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1. Marsh & McLennan to sell Putnam for $3.9 billion Thu Feb 1, 2007 7:33am ET NEW YORK (Reuters) - Insurance broker Marsh & McLennan Companies Inc. (MMC.N: said on Thursday that it would sell its troubled money manager, Putnam Investments, to a unit of Canada's Power Financial Corp. (PWF.TO: . for $3.9 billion. The sale price was in line with recent press reports, but toward the lower end of initial estimates of how much the scandal-ridden asset manager would fetch when Marsh & McLennan said in September that it was considering a sale. Montreal-based Power Financial, which controls insurer Great-West Lifeco Inc. (GWO.TO: and IGM Financial Inc. (IGM.TO: , Canada's largest mutual fund company, had said last month that it was in talks to acquire Putnam. Analysts have said Power Financial would gain a key foothold in the U.S. money management business. For Marsh, the sale followed longtime pressure from investors to shed the underperforming unit. Putnam has suffered from rising redemptions and poor performance by its top funds, that raised doubts among some analysts whether a deal would go through at all. Both boards have approved the transaction, and they expect it to close in the middle of this year. Putnam is one of Marsh & McLennan's four major divisions. The others are the Marsh insurance brokerage unit, risk consulting unit Kroll Inc. and Mercer, which handles human resources and provides financial services to companies. Putnam's Boston neighbor, MFS Investment Management, was also put up for sale in September but its Canadian parent, Sun Life Financial Inc. (SLF.TO: , said just a month later that it had decided not to sell the unit after a strategic review. Boston-based Financial Research Corp (FRC) said that Putnam again saw the heaviest redemptions in long-term stock and bond mutual funds, losing $1 billion in November. It lost $13.8 billion in assets in 2006 till end-November, FRC said. Power Financial said its Great-West Lifeco Inc. unit would own the asset manager. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Marsh CEO to use Putnam proceeds for acquisitions NEW YORK, Feb 1 (Reuters) - Marsh & McLennan Companies Inc. (MMC.N: Chief Executive Michael Cherkasky said on Thursday that he plans to use the proceeds of the $3.9 billion sale of his Putnam money management unit for acquisitions. In an interview with Reuters, Cherkasky said that his first priority was to "invest in the businesses" of Marsh & McLennan, the world's largest brokerage company, but that he would also consider share buybacks as a use for the money. He said he plans to add to Marsh's Mercer Human Resource Consulting and Kroll's risk consulting business, with possible acquisitions for the company's Marsh brokerage unit later in the year. Cherkasky said Marsh would receive $2.5 billion from the sale of Putnam after taxes of $1.4 billion. The Marsh chief executive said negotiations with the buyer, Power Financial Corp. (PWF.TO: of Canada, went right up to his self-imposed deadline of the end of January. They were not completed until last night as "both sides wanted to make sure they had the best deal," Cherkasky said. Marsh's Mercer unit will maintain an ongoing relationship with Power Financial in the 401k benefits business, he said. Cherkasky said he got an "attractive price for the unit. Analysts' original expectations for the sale were for a price of between $3 billion and $6 billion. Putnam has continued to experience heavy redemptions in long-term stock and bond mutual funds, losing $13.8 billion in assets in 2006 through the end of November, according to Financial Research Corp. But Cherkasky disputed the description of Putnam as "troubled," saying that institutional flows of funds had turned positive in the fall of 2006. He said he would provide more details after Marsh reports fourth-quarter earnings on Feb. 13. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. MMC Announces That Great-West Lifeco Inc. Has Signed a Definitive Agreement to Purchase Putnam Investments for $3.9 Billion NEW YORK--(BUSINESS WIRE)--Marsh & McLennan Companies, Inc. (MMC) announced today that Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corporation, has signed a definitive agreement to purchase Putnam Investments. The sale price is $3.9 billion in cash, subject to certain customary adjustments. Putnam is one of the largest investment management firms in the United States, with $192 billion under management at the end of 2006. The transaction has been approved by the respective boards of directors of MMC and Great-West Lifeco, and is expected to close in the middle of this year, subject to regulatory approval, required client consents, and other customary conditions. Michael G. Cherkasky, MMC’s president and chief executive officer, said, “This is an important transaction for MMC and its shareholders. We will receive an attractive price for Putnam, strengthen our ability to focus on our core businesses, and significantly enhance our financial flexibility. Selling Putnam is another important step in enhancing long-term shareholder value and driving additional success in our risk and human capital businesses. “The proceeds to MMC from this sale, combined with our strong cash flow, will give us the flexibility to consider a number of desirable options to further strengthen our company such as investing in our business, stock repurchases, and debt reduction.” The impact of the sale on MMC’s earnings per share cannot be precisely calculated prior to the close of the transaction due to a number of variables, such as the closing date and the ultimate use of the cash proceeds. Assuming the transaction closes as expected in mid-year, MMC estimates that the sale would have a mildly dilutive impact on 2007 earnings per share of approximately five cents. Cherkasky concluded, "The sale of Putnam will enable MMC to focus on strengthening the global leadership positions of our market-leading risk and human capital businesses. We are very positive about our future and believe the successful completion of this transaction will aid in driving our growth and meeting our commitments to our shareholders, clients, and employees." Goldman, Sachs & Co. and Merrill Lynch & Co. acted as MMC’s financial advisors for the transaction. Davis Polk & Wardwell acted as MMC’s legal counsel. MMC is a global professional services firm with annual revenues of approximately $12 billion. It is the parent company of Marsh, the world's leading risk and insurance services firm; Guy Carpenter, the world's leading risk and reinsurance specialist; Kroll, the world's leading risk consulting company; Mercer, a major global provider of human resource and specialty consulting services; and Putnam Investments, one of the largest investment management companies in the United States. Approximately 55,000 employees provide analysis, advice, and transactional capabilities to clients in over 100 countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago, and London stock exchanges. MMC's website address is www.mmc.com. Putnam Investments, with approximately 3,000 employees, is a global money management firm with over 68 years of investment experience, $192 billion in assets under management, over 200 institutional clients, and over 9 million shareholders and retirement plan participants. Conference Call A conference call to discuss the sale will be held today at 9:00 a.m. Eastern Time. To participate in the teleconference, please dial (800) 862-9098 or (785) 424-1051 (international). The access code for both numbers is 3437308. The live audio webcast may be accessed at www.mmc.com. A replay of the webcast will be available approximately two hours after the event at the same web address. www.mmc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. ACE: Investment in Emerging Markets Threatened by Lack of Ongoing Political Risk Assessment LONDON--(BUSINESS WIRE)--Global businesses need to adopt formal structures to assess the ongoing risks posed by political instability and unrest in emerging markets if they are to protect their growing investment in these areas, according to leading international and speciality insurer ACE Global Markets (ACE)(NYSE:ACE). Nearly 30% of senior executives and risk professionals surveyed for the latest global risk briefing report, conducted by the Economist Intelligence Unit (EIU) and sponsored by ACE, said their companies had been forced to cancel existing investments in emerging markets because of concerns about political risks. ACE believes that this points to a potential gap in the risk assessment process both in terms of an understanding of the risks and the level of ongoing risk management these companies make for existing investments. For most companies, risk management is concentrated on the period when an investment opportunity is being considered. 80% of respondents said they consider political and operating risk as part of the due diligence process. However, only 44% revealed they monitor and manage risk on a continuous basis once the investment has been made. Commenting on the report’s findings, Julian Edwards, Head of Political Risk at ACE Global Markets, said: “Emerging markets remain highly volatile but with these risks comes clear investment rewards. However, without formal processes businesses face potential exposure to unnecessary and additional risks which can impact directly on the performance of their investment and, in some circumstances, lead to cancellation.” Over half of those surveyed said the risks associated with investing in emerging markets have increased in the past three years and in response many companies are increasing the time and resources dedicated to risk management. The survey also showed that instability of political regimes was one of the most significant threats to operations in emerging markets. In the past three years, the vast majority of companies that already invest in emerging markets (79%) deepened their investment over the period. 64% reported that rewards have increased. Commenting on the findings Julian Edwards said: “The results of the global risk briefing clearly shows the growing appetite for extending investment in emerging markets. But, with less than half of those surveyed performing ongoing risk assessment as part of their investment programme the pace of growth and the potential returns could be affected. There is no doubt that maintaining a structured approach to risk management is crucial.” www.acelimited.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Regulatory Agenda Surrounding U.S. Insurance Carriers Could Transform the Industry NEEDHAM, Mass., Jan. 31 /PRNewswire-USNewswire/ -- Serious, industry- altering regulatory issues largely unresolved at the close of 2006 are now poised to have major impact on the U.S. insurance industry in 2007. These issues include a national catastrophe fund, an extension of the Terrorist Risk Insurance Act, and an optional federal charter. New research from TowerGroup exploring the regulatory landscape finds that, depending on their resolution, this trio of issues is likely to significantly transform the insurance industry. For example, an optional federal charter will materially change the historical regulatory basis for carriers, opening the way for globalization of the U.S. insurance market place. On the controversial topic of catastrophe management, TowerGroup believes that U.S. insurance regulators and carriers must not fall into complacency, despite record-low loss results from natural disasters in 2006. All involved parties must maintain focused attention on the potential for severe economic disruption in the U.S. if meaningful solutions to catastrophic loss from either a natural or terrorist event are not in place if / when another incident occurs. Catastrophe management and response, terrorism, and insurance industry governance all require carriers to step up their technology preparedness. As complicated as these issues are for regulators to deal with, carriers are in no less demanding circumstances. TowerGroup expects that carriers who do not meet the corporate imperative of adopting new enterprise technology solutions - for example, predictive analytics - will find themselves at an enormous operational disadvantage. Although the insurance industry was able to pick up the pieces after the September 11th terrorist attacks and Hurricane Katrina, TowerGroup believes the situation may not be as workable the next time around - particularly given the potential for exponentially more severe occurrences some experts believe may impact the U.S., such as a serious hurricane hit to Miami, Florida, or a large-scale biological attack on an urban area. Therefore, legislative solutions, coupled with carrier enterprise preparedness, must be put in place as soon as possible. The TowerGroup research note titled, "2007 US Insurance Regulatory Agenda: Deja vu All Over Again," by Karen Pauli, a senior analyst in the Insurance practice at TowerGroup, covers the key regulatory issues currently surrounding the U.S. insurance industry, with a focus on the impact to insurance business and technology operations. www.towergroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Colonial Supplemental Insurance has an excellent growth opportunity for a Territory Sales Manager in the South Florida Area, which consists of but is not limited to Miami and Ft. Lauderdale. Colonial supports more than 50,000 businesses, government organizations and associations in managing their benefits programs - helping to meet their needs and the needs of their employees. This represents over two million policyholders nationwide.
You will be expected to:
Applicants must have demonstrated success as a Territory/Regional Sales Manager with Worksite / Supplemental Insurance or Management experience in Group Insurance Sales. Compensation and benefits package includes:
Reply with
resume to:
Kdrake@coloniallife.com
Learn more about Colonial at www.coloniallife.com. Colonial Supplemental Insurance is the marketing brand of Colonial Life & Accident Insurance Company. Colonial is an equal opportunity employer. 6. Best’s Review: Insurers Scramble to Underwrite Active Older Adults OLDWICK, N.J.--(BUSINESS WIRE)--Aging is not what it used to be. People today are living longer and stronger with high expectations for their latter years. This phenomenon has created a new type of insurance consumer, the February issue of Best’s Review reports. And this type of consumer will soon be many consumers because the population swell known as the baby boomers is beginning to pass age 60. Insurers have their work cut out for them. And it’s not just financial planners who should be preparing for this particular crowd. Active adults in the their 60s, 70s and 80s, many of whom may still be on the job, will have a huge impact on employee benefits such as disability and group life, workers’ compensation, homeowners and personal-passenger automobile. The February Best’s Review looks at the challenges and opportunities insurers should be anticipating in five different areas: Workers age 55 and older are two to five times more likely than younger workers to have disabilities related to diabetes, cancer and cardiovascular conditions. Medically underwritten immediate annuities may become an important tool as baby boomers seek to create income or protect assets. Some personal-lines carriers are researching new rating criteria for older policyholders. Improved group life benefits could prevent employee shortages by keeping older workers on the job. To sell to older baby boomers, agents and brokers have to introduce a new product via its functional benefits. Baby boomers are used to being in charge and want to know what a product will do for them. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Coastal Insurance “Solutions” Could Make Matters Worse, NAMIC Official Warns in Trade Publication Article INDIANAPOLIS (Jan. 31, 2007) - Changes in the coastal property insurance market that have caused consternation for property owners present a public policy challenge because many measures put forward as “solutions” would actually make matters worse, according to a recent article in The Standard, a leading insurance industry trade publication. The article, authored by Paul Tetrault, Northeast state affairs manager for the National Association of Mutual Insurance Companies (NAMIC), describes the factors that have led to rate increases, mitigation requirements, and nonrenewals, and warns against the adoption of quick-fixes that could ultimately have an effect that is the opposite of what is intended. To read the full article on NAMIC's website, click here: http://www.namic.org/pdf/07TheStandardTetraultReprint.pdf. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. RMS MAKES COMMITMENT TO STUDYING THE IMPACTS AND IMPLICATIONS OF CLIMATE CHANGE Appoints Climate Change Scientist Dedicated to Vital Area of Research Newark, Calif. - February 1, 2007 - Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, has announced the appointment of Dr. Celine Herweijer to the position of Principal Scientist, Future Climate. The role reflects a commitment by the company to explore the evaluation of future climate risk for today's economic, business, and political decisions. Dr. Celine Herweijer is a climate scientist, recognized for her work on modeling drought and the impact of oceans on climate. In her new role, Dr. Herweijer will lead RMS work around the wide-ranging implications of future climate risk. "Just as RMS has pioneered the neutral science-based quantitative perspective on catastrophe risk, we intend to lead the assessment of future risk, both to motivate effective adaptation as well as to provide an independent informed view of what lies ahead," said Hemant Shah, president and CEO of RMS. www.rms.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. U.S. identity theft losses fall: study Thu Feb 1, 2007 9:57am ET - By Jonathan Stempel - NEW YORK (Reuters) - Americans lost about $49.3 billion in 2006 to criminals who stole their identities, an 11.5 percent decline that may reflect increased vigilance among consumers and businesses, a study released on Thursday shows. Losses declined from a revised $55.7 billion in 2005, according to the third annual study by Javelin Strategy & Research. They had increased in each of the prior two years. The average identity theft fraud fell 9 percent to $5,720 from $6,278, while the median -- where half were larger and half were smaller -- held steady at $750. "Businesses are doing a better job screening, and consumers are doing better at locking up information and monitoring their accounts," said James Van Dyke, founder and president of Pleasanton, California-based Javelin, in an interview. "The dollar amount is dropping," he added, "but $49 billion is still a lot of money." According to the study, 8.4 million adult Americans, or one in 27, learned last year that criminals committed fraud with personal data such as credit card or Social Security numbers. That's down from 8.9 million in 2005 and 10.1 million in 2003. Adults under 25, African-Americans, and people who make more than $150,000 were among the groups most likely to suffer fraud, the study said. The youngest adults were also among the least likely to take steps to stop it, the study said. Consumers on average spent $535 to clear up a fraud, though more than half spent nothing, the study said. Many businesses excuse customers from liability for certain frauds. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. St. Paul Travelers posts higher quarterly earnings NEW YORK, Feb 1 (Reuters) - St. Paul Travelers Cos. Inc. (STA.N: ), one of the largest U.S. property and casualty insurers, said on Thursday that earnings rose sharply in the fourth quarter, helped by declining catastrophe losses. St. Paul also said it planned to boost its buyback program by $3 billion, bringing its total repurchase authorization to $3.9 billion, or 11 percent of outstanding shares based on yesterday's closing stock price. Net income increased to $1.19 billion, or $1.68 a share, from $179 million, or 26 cents a share, a year earlier, when the company was hurt by record catastrophe losses and charges to develop asbestos and environmental reserves. The gains follow a brutal fourth quarter in 2005, when the company took a $372 million charge to boost asbestos and environmental liability reserves and suffered $435 million of catastrophe losses. In the fourth quarter of 2006, catastrophe losses reduced operating income by about $13 million. (Additional reporting by Dan Wilchins and Martinne Geller) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. AXA 2006 sales rise nearly 10 pct, shares buoyed By Sudip Kar-Gupta - PARIS, Feb 1 (Reuters) - AXA (AXAF.PA: ), Europe's second-biggest insurer, reported a 9.9 percent rise in 2006 sales on Thursday as robust market conditions spurred higher sales of products throughout the sector. Total sales rose to 78.775 billion euros ($101.9 billion), with turnover boosted by growth across its main businesses. Life and savings new business sales on an annual premium equivalent (APE) basis -- a standard industry measure used to iron out market volatility -- rose 13.9 percent to 6.234 billion euros. In the final 2006 quarter APE sales rose to 1.76 billion euros from 1.41 billion euros in the third quarter. Eleven analysts polled by Reuters gave an average forecast of 6.12 billion euros for annual premium equivalent sales. Property and casualty revenues for the year rose 4.9 percent to 19.793 billion euros, slightly below an average forecast of 19.80 billion euros. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Generali not satisfied with outcome of Intesa merger MILAN, Feb 1 (Reuters) - Generali (GASI.MI: ) CEO said on Thursday Italy's top insurer was not pleased with the outcome of the Intesa Sanpaolo (ISP.MI: ) merger and wanted to see the bank's industrial plan before deciding what to do with its stake. "We are not satisfied with the outcome," Generali CEO Giovanni Perissinotto told reporters when asked whether the group was planning to cut its stake in the new bank. "We want to see the industrial plan, the targets and the final structure, then we will see," he said on the sidelines of a financial conference, without adding details. Generali has been a long-standing insurance partner of Banca Intesa through its unit Alleanza Assicurazioni (ALZI.MI: ) and had said it wanted to become the insurance partner of the merged bank. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Fondiaria near life insurance deal with BPVN - CEO MILAN, Feb 1 (Reuters) - Insurer Fondiaria-SAI (FOSA.MI: ) is close to clinching a life insurance business deal with the whole of Banco Popolare di Verona e Novara (BPVN.MI: ), Fondiaria Chief Executive Fausto Marchionni said on Thursday. He also said Fondiaria and Pop Verona were exploring the possibility of creating a partnership in the non-life sector with Pop Verona, which is taking over smaller peer Banca Popolare Italiana (BPI.MI: ). "(We) are working towards a joint venture, some details are still missing," Marchionni told reporters on the sideline of a financial conference. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Proton Bank to buy majority of International Life ATHENS, Feb 1 (Reuters) - Greek Proton Bank (PRBr.AT: ) said on Thursday it has reached a deal to acquire 51 percent of insurer International Life in cash, strengthening its presence in the bancassurance business. The deal, subject to due diligence and approval by the authorities, is expected to be completed within three months, Proton said in a stock market filing. Proton, whose merger with Omega Bank was completed last September, said it has agreed to pay 1.55 times International Life's book value on Dec 31, 2006 for the majority stake. Proton Bank operates a network of 18 branches. The acquisition will boost Proton's presence in the insurance market, facilitating its entry in bancassurance. It will strengthen its market shares in brokerage and mutual fund management through the subsidiaries of International Life. "The promotion of Proton Bank's products will be enhanced through the sales network of International Life, along with the marketing of insurance products of the expanded group," Proton said. Fokion Bravos will remain as chairman and chief executive of International Life, Proton said. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. AIG’s National Union Fire Insurance Company of Pittsburgh, Pa. Introduces Investment Banking Engagement Insurance Investment Banking Engagement Insurance Allows Investment Banks to Secure E&O Insurance Policies for Services Performed on Specific Transactions - NEW YORK--(BUSINESS WIRE)--National Union Fire Insurance Company of Pittsburgh, Pa.® (National Union), a member company of American International Group, Inc. (AIG), today announced the launch of its Investment Banking Engagement Insurance (IBEI) Policy, a new type of professional liability insurance policy for investment banks to insure a specific transaction against errors and omissions (E&O) claims. For more information, please contact your local AIG office, your insurance broker or email managementliability@aig.com; you can also visit us on the Web at: www.aignationalunion.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. S&P Requests Comments On Economic Capital Review Process For Insurers NEW YORK Jan. 31, 2007--Standard & Poor's Ratings Services said today it is developing a process to assess the internal capital models used by insurance companies worldwide. There is a strong tie between Standard & Poor's enterprise risk management (ERM) efforts and capital adequacy. "We are developing a procedure to review the capital models used by insurers within their ERM processes to augment our view of their capital adequacy," explained Standard & Poor's credit analyst David Ingram. At this stage a detailed proposed scope for the review has been developed. Standard & Poor's is soliciting comments from market participants about the scope of the review as well as suggestions for the types of findings from that review that should be considered favorable practices. www.ratingsdirect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Hub International To Acquire Bart Proud Insurance Expands Growing Presence in Transportation Insurance Brokerage CHICAGO--(BUSINESS WIRE)--Hub International Limited (NYSE: HBG) (TSX: HBG) announced today that it will continue its penetration of the transportation insurance market by acquiring New Jersey-based Bart Proud Insurance (Proud). The $3 million revenue broker has entered into a definitive purchase agreement with Hub International Pennsylvania (HUB Pennsylvania). The proposed transaction will support Hub International’s initiative to expand its transportation insurance specialty focus. Founded in 1964 by Bart Proud, 63, the Manasquan, New Jersey insurance broker specializes in transportation risk and is a managing general agent for Occidental Fire and Marine. www.hubinternational.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Guy Carpenter Announces Successful Implementation of Accounting & Settlement (Phase 1) Initiative Builds on Successful Implementation of Electronic Claims File Initiative LONDON--(BUSINESS WIRE)--Guy Carpenter & Company Ltd., the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), today announced that, building on the successful implementation of the Electronic Claims File initiatives in the London Market, it is now live with the Accounting and Settlement (A&S) Market Repository via the ACORD Document Repository Interface (DRI) standards, for premium submissions to Xchanging Ins-Sure Services. These advances in the use of technology are important in realizing the benefits to all parties in driving for efficiency and productivity in the London Market. "The use of the repository eliminates the need for physical dispatch of documents from the Brokers’ offices to those of Xchanging at Chatham or Folkestone,” said Roy Maddison, Managing Director responsible for Client Support Services for UK clients, Guy Carpenter. “The documents are now transmitted electronically by the broker and are accessed by Xchanging immediately for further processing and signing of the premium values. We have been participating in a live pilot since November 2006 and are already seeing improvements in transaction execution and operational efficiency, with currently more than 750 successful DRI submissions to XIS.” www.guycarp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Arthur J. Gallagher & Co. Acquires InterNational Insurance Group, Ltd. ITASCA, Ill., Jan. 31 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of InterNational Insurance Group, Ltd. of Boston, Massachusetts. Terms of the transaction were not disclosed. Established in 1984, InterNational Insurance Group, Ltd. offers risk management and property and casualty insurance services for their commercial clients in the Northeast. They also specialize in Life Sciences, hospitality and environmental products and services. Jeremy Alderman, Michael Neville and their staff will continue to operate in their Boston location under the direction of Douglas B. Brown, Northeast Regional Manager of Gallagher's Brokerage Service Retail Division. 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. Converium estimates its damages for winter storm Kyrill at around EUR 25-35 million Zug, Switzerland - 1 February 2007 - Based on an assumed industry loss of roughly EUR 5-7 billion, Converium estimates its own loss from winter storm Kyrill at around EUR 25-35 million (gross claim estimate). Kyrill made landfall with hurricane-force winds in Europe on 18 January 2007. Its unusually large footprint created significant damage in eight countries. Paolo De Martin, CFO of Converium: "Kyrill serves as a reminder that winter storms are a major natural peril in Europe, demonstrating the core role of reinsurance in risk mitigation. Converium's losses from the storm reflect our strong market position in Continental Europe and are in line with our projections for a European storm loss which we would expect to occur every five to eight years. The large geographical scale of the event and the extremely high number of small losses mean there is still a degree of uncertainty." www.converium.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. The National Association for Fixed Annuities releases “White Paper on fixed Indexed Insurance Products including ‘Fixed Indexed Annuities’ and other fixed indexed Insurance Products at the National Press Club in Washington DC. Milwaukee, WI - January 31st 2007 – Yesterday NAFA, the National Association for Fixed Annuities, released its White Paper in the main Ballroom of the National Press Club. The audience included industry association personnel from the American Council of Life Insurers (ACLI), Dow Jones Indexes, the National Association of Insurance Commissioners (NAIC), the National Association of Independent Life Brokerage Agencies (NAILBA), the National Association of Independent Financial Advisors (NAIFA), the National Association of Variable Annuities (NAVA) and the Insurance Marketplace Standards Association (IMSA). NAFA members may receive their copy online at the members-only section of the NAFA website at www.nafa.us. Non-members may request a copy at whitepaper@nafa.us. A webcast of the Press Conference will be available in early February. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Parameds.Com (Pdc) Releases Industry Study Mapping The Growth And Future Of “Remote Underwriting” ELI ROWE, CEO OF PARAMEDS.COM DISCUSSES FINDINGS AT 37TH ANNUAL MEETING OF THE METROPOLITAN UNDERWRITING DISCUSSION (MUD) GROUP MEETING (January 30, 2007) Kew Gardens, NY— Parameds.com, a PDC Company, released a comprehensive study analyzing the growing use of remote underwriters in Life, Disability, Long-Term Care, and Health insurance risk management. The study surveyed and interviewed three distinct groups impacted by this growing trend—underwriters currently working from their homes, carriers, and reinsurers. The study was conducted from the second half of 2006 into January of this year. The study is available at the PDC website (http://www.parameds.com/white_paper.html). www.parameds.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. LIA Services, LLC Announces Formation of Insurance Appraisal and Advisory Service February 1, 2007 – Harrisburg, PA - LIA Services, LLC announced today its creation as a national life insurance appraisal and advisory firm. LIA is an independent practice, offering objective advice and implementation solutions for customers of institutional clients such as Investment and Asset Managers, CPA’s, Law Firms, Financial Planners, Charitable Organizations and Financial Institutions. For further information, please contact: Stephen Match at sdmatch@lifeinsuranceappraisers.com or 717-712-4813. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Major Fraud Convictions Mark Eleventh Year of Zalma's Insurance Fraud Letter As Zalma's Insurance Fraud Letter (ZIFL) starts its eleventh year of publication it reports on a Viatical Fraud Perpetrator sentenced to 12 years in federal prison and how terrorists use insurance fraud to fund their acts of terror. ZIFL is published monthly and is available free at http://www.zalma.com or by e-mail by request made to zalma@zalma.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Ebix Likely to Make New Offer for Docucorp within the Few Days ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ: EBIX), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today, announced today that it intends to submit a new offer to acquire all of the outstanding common stock of Docucorp International Inc. (NASDAQ: DOCC) to the Docucorp Board in the next few days. The Ebix spokesman declared that the company intends to submit the new offer with conclusive financial proof of Ebix’s ability to consummate the transaction. On 25th January, Ebix had announced its proposal to acquire all of the outstanding common stock of Docucorp International Inc. (NASDAQ: DOCC) for $11 per Docucorp share in cash and Ebix stock or a total equity value of approximately $140 million. The offer represented a 10.2% premium on the proposed merger offer price given by Skywire Software and a 33% premium to the six months average closing price for Docucorp’s common stock. www.ebix.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Aetna Global Benefits® Introduces Aetna HealthFund® Health Reimbursement Arrangement (HRA) Plan HARTFORD, Conn.--(BUSINESS WIRE)--Aetna Global Benefits (AGB), the international business of Aetna (NYSE:AET), announced today that it will begin offering the Aetna HealthFund® Health Reimbursement Arrangement (HRA) plan to employers with workers on international assignments. This new plan is the latest expansion of the Aetna HealthFund family of plans, which includes consumer-directed products and services for employers of all sizes. www.aetnaglobalbenefits.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Affirmative Insurance Holdings Completes Acquisition of USAgencies ADDISON, Texas--(BUSINESS WIRE)--Affirmative Insurance Holdings, Inc. (Nasdaq:AFFM), a producer and provider of personal non-standard automobile insurance, today announced it completed its acquisition of USAgencies LLC in a fully-financed all cash transaction valued at approximately $200 million. USAgencies is a non-standard automobile insurance provider headquartered in Baton Rouge, Louisiana. It has 92 sales offices in Louisiana, Illinois and Alabama selling its products directly to consumers through its own retail stores, virtual call centers and internet site. In 2005, the company had gross written premium of approximately $157 million. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Fed Rate Action Commentary From Swiss Re Chief US Economist NEW YORK, Jan. 31 /PRNewswire/ -- After today's decision by the Federal Reserve to hold the target fed funds rate at 5.25%, Swiss Re's US chief economist, Kurt Karl, commented, "The economy is probably in a soft-landing, but it is too early to declare victory, so the Federal Reserve Board held interest rates constant at 5.25% today. Economic activity has definitely slowed over the past year and inflation appears to be abating, but it is not low enough -- nor is the economy weak enough -- for the Fed to cut rates. By mid-year, core CPI inflation could be as low as 2.0%, which would allow the Fed to ease if the economy is still fragile. Volatile energy prices, slowing growth and the inverted yield curve have increased the risk of recession, so a cut is likely." "Economic growth has been modest since the first quarter of 2006. The housing weakness appears to be lessening, however, so growth will accelerate as 2007 progresses. Real GDP growth is projected to be below trend growth of 3.0% in the first half of 2007 and above 3% in the second half. Despite the pick-up in growth, core consumer price inflation is forecast to decline to 2.0% year-over-year by the middle of this year, due to the general economic softness. By mid-year, the Fed is expected to cut rates modestly to support the weak, but improving growth. Long-term interest rates will be 4.9%, perhaps higher, by end-2007 supported by accelerating US growth. All-items inflation is forecast to be 1.7% this year, down from 3.2% last year, due to modest oil price pressures," Karl said. "Growth continues to be solid, though slowing, in the rest of the world. Our current forecast assumes the European Central Bank raises rates one more time to 3.75%, while the Bank of England holds rates constant for the rest of 2007, though another hike cannot be ruled out. The Bank of Japan will raise its policy rate, probably to 0.75% by end-2007, while China will tighten monetary policy modestly by allowing the renminbi to appreciation by 3 to 4%. The Bank of Canada is likely to follow the example of the Fed and cut rates modestly. Long-term interest rates in the Euro area are projected to increase modestly in response to ECB tightening, remain in a trading range near current levels in the UK, and rise in Japan as the BoJ raises rates," added Karl. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. RightCHOICE Managed Care to Pay United States $975,000 to Resolve False Claims Act Allegations WASHINGTON, Jan. 31 /PRNewswire-USNewswire/ -- RightCHOICE Managed Care, Inc., has agreed to pay the United States $975,000 to settle allegations that it violated the False Claims Act in connection with providing health care benefits to federal employees and their dependents in the state of Missouri, the Justice Department announced today. The settlement resolves allegations that RightCHOICE overcharged the Federal Employees Health Benefits (FEHB) Program, which is administered by the U.S. Office of Personnel Management. The government alleged that RightCHOICE, which participates in the FEHB Program as part of the Blue Cross and Blue Shield Service Benefit Plan (SBP), passed on excessive costs to the FEHB Program in connection with compensating a preferred provider network of physicians known as "Alliance." The government contended that RightCHOICE paid higher fees to Alliance physicians for serving patients insured through the SBP than these same physicians were reimbursed for providing the same types of ser vices to patients insured through various other health plans. The government also alleged the physicians passed on these higher rates to the Office of Personnel Management as purportedly "reasonable" costs to the FEHB. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Aon Establishes New Agri-Fuels Group to Manage Renewable Fuels Industry Risks CHICAGO, Jan. 31 /PRNewswire-FirstCall/ -- With all signs pointing to an explosion in the bio-fuels marketplace, Aon's Agribusiness and Food Systems Group has created a new unit to focus on the specialized risks associated with the bio-fuels industry. www.aon.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. AXA Equitable Becomes First-Time Super Bowl Advertiser Two New '800-Pound Gorilla' Commercials Will Launch, Focusing on Guaranteed Income for Life NEW YORK, Jan. 31 /PRNewswire/ -- AXA Equitable Life Insurance Company announced today that it will premier two new commercials in its recognized "800-pound gorilla" series of spots in selected cities in connection with Super Bowl XLI. This marks the first time in the company's history that AXA Equitable has advertised during the Super Bowl. The company will also begin advertising on a local basis in nine markets nationwide, an expansion from four markets last year. "As the only insurer dedicating its entire broadcast advertising program to promoting the benefits of annuities, AXA Equitable delivers an excellent value proposition to the affluent pre-retirement market," said Barbara Goodstein, AXA Equitable's Executive Vice President of Marketing and Product Development. "The message of our ads - specifically guaranteed income for life - is quite a departure from the beverages and snacks promotions often seen during sporting events." The national advertising campaign seeks to encourage the approximately 77 million baby boomers in America to stop ignoring the 800-pound gorilla in the room when it comes to their retirement planning and, at the same time, to consider making an annuity from AXA Equitable part of their portfolio. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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