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Daily Quote: "I have learned that people will forget what you said, people will forget what you did, but they will never forget how ‘You’ made them Feel" -- Maya Angelou 1. WellPoint Unveils Plan for Covering America's Uninsured Nation's Largest Health Benefits Provider Calls for Universal Coverage of Children, Pledges to Reach out to the Uninsured with New Products and Charitable Donations INDIANAPOLIS, Jan. 8 /PRNewswire-FirstCall/ -- WellPoint, Inc. (NYSE: WLP), the nation's largest health care benefits provider, today unveiled a comprehensive plan to help address the growing ranks of the uninsured. The WellPoint plan is a blend of public and private initiatives aimed at ensuring universal coverage for children and providing new and more attractive options for the working uninsured. This plan is a part of the company's mission to improve the lives of the people it serves and the health of its communities. "Together, we can take steps now that will make it possible for more Americans than ever before to have access to health coverage, while also ensuring that people get the preventive care they need," said Larry C. Glasscock, chairman, president and chief executive officer of WellPoint. "A core focus of our company's strategy is to reduce the rate of the uninsured and under-served. The plan we've developed will broaden the reach of our health care system to include those who need it most." Over 46 million Americans under the age of 65 did not have health insurance in 2005. Approximately 45 percent of these individuals are either eligible for public programs and not enrolled or voluntarily choose not to purchase coverage, while the remaining 55 percent simply cannot afford private insurance. To improve access to health care for children, WellPoint supports the expansion of state health care programs to cover more of the 9 million American children who went without coverage last year. Specifically, WellPoint urges states to expand their programs to cover children in families that earn up to 300 percent of the federal poverty level (FPL) which means that for a family of four, they can earn up to $60,000. The plan also includes a call for improved outreach to enroll the majority of uninsured children -- up to 70 percent -- who are already eligible for public programs. In addition to opening up public programs to more children, the WellPoint plan also calls for the expansion of state health care programs to include parents in families that earn up to 200 percent of FPL (a family of four could earn up to $40,000) and for childless adults who earn up to 100 percent of FPL ($9,800 for a single adult). If adopted by all states, the proposed expansion of public programs, coupled with a successful outreach campaign, could provide coverage to 25 million people who are currently uninsured. To help pay for the changes to these programs, WellPoint will support an increase in tobacco taxes. The WellPoint plan also lays out a number of innovative public-private partnership opportunities that can create a bridge to self-sufficiency for individuals who do not qualify for public programs. For example, WellPoint supports the expansion of premium assistance programs for families that may need extra help paying for their private insurance, as well as state high risk pools to help provide coverage for those who have difficulty purchasing insurance in the individual market. Beyond partnering with the federal and state governments, WellPoint is also committed to continue bringing innovative products to the marketplace that are tailored specifically to groups that have traditionally forgone health insurance. Products designed for young Americans who are either unable or disinclined to purchase traditional health insurance, innovative products aimed at small businesses that have historically been incapable of offering coverage to its employees, and a suite of products aimed at Hispanics, have created new and affordable health care options and are currently in the process of being expanded to new markets. "In 2006 approximately 380,000 previously uninsured individuals found health care security for the first time through one of our company's individual products. We will continue to develop innovative and affordable products that appeal to individuals and small businesses and continue to help reduce the ranks of the uninsured," said Jude Thompson, senior vice president of Individual Business for WellPoint. "But we recognize that additional measures are required to provide that same health security to all Americans." WellPoint's plan also includes a financial commitment from the company's charitable foundation of at least $30 million over the next three years to support community and state-based programs related to the company's uninsured initiatives across the country that are helping to provide access to care.www.wellpoint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. CALIFORNIA ASSOCIATION OF HEALTH UNDERWRITERS COMMENDS GOVERNOR'S CALL FOR GREATER PUBLIC-PRIVATE PARTNERSHIP IN HEALTH CARE REFORM PLAN January 8, 2007 Los Angeles - The California Association of Health Underwriters (CAHU), representing more than 2,600 health industry professionals serving more than one million California consumers, commends the Governor for his vision and commitment to continue working with the private health insurance industry and legislators to solve California's health care crisis. CAHU supports Governor Schwarzenegger's goal to increase awareness of the significant number of existing public and low-cost private plans that much of the state's uninsured population does not utilize. "We applaud the Governor for attempting to incorporate different perspectives and interests to reform our health care system," said David Benson, CAHU President. "This public-private partnership provides the best opportunity to implement a series of reforms to develop a new health care system that is high quality, fiscally responsible and universally accessible." CAHU leadership intends to continue working with the Governor and the State Legislature to determine the most viable, cost-saving funding mechanism for all Californians. Going forward, CAHU plans to pursue health care reforms that emphasize the establishment of greater quality and cost containment control measures, greater utilization of existing publicly funded health coverage options and increased individual and employer insurance participation. "We share the Governor's goals of universal participation and shared responsibility to cover all Californians," stated Jeffrey Miles, CAHU Vice President of Public Affairs. Industry experts from CAHU are available in Los Angeles and Sacramento before and after the Governor's announcement to provide reaction and commentary on the Governor's proposal and its implications for Californians and the health insurance industry as a whole. Last year, CAHU commissioned a thorough independent policy analysis refuting the single-payer health care measure and conducted a statewide public opinion survey to determine consumer priorities and preferences on a variety of health care issues. CAHU has also crafted a "solutions package" to address some of California's most critical health care issues. The California Association of Health Underwriters (CAHU) represents more than 2,600 health industry professionals throughout the state of California. The more than one million consumers served by CAHU's members come from working families and small businesses. For more information, to secure copies of the CAHU Report on the single-payer measure and/or opinion survey results, or to arrange an interview with CAHU industry experts, please contact Forrest Beanum at (323) 244-6520 or Jeff Lustgarten and Dan Witzling at (323) 466-3445. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Schwarzenegger, Himself Uninsurable, Should Force CA Insurers To Sell To All Patients Sacramento News Conference: Monday, January 8th, 2007 @ 10:00 am Firefighters, police officers, steel workers, expectant fathers, pregnant women and patients with asthma, acne, allergies, and toe nail fungus will not be sold health insurance policies in California, according to internal insurer underwriting guidelines made public today by the Foundation for Taxpayer and Consumer Rights (FTCR). Under the insurer guidelines, Governor Schwarzenegger, who will announce his health insurance reform plan today in Sacramento, would be uninsurable because of his past heart valve replacement, recent leg surgery and past occupation as an athlete. FTCR said the documents show why Schwarzenegger's plan needs to force insurance companies to take all patients and must regulate the premiums charged. "These documents show why Governor Schwarzenegger must demand that insurance companies sell policies to the uninsured if he wants to insure more Californians," said Jerry Flanagan, FTCR's Health Policy Director. "We now know why 1 in 5 Californians are uninsured, because insurers refuse to sell policies to people with pimples, allergies or a blacklisted occupation. Even the Governor himself would be uninsurable under the guidelines." The guidelines also prevent Californians from going into business for themselves, because they cannot get insurance, said FTCR. The underwriting guidelines -- industry rules determining who will be allowed to buy coverage -- reveal that insurers deny applicants based on occupation, use of a wide range of common prescription drugs, minor health conditions or mere "symptoms" that have not been reported to a physician. FTCR called on Schwarzenegger to:
For more information on FTCR's recommendation, see:
Schwarzenegger, who has received nearly $1 million in campaign contributions from insurers, has indicated he favors a plan that would require everyone to buy health insurance but has not mentioned long-overdue reforms of the insurance industry. "How can Schwarzenegger require Californians to buy health coverage from insurers who have ultimate power to decide who to insure and can charge whatever they please?" said Judy Dugan, Research Director for FTCR. Health insurers argue that the free market and minimal regulatory oversight gives them the ability to expand coverage. FTCR said the underwriting guidelines are undeniable proof of the hypocrisy of the health insurer's claim. "Maximum flexibility means insurers can deny health insurance for any reason they choose," said Dugan. http://www.ConsumerWatchdog.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Global Political Risk Map - 11th Edition NEW! An indispensable guide to the worlds financial markets. The Global Political Risk map has been fully updated for 2007. The map shows key ecomonic data from Standard and Poors, Euromoney's country risk score and data on corruption, political violence, convertability and election dates in key markets. The 2007 edition of the political risk map is available now. Claim yourfree copy here www.reactionsnet.com/supplements Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. White and Williams InsuranceLawyer Releases6th Annual List of the Year's 10 Most Significant Insurance Coverage Decisions PHILADELPHIA --January9 -- For the 6th year in a row, White and Williams insurance lawyer Randy Maniloff has issued his list and analysis of the year's ten most signigicant insurance coverage decisions. Casesthat made the 2006 list involve such coverageissues as the Absolute Pollution Exclusion, Bad Faith, Construction Defect, Trigger of Coverage, Mold and Junk Faxes. The list is discussed in detail in “Coverage Gone Mild: 6th Annual Look Back At The Year’s Ten Most Significant Insurance Coverage Decisions,”a 23 page article to be published in the January 9, 2007 issue of Mealey’s Litigation Report: Insurance. A copy of the article is now available here:http://www.whiteandwilliams.com/CM/Publications/Coverage-Gone-Mild.pdf. For questions, contact Randy Maniloff at (215) 864-6311 or Maniloffr@whiteandwilliams.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Outreach yields cost and quality benefits for Kanawha HealthCare Solutions clients, according to study. Lancaster, SC – Kanawha HealthCare Solutions [KHS], a TPA division of KMG America, has recently completed a study of its medical management and patient outreach programs that shows a decrease in costs and concurrent improvement in member compliance in risk areas including Diabetes, CAD, Asthma/COPD and women’s health issues. According to KHS CEO Dale Vaughan, a study covering the period from February 1, 2004 – January 31, 2006, showed that the annual trend in allowed medical claims realized was [-]9.31%, based on analysis of 156,00 member-months and over $60 million in allowed claims. In addition, quality of care indicators for members were greatly improved due to KHS medical management outreach programs, showing compliance improvements for members with Diabetes, CAD, Asthma/COPD and for women’s health issues. Also, utilization of emergency rooms and hospital admissions dropped, in the population reviewed, reflecting the impact of behavioral changes on utilization and the overall trend. “We find these results very encouraging. They demonstrate it is possible to simultaneously reduce the costs and improve the quality of health care. We’re delighted to be able to share these significant findings with our members. These results are a good example of what can be done – and what is being done – to assist in controlling health costs and improving participants’ health.” said Mr. Vaughan. The programs upon which the study was based, Healthy Coaching, Healthy Invitations and Case Management, are part of a suite of medical management products [Healthy Solutions] that KHS provides in addition to claims administration. Healthy Coaching and Healthy Invitations are designed to first identify and then counsel members “at risk”, using D2 Hawkeye, a leading provider of medical data reporting and analytic solutions and KHS’ analytics partner. D2Hawkeye, through the use of intensive data mining techniques and in conjunction with KHS, rapidly integrates data on eligibility, medical and pharmacy claims, health risk assessment and case management, to predict individual and aggregate risk. These key KHS outreach programs were a critical part of the change in behavior reflected in the study and are available for purchase, to self-funded groups who use KHS’ services. The purpose of Healthy Coaching and Healthy Invitations is two fold: enabling members to manage their conditions and practicing compliance, for maximizing health through education and counseling. Healthy Coaching and Healthy Invitations are also designed to help employers manage potential excessive healthcare costs. Another key program that is part of KHS Healthy Solutions includes case management outreach, for acute and episodic issues. For more information, please contact Amy Siwik, Director of Marketing, KHS, at 800.635.4252, ext. 5760. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. LOMA's Resource Survey - Insurance Industry Forecast: Challenges Lie Ahead Modest Growth Possible for Life Insurance Industry in 2007 ATLANTA, GA, January 5, 2007—The life insurance industry should experience flat to modest growth in 2007, according to the annual forecast by the LOMA Board of Directors. The LOMA Board of Directors is composed of chairmen, presidents, CEOs and other top executives of leading insurance and financial services companies in the United States, Canada and internationally. LOMA's Resource magazine surveyed the board members, seeking their predictions for 2007. The directors said that the industry will see overall premiums and sales grow in the low single digits. In addition, the directors said:
The complete forecast is in the January issue of LOMA's Resource magazine and online at http://www.loma.org/Resource.asp. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. BIG “I” APPLAUDS MEMBERS FOR INTRODUCING NATURAL DISASTER LEGISLATION WASHINGTON, D.C., Jan. 5, 2007—The Independent Insurance Agents & Brokers of America (the Big “I”) applaud Reps. Ginny Brown-Waite (R-Fla.) and Vern Buchanan (R-Fla.) for introducing legislation to address the growing problem of natural disasters. The Brown-Waite/Buchanan bill, the Homeowners’ Insurance Protection Act, encourages states to establish catastrophe funds to protect against natural disasters. Additionally, the bill establishes Catastrophe Capital Reserve Funds for private insurers, in a bid to keep homeowners’ insurance rates affordable. The proposal is intended to help prevent potential insolvencies and make the private insurance market more stable, ultimately making catastrophe insurance more available before and after a major disaster, with the reserve funds helping prevent consumers from being hurt by insurance insolvencies. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. STRONG INSURANCE COMPANY FINANCES BENEFIT CONSUMERS, SAYS AIA Association president responds to unfounded attacks on property-casualty insurers Washington, DC, January 8, 2007 – “Insurance company profits are essential to providing insurance coverage relied upon daily by American families and businesses,” according to Gov. Marc Racicot, president of the American Insurance Association (AIA). Gov. Racicot today responded to new Consumer Federation of America (CFA) allegations and unfounded attacks on individual property-casualty insurance companies, as well as the industry in general. “Insurance is a business based on risk, and any risky business proposition must have a relatively high rate of return for investors from time to time, or the investors will take their capital elsewhere, and that business will cease to exist,” noted Racicot. “Fortunately for all Americans, the property-casualty industry had a much better year financially in 2006 than in 2005 or 2004, when we saw record losses from natural disasters. “Last year was a fortunate anomaly given that in virtually every year over the past two decades, insurers lost money on their core business operations. In fact, the U.S. property-casualty industry as a whole has had only two underwriting gains at year’s end during the past 27 years. After record losses in 2004 and 2005, the respite provided by 2006 has meant that insurers could replenish the capital that they must have on hand in order to stand behind the policies they sell. Healthy balance sheets better prepare insurers to face future catastrophes, and greatly benefit consumers.” Racicot also noted that, in fact, prices for auto insurance and other types of property-casualty insurance are falling around the country, with the major exception being coastal property insurance. “This makes sense, given that insurance rates are set according to the risk of loss in each state,” Racicot said. “Because insurance rates in each state must reflect the actual and expected loss experience within that one state, each line of insurance - such as homeowners - must stand on its own in terms of profitability.” Racicot also refuted CFA comments about industry public policy positions related to terrorism and natural catastrophe risks. “Unfortunately, CFA simply refuses to understand that terrorism risk today essentially is equivalent to war risk, making it wholly uninsurable by the private sector alone. A public-private partnership is needed to deal with terrorism losses that could be virtually infinite in scope, particularly if an attack involves chemical, nuclear, biological or radiological weapons,” Racicot stated. “There is broad, bipartisan agreement on Capitol Hill, and broad consensus among policyholders, that a long-term national terrorism insurance program is critical to the ongoing economic security of this country.” As for proposals to create a federal natural disaster reinsurance fund, Racicot noted that, while a couple of large property insurance companies support the idea, the great majority of property insurers oppose such a plan. “Government catastrophe funds do have some political appeal because they subsidize the high cost of living along the high-risk coasts,” Racicot acknowledged. “Unfortunately, such subsidies also encourage construction that knowingly puts people and property in harm’s way.” AIA members believe there is a better way to allow private markets to function and protect coastal communities; that approach includes fortifying property already in existence, enacting and enforcing strong building codes and smart land use policies in undeveloped areas, and implementing true risk-based pricing, along with other regulatory, legal and financial reforms. “It is extremely difficult to create and maintain robust financial security systems to deal with mega-catastrophes – whether natural or man-made,” concluded Racicot, “and the solutions also are multi-faceted, involving varied private and public mechanisms. Insurers are committed to working with policyholders, policymakers and other interested parties to tackle tough market issues and create real, lasting solutions. We hope that CFA will join in these conversations, which must be based on fact and real experience, rather than baseless accusations about individual companies or industry segments.” www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. 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 11. BANK INSURANCE NEWS IN BRIEF - JANUARY 8, 2007 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 12. A.M. Best Special Report: COLI/BOLI Market Update OLDWICK, N.J., Jan 8, 2007—On August 17, 2006, the Pension Protection Act of 2006, a comprehensive pension protection bill, was signed into law. While much of the act focuses on revisions to the laws governing retirement plans, it also included a provision that effectively codifies into federal law “best practices” for the use of corporate-owned life insurance, commonly known as COLI, and the closely related bank-owned life insurance product, BOLI, as a method to fund employee benefits programs. In light of the new regulatory changes, A.M. Best Co. interviewed a select group of COLI/BOLI issuers to gauge their reaction to this legislation, as well as their thoughts about general market conditions. This report summarizes these findings as well as A.M. Best’s observations on this market. The passage of the Pension Protection Act (PPA) amended Internal Revenue Code 101 (by adding a new subsection [j]3) by eliminating the exclusion from income of a certain portion of COLI contracts that previously had enjoyed this exclusion. New reporting and record keeping requirements for COLI contracts also were added. These amendments are effective for life insurance contracts issued or materially modified after August 17, 2006. www.bestweek.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. BestWeek: Insurers Redesign Producer Incentives OLDWICK, N.J.--(BUSINESS WIRE)--As more major insurers and brokers settle contingent compensation investigations with state attorneys general, some insurers are experimenting with new ways to reward producers, according to an article in the Jan. 8 edition of BestWeek. Another article discusses additional federal regulations that will change how banks do business in the coming year. And, with the start of new terms for several governors, one of the first items on their agenda was to name new insurance commissioners. Also in BestWeek, Best's Global Insurance Composite Index finished the week of Jan. 4, 2007, up 13.15% from a year ago. The composite index reflects the performance of 185 insurance stocks. The week's top performers were DBV Winterthur Holding AG, Corporacion Mapfre S.A., Penn Treaty American Corp., Beazley Group PLC, and Atlantic American Corp. The bottom five performers were Dongbu Insurance Co. Ltd., Korean Reinsurance Co. Ltd., LIG Insurance Co. Ltd., Samsung Fire & Marine Insurance Co. Ltd., and Tower Ltd. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. A.M. Best Special Report: COLI/BOLI Market Update OLDWICK, N.J.--(BUSINESS WIRE)--On August 17, 2006, the Pension Protection Act of 2006, a comprehensive pension protection bill, was signed into law. While much of the act focuses on revisions to the laws governing retirement plans, it also included a provision that effectively codifies into federal law “best practices” for the use of corporate-owned life insurance, commonly known as COLI, and the closely related bank-owned life insurance product, BOLI, as a method to fund employee benefits programs. In light of the new regulatory changes, A.M. Best Co. interviewed a select group of COLI/BOLI issuers to gauge their reaction to this legislation, as well as their thoughts about general market conditions. This report summarizes these findings as well as A.M. Best’s observations on this market. The passage of the Pension Protection Act (PPA) amended Internal Revenue Code 101 (by adding a new subsection [j]3) by eliminating the exclusion from income of a certain portion of COLI contracts that previously had enjoyed this exclusion. New reporting and record keeping requirements for COLI contracts also were added. These amendments are effective for life insurance contracts issued or materially modified after August 17, 2006. www.bestweek.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. A.M. Best Special Report: U.S. Life/Health Investment Trends—The Search for Yield OLDWICK, N.J.--(BUSINESS WIRE)--The overall investment climate for U.S. life/health insurers remains challenging, with a flat to slightly inverted yield curve and tight credit spreads. These challenges have been tempered by relatively benign credit default trends, which are expected to increase to more normalized historical levels, supported by generally higher capitalization levels, according to the recently issued A.M. Best Co. special report on U.S. life/health investment trends. A.M. Best believes that default rates are likely to rise because of the slowing economy; significant amounts of equity capital actively pursuing leveraged buyout transactions and ongoing merger and acquisition activity. www.bestweek.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. A.M. Best Special Report: C-3 Phase II: Much To Do About Nothing? OLDWICK, N.J.--(BUSINESS WIRE)--In its recently issued special report on C-3 Phase II, A.M. Best Co. discusses the process life/health companies employed to determine the revised risk-based capital (RBC) requirements for year-end 2005, the results of its survey of the top variable annuity writers, and how the new approach will be factored into Best’s Capital Adequacy Ratio (BCAR) model for life/health companies for year-end 2006. www.bestweek.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Citigroup closes $3.3 bln private equity fund LONDON, Jan 8 (Reuters) - Citigroup (C.N: ), the largest U.S. bank, said on Monday it had raised $3.3 billion for private equity investments across various industries, bringing even more firepower to the cash-rich world of leveraged buyouts. The fund, Citigroup Capital Partners II, raised money from Citigroup clients and employees, and also includes $1 billion of the bank's own money. The fund joins those of Wall Street peers Goldman Sachs, Bear Stearns and Lehman Brothers, among others, which have their own investment units, and which also advise private equity giants such as Blackstone and Carlyle. Citigroup said it expects to invest with the private equity firms it advises, a common practice for banks with investment arms and which prefer to avoid competing with clients. "We believe there continues to be a significant need for capital in the private equity marketplace," said John Barber, managing partner for Citigroup's private equity arm. Private equity accounted for $660 billion worth of buyouts last year, or about 20 percent of the world's merger activity. Such funds are estimated by analysts to have at least that much cash still to spend. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Fortis buys Captive Finance Ltd for 32 mln euros AMSTERDAM, Jan 8 (Reuters) - Dutch-Belgian financial services group Fortis (FOR.AS: )(FOR.BR: ) said on Monday its Fortis Lease Group has bought Captive Finance Ltd, an independent finance company, for 32 million euros ($41.65 million). Fortis, one of the 10 biggest insurers in Europe, said in a statement the acquisition would have no material impact on its solvency or net profit per share in 2006. It said it is subject to the approval of Luxembourg and Norwegian regulators. It said the deal should give Fortis Lease Group a foothold in seven new markets: Malaysia, Singapore, Norway, Denmark, Finland and Sweden. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Swiss EFG says acquires wealth manager PRS Group By Douwe Miedema, European wealth management correspondent ZURICH, Jan 8 (Reuters) - Swiss private bank EFG International (EFGN.S: ) is buying U.S. hedge fund investor PRS Group, it said on Monday, scooping up its next target in its bid to gain access to more ultra-rich clients. Founded in Miami in 1981, PRS Group manages some $2.5 billion worth of client assets, primarily invested in proprietary funds and funds-of-hedge funds, EFG said. The groups did not disclose a price for the transaction. EFG is rapidly boosting its size by buying rivals, seeking to add 10 billion to 15 billion Swiss francs ($12.2 billion) to assets under management both this year and next and saying it has a good number of deals in the pipeline. PRS was majority owned by its founders. Switzerland's Banque Piguet also holds a 25 percent stake, EFG said. The average PRS client held considerably more money in his or her account than the average EFG International client, the bank said, and EFG expected to realise revenue synergies by providing services that PRS had outsourced. EFG's promise of rapid growth has lifted its shares to a premium over those of other mid-sized wealth managers in Switzerland, whose growth prospects are not so rosy because of slower growth in their home market. According to Reuters data, EFG trades at 20 times expected 2007 earnings, versus 16 times for Bank Sarasin (BSAN.S: ) and 15 times for Vontobel (VONN.S: ). PRS group has a staff of 46, five of whom are client relationship officers -- a number EFG wants to boost to between 500 and 525 this year and to 650 and 675 in 2008, each of which should add 30 million francs to assets under management per year. © Reuters 2007. All Rights Reserved. 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. UBS to start operations in Mexico this year ZURICH, Jan 8 (Reuters) - Switzerland's largest bank UBS (UBSN.VX: ) plans to begin operations in Mexico early this year after receiving approval from the Mexican Ministry of Finance to offer banking services in the country, it said on Monday. "Initially, UBS will offer cash, foreign exchange and debt products to institutional investors in Mexico. Additional products and services may be offered in the future, both to institutional as well as individual clients," the bank said. UBS said it plans to begin operations early in the first quarter of this year. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Employee Benefit Adviser, a SourceMedia publication written for brokers and consultants, held its first Broker Roundtable podcast, co-produced with OnlineBenefits Inc., last month focusing on the state of consumer-driven health. Advisers around the country say they would not be surprised if employers began backing away from the consumer-driven health movement in 2007. “A lot of times, carriers were mis-pricing these high deductibles. As that pricing falls more into line, the surface financial advantages of a high deductible plan may go away and therefore be less attractive to employers and employees,” says Mike Nixon, a benefit adviser with Allied Group Insurance Services. That’s just one insight Nixon and other benefit experts shared during Employee Benefit Adviser’s podcast. The podcast titled “Consumer-Driven Mad” is available online at http://eb.unisfair.com/index.jsp?id=608 or http://www.onlinebenefits.com/podcasts.htm. Excerpts of the panel discussion on trends in consumer-driven health are also available in Employee Benefit Adviser’s January issue, which is available online at http://www.employeebenefitadviser.com/article.cfm?articleid=5197&pg. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. ACS Selected By Florida for $87.3 Million Contract to Administer State's Child Health Insurance Program DALLAS, Jan. 8 /PRNewswire-FirstCall/ -- Affiliated Computer Services, Inc. (NYSE: ACS), a premier provider of business process outsourcing and information technology solutions, announced today that it has been awarded a new five-year, $87.3 million contract by the Florida Healthy Kids Corporation (FHKC) to administer the State's Child Health Insurance Program (CHIP). The contract may be extended for up to five additional years at FHKC's option. Under terms of the contract, ACS will provide information technology development and third-party administration services for the Florida CHIP program, Florida KidCare. This program provides healthcare to children who are not eligible for Medicaid. ACS will process applications for eligibility, collect premiums from eligible members, enroll members into appropriate health plans, and operate a call center to assist those participating in the program. Visit http://www.healthykids.org for more information. This program is unique because it is designed to provide affordable access to health insurance coverage for working families for whom the payment of the full premiums would be out of reach. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. HealthMarkets Brings Price Transparency to Health Insurance in Georgia CareOne Offers Unrivaled Price and Quality Information for Individual Market NORTH RICHLAND HILLS, Texas--(BUSINESS WIRE)--HealthMarkets, Inc., a leading provider of affordable health and life insurance to individuals, the self-employed and small businesses, announced today that it is introducing new consumer guided health insurance products in Georgia, through its indirect subsidiary The MEGA Life and Health Insurance Company, that include the company’s industry-leading Web based price and quality transparency tools. www.healthmarkets.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Aon's Affinity Business Acquires WedSafe, Inc. Wedding Insurance and Private Event Insurance programs HATBORO, Pa., Jan. 5 /PRNewswire-FirstCall/ -- Aon announced today that a subsidiary, Affinity Insurance Services, Inc. (Affinity) has acquired WedSafe, Inc., a leading provider of wedding and private event insurance offering liability & property damage and event cancellation products direct to consumers. Affinity Insurance Services is a full-service broker specializing in the administration of insurance programs for customer groups. "This acquisition is a new market segment that is strategically aligned with Affinity's core capabilities," said Bill Vit, president and chief operating officer. http://www.wedsafe.com.www.privateeventinsurance.com www.aon.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Direct Group Acquires HintonHill Combination Provides Clients of Both Companies Enhanced Services and Capabilities by Bringing Together Industry-Leading Talent, Expertise and Resources PENNINGTON, N.J.--(BUSINESS WIRE)--Direct Group, a full-service provider of high-volume direct marketing services, announced today that the company has acquired HintonHill, one of the nation’s leading full-service direct marketing management and consulting companies. The move brings to Direct Group the knowledge and leadership of well-known industry executives Don Hill and Barry Hinton, the service expertise and data service resources of the HintonHill team, a diverse national client base and a broad network of specialized industry partners. www.directgroup.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. TRANZACT Acquires The Credo Group, Enhancing Its Online Insurance Marketing Solutions FORT LEE, N.J., Jan. 8 /PRNewswire/ -- TRANZACT, a portfolio company of Halyard Capital and the market leader in fully integrated, end to end, on and offline customer acquisition solutions for large brands, announced today that it has enhanced its online insurance customer acquisition capability by acquiring The Credo Group. With its long-standing relationships with leading insurance brands, The Credo Group has built an online lead generation and customer acquisition capability that perfectly supports TRANZACT's focus on scaling its insurance marketing solutions. TRANZACT provides The Credo Group with robust technology, infrastructure and management depth that will allow for significant and accretive growth. www.tranzact.net www.thecredogroup.com www.halyard.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Insure.com, Inc. Announces Nasdaq Trading Symbol Change to NSUR DARIEN, Ill., Jan. 8 /PRNewswire-FirstCall/ -- Insure.com, Inc. (Nasdaq: NSUR) today announced that it has changed its Nasdaq Capital Market trading symbol to NSUR from QUOT effective Monday, January 8, 2007. Originally founded in 1984 as Quotesmith Corporation, Insure.com owns and operates a comprehensive consumer information service and companion insurance brokerage service that caters to the needs of self-directed insurance shoppers. Visitors to the Company's flagship Web site, http://www.insure.com, are able to obtain free, instant quotes from leading insurers and have the freedom to buy online or by phone from any company shown. Insure.com also plays home to over 2,000 originally authored articles on various insurance topics and also provides free insurance decision-making tools that are not available from any other single source. Insure.com generates revenues from receipt of industry-standard commissions, including back-end bonus commissions and volume-based contingent bonus commissions that are paid by participating insurance companies. We also generate advertising revenues from the sale of Web site traffic to various third parties. Shares of the Company's common stock trade on the Nasdaq Capital Market under the symbol NSUR. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Public Risk Underwriters Upgrades Workers’ Comp Underwriting System With DAVID’s NavRisk SAN FRANCISCO--(BUSINESS WIRE)--DAVID Corporation, a trusted provider of Risk Management software, today announced that Public Risk Underwriters (PRU) has upgraded its workers’ compensation underwriting system to DAVID’s NavRisk Policy. NavRisk Policy, a policy administration and underwriting system developed from the ground up for alternative risk organizations, will provide PRU with additional efficiencies and ease-of-use. PRU originally installed NavRisk Policy for its package businesses in 2002 when the company transitioned from administering a mono-line worker’s comp trust in Florida, to multiple lines including property, auto, professional liability and general liability insurance coverage. www.davidcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. ACE Offers Expanded IT and Network Security Cover Exclusively Online LONDON--(BUSINESS WIRE)--ACE European Group (ACE)(NYSE:ACE) has today launched an expanded IT hardware and network security policy, available exclusively online under the name ComputerGuardPlus. The policy, which includes cover for the losses resulting from hacking, website defacement, denial of service attacks and viruses, is being offered via the SSP Sector and Acturis broker platforms. ComputerGuardPlus combines ACE’s existing ComputerGuard policy, which provides all risk cover on IT equipment, with cover for financial losses as a result of crime or accidental damage to data and systems. Brokers will be able to obtain quotes and bind cover, and organise mid-term policy adjustments directly online. www.acelimited.com www.aceeuropeangroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Caremark Board Unanimously Affirms Commitment to CVS Merger Rejects Express Scripts Proposal as Not in the Best Interests of Caremark and Its Shareholders NASHVILLE, Tenn.--(BUSINESS WIRE)--Caremark Rx, Inc. (NYSE: CMX) announced today that its Board of Directors, after thorough consideration and consultation with its legal and financial advisors, has determined that the Express Scripts proposal does not constitute, and is not reasonably likely to lead to, a superior proposal. The Board has unanimously concluded that pursuing discussions with Express Scripts is not in the best financial or strategic interests of Caremark and its shareholders. The Board has unanimously affirmed its strong commitment to Caremark’s pending merger of equals with CVS Corp. www.Caremark.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Broker Advantage Names InsurElect, Inc. as Exclusive American Distributor Canada's Largest Health Managing General Agent Taps InsurElect to Bring Its Travel Health Insurance Products to U.S. Consumers NEW YORK, Jan. 8 /PRNewswire-FirstCall/ -- InsurElect, Inc., an insurance and financial products company that supports the health, wealth and active lifestyles of middle-aged and older Americans, announces today an exclusive partnership with Broker Advantage to act as the U.S. distributor of its travel health insurance products. Broker Advantage Inc., owned by parent company The Pentius Group, is one of Canada's largest health and travel managed general agents and general underwriters. In operation for more than nine years, Broker Advantage provides emergency medical and lifestyle insurance products to consumers worldwide through a national broker network and via direct to consumer marketing. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. 2nd Annual Health & Human Capital Management Congress to Convene in Washington, D.C. on January 17-19, 2007 WOBURN, Mass., Jan. 5 /PRNewswire/ -- World Congress, the leading producer of global healthcare forums such as the The World Health Care Congress and World Congress Leadership Summit Series, announced today the 2nd Annual Health & Human Capital Management Congress will be held at the JW Marriott Hotel in Washington, D.C. on January 17-19, 2007. The Congress' focus is to present practical solutions to the day-to-day challenges that healthcare professionals face and how employers can help influence a better outcome for employees while improving overall employee health and productivity. Mounting healthcare costs are driving changes and topics addressed by the HHCM Congress will help encourage our executive delegation to make strategic, achievable actions. For more detailed information regarding content and how to register please visit: http://www.worldcongress.com/hhcm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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