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Subject: INSURANCE NEWSCAST for Monday, 02/05/07 from www.InsuranceBroadcasting.com
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Visit us at www.thehartford.com/vault to register for your program and/or receive more information. 1. Moody's reports: Winter Storm Kyrill to primarily impact reinsurers' earnings, not ratings London, 02 February 2007 -- Preliminary estimates of the insured loss from Winter Storm Kyrill, which struck on 18-19 January 2007, average around EUR5 billion. While losses to individual rated insurers and reinsurers should be manageable, the earnings of some reinsurers will be meaningfully hit, says Moody's Investors Service in its report titled "Winter Storm Kyrill Poised to Primarily Impact Reinsurers' Earnings, But Not Ratings". The seven preliminary estimates published to date of the insured loss range from EUR2.5 billion to EUR8 billion, with the straight average standing at approximately EUR5 billion. "Losses to individual rated insurers and reinsurers are expected to be manageable in the context of their capital strength and earnings capacity," says Dominic Simpson, Moody's Vice President and Senior Credit Officer. "However, we believe there will be a meaningful dent in the earnings of some reinsurers in particular." Although its wind intensity appears to have been less severe than that of Winter Storm Lothar in 1999, Kyrill is notable not only for the wide geographical area that it covered but also for its duration; some areas endured gales for more than 24 hours. As a result, Moody's believes that frequency as opposed to severity will characterise claims emanating from Kyrill. As with any storm event, it will take time for policyholders to submit their claims and for insurers to tally their losses. "While preliminary loss estimates need to be treated with caution, it is already clear that Kyrill is a material catastrophe event," advises Mr Simpson. "If the insured loss is indeed around EUR5 billion, it would rank as the twelfth costliest natural catastrophe since 1970." Moody's believes that reinsurers will shoulder a significant proportion of the insured losses. With the insurance burden likely to be spread across many companies in different countries, it is the relatively limited number of reinsurers writing a meaningful amount of European -- in particular German -- business which are most likely to be affected by this storm event. Furthermore, Moody's believes that the proportion of reinsured losses that is passed onto retrocessionaires is likely to be less than in previous years. On 18-19 January 2007, strong winds produced by Winter Storm Kyrill hit a large number of European countries. Based on information published to date from a number of reinsurers and the major modelling firms, Germany appears to have borne the brunt of the storm. Other affected areas include the United Kingdom, France, Belgium, the Netherlands, Austria, Poland and the Czech Republic. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. AXIS Capital Estimates Net Losses from Windstorm Kyrill Will Be $40 - $55 Million PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital announced today that net losses related to Windstorm Kyrill are expected to be between $40-$55 million. These losses will arise principally from its reinsurance segment. On January 18, 2007, Windstorm Kyrill produced damaging winds across Europe. Kyrill was the most significant storm to affect Europe for several years, causing damage predominantly in Germany as well as in the U.K., Belgium, the Netherlands, Austria, Poland and the Czech Republic. At this time, overall insured market loss estimates from commercial model vendors range from $3 billion to $10 billion. www.axiscapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. XL Capital Ltd Estimates Losses Resulting From European Windstorm Kyrill HAMILTON, Bermuda, Feb. 1 /PRNewswire-FirstCall/ -- XL Capital Ltd (NYSE: XL) ("XL" or the "Company") today announced that, based on current analysis, its pre-tax net loss relating to European Windstorm Kyrill ("Kyrill") is estimated to be in the range of $60 million to $75 million. The majority of XL's losses from Kyrill are expected to come from its reinsurance segment. www.xlcapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Hilb Rogal & Hobbs Acquires Investigative Solutions, Inc. RICHMOND, Va.--(BUSINESS WIRE)--Hilb Rogal & Hobbs Company (NYSE: HRH), the world's tenth largest insurance and risk management intermediary, announced today that it has acquired substantially all of the assets of Investigative Solutions, Inc. (ISI), an Atlanta-based provider of high-level risk management consulting and investigative solutions. Terms of the transaction were not disclosed. Since 1996, ISI has earned a reputation of integrity in the rapidly-evolving risk management consulting and investigative industry. Led by President Harold Copus, a former FBI Agent, ISI employs personnel with experience with local, state, and federal law enforcement. With annualized revenue of approximately $1.5 million in 2006, ISI’s clients include U.S. and international organizations of varying sizes, law firms, executives, and private individuals. www.hrh.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Watson Wyatt Completes Acquisition of Long-Time Partner in the Netherlands WASHINGTON, Feb. 2 /PRNewswire-FirstCall/ -- Watson Wyatt Worldwide, a leading global consulting firm, today announced the completion of the acquisition of Watson Wyatt Brans & Co., its long-time alliance partner in the Netherlands. www.watsonwyatt.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. QBE the Americas Acquires Cumbre Seguros in Mexico NEW YORK, Feb. 1 /PRNewswire/ -- QBE the Americas announced today the acquisition of 100% of Cumbre Seguros, a specialized insurer in Mexico from a group of private investors. The transaction, which is subject to regulatory approval, is estimated to close during the second quarter of 2007. Cumbre Seguros writes commercial property & casualty insurance products for mid and small sized businesses and had gross premiums of US$ 58M in 2006. QBE estimates that the Net Tangible Assets of Cumbre Seguros amount to US$ 26M. QBE Insurance Group is Australia's largest international general insurance & reinsurance group, and one of the top 25 insurers and reinsurers worldwide. It has operations in 42 countries around the world. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. How to Maximize Enrollment Profits! Selling the Legal Club Of America Family Protection Plan will help Enrollment Companies maximize employee participation, address and satisfy a number of pressing employee concerns, and maximize profits during each new and re-enrollment. 80% of the employees visited with will have an immediate need for this program thus making it easier to sell.Our product is available in all 50 states, is priced fairly and offers more benefits to the end user than any competing plan. Anchored by the Family Legal Plan, the FPP network provides members with free & discounted care in each of following specialty areas: Legal Services, Identity Theft Restoration, Tax Preparation and Advice, Financial Education and Credit Counseling, and LifeEvents™ Counseling. For more details, contact Donald A. Rowe at 800-852-6829, ext. 103, or DRowe@LegalClub.com http://www.legalclub.com/include/family_protection_plan.pdf Legal Club is a leading provider of access to free and discounted personal and professional care, including: Legal Services, Tax Preparation & Advice, Identity Theft, Financial Education and Personal Counseling. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Mankind to blame for global warming say scientists Fri Feb 2, 2007 1:58pm ET - By Gerard Wynn and Alister Doyle PARIS (Reuters) - Mankind is to blame for global warming, the world's top climate scientists said on Friday, sending governments a "crystal clear" warning they must take urgent action to avert damage that could last for centuries. The United Nations panel, which groups 2,500 scientists from more than 130 nations, predicted more droughts, heatwaves and a slow gain in sea levels that could continue for more than 1,000 years even if greenhouse gas emissions were capped. The panel's report predicts a "best estimate" that temperatures would rise by between 1.8 and 4.0 Celsius (3.2 and 7.8 Fahrenheit) in the 21st century. "Faced with this emergency, now is not the time for half measures. It is the time for a revolution, in the true sense of the term," French President Jacques Chirac said. "We are in truth on the historical doorstep of the irreversible." The scientists said it was "very likely" -- or more than 90 percent probable -- that human activities led by burning fossil fuels explained most of the warming in the past 50 years. That is a toughening from the Intergovernmental Panel on Climate Change's (IPCC) last report in 2001, which judged a link as "likely", or 66 percent probable. Extreme weather may be becoming more frequent. Fourteen people died in storms and at least one tornado in central Florida on Friday. Other possible signs include drought in Australia or record high winter temperatures in Europe. Many governments, U.N. agencies and environmental groups urged a widening of the U.N.'s Kyoto Protocol, which binds 35 industrial nations to cut emissions by 2012 but excludes top emitters led by the United States, China and India. "The signal we've received from the scientists today is crystal clear and it's important that the political response is also crystal clear," said Yvo de Boer, head of the U.N. Climate Secretariat. A 21-page summary of IPCC findings for policy makers outlines wrenching change such as a possible melting of Arctic sea ice in summers by 2100 and says it is "more likely than not" that greenhouse gases have made tropical cyclones more intense. The report projects a rise in sea levels of between 18 and 59 centimeters (7 and 23 inches) in the 21st century -- and said bigger gains cannot be ruled out if ice sheets in Antarctica and Greenland thaw. "There is no single solution," the International Energy Agency said. It wants more energy savings, more renewable energy, nuclear power and efforts to make fossil fuels cleaner. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. FACTBOX: U.N. climate panel report Fri Feb 2, 2007 10:38am ET - (Reuters) - Following are details of a report by the U.N. climate panel released in Paris on Friday. The Intergovernmental Panel on Climate Change (IPCC) groups 2,500 researchers from more than 130 nations and is the most comprehensive overview of climate change for guiding policy makers. The last IPCC report was in 2001. EVIDENCE OF HUMAN CAUSES - "Most of the observed increase in globally averaged temperatures since the mid-20th century is very likely due to the observed increase in anthropogenic (human) greenhouse gas concentrations," it says. The IPCC says "very likely" means at least a 90 percent probability. The 2001 report said it was "likely" that human activities were the dominant cause of warming in the last 50 years, or at least a 66 percent probability. - "The level of confidence that humans are causing global warming has increased a lot," lead author of the report, Peter Stott, told Reuters. "We have more models, better corroboration, a longer observation period and better methodologies." - "If you look at the way temperatures have evolved on individual continents you see very clearly that the models only predict this correctly if you include human greenhouse gases," he said TEMPERATURE RISES - The range of possible temperature increases this century has increased to 1.1 to 6.4 degrees Celsius in this report from 1.8 to 5.4 degrees in the IPCC's previous report published in 2001. - The projected temperature increase to 2100 has risen largely because it is now considered that global warming will make nature less able to absorb carbon dioxide. This alone could raise estimates by more than 1 degree this century - For the first time the IPCC gives "best estimates", giving greater certainty than predictions in earlier reports. The best estimates range is for a 1.8 to 4.0 degrees temperature rise by 2100 - Only one of the six scenarios analyzed generated a best estimate of less than 2 degrees warming this century (1.8 degrees). The EU target is for no more than 2 degrees average warming above pre-industrial levels. Temperatures have already risen 0.7 degrees in the past century - "Before (IPCC) temperature ranges were an expert judgment, now they are based on a much more solid footing," said lead author Stott - "For the first time we have a best estimate of what we can achieve if we keep emissions levels lower," the report Chair, Susan Solomon, told Reuters. "I want politicians to do their job and I'll do my job," she said -- declining to comment on the world's ability to curb emissions - The report does not include the possible warming impact of methane, a potent greenhouse gas, escaping from melting permafrost: "We don't have enough evidence to tell its importance on the global scale," said Solomon - It is "very likely" that extremes such as heatwaves and heavy rains will become more frequent. - Warming is expected to be greatest over land and at high northern latitudes, and least over the Southern Ocean and North Atlantic. SEA LEVEL RISES - The report cites six models with core projections of sea level rises ranging from 18 to 59 cm this century. That is a narrower and lower band than the 9 to 88 cm gain (3.5-34.6 inches) forecast in 2001 - If the Greenland ice sheet melts in the future proportionally to the temperature rises then sea levels would rise by up to 79 cm, not 59 cm, this century - Some models show an ice-free Arctic in summer by 2100 (meaning that sea ice floating in the water disappears, but not ice resting on Greenland) - If the Greenland ice sheet melted completely that would lead to a 7 meter sea level rise - "A 7m rise is not something imminent but would happen if you sustain a temperature increase over 3 degrees for millennia," Jurgen Willebrand, the report's author with special expertise in ocean effects, told Reuters CHANGING OCEAN CURRENTS - The report predicts a gradual slow-down this century in ocean currents such as the one which carries warm water to north-west Europe - "It's very unlikely there will be an abrupt breakdown in ocean currents in the 21st century," said Willebrand. "Most models predict a gradual slowdown this century but you shouldn't expect a fall in temperatures (in Europe), because global warming is happening." HURRICANES - The report says it is "more likely than not" that a trend of increasing intense tropical cyclones and hurricanes has a human cause - It expects such tropical cyclones to become more intense in the future - "There may not be an increase in number, there may be a re-distribution to more intense events -- which is what has been observed in the Atlantic since 1970," lead author Stott told Reuters OTHER OCEAN EFFECTS - There is some evidence of falling oxygen levels in the upper ocean, said Willebrand. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Tankers may ship water to parched cities of future Fri Feb 2, 2007 1:39pm ET - By Stefano Ambrogi LONDON (Reuters) - Fleets of supertankers could one day ply the world's oceans laden not with oil but fresh water. Sounds far-fetched? In Paris on Friday the world's top climate scientists issued the strongest warning yet that human activity was heating the planet. They forecast temperatures would rise by between 1.1 and 6.4 degrees Celsius this century. By 2100, water scarcity could impact between 1.1 and 3.2 billion people, says a leaked, related U.N. climate study due to be published in April. China and Australia, as well as parts of Europe and the United States would face critical water shortages, it says. Maritime experts say shipping water by tanker is one of the least eccentric ideas raised of late to counter acute shortages. Dragging icebergs from the Arctic, ships hauling enormous bags of fresh water, and cloud seeding -- in which clouds are sprayed with chemicals to induce rain -- have all been aired by water authorities in the past. "You can ship any liquid commodity if the money's right," said Bill Box, spokesman for Intertanko, the world's largest association of tanker owners. Tankers would need to be specially coated for the water trade or built as a dedicated fleet. In 1996, the World Bank's then water resources manager, John Hayward, said: "One way or another, water will be moved around the world as is oil now." © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Global warming report may trigger lawsuits: lawyers Fri Feb 2, 2007 11:36am ET - By Alister Doyle and Gerard Wynn PARIS (Reuters) - A U.N. report saying global warming is man-made could trigger more lawsuits against big industrial emitters despite vast hurdles in pinning down blame for floods, droughts or rising seas, lawyers said on Friday. "We're entering a new era," said Audley Sheppard, a partner at Clifford Chance law firm in Britain. He said major emitters of greenhouse gases could no longer argue they were unaware of the risks after top climate scientists said on Friday they were 90 percent sure humans were to blame for most global warming since 1950. "Carrying on with business as usual could be viewed as negligent in future," he said. Until now, countries or firms could say there was doubt because the U.N. climate panel had been just 66 percent sure of a link to human activities. Lawyers noted it took years for courts to crack down on health dangers such as asbestos and tobacco, even when there was clear scientific evidence of harm. Greenhouse gases, led by carbon dioxide from burning fossil fuels, mix into the atmosphere. That makes it hard to quantify which percentage of any claimed damage could be reasonably pinned on emissions by any country or company. A "problem is that it's damage from a diffuse set of sources ... so it's less easy to establish causation," said Vanessa Havard-Williams, a partner at international law firm Linklaters. SUPREME COURT Among prominent lawsuits, the U.S. Supreme Court heard a case in November 2006 brought by a dozen states and 13 environmental groups saying greenhouse gases from burning fossil fuels should be regulated by the government. It is expected to rule by mid-2007. The state of California last year accused six automakers of causing billions of dollars in damages in the state because of greenhouse gases from the tailpipes of their vehicles. "The California damages case has made people think that (climate lawsuits) are a serious possibility," said Peter Roderick, director of the Climate Justice group, which is linked to environmental group Friends of the Earth. He said governments were increasingly worried by potential claims for damages. "There is more talk than 2-3 years ago about a 'Compensation Protocol' to the U.N. Climate Convention," he said. Sheppard said global warming was unlikely to trigger a slew of lawsuits such as against many tobacco producers, who covered up evidence that smoking kills. Lung cancer was statistically easier to link to smoking than tying global warming to more storms, droughts or floods since extreme weather occurs naturally. Most climate cases are civil actions which require merely 51 percent certainty to win -- U.S. law seeks a "preponderance of evidence" and British law a "balance of probabilities". Roderick said the law was slow to match scientific warnings. In 1898, British factory inspector Lucy Deane wrote a report documenting "evil effects" of asbestos dust because of the "sharp, glass-like jagged nature of the particles", he said. "Asbestos is an interesting lesson," he said. "It was socially useful because it can save lives by preventing fires. Carbon dioxide is the same -- we need it but too much is harmful." © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. NAMIC Testimony Helps Indiana Premium Tax Bill Pass House Committee INDIANAPOLIS (Feb. 1, 2007)—The National Association of Mutual Insurance (NAMIC) provided supporting testimony yesterday, as Indiana took a step forward in attracting more insurance jobs to the state by lowering its insurance premium tax to 1 percent.“The House Insurance Committee’s unanimous approval of HB 1250 is a tremendous start for the bill, but there is a long legislative road ahead,” said Tami Stanton, NAMIC Central Region State Affairs Manager. “By lowering the premium tax, Indiana will be more competitive with states such as Illinois, Iowa, Nebraska, South Carolina and Wyoming that, in general, have lower premium tax rates than Indiana’s current 1.3 percent.” Link to HB 1250 - http://www.in.gov/legislative/bills/2007/IN/IN1250.1.html www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. White Mountains Grows Book Value per Share by 21% to $406 in 2006 HAMILTON, Bermuda, Feb. 2 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ended 2006 with a fully converted tangible book value per share of $406, an increase of 9% for the quarter and 21% for the year, including dividends.Ray Barrette, Chairman and CEO, said "I am pleased with our 2006 performance. The OneBeacon IPO contributed 5 points of return to an already good year, where all our businesses, including White Mountains Re, performed well. Once again, we had superior investment results. I am now fully engaged in White Mountains' affairs and am pleased with the good progress we are making on many fronts." www.whitemountains.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. MetLife Believes Negative Savings Rate is a Bellwether for the Future of the American Dream NEW YORK--(BUSINESS WIRE)--MetLife, a leading insurance and financial services company, believes today’s announcement by the Commerce Department about the negative U.S. savings rate, which is at its lowest level in 70 years, is a bellwether for the future of the American dream. The lack of savings, combined with the seismic shifts that have occurred in our society in the last few decades with regard to pensions, Social Security and health care, are increasingly putting the dream out of reach for most Americans. For the first time since the Great Depression, many individuals will need to fund and finance the risks that had previously been managed, in large part, by the government or their employer. Today, individuals are feeling a tremendous amount of stress at having to manage their financial futures. A new study commissioned by MetLife -- The MetLife Study of the American Dream -- reveals that 60% of working Americans feel they carry more financial burdens than their parents did, and the overwhelming majority feel this burden will continue to grow for future generations. “While the shifting burdens make chasing the American dream more challenging, as a society we’re making it harder with ratcheting expectations fueling a constantly rising bar,” Beth Hirschhorn, senior vice president and chief marketing officer, MetLife. “We know that the American dream is practically out of reach for most Americans and that it’s running on the fumes of optimism. So, in order to reconcile or rationalize how hard it is to achieve the dream with Americans’ desire to hold on to this American ideal, individuals have redefined the dream. It's no longer a destination, it's a never-ending pursuit.” The burden shift is a function of both real and psychological factors: real from the standpoint that responsibility for burdens such as health care and retirement are increasingly shifting to the individual; and psychological because contemporary society’s focus on materialism is a source of on-going, self-induced stress. Younger Americans –- Generation Y (born 1977-1994*), in particular -- feel the pressure to buy more and better material possessions. A strong majority (66%) of working Americans also feel the bar is constantly rising when it comes to the basic necessities of life; items that were previously considered luxuries have now become necessities, including Internet access at home, a cell phone and cable television. Despite this, when asked about their own situation, more than two-thirds of all Americans say they would be satisfied with having enough money to meet their basic needs, rather than wanting to be rich. Surprisingly, 53% have had to change jobs (or may need to change jobs in the future) to maintain an income to meet their basic needs and 69% say that if they earned more money they would save most of the additional income rather than spend it. To download a copy of MetLife’s American Dream study, visit www.metlife.com/AmericanDream. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Advisen Analyzes Impact of Shareholder Derivative Suits on Corporate Boards and Their Insurers New Brief Finds Suits Connected to Backdated Options and Other Fiduciary Breaches May Not Result in Blockbuster Monetary Settlements, But May Add Up to Major Losses Over Time NEW YORK--(BUSINESS WIRE)--New shareholder activism, in the form of derivative actions, may pose the next threat to corporate boards and directors and officers liability insurers as the number of suits mounts and defense costs and awards begin to add up to substantive liability insurance claims and personal losses to directors and officers, according to a new brief released today by Advisen Ltd., the leading provider of information, analytics and benchmarking for the commercial insurance industry. www.advisen.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Close to 70 Percent of Consumers Still Fear Online Credit Fraud Despite Retailer Efforts, Mintel Report Reveals Consumer Concerns Regarding On-Line Purchasing CHICAGO--(BUSINESS WIRE)--Consumers are escalating their purchases on the Internet, but concerns still remain regarding the safety of online purchases. According to a recent Mintel report, close to 70 percent of respondents are either “very concerned” or “somewhat concerned” that their credit or debit card information will be stolen if they purchase things on the Internet. Retail, banking and credit companies have implemented aggressive programs to combat these fears, but consumers are still skeptical about secured information. www.mintel.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Brookings Briefing: A Tax Policy Center Event New Directions in Health Policy: A Discussion of the President's Tax-Based Health Insurance Proposals WASHINGTON, Feb. 1 /PRNewswire-USNewswire/ -- President Bush has proposed a new plan to use the tax code to expand health insurance coverage. Supporters of the proposal argue that it would help millions of Americans who lack insurance, gain coverage; level the playing field between employer-based and individual "non-group" insurance plans; and remove the incentive to overspend on health care through overly generous employer-funded insurance plans. Opponents call it a dangerous and misguided attack on an employment-based system that works well for most working-age Americans and their families. On February 9, the Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute, will gather some of the nation's foremost experts to discuss the issues raised by the President's proposal. The first panel will consider the benefits and challenges of the President's plan; the second panel will explore the best ways for the nation to make the health care market work for all Americans. Friday, February 9, 2007 - 1:00 p.m. -- 3:00 p.m. - The Brookings Institution, Falk Auditorium, 1775 Massachusetts Avenue, NW, Washington, DC. RSVP: Please call the Brookings Office of Communications, +1-202-797-6105 or visit http://onlinepressroom.net/brookings/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. EIG Mutual Holding Company Announces Full Exercise of Over-Allotment Option RENO, Nev., Feb. 1 /PRNewswire-FirstCall/ -- EIG Mutual Holding Company (to be renamed Employers Holdings, Inc.) (NYSE: EIG) today announced that the underwriters of its initial public offering have notified it that they have elected to purchase, pursuant to their over-allotment option, an additional 4,012,500 shares of common stock at the initial public offering price of $17.00 per share. All of the additional shares of common stock are being sold by EIG Mutual Holding Company. Morgan Stanley & Co. Incorporated is serving as the sole lead bookrunner of the offering, and Cochran Caronia Waller Securities LLC, Fox-Pitt, Kelton Incorporated and Keefe, Bruyette & Woods, Inc. are the co-managers of the offering.The Company and its subsidiaries specialize in workers' compensation insurance and services. The Company is headquartered in Reno, Nevada. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. MBIA Announces $1 Billion Share Repurchase Authorization ARMONK, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE: MBI) announced today that the Company’s board of directors has authorized the repurchase of up to $1 billion of its outstanding shares in the open market. This new program will replace the approximately 5 million shares remaining in the board’s August 2004 authorization. www.mbia.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. CRAFund Advisors is Now Community Capital Management New Name Represents Manager’s Community-Based Investment Style FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--CRAFund Advisors, Inc. has changed its name to Community Capital Management, Inc. to better reflect the focus of its unique, community-based investment approach. The Ft. Lauderdale, Florida-based investment manager, founded in 1998, has become one of the nation’s largest fixed income money managers focused exclusively on securities that finance community development activities. Since inception, through institutional clients’ separate accounts and through the mutual fund it manages, The CRA Qualified Investment Fund (CRAIX), Community Capital Management has directed the purchase of at least $2 billion worth of bonds that have financed hundreds of thousands of affordable housing units, supported affordable healthcare, contributed to environmental restoration, and helped spur job creation and job training among other community and economic development activities. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Government Accountability Office (GAO) Reports
The Government Accountability Office (GAO) today released the following
reports, testimony, and correspondence:
Children's Health Insurance: State Experiences in Implementing SCHIP
and Considerations for Reauthorization, by Kathryn G. Allen, director,
health care, before the Senate Committee on Finance. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Vision Loss Costing Medicare Billions Non-Eye Related Maladies and Healthcare Needs Increase Significantly in Those with Vision Loss SAN FRANCISCO, Feb. 1 /PRNewswire/ -- According to a study published today in the journal Ophthalmology, poor vision is costing Medicare more than $2 billion per year in non-eye related maladies and healthcare needs. As a result, the American Academy of Ophthalmology is calling for Medicare and other medical insurance plans to place a stronger emphasis on providing preventive eye care for all Americans."With the soaring costs of health care, this study is an important reminder that preventing vision loss saves both sight and money," said H. Dunbar Hoskins, MD, executive vice president for the American Academy of Ophthalmology. www.aao.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Taking Healthcare to the Bank Banking on Better Healthcare Featured at the Fifth National Medical Banking Institute FRANKLIN, Tenn., Feb. 1 /PRNewswire/ -- The Medical Banking Project, a pioneering authority on the convergence of banking and healthcare to dramatically reduce healthcare costs, has announced its 5th National Medical Banking Institute to be held March 5-7, 2007 in Marietta, GA. Hosted at the beautiful Marietta Conference Center & Resort near Atlanta, the Institute provides a robust educational program showcasing the future of how banks are working with care providers, health plans, large employers, technology firms and consumers. "We're carving out the national agenda for an exciting new industry at the Institute," comments John Casillas, founder of MBProject. "On our collective journey towards better healthcare using technology, banks are uniquely positioned to catapult emerging eHealth projects around the country into a secure, seamless, consumer-oriented network. Getting there requires leadership and vision and that's what the Institute offers." Along with MBProject members like Disney, Exante, Sanofi-aventis, ACS, Fifth Third, Wachovia, PNC Bank, US Bank, McKesson, Visa, PricewaterhouseCoopers, BearingPoint, Fiserv Health and more, attendees engage in policy dialogue, review best practices, comment on evolving models and collectively add input to version 3 of "A Medical Banking Road Map For America," provided to commerce, government and academia. Working sessions are highly interactive and focus on pricing transparency, moving personal healthcare records via banks, "community care platforms" that link safety net resources into a bank-driven program and more. Seven educational tracks include: bank-driven revenue cycle management, electronic and personal healthcare records, value in health, innovations in consumer-driven healthcare, Medical Banking 101, a new Medical Banking Venture Capital Forum and repeat sessions. The event will also feature a Pandemic Influenza Panel with the World Bank, National Governors Association outreach to banks, a Health Record Banking Panel and much more. A new "MBlog" will catalogue important announcements. Register today and save at http://www.mbproject.org/5MBI2007_registration.php or you can call 615-794-2009. www.mbproject.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Versata Distribution Channel Management Enables Full Transparency of Commissions to the End Consumer AUSTIN, Texas, Jan. 31 /PRNewswire/ -- Versata announced today that its Distribution Channel Management(TM) (DCM) solution for Insurance and Brokerage companies enables full transparency of compensation to the end consumer. The new functionality, available as part of the newly released DCM 3.0, comes in response to regulatory changes that require financial services organizations to disclose, up front, all of the compensation that would be paid for a business transaction. Responding to the market need to provide transparency into commissions, Versata announces this additional functionality to facilitate full disclosure for all types of compensation based upon the payment rules, product information, and supporting data that are used to calculate the payment of commissions after a sale. These tools extend the solution's existing capabilities and allow for the up-front determination of actual compensation amounts without affecting compensation calculations for completed sales and without duplicating rules and data. "The Insurance and Brokerage business is facing an ever increasing need to provide full disclosure of compensation to end consumers prior to the completion of a sale," said Leela Kaza, general manager of Versata's financial services business unit. "Versata helps our customers provide the necessary information at the point of sale, without additional cost or infrastructure." www.versata.com/solutions/insurance.htm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Access to Benefits Coalition/NCOA Say Collective Action Needed to Find and Enroll Remaining Beneficiaries in Medicare Rx Extra Help WASHINGTON, Jan. 31 /PRNewswire-USNewswire/ -- According to a report issued today at a Senate Special Committee on Aging hearing on whether Medicare Part D is working for people with limited income and resources, between 3.4 and 4.4 million Medicare beneficiaries remain eligible for the low-income subsidy (or Extra Help) through the Medicare's Prescription Drug program, but still have not signed up. The report, titled "The Next Steps: Strategies to Improve the Medicare Part D Low Income Subsidy," was released by the Access to Benefits Coalition (ABC) and the National Council on Aging (NCOA). "While the promise of meaningful prescription drug coverage has been met for over 90 percent of people with Medicare, signing up those who need the most help remains serious and unfinished business," said James Firman, ABC chair and president/CEO of the National Council on Aging. For a copy of the report or to see other background materials, the report and the testimony, go to the Newsroom at http://www.NCOA.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. AtPrime.com Adds Pension Limit Lookup For Consumers To Its PENSION HELPER Service NEW YORK, Jan. 31 /PRNewswire/ -- AtPrime Media, Inc. the sponsor of http://www.atprime.com, one of the top age 50+ web services, announced today an addition to its highly valued consumer service YOUR PENSION HELPER, whereby consumers will be able to dial up their maximum employee and employer contribution limits for all types of qualified plans, as well as their insurance pension payouts payable from defunct Defined Benefit Plans insured by the Pension Benefit Guarantee Corporation (P.B.G.C.). Mr. Tananbaum, CEO of AtPrime Media, Inc. said upon launch of its new service: "We are, I believe, the only consumer oriented web service to date to provide comprehensive coverage of Defined Benefit and Defined Contribution plans; not only for the current year, but for back years." Plan Limitations are contained in THE PENSION HELPER in the "Qualified Plan Limitations" channel and covers years 2007 through 1996. www.atprime.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Court Decision Validates Michigan Insurance Laws, Says AIA LANSING, MI, Jan. 31, 2007 – The American Insurance Association (AIA) today praised a common sense ruling by the U.S. Court of Appeals for the Sixth Circuit that validates and upholds Michigan’s insurance code by rejecting duplicative methods for enforcement. “The Court rightly discarded this effort by class action lawyers to create a separate enforcement mechanism as a way around Michigan’s insurance laws,” said David Snyder, AIA vice president and assistant general counsel. “It is a common sense ruling that says there are established laws and regulations covering the actions of insurers and those are the standards by which grievances should be judged and any penalties doled out.” www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Dynamic market to drive agents to PIACT’s 2007 Annual Convention HARTFORD, CONN.—More than 500 insurance professionals are expected to take part in the Professional Insurance Agents of Connecticut Inc.’s Annual Convention, March 12-13, 2007, at Foxwoods Resort Casino, Mashantucket, Conn. The event, which is designed to help provide agents navigation in the changing insurance market, offers a multitude of continuing education sessions, benefiting their businesses and their clients. “This is the largest gathering of insurance professionals in the state—and it continues to grow each year,” said John V. DiMatteo, CFP, CCPS, president of PIACT. “The Annual Convention serves as a staple event where industry experts can gather to find out what’s going on in the field; to increase their knowledge with valuable continuing education opportunities; and to share their own experiences and solutions.” To register, or for more information, contact PIACT’s Education and Conference Department at (800) 424-4244, e-mail conferences@pia.org, or, logon to PIA’s Web site and type ED16245 in the Quick-Link box. www.pia.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. HR.com Secures Three Dynamic Business Leaders and HR Industry Thought Leaders as Keynote Speakers Employers of Excellence National Conference 2007 to feature addresses by Keith Ferrazzi, Jon Couture and Michael G. Winston January 31, 2007 (Aurora, ON) – HR.com, the largest online community and social network for HR professionals, today announced that Keith Ferrazzi, CEO, Greenlight Consulting; Jon Couture, Executive Vice President of Corporate Human Resources, National City; and Michael G. Winston, Managing Director and Chief Leadership Officer, Countrywide Financial Corporation will be the first additions to a growing roster of high profile speakers at their upcoming Employers of Excellence National Conference 2007. The conference will be held October 22nd to 24th in Las Vegas, Nevada at the Red Rock Casino Resort & Spa. www.hr.com/2007event Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. ICBA Commends FDIC’s Decision on Commercial ILCs Washington, D.C. (January 31, 2007)-- Terry J. Jorde, chairman of the Independent Community Bankers of America (ICBA) and president and CEO of CountryBank USA, Cando, N.D., issued the following statement on the FDIC’s decision to extend its moratorium on approving applications by commercial enterprises for industrial loan companies (ILCs). “ICBA commends the FDIC for doing the right thing by extending its moratorium on applications by commercial companies to own an ILC. Maintaining the separation of banking and commerce is a long-standing national policy that has kept our nation’s economy strong, vibrant and diverse. This decision by the FDIC is an important step toward ensuring the continued safety and soundness of our financial system. “ICBA has led the fight to keep commerce and banking separate and we will continue to fight until the opportunity for commercial firms to own banks is permanently closed through legislation. ICBA calls on Congress to quickly pass H.R.698, a bill introduced this week by Reps. Barney Frank (D-Mass.) and Paul Gillmor (R-Ohio) that closes the ILC loophole in the Bank Holding Company Act. www.icba.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. MarketStance Updates Insurance Market Analysis Tool: Brings Data Current through 2005 Middletown, CT (February 1, 2007) – MarketStance, the business information and analytical services firm specializing in the U.S. insurance industry, today announced the release of its annual commercial lines data update. The update brings premium, insurable exposures and business forecast information current through 2005 for the 28.6 million establishments comprising the U.S. commercial lines marketplace. MarketStance Version 2005-0 incorporates source data categorized according to the 2002 North American Industrial Classification System (NAICS). MarketStance continues to offer clients translations into a Standard Industrial Classification (SIC)–like format, as well as mapping to industry standard liability classification codes. However, using 2002 NAICS coded sources helps ensure that the MarketStance data provide the most current possible view of the U.S. economy. The 2002 NAICS data also enable more detailed market data, such as the newly available breakouts on residential remodelers, which is of interest to insurers writing construction classes. www.marketstance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. A.M. Best Releases BestLink® for Excel,® a Web Services–Based Data Retrieval Tool OLDWICK, N.J., February 2, 2007—A.M. Best Co. has introduced BestLink for Excel, which allows users of several key financial products to download data directly into their spreadsheets from the A.M. Best Web site. This online offering is the first to use A.M. Best’s Web Services architecture and online Global Insurance & Banking Database. A.M. Best is using the latest technology to provide access to the most recent financial and rating information from within Microsoft Excel. For more information about BestLink for Excel, please visit www.ambest.com/sales/bestlinkforexcel.pdf. For more information about A.M. Best’s Insurance Industry Financial Suite, visit www.ambest.com/sales/statement or call Corporate Sales at (908) 432-2200, ext. 5311. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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