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1. America's Leading Catastrophe Experts Call for State and National Programs to Aid First Responders, Improve Mitigation, Backstop Private Insurance Market WASHINGTON, March 27 /PRNewswire/ -- The nation's largest coalition of first responders, emergency management experts, businesses and insurers today told Congress that America needs a comprehensive public-private partnership to prepare and protect American families from the devastation of a massive hurricane or earthquake. "Catastrophe protection and preparation is a nationwide priority that must be addressed immediately, before the next catastrophe strikes," according to Robert W. Porter, executive director of ProtectingAmerica.org. "This is a national problem that will require cooperation between the private sector and the government, and coordination between the state and federal governments," he said. "This national challenge that can only be addressed by establishing catastrophe funds in high risk states, funded by mandatory contributions from private insurers, that will stand as backstops to the private insurance market and whose investment income can be dedicated to supporting mitigation, education and first responder programs," continued Porter. "Adequately addressing this national priority and making homeowners insurance available and affordable in high risk states will require those states to be able to turn to a self-financed national backstop for the once- in-a-century catastrophes that will strike the nation," Porter told the House Financial Services Subcommittee on Housing and Community Opportunity. ProtectingAmerica.org is a non-profit organization with over 200 members including the American Red Cross and other emergency responders, emergency management officials, police organizations, Allstate and State Farm Insurance, and large and small businesses. The organization is co-chaired by James Lee Witt, former director of the Federal Emergency Management Agency and Admiral James M. Loy, former deputy secretary of the US Department of Homeland Security and former commandant of the US Coast Guard. A Nation Exposed Porter told the subcommittee members that American families are overwhelmingly exposed to catastrophes like mega-hurricanes or earthquakes.
ProtectingAmerica.org is a non-profit organization consisting of emergency management officials, first responders, disaster relief experts, insurers and others. Its members include the American Red Cross and more than 200 other organizations and businesses. www.ProtectingAmerica.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. NAIC TESTIFIES BEFORE U.S. HOUSE ON NATURAL DISASTER INSURANCE WASHINGTON, D.C. (March 27, 2007) — Speaking today on behalf of the National Association of Insurance Commissioners (NAIC), Florida Insurance Commissioner Kevin McCarty testified before a key subcommittee of the U.S. House of Representatives on the role of insurance in preparing for large natural catastrophes. “Large natural catastrophes are a national economic problem, not simply a local insurance problem,” said McCarty, who chairs the NAIC’s Catastrophe Insurance Working Group. “Congress and the states need to work together to develop a comprehensive plan today to better manage and mitigate the natural catastrophic events of tomorrow.” He said although insurance will always be the catalyst of economic recovery following natural catastrophes, much can and should be done prior to these events to minimize their impact. Effective and enforced building codes, mitigation incentives and better land use policies are all steps to managing our national response to natural catastrophes, McCarty told the subcommittee. His testimony outlined the challenges of insuring catastrophic risk and detailed some of the solutions under consideration by the states and Congress. Given the complexity of the problem and the variety of approaches to resolving it, McCarty also called on Congress to create a National Commission on Catastrophe Preparation to further study the issues, weigh the alternatives and focus the debate. “Hurricane Katrina may have been the cause of the national attention on this issue, but as that tragic day moves further into history, we still have no comprehensive national approach to managing catastrophes of that magnitude,” McCarty said. “Thankfully, 2006 was a relatively calm year for property and casualty insurers. But this window of opportunity to act is merely the eye of the storm, and we need to take advantage of it.” www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Private Insurance Market is Best Option to Handle Most Natural Catastrophes, NAMIC Tells Congress WASHINGTON (March 27, 2007) — The best way to address the increasing financial challenges of future natural catastrophes is to strengthen the current private market system, according to the National Association of Mutual Insurance Companies (NAMIC). Incentives that encourage stronger homes and sound pricing by insurers will reduce the loss of life and costs of devastating storms, NAMIC said in written testimony. The comments were submitted by NAMIC President and CEO Chuck Chamness to the House Financial Services Subcommittee on Housing and Community Opportunity, which held a hearing today. “We view this hearing as part of an important national conversation among policymakers, residential and commercial property owners, academic researchers, and representatives of the insurance, banking, and construction industries since fall 2005 when three major hurricanes — Katrina, Rita and Wilma — struck the Gulf Coast, killing more than 1,400 people and costing more than $180 billion in insured losses and federal disaster relief,” the statement said. “The fact that no major hurricane made landfall in the United States in 2006, despite predictions of a highly turbulent hurricane season in the North Atlantic Ocean, should not diminish our resolve to identify and implement measures to reduce the risks associated with natural disasters and to more effectively manage the economic consequences of future disasters.” Chamness stressed that, for the vast majority of natural disasters, government need not be involved. “We believe the private insurance, reinsurance, and capital markets can serve as the predominant source of risk management for natural disasters — unless it’s a mega disaster.” A catastrophe comparable to the 1906 San Francisco earthquake could potentially exceed private market capacity. “To prepare for a disaster of this magnitude, it is appropriate for policymakers to consider whether government programs should be created to supplement the supply of private-sector capacity.” Such government programs would need to be carefully designed to avoid undermining the private insurance market and “distorting public perceptions of the risk associated with living and doing business in disaster-prone areas,” according to the statement. “The question lawmakers ought to be asking is, 'What mix of policies will maximize the private sector’s ability to provide property insurance in disaster-prone areas while minimizing the risk associated with living and doing business in these areas?’” www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. BIG “I” HIGHLIGHTS NATURAL DISASTER RISK Association testifies on need for national solution WASHINGTON, D.C., March 27, 2007—The Independent Insurance Agents & Brokers of America (the Big “I”) testified today on the need for a national solution for natural disaster coverage, reminding Congress that natural disasters aren’t just a coastal issue. Andrew Valdivia, a Big “I” board director from California and the president of White and Company Insurance Inc. in Santa Monica, Calif., represented the association before the Subcommittee on Housing and Community Opportunity of the House Financial Services Committee. Valdivia noted that over the last several years, independent agents and brokers have witnessed how substantial natural disaster losses have diminished the insurance industry’s capacity and appetite for insuring catastrophic events. This shift has moved beyond homeowner’s coverage and now includes the commercial insurance market as well. “Any discussion concerning the solution to insuring against future natural disasters starts with admitting there is a problem,” Valdivia said. “The Big ‘I’ believes it is no longer enough to say that the private market can handle catastrophic risks, when coverage is not sufficiently available at affordable rates. In fact, it is our experience that private market coverage is scarcely available at any rate in some areas – this is fast becoming an availability problem rather than an affordability problem.” Natural disaster risk poses a looming crisis for consumers, Valdivia testified. As a conduit between consumers and insurers, the Big “I” recently joined the Natural Catastrophe Policyholders Coalition as an ex-officio member. The goals of the coalition are to create a forum to share information and to develop and promote policies to ensure the availability and affordability of catastrophe insurance to both homeowners and businesses. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. AIA CALLS ON CONGRESS TO ADOPT HOLISTIC APPROACH TO NATURAL CATASTROPHE RISK WASHINGTON, DC, March 27, 2007 – American Insurance Association (AIA) President Marc Racicot today urged Congress to take a holistic approach to addressing the problems posed by natural catastrophes. “The reality is that there are no quick fixes or easy answers to the very difficult challenges we face,” Racicot said during testimony before the U.S. House Financial Services Committee’s hearing entitled “Perspectives on Natural Disaster Insurance.” “Although the property insurance market currently is under stress in several Atlantic and Gulf Coast states, the solution rests in improving, not displacing, private sector ability to serve homeowners and businesses in the path of potential storms. AIA has examined all the interdependent elements of the current system, and we have developed a comprehensive reform package to make sure these elements support, rather than undercut, each other,” Racicot stated. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Equitas Completes Berkshire Hathaway Transaction LONDON, March 27 /PRNewswire/ -- Equitas announces that it has completed its reinsurance transaction with National Indemnity Company, a member of the Berkshire Hathaway group of insurance companies. As a result National Indemnity Company now reinsures all Equitas' liabilities; provides a further $5.7 billion of reinsurance cover to Equitas; and has acquired Equitas Management Services Limited. The current management and employees of Equitas Management Services Limited will continue to conduct the run-off of Equitas' liabilities. The transaction has been approved by the Financial Services Authority (FSA) and the Equitas Trustees. The New York Insurance Department has approved various amendments to the Equitas American Trust Fund that were required to implement this transaction. In addition, the Corporation of Lloyd's has received approval in an Extraordinary General Meeting for its GBP90 million contribution to Equitas which forms part of the deal. The FSA has also approved the payment of a return premium of GBP50 million to the Names reinsured by Equitas. It is expected that this return premium will be paid later this year. Hugh Stevenson, Chairman of Equitas, said: "It is excellent news for Reinsured Names that we have now completed the transaction having received all the necessary approvals. Reinsured Names can now be reassured by the $5.7 billion of extra cover that Equitas enjoys, as a result of which they can regard the prospect of failure of Equitas as extremely remote. Reinsured Names can also look forward to their share of the GBP50 million return premium which will be coming their way." 1. Equitas Equitas, based in London, was established to reinsure and run-off the 1992 and prior years' non-life liabilities of Names, or Underwriters, at Lloyd's. Equitas actively manages the non-life liabilities arising from policies written by Lloyd's syndicates in 1992 and prior years. 2. Reinsured Names The Names reinsured their liabilities into Equitas but retained the legal liability to pay valid policyholders' claims. 3. Phase 1 - The National Indemnity Company Reinsurance Agreement National Indemnity Company is part of the Berkshire Hathaway Group and is one of the very few insurance companies with an AAA rating. It has reinsured all Equitas' reinsurance obligations and is providing an additional $5.7 billion of reinsurance cover over and above the current Equitas reserves. www.equitas.co.uk www.maitland.co.uk Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. I.I.I.’s Dr. Robert Hartwig Presents Informational Briefing On South Carolina Coastal Insurance Issues NEW YORK, March 28, 2007 – Dr. Robert Hartwig, CPCU, president and chief economist, the Insurance Information Institute (I.I.I.), will present an informational briefing on South Carolina coastal insurance issues through a Webinar, sponsored by the South Carolina Insurance News Service, Friday, March 30, 2007 at 10:00 a.m. EST. Dr. Hartwig’s presentation will outline the risks South Carolina’s coastal homeowners face in an era where more frequent and more severe Eastern Seaboard hurricanes are expected. He will also brief media on how insurers are confronting this issue and offer guidance to homeowners on steps they can take to protect themselves and their properties. Dr. Hartwig will also discuss insurance industry profitability, the importance of financial strength and the need for greater capacity to reinvest in the future. The Webinar presentation will conclude with a question and answer session until 11:00 a.m. Copies of Dr. Hartwig’s PowerPoint presentation will also be made available on the South Carolina Insurance News Service’s Web site at: http://www.scinsnews.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. U.S. Economic Slowdown Is Just Beginning Chief Economist: Current Slowdown Is Just The Beginning Fed actions, housing slowdown continuing to contract U.S. economy March 27, 2007 (OWINGS MILLS, MD) – As worries that the slowing housing market will slow consumer spending sends more shockwaves through the stock market and broader U.S. economy, a historical comparison to the late 1990s shows that the nation's economic troubles may just be beginning. The latest commentary and analysis by Daniel C. North, Chief Economist for global accounts receivable management service provider Euler Hermes ACI, draws comparisons between the Federal Reserve's deflation of the stock market bubble in the late 1990s and the recent deflation of the housing bubble. "The stock market and housing market bubbles, and their demises, show unsettling parallels,” said North. "The stock market bubble, which the Fed burst in 2000, caused significant disruption and sent the economy into contraction for three years. The housing market bubble, which the Fed burst just a few months ago, shows all of the same characteristics, including strong evidence already that an economic contraction is upon us. If history is any guide, it is likely to get worse.” In his analysis, North demonstrated five steps that both incidents have had in common: • Step 1: The Fed held monetary policy steady for some time before it started raising the Federal Funds interest rate to slow the economy and quell incipient inflation. • Step 2: The asset market continued its rapid ascent. • Step 3: The Fed continued to raise the Fed Funds rate. • Step 4: The market bubble popped and deflated, and the assets rapidly started to lose value. • Step 5: For the stock market bubble, the economy quickly started to contract. For the housing market bubble, we are only beginning to see what is going to happen. "To date, the housing market bubble has behaved exactly as the stock market bubble did in Steps 1 through 4,” North commented. "If the housing market bubble continues on the stock market bubble's path into Step 5, we would expect to see conditions such as slowing GDP and job growth, as well as other negative indicators.” Those expectations have already been met, he said, as job growth has been below the non-recessionary average for six of the past seven months. Additionally, GDP growth has been above the long-term average of 3.5% only twice in 10 quarters, and the last three quarters of 2006 were especially weak at 2.6%, 2.0%, and 2.2%. The full version of North's economic analysis is available upon request. Euler Hermes ACI is North America's oldest and largest provider of trade credit insurance and accounts receivable management solutions and is the US subsidiary of the Euler Hermes Group. Headquartered in Owings Mills, MD, the company protects and insures more than $125 billion in US trade transactions annually. Additionally, Euler Hermes ACI provides a suite of receivables management services that includes commercial third party collections, receivables management outsourcing, and international collections. For more information, visit www.eulerhermes.com/usa. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. AXIS Capital Announces Agreement to Acquire Media/Professional Insurance PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital (NYSE: AXS), a leading global specialty commercial property and casualty insurer and reinsurer, today announced that it has agreed to acquire the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of business, from AON Underwriting Managers. Headquartered in Kansas City and formed in 1979, Media/Pro is a full-service managing general underwriter with operations in the U.S., Canada and the U.K. Professional liability lines written by Media/Pro include media liability insurance, cyber-technology insurance and miscellaneous professional liability insurance. www.axiscapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Bernanke says economic uncertainty has increased Wed Mar 28, 2007 11:20AM EDT By Mark Felsenthal WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday uncertainties surrounding the U.S. economic outlook had increased recently, and that future interest-rate decisions by the Fed would depend on how the economy evolves. "To date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation," Bernanke said in testimony prepared for delivery to the congressional Joint Economic Committee. Bernanke said that while inflation, outside of volatile food and energy prices, seems likely to moderate gradually over time, the risks to that forecast were to the upside. However, he also expressed concern about the slowdown in the U.S. housing market, which he said had been the principal source of a slowdown in economic growth that began last spring. "The near-term prospects for the housing market remain uncertain," he said, adding that developments in the subprime mortgage market, which caters to borrowers with weak credit histories, had raised additional questions about the housing sector. Bernanke cited a statement issued by the central bank's policy-setting Federal Open Market Committee last week that said the Fed's "predominant policy concern" remained the risk that core inflation might not ease as expected. "However, the uncertainties around the outlook have increased somewhat in recent weeks. Consequently, the committee also indicated that future policy decisions will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming data," the Fed chief said. Despite this heightened uncertainty, Bernanke said the central bank believed the economy was still likely to expand at a moderate pace over coming quarters. But he said: "This forecast is subject to a number of risks. To the downside, the correction in the housing market could turn out to be more severe than we currently expect, perhaps exacerbated by problems in the subprime sector." © Reuters 2007. All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Goldman CEO says new LBO fund could exceed $20 bln Wed Mar 28, 2007 9:38AM EDT By Joseph A. Giannone and Michael Flaherty NEW YORK (Reuters) - Goldman Sachs Group Inc. (GS.N: ) seeks to raise the largest corporate buyout fund ever, even as the Wall Street bank deflects reports that its growing clout as an investor has private equity firms on edge. Goldman Chief Executive Lloyd Blankfein on Tuesday said the firm expects to bring in around $19 billion to $20 billion for its next buyout fund, a target that exceeds the amount raised so far by its biggest private-equity clients. Goldman's ambitious fund-raising target comes at a time when some of the biggest buyout shops grumble, privately, about the Wall Street bank's growing clout as an investor and its heavy-handed role in some recent deals. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Fidelity Investments Estimates $215,000 Needed to Cover Retiree Health Care Costs Rising Health Care Costs Could Consume as Much as 50 Percent Of Retirees' Future Social Security Benefits BOSTON, Mar 27, 2007 (BUSINESS WIRE) -- A 65-year-old couple retiring in 2007 will need approximately $215,000(1) to cover medical costs in retirement(2), according to Fidelity Investments' latest health care cost estimate, released today. This figure is a 7.5 percent increase over the 2006 estimate of $200,000. The retiree health care cost estimate is calculated annually by Fidelity Investments. Since the estimate first was computed in 2002, the number has risen a total of 34 percent, with an average annual increase of 6.1 percent. The 2007 estimate assumes individuals do not have employer-sponsored retiree health care coverage and includes expenses associated with Medicare Part B and D premiums(3) (32%), Medicare cost-sharing provisions -- co-payments, co-insurance, deductibles and excluded benefits (35%) -- and prescription drug out-of-pocket costs (33%). It does not include other health-related expenses, such as over-the-counter medications, most dental services and long-term care. Since many retirees rely on Social Security as their primary source of income in retirement(4), Fidelity also calculated the impact that a $215,000 health care liability would have on a retiree's Social Security benefit. It found that a 65-year-old worker today, who is earning $60,000 and decides to retire at the end of the year, should expect that 50 percent of his or her pre-tax Social Security benefit will be used to pay for personal health care expenses in the next 16 to 18 years. As of April 1, Fidelity will make available to employers a new tool to help employees plan toward their future health care liability. The tool enables employees to personalize, estimate and project their retiree health care costs based on such factors as age, expected retirement date, health conditions and available insurance coverage. Using this tool, employees can determine whether they have saved enough to meet their estimated health care costs in retirement and also run savings models to determine their optimal annual HSA contribution amount. Employees can access this retiree health care cost planning tool via Fidelity's NetBenefits Web site and it is also available as part of the Fidelity HSA(SM). Copyright Business Wire 2007 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Leonard Green & Partners Closes $5.3 Billion Private Equity Fund LOS ANGELES--(BUSINESS WIRE)--Leonard Green & Partners, L.P. announced today the closing of its latest private equity fund, Green Equity Investors V, L.P., with total commitments of $5.3 billion. Founded in 1989, Leonard Green & Partners now manages approximately $9 billion in capital commitments. The investment activities of Leonard Green & Partners are led by Managing Partners John G. Danhakl, Peter J. Nolan, and Jonathan D. Sokoloff. In Green Equity Investors V, the partners will continue to pursue the same successful middle market investment strategy employed over the last 18 years. Investors in Green Equity Investors V include a diverse group of domestic and international public and corporate pension funds, funds of funds, endowments, private foundations, banks, insurance companies, and family offices. www.leonardgreen.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Roger Hickey on Presidential Health Care Plans: Getting the Right Mix for a Winning Plan WASHINGTON, March 27 /PRNewswire-USNewswire/ -- While all seven of the Democratic presidential contenders who spoke at Saturday's health care forum agreed that universal health care coverage is the solution to our nation's health care crisis, they are still striving to get the right mix for a winning health care plan, according to Campaign for America's Future co-director Roger Hickey. "The candidates agree with the public that the current health care system is ailing," said Hickey. "It's undermining everyone's economic security, and Americans are looking to our nation's leaders for an alternative. Though there was a lot of agreement on the important fundamentals of achieving health care coverage for every American at the debate, it will take a combination of the ideas advanced by each candidate to get us to a plan that can work." Last week, Hickey posed five questions that should be asked of every presidential candidate's health care plan, using Dr. Jacob Hacker's "Health Care for America" proposal as the benchmark for creating a simple, easy to understand, comprehensive and affordable health care plan. On Monday, he published a review of the performance of each candidate. Dr. Hacker also reviewed the debate in a piece published yesterday on www.TomPaine.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. ADA President Kathy Roth Urges Congress to Improve Access to Dental Care WASHINGTON, March 27 /PRNewswire-USNewswire/ -- Kathleen Roth, D.D.S., president of the American Dental Association (ADA), will testify today at 10 a.m. before the Health Subcommittee of the U.S. House Energy and Commerce Committee on improving access to dental care. Dr. Roth will urge the subcommittee to reform Medicaid in order to better address unmet oral health needs. www.ada.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Senate Asks CMS to Stop Implementation of Medicaid Rule That Will Likely Harm Hometown Pharmacies Centers for Medicare and Medicaid Services' Rule Proposes to Reimburse Pharmacies on Average 36% Below the Actual Costs for Generic Drugs Dispensed to Medicaid Patients WASHINGTON, March 27 /PRNewswire-USNewswire/ -- Nearly half of the United States Senate, 46 Senators, signed a letter to the Centers for Medicare and Medicaid Services expressing deep concern over CMS' proposed rule to cut pharmacy Medicaid reimbursement for generic drugs. As a grassroots organization representing more than 20,000 neighborhood pharmacists, the Association of Community Pharmacists Congressional Network (ACP*CN) applauds the Senate for taking this action and recognizing the severe impact this rule will have on Medicaid patients' access to retail pharmacy services. www.acpcn.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Leading Insurance Industry Critic from InsuranceConsumers.com Demands Immediate Action by Congress SAN FRANCISCO--(BUSINESS WIRE)--InsuranceConsumers.com (IC), an internet service for insurance policy holders, demanded today immediate Congressional action including the reform of ERISA Preemption, abolishment of the insurance industry's anti-trust exemption, and an increase in the rights of policyholders with long-term care insurance. IC founder Ray Bourhis, author of Insult to Injury: Insurance, Fraud and the Big Business of Bad Faith, and partner at the San Francisco law firm of Bourhis & Mann, cited allegations made this week in a front page New York Times article entitled: Aged, Frail and Denied Care, charging that major insurers are defrauding elderly policyholders because they know they are too old and too ill to fight back. As the founder of www.InsuranceConsumers.com, Bourhis is fighting back by mobilizing insurance consumers to create a force that the big insurance companies will not be able to turn their back upon. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. FirstClose™ Announces Credit Insurance Markets as Latest Reseller Partner ORLANDO, Fla. & CHARLOTTE, N.C.--(BUSINESS WIRE)--FirstClose, a service of First Lenders Data, Inc. (FLDI), an Austin, Texas-based provider of bundled mortgage settlement services, announced today that it has formed a strategic partnership with Credit Insurance Markets to offer the FirstClose platform and suite of products to existing and future Credit Insurance Markets customers. FirstClose services now available to Credit Insurance Markets and its customers include additional service providers for credit reports, flood zone determinations, AVMs, insured AVMs, desktop appraisals, income verification, document preparation services, closing services, title reports, lien reports, title insurance, recording services, and more. www.firstclose.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. Prime Health Services, Premier Healthcare Exchange, Inc. Announce Strategic Agreement NASHVILLE, Tenn. & SUMMIT, N.J.--(BUSINESS WIRE)--Prime Health Services (Prime Health), a National Preferred Provider Organization (PPO), and Premier Healthcare Exchange, Inc. (PHX), an automated healthcare cost containment solutions company, announced today a strategic agreement. The relationship between PHX and Prime Health will offer powerful provider savings and a network delivery system to Group Health customers nationwide. PHX customers will have access to Prime Health’s national network development team and PPO software solutions. Prime Health will make PHX’s unique, centralized approach to healthcare cost containment available to its network of employers, carriers, and third party administrators across the country. www.primehealthservices.com www.phx-online.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Baylor Health Care System and MedBasics Announce Affiliation DALLAS--(BUSINESS WIRE)--Baylor Health Care System and MedBasics have announced the execution of a formal collaboration agreement, which began on Feb. 15, 2007. MedBasics operates convenient care clinics that provide walk-in medical services inside major retail outlets for routine medical conditions and preventive care. www.med-basics.com www.BaylorHealth.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. JD Powers and Associates' Study Reveals Greater Customer Satisfaction With Regence and Other Privately Held Healthcare Companies Company is among those ranked higher than for-profit companies for its provider choice, coverage, benefits and member engagement PORTLAND, Ore., March 27 /PRNewswire/ -- Regence is among the companies that stand out in an inaugural study from JD Powers and Associates, which shows that members of BlueCross BlueShield and privately held health plans tend to rate their overall experience higher than enrollees of plans owned by publicly traded companies. www.regence.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. BlueCross BlueShield of South Carolina to Host Annual Direct Marketing Conference for Independent Blue Cross and Blue Shield Plans Conference devoted to Blue Cross Blue Shield plans and direct marketing is in its 16th year WAYNE, Pa. – March 28, 2007 – BlueCross BlueShield of South Carolina will serve as the host plan for the 2007 Annual Direct Marketing Conference for Independent Blue Cross and Blue Shield Plans. The conference series, to be held April 18-20, 2007, at the Hotel del Coronado on Coronado Island in San Diego, California, is now in its 16th year. The first direct marketing conference in 1992 was organized by Blue Cross and Blue Shield plans eager for continuing education in the direct response marketing specialty and for help in developing strategies and tactics for meeting industry challenges. For more information or to register for the conference, contact event organizer Allegra Craig, of DMW, at 610-407-0407 or via e-mail at acraig@dmwdirect.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Outsourcing Execs Gather for New York Launch of Philippines BPO Council New York, NY, March 28, 2007 -- The Philippine Consulate General in New York, Department of Trade and Industry, and the Philippine American Chamber of Commerce in New York will host a cocktail reception focusing on "The Philippine BPO Advantage" and the launch of The BPO Council, featuring: David Delellis , JP Morgan Chase and David Kinnear, Philippine BPO Council and President of DDC HRO The Philippines is fast gaining a competitive world positioning with an estimated market size of US$2.54 billion in 2006, or about 1% of the global market share for business process outsourcing (BPO). In order to demystify the Philippines to the outside world, The BPO Council was formed to host a series of networking events to engage US business executives in discussions about the advantages of sourcing their ICT services requirements from the Philippines. Learn more about DDC HRO at www.ddchro.com Learn more about the Philippine American Chamber of Commerce and The BPO Council at www.philamchamber.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. E&O Law Firm Lustig & Brown Expands Legal Services to Independent Insurance Agents, Brokers of NY Members (DeWitt, New York, March 27, 2007)—More than two decades of successfully defending thousands of errors and omissions claims and lawsuits is not enough for law firm Lustig & Brown LLP. The legal counsel for the Independent Insurance Agents & Brokers of New York, Inc. also offers additional services. Lustig & Brown can provide assistance in agency and brokerage contract review and negotiation, book of business purchases, mergers and acquisitions and draft producer agreements. For more information, contact Keidel at jkeidel@lustigbrown.com or call him at (212) 832-3235, ext. 2227 or Christopher B. Weldon, who assists in the oversight of the firm’s new commercial and regulatory practice, at cweldon@lustigbrown.com or call him at (212) 832-3235, ext. 3225. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. AIA COMMENTS ON MASSACHUSETTS AUTO INSURANCE STUDY BOSTON, March 27, 2007 – The American Insurance Association (AIA) today said it is encouraged that Gov. Deval Patrick’s (D) study to review the state’s auto insurance system recognizes the need to add competition to this market. “AIA believes a vibrant, competitive marketplace will best serve the state’s drivers, and we look forward to working with the administration to implement elements that will inject competition into the market,” said John Murphy, vice president, AIA Northeast Region. “AIA is disappointed that the group recommends delaying implementation of an assigned risk plan which would create a fair distribution of the state’s highest risk drivers among insurers. This issue has been studied for years and the attorney general found that the current system does not meet the constitutional mandate for a fair and equitable system. “Assigned risk plans are the standard in 43 other states. There is no risk in moving to an assigned risk plan,” Murphy concluded. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Liberty Mutual Chairman Edmund F. Kelly Comments on Governor Deval Patrick’s Mass. Auto Reform Task Force Report BOSTON--(BUSINESS WIRE)--“Governor Patrick deserves credit for focusing his administration’s attention on improving the state’s auto insurance system for consumers. We welcome the Task Force’s report, which includes many aspects that will directly improve competition among the state’s auto insurers,” said Edmund F. Kelly, Liberty Mutual Group Chairman, President and Chief Executive Officer. “We are especially pleased that the report acknowledged that the involuntary residual market is ‘unduly complex and susceptible to gaming.’ We urge Insurance Commissioner Burnes to take swift action to eliminate this inequity by implementing the previously approved Assigned Risk Plan.” “We are committed to working actively with the governor, his administration and all parties to bring about the changes that will create a better, fairer and more competitive system for Massachusetts drivers.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. IRMI INTRODUCES NEW CONSTRUCTION BENEFITS CONFERENCE DALLAS—International Risk Management Institute, Inc. (IRMI), announces a new conference to debut this summer—the IRMI Construction Benefits Conference: Health and Welfare Plans Design and Management. Designed to help contractors and benefits professionals network and learn strategies for controlling benefits costs, this is the only benefits conference focusing on the construction industry. The conference is 1½ days and will be held in Dallas on June 12-13, 2007. The registration fee is $699. For more information on the IRMI Construction Benefits Conference, go to www.IRMI.com/Conferences/Cbc or call (800) 827–4242 and ask for a Conference Coordinator. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. U.S. investor selling $135 mln Catlin stake LONDON, March 28 (Reuters) - U.S. private equity firm Cypress Group is selling a 5.5 percent stake in British insurer Catlin (CGL.L: ), investment bank Goldman Sachs said on Wednesday, for around 69 million pounds ($135.3 million). Cypress is selling 13.75 million shares in a placing, the investment bank said. One dealer said the shares were being sold at between 500 and 506 pence each. By 0716 GMT Catlin shares were down 2 percent at 502-1/4p, valuing the insurer at just over 1.2 billion pounds. New York-based Cypress sold 8 million Catlin shares in November 2005, which it said at the time left it with 13.8 million shares. ((Reporting by Anshuman Daga, editing by Erica Billingham; ($1=.5099 Pound) (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Distinguished Programs Launches Commercial Insurance Program For Affordable Housing The Program Targets Multi-Family, Low-To-Moderate Income Housing March 27, 2007, New York, NY – Distinguished Programs, an insurance program developer that specializes in products for the real estate industry, has rolled out a national property and liability program geared to increase the availability of “market level” insurance coverage for the affordable housing industry. The program, which includes all-risk property, liability and umbrella protection, focuses on: low-to-moderate income, privately-owned, multi-family housing where more than 20% of the rental income is government subsidized. The product is designed specifically for the needs these property owners face. One of the key features is the Business Income portion of the policy. Unlike a standard property form, it covers loss of both rents and government subsidies. The program is underwritten by standard, A-rated carriers and is now available to independent agents and brokers in 46 states. www.distinguished.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Financial Spring Cleaning - Tips for tidying up your finances Silver Spring, MD - For many Americans, fresh air outside means spring cleaning inside. It's time to swap winter clothes for spring/summer ones and to get rid of the dust and clutter that's built up over the cold months. Spring also is a great time to put your finances in order and save money in the process. If you've already made the commitment to clean your house this spring, resolve to clean up your personal finances, too. Even though the average American is busier now than ever before, taking time to keep track of your finances can save you money and help prevent time-consuming financial hassles in the future. The National Foundation for Credit Counseling (NFCC) suggests the following tips for tidying up your finances. www.nfcc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. New Book Reveals the Secrets to Increased Employee Engagement in the Workplace Westchester, Pa. March 26—Engagement Is Not Enough, a new book by international leadership expert Keith Ayers aims to help businesses increase employee commitment, reduce turnover, and improve the bottom line by addressing the “cancer” that eats away at productivity and profitability—lack of employee engagement. Engagement Is Not Enough: You Need Passionate Employees to Achieve Your Dreams is available wherever books are sold. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Front-Page Story In New York Times Highlights Need For Better Communication In Disability Claims Handling PORT WASHINGTON, NY. MARCH 27 --- According to a lengthy front-page story in the March 26, 2007, New York Times, thousands of policyholders of a multi-billion-dollar disability insurer have accused that insurer -- and the industry as a whole -- of great insensitivity in their claims handling. The story details accusations of inaccurate reasons for denying claims, excuses, delays, bureaucratic communications, and generally poor claims handling. One woman, told that her claim would go smoothly, received a letter from her insurer saying that she "waited too long" to make her claim. Two months later, she received another letter denying her entire claim because she had not submitted proof of illness. The woman, whose family had submitted proper paperwork, has Alzheimer's and takes 37 pills daily. According to Gary Blake, director of The Communication Workshop, who teaches a disability claims writing seminar to carriers throughout the US, "This Times story is a billion-dollar black eye to the insurance industry -- and especially the insurer mentioned in the story. I hope that the article will provide a wake-up call for carriers that do not regularly review their claims letters. The tone of so many claims letters is bureaucratic and even nasty. Unless that changes, stories like the one in the Times may have a ripple effect and lead to more horror stories." Dr. Blake is the author of four books on effective writing. For more information about Dr. Blake's one-day on-site seminar in Effective Writing for Disability Claims Professionals, call (516) 767-9590 or e-mail: garyblake@aol.com. Blake's web site is www.writingworkshop.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. Big “I” Praises Frank For Introducing Flood Bill WASHINGTON, D.C., March 27, 2007—The Independent Insurance Agents & Brokers of America (the Big “I”) applauds House Financial Services Committee Chairman Barney Frank and lead co-sponsor Rep. Judy Biggert (R-IL) for their introduction of the Flood Insurance Reform and Modernization (FIRM) Act of 2007. The bill contains a number of Big “I”-backed provisions. Some of the new Big “I”-backed reforms included in the legislation are:
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