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1. BestWeek: P/C Profitability Approaches 50-Year Highs, but Market Softening Looms Large OLDWICK, N.J.--(BUSINESS WIRE)--To historians, 1953 was a year full of notable accomplishments. Jonas Salk unveiled his polio vaccine. Sir Edmund Hillary became the first man to successfully climb Mount Everest. But for U.S. property/casualty insurers, 1953 represents a different sort of historic milestone. It marked the last time the industry saw underwriting profitability of the sort it appears prepared to post in 2006, according to an exclusive article in the Dec. 18 BestWeek. With $23.7 billion of underwriting income through the first nine months of the year, U.S. property/casualty insurers have recorded a combined ratio of 91.9, improved from 100.1 in 2005, according to a newly completed A.M. Best statistical study. The 2006 results have been driven by a relatively mild hurricane season, continued adherence to underwriting discipline, and favorable prior-year reserve development and loss frequency trends, according to Ed Keane, financial analyst with A.M. Best's property/casualty division and author of the report. Given current market conditions, A.M. Best projects that the property/casualty industry could record a full-year combined ratio of approximately 93.3, which would mark only the second industrywide underwriting profit since 1978, and the best since 1953's 93.1 ratio. Also in BestWeek, Best's Global Insurance Composite Index finished the week of Dec. 14, 2006, up 12.99% from a year ago. The composite index reflects the performance of 185 insurance stocks. The week's top performers were QBE Insurance; Tower Ltd.; ING Groep N.V.; Ace Ltd. and Omega Insurance Holdings plc. The bottom five were National Atlantic Holdings; Kingsway Financial; Mercer Insurance Group; Specialty Underwriters' Alliance; and Mitsui Sumitomo Insurance Co. Ltd. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Ace says asbestos loss reserves rise by $200 mln NEW YORK, Dec 15 (Reuters) - Property and casualty insurer Ace Ltd. (ACE.N: ) said on Friday that its gross reserve for potential asbestos claims had increased by about $200 million and reiterated that the reserve was adequately funded. Ace also said an external review of its asbestos liabilities estimated them at a lower level than a similar study two years ago, narrowing the difference in net loss reserves as measured by internal and external studies to about $100 million from a previous estimate of $180 million. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Fed proposes broker exceptions for banks
By John Poirier - WASHINGTON, Dec 18 (Reuters) - U.S. banking regulators
on Monday proposed allowing banks to continue providing certain
securities products and services without registering as brokers with the
U.S. Securities and Exchange Commission. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. FLAC Holdings $134 million embedded value life insurance securitization $135 million embedded value securitization for Forethought Financial Group Transaction demonstrates consistent availability of the capital markets to securitize the financial experience of a block of life insurance policies The transaction replaces Forethought's 2004 embedded value securitization, improving upon a number of features: Priced at a spread of 22 bps over three-month LIBOR as a result of Lehman Brothers' broad-based institutional investor marketing process, contributing to "all-in" cost savings to Forethought of approximately 100 bps per annum relative to three-month LIBOR Achieved a 35% increase in monetization of embedded value as measured by notes issued relative to the sum of expected pre-tax profits, initial debt service coverage account balance and proforma capital and surplus. Eliminated certain unnecessary covenants and improved operational flexibility for Forethought Lehman Brothers acted as Sole Structuring
Advisor and Sole Bookrunner Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Leaders of Nationwide Illegal Alien Employee-Leasing Conspiracy Sentenced WASHINGTON, Dec. 15 /U.S. Newswire/ -- The two leaders of a six-person nationwide employee-leasing conspiracy that exploited hundreds of illegal aliens throughout the United States have been sentenced to terms in prison, Assistant Attorney General Alice S. Fisher of the Criminal Division and R. Alexander Acosta, U.S. Attorney for the Southern District of Florida, announced today. At a hearing today before U.S. District Judge Kenneth A. Marra of the Southern District of Florida in Ft. Lauderdale, Jozef Bronislaw Bogacki, 43, a native of Poland and naturalized U.S. citizen residing in Clearwater, Fla., was sentenced to 57 months in prison. Judge Marra also imposed a money judgment of $950,000 and ordered Bogacki to forfeit six pieces of real property valued at approximately $500,000. Judge Marra also sentenced Jaroslaw "Jerry" Sawczuk, 38, a Polish and Canadian citizen formerly of Coral Springs, Fla., to 51 months in prison and imposed a money judgment of $950,000 on Sawczuk. Sawczuk was ordered to surrender to the Department of Homeland Security at the end of his sentence, and cannot enter the United States again without the consent of the Attorney General. Bogacki and Sawczuk were the leaders of a six-person nationwide employee-leasing conspiracy that exploited hundreds of illegal aliens throughout the United States, responsible for laundering over $20 million and defrauding the U.S. Treasury of at least $5.7 million. A third defendant in the conspiracy, Pavel Preus, 39, a Slovak citizen residing in Pompano Beach, Fla., was sentenced by Judge Marra on Sept. 13, 2006 to 37 months in prison and 36 months of supervised release. Bogacki, Sawczuk and Preus had all pleaded guilty to charges of conspiracy to transport, house and otherwise encourage illegal aliens to remain in the United States, and to commit visa, wire, mail and tax fraud, and money laundering. The remaining defendants -- Lucia Kanis, 31, a Slovak citizen; Ivan Kanis, 39, a Slovak citizen residing in the Slovak Republic; and Andor Pikali, 37, a Slovak citizen who resided in Coral Springs, Fla. -- are fugitives and believed to be overseas. http://www.usnewswire.com/ /© 2006 U.S. Newswire 202-347-2770/ Contact: U.S. Department of Justice, 202-514-2008 or 202-514-1888 (TDD) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
If you are not yet a member, please click here. The fees to become a member of The Workplace Benefits Association are waived for one year. If a member decides to renew at the end of one year, the membership fee is only $29.00 per year, however there is no obligation to renew a membership, and no payment information is collected until a member does decide to renew. www.workplacebenefits.org The Members of the Workplace Benefits Association strive to bring an integrated solution through a master plan that involves a standardized employer guide and checklist. This procedure ensures that no important area is overlooked while providing the flexibility for each employer and employee to create an individual solution to their benefits and financial planning. (Proviso - The Workplace Benefits Association does not sell workplace benefits and is not in the business of offering advice) 6. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. BANK INSURANCE NEWS IN BRIEF - DECEMBER 18, 2006 TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com. To read these stories, visit http://www.bankinsurance.com/editorial/news/default.htm
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. NASD says fines USAllianz over oversight, records NEW YORK, Dec 18 (Reuters) - The NASD
said on Monday that it had fined USAllianz Securities, a U.S. unit of
German insurer Allianz (ALVG.DE: ), $5 million for "widespread
deficiencies" in its supervisory system.
USAllianz earlier this month merged with
and assumed the name of Questar Capital Corp., a securities
broker-dealer which Allianz acquired in 2005.
"Although these issues did not arise out of customer complaints, the
firm took them very seriously," said Mike Jorgensen, president of
Questar Capital, in a statement. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. The MMI Announces Assets in Separately Managed Accounts Reach a Record $805.8 Billion During 3Q 2006 WASHINGTON--(BUSINESS WIRE)--Assets under management in separately managed accounts (SMAs) have grown $32 billion, or 4.1%, to reach $805.8 billion in the third quarter, according to data published by the Money Management Institute (MMI), the national organization representing the managed account solutions industry. MMI’s data figures, compiled in partner with Financial Research Corporation (FRC) and Dover Financial Research, are based on program totals reported by investment manager and sponsor firms representing approximately 90-95% of the industry. Data tables providing a comprehensive overview of the industry’s third quarter data and other key statistics can be viewed at http://moneyinstitute.com/downloads/3Q2006datatables.pdf. www.moneyinstitute.com www.doverfr.com www.frcnet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Assured Guaranty Ltd. Announces Agreement to Sell 1,150,000 Shares of Common Stock by ACE HAMILTON, Bermuda--(BUSINESS WIRE)--At the request of ACE Bermuda Insurance Ltd. (“ACE”), Assured Guaranty Ltd. (NYSE: AGO) (“Assured Guaranty” or the “Company”) today announced that ACE has agreed to sell 1,150,000 shares of the Company’s common stock to Banc of America Securities LLC. Assured Guaranty will not receive any proceeds from this transaction. Following the closing of this offering and the related $150 million share repurchase that Assured Guaranty previously announced on December 7, 2006, ACE’s ownership in Assured Guaranty will be reduced to 19.2 million shares of Assured Guaranty’s common stock, or approximately 28% of outstanding shares. www.assuredguaranty.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. RenaissanceRe Announces Redemption of 8.10% Series A Preference Shares PEMBROKE, Bermuda--(BUSINESS WIRE)--RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today that it had called all of its outstanding 8.10% Series A Preference Shares (NYSE: RNRPRDA; CUSIP: G7496G 20 2) for mandatory redemption on January 15, 2007. The redemption price will be $25 per Preference Share, plus accrued and unpaid dividends to January 15, 2007. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Cadence Financial Corporation to Begin Trading on NASDAQ Market STARKVILLE, Miss.--(BUSINESS WIRE)--Cadence Financial Corporation (AMEX: NBY) today announced that it has been approved for listing on the NASDAQ Global Select Market under the symbol “CADE.” Trading on the NASDAQ is expected to commence on December 28, 2006. The Company’s common stock will continue to trade on AMEX until the market close on December 27, 2006 under the symbol “NBY.” Cadence Financial Corporation is a $1.8 billion financial holding company providing full financial services, including banking, trust services, mortgage services, insurance and investment products in Mississippi, Tennessee, Alabama, Florida and Georgia. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Willis Group issues statement on Eric Dinallo's Nomination to New York State Insurance Superintendent New York, December 15, 2006 – Eric Dinallo, General Counsel of Willis Group Holdings, was today nominated by Governor-elect Eliot Spitzer of New York to serve as New York State Insurance Superintendent in the new administration. Joe Plumeri, Chairman and CEO of Willis, issued the following statement: Eric Dinallo is an individual with tremendous integrity and leadership who will be a valuable addition to the team Governor-elect Spitzer is assembling. During Eric’s wide-ranging career in both the public and private sector, he has demonstrated the ability to cut through complex legal and regulatory issues and pursue a principle-based approach that promotes transparency and fair play. There is near-universal agreement that the regulation of the insurance industry needs reform and Eric is well-suited given his time with Willis and previously with Morgan Stanley to oversee this effort in New York. Over the past year, Eric has brought a meaningful perspective and has made a significant contribution to our corporate governance efforts as well as to how we embrace risk-based assessments and the changing paradigm of insurance regulation. He has done an outstanding job and while we are sorry to be losing Eric, I appreciate his deep commitment to public service, and am confident he will make an important contribution in his new role in promoting regulatory reform and New York’s economic growth. www.willis.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Western-Southern Life Assurance Company Enhances Select Policies with Waiver of Premium Unemployment Rider CINCINNATI — Dec. 18, 2006 — Western-Southern Life Assurance Company (Western-Southern Life) announced that it will begin providing a Waiver of Premium Unemployment Rider (Rider) with select policies it offers to consumers through their captive agency force. The Rider will be available on ARCT, 10-, 15-, 20-, and 30-year level term plans. Western-Southern Life will waive the premium of the Rider and base policy to which it is attached for up to six months while the Rider is in force and while the insured is collecting unemployment benefits. The cost of the Rider is three percent of the total premium waived. “In life there are a lot of things that are uncertain . . . including the economy and the state of someone’s employment,” said Jim Deluca, vice president of marketing at W&S Agency Group. “This waiver will give policyholders some peace of mind that if they lose their job and collect unemployment benefits they will have the option to retain their policy for up to 6 months. We promised to be here for our policyholders when they need us and this is evidence that we will be here for our policyholders when their future is uncertain.” To be eligible, the policyholder must be employed 30 hours per week at the time of the issue and between the ages of 25 and 59. The Rider can be added at the time the life insurance policy is issued and can be terminated at any time. It is not available in all states, nor is it available for the first six month and for five years after it is used. For a complete listing of the Rider’s features, product illustrations or information on state availability, contact the Client Relationship Center at (800) 921-1993. Additional information is also available at www.wslife.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. State Automobile Mutual to Purchase Texas-Based Beacon Insurance Group COLUMBUS, Ohio - December 18, 2006 - State Automobile Mutual Insurance Company, Columbus, Ohio, announced today that, through a wholly-owned subsidiary, it has agreed to acquire the Beacon Insurance Group, Wichita Falls, Texas. Closing is expected in the first quarter of 2007, subject to regulatory approval. The Beacon Insurance Group writes approximately $50 million in direct written premium through more than 300 independent agents in Arkansas and Texas. With the acquisition, Texas will become State Auto's 29th state of operation. "Texas is the second most populous state and fourth largest insurance market in the United States. It offers a tremendous opportunity for State Auto to grow profitably, said Robert P. Restrepo Jr., State Auto Chairman, President and CEO. "The addition of Beacon to the State Auto family will provide us with a base of operations in the growing Southwest market. Our positive experience with past acquisitions makes us confident that Beacon's policyholders, independent agency force and associates will find the transition seamless." www.stateauto.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Working-Age Adults Look to CareOptionsOnline for Education and Solutions to Disability, Eldercare and Long-Term Care Planning December 18, 2006 – Madison, Wisconsin – NavGate Technologies ( www.NavGate.org ), a pioneering industry leader and developer of technology-based care solutions, has created CareOptionsOnLine (COOL) to educate working-age adults about the necessity to plan for their present and future care needs – an area that is vastly misunderstood and lacking in accessible information and tools. COOL helps people understand the issues, anticipate the costs and identify the resources necessary for the short- or long-term care needs for themselves or a loved one. Providing easy-to-find, useful information and educational tools concerning short- and long-term care issues is critically important, particularly as the “Baby Boomer” population and their parents age. According to a just released study (Dec. 2006), researchers at AARP concluded that Americans know no more today about how long-term care is paid for or the costs of care compared to five years ago. Findings state, “Little has changed regarding public perception about long-term care since our original survey in 2001”. One of COOL’s primary goals is to educate consumers about long-term care issues and to plan appropriately. Unlike other websites that are simply referral services or confusing long lists of links to other sites, COOL offers relevant education, useful information and tangible solutions including costs of care. NavGate’s CEO, Robert Pearson explains, “We have developed COOL because just finding the information people need can be an overwhelming task. It can seem as though there is nowhere to go for real help and real answers. COOL, however, is a convenient, single-location source for the answers and the help people need. People sacrifice a lot of time and money when they are disabled or need to help a loved one recuperate; they deserve a comprehensive resource to help, plan and work through these situations. It’s simple. It’s educational. It’s everything they need, all in one place” “One of the significant advantages of CareOptionsOnLine is its availability 24 hours a day, seven days a week,” says Michael Bina, Principal, Intellectual Marketing (www.intellectualmarketing.com). “People can log on at any time and from anywhere – it provides the flexibility people need in today’s hectic world. In addition, COOL users value the ability to keep the situation private. COOL’s confidentiality encourages people to use it, as opposed to a call-in program which may result in call-reluctance. Consequently, people may not seek the help they need or plan for care before they need it.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Advanced Insurance Direct Marketing Workshop 2007: “Building for the Future – Measuring Strategic Options” - March 12-14, 2007 Middletown, DE (December 6, 2006) – “Building for the Future – Measuring Strategic Options,” a limited-attendance intensive workshop, will take place March 12-14, 2007, at the Jefferson Hotel in Richmond, VA. The workshop will consist of both interactive and case study focused presentations covering every sector of insurance – life, health, auto, and more. Delegates benefit from powerful case-study presentations including:
The workshop will feature case studies from Met Life Auto & Home, Great West Life and Annuity, GMAC Insurance, ACE, and AIG Assurance. These case studies will complement the lessons learned from strategic sessions that address the competitive environment, planning for the future, and outbound telemarketing – all presented by in-the-trenches professionals. In addition to insightful and practical content, delegates will have multiple opportunities to interact and network with some of the most successful practitioners in the business. The workshop is sponsored by LIMRA International, Target Marketing magazine, Insurance Newscast, Best’s Review, Americall Corporation, IXI Corporation, Transcontinental Direct, The Credo Group, Mintel/Comperemedia®, and Choicepoint Direct. The delegate fee for the workshop is $1,995 but until February 9, there is an early bird discount of $200, reducing the fee to $1,795. The fee includes the full conference, two networking receptions, a comprehensive workshop notebook, and CD-ROM containing all presentations. Members of Mintel/CompereMedia and LIMRA International, as well as subscribers to Target Marketing magazine, Insurance Newscast, and Best’s Review may deduct another $150 from the registration fee. To register, or for additional information, call 1-866-450-7005. The complete conference program can be found at www.jcg-ltd.com; click on Executive Workshops. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Man Convicted for Automobile Insurance Fraud, Reports U.S. Attorney BOSTON, Dec. 15 /PRNewswire/ -- A federal trial jury today convicted a Shrewsbury man of mail fraud, health care fraud, and conspiracy to commit money laundering, in connection with false billings to automobile insurance companies for medical tests. United States Attorney Michael J. Sullivan; Kenneth W. Kaiser, Special Agent in Charge of the Federal Bureau of Investigation in New England; and Douglas A. Bricker, Special Agent in Charge of the U.S. Internal Revenue Service, Criminal Investigation, announced today that SEVERIN YELAUN, age 32, of Framingham, was convicted by a trial jury sitting before U.S. District Judge Nathaniel M. Gorton, of 26 counts of mail fraud, one count of health care fraud, one count of conspiracy, and one count of conspiracy to commit money laundering. Evidence presented during the two-week jury trial proved that YELAUN was a principal of numerous Massachusetts businesses involved in providing physical therapy and diagnostic tests to patients who were injured in automobile accidents. Between 1999 and 2002, two of the businesses, Global Tech Diagnostics based in Chelsea, Massachusetts, and Lynn Diagnostics Management based in Lynn, Massachusetts, billed automobile insurance companies for diagnostic tests that were never performed. The fraudulent Global Tech billings exceeded $100,000 and the fraudulent Lynn Diagnostics billings exceeded $50,000. Judge Gorton scheduled sentencing for March 16, 2007. YELAUN faces up to 20 years' imprisonment on all of the counts of conviction, except for the conspiracy count which carries a maximum sentence of 5 years in prison. All the counts carry a maximum of 3 years of supervised release. The case was investigated by the Federal Bureau of Investigation and the U.S. Internal Revenue Service, Criminal Investigation. It was prosecuted by Assistant U.S. Attorney William D. Weinreb in Sullivan's Organized Crime Strike Force Unit and Assistant U.S. Attorney Gregg D. Shapiro in Sullivan's Civil Division. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. AAISdirect ADDS ACCESS TO COMMERCIAL VALUATION SERVICE Wheaton, Illinois, Dec. 14, 2006--The American Association of Insurance Services (AAIS) has added access to a third online property valuation service provided by e2Value, Inc., Stamford, Conn. As of now, companies affiliated with AAIS for its Agricultural Output, Businessowners, Commercial Output, and Commercial Properties programs can have access to e2Value's "Commercial" property valuation program through the AAISdirect Internet service. Among other things, the Commercial valuation service provides data for all major construction specification items (HVAC; wall, roof finishes; plumbing and fire protection) plus the ability to value multiple structures, with photos, within one valuation. www.AAISonline.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. Willis Energy Market Review Reveals Changing Priorities London, UK, December 18, 2006 – After one of the most benign years on record in terms of energy losses, the end of 2006 shows signs of changing priorities within both the energy insurance buyer and supplier communities, with buyers seeking alternatives to commercial insurance and suppliers trying to protect their newly lucrative energy market share. These are the key findings of the latest Energy Market Review by Willis Group Holdings (NYSE:WSH), the global insurance broker. Willis’ comprehensive review, which looks at the energy market over the past six months, includes interviews with several leading energy risk managers who reveal a move away from the commercial insurance market towards the use of self-insurance, captives and mutuals. In the report Willis also reviews, amongst others, the Upstream, Downstream, Liability and Reinsurance markets. www.willis.com To read the full Willis Energy Market Review, please go to: http://www.willis.com/Extras/Publications.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. HAGERTY INTRODUCES ELECTRONIC POLICY DELIVERY FOR AGENTS TRAVERSE CITY, Mich. (December 2006) – In an ongoing effort to save agencies time and money, Hagerty announces the introduction of its Electronic Policy Delivery (EPD) program. EPD is state-of-the-art automation that provides immediate customer policy information to agents. The efficient e-mail system will inform agents of the customer’s name and policy number, and outline the transaction type (e.g., new business, renewal, endorsement, etc.). Additionally, all policy paperwork will be mailed directly to customers, though agents will still be able to access the documents through Hagerty’s online policy management. www.hagertyagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Exstream Software Partners with Fiserv Insurance Solutions Exstream Software, Inc., provider of Dialogue, industry-leading software for enterprise document personalization, today announced a co-marketing partnership with Fiserv Insurance Solutions, a unit of Fiserv Inc. (NASDAQ: FISV) and provider of software and outsourcing solutions for the insurance industry. The agreement aligns the two companies’ efforts to provide document management solutions that streamline the entire document creation and delivery process for property and casualty insurers, resulting in faster time to market for critical communications, improved customer service, and significantly reduced production costs. www.fiservinsurance.com www.exstream.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. 50 Life Insurance Companies Ranked on How They Treat Online Customers; The Customer Respect Group IPSWICH, Mass., Dec. 5, 2006-The Customer Respect Group, an international research and consulting firm that focuses on how corporations treat their online customers, today released findings from its Fourth Quarter 2006 Online Customer Respect Study of the Life Insurance Industry. The study evaluated 50 websites as a representative sample of the industry's leading companies. Using a common set of criteria, it is the only study to bring objective measurement to the analysis of online performance from a customer's perspective. A directly comparable Customer Respect Index (CRI™) is provided for each company. The Customer Respect Index is a qualitative and quantitative in-depth analysis and independent benchmark of a customer's experience when interacting via the Internet. The best-rated companies overall were Thrivent Financial for Lutherans, Pacific Life, Mutual of Omaha, Western-Southern Life, Nationwide Life, New York Life, Northwestern Mutual and Western Reserve Life Assurance of Ohio. In the individual sub-indices, highest rated for trust was Penn Mutual. For online communications, Western-Southern Life topped the list; for site simplicity, New York Life bested the group; and in Attitude, which covers accessibility and other factors, IDS Life came out on top. The industry achieved the dubious distinction of having the highest percentage of companies scoring 5.0 or below at 44 percent. A score of 5.0 or below generally illustrates that a site fails to adequately respect the online user. The ratings for just one company reached the Excellent Customer Respect standard: Thrivent Financial for Lutherans, which was also the most improved site. A full Scorecard is available from The Customer Respect Group at (978) 380.6128 or from the company website at http://www.customerrespect.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. SHRM Calls Labor's Request for FMLA Information Welcomed and Overdue FMLA Implementation Rules Need Clarification and Improvement, Says HR Profession (Alexandria, Va., December 1, 2006)—The Society for Human Resource Management (SHRM) today applauded the U.S. Department of Labor's announced plans to seek information on the current rules governing the Family and Medical Leave Act (FMLA). An official Request for Information on the FMLA's regulations was published in the Federal Register on December 1, 2006. "Today's announcement by the Department of Labor is welcomed news for both employers and employees," said Susan Meisinger, president and chief executive officer for SHRM. "While the family leave benefit has worked fairly smoothly, the FMLA's medical leave protections have been hindered by the regulatory ambiguity about what is and what is not covered under the Act." www.shrm.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. PIA receives MarCom Award for magazine, disaster preparedness manual GLENMONT, N.Y.-PIA Management Services Inc. has won two awards in the MarCom Creative Awards 2006 competition, including a Gold Award in the "magazine/association" category for its PIA magazine and an Honorable Mention in the "communications/PR/other" category for its Agency Preparedness & Recovery Plan. The PIA magazine is a monthly, state-specific publication for professional independent insurance agents in Connecticut, New York, New Jersey, New Hampshire and Ohio. The Agency Preparedness & Recovery Plan is an online toolkit to help insurance professionals outline the procedures to follow before, during and after a disaster and keep their businesses running to provide services to their clients after a catastrophic event. www.piaonline.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Ebix to Move Financial Headquarters from Chicago to Atlanta as of January 1, 2007 ATLANTA--(BUSINESS WIRE)--Dec. 4, 2006--Ebix, Inc. (NASDAQ: EBIX), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced its decision to move its financial headquarters from Chicago to Atlanta as of January 1, 2007. The company also announced that it will be closing its Chicago office effective December 31, 2006 and that its present CFO Richard Baum will be retiring as of the same date. In a related move, Carl Serger, formerly the president and chief financial officer of Finetre Corporation, which was acquired by Ebix in October, has been promoted to assume the senior vice president and chief financial officer position of Ebix as of January 1, 2007. www.ebix.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. FOX POINT PROGRAMS ANNOUNCES AN ERRORS AND OMISSIONS PRODUCT FOR SECURITY BROKER DEALERS Fox Point Programs has partnered with certain Underwriters at Lloyds of London to offer Errors and Omissions (E&O) insurance for Securities Brokers-Dealers. The coverage provides protection against allegations of wrongful acts committed by the Insured as well as those attributed to individual Registered Representatives operating on the Insured’s behalf. “Securities Broker-Dealers usually have difficulties obtaining adequate coverage for their professional liability exposure”, states Glenn Clark, President of Fox Point Programs. “Many traditional E&O markets tend to shy away from this class due to its loss potential. We are fortunate to have partnered with a Lloyds syndicate who possesses an in-depth understanding of the exposures facing Broker-Dealers today. The product is tailored to address the unique E&O risks of this underserved market niche”. “Our product is best suited for Broker-Dealer firms generating between $1 million and $10 million in revenues annually”, adds Jeremy Theobald, Fox Point E&O underwriter. “Other factors used to determine eligibility include years of experience, number of registered representatives on staff, and types of services offered.” www.foxpointprg.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Legendary Hall-of-Fame Quarterback Bart Starr and Wife Cherry Starr Named SecureHorizons® Spokespeople MINNEAPOLIS--(BUSINESS WIRE)--Ovations, the UnitedHealth Group (NYSE:UNH) company dedicated to improving health and well-being among Americans age 50 and older, today announced that one of its members, legendary Hall-of-Fame quarterback Bart Starr, MVP of Super Bowls I and II, and his wife Cherry Starr will serve as official spokespeople for SecureHorizons® by UnitedHealthcare, the leading name in Medicare Advantage. www.unitedhealthgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Windows in Financial Services Delivers Its Own News, Adding New Editorial Staff, Expanded Coverage of Microsoft in the Financial Enterprise and Redesigned Web Site NEW YORK--(BUSINESS WIRE)--Windows in Financial Services (WFS), the quarterly trade magazine and the only financial industry publication in the Americas dedicated solely to covering Microsoft in the financial enterprise, announced today a new editorial staffing structure and expanded editorial coverage under Renee Wijnen Caruthers, the new managing editor. The publication is also formally launching its redesigned Web site, www.windowfs.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Aetna Celebrates Southern Connecticut Nonprofits That Received $200,000 in Aetna Foundation Grants in 2006 NORWALK, Conn.--(BUSINESS WIRE)--Aetna (NYSE: AET) today convened a gathering of its 2006 Aetna Foundation grant recipients in order to celebrate their contributions to Southern Connecticut and provide opportunities for the non-profit organizations to forge new relationships, strengthen existing partnerships and share their vision of community service. The Aetna Foundation contributed $200,000 in grants to these organizations in 2006. www.aetna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Axa to take full control of Moroccan affiliate By Tom Pfeiffer - RABAT, Dec 18 (Reuters) - French insurer Axa (AXAF.PA: ) will take full control of its Moroccan affiliate Axa Assurance Maroc by acquiring local partner ONA's (ONA.CS: ) stake in a holding company, the firms said on Monday. Conglomerate ONA will sell Axa its 49 percent stake in Axa-ONA, the sole shareholder in Axa Assurance Maroc, in a deal valuing Axa-ONA at 5.9 billion dirhams ($694 million) that will be financed locally, they said. "ONA and Axa have also agreed to maintain their commercial relations and their broking partnership via the company AGMA-Lahlou-Tazi," they said, adding that the deal needed regulatory approval. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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