Daily Quote: "Any idea, plan, or purpose may be placed in the mind through repetition of thought." - - Napoleon Hill
YIKES! WOW! That’s what they’re saying about AIG American General! YES! AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG American General is a leading employee benefit insurance company that deals with employer-funded, voluntary and supplemental products. We are currently offering the following challenging opportunities to join our winning team. Sales Representatives Worksite Sales Specialists Currently recruiting for the following regions:
You will identify and develop new sources of business; recruit, train and develop MGAs, GAs, brokers and producers to sell our broad portfolio of worksite and voluntary products. Position involves frequent travel. To qualify, you must have a college degree with at least 2 years of experience as a successful Sales Professional in the small-mid market segment of group and individual voluntary & worksite benefit products. Candidate must be familiar with the enrollment process, have excellent communication and interpersonal skills and a valid license to represent the Company in health and life lines. For further consideration, please submit your resume to resumes@aigag.com with the position name in the subject line or forward a copy of your resume to AIG American General 3600 Route 66, Mailstop 4-A, Neptune, NJ 07753 or fax to 732-922-7149. AIG American General offers attractive base & target compensation; outstanding benefits that included medical/dental/vision plans, prescription drug program, 401(k), Retirement Plan, Auto Allowance Program, Relocation Assistance and a very supportive, team-spirited environment. For more information about AIG, please visit the AIG Corporate Website at: http://aignet.aig.com/hr/careers.
1. Apax, Morgan to buy Hub Int'l for $1.7 billion NEW YORK, Feb 26 (Reuters) - Insurance broker Hub International Ltd (HBG.TO: ) (HBG.N: ) said on Monday it agreed to be acquired by private equity firm Apax Partners together with Morgan Stanley Principal Investments for about $1.7 billion. Apax [APAX.UL] and Morgan agreed to pay $40.00 per share for Hub. That marks a 16-percent premium over Hub's closing stock price of $34.49 on the New York Stock Exchange on Friday. Including debt, the deal is valued at about $1.8 billion, the companies said. Under the terms of the agreement, Hub may solicit alternative proposals from third parties until March 19. If it decides to terminate the Apax deal in favor of an alternate, Hub will have to pay a $21-million break-up fee. Merrill Lynch and Co. and Scotia Capital acted as financial advisers to Hub while Morgan Stanley and Stephens Inc. advised Apax. The deal is subject to shareholder approval, Canadian court approval and other regulatory approvals including merger notification filings in the United States and Canada. ((Reporting by Martinne Geller, editing by Quentin Bryar; Reuters messaging: martinne.geller.reuters.com@reuters.net; martinne.geller@reuters.com; +1 646 223 6023)) Keywords: HUB BUYOUT/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Hub International Limited Agrees to Be Acquired by Funds Advised by Apax Partners and Morgan Stanley – Hub Shareholders to Receive US$40 per Share; Transaction Valued at US$1.8 Billion CHICAGO--(BUSINESS WIRE)--Hub International Limited (NYSE:HBG) (TSX:HBG) (the “Company”), one of the leading insurance brokers in North America, announced today that it has entered into an agreement to be acquired by funds advised by Apax Partners (“Apax”) together with Morgan Stanley Principal Investments (“MSPI”), through an Arrangement Agreement and related Plan of Arrangement. Under the terms of the Arrangement Agreement, HUB shareholders will receive US$40.00 per share in cash, representing a premium of 28% to the 90-trading day average closing stock price on the NYSE. This transaction values Hub at approximately US$1.8 billion, which includes approximately US$1.7 billion of fully diluted equity and approximately US$145 million of debt. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. WellPoint says CEO to retire, names successor
Before becoming executive vice president in 2005, Braly was CEO of Blue Cross Blue Shield of Missouri, which she joined in 1999 as general counsel. She previously served as partner in a St. Louis law firm. Glasscock, who has served as CEO since 1999, has overseen explosive growth at WellPoint. Under Glasscock, WellPoint and its predecessor companies have grown from 6 million medical members to more than 34 million members, according to the company. (Additional reporting by Ramya Dilip in Bangalore) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. France's Scor launches full bid for Converium By Douwe Miedema ZURICH, Feb 26 (Reuters) - France's Scor (SCOR.PA: ) launched an unsolicited offer on Monday for the rest of Swiss rival Converium (CHRN.S: ), in a 3-billion-Swiss franc ($2.42 billion) move to create the world's fifth-largest reinsurer. Converium last week rejected Scor's merger approach, after the French group had bought a third of its shares for 21 Swiss francs each, a price that Converium said did not reflect its strength now that it had overcome its financial troubles. Converium declined to comment on Scor's latest move on Monday, or revise the position it took last week, saying it was examining the situation. (Reporting by Douwe Miedema, editing by Quentin Bryar/Greg Mahlich; Reuters Messaging: douwe.miedema.reuters.com@reuters.net; e-mail: zurich.newsroom@news.reuters.com; telephone: 41 1 631 7340) ($1=.7627 Euro) ($1=1.240 Swiss Franc) Keywords: SCOR CONVERIUM/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. As Talent Wars Escalate, U.S. Employers Rate “Retention” As The Top Benefits Objective, Ahead Of Controlling Costs, According To Annual Metlife Study — A Majority of Employees Say Benefits Are a Retention Consideration — — Younger Baby Boomers and Gen Xers Face Similar Financial Concerns — NEW YORK, February 26, 2007— According to the 5th annual MetLife Study of Employee Benefits Trends, released today, employee retention is the top benefits objective among employers—edging out controlling costs for the first time since the study’s inception. Employee retention was identified as the most important benefits objective by more than half (55%) of employers overall. Certain industries such as retail (62%) and services (59%) were even more likely to place importance on workplace benefits as a retention strategy. Interestingly, in 2003, less than half of employers acknowledged employee retention as a primary goal. In an environment where 40% of employees say they have changed employers at least once in the last five years, there is growing recognition of the need to create benefits plans that address the struggle to recruit and retain employees. The Study also reveals a strong correlation between benefits satisfaction and job satisfaction. Among employees who are “highly satisfied” with their benefits, 80% indicated strong job satisfaction, up from 65% in last year’s study. Seven out of ten (72%) surveyed employees say workplace benefits were a reason for joining their current employer and 83% say it is a factor for remaining there. Employees at different life stages weigh workplace benefits differently in their decision-making process to take a new position. Nearly one-third (32%) of married employees and 41% of young families (parents with children under six-years-old) stated that workplace benefits were a top consideration for joining their current employers, while only 10% of singles agreed it was a top consideration for them. “While employee retention is a major benefits objective for employers, controlling costs is a close second. The strong relationship between benefits satisfaction and job satisfaction indicates that there is more pressure than ever on employers to strike this balance and utilize benefits strategically to achieve both objectives,” says Dr. Ronald Leopold, MetLife vice president, Institutional Business. A copy of the 5th annual MetLife Study of Employee Benefits Trends is available at www.whymetlife.com/trendspr along with a wealth of other related resources, including interactive polls on the latest benefits issues and access to other MetLife research. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. White and Williams Coverage Attorney Publishes Article Addressing the Mississippi Katrina Coverage Situation As has been widely reported, there have been many recent developments in Mississippi concerning coverage for damage caused by Hurricane Katrina -- both inside and outside the courtroom. Several important decisions have been handed down by Judge L.T. Senter, Jr. of the Southern District of Mississippi, who is at the heart of both the litigation and a potential settlement of thousands of Mississippi claims not in litigation. The potential settlement is the subject of an important hearing before Judge Senter on February 28. State Farm's decision to cease writing new homeowners and commercial policies in Mississippi has received wide-spread attention, as has the response to that announcement. Randy J. Maniloff, a Partner at Philadelphia-based White and Williams, LLP has just published "Senter Ring: Looking Beyond the Side Show of the Mississippi Katrina Coverage Litigation" on National Underwriter's FC&S Bulletins Online. The article summarizes the various Katrina-related issues going on outside the federal court in Mississippi and asks whether Judge Senter's recent highly publicized decision in Broussard v. State Farm is deserving of all the prominence that has been attached to it. A copy of the article is available at http://www.insurancebroadcasting.com/FCSRandyManiloffFeb22.pdf Contact: Randy Maniloff -- 215-864-6311 or Maniloffr@Whiteandwilliams.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Bank of New York says SEC may drop timing probe NEW YORK, Feb 23 (Reuters) - Bank of New York Co. (BK.N: ) on Friday said the U.S. Securities and Exchange Commission may drop its investigation of possible market-timing trades cleared by its Pershing LLC unit. The bank, which in December agreed to pay $16.5 billion for Mellon Financial Corp. (MEL.N: ), has said the SEC investigation has focused on transactions cleared for Mutuals.com Inc. and other firms. In its 2006 annual report filed with the agency, however, Bank of New York said it "has learned that the SEC is considering not pursuing the matter further." The SEC accused Mutuals.com in a Dec. 2003 lawsuit of cheating hundreds of mutual fund companies by actively engaging in "late trading" and other improper market-timing activities. Prosecutors later charged three former Mutuals.com officials. Late trading involves after-hours trading at stale prices and is considered illegal. Market timing involves rapid trades that can raise the costs of ordinary investors and is considered improper. In January, Bank of New York agreed to pay $750,000 to settle SEC allegations that it helped conduct improper auctions for auction-rate securities, the rates and dividend yields of which periodically reset. The bank did not admit wrongdoing. Bank of New York bought Pershing, a securities clearinghouse, from Credit Suisse Group Inc. (CSGN.VX: ) in 2003. (Additional reporting by John Poirier in Washington, D.C.) ((Reporting by Jonathan Stempel, editing by Gerald E. McCormick; Reuters Messaging: jon.stempel.reuters.com@reuters.net, 646 223 6317)) Keywords: BANKOFNEWYORK SEC/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. M. Stanley severance suit alive on federal level NEW YORK, Feb 23 (Reuters) - A federal shareholder lawsuit remains alive against Morgan Stanley (MS.N: ) over windfall severance payments to top executives following a 2005 management shake-up, even as a similar New York state suit has been halted indefinitely, according to lawyers and regulatory filings. In its annual report earlier this month, Morgan Stanley disclosed that a narrower state suit over a $32 million severance package to former co-president Stephen Crawford had been formally stayed in April 2006 by mutual agreement. "This matter has been stayed by agreement of the parties," Morgan Stanley said in its annual report filed with the Securities and Exchange Commission on Feb. 13. Reuters incorrectly reported on Thursday that it was the federal lawsuit that had been put on hold indefinitely. The story was later withdrawn. ((Reporting by Joe Giannone, editing by Ted Kerr; Reuters Messaging: christian.plumb.reuters.com@reuters.net +1 646 223-6134)) Keywords: MORGANSTANLEY SUIT (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Moody's reports: Stable Outlook for U.S. Personal Lines P&C Insurers New York, February 22, 2007 -- The outlook for the US personal lines insurance industry is stable, Moody's Investors Service says in a new report. Supporting this outlook are the insurers' very strong balance sheets, a stable environment for investments, and stable trends for losses."We expect core underwriting results to remain strong. Personal line firms are set on a profitable course for 2007, though catastrophe losses remain an ever-present threat to profitability," says the reports author, Vice President and Senior Analyst Paul Bauer. Moody describes the environment for pricing as adequate, though moderating. www.moodys.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. New Study Reveals Devastating Consequences of Employer-Mandated Healthcare WASHINGTON, Feb. 26 /PRNewswire-USNewswire/ -- A study released today by the Employment Policies Institute [EPI] reveals that a national mandate on businesses to provide health insurance to their employees would result in almost a million (995,000) lost jobs. The study, by Harvard economists Drs. Ellen Meara and Meredith Rosenthal,* also found that, unlike an employer mandate, Medicaid expansion would actually increase employment as well as significantly increase the number of insured. Tax credits are by far the least effective of the three options analyzed and would carry a high price tag without significantly reducing the number of uninsured. The following are more results from the study: Employer Mandate A national mandate that would require businesses to provide health coverage would:
Tax Credit A tax credit of $1,000 per adult and $500 per child with a maximum of $3,000 per family would:
"The sizable job losses and hour reductions that accompany employer mandates should give legislators pause," said Jill Jenkins, EPI's chief economist. "Increasing the number of insured in this country requires more, not less, money in people's pockets. Rather than arguing about who should pay for insurance, policymakers should start arguing about how to lower the cost of healthcare." To read a copy of the study "Comparing the Effects of Health Insurance Reform Proposals: Employer Mandates, Medicaid Expansion, and Tax Credits" go to http://www.EPIonline.org/studies The Employment Policies Institute is a nonprofit research organization dedicated to studying public policy issues surrounding entry-level employment. SOURCE Employment Policies Institute http://www.epionline.org/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. ING Launches National Practice Development Campaign With Financial Professionals to Help Grow Their Business Monday February 26, 9:30 am ET Collaborates With Charlie Epstein to Offer Unique 401k Coach Program SAN DIEGO and HARTFORD, Conn., Feb. 26 /PRNewswire-FirstCall/ -- ING, a global financial services leader, is launching a national practice development campaign aimed at making it easier for financial professionals to grow and more effectively manage their retirement plan business. ING will collaborate with Charles D. Epstein, CLU ChFC AIF® to offer The 401k Coach® Program, an innovative program for developing, nurturing and building an advisor's retirement plan business, to 200 of its top financial professionals. www.ing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. 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 13. BANK INSURANCE NEWS IN BRIEF - FEBRUARY 26, 2007 TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com. To read these stories, visit http://www.bankinsurance.com/editorial/news/default.htm.
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Buffett to assess blowout year, look to future
This year, Buffett will release the letter on Thursday after U.S. markets close, not on a Saturday morning as in prior years, Berkshire representatives said. That's because a new rule requires big U.S. companies to file annual reports with securities regulators within 60 days after their fiscal years end. Day 60 for Berkshire is March 1. "I'm going to miss my Saturday morning coffee with the report," said Glenn Tongue, like Tilson, a T2 managing partner. Known as the Oracle of Omaha, Buffett has transformed Berkshire since 1965 from a failing textile company into a $165 billion conglomerate by buying out-of-favor companies with strong management and businesses, and investing in stocks. Its 50-plus companies sell such things as Dairy Queen ice cream, Fruit of the Loom underwear and Geico car insurance -- the latter now advertised by talking geckos and Little Richard. Among Berkshire's equity holdings are Coca-Cola Co. (KO.N: ), Procter & Gamble Co. (PG.N: ), Wal-Mart Stores Inc. (WMT.N: ) and Wells Fargo & Co. (WFC.N: ). Berkshire Class A shares closed Friday at $106,800 each. Tongue expects book value per share to top $70,000, equivalent to 17.5 percent growth. Buffett, 76, is the world's richest person after Microsoft Corp. (MSFT.O: ) Chairman Bill Gates. Last year, Buffett won wide praise by donating much of his wealth to the Bill & Melinda Gates Foundation. But last week he took heat for investing in PetroChina Co. (0857.HK: ) amid criticism that company's parent supports Sudan's government, which the United States accuses of genocide. INSURANCE Overall Berkshire results likely improved because last year's dearth of hurricanes, in contrast to Katrina and other storms a year earlier, meant lower insurance payouts. Analysts polled by Reuters Estimates on average expect full-year profit per share, excluding investments, to rise 72 percent to about $8.62 billion, or $5,588 per Class A share. Fourth-quarter profit per share may have risen 18 percent to $2.17 billion, or $1,410 per share, estimates show. Insurance usually generates more than half of overall profit. "Berkshire was willing to write significant numbers of policies at attractive prices after rivals pulled out because of losses from Katrina, Rita and Wilma," said Keith Trauner, who helps invest $5.5 billion at Fairholme Capital Management in Short Hills, New Jersey, including 20 percent in Berkshire. "It has better underwriting standards than just about anyone." In last year's letter, Buffett said: "We are quite willing to accept huge risks ... Whatever occurs, though, Berkshire will have the net worth, the earnings streams and the liquidity to handle the problem with ease." Acquisitions may also have bolstered results. Berkshire's 2006 purchases included utility PacifiCorp, press release distributor Business Wire, apparel maker Russell Corp. and Israel's Iscar Metalworking Cos. TRADE DEFICIT, SUCCESSION Yet the big purchase has been elusive. Berkshire ended September with $42.25 billion of cash -- which could generate more than $2 billion of annual interest at current rates. Buffett has said he'd rather do nothing than do something stupid," said Chad Kane, president of WoodTrust Asset Management in Wisconsin Rapids, Wisconsin, which invests $900 million and owns Berkshire stock. Tilson added that it is tougher to buy when private equity firms and others "have enormous amounts of equity capital, combined with even larger amounts of low-cost debt capital." Buffett may use his letter to rail again against U.S. budget and trade deficits. The latter rose 6.5 percent last year to a record $763.6 billion. Berkshire in 2002 began betting the dollar would fall, a good bet, though it slashed its stake in foreign currency contracts to $1.1 billion by September from $13.8 billion in December 2005. Buffett in last year's letter also said Berkshire's board had picked his successor -- whom he did not name -- from three internal candidates, should he die or become incapacitated. Yet Buffett has repeatedly said he loves his job. "I expect Buffett to run this company for another 10 years, and the successor could change," Tilson said. Until then, Buffett's annual letter will command attention. "It's always a great read," Kane said. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Enterprise Risk Management More Noticed By Absence In Current Market Environment, S&P Article Says NEW YORK Feb. 23, 2007--Standard & Poor's Ratings Services has published an article about the current state of enterprise risk management (ERM) practices in the insurance industry. The article, titled "Enterprise Risk Management At Firms More Noticed By Its Absence As Time Goes By," focuses on Standard & Poor's evaluation of insurer ERM practices for more than one year now, and concludes that almost 80% of the industry currently has Adequate ERM. "We expect that 10 to 15 insurers will improve to Strong from an Adequate practice in 2007," noted Standard & Poor's credit analyst David Ingram. "However, our concerns for 2007 include the softening underwriting cycle, the increasing allocations to alternate investments, and the ERM implications of the emphasis on growth by acquisition." www.ratingsdirect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. McKesson Acquires Practice Partner SAN FRANCISCO--(BUSINESS WIRE)--McKesson Corporation (NYSE:MCK) today announced the acquisition of Physician Micro Systems, Inc., known as Practice Partner, a leading provider of integrated software for electronic health records (EHRs), medical billing and appointment scheduling for independent physician practices. Terms of the agreement were not disclosed. The acquisition, along with recently acquired Per-Se Technologies, Inc., supports McKesson’s commitment to provide a complete solution – including software, billing and collection services, supplies and connectivity – to physician practices regardless of size, specialty or geographic location. www.mckesson.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. BestWeek: When Marketing, Life Insurers Target the Ever-Growing “Suddenly Singles” OLDWICK, N.J., Feb. 23, 2007—U.S. life insurers are seeking to capture a potentially profitable share of women who suddenly find themselves single. In 2005, 51% of females age 15 and older were living without a spouse, equating to about 60 million women. Married couple families in 2005 for the first time ever were a minority of all American households, said Stephanie Coontz, director of research and public education for the Council on Contemporary Families. “The average American adult now spends almost half their life outside marriage,” said Coontz. "Everyone from marketers to social policy analysts have to adjust to that." Philip Salis, vice president of individual business and consumer marketing for industry giant MetLife Inc., said the big opportunity in the women’s market is the “suddenly single” category—women who have found themselves recently widowed or divorced. The average age of a widowed woman is 56, which is “considerably younger” than what he thought, said Salis. That’s an ideal age for MetLife products, including annuities and long-term-care insurance, he said. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. ADP Clearing & Outsourcing Services, Inc. Launches New Online Research Service NEW YORK, NY -- (MARKET WIRE) -- February 26, 2007 -- ADP Clearing & Outsourcing Services, Inc. (ADP Clearing), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today the launch of its Research Dashboard, a new online broker research tool powered by Wall Street On Demand. ADP Clearing's Research Dashboard provides its correspondent brokers and their financial representatives with equity, fixed income and mutual fund research from multiple, top-rated independent providers through one integrated web-based solution. The research providers include Argus, Moody's, Morningstar, Lipper, and Best Independent Research which consists of Ford Equity Research, Thomas White International, Columbine Capital Services, Ativo Research, and Channel Trend. www.adp.com 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. A.M. Best Comments on Ratings Impact of Recent Florida Legislation; Revises Credit Risk Factor for Florida Hurricane Catastrophe Fund OLDWICK, N.J., Feb. 23, 2007—In response to the recently passed insurance legislation in the Florida marketplace and in the on-going effort to maintain rating transparency, A.M. Best provides details regarding both the near-term and longer-term impact of this legislation on the financial strength ratings of primary and reinsurance companies in the methodology “Rating Implications of Recent Florida Legislation.” The legislative changes were significant and may have far reaching consequences in the Florida insurance market. As a result, A.M. Best will be evaluating the exposure of companies to recoverables from the Florida Hurricane Catastrophe Fund (FHCF) and the impact on companies’ overall capitalization. Companies most exposed to negative rating pressure and rating downgrades will be those with large gross catastrophe exposure, and thus greater exposure to FHCF recoverables. Overall, the impact on a company’s rating will be largely dependent on several factors; key among them is each organization’s unique ability to manage through the regulatory and market challenges that lie ahead while maintaining adequate pricing and favorable risk-adjusted capitalization. www.ambest.com/ratings Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. AICPCU/IIA Signs Agreement With Washington IIABA to Give CE-Qualified Seminars to Agents IIABW is 29th Organization to sign an agreement to offer AAI seminars and exams. MALVERN, Pa.—The American Institute for CPCU and the Insurance Institute of America (AICPCU/IIA) have signed an agreement with the Independent Insurance Agents & Brokers of Washington (IIABW) to give seminars based on the Accredited Adviser in Insurance (AAI®) designation program for agents and brokers. The seminars, which will qualify for continuing education (CE) credit, will be offered for the first time starting in late April 2007. So far, IIABW plans to offer AAI seminars at its headquarters in Bellevue, Washington. This is the 29th organization with which AICPCU/IIA has contracted to give AAI seminars. Agents and brokers who take the seminars for CE credit and pass the national exam immediately following each seminar earn credit toward the AAI designation. AICPCU/IIA has administered more than 12,500 seminar-based AAI exams since the inception of the program in 2003. www.cpcuiia.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. DTCC Opens Insurance Services To Broker/Dealers That Create Retirement Income Programs New York, February 26, 2007 - The Depository Trust & Clearing Corporation (DTCC) announced today that registered broker/dealers that create and sell non-insurance retirement and other benefit programs, through distributing broker-dealers, can now be supported through DTCC's Insurance Services (IS) platform. An SEC rule filing submitted by DTCC's clearing subsidiary paves the way for broker/dealers to leverage DTCC's Insurance Services platform to automate processing and support the administrative handling of these wrap-like non-insurance retirement and other benefit programs. These tailored retirement products will grow as the baby boomer generation enters retirement. Insurance Services is a business unit of National Securities Clearing Corporation (NSCC), a DTCC subsidiary. These wrap-like programs are similar to annuities in that they allow for retirement investing based on the bundling of multiple investment options, typically mutual funds. The programs are considered non-insurance because the programs are not themselves insurance products nor are they governed by state insurance regulations. The rule filing, which became effective December 13, 2006, allows broker/dealers to offer their own retirement programs to plan sponsors through distributing intermediaries. These broker/dealers can now qualify as direct NSCC insurance carrier/retirement services members. Previously, only insurance carriers could qualify for this type of membership. www.dtcc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. China Re Group And Standard Life CEOs Headline 2007 Loma International Underwriting Congress ATLANTA, GA – FEBRUARY 23, 2007- Dr. Liu Jingsheng , CEO of China Re Group, professor and Ph.D. supervisor at Nankai University, will discuss China's emerging insurance and financial services industry and consumer market at the LOMA International Underwriting Congress (IUC). Dr. Liu has published more than 80 articles in Chinese insurance journals and several books including China Insurance Agency Development and China Rural Insurance System. In addition, Trevor Matthews, CEO of Life and Pensions at Standard Life in Scotland, U.K., will consider positioning the need and value of life insurance products in developing markets and how companies balance assessing risk with the need to provide coverage to the widest group of consumers. The LOMA International Underwriting Congress offers a multidisciplinary program focusing on issues related to international life and health insurance risk selection and doing business internationally and will be held March 18-21, 2007 in Shanghai, China at the Pudong Shangri-La Shanghai Hotel. For more information visit http://www.loma.org/IUC.asp. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Iowa Division Of Insurance Teams Up With State Based Systems KANSAS CITY, Mo. (Feb. 23, 2007) — The National Association of Insurance Commissioners (NAIC) today announced that the Iowa Division of Insurance will implement State Based Systems (SBS) to serve its regulatory business needs. SBS serves as a cost–efficient, back office processing system for producer licensing, company licensing, consumer services, enforcement, fraud, and revenue management. It includes sophisticated correspondence and document tracking, as well as flexible reporting and data–extract features. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. New Exclusive Admitted Program For California Commercial Contractors Calabasas, Calif… Effective 2/20/07 Maverick Commercial Insurance Services has added an exclusive new program for artisan contractors which includes workers’ compensation, general liability and automobile coverage. This is an exclusive for Maverick and is available for commercial contractors (including Apartment work). The program is written with an A+, XV Admitted facility on a 2006 ISO CGL Occurrence form. Minimum premium is $100,000 combined for all lines. Work comp is guaranteed cost, Automobile (coverage symbol “1”) is first dollar and the carrier is offering a small deductible for general liability. Specialized loss control and claims handling is available. www.maverickinsure.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Continuing Ed Info Simplified with Independent Insurance Agents & Brokers of NY E-Publication (DeWitt, New York, Feb. 22, 2007) — A new electronic newsletter, designed to streamline the process of gathering continuing education-related information, made its debut on Feb. 19 by way of the award-winning Independent Insurance Agents & Brokers of New York, Inc. Education Department. The inaugural one-page e-mail distribution of in the Classroom reached 8,000 recipients–both active and non-IIABNY members. The motive behind in the Classroom is simple: Create a short and easy-to-read CE class guide, which offers a “location near you,” said Kathy Lawler, IIABNY director of education. In a pre-launch message in the association’s IIABNY Insider newsletter, Lawler sympathized with those suffering from information overload. “We know you are busy,” referring to the never-ending stream of electronic and print publications associated with the information age. Lawler added that, “If you are in the insurance industry, you need education. If you are in New York state, in the Classroom makes it easy to find a class near you.” For more in the Classroom information, contact IIABNY’s Education Department at (800) 962-7950 or edu@iiabny.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. LifeCare® Launches New Backup Care ConnectionSM Program WESTPORT, Conn., February 22, 2007 -- LifeCare®, Inc., provider of comprehensive specialty care services and a longtime leader in the work/life industry, announced today that it has launched a new Backup Care ConnectionSM program for organizations that want to take the next step in providing employees and members with resources to help them better manage their busy lives. The new program helps people make alternative care arrangements for children and seniors to avoid missing work when regular care arrangements break down. www.lifecare.com www.pearson.com www.knowledgelearning.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Non-U.S. Edition of Best’s Insurance Reports® Offers Expert Insurer Analysis OLDWICK, N.J., Feb. 22, 2007—A.M. Best Co. has just released the 2007 edition of Best’s Insurance Reports – Life & Non-Life, Non-US, which offers in-depth analysis on insurers in more than 80 countries worldwide. The Best’s Insurance Reports series was first published more then a century ago and continues to provide industry professionals with the most trustworthy insurance information available. Each report features A.M. Best’s expert analysis of an insurer’s financial strength, including the Best’s Rating and Rating Rationale; Financial Size Category designation and Best’s Profitability, Leverage and Liquidity tests; financial statement items such as net premiums written; business review; and management and contact information. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. The Standard Donates More Than 10,000 Employee Volunteer Hours in Honor of its 100-year Anniversary PORTLAND, Ore. — February 23, 2007 — Standard Insurance Company (“The Standard”) celebrated its 100th year in business by partnering with 164 nonprofits across the country and providing more than 10,500 hours of employee volunteer service. In honor of its 100th anniversary The Standard introduced a different approach to corporate philanthropy through monthly Days of Caring, when employees volunteer at a nonprofit on company time. The Standard’s community involvement team worked with a range of organizations across the country to identify projects and plan the day so that volunteer efforts were maximized to benefit the organization. www.standard.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Zalma Publishes Update on Punitive Damages Barry Zalma, a California Insurance Coverage attorney and internationally recognized insurance expert, has published an article to his web site, Zalma on Insurance, entitled "Punitive Damages Decision -- A Boon For Insurers." The article explains the importance to insurers of the recent decision of the United States Supreme Court in Philip Morris USA, v. Williams, Personal Representative of Estate of Williams, Deceased, on Certiorari to the Supreme Court of Oregon, No. 05-1256 decided February 20, 2007. The decision should limit the ability of plaintiffs to obtain excessive verdicts against insurers. Mr. Zalma concludes that the insurer faced with an argument that the jury teach a lesson to the insurer must demand that the court protect against the risk of a misunderstanding and make it clear that punishment can only be directed at the damages caused to the plaintiff. The jury must be advised that it cannot seek to punish a defendant for injuries to other persons not before the court. The article can be read at http://www.zalma.com/zalmaoninsurance.htm, Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. TPAA & Express Scripts Bring Superior PBM Deal to Members Atlanta, GA, February 22, 2007 - The Third Party Administrator Alliance—known as the TPAA—working with leading pharmacy benefit consulting firm ARMSRx, has added another preferred partner’s services to its long list of member benefits. Express Scripts, one of the top three pharmacy benefit companies in the nation is offering to TPAA members a transparent pricing arrangement which is available to the member’s self-funded employer groups of all sizes. By leveraging TPAA’s buying power, clients can take advantage of bottom line pricing and receive considerable savings on their pharmacy expenditures. www.express-scripts.com www.theTPAA.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Progressive Repositions Name in Products It Sells Through Agents to Allow Them to Capitalize on the Strength of the Progressive Brand Company Also Announces Product and Service Enhancements Aimed at Helping Independent Agents Grow MAYFIELD VILLAGE, Ohio--(BUSINESS WIRE)--The Progressive Group of Insurance Companies today announced it is putting the Progressive name first in the names of all of the products it sells to allow independent agents and brokers to capitalize on the power of the Progressive name. This move to a one-brand strategy means the products will be called Progressive Commercial, Progressive Motorcycle, Progressive Boat, etc., and more of the company’s branding initiatives will focus on the benefits of insuring a vehicle with a Progressive company regardless of what or how a consumer chooses to buy. Because the private passenger auto products and prices sold directly by the company and by agents are different, their names are different. The private passenger auto product sold by agents is now called Progressive Drive Insurance. Private passenger auto insurance sold by the company directly over the Internet and by phone is now called Progressive Direct. www.progressive.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Fireman’s Fund Insurance Company Aligns With GridPointTM to Offer Intelligent Energy Management Solutions at a Discounted Rate GridPoint Products Provide Instant Backup Power, Renewable Energy Integration and Online Energy Management NOVATO, Calif.--(BUSINESS WIRE)--Fireman’s Fund® today announced a new alliance with GridPoint, a provider of intelligent energy management (IEM) products. Through its Prestige® Advisory Services, Fireman’s Fund will offer policyholders a 20 percent discounted rate for GridPoint’s award-winning products that offer clean backup power, renewable energy integration and online energy management for home owners. By incorporating GridPoint’s products at a discounted rate into its Prestige® policy and service offerings, Fireman’s Fund is now able to give policyholders access to an environmentally sound solution for protecting homes and businesses from power outages, easily integrating solar or wind energy sources and increasing energy efficiency through online energy management. www.gridpoint.com www.firemansfund.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. Blue Cross and Blue Shield of Illinois Announces e-Prescribing Collaborative Program to Improve Patient Safety February 21, 2007 12:35 PM Pacific Time - CHICAGO--(BUSINESS WIRE)--In an effort to make prescription medications safer and to improve the quality of care in Illinois, Blue Cross and Blue Shield of Illinois announced today the implementation of a statewide, collaborative program that will unite the health care industry and expand e-prescribing throughout Illinois. The Illinois e-Prescribing Collaborative is the first of its kind in the nation, as insurers, technology vendors, pharmacies, employer groups, physicians and other organizations involved in the prescription process are working together to increase the use of e-prescribing. The organizations involved in this ground-breaking collaborative are the health plans and pharmacies in Illinois, Midwest Business Group on Health, Chicago Patient Safety Forum, Illinois Academy of Family Physicians, Illinois chapter American Academy of Pediatrics, Illinois Foundation for Quality Healthcare, Illinois State Medical Society, Midwest Business Group on Health, Illinois Healthcare and Family Services, Illinois Hospital Association, Jewish Federation of Metropolitan Chicago. www.drfirst.com www.zixcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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