When an insurance company, or broker has a case that requires enrollment assistance, they can arrange for a private communication to be sent to our 4,000+ members. The information is distributed via e-mail, so the opportunity is communicated almost immediately. The enrollers and enrollment firms who think they match the criteria established and may be interested in pursuing the opportunity contact the insurance company, vendor, or broker directly. The Workplace Benefits Association is not a licensed entity and is not involved in the revenue stream in any way, does not receive an override, etc. . Does it work? Absolutely! It connects organizations that want experienced and qualified enrollment assistance with experienced and qualified enrollers and enrollment firms. For more information, call 888-282-1765, send an e-mail to wpodgurski@aol.com or visit www.workplacebenefits.org/el.htm. NOTE TO ENROLLERS: The Workplace Benefits Association sends out approximately 30 ENROLLMENT LINK announcements each year. For more information, visit www.workplacebenefits.org. Daily Quote: The only limit to our realization of tomorrow will be our doubts of today. - - Franklin Delano Roosevelt
Experts & SpeakersExperts & Speakers is a free service from the Training Center that allows you to listen, learn from, or hire industry experts such as Ed Slott, Bill Cates, Steven Drozdeck, Jon Henschen, Michael Lovas, and more than 50 others! 1. Hub International to Acquire One of the Largest Arizona-Based Insurance Brokers New Arizona Hub Will Provide Platform for Further Sunbelt Growth CHICAGO--(BUSINESS WIRE)--Hub International Limited (NYSE:HBG) (TSX:HBG) announced today that it has agreed to acquire substantially all of the assets of BNC Insurance Services, Inc., one of the largest Arizona-based insurance brokers. The brokerage, which does business as Milne & BNC Insurance Services, has approximately $19 million in revenue. This operation will become a new regional platform (hub) doing business as Hub International Milne (HUB Milne). Based in Phoenix, Milne & BNC Insurance has 85 employees at offices in Phoenix, Prescott Valley, Cottonwood and Tucson, Arizona; Bismarck, Mandan and Linton, North Dakota; and Englewood, Colorado. Richard Milne, president of Milne & BNC Insurance, will become president of HUB Milne’s Arizona-based operations. The North Dakota offices will be folded into HUB Mountain States and the Colorado office will be folded into HUB Southwest. The brokerage was founded in 1990 and purchased in 2002 by BNC National Bank, a subsidiary of BNCCORP, Inc. (NASDAQ:BNCC). The BNC Insurance acquisition will mark the fourth major purchase by Hub International of a large brokerage operation from a financial institution. www.hubinternational.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. C. V. Starr & Co., Inc., Announces the Creation of Starr Global Accident & Health Insurance Agency, LLC Starr Global Accident & Health and Chubb Enter into Underwriting Agreement NEW YORK--(BUSINESS WIRE)--Complementing its existing areas of industry leading specialty businesses, C. V. Starr & Co., Inc. has organized a company specializing in the delivery of insurance solutions to the global accident and health market. To be headquartered in Greenwich, Connecticut, Starr Global Accident & Health Insurance Agency, LLC (Starr Global Accident & Health) has established a strategic relationship with The Chubb Corporation. Through a network of program managers, Starr Global Accident & Health will underwrite employer stop loss insurance on behalf of the Chubb Group of Insurance Companies. Employer stop loss insurance is the first of many products Starr Global Accident & Health will bring to market. “Starr Global Accident & Health is another step in our continuous building of a business of specialized insurance products and services which is the hallmark of C. V. Starr,” commented Maurice R. Greenberg, Chairman and CEO of C. V. Starr & Co., Inc. www.CVSTARRCO.COM www.chubb.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Chubb to Offer Employer Stop Loss Insurance through C.V. Starr Unit WARREN, N.J., March 14 /PRNewswire/ -- Starr Global Accident & Health Insurance Agency, LLC, through a network of program managers, will underwrite employer stop loss insurance on behalf of the Chubb Group of Insurance Companies. "This agreement provides Chubb with new growth opportunities in the employer stop loss insurance marketplace," said Thomas F. Motamed, vice chairman and chief operating officer of The Chubb Corporation. "We look forward to working with Starr Global Accident & Health's team of highly experienced insurance specialists to deliver Chubb-quality products and services to an array of U.S. employers." "Our ability to capitalize on C.V. Starr's excellent relationship with Chubb will enable us to bring an outstanding offering of security, strength and professionalism to the employer stop loss marketplace in a 'can-do' environment of creativity," said Peter McGuire, president and chief executive officer of Starr Global Accident & Health. Chubb will continue to write employer stop loss insurance through its independent agents and brokers. The coverage helps protect self-insured employers from absorbing all the costs associated with catastrophic medical claims and high utilization rates. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Argonaut Group, Inc. and PXRE Group Ltd. to Merge, New Entity Will Be Named Argo Group SAN ANTONIO & HAMILTON, Bermuda--(BUSINESS WIRE)--Argonaut Group, Inc. (NasdaqGS: AGII), a specialty underwriter, and PXRE Group Ltd. (NYSE:PXT), a Bermuda-based property reinsurer, announced today they have signed a definitive merger agreement and that the combined entity will do business as Argo Group International Holdings Limited (“Argo Group”). Argo Group will become the Bermuda holding company for PXRE’s existing insurance subsidiaries, Argonaut Group’s U.S. operations, and a newly formed Bermuda reinsurer named Peleus Reinsurance Ltd. Argo Group will trade on The NASDAQ Stock Market under Argonaut Group Inc.’s existing ticker symbol AGII. Mark E. Watson III, president and chief executive officer of Argonaut Group, Inc., will become the president and chief executive officer of Argo Group, subject to obtaining Bermuda regulatory approval. The Board of Directors for Argo Group will consist of the nine directors currently serving for Argonaut Group, Inc. and four directors from PXRE Group, Ltd., with a chairman elected from the resulting 13-member group. Mark E. Watson III, commenting on the transaction, said, “Argonaut Group’s merger with PXRE is a natural progression in our long-term strategy as a growing specialty underwriter. With combined assets exceeding $5 billion and shareholder’s equity of approximately $1.3 billion, plus operations based in Bermuda, the United States and Europe, we believe Argo Group will be well positioned to develop and grow a sustainable and profitable global business platform. We view this transaction as a solid investment consistent with our goal of securing the future for our shareholders and clients.” www.argonautgroup.com www.pxre.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Rubicon Financial Incorporated Announces Acquisition of Its First Financial Services Subsidiary IRVINE, Calif.--(BUSINESS WIRE)--Rubicon Financial Incorporated (OTCBB:RBCF) today announced that on February 1, 2007 it closed on the acquisition of Rubicon Financial Insurance Services, Inc., RBCF’s first financial service company acquisition. Rubicon Insurance is a full service insurance agency offering personal and commercial lines, health and life insurance products to individuals and companies. Rubicon Insurance is currently licensed to do business in California and intends to expand to other states on the West Coast over the next two years. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. AEGON Strengthens Group Pension Business With Acquisition of OPTAS N.V. THE HAGUE, Netherlands, March 15 /PRNewswire-FirstCall/ -- AEGON has reached an agreement to acquire Rotterdam-based OPTAS N.V., a Dutch life insurance company specializing in employee benefit products and services with a top ten position in the group pension market. The net consideration for AEGON of this transaction is approximately EUR 100 million. The acquisition of OPTAS will strengthen AEGON's top two position in the group pension market in the Netherlands. OPTAS' strong penetration with companies and employees in the ports of Rotterdam and Amsterdam will allow AEGON to broaden its overall client base and offers opportunities to provide additional services. The combination of OPTAS and AEGON's existing pension activities will lead to a more efficient platform to serve the group pension market. The transaction will have a slightly positive effect on AEGON N.V.'s earnings per share. OPTAS N.V., the successor of Stichting Pensioenfonds voor de Vervoer-en Havenbedrijven (a pension fund for companies active in the transport and port industries) was converted into a public company in 1997. At the end of 2005, OPTAS had 60,000 policyholders and reported total gross written premiums of EUR 92 million, with total assets of EUR 4.3 billion. AEGON will acquire OPTAS N.V. for a gross amount of approximately EUR 1.3 billion. Taking into account the excess capital of OPTAS, the net consideration is estimated to be approximately EUR 100 million. A portion of the shareholders' equity of OPTAS is subject to restrictions as set out in the articles of association of the company. These restrictions assure continued fulfillment of existing policy obligations and will remain in force after the acquisition. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. BNCCORP Announces Definitive Agreement for Sale of Insurance Subsidiary Proceeds to Support Growth of Banking, Wealth Management Businesses BISMARCK, N.D., March 14 /PRNewswire-FirstCall/ -- BNCCORP, Inc. (Nasdaq: BNCC), which operates community banking, insurance and wealth management businesses in Arizona, Minnesota, North Dakota, Colorado and Nevada, today announced a definitive agreement to sell substantially all of the assets of its insurance agency operation, BNC Insurance Services, Inc., to a subsidiary of Hub International Limited (NYSE: HBG) (TSX: HBG) for a purchase price of approximately $37 million. The Company noted that the transaction would monetize the value of its investment in the insurance business and result in a significant increase in tangible net worth and regulatory capital. The transaction is expected to be completed late in the second or early in the third quarter of 2007 and is subject to customary conditions, including approval by BNCCORP shareholders. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Arthur J. Gallagher & Co. Acquires The Producer's Choice, Inc. ITASCA, Ill., March 14 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. today announced the acquisition of The Producer's Choice, Inc. of Coral Springs, Florida. Terms of the transaction were not disclosed.Founded in 1992, The Producer's Choice, Inc. (TPC) is a managing general agency and wholesale life insurance broker specializing in large case management, advanced sales support and substandard or hard-to-place cases. Eugene Rice and his associates will continue to operate out of their current location under the direction of James Durkin, President of Gallagher Benefit Services, Inc., a subsidiary of Arthur J. Gallagher & Co. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Bay Area Man Sentenced To Ten Years In Prison For Selling Fake Insurance Policies Ordered to pay more than $6.5 million in restitution SAN FRANCISCO – Insurance Commissioner Steve Poizner announced today the sentencing of a former insurance broker/agent to 10 years in prison for the sale of approximately $6 million worth of fake insurance policies the broker falsely claimed were underwritten by Lloyd’s of London (Lloyd’s). According to California Department of Insurance (CDI) investigators, Richard W. Peterson (also known as Robert James), 66, of San Francisco, operated an insurance brokerage firm that claimed to specialize in the placement of commercial liability insurance for restaurants and bars. Between 2000 and 2003, Peterson issued commercial liability insurance policies he said he placed with underwriters at Lloyd’s and obtained through two New York insurance brokerages; Surplus Lines, Inc. and Heritage, Inc. When a broker tried to confirm coverage, he found the policies were completely fraudulent and had not been placed with underwriters at Lloyd’s. “Mr. Peterson’s fraud could have financially devastated these small businesses,” said Commissioner Poizner. “Not only was he illegally pocketing millions of dollars in premiums, but his actions left many San Francisco restaurants unprotected and vulnerable. I am glad to announce today that Mr. Peterson has been ordered to pay back that money.” Authorities at Lloyd’s advised CDI’s Investigation Division that Lloyd’s did not receive any applications for insurance or any premium funds from the bogus policies. Once the fraud was uncovered, CDI and Lloyd’s advised victims to contact their insurance brokers and obtain new coverage. Peterson pleaded guilty on July 19, 2005 to wire fraud and engaging in the business of insurance after having been convicted of a felony. At sentencing in a Manhattan federal court, United States District Judge Denny Chin Judge Chin also ordered Peterson to pay restitution of $6,663,439 and ordered the preliminary forfeiture of $6,663,439, as well as Peterson’s interest in four properties (two buildings located in San Francisco, a condominium in Las Vegas, and a condominium in the Cayman Islands). Peterson illegally operated under the names United Restaurant Services; United Restaurant Services Corporation; United Restaurant Services Cooperative; United Restaurant Services, Inc.; United Restaurant Insurance Services; and California Restaurant Specialty Cooperative, Inc. (collectively “URSC”) located primarily in San Francisco. Although his broker/agent license was revoked by CDI in 1999 for similar activities, Peterson misrepresented himself as a licensed insurance broker able to place insurance coverage. CDI investigators worked closely with the United States Postal Inspection Service, Manhattan Office and the Office of the United States Attorney, Southern District, to obtain the federal complaint. Clients who may have purchased insurance from Peterson and/or URSC may contact the Victim/Witness Coordinator, United States Attorney's Office, One St. Andrew's Plaza, New York, New York 10007 at (866) 874-8900, to inquire about possible restitution. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. U.S. Rep questions Wal-Mart banking plans: report Thu Mar 15, 2007 1:34AM EDT Analyst Research Email This Article | Print This Article | Reprints[-] Text [+] NEW YORK (Reuters) - An Ohio representative is planning to release information on Thursday that suggests Wal-Mart Stores Inc.'s (WMT.N: ) ambitions into consumer banking may extend beyond what the retail giant had previously disclosed, The New York Times reported. The information, in the form of an e-mail message sent by a Wal-Mart employee, suggested that the company was laying the groundwork to offer its own banking products, the Times said. Wal-Mart has long insisted that it was not interested in branch banking but was looking to use the bank as a way to save money. But Rep. Paul E. Gillmor, R-OH, said he was concerned that the undated e-mail message suggested that Wal-Mart was telling its tenants, some of which are retail banks, that it was reserving the right to become a full-service bank, including the underwriting of mortgages, the Times reported. "There is nothing new here," the spokeswoman, Mona Williams, said in the Times. "While we recently updated language in our leases, similar language has been in our agreements for at least five years." No other comment was immediately available from the retailer. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Corporate Insight Finds Deficiencies in Annuity Account Opening Process NEW YORK--(BUSINESS WIRE)--Corporate Insight, the leader in providing competitive intelligence, analysis, and consulting services to the financial services industry recently examined the account opening process for annuities at fifteen firms. The research found five key deficiencies that hinder the process. Specifically they are: Lack of communication between advisors and firms Formatting and/or malfunction issues with online forms Failure of firms to offer online guidance Discrepancies in account forms Outdated product information on firms’ websites Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. RFROC ANSWERS ‘When Will the Baby Boomers Really Retire?’ LUTZ, Fla.--(BUSINESS WIRE)--The Retirement Financial Readiness Opinion Council's (RFROC) latest study entitled ‘When Will the Baby Boomers Really Retire?’, answers this question on many levels. Older Baby Boomers have told us that they have been saving for their retirement for forty years. “They are about to shift and begin taking distributions to live their retirement dreams,” stated Bruce Hurwitz, RFROC President, who goes on the say, “It is critically important for financial services companies to understand the coming retirement account outflow phenomenon, and to develop plans for attracting new sources of investment assets.” In addition to studying retirement age plans and plan distributions, this study looks at Baby Boomer thoughts on continuing to work outside the home after retirement, retirement living destinations and retirement income sources. www.rfroc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Uncover What Business Owners Want with a Three Step Guide from Pacific Life NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Sometimes, the hardest part of a financial advisor’s job is simply uncovering what their clients want. To help, Pacific Life Insurance Company introduced a new guide called, “What They Want” that provides an overview of how life insurance can help business owners achieve a variety of goals. In three easy steps, financial advisors can: Look for a business owner’s goal (for example, retaining a key employee) Find a corresponding strategy using life insurance to help achieve the goal And then look at the business characteristics in which the strategy works best. Or Start with the business characteristics Next, find the business owner’s goal And then look at the available planning strategies using life insurance. “This guide helps life insurance professionals past the initial hurdle and shows them in an ‘at-a-glance’ format which strategies might best address a client’s situation,” explained Alyce Peterson, vice president of marketing services for the Life Insurance Division of Pacific Life. “Combining a planning strategy like Executive Bonus or Family Buy-Sell with life insurance can help a business owner meet their goals and the ‘What They Want’ guide gives advisors a starting point.” With the popularity of “What They Want,” Pacific Life plans a companion brochure for clients called, “What You Want” slated for spring, 2007. Insurance professionals can get a copy of the “What They Want” planning guide for business owners by contacting their Pacific Life representative or by calling 866-722-9555. www.PacificLife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. YourRxCard.com: Unfilled Prescriptions Contribute to Health System Woes YourRxCard.com Offers a Free Discount Coupon Card That Can Reduce Drug Costs by as Much as Seventy-Five Percent BATON ROUGE, La.--(BUSINESS WIRE)--High prescription drug costs for the uninsured and underinsured lead to countless unfilled prescriptions. Those unfilled prescriptions cost the nation billions of dollars, damage the quality of life for hundreds of thousands of Americans and, as a cruel irony, drive up prices even more. A Kaiser Foundation study notes that nearly fifteen percent of those with medical insurance have left prescriptions unfilled because of costs concerns. The same study found that nearly one-third of senior citizens have left prescriptions unfilled due to an inability to pay. These findings are consistent with a statement from Dispensing Solutions that notes, “The pharmacy industry currently reports that about 30% of prescriptions written by physicians are never filled by the patient.” www.YourRxCard.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. California Supports National Initiative for Better Health at Lower Cost 15.4 million Californians will benefit WASHINGTON, March 14 /PRNewswire-USNewswire/ -- The State of California today joined the nationwide initiative on value-driven health care, joining major private employers who have expressed support since the effort was launched by HHS Secretary Mike Leavitt in November. California joins a growing list of states that have committed to the initiative since Secretary Leavitt's appeal to public sector employers Nov. 28. More information on Value-Driven Health Care is available at http://www.hhs.gov/transparency. For a full list of companies that have signed statements of support, including those signing in California today, visit: http://www.hhs.gov/transparency/employers/statements.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Important Update Regarding the Alleged Loss of a CD Containing Member Personal Health and Identity Information NEW YORK, March 14 /PRNewswire/ -- Empire Blue Cross Blue Shield was just informed that Magellan Behavioral Health Services has located the CD sent via UPS by Health Data Management Solutions (HDMS), a third party vendor to Magellan, an Empire benefit program administrator, that included some members' personal health information. The CD was lost in transit and was located this afternoon. Although there was no indication that the CD had been stolen, last week Empire sent a letter to inform affected groups and members who may have been impacted. While we understood it was possible the CD would be found, to be cautious, Empire accelerated member notification as our members' security and trust are our highest priority. We are relieved the CD has been found. The information was not transferred in accordance to our contractual terms with Magellan, who did not require HDMS to encrypt or password protect the data. We are addressing these issues and we have made it clear to both HDMS and Magellan that their security practices with respect to the data transfer were unacceptable. As a result, Magellan will now only transmit personal health information electronically through a secure network, eliminating CDs and the use of a delivery service. The security of our members' personal information is a serious matter and of the utmost concern to our company. We will continue to investigate this incident and use related learnings to further strengthen our standards of security as necessary. Members who may have questions can continue to call the toll free number, 800-293-3443, established to answer questions or concerns they may have regarding this issue.www.wellpoint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Small Business Health Insurance is Priority for Realtors(R) and Should be for Congress, Says NAR WASHINGTON, March 14 /PRNewswire-USNewswire/ -- The National Association of Realtors(R) told a congressional panel today that finding a solution to the health insurance access and affordability issue facing small businesses and the self-employed is a priority for REALTORS(R). NAR told Congress that key considerations in trying to find a solution include attention to individual insurance markets, a defined set of core health-care benefits, acknowledgment of limited financial resources, tax treatment of health insurance premiums, and a role for nontraditional partner organizations. For a full copy of NAR's testimony, go to http://www.realtor.org/government_affairs/index.html and select Small Business Health Coverage. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. HHS Secretary, California Governor to Discuss Providing Health Care at Better Quality and Lower Costs HHS Secretary Mike Leavitt and California Governor Arnold Schwarzenegger will discuss the four "cornerstones" of value-driven health care: interoperable health IT; transparency of quality; transparency of price; and incentives for high-value health care. Earlier in the week, more than 60 California employers in Mountain View and Los Angeles pledged to support the initiative. More than 15.4 million will benefit by implementation of the initiative in California. For more information on value-driven health care, please see http://www.hhs.gov/transparency. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Ignagni Testifies on Capitol Hill Regarding Health Care Options for Small Businesses Click here for full text of testimony: http://www.ahip.org/content/default.aspx?docid=19196 WASHINGTON, March 14 /PRNewswire-USNewswire/ -- Karen Ignagni, President and CEO of America's Health Insurance Plans (AHIP) testified before the U.S. House Committee on Small Business today regarding health insurance coverage for small businesses. Ignagni presented an overview of the small group health insurance market and discussed different policy options to help small businesses offer quality, affordable health insurance coverage to their employees. "Health insurers are committed to improving health care choices for small businesses and bringing costs under control for all Americans," Ignagni said. "Small businesses play a vital role in our economy and we must continue to pursue policies that will lower the burden small business owners face everyday to provide health care coverage for their employees." 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. Current Issues Surrounding the Pension Protection Act of 2006 to be Examined at the Retirement Industry Conference ATLANTA, SCHAUMBURG, Ill. and WINDSOR, Conn., March 14 /PRNewswire/ -- The Pension Protection Act of 2006 was the most sweeping reform of America's pension laws in over thirty years. However, many issues are still in flux and regulators are continually working out the legal details. The latest information on the Act will be presented at the Retirement Industry Conference, April 18-20, 2007 in Atlanta, GA. The conference will also offer numerous sessions covering issues such as asset retention at the plan level, annuities in 401(k) plans, designing and implementing winning sales processes and much more. Sponsored by LIMRA, LOMA, and Society of Actuaries, The Retirement Industry Conference offers insight on annuities, retirement plans and retirement income. For more information, visit http://www.loma.org/retirementconference.asp. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Product Development Trends and Challenges at Life Insurance Conference ATLANTA, SCHAUMBURG, Ill., WASHINGTON, and WINDSOR, Conn., March 14 /PRNewswire/ -- Trends in life insurance product design, speed to market, and individual life and health combination products are just some of the product development issues to be discussed at the Life Insurance Conference, April 16- 18, 2007 at the Westin Peachtree Plaza in Atlanta, GA. The Life Insurance Conference provides outstanding opportunities to learn the latest issues and emerging trends in life insurance product development including universal life with secondary guarantees, variable universal life, and combination products. The conference will also present insights gleaned from surveys that explore the product development process for life insurance companies and explain that while speed to market for new products is critical, success quickly diminishes as the competition imitates new ideas. Sponsored by LIMRA, LOMA, SOA and ACLI, The Life Insurance Conference is the fastest-growing, most comprehensive forum in the industry. More than 600 attendees will convene in Atlanta to examine current issues and develop strategies for the future. For more information, visit http://www.loma.org/lifeconference.asp. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. ICE bids for CBOT, challenging CME deal Thu Mar 15, 2007 8:27am ET BOCA RATON, Florida (Reuters) - Electronic exchange IntercontinentalExchange Inc. (ICE.N: ) on Thursday offered to buy options market CBOT Holdings Inc. (BOT.N: ), challenging an existing bid by Chicago Mercantile Exchange Holdings Inc. (CME.N: ). The ICE offer values CBOT at $187.34 a share, or $9.9 billion, based on shares outstanding on February 23. ICE said CBOT shareholders would own 51.5 percent of the combined company. The surprise bid comes at a time when CBOT is thought to be in the final stages of combining with the Chicago Mercantile Exchange (CME.N: ), the largest U.S. futures exchange. It's the latest sign of consolidation in the once sleepy exchanges sector, which has been revolutionized as most stock and commodities markets have gone public. "It's kind of mind-blowing," said Warren West, president of Greentree Brokerage Services. "We are going to continue to see deals as time goes forward. I don't see an end to it until we end up with a more structured market -- right now it's so fragmented." CBOT members are set to vote in early April on whether to approve the CME deal, which was announced in October and is awaiting approval from the U.S. Department of Justice. (Additional reporting by Mark McSherry, Christian Plumb and Joseph Giannone) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Deadline to Apply for Physical Disaster Loans Approaching ORLANDO, Fla., March 14 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration (SBA) is reminding homeowners, renters, non-profit organizations and businesses that one month remains to submit disaster loan applications for damage caused by severe storms and tornadoes on February 1 - 2, 2007. The deadline to file an application for physical damage is April 4, 2007. Homeowners, renters, non-profit organizations and businesses that sustained physical damage in Lake, Seminole, Sumter and Volusia counties in the state of Florida are eligible to apply. SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damaged real estate, machinery, inventory and equipment. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses because of the disaster.Interest rates can be as low as 2.875 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant's financial condition. Additionally, disaster survivors with insurance should not wait for an insurance settlement before applying to SBA. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan. SBA also offers mitigation funds to disaster survivors who have approved loans for real property. SBA's mitigation funds are designed to help borrowers fund protective measures which may prevent damages of the same kind from recurring in the future. To help fund these protective measures, borrowers may request an additional 20 percent of their approved loan amount. Disaster survivors may obtain an application by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired), Monday through Friday from 8 a.m. until 9 p. m. EDT. Business loan applications can also be downloaded from the SBA website at http://www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155. The filing deadline to return applications for property damage is April 4, 2007. The deadline to return economic injury applications is November 5, 2007. For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/services/disasterassistance. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Federal Court Denies Effort by Tata America International to Dismiss Class Action Lawsuit against Tata for Requiring Workers to Hand over Federal and State Tax Refunds SAN FRANCISCO--(BUSINESS WIRE)--Class counsel announced that District Court Judge Vaughn Walker yesterday denied the motion of Tata America International Corporation and its parent corporations Tata Consultancy Services, Ltd., and Tata Sons, Ltd. (collectively referred to as "Tata") to compel arbitration in India and dismiss the nationwide class action lawsuit in United States court. The complaint, brought in Federal court in San Francisco by Gopi Vedachalam, an employee of Tata America International Corporation, alleges Tata unjustly enriched itself by requiring all of its non-U.S.-citizen employees to endorse and sign over their federal and state tax refund checks to Tata. If you wish to read a copy of the Court's order or earn more about the lawsuit, please visit http://www.lieffcabraser.com/lawsuitagainsttata.htm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Benepath Launches New Insurance Website NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--Benepath, Inc. recently created a new website to help meet the needs of those seeking health insurance quotes and coverage. Benepath, Inc., a leading health insurance provider in the mid-Atlantic region, announced today the launch of its new website, http://www.benepath.com. The site provides online health insurance quotes and plan comparisons for businesses and individuals. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Multicultural Agents Launch ``One Voice Insurance Services'' to Give Minorities Easy Access to Health, Life Insurance in California Online Company to Offer In-Language, Culturally Relevant Services LOS ANGELES--(BUSINESS WIRE)--A former industry executive and a network of leading multicultural agents later this week will launch One Voice Insurance Services, an online portal designed to provide minority consumers and business owners with in-language and culturally relevant information about health and life insurance products in California. Through its online portal, www.onevoiceinsuranceservices.com, consumers will now be able to access the network of independent agents throughout California that will provide health and life insurance information in English, Spanish, Mandarin Chinese, Cantonese, Korean and the Persian language of Farsi. Agents who speak Vietnamese and Tagalog are expected to join the network in April. Other languages will be added as the market need grows. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. NAMIC Urges Lawmakers to Reject Provisions in Small Business Legislation WASHINGTON (March 14, 2007) - Two sections of legislation being considered today by the House Ways and Means Committee would unnecessarily increase business costs for insurers, resulting in higher premiums for policyholders, according to the National Association of Mutual Insurance Companies (NAMIC). The provisions would prevent companies from deducting the cost of settlement agreements and limit the deductibility of punitive damages. The controversial sections of the legislation - 223 and 224 - are included in the Senate-approved version of the Small Business and Work Opportunity Act of 2007, but not in the bill passed by the House. The Ways and Means panel is hearing testimony today on all revenue raisers included in the Senate's version Section 223 would deny any deduction for punitive damages that are paid or incurred as the result of a judgment or in settlement of a claim, thereby lengthening the legal process. "This provision would increase the cost of doing business to insurers, which will be forced to spend more money and time litigating cases," said Marliss Browder, NAMIC senior federal affairs director. "Ultimately, this increased cost would be passed on to policyholders in the form of higher premiums." Similarly, Section 224 would increase costs to insurers by changing the rules regarding the deductibility of fines and penalties. Current law precludes businesses from deducting from income only those fines or penalties paid to a government or entity for the violation of a law. This section would expand the prohibition on deductions of fines and penalties for all types of positive settlements currently entered into the normal course of business. "We encourage the committee to reject these provisions of the legislation," Browder said. "Allowing insurers to keep more of their resources will allow them to pay off claims and conduct their business, instead of forcing them to unnecessarily increase premiums to policyholders." www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. More Companies Offering Consumer-Directed Health Plans, Watson Wyatt/National Business Group On Health Survey Finds Employers With Broad Health Strategies Better Able to Control Costs WASHINGTON, March 15, 2007 – The number of employers offering consumer-directed health plans continues to grow. However, those companies that are most effective at controlling health care costs are combining these plans with other health-related tactics. Those are among the major findings in an annual survey conducted by Watson Wyatt Worldwide and the National Business Group on Health. In the survey of 573 large companies, the portion of companies offering a consumer-directed health plan (CDHP) increased from 33 percent to 38 percent in the last year. As of five years ago, only a handful of companies offered such plans, which generally include a high-deductible plan coupled with a personal savings account such as a health savings or health reimbursement account (HSA or HRA). Forty percent of employers now offer or plan to offer an HSA, and 26 percent offer or plan to offer an HRA. www.watsonwyatt.com www.businessgrouphealth.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. HealthPass Surpasses Enrollment Milestone - More than 10,000 Employees Participating in Small Employer Health Insurance Plans NEW YORK, March 14, 2007 – HealthPass, a New York City-based non-profit group which offers cost-effective health insurance solutions to small employers, announced today that more than 10,000 employees are now enrolled in its programs. HealthPass, an innovate partnership between the New York Business Group on Health, the City of New York and the health insurance industry, offers small businesses appealing health insurance options that allow their eligible employees to choose a plan that fits their medical needs and budgets from a wide range of choices. HealthPass serves small businesses and non-profit organizations in New York City, Long Island, Westchester, Rockland, Orange, Dutchess and Putnam counties. More than 2,500 employers currently offer HealthPass plans to their employees and families. www.healthpass.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Fireman’s Fund Introduces Data Compromise Coverage Coverage includes identity restoration service for customers, employees and others affected by data breach NOVATO, CA – Fireman’s Fund Insurance Company has introduced Data Compromise, a coverage and service solution for businesses that provides legal consulting, customer notification services and credit monitoring as well as identity restoration for customers, employees and others affected by a data breach. Any business that stores the personal information, such as Social Security numbers, credit card information or health information can be the victim of a data breach. Networks can be hacked, a laptop computer stolen or personal information inadvertently revealed in an email or on a Web site. Personal information can be compromised – lost, stolen or divulged – impacting the company and ultimately affecting its reputation and bottom line. Fireman’s Fund’s Data Compromise coverage helps businesses respond quickly and effectively to a data breach, covering the costs to notify affected individuals and providing a suite of services, from credit report monitoring to identity theft restoration case management. “Many state laws require businesses to notify individuals whose information has been compromised, and it’s only a matter of time before a Federal law is enacted," said Mike Roney, senior director, commercial business at Fireman’s Fund. “In order to help our policyholders remain compliant, as well as maintain goodwill with their valuable customer base, we have created our Data Compromise coverage, which provides assistance throughout the data recovery process.” www.firemansfund.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. CPCU Society National Leadership Institute Courses Coming To Pittsburgh MALVERN, PA, MARCH 15, 2007—On March 21, the CPCU Society and the Society’s Allegheny Chapter will be hosting two CPCU Society National Leadership Institute (NLI) courses: Leadership and Ethics: The Power to Succeed and Developing Resilience in a Rapidly Changing World. Leadership and Ethics: The Power to Succeed has been approved for four continuing education credits in Delaware, Maryland, and Pennsylvania. A continental breakfast and course materials will be included. www.cpcusociety.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Insurance Commissioner Steve Poizner Issues Cease And Desist Order Against Richmond Title For Conducting Business In The State Without Proper Insurance License Stewart Title also ordered to stop using its California license to aid and abet Richmond SACRAMENTO – Insurance Commissioner Steve Poizner issued a Cease and Desist Order today to Richmond Title Services, L.P., to stop conducting title insurance business in California. The Tennessee company has conducted more than $13 million in title insurance business in California without a proper license from the California Department of Insurance (CDI.) An investigation by CDI revealed that between March 2005 and January 31, 2007 Richmond Title Services, L.P. repeatedly violated California’s insurance code by operating as an underwritten title company without holding a license from the California Insurance Commissioner. The order also requires Stewart Title, which is licensed in California, to stop funneling business to Richmond Title via a “work charge agreement,” and to stop aiding and abetting Richmond Title. “I will not tolerate unlicensed businesses illegally transacting insurance in this state,” said Insurance Commissioner Steve Poizner. “Regardless of how the players in this agreement try to characterize it, they did nothing less than break the law.” www.insurance.ca.gov Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Prudential slims down in UK, buys Equitable book LONDON, March 15 (Reuters) - Britain's Prudential (PRU.L: ) plans to focus its underperforming UK division on its profitable products like annuities, buying Equitable Life's 1.8 billion pound with-profits annuity portfolio to boost its clout. In a keenly awaited review of its domestic business a year after it fought off a merger approach from rival Aviva (AV.L: ), Prudential raised its UK cost cutting target to 195 million pounds ($375 million) from 115 million pounds. The savings will be achieved through internal cost saving and the offshoring or outsourcing of more jobs. Prudential said 3,000 of its staff will be affected and it is consulting with unions about the plan. The cost savings will be achieved by 2010 and the programme will cost up to 165 million pounds, it said. (Reporting by Clara Ferreira-Marques; Editing by David Cowell; Reuters Messaging: rm://clara.ferreira-marques.reuters.com@reuters.net Email: clara.ferreira-marques@reuters.com Telephone: +44 207 542 3214) ($1=.5197 Pound) Keywords: PRUDENTIAL STRATEGY/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. Boomers Beware: Calculating Your Retirement Nest Egg May No Longer Be Easy By Harry Steinman, Certified Senior Advisor President and Founder of Foundation Financial WINTHROP, Mass., March 14 /PRNewswire/ -- Boomers face bigger challenges than their parents did when it comes to calculating how much money they need to cover retirement expenses. Fewer employers offer the generous pensions for lifetime employees, and post-retirement medical benefits are largely a relic of an earlier era. And the old rules-of-thumb pre-retirees once used to forecast a secure retirement don't apply in today's economy. A fresh approach to evaluating your individual financial situation and unique needs will improve your accuracy in calculating how much wealth you will need to accumulate for a retirement nest egg. Here are a few tips to avoid the pitfalls of using outmoded retirement planning techniques. www.harrysteinman.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. Investor Alert: Update on Proposed Acquisition of Sierra Health Services, Inc. - SIE DALLAS, March 14 /PRNewswire/ -- On March 12, 2007, Sierra Health Services, Inc. (NYSE:SIE) entered into a definitive merger agreement with UnitedHealth Group (NYSE:UNH) whereby UnitedHealth will acquire all outstanding Sierra Health shares for $43.50 per share. The price per share offered by UnitedHealth is 12.24% more than the stock's closing price prior to the deal's announcement. If the proposed merger is finalized, Sierra Health will no longer be a publicly traded company. While Sierra Health and UnitedHealth have announced they expect the merger to close prior to the end of 2007, shareholder approval is required before the acquisition can be completed. www.securitiesactions.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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