Daily Quote: Management manages by making decisions and by seeing that those decisions are implemented." - - Harold S. Geneen
1. Wal-Mart pulls bank application By John Poirier and Nicole Maestri WASHINGTON/NEW YORK, March 16 (Reuters) - Wal-Mart Stores Inc. (WMT.N: ) said on Friday it has withdrawn its request to open a specialty bank after immense opposition from politicians, consumer groups and community banks hampered its application with U.S. bank regulators. "Since the approval process is now likely to take years rather than months, we decided to withdraw our application to better focus on other ways to serve customers," said Wal-Mart Financial Services President Jane Thompson in a statement. "We fully intend to continue to introduce new products and services that champion those who deserve convenient, lower-priced financial services." In 2005, Wal-Mart submitted an application to regulators to allow it to operate a specialty bank known as an industrial loan company (ILC). Wal-Mart repeatedly insisted that it was not interested in branch banking, but was looking to use the bank to save money by internalizing credit-card and check transactions. But consumer groups and banks feared Wal-Mart would eventually provide other retail banking services and lead to the demise of community banks. "Wal-Mart made a wise choice," U.S. Federal Deposit Insurance Corp. Chairman Sheila Bair said in a statement. "This decision will remove the controversy surrounding their intentions." The development comes one day after a U.S. lawmaker released an e-mail he said indicated the company's interest in consumer banking extends beyond what it had previously disclosed to banking regulators. "They don't need an ILC to play an important role in expanding access to financial services by partnering with banks and others," Bair said. (Reporting by John Poirier and Nicole Maestri, editing by Brian Moss) (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Blackstone close to launching IPO -report NEW YORK, March 16 (Reuters) - Private equity firm Blackstone Group [BG.UL] is deep into preparations for an initial public offering of the entire firm, according to a report on Friday, a move that would be counter to the views of its CEO on the public markets. Blackstone is working with investment bank Goldman Sachs Group Inc. (GS.N: ) on an IPO prospectus that could be filed in the next couple of weeks, business news channel CNBC said on Friday. The report said that the ultimate decision on whether to go public has not yet been made. Blackstone and Goldman Sachs declined to comment on the report. Blackstone CEO Stephen Schwarzman has repeatedly said that he is not interested in an IPO of the firm or its various divisions. "I think the public markets are overrated," Schwarzman said, speaking on a panel on Feb. 27 at the annual Super Return private equity conference. When referring to the efforts of a rival that pursued an offering a year earlier, Schwarzman said "To divert yourself like that and then take on that cost, is really not worth it." The report on Blackstone's IPO plans come amid speculation that more private equity and hedge funds will seek public money after the IPO last month of Fortress Investment Group LLC (FIG.N: ), a private investment fund which raised more than $600 million. Less than two years ago, Schwarzman told CNBC that Blackstone was "absolutely not considering" an IPO. Private investment funds have pursued public offerings because it allows them to raise money quickly without having to go out to institutional investors on a long and costly fund-raising tour. ((Reporting by Michael Flaherty, editing by Phil Berlowitz; email michael.flaherty@reuters.com; +1 646-223-6152)) Keywords: BLACKSTONE IPO/ © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Moody's announces revised bank rating plan By Richard Barley LONDON, March 16 (Reuters) - Moody's Investors Service on Friday set out its latest revisions to its new bank rating methodology after a hail of criticism from analysts and investors forced it to reconsider a system that had led to a swathe of unexpected upgrades. The system, known as joint default analysis (JDA), looks at the probability of government support if a bank runs into trouble. It drew scorn from analysts after the system led to upgrades to triple-A for 16 European bank groups, including Iceland's three major banks. Market participants said the upgrades could reduce the usefulness of Moody's ratings as they made it more difficult to differentiate between banks, and questions were raised about the credibility of the new ratings. Moody's said on Friday it would now reduce its assumptions on the probability of systemic support for banks, making the ratings more closely reflect banks' intrinsic financial strength. "In our initial application of the JDA methodology to banks, some rating outcomes were heavily dependent on high external support assumptions," said Chris Mahoney, chairman of Moody's credit policy committee. "Market participants have indicated a preference for ratings that are less dependent on such assumptions, and reflect more emphasis on intrinsic credit fundamentals." "We have decided to refine the JDA methodology to make it more relevant to market participants desiring greater ratings differentiation," he said. Moody's said it would reassess all the banks whose ratings have been changed so far under the programme, and would announce the results of this reassessment by April 10, later than initially expected. This affects banks in North America, the Nordic countries, the Benelux region, the Baltic states and central Europe. Tom Jenkins, a credit analyst at Royal Bank of Scotland who had criticised the original wave of upgrades, welcomed the Moody's announcement. "The fact that they decided to take a step back, review the methodology, listen to the market ... was a positive step. The fact that they have decided to delay announcing the refinements I think is also a good thing for most of the market," Jenkins told Reuters. "None of us thought a week was enough for Moody's to put the thing right, and a quick patch would not work," he said. "The only bad side is the poor guys who have been Aaa or Aa1 rated -- from previously very lowly ratings -- have got to wait until April 10 before they hear what is going to happen to them," Jenkins said. "(This) may restrict their funding plans and technically, although maybe not in reality, will offer some rating arbitrage (trading) opportunities." Among the banks widely viewed as likely to have their ratings downgraded again are Iceland's Glitnir (GLB.IC: ), Kaupthing (KAUP.IC: ) and Landsbanki (LAIS.IC: ), all upgraded to Aaa from the single-A category late in February based on the likelihood of support. Rival ratings agency Fitch Ratings added fuel to the debate over the Icelandic economy on Thursday as it downgraded Iceland's foreign-currency debt rating one notch to A+ from AA-, saying the country had a record current account deficit last year of 26.5 percent of gross domestic product. Moody's said it will publish a revised schedule for those countries where banks have not yet been reviewed by March 30. The ratings agency said it expects to complete the worldwide implementation of the JDA approach for banks -- set to affect over 1,000 banks in more than 90 countries -- by May 18. ((Reporting by Richard Barley, editing by Quentin Bryar, Paul Bolding; email richard.barley@reuters.com ; Reuters Messaging richard.barley.reuters.com@reuters.net ; 44-20-7542-7770)) Keywords: MOODY'S BANKS/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. RMS Study Reveals Potential For Us$100 Billion In Losses From Large Earthquake In Beijing, China Company Analyzes Impacts of Modern-Day Repeat of 1679 Sanhe-Pinggu Earthquake Newark, Calif. - March 16, 2007 - Risk Management Solutions (RMS), the world's leading provider of products and services for catastrophe risk management, announced the preliminary results of a study analyzing the impacts of the 1679 Sanhe-Pinggu Earthquake based on the 2007 population and property exposures of the Beijing, China area. The largest historical earthquake in the vicinity of Beijing, this magnitude 8.0 event centered 50 km (31 mi) east of Beijing brought destruction to the region in the early years of the Qing Dynasty. The study is intended to not only broaden the awareness of risk but to investigate the implications of a repeat of this event on the rapidly expanding insurance and mortgage markets in China. The risk analysis performed was based on the new RMS® China Earthquake Model, scheduled for release in spring 2007. While building standards have improved significantly since 1976, when the collapse of unreinforced masonry buildings in the Tangshan Earthquake killed over 240,000 people, the new RMS study has shown the far-reaching impact of a major event striking a highly commercialized and populated area of China. The RMS analysis indicates a potential economic loss of 800 billion RMB (US$100 billion) throughout the region, over half of which would occur in Beijing alone. A share of this loss would be borne by the insurance industry, as well as mortgage lenders who will be impacted by damage to uninsured properties. Detailed impacts and loss results from the RMS scenario study will be released in a special report on Wednesday, March 21. The 2007 Sanhe-Pinggu Earthquake study is the latest in a series of reports RMS has published about earthquake risk in China. In 2004, RMS published a report on the issues and need for the formation of a technically sound and commercially viable market for earthquake insurance in China. And in July of 2006, in collaboration with the CEA's Institute for Engineering Mechanics (IEM), RMS published a 30-year retrospective report on the 1976 Tangshan Earthquake. "As cities across Asia have rapidly increased in population and commercial development, a much greater proportion of the overall population now lives in cities like Beijing. It is only a matter of time before an earthquake strikes one of these cities, potentially leading to devastating effects," commented Dr. Weimin Dong, chief risk officer of RMS. "We are committed to actively engaging in the development of a world-class risk market in the most dynamic economy in the world. The availability of a model for earthquake loss will give the needed technical foundation to mitigate the losses and prepare financially for a large event." The RMS® China Earthquake Model underlying the Sanhe-Pinggu Earthquake study will be introduced to the China insurance and investment market at seminars in Beijing on March 21 and Shanghai March 23. Visit http://www.rms.com/2007ChinaSeminars/ for more information. www.rms.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. J.D. Power and Associates Reports: BlueCross BlueShield and Privately Held Health Plan Enrollees Voice Greater Customer Satisfaction Compared With Members of Publicly Traded Companies Harvard Pilgrim Health Care, BlueCross BlueShield of Florida, BlueCross BlueShield of Minnesota and Premera Blue Cross Lead Regional Member Satisfaction Rankings in Inaugural National Health Insurance Plan Satisfaction Study WESTLAKE VILLAGE, Calif., March 15, 2007 /PRNewswire via COMTEX/ -- Members of BlueCross BlueShield and privately held health plans tend to rate their overall service experience notably higher than enrollees of plans owned by publicly traded companies, according to the J.D. Power and Associates 2007 National Health Insurance Plan Satisfaction Study(SM) released today. The inaugural study identifies coverage and benefits, choice of doctors, hospitals and pharmacies, and information and communication as the most significant factors in driving member satisfaction. Additional factors examined in the study include approval processes, insurance statements, customer service and claims processing. "Privately held and BlueCross BlueShield plans tend to outperform public and non-Blue plans because members rate them higher for provider choice, coverage and benefits, and because they are engaging members more effectively with health-related information and communications," said David Stefan, executive director of the healthcare practice at J.D. Power and Associates. According to Stefan, there is an opportunity for health plans as a whole to focus more attention on improving all forms of communication with members -- especially those centered around health issues. "Consumers are starting to get the message about preventative health and are increasingly valuing plans that provide a variety of preventive services and encouragement to use them. Consumers also value plans with excellent communications in all forms -- statements, Web sites and phone-based interactions," said Stefan. According to the study, respondents in the West rate their plans lower overall and on all seven factors when compared with the three other U.S. Census regions examined. In particular, health plans in the West receive lowest scores for claims processing and information and communication. Copyright (C) 2007 PR Newswire. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Employers up use of high-deductible health plans Thu Mar 15, 2007 3:23pm ET By Kim Dixon CHICAGO (Reuters) - Nine percent of U.S. employers in a poll by a health consulting firm said they plan to offer only one health insurance option next year -- a high-deductible policy that may encourage workers to skimp on care. This type of plan charges higher monthly deductibles, typically about $1,000, in exchange for cheaper monthly premiums and preventive services. The aim is to stem a rise in overall medical costs, which are climbing at twice the rate of general inflation. Health consulting firm Watson Wyatt Worldwide conducted the poll with the National Business Group on Health, a group of employers such as Wal-Mart Stores Inc. and General Motors Corp.. The survey of 573 large companies, typically defined as those having 500 or more workers, found that 38 percent offered high-deductible plans among a variety of options in 2007, up from 33 percent in 2006. Five percent offered only a high-deductible plan in 2007, and that figure will rise to 9 percent in 2008, the poll found. Consumers have not embraced the plans as enthusiastically as companies have. Just 8 percent of employees enrolled in a high-deductible plan in 2007, a one percentage point increase from a year earlier, the poll found. "Employers can offer these plans, but it takes more than that to get employees to enroll," said Ted Nussbaum, director of health consulting at Watson Wyatt, which advises employers. "In the old model, I (the employee) paid a $10 copay, and that was the end of my responsibility, GAUGE SENTIMENT FIRST Nussbaum on Thursday warned companies to gauge worker sentiment before choosing to offer the plans exclusively. "Companies need to understand the state of readiness for change within their company before they implement these types of programs," Nussbaum said. "It's all about change, and change is uncomfortable." The new plans are often coupled with a tax-favored health spending account and give more information to patients on doctors, hospitals and costs in the hope they will make more cost-efficient health care choices. Sometimes called "consumer-directed plans", they have been promoted as a way of tackling the rising number of uninsured in the United States, now at 46.6 million people, or about 16 percent of the population. Critics say the plans attract the healthiest individuals and leave sicker people in the wider insurance pool, which will ultimately increase overall health care costs. They also say the plans are too expensive for the poor and uninsured. Late last year, another survey found that the plans encourage workers to scrimp on care and that people who were in the plans were more likely to cut back on basic care such as prescriptions or doctor visits. That study of 3,158 adults was conducted by the Employee Benefits Research Institute, a private nonprofit group funded by large employers, and the nonprofit research group Commonwealth Fund. Nussbaum said the majority of plans provide free preventive care. His group's study found that companies that did implement the so-called consumer plans were able to cut costs better than those that did not offer them. Companies with at least 10 percent of their workers enrolled in such plans kept health cost hikes at about 6.5 percent, lower than the 8 percent average increase in costs of all employers polled. Major U.S. health insurers including UnitedHealth Group Inc. and WellPoint Inc. are promoting the plans as a strategy for employers to control double-digit increases in the cost of health care. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. SBA Approves More Than $1 Million in Disaster Loans For Storm Victims in Georgia AMERICUS, Ga., March 15 /PRNewswire-USNewswire/ -- More than $1 million in U.S. Small Business Administration Disaster Assistance Loans have been approved for residents and business owners in Georgia who were harmed by storms and tornadoes on March 1-2, 2007. "Currently, 21 home and business disaster loans have been approved in the amount of $1,511,200," according to Frank Skaggs, Director of Field Operations Center East. "We are pleased to be able to get these loans approved so the residents of Georgia can start rebuilding and begin resuming their normal lives." SBA is the primary source of long-term recovery assistance for restoring and rebuilding homes, personal property, non-farm businesses of all sizes and private non-profit organizations that sustained losses. 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 8. Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against HCC Insurance Holdings, Inc. OKLAHOMA CITY, March 15 /PRNewswire/ -- On March 8, 2007, a class action lawsuit was filed in the United States District Court for the Southern District of Texas against HCC Insurance Holdings, Inc. (NYSE: HCC). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from May 3, 2005 through November 17, 2006. http://www.federmanlaw.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. AIA COMMENDS MISSISSIPPI LEGISLATURE ON PASSAGE OF WIND POOL REFORM BILL Recoupment Provisions Key ATLANTA, March 15, 2007-The Mississippi Legislature gave final approval today to critical legislation (HB 1500) reforming the state’s wind pool, which includes key recoupment provisions that will allow insurers to recover future wind pool losses statewide, according to the American Insurance Association (AIA). The bill now goes to Gov. Haley Barbour (R), who is expected to sign it. “This is important legislation for Mississippi and for insurers,” said Cecil Pearce, AIA vice president, Southeast Region. “We applaud the state’s political leadership, including Gov. Haley Barbour, Insurance Commissioner George Dale, and legislative leaders, who showed a strong commitment to this legislation, and who worked with AIA to craft a solid reform package.” Under the current wind pool structure, which provides property insurance coverage to homes and businesses in six coastal counties, private property insurers are required to make-up any deficits incurred if the wind pool does not have sufficient funds. After Hurricane Katrina, the wind pool ran a $545 million deficit, which was paid by private property insurers based on their Mississippi market share. The only possibility for being reimbursed for those amounts was through a future rate filing. Under HB 1500, property insurers will now be able to recoup wind pool assessments through a surcharge on property insurance policyholders throughout the state. Insurers can be assessed up to 10 percent of their total property premiums in the state. HB 1500 also gives the wind pool the authority to issue bonds if the amount assessed is not sufficient to pay claims. Other provisions include a four-year, $20 million-a-year subsidy to the wind pool to reduce policyholder premiums, and a change in the appointment process for the wind pool’s board of directors. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. ProtectingAmerica.org Applauds Congressional Commitment on Catastrophe Preparedness James Lee Witt and Admiral James Loy Call Chairman Frank's Efforts Essential to Protect American Families WASHINGTON, March 15 /PRNewswire-USNewswire/ -- ProtectingAmerica.org co-chairs James Lee Witt, former FEMA director, and Admiral James M. Loy, former Deputy Secretary of Homeland Security and Commandant of the U.S. Coast Guard, today praised the commitment of House Financial Services Committee Chairman Barney Frank (D-MA) to make catastrophe preparedness and protection a priority for his committee. "The chairman's announcement today is a clear indication that the way we prepare and protect American families for and from the onslaught of massive hurricanes, catastrophic earthquakes or other mega-disasters is a critical national priority," said Mr. Witt. "Simply put, natural catastrophes have struck in every region of our vast country and there is no doubt that they will strike again," Admiral Loy said. "We need the Congress to act quickly and enact a comprehensive solution that protects homeowners, keeps their insurance available and affordable, and provides a stable source of funding for first responders," Loy added. "ProtectingAmerica.org stands ready to support the Chairman and members of the House Financial Services Committee as well as the many other members of Congress who are working to develop a comprehensive natural disaster policy for the United States," Witt said. "The broad regional and bipartisan representation at today's announcement underscores the vulnerability that this country faces with regard to catastrophe. History tells us that virtually every region of this country has experienced natural catastrophes that, if repeated today, would destroy entire communities, bring ruin to countless numbers of American families and have an immediate impact on state, regional, and the national economies," Witt said. A Nation Exposed
http://www.ProtectingAmerica.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. 91% of New Yorker’s Want Central Resource for Long-term Care Services; NavGate Technologies Answers with COOL Knowledge Base of Long-term Care Resources Madison, WI, March 15, AARP reported this week that 91% of New York respondents in an AARP study said they want a central location to find long-term care resources for their future needs. New Yorkers need to get COOL, CareOptionsOnLine, the most comprehensive care planning resource available. The user friendly, COOL knowledge base holds thousands of searchable listings for long-term care resources and facilities across the nation, accurate cost of care calculators to create an awareness among Baby Boomers of long-term care costs and how to prepare, a complete library of checklists to use to evaluate care products and service providers, a medical library to answer questions about diseases and conditions, cognitive and behavioral assessments, resources to create advance directives for health care, and much more. “Caregivers do not have the time or energy to spend hours on the telephone or Internet searching for the help they need. We’ve spent years gathering these resources and developing this easy to use technology for the purpose of helping people get in the information they need, when they need it,” says NavGate CEO, Robert Pearson. Lois Aronstein the AARP New York State Director said, “At the heart of the matter is how New York can ensure that its older citizens age with the dignity they deserve by having access to affordable long-term care services . . . AARP is committed to working with Governor Spitzer and the Legislature to address today's long-term care issues while helping to avoid problems tomorrow." NavGate Technologies, a Division of CareQuest, Inc., has been a leader in the research and development of care planning tools and education programs since 1985. For more information go to www.navgate.org or email info@navgate.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. NCOA Supports Bill to Improve Medicare Part D Low Income Subsidy WASHINGTON, March 15 /PRNewswire-USNewswire/ -- NCOA announced its strong support for legislation introduced today by U.S. Representative Lloyd Doggett (D-TX) that would make needed improvements to the Medicare Part D Extra Help or Low-Income Subsidy (LIS). NCOA worked closely with Rep. Doggett's office to ensure that improvements were included that would most help those people with Medicare who have the greatest need. Doggett is a leading member of the House Ways and Means Committee. NCOA estimates that 35 to 42 percent of those who needed to file an LIS application did so successfully and that there are still up to 4.4 million remaining beneficiaries with limited income and resources who are eligible but have not yet signed up for it. Medicare's Extra Help includes low or no premiums or cost sharing, and coverage through the donut hole. "Medicare Part D cannot be considered a success until those who are eligible for the Extra Help receive it," said NCOA Vice President of Public Policy and Advocacy Howard Bedlin. http://www.NCOA.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. First Data to Acquire Instant Cash Services® Business from Wells Fargo DENVER & SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo Bank, N.A., a subsidiary of Wells Fargo & Company (NYSE: WFC), and First Data Corp. (NYSE: FDC) announced today they have signed a definitive agreement for First Data to acquire the Instant Cash Services® (Instant Cash) business, which includes the Instant Cash Network, from Wells Fargo. First Data will continue to operate the Instant Cash Network under the Instant Cash brand. Instant Cash Services provides debit card and ATM payment processing services for more than 500 community banks, credit unions, thrifts and non-financial institutions in 20 states. The transaction will not affect Wells Fargo’s ATM banking network of 6,700 ATMs in 23 states nor will it affect the company’s ranking as the nation’s #2 largest debit card issuer, with 18.7 million debit card accounts. Financial terms of the transaction were not disclosed. www.firstdata.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Life Policy Dynamics Completes 2006 Aggregated Market Analysis WASHINGTON--(BUSINESS WIRE)--Life Policy Dynamics, LLC, (“LPD”) announced today, the completion of its 2006 aggregated market analysis of the life settlement industry. The market analysis examines 168 life insurance policies transacted in the secondary life insurance market during 2006. Increases and decreases of winning bid amounts over the past four quarters are explored, as well as percentage above Cash Surrender Value accepted, and comparisons of life expectancy reports. Valerie Coffey, LPD’s Director of Operations commented, “Life Policy Dynamics wants participants in the secondary life insurance market to have the tools they need to make informed business decisions. To that end, we’re committed to the growth of the market analysis as a reliable sample of market data.” Until recently, collecting accurate data on life settlement transactions has been difficult if not impossible. Thanks to LPD’s reputation in the industry for quality analysis they have been able to expand their data collection and create one of the most comprehensive industry reports available. For a non-fee subscription, visit LPD’s website at www.lifepolicydynamics.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. John Hancock Number One Overall in 2006 Long Term Care Insurance Sales BOSTON, March 16 /PRNewswire-FirstCall/ -- John Hancock Life Insurance Company sold more long term care insurance than any other carrier in 2006, according to recent year-end surveys of long term care insurers by LIMRA International (LIMRA)(1). According to the surveys, John Hancock sold more than 86,000 policies/certificates through all its long term care insurance businesses. http://www.johnhancocklongtermcare.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Long Term Care Insurance for Spanish-Speaking Americans; Industry Leader Announces Campaign to Make Protection More Accessible to Fast-Growing Hispanic Sector KIRKLAND, Wash., March 16 /PRNewswire/ -- Today LTC Financial Partners LLC, the nation's most experienced long term care insurance brokerage, announced a campaign to bring long term care protection to members of America's second-largest ethnic group, Hispanics. "Our Hispanic citizens, like everyone else, need long term care insurance," says Cameron Truesdell, CEO, "but if you're not fluent in English, it's hard to understand the benefits and options." So Truesdell's organization has started to translate its literature into Spanish.The Spanish guidebook, along with the English version, may be requested free of charge at http://www.ltchotline.com/literature.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. PMI Provides Statement on Prime Focus of U.S. Mortgage Insurance Business Presentation Highlights Portfolio Characteristics WALNUT CREEK, Calif., March 15 /PRNewswire-FirstCall/ -- In response to current conditions affecting the mortgage market, The PMI Group, Inc. (NYSE: PMI) today posted a presentation outlining the characteristics of the Company's mortgage insurance portfolio in the United States on its website at http://www.pmigroup.com/shareholders/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Coventry Health Care Selected by the State of West Virginia Public Employees Insurance Agency to Provide Retiree Health Benefits Advantra Freedom Plan Preserves Current Benefits for Retirees and Spouses BETHESDA, Md.--(BUSINESS WIRE)--Coventry Health Care, Inc. (NYSE:CVH) today announced that it was selected by the state of West Virginia’s Public Employees Insurance Agency (PEIA) as the state’s Medicare Advantage plan to provide health insurance for its 35,000 retirees effective July 1, 2007. www.cvty.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Best’s Statement File 2007 Offers New Web-Enabled Data-Retrieval Tool OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co.’s just-released 2007 U.S. edition of Best’s Statement File includes BestLink® for Excel, ® a new feature that provides online access to the most recent financial and rating information from within Microsoft Excel. BestLink for Excel is the first online offering to use A.M. Best’s Web Services architecture. It allows Best’s Statement File users to download insurer data directly into their spreadsheets from A.M. Best’s online Global Insurance & Banking Database. Customers can use the new feature to create standard and custom reports, as well as NAIC-formatted statement pages. www.ambest.com/sales/statement 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. Employers View Providers as Barrier to Health Care Transparency but Will Move Ahead without Them, Mercer/NBGH Survey Finds Employer Survey on HHS Initiative Finds High Levels of Awareness and Cooperation, and Some Skepticism WASHINGTON--(BUSINESS WIRE)--Large employers are working toward achieving transparency in health care pricing, quality of care and efficiency, but want doctors and hospitals to move ahead more quickly, according to a new survey by the National Business Group on Health (NBGH) and Mercer Health & Benefits LLC. The findings were released today at a conference in Washington, DC. President Bush signed an Executive Order last August directing federal agencies that administer or sponsor federal health insurance programs to increase transparency in quality of care, increase transparency in pricing, encourage adoption of health information technology (HIT) standards and create positive incentives that promote quality and efficiency in health care. Department of Health and Human Services (HHS) Secretary Mike Leavitt, through his Transparency initiative, is asking employers, on a voluntary basis, to support these “four cornerstones” of value-driven health care. “One of the most important things employers can do to drive change in health care is to join with other employers and the government to leverage our collective purchasing power to foster transparency,” said Helen Darling, President of the National Business Group on Health. www.businessgrouphealth.org www.mercerHR.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Vienna Insurance buys 60 pct of Albania's Sigma Fri Mar 16, 2007 4:47AM EDT VIENNA, March 16 (Reuters) - Vienna Insurance Group (WISV.VI: ) is planning to buy a 60 percent stake in Albanian non-life insurer Sigma, entering the Albania, Macedonia and the Serbian province of Kosovo, Vienna Insurance said on Friday. Sigma had 15 million euros ($19.8 million) in premium income last year, mostly in motor insurance, making it the second-biggest insurer in Albania, Vienna Insurance said. Albanians, like their neighbours in the Balkans and eastern Europe, are spending only a fraction of their income on insurance, making the former communist economies a growth hope for insurers as they catch up with the West. ($1=.7567 Euro) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. New PIACT president extols networking and involvement among agents HARTFORD, CONN.—Christopher Wilson, CIC, CLU, CPCU, newly elected president of the Professional Insurance Agents of Connecticut Inc., stressed the importance of independent agents’ involvement in the insurance industry and their communities. Wilson’s remarks were part of PIACT’s Annual Convention, held this week at Foxwoods Resort Casino, Mashantucket, Conn. “Not only do insurance agents part with their financial resources for the betterment of their communities, but they also undergird the civic groups, sports teams, political committees, and town and city government as volunteers,” he said. “Think of the void that would be there in your community if the insurance agents who coach the teams, chair the committees and raise funds for the causes weren’t there.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. AXA Announces The Acquisition of Kyobo Auto Insurance Number 1 on the South Korean direct motor insurance market PARIS, March 15, 2007 /PRNewswire-FirstCall via COMTEX/ -- AXA announced today it has reached an agreement with Kyobo Life to acquire its 75% stake in Kyobo Auto. Kyobo Auto enjoys a leading position in the South Korean direct motor insurance market with more than 800,000 clients, revenues of KRW 346 billion (Euro 278 million) and a market share above 30%. In just 5 years, direct distributors have captured 12% of South Korea's individual motor market, the second largest in Asia, and one that has experienced very strong and sustained growth for the last 10 years. http://www.axa.com Copyright (C) 2007 PR Newswire. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Standard & Poor's Launches Weekly Podcasts on Credit Research Audio Conversations with Credit Analysts Enhance Transparency; Expand Communications Outreach NEW YORK, March 16 /PRNewswire/ -- Continuing its efforts to offer investors and the general public a range of opportunities to hear what its analysts are thinking about the economy, markets and industry conditions, Standard & Poor's today announced the availability of Internet audio programs via downloads to computers and MP3 players. The podcasts include conversations with senior Standard & Poor's credit analysts on current investment themes as well as audio transcripts from credit ratings teleconferences. Expansion of the podcast series to Standard & Poor's equity research is contemplated later in the year. On average, Standard & Poor's audio files run 20 minutes, and are free and available to both customers and non-customers. Existing podcasts cover a range of credit topics, including discussions on the credit ratings process and its role in capital markets; economic forecasts and default analyses; an examination of the strength of the Chilean banking system; a look at India's economy in the face of local and global pressures and more. Many consist of interviews with 2-3 senior ratings analysts and economists on topics tied to special research reports appearing in CreditWeek, Standard & Poor's weekly magazine on credit risk; and RatingsDirect, the real-time, Web-based source for Standard & Poor's global credit ratings, research, and risk analysis. Others offer recordings of recent analyst teleconferences of interest to credit managers, issuers, bankers and investors. Standard & Poor's posts new podcasts each Monday. To sign up and for a listing of current podcasts, visit http://www.podcasts.standardandpoors.com/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Fremont General Corporation Announces the Delay in the Filing of its 2006 Annual Report on Form 10-K SANTA MONICA, Calif., March 16 /PRNewswire-FirstCall/ -- Fremont General Corporation (NYSE:FMT) (the "Company"), a nationwide real estate lender doing business primarily through its wholly-owned industrial bank, Fremont Investment & Loan, today announced that it will not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2006 before the extended deadline of March 16, 2007. The Company previously filed a Form 12b-25 with the Securities and Exchange Commission on March 2, 2007. The Company is working with its independent registered public accounting firm to complete the audit of the December 31, 2006 financial statements. In view of the recent increased volatility in the sub-prime mortgage market and the impact of closing its sub-prime mortgage origination business, the Company and its independent registered public accounting firm are continuing to evaluate various issues relating to its financial statements, including the impact of events subsequent to December 31, 2006 on the appropriate carrying value of the Company's assets as of December 31, 2006. www.fremontgeneral.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Protect Consumer Health Care Choice in Maryland Pharmacists Tell General Assembly to End Secret Deals by Giant Pharmacy Benefit Managers ALEXANDRIA, Va., March 15 /PRNewswire-USNewswire/ -- For a second time in a week, members of the Maryland General Assembly heard from a panel representing community pharmacy emphasizing the need for pending legislation that would force pharmacy benefit managers (PBMs), the largely unregulated corporations that administer the prescription drug benefit portion of health insurance plans for employers and unions, to end their deceptive business practices and provide better safeguards for patients. http://www.ncpanet.org/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Youth-Oriented 'Mature Market' Wields $1.6 Trillion in Spending Power NEW YORK, March 15 /PRNewswire/ -- With the cliche of a rocking chair, two cats, and a flickering light bulb giving way to images of yoga mats, tennis partners, and large-button cell phones, today's youth-oriented "mature market" is a far cry from the "senior citizen" of yesteryear. And marketers wishing to tap into the $1.6 trillion in spending power of this new multi-generation market segment that spans more than 40 years need to wake up and smell the chai, according to The Mature Market in the U.S., a new report from Packaged Facts. Adults 50+ spend $1 trillion on goods and services alone, with internet purchases ringing in at $7 billion annually, dispelling the myth of a market unable to cope with advanced technologies. Indeed, 78% of households with adults aged 55-64 own a PC and more than a quarter of Americans over the age of 65 surf the internet with ease ... a number that rises significantly to 80% of those in the top 30% income bracket. The Mature Market in the U.S. scopes out the numerous and often overlapping segments and life stages within the mature market, details opportunities in travel, entertainment, transportation and other markets, and provides spending habits of this lucrative market. The report can be purchased directly from Packaged Facts by visiting: http://www.packagedfacts.com/Mature-1350523. It is also available at http://marketresearch.com/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. MOST -- Missouri's 529 College Savings Plan Exceeds $1 Billion in Assets More Families in Missouri saving for college JEFFERSON CITY, Mo., March 15 /PRNewswire/ -- Missouri State Treasurer Sarah Steelman today announced that MOST - Missouri's 529 College Savings Plan, a direct-sold 529 college savings plan, has reached $1 billion in assets under management. The Plan was originally launched in November 1999 to provide a tax-advantaged way for families to save for higher education expenses. "In 2006, we made several significant changes to MOST's direct plan, adding new investment choices from Vanguard and American Century, lowering costs, and linking to the free Upromise(R) rewards service*," Steelman said. "All of these enhancements, combined with federal legislation passed last summer that protects the tax benefits of 529 plans, have given families in Missouri a wonderful way to save for their children's education." Since the plan's investment management and program management were converted to Vanguard, Missouri-based American Century Investments and Upromise Investments, Inc., in June 2006, assets have increased by 15 percent. www.missourimost.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. LECG to Acquire Leading Financial Service Consulting Firm, The Secura Group LLC Firm Founded by Former Chair of FDIC William Isaac; Secura Expands LECG Offerings in Regulatory Compliance Consulting and Expert Services to Banking and Financial Service Sectors EMERYVILLE, Calif., March 15, 2007 /PRNewswire via COMTEX/ -- Adding a major piece to its financial institutions practice, leading global expert services and strategic advisory firm LECG Corporation (XPRT) announced that its subsidiary, LECG LLC, has signed a definitive agreement to acquire the Secura Group LLC, a privately-held consulting firm focused on financial services and regulatory compliance. The transaction is scheduled to close on March 16, 2007. http://www.lecg.com Copyright (C) 2007 PR Newswire. All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. NORTH DAKOTA LEGISLATURE PASSES INSURANCE MODERNIZATION BILL BISMARCK, ND, March 16, 2007 – The American Insurance Association (AIA) today called the passage of North Dakota Senate Bill 2296 a positive step toward providing a more flexible and responsive insurance marketplace. “Both commercial and personal lines customers will be better served under the provisions of SB 2296 because it will allow insurers greater flexibility to respond to what is an always fast changing market,” said Steve Schneider, AIA vice president, Midwest Region. “The legislature and Insurance Commissioner Jim Poolman are to be commended for supporting a bill that modestly streamlines government regulation while simultaneously promotes efficient business operations.” SB 2296 now goes to Gov. John Hoeven (R) for his expected signature. A copy of the bill can be found at the following link: http://www.legis.nd.gov/assembly/60-2007/bill-text/HRDG0100.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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