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. The registration fee for attendees is $299.00, (licensed agents register two for the price of one!) This discount is provided because the 100+ sponsors and exhibitors want to meet with licensed producers. www.workplacebenefits.org Daily Quote: "Give me a lever long enough and a firm place and I will move the world." -- Archimedes
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1. Couple awarded $2.7 mln in State Farm flood damage case NEW YORK, Jan. 11 (Reuters) - A Biloxi couple who sued State Farm Mutual Automobile Insurance Co. after Hurricane Katrina destroyed their home, was awarded $2.7 million in damages in a Mississippi federal court on Thursday, according to the insurer. The award could have major implications for other insurers who are being sued for damages in connection with the storm, which caused more than $38 billion of insured damages in August 2005. A jury in the U.S. District Court in Gulfport, Mississippi decided that State Farm, the largest home insurer in the state, was liable for $2.5 million in punitive damages in a suit brought by Norman and Genevieve Broussard. In addition, the Bloomington, Illinois-based insurer also will have to pay its policy limit of nearly $224,000. State Farm and other insurers have argued that the 30-foot wall of water thrown up by Hurricane Katrina caused most of the billions of dollars in damages to homes, businesses and casinos along the Gulf Coast. Flood damage is generally covered by federal, not private insurers. But attorneys for the Mississippi residents whose homes were damaged or destroyed said the destruction was caused by "storm surge," waters that were whipped up by the 135-mile-per-hour winds, and therefore should be covered by private insurers, who are generally liable for wind damage. A State Farm spokesman said his firm was "disappointed and surprised" by the verdict and that an appeal was likely. "Expert testimony supported a different result," said Fraser Engerman, a spokesman for State Farm. William Walker, the attorney for the Broussard family, could not be reached for comment. The Mississippi decision could have a major impact on other lawsuits filed by Mississippi attorney Richard Scruggs and State Attorney General Jim Hood against insurers such as Northbrook, Illinois-based Allstate Corp. (ALL.N: ) that also have hundreds of claims against them for damages. "There will be added pressure on Allstate and all the other insurers to reach a settlement," said Donald Light, an insurance analyst with Celent LLC. "The plaintiffs' bar will try to use this as a precedent," he said on Thursday. State Farm, a private company, has been in talks with the state insurance department to settle hundreds of ongoing lawsuits for property it insured along the Gulf Coast, officials from the state and the company have said. (With additional reporting by Christian Plumb) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. State Farm(R) Disappointed by Outcome of Katrina Case BLOOMINGTON, Ill., Jan. 11 /PRNewswire/ -- State Farm Insurance Companies is expressing surprise and concern over the ruling today by U.S. District Court Judge L.T. Senter in Broussard v. State Farm. "We did not expect this decision," said Kim Brunner, Executive Vice President, Secretary, and General Counsel for State Farm. "Testimony of expert witnesses showed that damage to the Broussard home was overwhelmingly caused by water and not wind." The judge ruled that State Farm did not present sufficient evidence to prove what damage to the Broussard home in Biloxi, MS was caused by wind and what was caused by water. He further said that the Broussard's only needed to prove a direct physical loss. "We believe that the ruling is inconsistent with the insurance contract and Mississippi law," said Brunner. State Farm is also disappointed with the jury's finding the company is liable for punitive damages in the amount of $2.5 million. The company will be evaluating its next steps with regard to this decision which will likely include an appeal. State Farm has a strong record of helping policyholders in the Gulf Coast recover from Hurricane Katrina. State Farm has closed 98% of the claims it received arising from the storm and has paid out over $1.1 billion in claims in Mississippi. www.statefarm.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Marsh to spend Putnam sale cash on buys-paper LONDON, Jan 12 (Reuters) - Marsh & McLennan Cos Inc. (MMC.N: ), the world's largest insurance broker, will spend cash from selling its Putnam Investment asset management unit on acquisitions, the company's chief executive was quoted as saying in a UK newspaper interview on Friday. Michael Cherkasky told The Daily Telegraph that he plans to spend a significant amount of 2007 looking for acquisitions. "Our first priority is growth as opposed to a share buy-back", Cherkasky is reported as saying by the paper. Cherkasky will look at buys to strengthen Kroll, its corporate investigation unit, and Mercer, its consulting arm, the paper said. Marsh is unlikely to look for acquisitions to expand its insurance and reinsurance broking businesses in the near future, Cherkasky said. The sale of Putnam could reap up to $3.9 billion for Marsh, according to newspaper reports, and Canadian fund manager Power Financial Corp (PWF.TO: ) has said it is in talks with Marsh over buying Putnam. Marsh, which last year rebuffed a bid approach by smaller rival Willis Group Holdings Ltd. (WSH.N: ), would be an attractive target for private equity bids, Cherkasky acknowledged, but he said the group was not for sale. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Fitch Teleconference: U.S. Insurance Broker Industry, 1/16, 10:30am ET CHICAGO & NEW YORK--(BUSINESS WIRE)--Fitch Ratings will hold a teleconference Tuesday, Jan. 16 at 10:30 a.m. EST (9:30am CT) on the heels of its release of its annual analysis of the U.S. insurance brokerage industry. Analysts will comment on the market's issues one year further removed from the turmoil created by industry investigations that commenced in late 2004 and also discuss our rating rationale and outlook for the largest insurance brokers, Marsh, AON, and Willis. In concert with the teleconference, in December, Fitch's Insurance Group released its report, ''Review and Outlook 2006-2007: Insurance Broker Industry,' which is now available on the Fitch Ratings web site at www.fitchratings.com. Two listening options for the Fitch conference call: Participants may listen to the teleconference on a computer using this link: http://audioevent.mshow.com/319109. Alternatively, participants in the U.S. and Canada may also call 877-241-2557 and participants outside North America should call 706-643-7396. Participants should reference Conference ID # 6300802, dial-in least five minutes before the 10:30 a.m. EST start time and give the title of the call as 'Review of the US Insurance Broker Industry' or list the call leader, 'James Auden.' Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Nation's Leading Physician Groups Join Together to Announce Principles for Reforming the U.S. Health Care System WASHINGTON, Jan. 11 /PRNewswire-USNewswire/ -- Ten of the nation's leading physician associations speak with one voice to release principles to reform the U.S. health care system. This unity among physician groups is intended to help provide the impetus for bipartisan Congressional action to cover the uninsured. Recognizing that many newly elected Members of Congress campaigned on fixing the health care system, the Principles serve as a guide for Congress to improve both individual health and the collective health care system in the U.S. The Principles For Reform of the U.S. Health Care System released today call for the following actions:
"Doctors want Congress to take action on health system reform this year," said Rick Kellerman, MD, president of the American Academy of Family Physicians and a practicing family physician in Wichita, Kansas. "Physicians are coming together to support these principles because they want the best care for their patients and if these principles are adopted, patients will be the main beneficiaries." "Congress must address the growing problems facing the nation's health care system," said John A. Strosnider, DO, president of the American Osteopathic Association. "We are pleased to join with our physician colleagues in putting forth these principles for health system reform. We believe that they provide the framework for all stakeholders- patients, physicians, payers, employers, and the federal government-to come together to improve the health care system." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Catastrophe bond sales to double by 2016 NEW YORK, Jan 9 (Reuters) - A top Swiss Re (RUKN.VX: official said on Tuesday he expects sales of catastrophe bonds, used by insurers to boost capital for risks related to disasters such as hurricanes, will more than double in the next decade. "We saw about $6 billion in new 'cat bond' issuance in 2006," Pierre Ozendo, CEO for the Americas division of Swiss Re, said at an industry conference. And the market for catastrophe, or "cat," bonds is expected to grow to between $30 billion and $44 billion by 2016, Ozendo said. In total, Swiss Re expects the market for insurance-linked securities, including fixed instruments for both the life and non-life insurance sectors, to grow to between $150 billion and $350 billion by 2016. Swiss Re, the world's top reinsurer ahead of Munich Re (MUVGn.DE: , is one of the most active in securitizing risk with fixed instruments such as catastrophe bonds. Other insurers such as Hartford Financial Services Group Inc. (HIG.N: and Allstate Corp. (ALL.N: are also stepping up their participation in the catastrophe bond market. Both catastrophe and life bonds are raised in the fixed-income market, and pay bondholders high rates, normally for two to three years, unless a major disaster occurs, or life mortality rates are high. In those cases, investors give up their interest and principal to pay the insurers' claims. Ozendo said he expects insurance-linked securities to outpace investments in another type of insurance investment vehicle, called sidecars, that flourished in 2006. Sidecars are set up by companies that provide insurance to insurers, called reinsurers, with funds from outside investors. Last year, hedge fund and private equity investors poured as much as $5 billion into sidecars. The funds, which are generally tied up for two or three years, give the sponsor reinsurer the opportunity to share some of the premium earned by the vehicle while investors stand to make a high return if catastrophe claims are low. "We at Swiss Re believe the securitization market is more stable," Ozendo said. Ozendo said insurance-linked securities such as catastrophe bonds were a "more reasonable source of new capital" for the industry because sidecar investors are there "to capitalize on an opportunity in the short term." Capital market investors have stepped up their funding of insurance-linked investments after Hurricane Katrina wiped about $65 billion from insurers' balance sheets in 2005. The funding has helped insurers replenish balance sheets, and address a shortage in reinsurance capacity, particularly for reinsurers themselves. Some specialty reinsurers selling coverage to other reinsurers, called retrocessional reinsurers, failed because of 2005 hurricane losses. Others have scaled back the amount of risky coverage they will sell because rating firms are demanding higher capital retention for such policies. "I see the retrocession market not expanding at all," Ozendo said. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Swiss Re says renewal prices lower, apart from US By Douwe Miedema - BAD RAGAZ, Switzerland, Jan 12 (Reuters) - Reinsurance premiums were under pressure in the annual round of contract renewals, Swiss Re (RUKN.VX: said on Friday, though prices for U.S. property catastrophe cover remained high. Rates for European windstorm cover remained firm, but "other perils" were down 5 to 10 percent and there was also pressure on casualty rates while demand from clients was lower, the world's largest reinsurer said at a presentation to investors. Only risk cover for U.S. property catastrophe cover was near the peaks reached in July 2006, the company said, remaining high after the devastating hurricanes Katrina, Rita and Wilma made 2005 the costliest ever year for insurers. "We are seeing pressure on original terms," outgoing Chief Financial Officer Ann Godbehere said. "But it's not just about prices, terms and conditons are also very important and we're seeing general stability in reinsurance terms and conditions," she said in an interview. Swiss Re -- which sells insurance to other insurers -- propelled itself into the number one spot as the world's largest reinsurer by sales with its $7.4 billion acquisition of the reinsurance business of General Electric (GE.N: . It said the deal was a key reason why it expected "substantial growth" this year despite the fact that the insurance cycle presently points to low growth. "We are in a period of low cyclical growth. That's good, because markets are disciplined," Godbehere said at the presentation. "But it means not a lot of growth. Swiss Re (however), is going to enjoy substantial growth ... because we've got the transactional growth in addition," she said. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. The Hartford Takes Benefits Education on the Road Group disability insurance seminars slated for six cities throughout U.S. SIMSBURY, Conn. – After delivering more than 5,000 hours of continuing education in 2006 and receiving high marks from graduates of its group disability insurance training, The Hartford Financial Services Group, Inc. (NYSE:HIG) is taking its specialized Vault training program on the road to provide easy access for group benefits professionals throughout the nation. Led by instructors with more than 80 combined years of group benefits experience, The Hartford’s Vault program covers group short- and long-term disability insurance contracts, benefits, underwriting and pricing. Participants earn significant continuing education credits for life and health licenses in most states and have the opportunity to test for National Underwriter’s Group Benefits Disability Specialist professional designation. More than 150 professionals from across the country have graduated from The Hartford’s Vault program in Connecticut. To ensure greater access to the successful program, the leading U.S. seller of group disability insurance1 will hold its three-and-one-half-day educational seminar in six U.S. cities in 2007: March 5-8 in Maitland, Fla.; April 23-26 in Palm Springs, Calif.; May 14-17 in Avon, Conn.; June 4-8 in Philadelphia, Penn.; Sept. 10-13 in Cincinnati, Ohio; Sept. 24-27 in Chicago; and Oct. 15-18 in Avon, Conn. “The response to The Hartford’s Vault program has been overwhelmingly positive since its inception. We are proud to provide high-impact education that meets producers’ needs and helps them better serve their clients,” said Dick Mucci, executive vice president of The Hartford’s Group Benefits Division. “We continually evolve our programs to meet the needs of our business partners, and we look forward to bringing Vault to benefits professionals across the U.S.” Piloted in 2005, The Hartford’s Vault program was created in response to benefits professionals’ desire for in-depth training on disability insurance – a nuanced income protection product that is sometimes referred to as an “ancillary” coverage compared to group medical insurance. “Very few people see their income as ancillary, and employers don’t view the productivity of their employees as ancillary either,” said Mucci. “Getting disability coverage right has significant impact on employers and their workers. It requires knowledgeable professionals.” Vault graduates have said the training gives them the knowledge and tools to create benefits plans that protect the financial and physical health of their employer clients and their employees. “I left the program with an even higher degree of confidence in my ability to assist my clients and motivation to help them solve a tremendous need that they should be concerned about,” said Tony Bruns, employee benefits executive with Southwest Business Corporation in San Antonio, Texas. “The program wasn’t an advertisement or sales pitch. It was purely educational and absolutely hit the target.” Continuing in a long-standing tradition of providing comprehensive educational programs for insurance professionals, The Hartford’s Vault program provides instruction on how to:
Tuition is $1,595 per person, which includes course materials, meals and refreshments, designation exam, and state filing and certificate fees for continuing education credits. Visit http://www.thehartford.com/vault for registration, as well as information about The Hartford’s entire catalog of continuing education programs for benefits professionals. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. WPO’s 2007 Work-Life Promotional Kit Helps EAPs and Employers Increase Awareness and Participation in their Work-Life Employee Benefits Programs Workplace Options New 2007 Work-Life Promotional Kit includes customizable and attention-getting marketing collateral designed to increase employee participation Raleigh, NC – January, 2007 – Workplace Options, the largest provider of work-life employee benefits in America, has released its 2007 Work-Life Promotional Kit. The kit provides Employee Assistance Programs (EAP) and employers with a proven strategic promotional plan to help increase awareness and participation in work-life employee benefits programs. Workplace Options began developing the Work-life Promotional Kit in 2001 to help organizations effectively market and communicate their work-life services. Over the years, the promotional kit has evolved right along with technology. Beginning as a printed packet of information, the kit is now an interactive CD-ROM with a user friendly menu and customizable materials which help companies retain their own brand recognition. “Awareness, or lack of, is the number one reason employees give for not participating in their company’s work-life programs," said Alan King, president of WPO. “The promotional kit helps promote program awareness and allows HR leaders to show employees they are indeed looking out for their best interest, something every HR practitioner likes their employees to know is true." The WPO 2007 Promotional Kit is organized into three sections: (1) promotion for sales and marketing; (2) promotion for new client roll-out (implementation); and, (3) promotion to existing clients. Files of the collateral are provided in both MS Word and PDF. The files are easily customized with respect to content, branding and access information - a necessity for the EAP. The promotion campaigns are designed to highlight various aspects of work-life including child care, elder care, mid-life, wellness, daily living and personal finance. Workplace Options (WPO) is America’s largest provider of work-life services. WPO’s market leading products are recognized for their innovative web delivery, flexibility and affordable pricing. Through its emindhealth division, WPO offers network management solutions that help EAP’s run their businesses more profitably and efficiently. WPO’s United Kingdom division, Employee Advisory Resource (EAR), is a premier provider of work-life services in Europe and offers EAP clients access to an expansive network of behavioral health providers throughout Europe and the World. Learn more at www.workplaceoptions.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. ftwilliam.com announces the availability of 2005 5500 data for customer use Milwaukee, WI January 10, 2007 - ftwilliam.com, one of the leading providers of high quality Form 5500 software, announced today their website has been updated with nearly 600,000 plans from the 2005 Form 5500 filing year. Ftwilliam.com users may use the company's 55Autofill feature to import this data into their 5500 forms. ftwilliam.com is the only provider to offer the 55Autofill feature. 55Autofill allows a user to download all of the prior year's data from the DOL database into the current year's 5500 forms by entering the plan sponsor's EIN number. Customer Linda Levenduski of Stalker and Associates stated, "55Autofill is a great feature. It has cut the time it takes me to prepare my forms and schedules in half."Other features of the firm's 5500 software including edit checking and context-sensitive help buttons are also available. ftwilliam.com offers the employee benefits professional the highest quality plan documents and government forms software at highly competitive prices. The company offers all of the popular prototype and volume submitter plans (including cross tested and cash balance plans). All plan documents are delivered instantly to the desktop in word processing format and government forms are delivered instantly in Adobe PDF format. www.ftwilliam.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Carnegie to buy pension advisor, Q4 profit rises STOCKHOLM, Jan 12 (Reuters) - Scandinavian brokerage Carnegie (CAR.ST: ) said on Friday it had agreed to buy Max Matthiessen, a Swedish pension insurance advisor. Carnegie said in a statement the acquisition would be financed by a new share issue of up to 6.07 million shares, worth 856 million Swedish crowns ($121.5 million). "The existing cooperation between Carnegie and Max Matthiessen has, in a short period of time, proven that there is a large synergy potential," Carnegie said in a statement. "The aim is to further strengthen the relations with Max Matthiessen's 148,000 existing clients ... and to take advantage of the growth potential which exists in the form of the additional 460,000 employees at Max Matthiessen's client companies." The firm said it expected the acquisition to have a neutral impact on earnings per share this year and the next and contribute positively from 2009. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. NYSE plans test of real-time Web quotes - WSJ NEW YORK, Jan 12 (Reuters) - The New York Stock Exchange plans a pilot program later this year that could bring real-time stock quotes to Internet users, The Wall Street Journal reported on Friday. The NYSE Group Inc. (NYX.N: ) unit is expected to file a proposal with the U.S. Securities and Exchange Commission on Friday, the Journal reported. If the SEC approves the plan, the NYSE will allow Web sites to publish trade prices with nearly no delay in return for payments of $100,000 a month, the Journal reported. The test program could be available as early as March, depending on the SEC's response, the paper said. Google Inc. (GOOG.O: ) and business news television station CNBC have said they would offer data for free to their users, the paper said. The NYSE also has had discussions with other Internet service providers such as Yahoo, the Journal added. Google is a member of a group called NetCoalition, which has complained about a lack of real-time stock data offered through services owned by the NYSE Group and Nasdaq Stock Market Inc. (NDAQ.O: ) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Study Finds Most Respected U.S. Companies Make Widespread Use of Nonqualified Retirement Plans The Todd Organization, Leading Nationwide Executive Benefits Consulting Firm, Reviews Practices at 276 Companies in Eight Broad Economic Sectors Greensboro, NC/January 8, 2007 – Executive benefits are widely used at America’s most prestigious companies. In fact, regardless of a company’s economic sector, it is highly likely to use numerous supplemental retirement plans and other executive benefits programs to retain and attract a quality executive team. These are two central conclusions from a comprehensive study from The Todd Organization, a leading nationwide executive benefits consulting firm. The Todd Organization reviewed proxies and other financial disclosure documents to determine the prevalence of executive benefits at 276 publicly-held companies which are headquartered in the United States. All of these companies were selected as America’s Most Admired companies by Fortune Magazine in 2006. Significant findings include:
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Exec pay consultants to face closer scrutiny Fri Jan 12, 2007 10:49am ET - By Nick Zieminski - Lifting the Lid -- NEW YORK (Reuters) - Under pressure from shareholders, companies are likely to disclose more details of the role compensation consultants play in setting executive pay, beginning in this spring's proxy season. The calls for more disclosure come as investors become increasingly irate about pay packages that don't match stock gains. A sore point for many years, the issue has enraged investors and U.S. politicians after chief executives like Pfizer Inc.'s (PFE.N: Hank McKinnell and Home Depot Inc.'s (HD.N: Robert Nardelli received big exit packages despite lackluster performance. CEO pay has become a flashpoint in an ongoing debate over corporate governance in the years after the Enron, WorldCom and Tyco scandals. The question of the compensation consultants' role echoes controversy over auditing firms, whose independence was questioned in those scandals. Critics say advisers who do other work, such as crafting employee pay packages or 401(k) plans, are loath to jeopardize lucrative contracts by offending management with low pay recommendations. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. The United States Patent and Trademark Office (PTO) may reimburse employees for high-speed internet service at employees' homes incident to the agency's telework program January 11, 2007 - The Government Accountability Office (GAO) today issued the following Decisions and Opinions of the Comptroller General: Appropriations Decisions: B-308044, Patent and Trademark Office--High-speed Internet Access in Employees' Homes, January 10, 2007 http://www.gao.gov/decisions/appro/308044.htm The United States Patent and Trademark Office (PTO) may reimburse employees for high-speed internet service at employees' homes incident to the agency's telework program. We recommend that PTO periodically review reimbursements to ensure that it has adequate safeguards against private misuse and is reimbursing employees for home internet service used for official purposes. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Aon Group Netherlands Pension Fund Foundation selects TKP Investments as a Fiduciary Manager As of 2007 Aon Group Netherlands Pension Fund Foundation has selected TKP Investments as a fiduciary manager. The balanced mandates will soon be ended. TKP Investments will be responsible for the asset allocation and will also advise with regard to the selection of asset managers. TKP Investments will take care of the daily management, integral reporting to the management and supervisors, risk management and management consultancy. www.tkpi.nl Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Blue Cross and Blue Shield of Florida and Mayo Clinic Expand Agreement, Offering In-Network Options JACKSONVILLE, Fla., Jan. 9 /PRNewswire/ -- Blue Cross and Blue Shield of Florida (BCBSF) and Mayo Clinic have expanded their agreement, making Mayo Clinic and St. Luke's Hospital in-network options for BCBSF BlueChoice PPO members, effective Jan. 1, 2007. This three-year contract marks the broadest relationship to date that includes Mayo Clinic's (320-plus) physician group practice and its admitting hospital, both based in Jacksonville. The agreement will also apply to Mayo Clinic's new 214-bed hospital opening spring of 2008 on its San Pablo Road campus. www.bcbsfl.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. 2007 Life Settlement Industry Outlook Report Released BETHESDA, Md., Jan. 9 /PRNewswire/ -- Maple Life Financial announces the release of its 2007 Life Settlement Industry Outlook Report.Designed as a resource tool for agencies and advisors, the publication provides an inside look at where the industry is heading, including discussions on the top issues, insight from professionals, and valuable sales and marketing tips for 2007. Highlights include:
Also included in the report is a special summary of industry professionals, which was collected as part of a recent survey, sponsored by Maple Life Financial. "The life settlement market is quickly changing," says Nate Evans, President of Bethesda, Maryland-based Maple Life Financial. "Industry professionals need research such as this to help make sound financial decisions and to plot forward-thinking strategies." A complimentary copy of the 2007 Life Settlement Industry Outlook may be requested by phone toll-free at 1-877-777-0635 or by e-mail at moreinfo@maplelf.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Shand Morahan & Co., Inc. Revamps Lawyers Professional Coverage Deerfield, IL, January 15, 2007 - Shand Morahan & Company, Inc., underwriting manager of Evanston Insurance Company, announced the launch of its revamped Lawyers Professional Liability program, now called Designed ProtectionSM for Law Firms. Targeted to hard-to-place attorneys and law firms, the updated program features a new, more competitive policy form and application, as well as the addition of three risk management enhancements unique in the marketplace. www.shand.com www.markelcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day" Sponsored By:
21. Drug Companies Brace for Changes in Medicare Part D Space RESEARCH TRIANGLE PARK, N.C., Jan. 12 /PRNewswire/ -- The federal government may gain the power to negotiate drug pricing with manufacturers on behalf of Medicare beneficiaries when the House votes on a new Democratic proposal next week. As Medicare Part D finds its footing in the pharmaceutical industry, drug companies are realizing that the government will continue to play a large role in influencing how an important patient population - seniors - chooses medication and how much it costs. The proposal before the House next week dictates that while pricing can be negotiated by the secretary of health and human services, formularies and specific drugs covered can only be decided by private insurance plans. "Modifications to the current Medicare price negotiation process would mean widespread changes for drug manufacturers," says Jon Hess, research team leader at Cutting Edge Information. "Rather than dealing with private insurers, pharmaceutical and biotech companies would deal with a federal entity. Companies need to anticipate changes necessary within their core business plan should this proposal be approved in Congress." Cutting Edge Information's report "Managed Markets 2007: Pharmaceutical Reimbursement Strategy, Organizational Structure and Medicare Part D" (http://www.PharmaManagedMarkets.com), delves into the methods by which managed markets organizations can help educate and adapt their marketing, sales, product planning and brand management teams to Medicare Part D. By anticipating changes rather than sitting back and waiting for others to make them first, pharmaceutical companies can put themselves ahead of the market regarding Part D. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Massachusetts Employers Commit to National Initiative for Improving Quality and Value in Health Care WASHINGTON, Jan. 11 /PRNewswire-USNewswire/ -- In a meeting today with U.S. Deputy Secretary of Health and Human Services Alex Azar, leading Massachusetts employers including the Massachusetts Group Insurance Commission committed to a national initiative aimed at improving health care quality, information and cost-effectiveness for employees and their families. Employers making the commitment today in Boston were EMC Corporation, AstraZeneca, Raytheon Company, Boston Medical Center, UMass Medical Center, New England Medical Center, Tufts, Tufts Health Plan, Fallon Health Plan, Harvard Pilgrim Health Care, Blue Cross Blue Shield of Massachusetts and the Massachusetts Group Insurance Commission. In signing statements of support, Massachusetts employers pledged to provide quality and price information about doctors, hospitals and other medical providers for all enrollees in their health care insurance programs. This information will help employees choose health care providers based on the quality of care they deliver and the prices they charge. In addition, the employers will support health information technology by encouraging the use of recognized interoperability standards in the health IT products used by their health plans. The Massachusetts employers also pledged to develop incentives for achieving better value in health care, including incentives for high quality care and for more active involvement by employees in choosing their health care services. These four actions are the "cornerstones" of an initiative launched last November by HHS Secretary Mike Leavitt. By committing to these actions, the Massachusetts employers are joining a growing number of states and companies that are pledging to make quality and price information available to health plan enrollees in order to enable them to compare providers when they purchase health care services. More information is available at http://www.hhs.gov/transparency. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. AXA Has Eliminated the Dilutive Impacts of Its 2014 and 2017 Convertible Bonds PARIS, Jan. 12 /PRNewswire-FirstCall/ -- On January 11, 2007, the meetings of holders of AXA's 2014 (ISIN: FR0000492076) and 2017 (ISIN: FR0000180994) convertible bonds were held to vote on an amendment of the final conversion dates of the bonds to January 26, 2007 in exchange for a cash payment in respect of the value of the conversion option. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Dental Health Advocacy Approach is Needed to Rein in Runaway Healthcare Costs, Says Report by OraMedica International Adding Oral Health Consumerism Education and Dental Risk Assessments to Wellness Programs Pay Handsome Dividends to Employers (Philadelphia, PA) January 10, 2007 - While health insurance premiums continue to escalate as utilization goes up for medical treatment of chronic health conditions, mounting evidence is linking poor oral health to more serious health problems such as diabetes, cardiovascular disease, and pre-term births. Research studies in prestigious dental and medical journals such as the Journal of Periodontology and the Journal of the American Medical Association are helping healthcare professionals understand the links of periodontal disease and systemic health. In efforts to avoid high dental costs and other related health risks, employers are now showing an interest in benefit programs than can help employees become better informed and improve their oral health. These findings and more are covered in OraMedica’s new white paper titled "Reining in Runaway Healthcare Costs…A Dental Advocacy Approach." The free report can be downloaded at: http://www.oramedica.com/whitepapers.html Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Guardian and Sports Legend Bo Jackson Encourage Americans to Protect Their Income in the New Year Planning for Life's Curveballs and Fumbles - Dual Sport All-Star Suffered Career-Ending Disability - NEW YORK, Jan. 12 /PRNewswire/ -- The Guardian Life Insurance Company of America (Guardian), its subsidiary Berkshire Life Insurance Company of America (Berkshire), and legendary dual-sport All-Star athlete, Bo Jackson, have teamed up to promote the importance and the benefits of disability income protection in the New Year. Jackson's partnership with Guardian included a radio media tour as well as select print media interviews on January 12. Americans continued to live paycheck to paycheck in 2006 and barely inched out of a negative savings rate. And according to a recent Guardian study entitled Insurance and Behavior: Spotlight on IDI, most Americans do not have adequate savings to cover their living expenses in the event of an illness or injury. The Guardian survey shows that 50% of consumers have three months or less of their living expenses saved. Of those with three months or less saved, 29% admit that they don't have enough savings to cover any of their living expenses if they have to stop working. Guardian encourages consumers to visit their website: www.guardianlife.com and the Council of Disability Awareness website: www.disabilitycanhappen.org for more information. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Alliance Advisory Group, Inc. Selects Valmark Associates Williamsville, NY, January 11, 2007 – Alliance Advisory Group, Inc., a leading financial services company, has selected Valmark Associates, LLC, an advertising and marketing communications firm, as agency of record. Valmark will provide Alliance with strategic branding, advertising, web site development as well as media services. The announcement was made by Robert Fashano, President and CEO of Alliance Advisory Group, Inc. Alliance Advisory Group, Inc., one of Western New York’s largest independently owned financial services firms, is based in Williamsville, NY, with additional offices in Rochester, Syracuse, Albany and Jamestown. Alliance provides clients with a broad range of financial services, including wealth building and preservation services, securities brokerage, employee benefits and executive compensation programs. Valmark’s president and CEO is Joe Lojacono, a 25 year veteran of the marketing and advertising industry. “We are delighted to have the opportunity to work with Alliance Advisory Group” stated Mr. Lojacono. “The firm has a strong client focus and we are looking forward to working with their management team.” Valmark Associates, LLC provides its clients with full-service marketing and communications services using its partner provider network across the US. Services include strategic planning, print and broadcast advertising, direct marketing, web site development and public relations. The firm is headquartered at 300 International Drive, Suite 100, in Williamsville, NY. Contact Joe Lojacono at 716.893.1494. Website: www.valmarkassociates.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. NAIC DOUBLES WEB TRAFFIC IN 2006 WWW.NAIC.ORG Generates More Than 1 Million Web Visits KANSAS CITY, Mo. (Jan. 10, 2007) — The National Association of Insurance Commissioners’ (NAIC) Web site received more than 1 million visits in 2006, doubling the previous year’s total. The domain, www.naic.org, logged a total of 1,150,632 visits from January through December 2006, marking a drastic increase from the 480,675 visits received in 2005. In addition to the rising number of Web visits, a 2006 analysis of the NAIC Web site showed the domain averaged 3,152 visits per day in 2006, up from 1,316 in 2005. The average visit to www.naic.org in 2006 lasted more than 18 minutes, a six-minute increase from 2005. A “visit” is tallied each time someone logs on to any page within the NAIC Web domain. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. RMS responds to Florida Speaker's information request RMS has prepared a media statement regarding the Florida Speaker's request for information on the company's hurricane model. This statement reads: "This afternoon, RMS responded to Speaker Rubio's request. The RMS submission includes documentation on the assumptions and factors used in developing the RMS hurricane loss projection model. We have provided thorough detail on all of the modules of the RMS model: stochastic storm set generation, hurricane characteristics and the windfield generation process, the derivation and implementation of vulnerability functions, actuarial standards including a full discussion of our financial module, and the systematic process RMS undertakes to develop our software technology to implement the hurricane model. We also welcome the opportunity to meet with representatives from the Florida Legislature for presentations and discussions on all components of our models. "We look forward to engaging in an ongoing dialog on the current state of hurricane risk and the extensive scientific research RMS uses in the development of our hurricane loss projection model for Florida. We strongly believe that working closely with the Florida legislature will help bring a neutral science-based perspective to the understanding of hurricane catastrophe risk in Florida, which will ultimately inform the process for establishing longer term solutions to the current insurance crisis in Florida." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. New Onshore Energy Property Division Launched at Markel Global Marine & Energy, Inc. Houston, TX, January 10, 2007 – Markel Global Marine & Energy, Inc. (MGME) is pleased to announce the launch of a new division, Onshore Energy Property. Established November 1, 2006, this new division will handle onshore property, builder’s risk and time element coverage on petroleum, gas, petrochemical, high hazard chemical and power generation. Ed Duffy, vice president, will head the new division. www.markelcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. New Year’s Resolution for Agents, Brokers: Help Consumers Deal with ‘Risks in Wrapped Packages’ CHERRY HILL, N.J. (January 11, 2007) – Millions of Americans just gave and received valued collectibles as holiday gifts -- and insurance pros can make a New Year’s resolution to help them protect those items. Consumers may not realize that collectibles typically are not adequately covered by homeowners insurance, according to Laura Bergan, Director of Marketing, American Collectors Insurance. “Risks come in wrapped packages over the Christmas and New Year’s holidays,” pointed out Bergan. “Some people mistakenly assume that they have ‘all-risk’ coverage for anything in the house. And even with all-risk coverage, the reimbursement from the insurance company may be cut back to actual cash value rather than collector market value.” “What better way to start the year for an insurance broker than to help clients protect and replace what they’ve spent a lot of time dreaming about and collecting?” Bergan said. The Independent Insurance Agents & Brokers of America estimated that specialty coverage is necessary if valued collectibles exceed 10 percent of the value of all insured household possessions. Specialty policies routinely are used for collectibles that appreciate in value, such as dolls and dollhouses, model railroads and cars, collector plates, ornaments, figurines (Precious Moments, Lladro and Hummel), teddy bears, animation art, military items, vintage toys and automotive memorabilia. www.AmericanCollectors.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. New Disability Income Riders Make ROP Term & LTG Ultra Policies Even More Attractive HOUSTON, January 11, 2007 — American General Life Insurance Company (American General Life), a member company of American International Group, Inc. (AIG), has introduced two new disability income riders—with no additional medical underwriting required—that can be added to American General Life’s popular ROP Term and LTG Ultra life insurance policies. The disability income riders provide a regular monthly benefit if a covered illness or injury prevents the policy owner from working – helping to protect his or her stream of income. The disability income rider for American General Life’s ROP Term not only offers clients disability coverage, but – should the disability benefit not be needed – the return of premium benefit refunds 100 percent of the premium paid for the disability rider (less disability benefits paid), at age 65 or the end of the level-premium period of the ROP Term policy, whichever is sooner. These funds can then be reapplied to other life needs like a child’s college tuition or paying off a mortgage. www.aigag.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. squaremouth inc. Launches Health Insurance Comparison Site ST. PETE BEACH, Fla., Jan. 9 /PRNewswire/ -- Insurance industry leader squaremouth inc. (http://www.squaremouth.com) has added health insurance to its lineup of insurance products. The company announced today that it now offers health insurance through Aetna(R), AMS, Celtic Insurance Company, Golden Rule(R), Humana(R), Time/Fortis and many other carriers. To help customers decide which health insurance company best meets their needs, squaremouth also unveiled its new health insurance quote and comparison engine (http://www.squaremouth.com/health-insurance). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. T. Mark Fay Consulting Awards Scholarships to Future Claims Professionals NAPERVILLE, Ill., Jan. 10 /PRNewswire/ -- T. Mark Fay Consulting announces today the recipients of $3,000 annual scholarships for college Juniors or Seniors who have an interest in insurance claims as a career. "This is part of an industry-wide effort to identify, mentor and support the bright young people we need in Claims," said Mark Fay, President of T. Mark Fay Consulting. "The US economy depends on a strong insurance community. That strength comes in large measure from great claims people who evaluate and control the economic costs of catastrophe and help ease the human trauma involved." www.tmarkfay.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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