Daily Quote: "The greatest power that a person possess is the power to choose." - - J. Martin Kohe Did you know you can listen to INSURANCE NEWSCAST? Did you know you can download INSURANCE NEWSCAST to your MP3 player or a CD? Visit www.insuranceradio.net to listen to INSURANCE NEWSCAST on your desktop. There is also a tutorial on how to download the broadcast to your MP3 player or burn it to a CD.
1. State Fund to Receive Over $3 Million in Restitution From San Diego Businessmen in Historic Workers' Compensation Fraud Case SAN DIEGO and SAN FRANCISCO, Dec. 14 /PRNewswire/ -- In one of the largest workers' compensation insurance fraud cases in San Diego County history, the owners of a San Diego area roofing company have been ordered to pay $3 million in restitution to the State Compensation Insurance Fund. San Diego Superior Court Judge William H. McAdam ordered Paul Frederick Mayer and David Gordon Archer, owners of Mayer Roofing, to pay full restitution to State Fund plus $81,649 in investigation costs after pleading no contest to felony charges of conspiracy and workers' compensation insurance fraud. Judge McAdam also sentenced the company owners to three years of summary probation. Along with Mayer, 52 and Archer, 62, two other officials of the company were previously sentenced in this case. Laura Elena Caballero, 36, and Judy Kay Toledo, 50, pleaded no contest to a misdemeanor charge of workers' compensation insurance fraud and were both sentenced to three years summary probation. The company officials were originally indicted by a grand jury in February of this year. From 2001 to 2003, company officers created a scheme that underpaid workers' compensation insurance premiums by $3 million. They created false payroll records thus understating the company's workers' compensation premium. The fraud was first uncovered by a routine audit by the State Compensation Insurance Fund. State Fund investigators informed the San Diego County District Attorney's Office of their suspicions about the company's payroll and premium practices. Beginning in December 2004, the San Diego County District Attorney's Office and the California Department of Insurance served a search warrant at six locations including Mayer Roofing Offices in San Diego, Riverside and Los Angeles Counties. They seized 187 boxes of evidence.www.scif.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Brit Insurance signs deal on new Bermuda start-up LONDON, Dec 14 (Reuters) - Brit Insurance Holdings Plc (BRE.L: ) said on Thursday it had launched a new Bermuda-based property-catastrophe reinsurer, the latest in a line of insurers to set up a new firm to exploit buoyant market conditions. Brit said it was the lead investor in the new firm, Norton Re, having invested $21.1 million, equivalent to 19.6 percent of Norton Re's initial $107.7 million capital. The balance is owned by international institutional investors, Brit said in a statement. The new firm has received its licence from the Bermuda Monetary Authority. The deal is expected to complete on Friday. Brit joins rivals such as Hiscox Plc (HSX.L: ) and Amlin (AML.L: ) to set up a new firm on the tax haven island in the Atlantic to take advantage of high prices on offer for disaster policies. Norton Re will offer property catastrophe retrocession cover, effectively reinsuring other reinsurers against the risk of damage caused by disasters. Reinsurers have had to slash the amount of disaster cover they offered their insurance clients, partly because retrocession cover all but dried up after the string of devastating U.S. hurricanes in 2005 that left insurers nursing claims of over $57 billion. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Genworth Financial merges 3 life insurance cos into existing cos Dec 15 (Reuters) - Genworth Financial Inc. (GNW.N: ) said it will merge three of its life insurance companies into existing Genworth-named insurance companies, effective Jan. 1, to simplify its corporate structures. In a statement, the company said its First Colony Life Insurance Co. and Federal Home Life Insurance Co. will merge into Genworth Life and Annuity Insurance Company. Genworth, a retirement and mortgage insurer spun off from General Electric Co (GE.N: ), said American Mayflower Life Insurance Co. of New York will merge into Genworth Life Insurance Company of New York. (Reporting by Savio D'Souza in Bangalore) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Russell Fine-Tunes Index Rule on Inclusion Eligibility TACOMA, Wash.--(BUSINESS WIRE)--Russell Investment Group plans to enhance the portion of its rules-based methodology that defines a company’s eligibility for inclusion to its family of U.S. equity indexes. Effective with the June 2007 reconstitution, companies that incorporate outside the United States for taxation, political or other benefits but otherwise behave primarily like a U.S. company will be considered for inclusion. www.russell.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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. 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) www.workplacebenefits.org 5. Health Insurers Outlook Remains Positive Through First Quarter Of 2007, Article Says NEW YORK Dec.12, 2006--Buoyed by a benign regulatory environment, strong capital levels, rational pricing, and moderating medical costs, the outlook for the U.S. managed care business is expected to remain positive into the first part of 2007, according to an article published on Dec. 5, 2006, by Standard & Poor's Ratings Services. The article, which is titled "Expected Upgrades Will Keep Health Insurance Outlook Positive Through Early 2007," notes that credit upgrades among the health insurers should significantly outpace downgrades until a more stable ratings environment emerges after the first quarter. At that time, the outlook for managed care companies could be revised to stable. "Managed care is essentially at the end of a very profitable cycle," said Standard & Poor's health insurance credit analyst Shellie Stoddard. "Hospitals have become tough as they bargain with health plans. And the fees charged by managed care companies for the accounts of large employers are no longer trending higher." In addition, while the regulatory climate has generally been favorable in the last few years, that could change with the political realignment that has seen the Democrats take control of both houses of Congress. The insurers are conscious of changing political tides and a renewed populism. "They are proactively engaged in health care policy development and hopes to avoid greater government intervention," added Ms. Stoddard Standard & Poor's foresees no cataclysmic developments affecting the industry, however, and believes that it will remain fundamentally sound. No matter the changes in the regulatory framework, the industry should remain prosperous, with increasing growth coming from post-retirement health plans--a function of the aging population and the diminishing number of private employers offering health insurance. www.ratingsdirect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. European Insurers Enjoy Very Good Results In 2006 And Into 2007, Says Report LONDON Dec. 14, 2006--The European insurance sector has enjoyed very good results in 2006 and 2007 is expected to be another good year for the sector, although the primary and reinsurance markets may be beyond their pricing peak, according to a report ("European Insurance: 2006 In Review, 2007 In Anticipation") published today by Standard & Poor's Ratings Services. The absence of large losses, peak-of-the-cycle underwriting profits, and solid investment performance have contributed to the good results for the non-life sector. An increase in interest rates has eased the pressure over contract guarantees for the life market. "The ratings within the sector support this buoyant view, with 79% of insurance ratings assigned a stable outlook or developing CreditWatch listing, 16% a positive outlook or CreditWatch listing, and just 5% a negative outlook or CreditWatch status," said Standard & Poor's credit analyst Simon Marshall. Factors that might upset this stable environment include poor execution of acquisitions and investment market volatility. Equally, further positive outlook revisions could occur if insurers are able to demonstrate that favorable earnings trends are sustainable through the cycle. "While there is much to be positive about in the European insurance sector as we look forward to 2007, it should also be remembered that the quiet 2006 U.S. hurricane season leaves unanswered crucial questions that emerged in the aftermath of the 2005 storm losses, as well as potentially damaging the pricing environment going forward," said Mr. Marshall. www.ratingsdirect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. “Have An Optimistic Day’ Newsletter To Interview David L. Fear, RHU, President of the National Association of Health Underwriters, On Internet Talk Show, Wednesday, December 20th at 12:00 Noon Central Standard Time. San Antonio, TX – 12/18/2006 – At Noon, CST, each Wednesday, you can listen to “Achieving the Extraordinary” with Ron Graves on his 7th WaveNetwork Internet Talk Show. This is a one hour weekly talk show streaming worldwide dedicated to OPTIMISTIC living and people who “Achieve the Extraordinary” in their lives. More information is on the www.optimisticday.com website or go to www.7thwavenetwork.com and download or listen on line to previous shows. The call in number to talk to Ron or his guests is 1-866-472-5795. The SPECIAL GUEST on Wednesday, December 20th will be David L Fear, RHU, President of the National Association of Health Underwriters. The SPECIAL GUEST on Wednesday, December 27th will be James Lloyd, noted author, trainer, and frequent speaker at many insurance company conventions. To listen to either program via the Internet, visit www.7thwavenetwork.com at the assigned time. An MP3 may also be downloaded approximately one hour after the conclusion of the interview. “Have An Optimistic Day”, a weekly optimistic and motivational newsletter edited and published by Ron Graves, CLU, RHU, REBC, of San Antonio, Texas reaches more than 8,000 subscribers each week. The newsletter is in its 10 month of publication. “Have An Optimistic Day” provides a thought of the week and daily living thoughts as well as featuring a Person and Youth of the Week that has achieved the extraordinary in their lives. A section also provides a summary of Optimistic programs that can change people’s lives. Ron also now provides a commentary on “Achieving the Extraordinary” in ones life and other related topics at his Blog site found at www.blog.achievements-extraordinary.com. Ron says anyone can be ordinary in life but to achieve the extraordinary one only needs to add the little extra. Ron uses his 34 years of experience in the U.S. Army Reserves and active duty, and insurance and community volunteer career to provide useful ideas for living as an optimist and with a zest for life. Ron also speaks to business and non-profit groups on optimistic and motivational subjects. “Have An Optimistic Day” is a free publication available to anyone. Go to www.optimisticday.com to subscribe or read the latest newsletter and search the archives for past publications. Ron can be reached at ron@optimisticday.com David L. Fear, RHU, entered the insurance business out of college in 1979. He joined NAHU in 1984 as a member at large since Colorado, where he lived an worked at the time, had no NAHU chapter at that time. He subsequently moved to Houston, Texas where he was a member then to Louisville, Kentucky, and then upon moving to Sacramento, California, his present home, he was one of the initial members of a new NAHU chapter in Sacramento. The rest is history as they say. Dave climbed the ladder of success to the presidency of NAHU by way of the California Association of Health Underwriters, then as a NAHU Vice President, Secretary, Treasurer, President-elect and now as its President. Dave’s theme for his year as President is to “Make It Happen”. He believes in taking action, doing it now and get everyone involved. Dave has strong views on leadership and achieving the extraordinary and will discuss some of his management and leadership ideas with the listeners. Dave is an insurance agent at heart but presently serves as a Director for Comprehensive Integrated Marketing Services (CIMS), a California based full service general agency. Dave may be reached at dfear@cimsga.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Most Americans misjudge long-term care needs-AARP CHICAGO, Dec 13 (Reuters) - Most Americans over the age of 42 misjudge their need for long-term medical care and the costs entailed, a dangerous ignorance, the senior lobby AARP said in a study released on Wednesday. With the 77 million-strong baby boom generation nearing retirement age, use of nursing homes, assisted living and home-care workers is likely to increase significantly, the report said. The U.S. government estimates about 9 million people will need long-term care services this year, with that number rising to 12 million by 2020. The AARP, a lobby for seniors with 37 million members age 50 years and older, polled 1,800 Americans ages 42 and older, with a margin of error of plus or minus 3 percentage points. Fewer than one in 10 surveyed came within 20 percent of estimating the national average for nursing home costs, the study found. Less than a quarter came within that range for assisted living facilities. The AARP sells its own long-term care insurance through MetLife Inc. (MET.N: ), and takes advertisements for other carriers in its magazine. Older Americans in need of long-term care are facing rising prices for increasingly popular assisted living homes, an alternative to more pricey and labor intensive nursing homes. The average annual price tag for a private one-bedroom unit in an assisted living facility rose 7 percent in 2006 to $33,000, according to the insurer Genworth Financial (GNW.N: ). The average annual price of a private room in a nursing home rose 2 percent in 2006 to $71,000. The AARP study also found that Americans may be confused about what type of insurance they actually hold. While about one-third said they had bought long-term insurance, national estimates say only about 9 percent of those over 55 have such insurance. "We suspect that many people are confusing long-term care insurance with other types of coverage, for example disability insurance provided by employers or Medicare," the report said. "If they eventually need long-term care services and discover they are not covered, the financial burden may be overwhelming." © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. UK insurance brokers risk punishment over fees-FSA LONDON, Dec 12 (Reuters) - Some British insurance brokers risk being punished for failing to disclose fully to commercial clients exactly what they earn for placing their business with insurers, Britain's financial watchdog said on Tuesday. Some brokers were failing to disclose in full their remuneration when asked by clients, putting them in breach of the Financial Services Authority's rules, Hector Sants, the FSA's Managing Director of the Wholesale & Institutional Markets unit, wrote in a letter to insurance broking chief executives. While most brokers include a standard clause in their terms of business agreements reminding clients of their right to ask exactly what remuneration they make from their business, few brokers had made changes to their systems and controls to ensure they actually provided this information. "We found a widespread lack of formal process among intermediaries as to what remuneration would be disclosed to a commercial client on request, with not all intermediaries including all forms of remuneration," Sants wrote in the letter, which was published on the FSA's website on Tuesday. "A failure to do so would be a breach of (the FSA's rules) and may result in us taking Enforcement action," Sants said. But clients were partly to blame for this, as few had actually requested their brokers disclose what they earned, Sants wrote. The FSA has said it would review next year whether it should force brokers to disclose their remuneration. Sants reiterated that the watchdog would only consider making disclosure mandatory if it felt the lack of transparency was harming the insurance market and if the benefits of doing so outweighed the costs. Under current rules, insurance brokers are not required to disclose how much they receive for arranging cover for risks unless specifically asked to do so by their clients. But London-based insurers have called on the regulator to intervene, saying the competitive edge of their businesses is dulled because brokers are not disclosing how much they earn. Brokers' fees became a subject of controversy when regulatory probes in the United States in 2004 revealed some brokers had rigged bids for cover and had accepted hidden payments from insurers to steer business to them. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. OSHA Unveils New Hurricane Recovery and Response Work eMatrix WASHINGTON, Dec. 14 /U.S. Newswire/ -- Employers and employees involved in hurricane cleanup and recovery efforts will benefit from a new Web-based resource, Hurricane eMatrix: Hazard Exposure and Risk Assessment Matrix for Hurricane Response and Recovery Work, (URL: http://www.osha.gov/SLTC/etools/hurricane/index.html ) unveiled today by the Occupational Safety and Health Administration. "This is an important new tool to help educate employees and employers on how to address the most common and significant hazards that they may encounter during hurricane response and recovery work," said Assistant Secretary of Labor for Occupational Safety and Health Edwin G. Foulke Jr. "It provides practical information to employers so they can better assess risks and choose the appropriate control measures, work practices, personal protective equipment and training to protect their employees working in hurricane-impacted areas." Under the Occupational Safety and Health Act of 1970, employers are responsible for providing a safe and healthful workplace for their employees. OSHA's role is to assure the safety and health of America's working men and women by setting and enforcing standards; providing training, outreach, and education; establishing partnerships; and encouraging continual process improvement in workplace safety and health. For more information, visit http://www.osha.gov. http://www.usnewswire.com/ /© 2006 U.S. Newswire 202-347-2770/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Brookings Launches Global Health Financing Initiative with Grant from the Bill & Melinda Gates Foundation WASHINGTON, Dec. 14 /U.S. Newswire/ -- The Brookings Institution launched a new global health financing initiative today, aimed at assessing mechanisms to fund health programs in poor countries and determining which could best increase and improve the impact and efficiency of global health financing. The initiative was established through a Bill & Melinda Gates Foundation grant of $3.18 million over two years. "While resources for global health are on the rise, current funding levels still fall far short of what is needed," said Joe Cerrell, director of Global Health Advocacy for the Gates Foundation. "We hope that this initiative will encourage new investments in global health by identifying some of the most efficient and effective ways to give." Over the next two years, the global health team will evaluate current and potential health financing proposals in depth and issue practical recommendations on how to fill financing gaps through the use of public and commercial finance, aid programs and philanthropy. Innovative financing instruments will be assessed in terms of their capacity to increase net financial resources and improve health system performance in developing countries. More information is available at http://www.brookings.edu/global. http://www.usnewswire.com/ /© 2006 U.S. Newswire 202-347-2770/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Fewer breast cancers linked to less hormone therapy Fri Dec 15, 2006 10:01am ET - DALLAS (Reuters) - A sharp decline in new breast cancer cases in 2003 in the United States have come because millions of older women ceased hormone replacement therapy the previous year, researchers said on Thursday. But they stressed that because their analysis is based on population statistics, the reasons are not completely certain. "The investigators report that there was an overall 7 percent relative decline in breast cancer incidence between 2002 and 2003," the University of Texas M. D. Anderson Cancer Center said in a statement. "The steepest decline -- 12 percent -- occurred in women between ages 50-69 diagnosed with estrogen receptor positive (ER-positive) breast cancer," it said. These types of tumors are fueled by the hormone estrogen. The study was presented at the 29th annual San Antonio Breast Cancer Symposium. Researchers said that as many as 14,000 fewer women were diagnosed with the disease in 2003 than in 2002, a year in which there were an estimated 203,500 new U.S. cases. "It is the largest single drop in breast cancer incidence within a single year I am aware of," said Dr. Peter Ravdin, a research professor in the Department of Biostatistics at M. D. Anderson. "Something went right in 2003, and it seems that it was the decrease in the use of hormone therapy, but from the data we used we can only indirectly infer that is the case," he said in a statement. HRT provides the hormone estrogen and sometimes also progestin to women after menopause. But a big study in 2002 suggested that the combination of estrogen and progestin raised the risk of breast cancer. This brought a premature halt to a Women's Health Initiative study of more than 16,600 women between 50 and 79 who were using HRT, and caused widespread confusion More analysis of the Women's Health Initiative also showed that HRT could raise the risk of heart disease and especially strokes, and HRT was abandoned except as a way to relieve the most debilitating and stressful symptoms of menopause, such as hot flashes and insomnia. Ravdin said about 30 percent of American women over the age of 50 had been taking HRT in the early years of this decade but about half of the women stopped in the later part of 2002 after the results of this link were made public. "Research has shown that ER-positive tumors will stop growing if they are deprived of the hormones, so it is possible that a significant decrease in breast cancer can be seen if so many women stopped using HRT," he said. "It takes breast cancer a long time to develop, but here we are primarily talking about existing cancers that are fueled by hormones and that slow or stop their growing when a source of fuel is cut," added Donald Berry, an M.D. Anderson professor who helped lead the study. "Incidence of breast cancer had been increasing in the 20 or so years prior to July 2002, and this increase was over and above the known role of screening mammography. HRT had been proposed as a possible factor, although the magnitude of any HRT effect was not known." © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. China Life Insurance's Shanghai IPO approved SHANGHAI, Dec 15 (Reuter) - China Life Insurance Co. (2628.HK: )(LFC.N: ) won regulatory approval to list in Shanghai by issuing up to 1.5 billion local currency A-shares, the China Securities Regulatory Commission said on Friday. The company, China's biggest life insurer, expects to raise over 25 billion yuan ($3.2 billion) in what would be the country's second-largest domestic public offer, according to official media. China Life would become the first domestically listed Chinese life insurer. It has said it aims to complete the offer by the end of this month, and is expected to list the shares in January. ($1 = 7.82 Yuan) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. National Association of Wholesaler-Distributors Endorses The Hartford’s Marine and Management Liability Products A Year after Naming The Hartford as a Preferred Business Insurance Provider, Association Adds the Company’s Specialized Property and Casualty Products to Round out Member Needs HARTFORD, Conn.--(BUSINESS WIRE)--The National Association of Wholesaler-Distributors (NAW) representing more than 40,000 wholesale distribution companies across the country, has selected The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation’s leading providers of investment and insurance products, as the preferred provider of Marine and Management Liability coverage. http://www.naw.org. www.thehartford.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. eAutoclaims Announces Fee-Based Pricing Option OLDSMAR, Fla., Dec. 14 /PRNewswire-FirstCall/ -- eAutoclaims (OTC Bulletin Board: EACC) announced today a new pricing option for the Managed Collision Repair Service and Independent Appraiser Network. The new pricing model offers clients the option of receiving services on a flat fee basis instead of eAutoclaims' traditional shared discount pricing from the company's Guaranteed Repair Network (GRN) shops that discount their repair work. The new option directly applies voluntary shop discounts to repair costs offered by the eAutoclaims' national network of repair shops. The new model will include flat rate pricing for use of Independent Appraisers participating in the eAutoclaims Appraisal Assignment Network (AAN). The flat rate is determined by the services included and volume contribution. The pricing for use of the GRN (Guaranteed Repair Network) and IA (Independent Appraiser) networks ranges from $85 to $120 per assignment. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Medicare Experts Advise Seniors at Enrollment and Education Activities SURPRISE, Ariz., Dec. 14 /PRNewswire/ -- With only 17 days until the 2007 Medicare enrollment period closes, Senior Olympics partnered with the Centers for Medicare and Medicaid Services (CMS) to educate seniors about the advantages of Medicare's new drug benefit and answer questions about the enrollment process. The educational session, held at the Arizona Traditions Community Center, featured the official Medicare Bus, which provided seniors and people living with disabilities with the opportunity to get their questions answered. The event also featured free health screening for seniors. For more information on the new Medicare drug benefit, call 1-800-MEDICARE (1-800-633-4227) or visit http://www.medicare.gov. This number is available 24 hours a day, including holidays. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Health Net Buys 2.7 Million Shares in Accelerated Share Repurchase LOS ANGELES--(BUSINESS WIRE)--Health Net, Inc. (NYSE:HNT) today announced that it repurchased 2,689,538 shares of its common stock, at an initial purchase price of $47.22 per share or $127 million, under an accelerated share repurchase (ASR) agreement with JPMorgan dated December 13, 2006. Under the agreement, Health Net has repurchased the shares, and JPMorgan is expected to purchase an equivalent number of shares in the open market in the next few months. The repurchased shares are subject to a future price adjustment based on JPMorgan’s volume-weighted average purchase price for the shares. www.healthnet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. OdysseyRe Announces Exercise of Over-Allotment Option in Connection with Offering by Fairfax of OdysseyRe Common Shares STAMFORD, Conn.--(BUSINESS WIRE)--Odyssey Re Holdings Corp. (NYSE: ORH) announced today that the underwriters have exercised their over-allotment option to purchase an additional 1,165,000 shares of ORH common stock in connection with the previously announced underwritten public offering that priced on December 4, 2006. Including the over-allotment shares, 10,165,000 shares were sold at a price of US$34.60 per share, resulting in net proceeds to Fairfax Financial Holdings Limited (“Fairfax”) of approximately US$338 million. 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 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 will not receive any proceeds from the sale of the shares. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Fox News Commentator Morton Kondracke to Keynote 2007 PIA Federal Legislative Summit WASHINGTON, Dec. 14 /PRNewswire/ -- Veteran journalist and commentator Morton M. Kondracke will deliver the keynote address during the 2007 Federal Legislative Summit held March 28-29 in Washington, D.C. by the National Association of Professional Insurance Agents (PIA). Kondracke is a regular commentator for the Fox News Channel, where he serves as co-host of the weekly political show, The Beltway Boys and is a nightly "all stars" panelist on Special Report with Brit Hume. He is the executive editor and columnist for Roll Call, Capitol Hill's feisty independent newspaper. In addition, the conservative commentator writes a twice-weekly syndicated column on national politics. www.pianet.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. PIANY's MetroRAP keynote: Different factors affect New York City's market GLENMONT, N.Y.-Insurance professionals who want to know how catastrophe risk and its impact on capacity will affect their business cannot afford to miss the Professional Insurance Agents of New York State Inc.'s annual Metropolitan Regional Awareness Program. John DeMartini, senior vice president and catastrophe management practice leader of Towers Perrin Reinsurance will deliver the keynote address discussing this important issue during MetroRAP's awards luncheon Thursday, Jan. 25, 2007, at the New York Marriott Brooklyn, Brooklyn, N.Y. DeMartini is expected to talk about the impacts of model changes, rating agency standards and reinsurance capacity and pricing on the New York metropolitan market. For more information, please contact the PIANY's Education and Conference Department at (800) 424-4244, e-mail conferences@pia.org or logon to PIANY's Web site, www.pia.org/NY, and type EC10075 in the Quick-link box. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. PIA survey: N.J. homeowners coastal availability is worse than a year ago TRENTON, N.J.-Professional insurance agents in New Jersey completed a comprehensive survey regarding the conditions and availability of homeowners and other property insurance for the state's coastal areas. Most of the 49 respondents, all of whom say they write a considerable number of coastal insurance policies, report that homeowners insurance availability is worse or much worse, compared to a year ago, says the Professional Insurance Agents of New Jersey Inc., which conducted the survey in November. Additionally, the survey found that almost all homeowners insurers have some type of restrictions on coastal business. Most respondents say they are writing half or more of their coastal homeowners with surplus lines carriers; 16 report they are writing all of their coastal insurance policies in surplus lines. Surplus lines companies are not licensed in New Jersey as admitted companies, and may charge higher rates than the admitted companies. As has been reported previously, a number of insurers have taken actions which affect availability in areas that each company separately defines as "coastal." These actions may include not accepting any new business; canceling or non-renewing existing business; or imposing such conditions as distance-to-shore, higher deductibles or other factors that create a difficult market. "Judging by the PIANJ members' comments gathered by this survey, the general feeling in New Jersey regarding coastal availability is that insurance agents need more and varied admitted markets that provide adequate coverages," said Finley Middleton, business issues director, PIANJ, who oversaw the survey. To see the full results of PIANJ's coastal availability survey, logon to: http://www.pia.org/IRC/qs/qs_other/QS29213.pdf. www.piaonline.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Conseco Consolidates Operations CARMEL, Ind., Dec. 14 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO) today announced that it is consolidating its back-office operations to improve efficiency, enhance policyholder and agent service, and reduce costs. The consolidation is expected to achieve annual cost savings of $25 million commencing in 2008. Cost reductions in 2007 are expected to cover related implementation costs, which will all be incurred in 2007. Conseco CEO James Prieur said, "The actions we are taking today signal a significant change in our approach to managing our operations, as we address the duplication of back-office functions and multiplicity of systems remaining from acquisitions in the 1990s, and are part of our ongoing program to improve the performance of the company." The integrated operations group will combine policyholder services, premium processing, claims and other back-office functions from Conseco's Bankers Life and Casualty business in Chicago and its Conseco Insurance Group business in Carmel, Indiana. Conseco's Colonial Penn business in Philadelphia is not included in this effort. The operations group will be based in Carmel and will be headed by Steven Stecher, Executive Vice President, Operations, who will report to Conseco President and COO James Hohmann. The company is also combining the Bankers Life Long-Term Care (LTC) and the LTC Closed Block operations under the leadership of Senior Vice President John Wells. This will allow the company to focus on initiatives that improve the operating performance of this line of business, including claims adjudication processes and operating efficiencies. Wells also will be reporting to Hohmann. www.conseco.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. AXA Equitable Empowers Small to Mid-Size Plan Sponsors with Fiduciary Toolkit Resource Helps Clients Avoid Ten Common Mistakes New York, December 14, 2006 – To help defined contribution plan sponsors manage their fiduciary obligations, AXA Equitable introduces the Fiduciary Toolkit, a comprehensive resource available through its Retirement Strategies (SM) 401(k) product designed for small to mid-size businesses. When a business owner sponsors a 401(k) plan, he or she assumes a fiduciary role. Fiduciary responsibility is a complex area of the pension law that is continuously evolving. Fiduciaries may be held liable if their plan is not administered correctly under the rules of the Employee Retirement Income Security Act (ERISA). "Satisfying ERISA," says Keith Namiot, VP Defined Contribution Product Development, "requires plan sponsors to keep current with complex regulatory developments and investment strategies, establish proper due diligence and document plan administration processes. Our market research indicates that plan sponsors often feel overwhelmed when it comes to understanding and managing their fiduciary obligations under ERISA and the Internal Revenue Code. With the Fiduciary Toolkit, we think we've created the best turnkey tool available to help our clients meet their fiduciary responsibilities." Helping Plan Sponsors Avoid Ten Common Mistakes Key to the design of the Retirement Strategies (SM) Fiduciary Toolkit is its practical emphasis on helping plan sponsors avoid these ten common fiduciary mistakes seen in Department of Labor investigations*:
Instead of gathering and trying to interpret information from the DOL website and myriad other sources, plan sponsors can find required forms and "to-do" www.axa-equitable.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Enclarity Selected by CorVel for NPI Crosswalk, Provider Data Accuracy and Integration ALISO VIEJO, Calif. – December 13, 2006 – Enclarity, Inc., an information management and analytic software company focused on the healthcare market, announced today that CorVel Corporation has selected Enclarity's ProviderPoint™ and NPI Enabler™ solutions. CorVel will use Enclarity's systems for both group healthcare and workers' compensation operations, and to prepare for compliance with the HIPAA National Provider Identifier (NPI) regulations for its provider PPO network by the May 23, 2007 deadline. "Having accurate provider data is essential to both our workers' compensation and healthcare operations," said Claudia Kettrick, CorVel's vice president, medical review systems. "From directing injured workers to the appropriate provider, to having accurate provider directories for members, to assuring compliance with the NPI mandate, Enclarity's solutions can help us reach these goals." www.enclarity.com www.corvel.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. ICBA Praises New Health Savings Account Enhancements Changes Make HSAs More Consumer-Friendly Washington, D.C. (December 14, 2006)—The Independent Community Bankers of America (ICBA) praised legislation passed by Congress that provides even better options for individuals and small businesses to access health care coverage through Health Savings Accounts (HSAs). The ICBA-backed Tax Relief and Health Care Act of 2006 is now set to be signed into law by President Bush. “Today a growing number of community banks offer their customers Health Savings Accounts and more than 3.2 million consumers are already using HSAs,” said Paul Merski, ICBA chief economist and director of federal tax policy. “The new enhancements enacted in this legislation will allow even more individuals a flexible spending option for health care expenses. There are no income limits that effect eligibility, the savings accumulate tax free, and the money belongs to the saver, making it portable no matter where you work.” The newly added enhancements making HSAs even more attractive include:
Notably, 60 percent of consumers who expressed an interest in HSAs said they prefer to use a bank to deposit and manage their accounts, according to a survey by Synergistics Research Corp., Atlanta, Ga. In addition, of more than 600 banks offering HSAs, 35 percent are community banks. Some 52 percent of all current HSA users said they went to their local bank to open an HSA. The number of HSAs is estimated to grow to 15-25 million by 2010, with $75 billion in assets. For more information about HSAs, visit your local community bank or go to www.ustreas.gov. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Aetna Signs Agreement with Melbourne Physicians Group ORLANDO, Fla.--(BUSINESS WIRE)--Aetna (NYSE: AET) announced today that it has reached agreement on a three-year contract with Melbourne Internal Medicine Associates (MIMA), one of the leading multi-specialty physician group in Florida’s Brevard County. Under the new contract, which took effect Dec. 1, members of Aetna’s commercial plans can receive covered in-patient and out-patient services, at in-network rates, from physicians in any of MIMA’s 15 locations in Brevard County. www.aetna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. CIGNA HealthCare Announces Long-Term Agreement with University of Michigan Health Management Research Center BLOOMFIELD, Conn., Dec. 12, 2006 /PRNewswire-FirstCall/ -- CIGNA HealthCare today announced it has entered into a long-term agreement with the University of Michigan, which gives it access to intellectual property developed by Professor D. W. Edington, Ph.D., and the researchers within the University of Michigan Health Management Research Center (UM-HMRC), a unit within the University of Michigan's Division of Kinesiology, that he directs. The agreement includes an exclusive license within the United States for the use of sophisticated analytics that help consumers identify and address health risks and help employers develop worksite health and wellness programs. Under the agreement, CIGNA HealthCare will also license the UM-HMRC health risk assessment questionnaire and have access to additional employer reporting capabilities through UM-HMRC. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Colorado Signs $4.7 Million Healthcare Enrollment Contract with MAXIMUS RESTON, Va.--(BUSINESS WIRE)--MAXIMUS (NYSE:MMS), a leading provider of health program management services to government, announced today that the Company has signed a contract with the Colorado Department of Health Care Policy and Financing to continue to provide managed care education and enrollment services for Colorado's Medicaid program. The contract is valued at approximately $4.7 million for a four and a half year term. MAXIMUS began services as the Colorado Medicaid Managed Care Enrollment broker in May 1998 and has since won three competitive bids to continue to provide these services in Colorado. The program provides service for over 400,000 Medicaid clients statewide through a central processing facility located in downtown Denver. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. NAIC SUPPORTS SAN ANTONIO CHAPTER OF HABITAT FOR HUMANITY SAN ANTONIO (Dec. 9, 2006) – The National Association of Insurance Commissioners (NAIC) has selected the local chapter of Habitat for Humanity as the official charity for the Association’s 2006 Winter National Meeting in San Antonio. The choice continues the NAIC’s year–long campaign to support Habitat for Humanity in the four cities the Association has visited for its quarterly national meetings. “We are pleased to support an organization that is dedicated to assisting Texas families become homeowners,” said Alessandro Iuppa, NAIC President and Maine Insurance Superintendent. “A partnership with Habitat for Humanity of San Antonio will help make the dream of homeownership a reality for those who may not otherwise have that opportunity.” www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. PUERTO RICO PRESENTED WITH NAIC’S FIRST ESPRIT DE CORPS AWARD SAN ANTONIO (Dec. 10, 2006) – The National Association of Insurance Commissioners (NAIC) bestowed its first Esprit de Corps Award to the Puerto Rico Department of Insurance (Puerto Rico DOI) today during the Association’s Winter National Meeting in San Antonio. Puerto Rico Insurance Commissioner Dorelisse Juarbe Jimenez accepted the award, which was presented by NAIC President and Maine Insurance Superintendent Alessandro Iuppa. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. COMMISSION OUTLINES 2006 ACHIEVEMENTS AND GOALS FOR COMING YEAR Pennsylvania Insurance Commissioner and Commission Management Committee Chair Diane Koken delivered this encouraging news today during a breakfast reception hosted by the National Association of Insurance Commissioners (NAIC) at the Marriott Rivercenter in San Antonio. During her presentation, Koken provided those on hand with highlights of the Commission’s achievements over the past six months and an overview of its goals for the coming year. She acknowledged that the Commission already has fulfilled many of the goals and the plan of action it had set forth at the Commission’s inaugural gathering this past June in Washington, D.C. For more information about the Commission, visit www.insurancecompact.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Moody's Issues Supplement to Proposal on Hybrids and Preferred Stocks New York, December 07, 2006 -- Moody's Investors Service has published a supplement to a November request for comment on ""Rating Preferred Stock and Hybrid Securities" that addresses a number of questions offered by market participants concerning the scope of a proposed change to Moody's treatment of some common deferral and settlement mechanisms for hybrid securities including preferred stock. Both the request for comment and the supplement outline a proposal for rating non-cumulative preferred stock below cumulative preferred stock, and a proposal by Moody's to apply a similar approach to the ratings of other types of hybrid securities with non-cumulative-like features. "The new document clarifies that the proposal draws no distinction between financial institutions and corporate issuers, or between so-called Tier I and Tier II capital securities," said Jerome Fons, Moody's managing director for credit policy. "The paper also explains that the proposal extends only to omission or deferral risk, and does not represent a change in Moody's notching policy for subordination." www.moodys.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Whitehill Technologies releases Whitehill Enterprise 5.6 MONCTON, NB, Canada - Dec. 5, 2006 - Whitehill Technologies, Inc. today announced the release of Whitehill Enterprise 5.6, a leading document generation solution for legal and professional services firms. Whitehill Enterprise 5.6 is a server-based solution that automatically transforms text-based output from time and billing systems into professional-looking documents. More than 650 legal and professional services firms, including two thirds of the largest law firms in the world, use Whitehill Enterprise to produce perfectly formatted invoices, reports and other documents. www.whitehilltech.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. TD Banknorth Selects Verint ULTRA Solution MELVILLE, N.Y. December 4, 2006 – Verint Systems Inc. (NASDAQ: VRNT), a leading provider of analytic software-based solutions for security and business intelligence, today announced that TD Banknorth selected its ULTRA™ Analytics suite to enhance customer service and increase operational efficiency. ULTRA’s actionable intelligence will enable TD Banknorth to drive superior performance by understanding the root cause of customer calls. www.verint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. Investors Underwriting Managers, Inc. Announces Name Change RED BANK, NJ, December 4, 2006 – Glen Curley, president/chief operating officer of Investors Underwriting Managers, Inc. (IUM), announced today that effective December 1, 2006, the company’s name was change to Markel Underwriting Managers, Inc. Commenting on the name change, Tony Markel, president/COO of Markel Corp., had this to say: “The Markel Corporation is proud of the company MUM has become and considers it a valuable part of the Markel Group of companies. We’re confident in its structure, the breadth of its product lines, underwriting expertise and human capital.” www.markelunderwriters.com www.markelcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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