Daily Quote: "Brevity is the soul of wit." - - William Shakespeare
1. The Hurricane Law Group Announces Class Action Suit Against Citizens Property Insurance Corporation Lawsuit Seeks Proper Payment for Impact Resistant Windows and/or Hurricane Shutters for Thousands of Floridians Whose Homes Were Damaged During Hurricane Wilma BOCA RATON, Fla.--(BUSINESS WIRE)--The Hurricane Law Group today announced that a class action lawsuit has been commenced in the Dade County Circuit Court on behalf of Miami-Dade and Broward County residents whose homes were insured by Citizens Property Insurance Corporation (“Citizens”) during Hurricane Wilma and who suffered window damage. The Complaint alleges that Citizens failed to pay and/or properly adjust claims in Miami-Dade and Broward Counties by ignoring the Florida Building Code’s requirements with regard to the replacement of windows damaged or destroyed by Hurricane Wilma. These requirements necessitate replacing hurricane damaged windows with either high impact glass or non-impact glass and a hurricane shutter. Citizens disregarded the Florida Building Code in its claims adjustment, and policyholders were only paid to repair their damaged windows with simple glass window replacements. As a result tens of thousands of Floridians were underpaid for their Hurricane Wilma losses and are now at risk should another storm strike South Florida. The Florida Building Code was created after Hurricane Andrew to protect Miami-Dade and Broward County residents from wind damage. By ignoring the Florida Building Code, Citizens is putting South Floridians at increased risk from future storms and lowering the prescribed hurricane resistance of thousands of homes in South Florida. The lawsuit charges that Citizens’ actions are negligent and evince a reckless disregard for the rights and safety of the residents of Florida. “This is a public safety issue that impacts all of South Florida,” stated Paul Berger, Managing Attorney of the Hurricane Law Group. “Homeowners relied upon Citizens’ adjusters to conduct fair and honest damage evaluations after Hurricane Wilma. They used these evaluations and the monies paid by Citizens under them to repair their home. We believe that these damage evaluations were intentionally incorrect and shows Citizens’ utter disregard for the safety of South Floridians,” continued Berger. The Hurricane Law Group strongly suggests that all South Floridians who suffered damages from Hurricane Wilma review their insurance claim summaries to see if they were underpaid by their insurance company. The firm is offering a free consultation with an attorney to review damage evaluations for any South Floridian who believes that they were underpaid or has any questions on their claim or how the suit may impact them. Floridians can call toll free 1-888-FLA-CLAIM (888-352-2524) to arrange an attorney review. www.hurricanelawgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Prop 103-Style Regulations of Health Industry Needed to Combat Insurer-Doctor-Hospital Price Gouging, Consumer Group Says SANTA MONICA, Calif., Feb. 6 /PRNewswire-USNewswire/ -- As health insurers, hospitals, and doctors join up today in a lobbying effort to ensure there are no controls on how much they can charge, a consumer group called on legislative leaders to champion Prop 103-style regulation for the health care industry to guarantee that patients can afford health insurance coverage. Prop 103 requires that property and casualty insurers justify their premiums to the state, but no such law currently applies to HMO and health insurers. In the letter to Assembly Speaker Nunez and Senate Pro Tem Perata, the Foundation for Taxpayer and Consumer Rights (FTCR) wrote: "Your intent to cover all or almost all of the uninsured without raising overall health spending is admirable. Yet unless your aim of controlling health care costs extends to curbing the waste, fragmentation and profit demands of the private insurance and HMO system, universal health care will remain unaffordable -- for the state, for employers and for individuals. The state's insurers and HMOs, who have actively undercut Californians' access to health care, will be least willing to share responsibility for change... "Any universal reform that includes private insurers must require them to justify current rates and proposed premium changes. California needs an effective regulatory review like that required of auto and property/casualty insurers under Proposition 103, which forces them to justify their premiums. As you know, State Farm, Farmers and Safeco agreed to reduce homeowner rates by $478 million in the last few weeks alone. A robust regulatory review can just as easily follow the health care money trail and ensure that premiums are not excessive." FTCR noted that a proposal in Governor Schwarzenegger's health care plan to cap health insurer overhead costs at 15% is insufficient to ensure that rates are affordable and will likely lead to health care inflation. In the letter FTCR wrote: "Requiring that 85% of premium revenue go to health care will, in the absence of rate review and approval, perversely encourage insurance companies and HMOs to overpay doctors and hospitals, and buy up medical practices in order to reap more income within the percentage allowed." FTCR explained that the two models for Governor Schwarzenegger's health care reform -- Massachusetts' recent reforms and California's workers compensation overhaul -- have had big problems. Massachusetts has been unable to establish an affordable policy for residents to buy under the mandatory insurance laws. Governor Schwarzenegger's workers compensation overhaul has prevented injured workers from receiving much needed benefits. "Workers comp is the perfect example of 'shared responsibility' being borne only by working people who lack political clout," FTCR's Jamie Court, Jerry Flanagan and Judy Dugan wrote. "You will face intense pressures from the same groups that profited through turning the state's back on the most seriously injured workers: the corporate groups and insurance companies that pay California's lobbyists and finance elected officials' campaigns. For that reason, requiring insurers to insure all comers, price health plans by community -- and submit their rates for prior approval with review of overhead and profit -- must be the first steps to universal health care. "Otherwise, your proposals' good intentions and high motives will be undercut by out of control health care inflation and pressures to continually reduce the quality of 'basic' insurance. Even small steps, like covering all children, will cost the state more than it can afford. Universal coverage will again be a pipe dream." FTCR is California's leading public interest advocacy group. For more information visit us on the web at: http://www.ConsumerWatchdog.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. DINALLO ANNOUNCES DOW JONES FORMS CAPTIVE INSURER IN NEW YORK Acting Insurance Superintendent Eric R. Dinallo today announced that the New York State Insurance Department has licensed Bergstresser Insurance, Inc., as a captive insurance company. Bergstresser will insure the risks of Dow Jones & Company, a business and financial publishing company with properties including the Wall Street Journal and Barron’s. "The Insurance Department welcomes Bergstresser and congratulates Dow Jones on taking advantage of all that New York offers to captive insurance companies," Acting Superintendent Dinallo said. "New York, with its investment management talent and vibrant financial services industry, is the natural home for captives, and proposed new legislation would open up this opportunity to an even broader range of companies." Captives are unique, freestanding entities that are created when a business or group of businesses form a corporation to insure or reinsure their own risk. These self-insurance vehicles frequently enable New York businesses to pay lower premiums, tailor coverage to specific needs, access the reinsurance market to transfer risk and gain greater control over claims. Bergstresser Insurance, Inc., is the 39th captive insurance company licensed to operate in New York State. It will insure property, TRIEA (Terrorism Risk Insurance Extension Act of 2005) losses and other lines of business on behalf of Dow Jones, its subsidiaries and affiliates. Captives were not permitted in New York prior to the 1997 signing of the Captive Law. Most had been headquartered in a small number of states or off-shore jurisdictions like Bermuda. Shortly after the law went into effect, the Insurance Department launched its Captive Group in order to encourage companies to establish alternate insurance programs such as captives in New York State. Jody Wald, Captives Coordinator of the Department’s dedicated Captive Group, led the department’s handling of the licensing process. The information necessary to become licensed as a captive is available by calling the New York State Insurance Department’s Captive Group toll-free at 1-866-NYS-CAPT (1-866-697-2278), or by visiting the group’s website, www.nycaptives.com. Companies can download the necessary application forms as well as a copy of the law from the site. The approval process for licensing a captive insurer often takes less than 30 days. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Wed Feb 7, 2007 1:19PM EST - By Lewis Krauskopf NEW YORK (Reuters) - Health insurer Cigna Corp. (CI.N: ) reported higher-than-expected quarterly profit on Wednesday, helped by membership growth and a reinsurance business, and raised the low end of its 2007 enrollment forecast, sending its shares to an all-time high. The No. 4 U.S. health insurer, whose shares have outperformed rivals the past year, increased annual membership in its health plans last year for the first time since 2001. Investors had previously valued Cigna shares lower than other health insurers, but the stock has traded more in line with rivals as the company has demonstrated it has recovered from operational problems in the earlier part of the decade, CIBC analyst Carl McDonald said. "A lot of the improvement in the stock has been driven by an increase in their multiple as the market gets more comfortable that Cigna truly is exiting from the turnaround," McDonald said. Cigna is the fourth major U.S. health insurer to report fourth-quarter results, following UnitedHealth Group Inc. (UNH.N: ), WellPoint Inc. (WLP.N: ) and Humana Inc. (HUM.N: ). © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Scott appeared on a stage with Andrew Stern, president of the 1.8-million-member Service Employees International Union (SEIU), to launch a "Better Health Care Together" campaign. The effort so far is short on details and endorses only broad principles -- health insurance for everyone, individual health responsibility, better cost efficiency and involvement of business, government and individuals in health care. But the joint appearance of Scott and Stern, along with leaders from other high-profile groups, marked another instance of America's health care crisis creating unlikely alliances. "We're strange bedfellows standing here together because we want to see something happen," said John Podesta, president of the Center for American Progress, a liberal think tank, and former chief of staff to President Bill Clinton. Podesta's group joined the campaign along
with the Communications Workers of America labor union, computer chip
maker Intel Corp., telecommunications group AT&T Inc. and staffing
company Kelly Services Inc.. Controlling health care cost inflation and getting health care for millions of uninsured Americans are urgent national issues. But the government has struggled to cope with it, frustrating employer and employee groups alike. Wal-Mart has endured criticism over the years from labor unions that say it pays inadequate wages and pushes employees onto government aid programs. The company has tried to counter such attacks by taking steps such as raising pay levels and selling generic drugs for $4 per prescription in many areas. Kelly Services CEO Carl Camden suggested that Washington may soon find itself overtaken by the states on health care. "The federal government has dawdled and
the states have stepped in with experiments," he said, citing programs
in California and Massachusetts as possible models for change. Controlling health care cost inflation and getting health care for millions of uninsured Americans are urgent national issues. But the government has struggled to cope with it, frustrating employer and employee groups alike. Wal-Mart has endured criticism over the years from labor unions that say it pays inadequate wages and pushes employees onto government aid programs. The company has tried to counter such attacks by taking steps such as raising pay levels and selling generic drugs for $4 per prescription in many areas. Kelly Services CEO Carl Camden suggested that Washington may soon find itself overtaken by the states on health care. "The federal government has dawdled and the states have stepped in with experiments," he said, citing programs in California and Massachusetts as possible models for change. The launching of the campaign was the second event of its kind in as many months. Stern's SEIU in January teamed up with the Business Roundtable, a CEOs group, for a similar campaign that led to some advertisements and a photo opportunity. Podesta said the latest effort shows there is agreement across business and labor on the need for health care change. "SEIU and Wal-Mart may not agree on much, but they do agree on this," he said. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
This Week's Issue - 29 Insurance / Technology Stories 6. Aon/Albert G. Ruben Restructures to Meet the Needs of Diversifying Client Base CHICAGO, Feb. 6 /PRNewswire-FirstCall/ -- The entertainment industry's increasing emphasis on diversification has led to the restructuring of Aon's Entertainment Group. Effective immediately, Aon/Albert G. Ruben, the worldwide leader in the film and entertainment business, will become part of Aon's Entertainment Group. The 120-employee business manages risks associated with all aspects of entertainment, including film and television, music, theatre, commercials, multimedia, hospitality, gaming and professional sports. "This is an important step for our organization," says Entertainment Practice CEO Joe Addison. "Many of the companies Ruben deals with are large conglomerates that are diversifying their entertainment, media and hospitality portfolios. It's important that we be in a position to deliver an equally diverse range of products and services to meet clients' needs."www.aon.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Genesis Travel Benefits sign an Exclusive Marketing Agreement with Flex Tampa, Florida February 7th, 2007. Genesis Travel Benefits, Inc. announced an exclusive Marketing agreement with Flex to provide the distribution platform for their Payroll Deduction Vacation Program to employer and affinity groups. Flex was formed in 1999 and originally deployed in the UK in 2001to fortune 1000 clients. Flex is an extremely advanced, highly adaptive, rules-based distribution system, that connects products and consumers in a single, secure, data protected environment. The Genesis Flex partnership will create a scalable distribution platform to Genesis’ clients and their employees and members, providing an efficient, cost effective, simple and secure online experience. Users will be profiled and marketed only relevant product that has been dynamically packaged. The license fee and initial integration programming is estimated to exceed $1.25mil. Simon Reynolds, CEO of Genesis, said "We are thrilled to work with Flex, this new platform will have a major impact on how benefits and travel are distributed and sold. The Flex partnership will propel Genesis to a new level of excellence”. Flex CEO, Simon Reeve commented, “We are excited to enter into this partnership with Genesis, Flex was designed specifically for the financial services market to facilitate complex transactions between insurance companies, brokers and their clients to increase sales through cross selling and up-selling, this new model further illustrates the adaptability of Flex”. Genesis Travel Benefits, Inc. provides benefits and travel solutions to employees and members of employer and affinity groups. For decades the nation's workforce has been able to purchase benefits through their employer's payroll deduction systems, giving them access to products and services they ordinarily may not have. Employees and members can obtain luxury, discounted and exclusive vacation packages through the convenience, affordability and flexibility of payroll deduction. www.genesistravelbenefits.com Flex is a unique and independent 24/7 distribution solution that brings together products and clients within a single, secure, data-protected selling environment. Flex focuses on increasing revenues by generating up-sell and cross-sell opportunities. A highly sophisticated advice networking facility ensures that Flex can work in a Group and/or Individual product sales environment just as easily. www.flexfs.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Moody's Set to Issue Revised Guidelines for Hybrid Securities New York, February 06, 2007 -- Moody's Investors Service announced today that, except for hybrid securities with meaningful mandatory deferral triggers, all preferred stock and hybrid securities will continue to be rated according to existing notching guidelines with no rating distinction made among cumulative, non-cash cumulative and non-cumulative obligations. In November 2006, Moody's proposed new notching guidelines for preferred stock and hybrid securities -- obligations that combine features of debt and equity -- and requested comment about its proposal from market participants in a special report, "Rating Preferred Stock and Hybrid Securities." The original proposal called for lowering ratings by one notch on non-cumulative preferred stock and other hybrid securities ranked as either "moderate" or "strong" for "no ongoing payments" by Moody's New Instruments Committee. Moody's said that market reaction to the proposal was largely negative. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. UNUM and DMEC Announce Line-Up For 2007 Virtual Education Forum CHATTANOOGA, Tenn. (Feb. 6, 2007) – For the fourth consecutive year, Unum is teaming with the Disability Management Employer Coalition (DMEC) to produce the Virtual Education Forum, an education series on disability, absence and workplace productivity. Beginning with a session on consumer-driven employee benefits in February, these forums provide human resource professionals and benefits brokers with continuous education in the ever-changing landscape of benefits trends, technology and laws. “Unum appreciates the opportunity to work with DMEC on this series,” said Phil Bruen, vice president of large case markets. “These forums explore the challenges of today’s benefits environment, and encourage a solutions-oriented dialogue about managing employee health and productivity.” Online and phone registration is currently open for the first three sessions and will reopen in July for the last three sessions. DMEC encourages participants to register early. The forum schedule is available at www.dmec.org. Unum (www.unum.com), formerly UnumProvident, is the largest provider of group and individual income protection insurance, and one of the leading providers of employee benefits products and services in the United States and the United Kingdom. Through its subsidiaries, Unum insures more than 21 million people and provided $6 billion in total benefits to customers in 2006. The Disability Management Employer Coalition, Inc., DMEC, is a nonprofit, employer-focused professional association founded in 1992 to advance the development of integrated disability and absence management processes in all disability-related employer programs. www.dmec.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Workers’ Compensation Policy Review Summary of the Contents – November/December 2006 The National Academy of Social Insurance (NASI) provides the most comprehensive data on the U.S. workers’ compensation program, since the information includes all states as well as all types of insurance arrangements, including private carriers, state and federal funds, and self-insurance. John Burton analyzes some of the NASI’s latest data in “Workers’ Compensation Benefits and Costs in 2004.” Benefits paid to workers as a percent of payroll declined from 1.16 percent of payroll to 1.13 percent of payroll in 2004. Costs to employers for the program increased to 1.76 percent of payroll in 2004, continuing a climb that began in 2001. Both benefits and costs measured as a percent of payroll remain well below their levels from the mid-1980s to the mid-1990s. Will costs and benefits increase after 2004? Burton provides a catalogue of conflicting developments that make predictions of subsequent changes particularly challenging. Workers’ compensation is normally the exclusive remedy for a disabled employee against his employer for a workplace injury or diseases. The exclusive remedy doctrine is part of the “bargain” that allows workers to obtain workers’ compensation benefits without having to demonstrate that the employer is negligent. Most states, however, allow the employee to bring a tort action against the employer when the injury is a result of an intentional act of the employer. In “The Exclusive Remedy Doctrine and the Intentional Injury Exception,” John Burton examines five possible approaches by states to the possibility of a tort suit when the employer engages in activity that at least arguably represents an intentional injury to the employee. The range of possible approaches varies from a few states in which there is no intentional injury exception to states in which a tort suit may result from negligent, wanton, reckless, or grossly negligent employer conduct. Burton asserts there are no states that use the latter legal standard. The Workers’ Compensation Policy Review is published six times a year. Requests for a sample copy or for subscription information can be sent to WCPR, 56 Primrose Circle, Princeton, NJ 08540-9416; by FAX to 732-274-0678; by e-mail to JBWCR@aol.com; or electronically by visiting the website: www.workerscompesources.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Health Plan Administrators to Sponsor At Workplace Benefits Conference Health Plan Administrators, Inc. (HPA), a member company of Independence Holding Company (NYSE: IHC), is pleased to be among the sponsors of the Workplace Benefits Renaissance 2007, February 13-15 in New Orleans, LA. The past six years HPA has supported Workplace Benefits and HPA Chief Sales Officer Dan Kuhn looks forward to another productive conference. “This has always been a great forum for us to cultivate new distribution channels for our industry-leading short-term medical products. We’re happy to be a sponsor.” HPA is a leading third-party administrator specializing in marketing and administering short-term medical and other niche health products. For more information, visit www.hpa-inc.com or call 1-800-277-3323. Independence Holding Company is a publicly-traded life and health insurance holding company with more than $1 billion in assets. IHC is comprised of three highly-rated insurance companies writing business through multiple distribution channels, and three operating companies. Visit www.independenceholding.com for more information. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Moody's: P&C Companies Enhance Catastrophe Risk Management Practices New York, January 31, 2007 -- Given the benign 2006 storm season, mild activity bodes well for investors in catastrophe-focused carriers and in alternative risk-transfer vehicles, Moody's Investors Service concludes in a new report. Moody's believes that this reduced storm activity could also signal softening market conditions for peak catastrophe zones at some time in 2007, but expects that the majority of P&C insurer ratings will remain stable. The report is titled "Current Trends in Insurance Catastrophe Risk Management." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Marquis Agency Acquires Design Industry Insurance Leader Sharp & Associates Tuesday February 6, 10:30 am ET - Company Will Offer Broader, Cost-Effective Set of Solutions to Architects, Engineers, and Environmental Consultants WOODBRIDGE, N.J.--(BUSINESS WIRE)--The Marquis Agency announced today the asset acquisition of Thomas J Sharp & Associates. The Marquis Agency and Thomas J Sharp & Associates are both leaders in the professional services insurance marketplace. This transaction will build on Marquis' National Professional Services Practice by adding Sharp's highly-regarded team of brokers and risk managers focused on the design industry. "Marquis will leverage our new strengths to offer a broad, cost-effective set of insurance, employee benefits, human resources and staffing services focused to meet the sophisticated needs of Architects, Engineers, and Environmental Consultants throughout the nation," said Lenny Waldhauser, President of the Marquis Agency. www.marquisagency.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article There are now over 800 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles. THE SCOPE OF "ONGOING OPERATIONS" ADDITIONAL INSURED ENDORSEMENTS - Steve Rawls and Rebecca Appelbaum examine cases where courts have construed that term to also include completed operations. http://www.irmi.com/Expert/Articles/2007/Rawls02.aspx THE PSYCHOLOGY OF DEVISING INTERNAL CONTROLS - Matthew Leitch provides guidelines for devising efficient, effective controls in response to risks. http://www.irmi.com/Expert/Articles/2007/Leitch01.aspx DEMING'S POINT #12 AS APPLIED TO THE INSURANCE INDUSTRY - John Pryor examines Deming's admonition along with industry icon and role model Bernard J. Daenzer. http://www.irmi.com/Expert/Articles/2007/Pryor01.aspx INTERPRETING THE "PHYSICAL CONTACT" REQUIREMENT OF UNINSURED MOTORIST COVERAGE - Brent Cooper and Dana Harbin discuss caselaw when indirect contact occurs. http://www.irmi.com/Expert/Articles/2007/Cooper02.aspx CAPTIVES IN REVIEW - At the start of a new year, Michael Mead muses on the past year and what he sees for captives in 2007. http://www.irmi.com/Expert/Articles/2007/Mead02.aspx RETHINKING TRADEMARK LITIGATION - Sanford Warren discusses the importance of knowing the value of the trademark to every party involved in the dispute. http://www.irmi.com/Expert/Articles/2007/Warren02.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. INSURANCE NEWSLINK ARTICLES Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Travelers Named Preferred Provider by the Washington Independent Community Bankers Association SAINT PAUL, Minn.--(BUSINESS WIRE)--Travelers today announced that it has been named the preferred provider of bank insurance products by the Washington Independent Community Bankers Association (WICBA). Travelers’ preferred provider status means that the Washington Independent Community Bankers Association will have access to the Travelers SelectOneSM for community banks portfolio of products which includes the following coverages: property and casualty, financial institution bond, directors and officers liability, fiduciary liability and bankers professional liability. www.travelers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. E-Z Data Chooses IBM as Preferred Partner to Complement Offerings and Meet Financial Services Industry Customer Needs PASADENA, Calif.--(BUSINESS WIRE)--E-Z Data, Inc., a leading provider of front-office systems for insurance companies, broker-dealers, general agents, agents, and investment advisors, today announced it has achieved the ‘industry optimized’ level in IBM’s PartnerWorld Industry Networks. E-Z Data can now complement its solution offerings with IBM’s sales, marketing, and technical expertise to help meet customer requirements in the financial services industry. Business Partners can sign up for PartnerWorld Industry Network at www.ibm.com/isv. To download the DataXchange Enterprise Performance white paper, go to www.ezdata.com/dataxchange. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Prudential 4th-qtr net doubles, boosts forecast NEW YORK, Feb 7 (Reuters) - Prudential Financial Inc. (PRU.N: ), the second-largest life insurer in the United States, said on Wednesday that quarterly earnings more than doubled, helped by growth in asset management, and boosted its forecast for 2007. Prudential trades at a price-to-earnings multiple of about 15. Its larger life insurance rival MetLife Inc. (MET.N: ) trades at 12.5 times earnings. Analysts have been bullish on Prudential, based on the earlier price targets put out by the company. It said it expected its return on equity, a key measure for insurers, to range between 15 percent and 17 percent in the next three years. In the fourth quarter, Prudential sent signals that it was expecting a good year. It raised its dividend by 22 percent and announced the repurchase of up to $3 billion of its shares in 2007. ((Reporting by Ed Leefeldt, editing by Gary Hill; edward.leefeldt@reuters.com; Reuters Messaging: edward.leefeldt.reuters.com@reuters.net; +1 646 223 6315)) Keywords: PRUDENTIAL RESULTS/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. AIG American General Announces Annuity Enhancement that Adjusts Income Payments with Inflation HOUSTON--(BUSINESS WIRE)--American General Life Insurance Company (American General Life) and The United States Life Insurance Company (United States Life), member companies of American International Group, Inc. (AIG), have enhanced their Platinum Income AnnuitySM with a new feature to help consumers offset the effects of inflation. The Platinum Income Annuity, an immediate fixed-income annuity product, now includes the option of annually adjusted income payments based on changes in the Consumer Price Index (CPI)1. www.aigag.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. Ambac Financial Group, Inc. Announces Proposed Offering of Directly-Issued Subordinated Capital Securities NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE:ABK) today announced its plan to conduct a public offering of approximately $400 million Directly-Issued Subordinated Capital Securities (DISCSSM). The DISCS are expected to be rated Aa3 by Moody’s Investors Service, Inc. and A+ by Standard & Poor’s Ratings Services. The Company currently intends to use the proceeds to repurchase shares of its common stock pursuant to an accelerated share repurchase program, subject to market and other business conditions. Any proceeds not used for such share repurchases are intended to be used for general corporate purposes. www.ambac.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. DALBAR Announces Enhancements to 401(k) Adviser Certification and Fiduciary Adviser Network (FAN) in Response to DoL Requiring Due Diligence for Advisers BOSTON--(BUSINESS WIRE)--In the wake of the Department of Labor (DoL) guidance bulletin on February 2, 2007, DALBAR, Inc. today announced enhancements to two programs affected by the new guidelines. “The DoL’s most recent bulletin has effectively mandated all advisers who currently deliver advice to plans must be run through an objective due diligence program, which is what our programs were designed to do.” Says Lou Harvey of President DALBAR. Effective immediately, the requirements for certification now incorporate DoL guidance and the evaluation process has been expanded. Advisers with existing certifications will undergo the revised process at their next anniversary. Advisers making new applications will immediately use the revised process. New DoL requirement for Fiduciary Advisers that has been incorporated is that an adviser’s firm as well as the adviser must be certified as a Fiduciary Adviser. www.dalbar.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Health Net of California Streamlines Health Care Benefits for Small Businesses LOS ANGELES--(BUSINESS WIRE)--Health Net of California has introduced a new lineup of health insurance products and streamlined their design to address small-business owners’ concerns over the cost and complexity of health care benefits. Nearly three-quarters of California’s small-business owners blame high premiums for not offering health care benefits to their workers, and nearly one-quarter put the blame on “administrative hassle,” according to recent statistics from the California HealthCare Foundation. Health Net of California’s approach may make it possible for small businesses to offer coverage for the first time, or obtain coverage again after being priced out of the market in the past. www.healthnet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Creative Benefits Completes Integration with First Data and UMB OMAHA, Neb.--(BUSINESS WIRE)--Creative Benefits, Inc., a leading provider of FSA benefits and administrative services, has completed integration with First Data Healthcare Services, part of First Data Corp. (NYSE: FDC) and UMB Healthcare Services, a division of UMB Financial Corporation (NASDAQ: UMBF), a leader in financial services for consumer-directed healthcare products. Creative Benefits, paying more than $95 million in claims annually, has clients headquartered from coast to coast ranging from retail to manufacturing, finance to biotech, both public and private entities. www.firstdata.com www.umb.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. United Security Life And Health Insurance Partners With Norvax To Enter Missouri Market CHICAGO, IL — February 4, 2007 — Insurance brokers licensed in Missouri can now quote United Security Life And Health's (USL&H) affordable selection of individual PPO, HSA and Indemnity plans on their Norvax quote engines. USL&H line of individual and family plans were approved for sale in Missouri in late 2006. The carrier’s new state is receiving additional exposure with individual insurance brokers and consumers through its presence on the Norvax health insurance quote engine. “We’re pleased to work with United Security Life And Health to offer an exciting new online quoting option to our clients licensed to sell insurance in Missouri,” said Clint Jones, CEO, Norvax. “Our tools make quoting United Security’s individual health plans faster and more convenient for both the broker and the consumer, leading to faster broker acceptance and more policies sold.” Norvax’ online insurance quoting tool allows brokers to quickly call up and compare rates for their preferred carriers in just 60 seconds. Detailed proposals are emailed to consumers, allowing the broker to easily walk them through an online presentation for a faster sale. USL&H is also available for quoting in Arkansas, Arizona, Illinois, Indiana, and Nebraska. Insurance brokers interested in becoming appointed as a United Security Life and Health agent can call (800)-875-4422 x2282 or visit them on the web at www.unitedsecuritylifeandhealth.com. www.norvax.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. PIA to Hold 25th Annual Federal Legislative Summit WASHINGTON, Feb. 5 /PRNewswire-USNewswire/ -- Members of the National Association of Professional Insurance Agents will convene on Capitol Hill in Washington, D.C. on March 28 and 29, 2007 for their 25th annual Federal Legislative Summit. The 2007 PIA Federal Legislative Summit is a gathering of PIA members from around the nation who spend two days meeting with their elected representatives to advance the views and legislative positions of professional independent insurance agents. www.pianet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. “Taking Your Practice To The Next Level” To Be The Focus Of The American College’s And Metlife’s Second Annual Educational Event For African-American Financial Services Professionals BRYN MAWR, PA—February 7, 2007—The second annual “Strategies to Be a Successful African-American Financial Services Professional,” sponsored by MetLife and hosted by The American College, will be held at the Gregg Conference Center on the campus of The American College in Bryn Mawr, Pennsylvania. Due to the success of last year’s event, the conference has been extended from March 20 to March 22, 2007, and will provide African-American financial professionals with the tools and techniques they need to take their practices to the next level. African-Americans are vitally important to the future success of the financial services industry. Collectively, African-Americans possess the highest levels of purchasing power among all of America’s diverse ethnic groups. According to the U.S. Census Bureau, the purchasing power is expected to reach $921 million by 2008, up 34% from 2003. www.TheAmericanCollege.edu/nextlevel Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Whitehill Technologies announces record growth in 2006 MONCTON, NB, CANADA - February 7, 2007 - Whitehill Technologies, Inc. today announced that the company achieved record growth in 2006, increased its revenue 240% over the previous year, and integrated a major acquisition that doubled Whitehill's staff. "This has just been a tremendous year for Whitehill," said Paul McSpurren, President and CEO, Whitehill Technologies, Inc. "With the acquisition of InSystems Corporation, Whitehill has solidified its position as a market leader. Our teams in New Brunswick, Ontario and Virginia have worked incredibly hard to bring this new company together. We have combined our product lines to create a complete, end-to-end solution that meets our customers' needs for document automation, compliance, and integration." www.whitehilltech.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. LifeCare® Expands Seminar Library for 2007 WESTPORT, Conn., February 6, 2007 -- LifeCare®, Inc., provider of comprehensive specialty care services and a longtime leader in the work/life industry, announced today that it has enhanced its library of educational seminars, adding 19 new seminars for 2007 to address clients' growing interest in several key areas. The new seminars include:
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Michigan School Employees Pay More, Choose Lower-Cost Health Plans and Save Districts More Than $268 Million EAST LANSING, Mich., Feb. 5 /PRNewswire/ -- In hundreds of school districts throughout Michigan, teachers and other school employees are doing their part to help districts reduce health care costs and balance budgets by moving to lower-cost health plans and paying more out-of-pocket expenses. Over the past five years, tens of thousands of Michigan school employees have sacrificed wage increases, changed health plans, accepted increased out- of-pocket costs and reduced their health benefits to help balance the books. School employees with MESSA insurance have saved their districts more than $268 million in the past two years alone. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. EIG Becomes a Publicly Traded Company (Carson City) - Nevada Commissioner of Insurance Alice A. Molasky-Arman announced that EIG Mutual Holding Company, a Nevada domestic insurer, has completed its demutualization. The demutualization culminated on January 31, 2007 with the initial public offering of Employers Holdings, Inc. (NYSE: EIG) and sale of 26,750,000 shares at $17.00. In addition to the 26,750,000 shares sold, the underwriters exercised the over-allotment option which resulted in the issuance of an additional 4,012,500 shares, bringing the total issued to 30,762,500. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. AIA Supports Renewed WTO Talks WASHINGTON, D.C., Feb. 5, 2007 –The American Insurance Association (AIA) commends the recent announcement of the resumption of the Doha Development Round of World Trade Organization (WTO) talks in Geneva, Switzerland, and supports efforts by the U.S. Trade Representative (USTR) to further open global insurance markets through service industry negotiations. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article |
