAs to cover unexpected medical bills.” The HSA Council is a joint project of the American Bankers Association and its insurance affiliate, the American Bankers Insurance Association. Its members are banks and their insurance and technology advisors dedicated to improving American healthcare by improving the distribution of HSAs through banks. www.aba.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. HSAs Receive a Major Opportunity From Congress New Improvements Allow Consumers to Plan for Future Health Care and Long-term Care Needs WASHINGTON, Dec. 11 /PRNewswire/ -- Millions of consumers will have access to a more flexible health savings account (HSA) as part of their health insurance coverage in 2007 thanks to key legislative improvements enacted at the end of the 109th Congress. The passage of the legislation marks the successful conclusion of a two-year campaign by America's Health Insurance Plans (AHIP) to encourage policymakers to build on the success of HSAs with common-sense improvements. The legislation as passed would increase the contribution limits for all individuals, eliminate contribution penalties for mid-year enrollees and allow consumers to convert existing health reimbursement arrangements (HRAs) and flexible spending arrangements (FSAs) into HSAs. "Congress has given HSAs a major opportunity," said Karen Ignagni, President and CEO of AHIP. "Millions of consumers who are enrolled in HSA- eligible plans will go into the new year with more flexibility in their plans." Ignagni said the increased contribution limits can equip consumers with the additional tax-free resources they need to meet their current and long- term health care needs. "If you want consumers to prepare for long-term care, they need to develop a long-term strategy," Ignagni said. "With higher contribution limits that are indexed to inflation, HSAs will offer new opportunities for consumers to plan for their long-term care expenses." Ignagni stressed that the bipartisan support needed to accomplish these improvements creates an opportunity to build on these accomplishments in the coming Congress by:
America's Health Insurance Plans -- Providing Health Benefits to More Than 200 Million Americans Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Brokerage Firms Courting Personal Trust Business from Affluent Baby Boomers, Says New Report from Corporate Insight New York, NY – December 4, 2006 – As many affluent Baby Boomers near retirement age, many are looking to protect their assets by establishing personal trusts. This phenomenon has not gone unnoticed by the brokerage industry, as it continually looks for ways to generate fee-based vs. transaction-based income. In a recent report entitled, “In Brokers We Trust” Corporate Insight looked at the trust offerings of major brokerage firms and their associated marketing materials. To conduct the research, calls were made to brokerages using a story that the caller had an estate plan already established but their attorney had mentioned they may want to consider using an institution as the trustee. This story had an interesting effect. “Normally, when we call a branch of a full service firm looking for product information, they are often tight-lipped and would rather meet us in person to go over our whole picture and establish a relationship from there,” said Michael Ellison, EVP at Corporate Insight and author of the Broker Monitor Report. “This time, however, since we were focused on managing assets that would be realized when we die, there was no immediate benefit for them to meet us. Consequently, they were happy to answer our questions over the phone and send us literature.” In this 35 page report, Corporate Insight takes an in-depth look at trust products and services offered by 8 of the largest full-service brokerages. The report includes detailed findings of each firm’s trust offerings, marketing collateral as well as Corporate Insight’s unique industry perspective. For more information on this research and related services, please visit: www.corporateinsight.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Women who work with financial advisors more confident, involved in finances Survey by Securian Financial Group shows benefits of working with an advisor, demand for female advisors St. Paul, MN, December 1, 2006 – Women who work with financial advisors are more likely to participate in all financial decisions than those without advisors (62 percent versus 47 percent) and are more informed about their finances, according to a survey by Securian Financial Group and Opinion Research Corporation. The study showed women with advisors were more likely to say they know “quite a bit” about their family finances, specifically:
“This study reinforces the importance of working with an advisor, especially as women continue to gain economic clout,” said Sherri DuMond, regional vice president of Securian Financial Group. According to the Insurance Advisory Board, women will control $1 trillion (60 percent) of the wealth in the United States by 2010 and currently influence 80 percent of financial decisions in the household. Women who work with a financial advisor are also more likely to think they are “very financially secure” in their current situation compared to women without an advisor, 51 percent versus 31 percent. A need for more female financial advisors Of those women surveyed who work with financial advisors, 80 percent work with a male. Women currently without advisors who have a gender preference indicate that they would prefer a female over a male advisor by almost three to one (27 percent versus 9 percent). “There is a need and demand for more female advisors in the industry,” said DuMond, adding that of all financial advisors nationwide, only 20 percent are female. “Securian is committed to recruiting more women to this industry and supporting their career development.” Securian and its member firms are working to recruit women to the career of financial advisor with seminars and other events. Once women are on board, Securian supports them with its WISE program, which provides networking events, mentoring, ongoing training and education, and career planning. More than 65 firms across the country are member firms of the Securian Financial Network. “This is a wonderful career for women because of its flexibility, earnings potential and the opportunity to work with and help people,” said DuMond. A recent survey from Money magazine and Salary.com ranked “financial adv isor” Best Jobs in America Survey. Money magazine and Salary.com 2006 as the third best job in America, based on growth, compensation and job satisfaction. In addition, the U.S. Department of Labor reports that job growth for financial advisors is expected to be between nine and 17 percent through 2014. www.securian.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. The Midland Company Announces Inclusion in the NASDAQ Financial-100 Index CINCINNATI, Dec. 11 /PRNewswire-FirstCall/ -- The Midland Company (Nasdaq: MLAN), a highly focused provider of specialty insurance products and services, today announced that effective November 30, 2006, it was added to the NASDAQ Financial-100 Index (IXFIN). The NASDAQ Financial-100 Index includes 100 of the largest domestic and international financial securities listed on the NASDAQ Stock Market based on market capitalization. Midland is also included in the Mergent Dividend Achievers Index (DAA) as well as the Russell 2000 (RUT) and Russell 3000 (RUA) indices. www.midlandcompany.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. InsureZone/AgentSecure Partners With IMMS/Group 500 to Offer Online Quoting and Lead Generation FORT WORTH, Texas, Dec. 12 /PRNewswire/ -- AgentSecure announced a strategic marketing and technology partnership with Los Angeles-based IMMS/Group 500. This alliance brings to 2,600, the number of independent agencies that can combine the marketing and agency management expertise of IMMS with the innovative quoting, sales tools, and insurance carrier access of InsureZone/AgentSecure. IMMS is utilizing the InsureZone Commercial Comparative Rating platform to power the real-time quoting and lead generation service offered through its successful 2OrderDirect web site ( www.2OrderDirect.com ). The agency Members of Group 500 will have access to "quoted leads" from the 2OrderDirect site. If the agency doesn't have a contract with the required carrier, AgentSecure's wholesale agency will make the sale possible. The partnership will focus on making "quoted leads" from the 2OrderDirect site available to the nationwide network of Group 500 agencies. Group 500 agents will receive an email notice of an available lead and can go to their AgentSecure Dashboard to see results from AgentSecure's stable of national and super regional carriers. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day" Sponsored By:
21. The Hartford Creates Expert Team to Serve America’s Growing Ultra-High-Net-Worth Market SIMSBURY, Conn. – The number of Americans with significant wealth -- $5 million or more of liquid net worth – is growing faster than the overall population. The “ultra-high-net-worth” market in the United States nearly doubled in the past three years to 930,000 households, according to a 2006 report by Spectrem Group, a financial services consulting firm. The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation’s leading providers of investment and insurance products, has created a new team of life insurance planning, underwriting and service professionals to meet the needs of this growing market. The new initiative is called Private Wealth Management and includes a group of Private Wealth Management (PWM) consultants with a high level of expertise. The PWM consultants are complemented by special services to support financial professionals and their ultra-high-net-worth clients with $25 million or more in liquid assets. The Hartford’s Private Wealth Management team offers several special services to ultra-high-net-worth families and their financial professionals:
Ultra-high-net-worth families often need life insurance for estate planning, wealth transfer, business succession, executive benefits and charitable giving. The Hartford, through its life insurance subsidiaries, offers a broad range of sophisticated life insurance planning services and products, including variable universal life, universal life, whole life and term life. “The Hartford is the No. 1 seller of life insurance through financial institutions*, in large part, because of our expertise in sophisticated life insurance planning strategies for affluent families,” Hausherr said. “Now, we’re packaging our resources to better segment the market, better align our services with our distribution partners, and become a recognized leader in meeting the needs of high-net-worth families.” www.thehartford.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. New Best’s State Rate Filings® Feature Highlights Latest Approved Filings OLDWICK, N.J., December 11, 2006—A new online feature has been added to Best’s State Rate Filings that highlights the most recently approved and significant rate filings on the product home page. This convenient “Recent Rate Filings” feature is updated frequently, giving subscribers information on the latest significant rate filings. Best’s State Rate Filings covers rate filings for 42 states, representing nearly 100% of property/casualty premiums written each year, and provides industry professionals with state-specific information about policy rate changes, loss cost data and details on new programs. Best’s State Rate Filings can be purchased online at ratefilings.ambest.com or by calling our Corporate Sales Department at (908) 439-2200, ext. 5736. Multi-state discounts are available. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Brown & Brown West Palm Beach Announces Success With Artizan Internet Services on Three Key Business Goals WINDSOR, CT - Brown & Brown (B&B) West Palm Beach, one of Florida’s leading technology insurance agencies, today detailed three areas where their partnership with Artizan Internet Services has improved their agency in a very short time:
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. The Hartford Announces 2007 Financial Outlook and Additional $500 Million Share Repurchase Company Narrows 2006 Guidance Range HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation’s largest financial services and insurance companies, announced today that it expects 2007 core earnings per diluted share to be in the range of $9.35 to $9.65. In addition, the company announced that it now expects 2006 core earnings per diluted share in the range of $8.85 to $9.00. This compares to the previously forecasted 2006 core earnings per diluted share in the range of $8.75 to $8.95. “The Hartford had an exceptional 2006 and we are expecting another very strong year in 2007,” said Ramani Ayer, chairman and chief executive officer of The Hartford. “We are well-positioned for success, with market leadership in our core businesses and the right strategies for profitable growth. By focusing on disciplined execution in everything we do, from product innovation and distribution to risk management and capital allocation, we expect to continue to generate return-on-equity in excess of 15 percent.” www.thehartford.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Brooke Corporation and First American Capital Corporation Close Stock Transaction OVERLAND PARK, Kan. and TOPEKA, Kan., Dec. 8 /PRNewswire-FirstCall/ -- Brooke Corporation (Nasdaq:), and First American Capital Corporation today announced the closing of Brooke's acquisition of approximately 46.8 percent of FACC's outstanding common stock and a warrant to purchase additional FACC common stock that, when exercised, will increase Brooke's aggregate ownership to approximately 55 percent of FACC common stock on a fully diluted basis. Brooke paid $2,552,182 in cash for the stock and warrant, and will pay an additional $447,818 to FACC upon exercise of the warrant, for total cash consideration of $3 million. The definitive agreement between the parties also requires Brooke to pay up to $6 million in additional consideration to FACC should First Life Brokerage Inc., a wholly owned FACC subsidiary, not meet a three-year, $6 million pretax profit goal in accordance with a schedule set forth therein. First Life Brokerage will now operate a managing general agent loan brokerage business with suppot and assistance from the brokerage subsidiary of Brooke. www.brookecorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Genworth Financial Announces Stock Repurchase Program RICHMOND, Va., Dec. 8 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE: GNW) today announced that its Board of Directors has approved a stock repurchase program, authorizing Genworth to repurchase up to $500 million of its common stock during 2007. The company expects the purchases to be made from time to time in the open market or in privately negotiated transactions. During 2006, Genworth completed a similar program and repurchased a total of $1 billion of common stock. "The adoption of this stock repurchase program provides Genworth with continued flexibility to repurchase shares, an important aspect of our capital management initiatives," said Michael D. Fraizer, chairman and chief executive officer of Genworth. www.genworth.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. OdysseyRe Announces Completion of Offering by Fairfax of OdysseyRe Common Shares STAMFORD, Conn.--(BUSINESS WIRE)--Odyssey Re Holdings Corp. (NYSE: ORH) announced today the completion of an underwritten public offering by Fairfax Financial Holdings Limited (“Fairfax”) of 9,000,000 ORH common shares, at a price of US$34.60 per share, resulting in net proceeds to Fairfax of approximately US$300 million. Fairfax has granted the underwriters an option to purchase up to 1,350,000 additional shares of common stock to cover over-allotments, if any. The offering was jointly led by Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC. Fairfax, which continues to own a majority of the shares of OdysseyRe after the offering, intends to use the proceeds it received from the offering for general corporate purposes, which may include opportunistically effecting open market or privately negotiated repurchases of its outstanding debt or shares. OdysseyRe did not receive any proceeds from the sale of the shares. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. CareGuide Announces Completion of Acquisition of Haelan Corporation CORAL SPRINGS, Fla.--(BUSINESS WIRE)--CareGuide, Inc. (OTCBB:CGDE), a national disease and healthcare management company, today announced that it has completed its previously announced acquisition of Haelan Corporation, a privately held health improvement solutions company based in Indianapolis, Indiana, for $1.5 million in cash and the issuance of three-year convertible promissory notes to Haelan securityholders in the aggregate principal amount of up to $6.5 million. In addition, CareGuide will pay to Haelan’s securityholders up to an additional $3.0 million, a portion of which may be paid by CareGuide in shares of its common stock, in the event that certain revenue targets are achieved in connection with Haelan’s business in calendar year 2007. Pursuant to the closing of the transaction, Haelan Corporation became a wholly owned subsidiary of CareGuide, Dr. Julie Meek, founder and chief executive officer of Haelan Corporation, joined CareGuide as chief science officer, and Dr. Michael Barber, former Haelan board member, was elected as CareGuide’s seventh board member. www.haelan.com www.careguide.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Phoenix Companies Selects McCamish Systems for Executive Benefits Support and Administration ATLANTA--(BUSINESS WIRE)--McCamish Systems, LLC has been chosen to provide 409A Technical Support and Plan Administration for The Phoenix Companies Inc.’s strategic effort in the executive benefits market. Phoenix will be utilizing three McCamish platforms to pursue the market. Deferral+® and Advisorfolio™ will provide 409A compliant plan design, documents and 409A plan implementation. McCamish’s BPO services will provide plan administration and recordkeeping services. www.phoenixwm.com www.McCamish.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
|
