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1. UnitedHealth completes 12-yr options restatement By Lewis Krauskopf NEW YORK, March 6 (Reuters) - UnitedHealth Group Inc. (UNH.N: ) said on Tuesday it completed an earnings restatement of up to $1.5 billion tied to its stock options accounting, sending its shares up as much as 3 percent on hopes an end to the scandal was in sight. UnitedHealth, the largest U.S. health insurer by market value, filed its 10-K annual report with the Securities and Exchange Commission on Tuesday that included an earnings restatement dating back to 1994, mostly to account for errors in recording stock options grants. The restatement followed several delays in filing quarterly reports that had postponed its share buyback program and raised questions over its ability to focus on operating performance. "Most investors will be relieved to see the company done with this," Bank of American analyst Joseph France said in a research note. UnitedHealth, one of the largest companies caught in a national scandal over options manipulation, has been under pressure since its grants came under scrutiny a year ago. William McGuire, the longtime chief executive, left the company in late 2006 after its independent counsel found evidence of stock options that were incorrectly dated to take advantage of share price rises. The company still faces a formal probe by the SEC. It has been subpoenaed by federal prosecutors, while U.S. lawmakers have also requested documents over its options grants. Ongoing investigations may cause volatility in UnitedHealth shares, but a "significant overhang" has been lifted with the company becoming current in its SEC reports, J.P. Morgan analyst William Georges said in a note. In its report on Tuesday, UnitedHealth said it determined that the "company used incorrect measurement dates and made other errors ... in accounting for stock option grants." UnitedHealth found in most cases it had incorrect dates for grants involving about 80 million shares given to company officers, about 260 million shares given to middle management and senior management, and about 50 million shares in connection with hiring or promoting employees. TAX CHARGE SEEN UnitedHealth said under a former accounting method, the pretax effect of the errors from 1994 through the end of 2005 was a $1.526 billion overstatement in profit, in line with its estimate of $1.5 billion to $1.7 billion issued in December. Under the company's current accounting method, the pretax effect of the errors for the period was $502 million. It previously estimated $400 million to $600 million. The company estimated it would pay about $100 million for additional corporate income taxes and also expects a one-time cash charge of $55 million, or 4 cents per share, in the first quarter for other tax liabilities. UnitedHealth said its 2006 profit rose to $4.16 billion, or $2.97 per share, from $3.08 billion, or $2.31 per share, in 2005. Prior to its SEC filing, the company had not reported per-share results or year-ago comparisons. More than 170 companies have been investigated by U.S. authorities or have conducted internal inquiries into possible manipulation of stock option grant dates. UnitedHealth shares rose 86 cents, or 1.6 percent to $53.82 on the New York Stock Exchange after rising as high as $54.43, outpacing rivals Aetna Inc. (AET.N: ) and WellPoint Inc. (WLP.N: ) The stock is still down about 5 percent in the past 12 months. (Additional reporting by Karey Wutkowski in Washington) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Axa bids 1.1 bln euro for MPS Vita stake-sources Tue Mar 6, 2007 11:10AM EST By Stefano Bernabei and Mathieu Robbins ROME/LONDON, March 6 (Reuters) - French insurer Axa (AXAF.PA: ) is offering to pay about 1.1 billion euros ($1.44 billion) for the 50 percent stake in the life insurance business of Italian bank Banca Monte dei Paschi di Siena it is in exclusive talks to buy, sources familiar with the matter said. The French insurer would pay cash and may contribute some assets or sign contracts with MPS as part of the payment, the sources said on Tuesday. The exact value has yet to be set as the companies are still negotiating, they added. French insurer Axa (AXAF.PA: ) said on Monday that it was in exclusive talks with Banca Monte dei Paschi di Siena for the purchase of a majority stake in life insurance arm MPS Vita. Sources familiar with the matter had said on Monday that MPS's chairman, Giuseppe Mussari, had met Axa chairman Henri de Castries in Paris as the sides went into exclusive talks. Investment banks J.P. Morgan and Mediobanca have been running the auction of the business since late last year. The two final bidders, Axa and Dutch rival Aegon (AEGN.AS: ), had submitted final offers early last week for the business. Bankers say a sale of the unit would free up Monte Paschi to merge with a rival as Italy's banking industry consolidates with encouragement from the country's government and regulators. MPS and Axa declined to comment. (Reporting by Stefano Bernabei and Mathieu Robbins; editing by Paul Bolding; +44 20 7542 8864; mathieu.robbins@reuters.com; Reuters Messaging: mathieu.robbins.reuters.com@reuters.net) ($1=.7626 Euro) Keywords: AXA MPSVITA/OFFER (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Citigroup bids $10.8 bln for broker Nikko Cordial Tue Mar 6, 2007 9:55AM EST By Jonathan Soble TOKYO (Reuters) - Citigroup bid $10.8 billion for Japan's scandal-hit Nikko Cordial Corp. on Tuesday, hoping to secure its biggest Asian deal and mark its resurgence in the world's second-biggest economy. Citigroup, the largest U.S. bank but a small player in Japan outside of corporate investment banking, is making a broader effort to revamp its business in Japan, the scene of some of its most painful missteps in recent years. To make the takeover work, Citigroup must succeed where other foreign firms have failed. Merrill Lynch tried to build a Japanese retail broking business on the ruins of Yamaichi Securities, a Nikko rival that collapsed in 1997, but the business folded a few years later after losses peaked at an estimated $500 million in 2001. "Citi and Nikko already have a deep relationship so it should be a good cultural fit," said Neil Katkov of Celent, a financial consultancy. "It really puts a foreign player right into the middle of the brokerage industry in Japan." Citigroup said it would pay a small premium to Nikko's closing price on Tuesday to lift its stake in Japan's third-largest securities firm from just under 5 percent to at least 50 percent. The deal is Citigroup's largest in Asia to date, eclipsing its $2.8 billion acquisition of South Korea's KorAm Bank in 2004 and the first under Chief Executive Charles Prince, who took over after regulators shut down Citigroup's Japanese private bank over a series of compliance problems. It would also be the largest takeover of a Japanese company by a non-Japanese firm, eclipsing Vodafone Group's $7.6 billion buyout of Japan Telecom and its mobile unit J-Phone in 2001. In addition to bidding for Nikko, Citigroup is seeking a bigger retail banking profile in Japan, announcing in January that it would double the number of its branches to 60. (Additional reporting by Edwina Gibbs, Eriko Amaha and Nathan Layne) ($1=116.52 Yen) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. AIA ENCOURAGED BY U.S. HOUSE HEARING ON TRIA NEW YORK, March 5, 2007– Today's congressional hearing in New York on "The Need to Extend the Terrorism Risk Insurance Act" is another encouraging indication that lawmakers recognize the importance of addressing this issue sooner, rather than later, according to the American Insurance Association (AIA). Congressional leaders such as House Financial Services Committee Chairman Barney Frank (D-MA) and Senate Banking Committee Chairman Christopher Dodd (D-CT) have been saying they want to address this critical issue early in the year. Today's hearing by the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, coupled with last week's Senate Banking Committee hearing on the same topic demonstrate that Congress is indeed committed to focusing on TRIEA’s (Terrorism Risk Insurance Extension Act) expiration, which is scheduled for the end of this year. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. PIA Urges Congress to Enact Long-Term Solution for Terrorism Insurance Tells House Panel TRIA is 'Not Just a New York State of Mind’ NEW YORK — Congress should pass a long-term solution to insuring for possible terrorist threats well before the Terrorism Risk Insurance Act (TRIA) expires at the end of this year, according to the National Association of Professional Insurance Agents (PIA). In testimony submitted for a March 5 hearing in New York City by the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, PIA reiterated its longstanding support for creation of a long-term mechanism for terrorism coverage to ensure the viability of the existing domestic insurance market. “Terrorism insurance is an important part of the nation’s economic safety net because it allows insurers to manage terrorism risk in a cost effective manner,” PIA noted in its statement. “PIA believes that legislation must be passed well before the December 31, 2007 expiration of TRIA.” In addition, PIA encouraged Members of Congress to set the trigger level for a federal backstop at a level that allows small company participation in the program, not just cover large insurers. PIA also endorsed expanding the current program to include nuclear, biological, and chemical and radiological (NBCR) coverage. “Attacks of this nature must be addressed because the severe magnitude cannot be absorbed by the insurance industry without federal participation.” The association also pointed out that the need for TRIA is nationwide, not just confined to major urban areas, citing comments from PIA agents in areas as diverse as Memphis, Tennessee; Cincinnati, Ohio; and rural areas of Louisiana and Mississippi. “Insuring against terrorist attacks is not just a ‘New York state of mind,’” the PIA statement said. “TRIA does not solely benefit large businesses in major urban areas. To the contrary, the need for TRIA is not confined to any one city, state or region of the country. Terrorism coverage is being required more and more by lenders of their commercial insurance borrowers of all sizes, on any sizable commercial loan anywhere. Having this coverage available and affordable for small and mid-size commercial insureds—the customers of PIA agencies throughout the United States—is critical.” PIA’s testimony went on to note that Congressional action to ensure a functioning insurance marketplace during times of war is not without precedent. www.pianet.com PIA statement: http://www.pianet.com/doc/Issues/TRIA-PIA-030507.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. BIG “I” EMPHASIZES NEED FOR FEDERAL ROLE IN TERRORISM INSURANCE Association testifies in NYC on necessity of terrorism risk program WASHINGTON, D.C., March 5, 2007—In the heart of the world’s financial markets, the Independent Insurance Agents & Brokers of America (the Big “I”) today urged Congress to protect the country’s economic stability by ensuring availability of terrorism risk insurance through a continued federal role. The Big “I” testified before the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises during a field hearing in New York City. The association noted that the insurance market’s ability to protect the American economy from the financial consequences of terrorism risk is a critical component of national security during the ongoing war on terror. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Giuliani sells investment bank as campaign heats up Mon Mar 5, 2007 11:01AM EST NEW YORK (Reuters) - Former New York City Mayor Rudolph Giuliani has agreed to sell his boutique investment bank to Australian financial group Macquarie Group, the companies said on Monday, as the presidential hopeful ramps up his campaign. The investment bank, Giuliani Capital Advisors LLC, has about 105 employees in major cities including Chicago, New York and Los Angeles. It is a unit of the former mayor's consulting firm Giuliani Partners LLC, which employs about 50 people. "The mayor is very much dedicated to focusing his attention on running for president," a source close to Giuliani Partners said. Terms of the deal were not disclosed. "Joining the Macquarie team will allow the professionals of GCA to benefit from the vast resources of a leading global investment bank," Giuliani said in a statement. Giuliani Partners formed the investment bank in December 2004 by acquiring Ernst & Young Corporate Finance LLC. Press reports had said in January that the bank had been put up for sale to prevent its clients' activities from being used against Giuliani in the presidential campaign. Macquarie Group comprises Macquarie Bank Ltd., Australia's top investment bank, and its worldwide affiliated entities. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Genetic conditions often lead to insurance refusal Mon Mar 5, 2007 4:01pm ET By David Douglas NEW YORK (Reuters Health) - People with sickle cell disease or cystic fibrosis -- two genetic disorders -- are twice as likely to be denied health insurance coverage compared with those with other chronic illnesses, according to the results of a survey. "All persons with chronic medical conditions should be legitimately concerned about access to health insurance," lead investigator Dr. Nancy Kass told Reuters Health, "but individuals with genetic conditions may have additional reasons to worry." "As we spoke to family after family," she continued, "it became clear that people with all types of medical conditions are quite worried about access to health insurance and they make life changes in order to preserve their access to insurance. People with genetic conditions may face additional challenges, however, and that is worth further examination." Kass, who is with the Johns Hopkins Berman Institute of Bioethics in Baltimore, and colleagues came to these conclusions after interviewing adults or the parents of children who had sickle cell disease, cystic fibrosis, diabetes or HIV. They also interviewed 200 people with, or at risk of, breast or colon cancer. Of 587 respondents, 27 percent reported they were denied health insurance or offered insurance at a prohibitive rate. Those with cystic fibrosis or sickle cell disease were twice as likely to report this as those with non-genetic conditions. In addition, 23.5 percent of people with these genetic disorders said that their coverage of the condition was limited, compared with only 14.2 percent of those with other chronic conditions. Most of the respondents (89.7 percent) obtained their insurance through their employer or their spouse's employer. Almost half reported being unable to leave their jobs for fear of losing their health insurance. The researchers point out that current legislation to limit genetic discrimination in insurance addresses genetic risks or traits only -- rather than protecting those with actual disease. Thus, "current legislation may not address the challenges faced by individuals like those in this study." "Something seems fundamentally wrong with a system of health coverage that makes it hardest for people with serious health problems (to get) the care that they need," Kass added. "It is like carrying an umbrella around when it's sunny," she concluded, "but then the day it starts to rain, you open it up and find it's completely full of holes." SOURCE: American Journal of Medical Genetics, February 2007. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Fortune’s Fortress: A Primer on Wealth Preservation for Hedge Fund Professionals Timely and revealing, Fortune’s Fortress: A Primer on Wealth Preservation for Hedge Fund Professionals, comes as a long overdue response to the needs and unique challenges faced by hedge fund professionals. Recently cited in the Wall Street Journal’s , the book seeks to drill down and analyze the largely private world of the hedge fund manager on a personal level. The collaborative work of 4 renowned authorities- Russ Prince, President, Prince & Associates, Arthur A. Bavelas, CEO, Resource Network LTD, Edward Renn, Principal, Withers Bergman LLP, and Mindy Rosenthal -Fortune’s Fortress polled the buying habits of 294 managers with a median net worth of $61.7 million. The findings suggest that hedge fund managers are not just juicing the art market, but are increasingly in need of financial services to manage their rapidly growing prosperity. Fortune’s Fortress is a primer focused on:
While Fortune Fortress is a limited release publication, the first chapter may be read on-line and may be ordered in limited quantities by visiting www.resourcenetworkltd.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. NAMIC Asks N.J. Lawmakers to Consider Consequences Before Imposing Underwriting Restrictions on Auto Insurers INDIANAPOLIS (March 5, 2007) – New Jersey drivers could see a return to high prices and fewer choices for their insurance if legislators adopt underwriting restrictions. Senate Bill 1714 would represent a “significant step backward for New Jersey, and it could very well be the first step toward a return to a moribund market,” said Paul Tetrault, state affairs manager for the National Association of Mutual Insurance Companies (NAMIC). The legislation would prohibit insurers from using certain rating factors in the underwriting process. But according to NAMIC, such restrictions could hamper competition and thereby hurt consumers. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Paulson: U.S. housing credit risks contained Tue Mar 6, 2007 1:35am ET TOKYO (Reuters) - U.S. Treasury Secretary Henry Paulson said on Tuesday that a weakened housing market will not have a major impact on the U.S. financial sector, which he described as quite healthy. In a roundtable session with reporters during a visit to Tokyo, Paulson said the housing downturn had had some impact on certain types of mortgages but he did not see it as a major problem. "Some of the credit issues are there, but they're largely contained," Paulson said. The U.S. Treasury chief was on the first leg of a three-country trip that will also take him to South Korea and China before he returns to Washington on Thursday. He described global economic conditions as very healthy and played down recent drops in global equity prices. "The global economy is more than sound," Paulson said. "It's as strong in the last couple of years as I've seen in a lifetime. "All the economies are growing, inflation is low, and liquidity is high," he said. Global equity markets have been roiled over the past week and a half by several factors, including the Chinese stock market's sharp drop last week and a comment by former Federal Reserve Chairman Alan Greenspan that a recession was possible. Another factor cited in recent market declines was a reversal of support from a long-running phenomenon known as the carry trade, which involves using Japanese yen to invest in global equities and other higher-yielding assets. Asked whether an unwinding of such trades was a concern, Paulson said he had no comment on yen carry trade. Paulson described the Japanese economy as being on "a very good trajectory" but said it was very important for Japan to continue with economic reforms. He said Japanese financial institutions were offering a wider variety of investment options so that savers were less dependent on low-yielding bank savings, and he said that was a promising development. Paulson was also asked whether there would soon be an unfreezing of North Korean accounts held in Banco Delta Asia, the Macau bank that the U.S. Treasury identified as a "primary money laundering concern" in 2005, calling the bank a "willing pawn" in aiding illicit North Korean activities. "We've had a lot of bilateral sessions with the North Koreans, and I believe it'll be resolved in an appropriate way," Paulson said. "No one who runs a respectable bank wants to be unwittingly duped into financing illegal activity. We are going to continue to be vigilant." © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Managed Account Services Successful Within 401(k) Plans - Assets Top $2 Billion COLUMBUS, Ohio--(BUSINESS WIRE)--More than 60 percent of private-sector workers who have access to a 401(k) plan say that it’s their primary retirement savings vehicle.1 But, understanding how to correctly invest for retirement can be a difficult task. In fact, 70 percent of employees feel that selecting the appropriate financial products and services is a complicated process.2 Since Nationwide Financial Services, Inc. (NYSE:NFS), acquired RIA Services, Inc. in March 2005, more than 65,000 participants in 3,000 plans have invested $2 billion in managed account services. “Not every plan participant is comfortable making critical investing decisions about their retirement plan on their own,” said Bill Jackson, senior vice president of retirement plans for Nationwide Financial. “We understand this reality and are committed to providing a variety of tools and services to meet the varying needs of our plan participants. We want each plan participant to feel confident that they are making the most of their retirement plan.” RIA Services offers plan sponsors and their participants access to managed account services to help increase the effectiveness of their 401(k) plans and take some of the guess work out of selecting and managing their investments. For the “do-it-for-me” investors, managed accounts offer a great solution by allowing a Registered Investment Adviser to actively manage the participant’s account based on the participant’s personal investing needs. “Our managed account solutions can help alleviate participant concerns while enhancing fiduciary protection for plan sponsors by allowing them to choose from a network of money managers,” said Jackson. “Of those plans that have added a managed account option, 30 percent of participants are taking advantage of the service.3" Investment professionals who would like more information about managed account services can call 1-800-626-3112, option one or visit online at www.riaservices.net. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Advantedge Healthcare Solutions Acquires Professional Billing & Management Services, Inc. Augments Corporate Growth Strategy and Strategic Partnerships WARREN, N.J.--(BUSINESS WIRE)--Advantedge Healthcare Solutions (“AHS”), a technology-enabled applications services provider (“ASP”) that offers medical billing services to physician groups using its proprietary software called Virtual Manager, today announced its acquisition of Professional Billing & Management Services, Inc. (“PBMS”), a premier and long standing anesthesia billing company located in Chambersburg, PA. www.ahsrcm.com www.fequity.com www.safeguard.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. ACE Streamlines PI Risk Requirements on imarket LONDON--(BUSINESS WIRE)--ACE European Group (ACE)(NYSE:ACE) is continuing to enhance its e-commerce offerings to UK brokers with the launch of a more streamlined Professional Indemnity (PI) product on imarket. “imarket already has an important role to play in reducing brokers’ costs through recouped administration time,” says said Mark Whitehead, ACE European Group’s e-Commerce Manager. PI from ACE spans a range of professions and has been designed for small businesses and sole traders with revenue up to £350,000 a year. www.aceeuropeangroup.com www.acelimited.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Max Re Capital Ltd. Plans Name Change to Max Capital Group Ltd. New Name Reflects Max’s Strategic Evolution from Reinsurance to Balanced Mix of Specialty Insurance and Reinsurance Products HAMILTON, BERMUDA--(BUSINESS WIRE)--Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE BH) today announced that it will seek shareholder approval to change the Company’s name from Max Re Capital Ltd. to Max Capital Group Ltd. at the Company’s 2007 Annual General Meeting of Shareholders (AGM) to be held on Friday, May 4, 2007. The decision reflects the Company’s strategic evolution from its initial focus on reinsurance seven years ago to a balanced mix of specialty insurance and reinsurance products today. www.maxre.bm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. KRG Capital Partners Announces Frank Gates Companies and Attenta Merge DENVER--(BUSINESS WIRE)--The Frank Gates Companies and Attenta announced today the two national risk management service companies have merged. With 61 and 42 years in the industry respectively, the combined company has 100+ years of experience in risk management. The Frank Gates Companies, based in Columbus, Ohio, employs over 500 associates in 38 offices serving 50 states. For 61 years, Frank Gates has provided risk management consulting and cost-control programs in the areas of workers’ compensation, auto/general liability and property claims, alternative risk financing, captive services and risk management software. Attenta, based in Birmingham, Alabama, provides claims administration, self-insured group management, excess coverage marketing and brokerage, auditing, underwriting, loss control, medical cost containment and risk management information services. In its 42nd year, Attenta employs 200 associates and has 10 offices serving the Southwestern and Southeastern states. Both companies will continue to focus on their valued core client base which includes self-insured groups (SIGs) and group rated, self-insured and insured employers. www.frankgates.com www.attenta.com www.KRGCapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Banks’ Mutual Fund and Annuity Fee Income Increases 7.2 Percent to $5.4 Billion in 2006 FOR IMMEDIATE RELEASE – Radnor, PA, March 5, 2007 – Banks increased their 2006 mutual fund and annuity fee income by 7.2 percent to a record $5.38 billion, up from $5.02 billion in 2005, according to The 2007 Michael White-Symetra Bank Fee Income Report™ (Bank-FIR™). The report, compiled by Michael White Associates, LLC (MWA) and sponsored by Symetra Financial, measures and benchmarks the banking industry’s performance in generating insurance, investment, and mutual fund and annuity fee income. It is based on data reported by all 7,837 commercial and FDIC-regulated savings banks. The Bank-FIR reveals that only one-fourth (24.3 percent) of banks in the United States engaged in sales and servicing activities that produced mutual fund and annuity revenue. Bank mutual fund and annuity fee income consists of income earned as a result of sales of these products on the premises of banks or their subsidiaries; or income earned from the sale of these products by banks or their subsidiaries. “Banks over $10 billion in assets had the highest participation (72.8 percent) in mutual fund and annuity activities and produced $4.8 billion in mutual fund and annuity fee income, $327 million more than in 2005. These large banks accounted for 89.4 percent of all bank mutual fund and annuity fee income,” says Rod Halvorson, senior vice president of financial institutions distribution, for Symetra Financial, which sponsors the report. In 2006, the top five national leaders in mutual fund and annuity fee income were Bank of America, N.A. (NC) with $1.8 billion, Wachovia Bank, N.A. (NC) with $581 million, JP Morgan Chase Bank, N.A. (OH) with $526 million, Wells Fargo Bank, N.A. (SD) with $364 million, and The Bank of New York (NY) with $245 million. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. 2007 will be one of the most challenging in contact center outsourcings history Contact center outsourcing vendors are struggling to adapt industry-specific solutions to both new and established clients London, 8 March 2007 Coming hot on the heels of UK bank Lloyds TSBs announcement last week that it is to move its contact center operations from Mumbai to the UK, a report by independent market analyst Datamonitor (DTM.L) says contact center outsourcing providers are set to face tremendous challenges with the emergence of late-adopting vertical markets. According to the report 2007 Trends to Watch: Contact Center Outsourcing and Services, the evolution of horizontal functions will also challenge contact center outsourcers, as more investors move toward one-stop-shops for multiple services. In addition Technology shifts will be an area of concern for outsourcing vendors, as end-users rapidly adopt new and sophisticated contact channels. 2007 will be one of the most challenging in contact center outsourcings history, says Peter Ryan, contact center outsourcing and services analyst at Datamonitor. Not only will more industries be looking to adopt third-party customer care services than ever before, their horizontal functions will be shifting to more profitable requirements. Additionally, the need to satisfy demand from multiple contact channels as opposed to strictly voice-based services will be crucial for success over the long term. Those outsourcing vendors that properly target industries with realistic and tailored programs and are able to accommodate cross-channel solutions are certain to succeed. Datamonitors research indicates three major contact center outsourcing services trends that will emerge in 2007. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Market Barometer - February 2007 - Double Digit Decreases The P&C composite rate index is down 10% for February 2007. There were no rate increases in any line of coverage. Richard Kerr, Chairman and CEO of MarketScout stated, “Barring a catastrophic wind season or other natural catastrophe, 2007 will be a tough year with rate decreases continuing throughout the year. However, as is true with the stock market, the insurance market will correct itself at some point. Strategic investors are positioning themselves to capitalize on the market turn. It’s coming, just not anytime soon.” The barometer is compiled by MarketScout, a Dallas, Texas based electronic insurance exchange which underwrites and distributes hundreds of product lines to its 58,000-member agency network across the United States. Over 40 "A" Rated carriers participate in the MarketScout exchange platform at http://www.marketscout.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"
21. Six questions investors must ask in today’s bewildering market. J. Michael Martin of Financial Advantage, Inc., Columbia, Md., a top fee-only financial advisory firm, says all investors should ask themselves, or their advisors, these questions: 1. Am I paying attention to the global fight for non-renewable resources like energy, industrial metals and gold? 2. Am I examining each company specifically instead of hiding behind indexes? “Indexed investing by itself is passé. Indexes conceal as much as they reveal, and they harbor companies that simply won’t survive the coming disruptions.” 3. Am I actively diversifying risk? Traditional “style boxes” are almost meaningless. What are the fundamental success drivers and risk factors for the companies in my portfolio? 4. Am I investing in companies whose leaders “get” the new style of collaborative management? Executives stuck in the past can’t lead their companies to success. 5. Am I investing in countries whose leaders understand the importance of political and economic freedom? 6. Am I paying attention to valuation and not overpaying even for great companies? “While financial advisors cannot predict the future, they are in the business of managing perpetual uncertainty in a bewildering world of inverted yield curves and low unemployment paradoxically combined with low inflation. They ought to be ready with good answers to the six questions above—before the market goes on its next roller coaster ride, which is the only thing that is certain.” www.financialadvantageinc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Foster Wheeler to Ring NASDAQ Opening Bell on March 9, 2007 HAMILTON, Bermuda--(BUSINESS WIRE)--Foster Wheeler Ltd. (NASDAQ: FWLT) announced today that chairman and chief executive officer Raymond J. Milchovich will ring The NASDAQ Stock Market Opening Bell on Friday, March 9, 2007, at 9:30 a.m. (Eastern), in celebration of the Company’s recent announcement of the highest annual net income ever achieved in its 116-year history. To view the NASDAQ opening bell ceremony live on March 9, visit http://www.nasdaq.com/reference/marketsite_about.stm to access the NASDAQ MarketSite webcam at least 15 minutes in advance. www.fwc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Ping An’s Unit Receives a License to Manage Assets in Hong Kong HONG KONG--(BUSINESS WIRE)--The Hong Kong Securities and Futures Commission has granted Ping An of China Asset Management (Hong Kong) Company Limited (“Ping An Asset Management (Hong Kong)”) a license to conduct asset management business in Hong Kong. With the granting of the license for a Type 9 regulated activity on March 1, 2007, Ping An Asset Management (Hong Kong) will be able to provide equity, bond and other investment portfolio management services for all subsidiaries, onshore and offshore units of Ping An Insurance (Group) Company of China Ltd (“Ping An”; HKSE:2318; SSE:601318). “The asset management license in Hong Kong is a great kick-off for investing in foreign currency securities by the Ping An Group,” said John Pearce, Ping An’s Senior Vice President and Chief Investment Officer. “We plan to put in place a world-class investment management platform at Ping An Asset Management (Hong Kong), building expertise to become a trusted international investing expert for China.” www.pingan.com.cn Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. National Investment Managers Inc. Closes Acquisition of Connecticut-Based Pentec, Inc. Transaction Provides Footprint into Connecticut Market Transaction Adds $525 Million in Assets under Administration, $180 Million in Assets under Management NEW YORK--(BUSINESS WIRE)--National Investment Managers Inc. (OTC BB: NIVM), a nationally-operated and regionally-based retirement plan administration and investment management company, announced today that it has closed on the acquisition of Pentec, Inc., as well as its sister company, Pentec Capital Management, Inc., both based in Southington, CT. The transaction was valued at $3.5 million, with $1.8 million paid in cash, $1.45 million in notes and the balance in common stock valued at $0.62 per share. Established in 1981, Pentec, Inc. (“Pentec”) has grown from a one-person boutique shop servicing exclusively plan sponsors of small defined benefit plans to a full pension consulting and administration firm servicing nearly 500 plans with $525 million in assets under administration in a wide range of qualified and non-qualified pension programs. Pentec Capital Management, Inc. currently manages approximately $180 million in assets. Pentec Capital Management Inc. provides investment-related services through Investors Capital Corporation to 401(k) and other qualified and non-qualified plans and IRAs. w Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Is It Too Late to Refinance Your Mortgage? MetLife Bank Provides Tips and Resources for Refinancing BRIDGEWATER, N.J.--(BUSINESS WIRE)--This past year, many Americans took advantage of low interest rates by refinancing their mortgages, resulting in thousands of dollars in savings over the term of the mortgage. Many consumers are wondering whether they've missed the boat on the refinancing boom, when in fact, rates are at near-historically low levels, and at their lowest in a year. It's still a great time to consider locking in today’s rates for a 15-, 20-, or 30-year term—especially if a consumer is facing an increase in rates from an adjustable-rate mortgage (ARM). “Contrary to what many think, it’s still a fantastic time to refinance, because it wasn't too long ago that rates were in double digits,” says Keith Conner, vice president of Consumer Lending at MetLife Bank. “Whether a refinance is right for you depends upon several factors. Just asking a few questions can help you decide whether it’s a good time to contact a mortgage specialist.” To further aid consumers looking to refinance, MetLife Bank offers a variety of convenient calculators that can make the process of wading through the complexities of a mortgage or equity loan much easier. These include tools to determine whether it’s best for to rent an apartment or buy a home, an amortization calculator that can you determine how much you will pay (and for how long), calculators to determine how much house you can afford, how much you can expect to pay each month on a loan, and, for existing homeowners, a calculator designed to determine whether refinancing makes sense for you. They are available online at www.metlifebank.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Progressive and LoJack Offering Discount on Comprehensive Insurance and Stolen Vehicle Recovery System, Respectively Substantial Savings on Device and New 20 Percent Discount on Comprehensive Coverage MAYFIELD VILLAGE, Ohio--(BUSINESS WIRE)--As a leading writer of commercial auto insurance, The Progressive Group of Insurance Companies continues to see the theft rate for vehicles it insures in Florida increase year after year. Increased theft drives up the cost of commercial auto insurance as higher premiums are needed to cover the cost of Comprehensive coverage, that part of a policy that pays for theft. To help its customers combat commercial vehicle theft, Progressive, which sells commercial auto insurance to small businesses through independent insurance agents and brokers and also directly over the phone, has entered into an agreement with the LoJack Corporation, the global leader in stolen vehicle recovery, to offer the LoJack® Stolen Vehicle Recovery System to owners of commercial vehicles and construction equipment at a substantial savings. www.progressive.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Lightyear Capital Completes Final Closing on Second Financial Services Buyout Fund -- Fund II Will Continue Lightyear Capital’s Buyout Focus on High-Growth Financial Services Industry -- NEW YORK--(BUSINESS WIRE)--Lightyear Capital LLC (“Lightyear”), a private equity firm focused on financial services, announced today that it completed the final close of its second private equity fund, Lightyear Fund II, L.P. (“Fund II”), with over $850 million in capital commitments, surpassing its target of $800 million. With the closing of Fund II, Lightyear has raised and, through its affiliated funds, managed approximately $3 billion of committed capital. Fund II, similar to its predecessor fund, The Lightyear Fund, L.P. (“Fund I”), will seek control buyout investments in financial services companies of all types, including asset management, banking, brokerage, financial technology, insurance, leasing, and related business services and other sectors within the financial services industry. Selected investments from Fund I include Athilon Group Holdings Corp., a triple-A rated credit derivatives products company; Baker Tanks, Inc., an equipment rental and leasing services company; Collegiate Funding Services, Inc., an education finance company; and The NAU Group, a provider of crop insurance. “The closing of our second fund marks an important milestone for Lightyear,” said Donald B. Marron, Chairman and Chief Executive Officer of Lightyear. “Since 2000, Lightyear has solidified its position as a leading private equity firm committed to the financial services industry, an expanding growth area. We are pleased with the investment results we have delivered to our limited partners in Fund I and our success in raising this new fund.” www.lycap.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Whole Health Management to Operate on-Site Wellness Center for Manatee County Employees CLEVELAND--(BUSINESS WIRE)--Whole Health Management, a leading operator of on-site clinics for large self-insured corporations, and Manatee County of Southwest Florida announce they will open a 5,600 square-foot health and wellness center in early summer 2007 to service employees working at approximately 60 sites throughout the county. The on-site clinic will offer quality health services to nearly 5,500 Manatee county employees and their spouses, as well as dependents over the age of 18 and retirees under 65 years of age. www.wholehealthnet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. America Service Group Inc. Announces Plan for Strategic Alliance between Prison Health Services, Inc. and Maxor National Pharmacy Services Corporation BRENTWOOD, Tenn.--(BUSINESS WIRE)--America Service Group Inc. (NASDAQ:ASGR) announced today that a non-binding proposal letter has been executed for Maxor National Pharmacy Services Corporation (Maxor) to acquire, at book value, certain assets of Secure Pharmacy Plus, LLC (SPP), an affiliate of the Company. As part of this proposed transaction, Maxor would become the exclusive provider of pharmaceuticals and medical supplies to Prison Health Services, Inc. (PHS), the principal operating subsidiary of the Company. www.asgr.com www.maxor.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. RMS LAUNCHES EXAM PREPARATION PROGRAM FOR THE CERTIFIED CATASTROPHE RISK ANALYST (CCRA) DESIGNATION Special Exam Review Designed for Experienced Cat Modelers Newark, Calif. - March 5, 2007 - Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, has launched the Certified Catastrophe Risk Analyst (CCRA(tm)) Exam Prep program, a comprehensive self-study review program that allows experienced catastrophe risk analysis professionals to prepare for the RMS CCRA exam without attending the six-week Catastrophe Analysis Training (CAT) program. www.rms.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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