Daily Quote: "The truth of the matter is that you always know the right thing to do. The hard part is doing it." - - Norman Schwarkzop
1. LIMRA reports record sales for U.S. individual annuities WINDSOR, Conn., March 22, 2007 — Driven by record sales of variable annuities, individual U.S. annuity sales had a record year in 2006 reaching $236.2 billion, up 9 percent over 2005, according to LIMRA International. For the fourth quarter of 2006, individual annuity sales were $58.9 billion, growing 9 percent compared to the same quarter in 2005. Variable annuity sales were up 17 percent in the fourth quarter to $41.3 billion and up 17 percent in 2006 reaching $160.6 billion. This is the sixth straight quarter in which variable annuity sales increased when compared to the same quarter from a year ago. Fixed annuity sales were down 4 percent for the quarter declining to $17.6 billion. At $75.6 billion, fixed annuities are down 5 percent for 2006 compared with calendar year 2005. Indexed annuity sales fell 15 percent from the fourth quarter of 2005 with sales of $5.5 billion. Contributing to the decline in fixed annuity sales was an 11 percent decline in book value deferred annuity sales. Sales of market value adjusted annuities continued to show improvement compared to the same quarter from a year ago with sales increasing 80 percent, although they make up a much smaller segment of the fixed annuity market. Among distribution channels, financial planners and independent broker-dealers had strong total sales growth in both fixed and variable annuities, up 31 percent overall for 2006, followed by stockbrokers and career agents at 14 percent and 11 percent, respectively. Banks increased variable sales 20 percent but had a decline of 14 percent in fixed sales for a net increase of 1 percent. The results also showed changes in position among the top 20 writers of variable annuities, fixed annuities, and overall total annuities ( 2006 sales results ). In overall total annuity sales, Hartford Life (4th) and Prudential Annuities (8th) both moved up two positions while Riversource Life (10th) and New York Life (14th) both moved up one position. Aviva, which recently merged with The AmerUs Group, broke into the top 20 overall total annuity writers, coming in at the 19th position. The top six variable annuity writers remained unchanged while Prudential Annuities (7th) and Riversource Life (9th) both moved up one position. Aviva moved into the 5th position for fixed annuity writers and Hartford Life (13th) continued improving their position in the fixed annuity rankings by moving up two positions. www.limra.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2.
2006 A Record Year for Bermudian Market
Says Benfield Report Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Associated Industries Releases Study of Recent Property Insurance Reforms and Cautions Against Expansion of Citizens TALLAHASSEE — Associated Industries of Florida (AIF) today is urging the state’s insurance company and state budget leaders to proceed cautiously as they work toward the overhauling of Citizens Property Insurance Corporation. Citizens plans to expand the types of coverage the state’s insurance company can provide. Before expanding coverage’s, AIF recommends Citizens first determines the liability Florida will face and if the state can cover future losses under existing coverages. “Citizens has a responsibility to perform due diligence when they are asking to step into such risky territory as expanding coverage to ‘all perils’ in high risk territories and commercial properties,” said Barney Bishop, President and CEO of AIF. “When Mother Nature’s wrath strikes Florida again, Citizens may not have enough revenue to cover losses and our property owners will take an enormous hit in their pocketbooks through additional taxes on their insurance policies.” Associated Industries encourages Citizens to further research its current financial stability, the fiscal impact of expanding their coverage lines and to demonstrate that the company has the reasonable ability to pay potential losses, without relying on debt. AIF commissioned a study which was conducted by Towers Perrin of recent legislative changes to Florida’s property insurance market. “If Citizens is expanded too quickly and without thorough examination, our state could be building a financial house of cards that could easily collapse.” Bishop continued, “Such a collapse would likely result in enormous state debt and further taxes on our insurance policies.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. AIA WELCOMES CONGRESSIONAL LOOK INTO INSURANCE REGULATION WASHINGTON, D.C., March 22, 2007– Gov. Marc Racicot, president of the American Insurance Association (AIA), today commended congressional leaders for stating their intention to hold hearings to consider an optional federal charter for modernizing insurance regulation. AIA is one of 12 insurance trade associations that are part of the Optional Federal Charter Coalition, which today sent letters to Senate Banking Committee Chairman Christopher Dodd (D-CT) and Ranking Member Richard Shelby (R-AL),and House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises Chairman Paul Kanjorski (D-PA) and Ranking Member Deborah Pryce (R-OH) highlighting the importance of holding hearings on this critical issue. “Today's global insurance industry is governed by 51separate state regulatory regimes and is the only sector of financial services whose regulatory system has not been modernized,” the letters state in part. This system “suffers from inconsistent and inefficient regulation and enforcement across state lines, statutory barriers to product introduction and innovation, inconsistent and duplicative market conduct regulation, and a patchwork of other state laws that have remained unchanged for decades. This regulatory structure presents a significant obstacle to our members from providing the best products, price, and overall service to our customers,” the Coalition letters assert. “Having been a governor,” Racicot said, “I have and always willdefend states’rights, but there is a growing recognition that the current state-by-state regulatory system must be modernized to keep pace with today's global economy and for insurers to maintain their competitiveness.” The letters state that an optional federal charter proposal would embrace the best of state insurance regulation and allow insurers, insurance agencies and insurance producers to take advantage of the regulatory flexibility banks have long enjoyed – the option of doing business under one set of national rules. By establishing an optional federal charter, Congress would allow the U.S. insurance industry to compete more equitably on a global basis and insurance industry regulation would catch up to banks and securities firms, whose regulation has been reformed and modernized. As recent studies such as the Schumer/Bloomberg report detail, optional federal charter should be given serious consideration in order to improve the competitiveness of the U.S. financial services industry, the Coalition wrote. Racicot notes that optional federal charter legislation was introduced in 2006,by Sens.John Sununu (R-NH) and Tim Johnson (D-SD), and in the House by Rep. Ed Royce (R-CA). “We look forward to optional federal charter legislation being introduced again this year in both chambers,” Racicot said. “AIA is part of a Coalition that is unified in its commitment to reform the way insurance is regulated in the U.S.” www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Client consent at center of Citigroup insider case Fri Mar 23, 2007 5:35am ET By Michael Perry SYDNEY (Reuters) - An insider trading case starting on Monday against Citigroup (C.N: ) is not aimed at preventing investment banks from proprietary trading in the shares of a client's takeover target, Australian regulators say. The case, which is being closely watched internationally, deals with how investment banks separate their trading and merger advisory businesses and centers on a chat between two traders. Authorities allege a brief conversation on a Sydney street led a Citigroup trader to believe his firm was involved in the A$6.3 billion ($5.1 billion) takeover of stevedoring firm Patrick by rival Toll Holdings Ltd. (TOL.AX: ) in 2005. The trader, then in possession of "inside information" says the Australian Securities and Investments Commission (ASIC), sold a parcel of Patrick shares later that day, breaching insider trading laws. ASIC has charged Citigroup Australia with two insider trading offences and a series of conflict of interest charges relating to trades in port-cargo handler Patrick. ($1=A$1.24) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Blackstone Group files $4 bln IPO Fri Mar 23, 2007 5:30am ET By Michael Flaherty and Karey Wutkowski NEW YORK/WASHINGTON (Reuters) - Blackstone Group LP, an investment firm known for taking huge companies into private ownership, filed on Thursday to bring part of itself public in an offering worth up to $4 billion. Raising funds through a public offering allows Blackstone quick and steady access to money they would otherwise have to take the time to raise privately. The firm said the public equity also allows flexibility in pursuing future deals and permits a range of financial and retention incentives for its employees. The move also comes at a time when some private equity investors believe the favorable deal environment is nearing its peak, with several firms mulling ways to diversify their strategies. The IPO filing gives public access to what had previously been undisclosed numbers, including the $2.27 billion of net income Blackstone earned last year, the doubling of revenue to $1.12 billion and net gains from investment activities of $7.6 billion. "It's a really significant development. I think this will get a big reception," said James Cox, a Duke University law school professor. "Certainly, other fund managers will be looking at what happens here and wondering if this is a way to increase their capital so they can play on an even bigger stage." A $4 billion public float, which sources say is about 10 percent to 15 percent of the company, would rank Blackstone's offering among the top 10 largest IPOs ever raised by a U.S. company, according to Dealogic. (Additional reporting by Yung Kim and Jonathan Keehner) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Watson Wyatt Urges Congress to Block Energy Department's Anti-Pension Policy WASHINGTON, March 21 /PRNewswire-FirstCall/ -- Watson Wyatt Worldwide is urging Congress to prevent the Department of Energy (DOE) from resurrecting a policy that undermines government contractors' ability to provide guaranteed retirement benefits to their workers and conflicts with long-standing public policy supporting employer-sponsored pension plans. In April 2006, the agency announced it would no longer reimburse contractors for expenses associated with defined benefit pension coverage for new employees. Following criticism from the public and members of Congress, the DOE announced in June 2006 that it would put the policy on hold for a year and consult with key stakeholders. In recent weeks, agency officials have been briefing contractors on the policy and indicating it will be implemented. More information about the policy the DOE proposed in 2006 can be found at http://www.watsonwyatt.com/news/press.asp?ID=15983. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. New Report Finds Severe Pandemic Flu Could Lead to Major U.S. Recession; Biggest Economic Declines Predicted in Nevada and Hawaii WASHINGTON, March 22 /PRNewswire-USNewswire/ -- Trust for America's Health (TFAH) released a new report today that finds a severe pandemic flu outbreak could result in the second worst recession in the U.S. since World War II. The U.S. Gross Domestic Product (GDP) could drop over 5.5 percent, leading to an estimated $683 billion loss. States with high levels of tourism and entertainment could be the hardest hit. Nevada's economy could face the biggest percent decline with a GDP loss of 8.08 percent, followed by Hawaii, which could experience a 6.60 percent loss. Six states could suffer losses over 6 percent (Nevada, Hawaii, Alaska, Wyoming, Nebraska, and Louisiana). The economies in an additional 21 states could drop more than 5.5 percent and every state could lose more than 5 percent in GDP. States with government and real estate as major industries could suffer the lowest percentage losses. The economies of Virginia and Maryland could experience the lowest drops in GDP of any of the states, but would still face significant declines of 5.13 percent and 5.09 percent, respectively. Washington, D.C. could face a 4.62 percent decline. "The U.S. is not prepared to face an economic shock of this magnitude," said Jeff Levi, PhD, Executive Director of Trust for America's Health. "While important government preparedness efforts focusing mainly on medical and public health strategies are underway, efforts to prepare for the possible economic ramifications have been seriously inadequate. Stepping up pandemic preparedness planning is vital to our national and economic security." The full report can be found on TFAH's Web sites at http://www.healthyamericans.org/ and http://www.pandemicfluandyou.org/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Bird flu spreads to more farms in Bangladesh Fri Mar 23, 2007 10:42AM EDT DHAKA (Reuters) - Bird flu has spread to six poultry farms near Bangladesh's capital, the government said on Friday, sparking a nationwide alert. The United Nations also expressed concern. C.S. Karim, the government adviser for agriculture and livestock, said among more than 42,400 poultry on the six farms in Savar, over 12,000 had died and another 21,000 had been culled over the past few days. The H5N1 avian flu virus has not spread to other areas of the country and there was no cause for panic, he told a news conference. Savar is 25 km (14 miles) north of the capital. Dr. Duangvadee Sungkhobol, representative of U.N.'s World Health Organization in Dhaka, said: "We are very concerned because this is a highly densely populated country where people, animals and poultry live very close". "The government has taken aggressive measures to stop the spread of the disease and that WHO has confidence it (the government) would be able to limit the spread," she told the same news conference. The disease was confirmed through tests by laboratories in Bangladesh and Thailand, the government said late on Thursday. (Additional reporting by Nizam Ahmed and Masud Karim) ((Reporting by Anis Ahmed, editing by David Fogarty; Reuters Messaging: anis.ahmed.reuters.com@reuters.net; +990-2-8826022) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Asia to test human bird flu vaccine this year Fri Mar 23, 2007 10:40AM EDT By Tan Ee Lyn HONG KONG (Reuters) - An experimental H5N1 bird flu vaccine for humans will be tested in Hong Kong, Singapore, Thailand and Taiwan this year and will involve more than 1,000 people, a coordinator for the project said on Friday. Developed by a European drugmaker, the vaccine uses an inactivated strain of the H5N1 virus isolated in Vietnam, where the disease has killed 42 people since late 2003. Since making its first known jump to humans in 1997 in Hong Kong where it killed six people, H5N1 has penetrated many countries in Asia and made inroads into parts of Africa, Europe and the Middle East, killing 169 people since late 2003. There are now at least four major strains of the virus, some of which are being used by pharmaceutical companies to design what are called "pre-pandemic", or experimental vaccines. A vaccine designed using a current H5N1 strain might not offer protection against other strains and might even be useless against the eventual pandemic strain because viruses mutate all the time. Still, experts say the process of making vaccines will lay down the necessary infrastructure so that the time used to make an eventual pandemic vaccine -- anywhere between 4 to 6 months after a pandemic begins -- can be shortened. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Crawford & Company Appointed Lloyd's Agent in Puerto Rico ATLANTA, March 23 /PRNewswire-FirstCall/ -- Crawford & Company (NYSE: CRDA; CRDB) has announced that its Global Marine and Transportation Services unit has been named the Lloyd's Agent in Puerto Rico by Lloyd's of London, effective April 1, 2007. As the Lloyd's Agent, Crawford Marine has the authority to provide where required survey and adjusting services to Lloyd's Underwriters and other insurers that use the Lloyd's Agency Network. Crawford Marine is currently the largest provider of Lloyd's Agency offices in the world, with representation in 15 locations in the United States, Canada, Colombia, Puerto Rico, and Sweden. www.crawfordandcompany.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. OSMA Announces Support for Healthcare Simplification Act House Bill 125 and Senate Bill 127 introduced by Representatives Hoffman, DeGeeter and Seitz, and Senators Coughlin, Gardner and Boccieri COLUMBUS, Ohio, March 22 /PRNewswire-USNewswire/ -- The Ohio State Medical Association (OSMA) today announced its support of new legislation, dubbed the Healthcare Simplification Act, which would provide remedies for many of the excessive administrative demands doctors face in their interactions with health plans. The Act was introduced on the House and Senate floors today by Representatives Hoffman, DeGeeter and Seitz, and Senators Coughlin, Gardner and Boccieri. Specifically, House Bill 125 and Senate Bill 127 call for a summary disclosure form for contracts between medical providers and health plans, along with full disclosure of fee schedules, payment policies, categories of coverage, and terms under which contracts can be changed. The bill's first provision also would restrict "most favored payer" clauses that undermine physicians' ability to negotiate separate fee agreements with different insurers, and would eliminate "all products" clauses that require doctors to participate in all of a health plan's products as a condition of participating in any one product. "It is just plain wrong that doctors are often kept in the dark by insurance companies on what and how they will be paid. I can't think of another group of professionals forced to operate under those conditions. This legislation will go a long way toward eliminating health plans' unfair and anti-competitive practices," said, Dr. James M. Sudimack, MD, OSMA president. www.osma.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. OneBeacon Bringing Employment Practices Liability Solution to Midsize Businesses CANTON, Mass., March 22 /PRNewswire/ -- OneBeacon Insurance Group today announced a new solution that makes affordable Employment Practices Liability insurance available to businesses with up to 250 employees. Employment Practices Liability insurance covers employers for allegations of wrongful termination, discrimination or harassment, including sexual harassment. It pays for liability damages and defense costs (within the liability limit) due to claims brought by full-time, part-time, temporary and seasonal workers. In addition to delivering specialized but affordable protection, the Employment Practices Liability program also provides a dedicated Web site -- http://www.employerprotection.com/OneBeacon -- which is an online risk management tool designed to help employers avoid problems in the first place. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Travelers Offers Broad Insurance Solutions for Bridge Contractors HARTFORD, Conn.--(BUSINESS WIRE)--Travelers (NYSE:TRV) today announced that its Construction unit has expanded its appetite to include a wider range of bridge builders. Bridge Contractor customers can now benefit from an experienced underwriting team, able to write all lines of business, as well as Travelers risk control expertise that reflects a solid technical background in the field, and provides a valuable resource for clients in effectively managing their risks. www.travelers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Secured Independence, Inc. Launches Program to Reduce Disability and Claims Costs for LTC Insurance Policyholders SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Secured Independence (SI), Inc., today announced the launch of its ARM Program™, an advanced risk management program for the long-term care (LTC) market. ARM is the first wellness and disease management program specifically designed to help long-term care insurance (LTCI) policyholders identify their risks of disability and manage those risks proactively, thereby delaying or avoiding loss of independence and the need to utilize LTCI benefits. www.siwellness.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. PCMA Welcomes US Script as Newest Member WASHINGTON, March 22 /PRNewswire-USNewswire/ -- US Script, Inc., a pharmacy benefit management (PBM) organization and leader in providing integrated PBM solutions for clients nationwide, is the newest member to join the Pharmaceutical Care Management Association (PCMA). PCMA is the national association representing America's pharmacy benefit managers, which administer prescription drug plans for more than 200 million Americans with health coverage provided through small businesses, Fortune 500 employers, health insurers, labor unions, and Medicare. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. All Low-Income Newborns to Receive Equal Access to Medicaid WASHINGTON, March 22 /PRNewswire/ -- Leslie V. Norwalk, Acting Administrator of the Centers for Medicare & Medicaid Services (CMS), announced today that all babies born in the United States whose deliveries are covered by Medicaid may remain eligible under certain circumstances for Medicaid up to a year after birth. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. HealthMedia's Health Risk Assessment Now Available to Millions of Health Plan Members HealthMedia(R) Succeed(TM) Can Be Integrated with Online Medical Records ANN ARBOR, Mich., March 22 /PRNewswire/ -- HealthMedia, Inc., the global leader in scalable behavior change interventions announces today that the nation's leading integrated health plan Kaiser Permanente, has selected HealthMedia(R) Succeed(TM) as its program-wide Health Risk Assessment (HRA) solution across all national regions. KP members gain from the ability to proactively manage their health through the integration of their Succeed(TM) results with their online medical records if they so choose. "Our Purchasers are demanding integrated wellness programs as well as tracking and reporting capabilities", comments June Forkner-Dunn RN, PhD of Kaiser Permanente Internet Services Group. "The ability to provide NCQA-compliant state-of-the-art technology solutions that improve health and offer detailed measurement and reporting for employer groups is a win-win." www.healthmedia.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. AMERIGROUP Prices $240 Million in Convertible Senior Notes VIRGINIA BEACH, Va., March 22 /PRNewswire-FirstCall/ -- AMERIGROUP Corporation (NYSE: AGP) announced today the pricing of $240 million in aggregate principal amount of its convertible senior notes due 2012. The notes are being sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (Securities Act). 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. 17 Insurers Identified as Financially Impaired in 2006 OLDWICK, N.J.--(BUSINESS WIRE)--Seventeen U.S. insurance companies became financially impaired in 2006, despite a respite for property/casualty insurers from two consecutive turbulent hurricane seasons and more diversified asset portfolios among life/health insurers, according to two new A.M. Best Co. special reports highlighted in this week's BestWeek — “2007 Annual U.S. Life/Health Impairments” and “2007 Annual U.S. Property/Casualty Impairments.” The property/casualty report found 15 insurers in those lines of business became impaired last year, a rate of 1-in-233 companies. While any impairment can be a hardship to policyholders and employees, 2006's impairment rate is half the historical rate of the past 38 years. So far in 2007, A.M. Best has identified one public impairment: Vanguard Fire & Casualty Co. Florida regulators placed that company in rehabilitation in January. Vanguard Fire & Casualty was never rated by A.M. Best. Also featured is Best's Insurance Composite Index, which finished the week of March 22, 2007, at 1,342.97, up 10.23% from a year ago. The composite index reflects the performance of 183 insurance stocks. The week's top performers were Novae Group; Fairfax Financial Holdings; Scor; Prudential; and Hannover Rueckversicherungs. The bottom five were KMG America; RTW; Penn Treaty American; Korean Reinsurance Co. and Scottish Re Group. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. The Atlantic Companies®: Renovations Add Risk for Homeowners NEW YORK, NY, (March 23, 2007)? Homeowners face increased risks when they renovate or expand their houses, noted Dan Olmsted, president and CEO of The Atlantic Companies, which is best known for the Atlantic Master Plan insurance policy. “Planning and diligence before, during and after construction are the best ways to remedy increased risks of fire, theft, and injury,” said Olmsted. The Atlantic Companies is offering advice in the spring 2007 issue of its SafetyWise consumer newsletter, which can be found at www.atlanticmutual.com. Before you start a project, advises the newsletter, take steps to manage risks: Before Construction Call your insurance agent for guidance on several issues:
After Construction
About The Atlantic Companies The Atlantic Companies, also known as Atlantic Mutual, is a group of diversified financial services companies with a Wall Street heritage dating back to 1842. The company is widely known for the Atlantic Master Plan insurance program, which is designed specifically for affluent individuals and sold through a select group of independent agents. The Atlantic Companies acts as a primary property-casualty insurer, manages claims for commercial insurance, and helps other business partners target profitable niches in the insurance marketplace. Additional information about The Atlantic Companies and the Atlantic Master Plan can be found at www.atlanticmutual.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. SIX COMPANIES RENEW QUALIFICATION IN IMSA, ETHICAL STANDARDS ORGANIZATION Bethesda, MD (March 23, 2007) – Six distinguished companies have qualified to renew their membership in the Insurance Marketplace Standards Association (IMSA), the premier standards-setting organization for the life insurance marketplace. IMSA President & CEO Brian Atchinson applauded the following companies for completing the rigorous, independent review of their marketing, sales and compliance practices required every three years to qualify for renewed IMSA membership: Liberty Life Assurance Company of Boston, Boston, MA, a member of the Liberty Mutual Group; Principal Life Insurance Company, Des Moines, IA;
“These companies have demonstrated an ongoing commitment to maintaining high ethical standards and a special dedication to serving their customers with honesty and integrity,” said Atchinson. “We congratulate them for their commitment to high standards.” IMSA is the premier standards-setting organization for the life insurance, annuities and long-term care insurance marketplace for individually sold products. Qualified companies commit to maintaining high ethical standards and to being fair, honest, and open in the way they advertise, sell and service their products. IMSA qualification is for three years. The IMSA seal is a guidepost of excellence and integrity for consumers. For more information, visit www.IMSAethics.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. PRUDENTIAL FINANCIAL ANNOUNCES STRATEGIC PARTNERSHIP WITH THE NATIONAL LTC NETWORK Newark, NJ – Prudential Financial, Inc. (NYSE:PRU) announced today the signing of a sales partnership agreement with the National LTC Network, Inc., one of the leading long-term care insurance marketing organizations in the country. Throughout its 13-year history, the Network has committed itself to improving knowledge and awareness of long-term care issues and to promoting innovation in product design and distribution. “The Network has been one of the driving forces behind sales, product innovation and education in our industry,” said Eric Holtzman, vice president, marketing and sales of The Prudential Insurance Company of America’s Long-Term Care Insurance business. “We are extremely pleased to be selected by the Network to be one of their endorsed LTCi carriers.” www.nltcn.com www.prudential.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. SBA Announces National Celebration of Small Business Week: April 23 - April 24 National Small Business Person of the Year to be Named WASHINGTON - The U.S. Small Business Administration will honor America's top entrepreneurs - and name the National Small Business Person of the Year - at national ceremonies in Washington, D.C., during Small Business Week, April 23-24. The two-day celebration will honor the small business accomplishments of individuals and business owners at four major award events. For more information on Small Business Week 2007 events, including award winner bios, visit www.sba.gov/sbw. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Society of Settlement Planners, Inc. (SSP) Unveils Registered Settlement Planner Designation Schaumburg, IL -- March 19, 2007: The Society of Settlement Planners, Inc. Annual Settlement Planning Seminar was held March 7-8 in Washington, DC. The Seminar was heralded a resounding success! Representatives from structured settlement companies, life insurance companies, and other stakeholders in the settlement planning industry made up this year's record-breaking attendees. Presentations from nationally recognized experts Arthur Bryant, Esq., Daniel F. Cohen, Michael J. Montemurro, and Robert F. Spohrer, Esq. contributed to this year's outstanding program. Anthony Alfieri, SSP's in-coming President, and Professor Joseph Tombs, SSP's Education Chair, unveiled the much-anticipated Registered Settlement Planner (RSP) designation program. "It is surprisingly difficult for attorneys and injured parties to distinguish between those who are professional settlement planners and the imposters claiming the title without the education, dedication, and loyalty to the injured victim. The RSP designation will clearly identify those who have taken a rigorous and comprehensive course of instruction, demonstrated a mastery of the settlement planning process through testing and comprehensive settlement plan submission, agree to serious continuing education standards and agree to abide by the strictest Code of Ethics in the industry," Prof. Tombs remarked. www.settlementplanners.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. JCG Group Conferences, Mintel Comperemedia, and The Credo Group (a TRANZACT Company) Present the 5th Annual Insurance Direct Marketing Forum & e-Commerce Assembly: "Integrated Marketing” September 10th & 11th 2007, Loews Vanderbilt Hotel, Nashville, TN March 9, 2007 (Middletown, DE) – The 5th Annual Forum’s Institutional sponsors include the Society of Actuaries, LIMRA, Target Marketing magazine, Best’s Review, and “Insurance Newscast.” Members and readers of the sponsors receive a $125.00 discount from the regular Conference Delegate Fee. The Forum is the largest gathering of domestic and international insurance direct marketing practitioners—with attendance toping 200. Delegates attend twenty seven sessions during the two-day event which features case studies, idea exchange round tables, and advanced direct marketing techniques. Every session is crisp and relevant to the insurance direct marketing concept. And, what is most important, the Forum fills a significant gap in professional development and training for insurance direct marketing practitioners. For more information, please call 1-866-450-7005 or visit www.jcg-ltd.com to register online. The regular delegate fee for the Forum is $995.00. But, thanks to the Forum's sponsors delegates save $125.00. Plus, those who register before August 18th will save an additional $125.00. The limited-attendance Advanced Insurance Direct Marketing Symposium is an additional $295.00. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. S&P and BusinessWeek Announce Winners of 5th Annual Excellence in Fund Management Awards Average Equity Fund Award Winner up 21.57% Since Awards' Inception NEW YORK, March 22 /PRNewswire/ -- Thirteen mutual fund managers or management teams were recognized today by Standard & Poor's, the leading provider of financial market intelligence, and BusinessWeek, a leading global business media organization, as winners of its fifth annual Excellence in Fund Management Awards.(1) Eleven previous winners were also acknowledged by the two units of The McGraw-Hill Companies (NYSE:MHP) for their continued ability to demonstrate strong levels of leadership over the past five years. In addition, three of this year's recipients have the distinct honor of winning the award for the fifth consecutive year: the management team of Growth Fund of America, William Miller of Legg Mason Value Trust, and Jeffrey Gundlach and Philip Barach of TCW Total Return Bond Fund. Since the awards inception on February 28, 2003, Standard & Poor's data shows that the average equity fund award winner has returned an annualized 21.57% versus 15.94% for the S&P 500. The average fixed income fund award winner has returned 4.59% versus 3.83% for the Lehman Aggregate. The full list of award winner profiles can be accessed on March 22nd by visiting http://www.businessweek.com/. To access Standard & Poor's selection methodology, as well as other awards information, please visit http://www.standardandpoors.com/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. The Association for Financial Professionals Calls for Entries for its 2007 Pinnacle Awards Upcoming Webinar Reviews Process for Entry BETHESDA, Md., March 23 /PRNewswire/ -- The Association for Financial Professionals (AFP) invites treasury and finance professionals to submit applications for the prestigious 2007 AFP Pinnacle Awards, sponsored by Wachovia. In its 11th year, the Pinnacle Awards continues to recognize excellence in treasury and finance for successfully developed leading solutions in the categories of Strategy, Innovation and Risk. One winner is chosen from each category with a Grand Prize Winner announced at AFP's 2007 Annual Conference in Boston this fall. All winners will receive the coveted Pinnacle Award, recognition in AFP's Exchange magazine reaching over 20,000 of their peers, and complimentary registration, lodging and transportation for two representatives to the Annual Conference. Wachovia will make a $10,000 charitable donation on behalf of the Grand Prize Winner. www.afponline.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. AXA and BMPS Join Forces in the Italian Bancassurance and Pensions Market Exclusive long-term partnership in life, non-life and pensions businesses PARIS, March 23 /PRNewswire/ -- AXA and BMPS announce today that they have reached an agreement for the establishment of a long-term strategic partnership in life and non-life bancassurance as well as pensions business. Structure of the transaction AXA will acquire: - 50% of MPS Vita (life and savings) and MPS Danni (P&C); - 50% of BMPS open pension funds business; - Management of insurance companies assets (Euro 13 bn as of year-end 2006) and open pension funds assets (Euro 0.3 bn as of year-end 2006). The partnership will be the sole platform for developing AXA's and BMPS's operations in the Italian bancassurance and pensions market including any new distribution channel. www.banca.mps.it www.axa.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. FCS Financial Marketer of the Year Award Honors Smith Barney NEW YORK, March 22 /PRNewswire/ -- The Financial Communications Society (FCS) today presents its inaugural FCS Financial Marketer of the Year award to Smith Barney at a gala luncheon taking place at the New York Yacht Club in Midtown Manhattan. The luncheon's keynote address will be given by Andrew Ross Sorkin, Editor of Dealbook and Assistant Managing Editor, Business & Finance at The New York Times. www.fcsinteractive.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Care Support Of America Launches Innovative Health Coordination And Support Services—Producers Can Now Offer Valuable Services (Columbus, Ohio) –- Care Support of America “CSA,” has announced that its new healthcare services, which help patients and their caregivers navigate advancing illness, are available nationwide. A membership in these packaged services, can offer a combined home visit as well as telephonic care support provided by specially trained nurses. These services secure assistance in understanding physician recommendations, and coordinating future care options, as well as emotional support coping with both medical and non-medical issues. Our nation is on the verge of a dramatic demographic shift with 78 Million Baby Boomers entering retirement age. The entire healthcare system will now have to focus not only on existing seniors, but also on this new boomer population, particularly those that have been diagnosed with a chronic illness. www.CareSupportofAmerica.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Study Shows Banks Could Increase Profitability By $8.3 Billion Per Year If Stronger Security Measures Implemented 31 Million Would Start Banking Online and 39 Million Would Increase Online Banking Usage If Offered Identity Protection Software LOS GATOS, Calif., March 21 /PRNewswire/ -- TriCipher, a leading provider of strong authentication solutions to protect against fraud and identity theft, today announced that a recent TriCipher Consumer Online Banking Study, conducted by Javelin Strategy & Research, reveals that consumers would take advantage of more online banking services if banks provided stronger identity protection.www.tricipher.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Minnesota Life Group Insurance Teams With Ceridian to Offer Wellness and Life Benefits Package ST. PAUL, Minn., March 21 /PRNewswire/ -- Large employers can reduce health insurance costs and provide employees personalized services to build healthier lives with a new health and wellness program offered by Ceridian through Minnesota Life group life insurance plans. http://www.lifebenefits.com. http://www.securian.com/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. Call Centers: A Fertile Ground for HR Best Practices CHAPEL HILL, N.C., March 22 /PRNewswire/ -- At "Call Center Ops: Winning Strategies and Tactical Deployments for Success," the first quarter conference hosted by Best Practices, LLC's Global Benchmarking Council (GBC), executives from 24 leading companies discussed hot-button issues such as real-time coaching, managerial span of control, training on new technology, cultural change management, performance measurement and employee motivation. View the information first-hand by downloading a complimentary excerpt of the post-meeting report at http://www3.best-in-class.com/gr104.htm. The excerpt includes a list of companies in attendance, presenting companies, topics of interest and meeting notes from "The Evolving Role of the Contact Center Manager." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. Government Accountability Office (GAO) Reports. Health Care Spending: Public Payers Face
Burden of Entitlement Program Growth, While All Payers Face Rising
Prices and Increasing Use of Services. GAO-07-497T, February 15, 2007
(11 pages). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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