Daily Quote: "Delay always breeds danger." - - Miguel de Cervantes
1. Willis Re Issues April 1 2007 Reinsurance Renewal Review: Willis Re 1st View: Few Surprises London, UK, April 2, 2007 – Willis Group Holdings (NYSE:WSH), the global insurance broker, has released its reinsurance review of the marketplace for the April 1, 2007 renewal entitled “Few Surprises”. Willis’ market commentary analyzes the April 1 renewal season, which comprehensively covers over five territories and 14 classes of business. The key findings of the report are:
The full report is available at http://www.willis.com/news/publications/willisre_1st_view_4_1_2007.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Sun Life Financial Study Reveals Baby Boomers Need More Flexible Income to Fund Their Retirement Lifestyle Survey Dispels Old 80% Retirement Income Rule WELLESLEY, Mass.--(BUSINESS WIRE)--A new survey released today by the U.S. division of Sun Life Financial (NYSE:SLF, TSX:SLF) shows that many baby boomers will need more income early in retirement than previously expected. The study also reveals that boomers will need more income flexibility throughout their lives to be able to live their retirement their way. According to the survey, more than 70 percent of baby boomers expect their income needs to fluctuate greatly throughout retirement with the highest income amount needed in the first five years to fund the active lifestyles they’re planning. “This survey shatters the old rule that people should plan to live on a fixed 70-80 percent of their pre-retirement income,” said Mary Fay, Senior Vice President and General Manager of Sun Life Financial’s Annuities Division. “Boomers are eager to live life to the fullest, particularly in the early years of their retirement. To make that possible, they will need to create much more flexible retirement income plans that give them access to the money they need, when they need it.” Baby boomers expect to be far more active in retirement than previous generations. According to those surveyed, more than 80 percent cited domestic and international travel, hobbies, and a new career as the top activities they plan to pursue during the first five years of retirement. To fund this “retirement spending boom,” the survey indicates boomers plan to draw from a number of possible retirement income sources including Social Security, pensions, and employer-sponsored retirement plans such as 401(k) plans. Half of those surveyed indicated they would rely on rental and investment property income as well as the assets from the sale of a business. Eighty-six percent indicated they plan to earn income from some form of employment. The full research brief, entitled The Retirement Spending Boom, is available directly from the U.S. division of Sun Life Financial at http://forms.sunlife-usa.com/ga/get_file.cfm?form_id=14043. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Spire Capital Purchases a Majority Interest in SalvageSale Existing Management Team to Continue Leading Global Expansion of the Premier Online Industrial Marketplace HOUSTON--(BUSINESS WIRE)--SalvageSale, the leading online marketplace and services provider for the insurance industry and corporate end-of-life assets, announced today it has completed a recapitalization with New York-based private equity firm Spire Capital Partners. Terms of the recapitalization were not disclosed. In Spire Capital, the company has a partner to help develop new avenues for growth, secure additional resources to expand services, and grow the company via acquisition. Coupling SalvageSale’s existing management team with Spire’s seasoned financial and technological acumen will enable the company to greatly enhance its worldwide presence. www.salvagesale.com www.spirecapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. YouDecide Acquires Voluntary Benefits Division Of RewardsPlus Of America Acquisition allows YouDecide to offer a complete voluntary benefit program package to employers DULUTH, GA (April 2, 2007) – YouDecide.com, Inc., a leading provider of voluntary employee benefit products and services and a division of Vbenx Corporation, has acquired RewardsPlus of America Insurance Agency, Inc. (the “Agency”), a subsidiary of RealLife HR. The purchase includes the Agency’s SureDeduct/SurePay technology, the company’s industry-leading, single-slot payroll deduction technology. The acquisition adds a voluntary customer base of more than 150,000 active employees, including 20 major accounts, averaging 8,000+ employee populations. “With this acquisition, we combine the unique value propositions of two industry-leading technologies that individually changed the landscape of the voluntary benefits marketplace. Integrating these two programs sets the bar even higher and we will continue to set the pace for the industry over the next several years,” said Peter E. Marcia, CEO of Vbenx Corporation. “Our exceptional communications and delivery platform coupled with the SureDeduct/SurePay payroll technology will provide us with a unique advantage in the marketplace and firmly establish our leadership position in the voluntary employee benefits marketplace,” Marcia continued. “YouDecide has emerged as a superior employee benefits technology resource. Coupled with the acquired voluntary benefit resources of the Agency, we can offer a solution second to none in the marketplace today,” said Tony Trani, president of Vbenx Corporation. “We are extremely excited with the reception our new offering is receiving – everyone is anxious for this total voluntary benefit package that creates a comprehensive solution within the marketplace,” he added. www.youdecide.com www.reallifehr.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Travelers Completes Sale of Mendota Insurance Company to Kingsway Financial Services, Inc. SAINT PAUL, Minn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE:TRV) announced today that it has completed the sale of Mendota Insurance Company, its non-standard auto insurance unit operating under the Mendota and Mendakota brands, to a subsidiary of Kingsway Financial Services Inc. (TSX:KFS)(NYSE:KFS). The impact of this transaction will not be material to Travelers’ ongoing operations. Kingsway has determined to retain all of Mendota’s employees in their current locations and the current Mendota management will continue to lead the organization. www.travelers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com 6. Northeast Bank Insurance Group Moves into Southern Maine with Acquisition of Southern Maine Insurance Agency LEWISTON, Maine--(BUSINESS WIRE)--Northeast Bank Insurance Group, Inc., a wholly-owned subsidiary of Maine-based Northeast Bank, continues acquiring insurance agencies in Maine. Their latest acquisition, announced today, is Southern Maine Insurance Agency, located in Scarborough. The 18 year old, Southern Maine Insurance Agency, is Northeast’s 3rd insurance agency acquisition in less than six months and gives Northeast entrance to the Scarborough market. Located at 432 U.S. Route 1, the Agency offers complete lines of property and casualty insurance for families and small business and writes approximately $3.6 million in insurance premiums. www.northeastbank.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. PIA Members Lobby Congress at Federal Legislative Summit, Meet Senior Officials at White House Main Street Agents Advocate Against Federal Regulation WASHINGTON — Hundreds of members of the National Association of Professional Insurance Agents descended on Capitol Hill in Washington, D.C. March 28 and 29, 2007 for their 25th annual Federal Legislative Summit. PIA members met with their Representatives and Senators and participated in a White House briefing. “We had very focused messages to deliver,” said PIA National President Donna L. Pile. “We told them PIA is steadfast in its support for state regulation of insurance and in opposition to all proposals for federal regulation of insurance. We also expressed our strong support for extending the Terrorism Risk Insurance Act (TRIA).” During the official kickoff for the summit, Fox News commentator Morton Kondracke delivered the keynote address and Sen. Susan Collins (R-Maine) expressed support for PIA’s positions on key issues in a televised interview with PIA Executive Vice President & CEO Len Brevik. Much of the focus during this year’s legislative visits was on PIA’s opposition to proposals for a federal takeover of insurance regulation. Already, bills have been introduced calling for optional federal charters for insurers and significant alteration of the insurance industry’s limited antitrust exemption under the McCarran-Ferguson Act – proposals PIA opposes. For the second year in a row, PIA members met with Sen. John Sununu (R-New Hampshire), who plans to reintroduce a bill calling for optional federal charters for insurers. www.pianet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. AIG Specialty Excess® Increases Capacity for Public Entities to $25 Million NEW YORK--(BUSINESS WIRE)--AIG Specialty Excess®, an umbrella and excess casualty underwriting unit of the AIG Companies®, today announced it has increased its capacity of excess liability insurance for public entities to $25 million from $15 million. In response to the varied insurance needs and significant casualty exposures facing public entities, AIG Specialty Excess will offer the increased capacity of $25 million on all commercial umbrella and excess casualty policies for public entities. The new capacity will be available for not only states, counties and cities, but also educational institutions, transit authorities, utilities and other public agencies. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. BestWeek: Workers' Comp Segment Expected to Post First Underwriting Profit in 12 Years OLDWICK, N.J.--(BUSINESS WIRE)--The workers' compensation line of business is expected in 2006 to record its lowest combined ratio in 34 years and an underwriting profit for the first time since 1995, according to a report prepared by A.M. Best Co. The underwriting profit can be attributed, among other things, to an estimated 8.3-point decrease in the loss and loss-adjustment expense ratio to 71.5 in 2006, the report says. In addition to the favorable frequency trend, the workers' comp line benefited from state reform efforts, improving reserve adequacy and an increased focus on loss control and workplace safety. Also in BestWeek: Inga Beale, chief executive officer of Converium, is upbeat over the company’s chances of fending off the takeover bid by French reinsurer Scor. Beale talked with BestWeek about how Scor's bid undervalues the Swiss reinsurer's recent performance; Aon Corp. said it is now the largest insurance broker, based on brokerage revenues, but first-quarter results are due soon. But Marsh, with increasing profits, may reclaim the top broker trophy; and Best's Global Insurance Composite Index finished the week of March 29 up 10.69% from a year ago. The composite index reflects the performance of 183 insurance stocks. The week's top performers were Atrium Underwriting, Muenchener Rueckverischerungs, China Insurance International, Meritz Fire & Marine Insurance Co., and Northbridge Financial Group. The bottom five performers were KMG America Corp., Penn Treaty American, Amlin, UnitedHealth Group, and CNA Surety. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. April's Best's Review Examines Conflict Among Brokers and Agents Over Contingent Commissions OLDWICK, N.J.--(BUSINESS WIRE)--In the wake of accusations and investigations, the largest insurance brokerages have ceased accepting contingent commissions—commissions based on the eventual performance of the subject that was insured. But many mid-sized and smaller brokers, and independent insurance agents, believe the practice has been wrongly categorized, and they're now becoming victims of their larger competitors' rush to avoid scrutiny. In a “House Divided,” mid-size and smaller brokers defend their right to collect contingent commissions and explain how this type of compensation is misunderstood. The time-honored way of conducting insurance business has also changed. The debate over contingent commissions has resulted in a re-examination of the way insurance buyers, brokers and carriers do business and how they are creating new measurements to price it. Other highlights of the April issue include: Best's Review's exclusive list of Insurance Recruiters. How to sell insurance to women. What software technologies are helping insurers become compliant with state and federal regulations. www.bestreview.com/subscribe Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. Crawford & Company Subrogation and Recovery Services, Inc and Trover Solutions, Inc. Join Forces ATLANTA – (April 2, 2007) – Crawford & Company, the world’s largest independent provider of claims management solutions to insurance companies and self-insured entities, and Trover Solutions, Inc., the largest claims recovery specialist in the United States, have entered into a service agreement to provide superior subrogation and recovery results for Crawford clients. Under the terms of the agreement, Trover will become Crawford’s preferred provider of subrogation and recovery services in the United States. In addition, Trover will acquire the operating assets of Crawford’s subrogation and recovery unit, based in Tulsa, Okla. The closing date was March 30, 2007. Subrogation is a critical function within the insurance claims process that determines which party has the financial responsibility for the loss and then recovering those funds from the appropriate party. www.transpacsolutions.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Health Administration Services Re-brands as “TriSurant” and Expands Healthcare Industry Offerings - Transitions from TPA to comprehensive healthcare/workers compensation management - April 2, 2007 (HOUSTON, TX)…Health Administration Services (HAS), a member of the JFO Group of companies, recently announced that it has changed its name to “TriSurant” to better reflect the company’s expanded healthcare and workers’ compensation benefits services portfolio and the organization’s relatively new ownership and management. www.trisurant.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Sharing the Secrets of Personal Lines Marketing - Industry Leaders to Speak at Society of Insurance Research May 22nd in Dallas Shelbyville, IN– March 29, 2007 – How insurers can tap into more and better personal-lines sales is the subject of an innovative workshop to be presented at the Spring Workshops of the Society of Insurance Research (S.I.R) at the Fairmont Hotel, Dallas, TX May 20-May 23, 2007. Leaders in insurance industry marketing will present “Media Optimization for Successful Personal Lines Insurance Direct Selling.” The Workshops are open to Society members, as well as other insurance practitioners with an interest in polishing or learning new analytical skills. Details of the event can be found at “Upcoming Events” on the Society’s website, www.sirnet.org. The workshop will be co-hosted by the leadership team of R4PM Direct LLC, including principals Dave Denaci, Martin Thomas and Richard Zoss. R4PM is known as one of the most successful direct insurance customer acquisition planners in the insurance industry. Co-hosting the workshop with the R4PM Direct representatives will be Anthony D’Errico, Assistant Vice-President of Integrated Marketing and Group Distribution for MetLife Auto & Home. D’Errico will share insights, results, and performance metrics of a very important and successful program rolled out by MetLife Auto & Home, the industry’s largest provider of auto and home products for employer-sponsored programs. “Any company looking to better its position in direct selling needs to consider tools ranging from marketing analysis and planning to statistical data analysis and targeting,” asserts D’Errico, who will share with Workshop attendees a “deep dive” of recent efforts to further stimulate additional internal returns and incremental growth during a period many are calling a “soft market.” “The Society’s Annual Workshops draw a broad cross-section of industry leaders, students, and engaged practitioners” according to S.I.R. President Jeff Nagel, himself a leader within industry giant Allstate Insurance. “The Workshops have historically been a place of learning, sharing and networking,” according to 2007 Workshops leader and S.I.R. Board member Denese Ross of the California State Auto Association family of insurance companies. “We’ve worked diligently to ensure that every attendee walks away from our 2-1/2 day event with a list of new ideas, increased learning, and a bunch of new friends” said Ross. Information regarding the May 2007 S.I.R. Workshops and registration information can be obtained by contacting the Society’s Executive Director Ed Budd (317.398.3684 or fax at 317.642.0535), Workshops Chair Denese Ross (415.565.7917) or visiting the Society’s website at www.sirnet.org and visiting “Upcoming Events.” The S.I.R. welcomes everyone to Dallas! The Society of Insurance Research (S.I.R), now in its 36th year, is the professional Society for insurance practitioners with an emphasis on business research from across a wide spectrum of competitors and markets. Its website is www.sirnet.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. MBIA and Royal Indemnity Company Agree to Settle SFC Related Litigation ARMONK, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) announced that its wholly owned subsidiary, MBIA Insurance Corporation (MBIA Corp.), has reached an agreement with Royal Indemnity Company (Royal) to settle its outstanding litigation against Royal related to Student Finance Corporation (SFC). In July 2002, MBIA Corp., together with Wells Fargo Bank N.A. in its capacity as trustee, filed suit in Delaware federal district court against Royal to enforce insurance policies that Royal issued guaranteeing vocational loans originated by SFC. MBIA Corp. insured eight securitizations that were collateralized by the SFC vocational student loans guaranteed by Royal. www.mbia.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Markel American Insurance Company Announces Launch of Markel Boat Program and MAGIC System PEWAUKEE, WI, Monday, April 2, 2007- Markel American Insurance Company is pleased to announce the April 1st launch of its new Markel Boat program. MAIC’s new Markel Boat program is intended to write watercraft up to 26 feet. The target market for the product is very broad, with competitive rates and coverage for a new runabout, a personal watercraft, an airboat, a 100 MPH performance boat and anything in between. The new program offers some of the best coverage in the marketplace, including Replacement Cost coverage, Diminishing Deductibles, stand-alone Pollution, Wreck Removal as well as other options such as Primary Fishing and Boat Lift coverage. Agents interested in access to the Markel Boat program can call 1-800-236-2862, ext. 2628 or go to the www.markelmarine.com website to reach one of MAIC’s marine general agents. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Resolve Files for Automatic Extension on 10-K Filing and Announces Plans for a Year-end Earnings Conference Call CINCINNATI--(BUSINESS WIRE)--Resolve Staffing, Inc. (OTCBB:RSFF), a national provider of Human Resource Outsourcing (HRO) services, announced today that it intends to file a Form 12b-25 with the Securities and Exchange Commission for an automatic 15 day extension to file its Annual Report on Form 10-K for the year ended December 31, 2006. As a result, the Company is also postponing its planned Fourth-quarter and Year-end Earnings release and conference call originally scheduled for March 27, 2007. The 15 day extension is to allow the Company to complete a review of its financial audit and Form 10-K. The complexity of the reverse merger with ELS has created changes that have taken significant time to modify. The Company intends to file its Annual Report on Form 10-K within the 15-day extension period, and will shortly announce details regarding a date for a year-end earnings release and conference call. www.resolvestaffing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. New Century cuts 3,200 jobs, sells servicing assets Mon Apr 2, 2007 11:26AM EDT NEW YORK (Reuters) - New Century Financial Corp. said on Monday it will immediately cut 3,200 jobs, or 54 percent of its work force, as part of its Chapter 11 bankruptcy reorganization. The Irvine, California-based company also said it agreed to sell its servicing assets and platform to Carrington Capital Management LLC for $139 million, subject to bankruptcy approval. Separately, New Century said CIT Group Inc. and Greenwich Capital Financial Products have agreed to provide up to $150 million of debtor-in-possession financing to keep the company in business as it reorganizes. New Century had been the largest U.S. independent provider of home loans to people with poor credit histories before collapsing amid rising subprime delinquencies and defaults. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Bank Insurance News In Brief - April 2, 2007 TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com. To read these stories, visit http://www.bankinsurance.com/editorial/news/default.htm.
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. 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
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21. BCBSMA Survey Finds Health Care Consumers Want Better Information for Making Doctor and Hospital Choices but Say Such Information is Unavailable Consumers keenly aware of quality and safety issues in the health care system But spend little time choosing a doctor or hospital Respondents say credible, relevant information is not easily available BOSTON--(BUSINESS WIRE)--Health care consumers are eager for information to help them make more educated decisions when they choose doctors and hospitals, but say the kind of relevant information they seek is not currently available, according to a survey being released today by Blue Cross Blue Shield of Massachusetts (BCBSMA). The statewide survey of 1,033 Massachusetts adults shows that the desire for access to credible information about doctors and hospitals comes at a time when consumers are keenly aware that problems with quality and safety exist in the health care system. Nearly two out of three surveyed believe medical errors happen often, and one in four report that they have had a personal experience with a medical error. www.bluecrossma.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Quorum Productions’ Hit TV Show Designing Spaces to Feature Tips on the Ins and Outs of Specialized Homeowners Insurance FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Are you a collector and want to know how you can insure your hobby? The hit Quorum Productions television program, Designing Spaces will feature Mark Wilson of Kemper Home and Auto giving viewers quick tips on protecting their valued collections. For additional information about getting your company’s stories on Designing Spaces, contact: Lysa Liemer, Executive Vice President of Programming, at: www.designingspaces.tv or call 954-571-5221. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. AllianceBernstein Launches Next-Generation Target-Date Retirement Portfolios AllianceBernstein Customized Retirement StrategiesSM Offer Defined Contribution Plan Sponsors a Uniquely Flexible Solution NEW YORK--(BUSINESS WIRE)--AllianceBernstein (NYSE: AB) announced today that it is offering customizable target-date retirement portfolios for large defined contribution plans. The portfolios offer plan sponsors the operational and reporting simplicity of prepackaged strategies with the benefit of customization, including a choice in how much of the portfolio is actively or passively managed. Plan sponsors can select the passive/active combination that best satisfies their preferred balance of expected return, risk and costs—and change the mix later, if they wish. www.northerntrust.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. XpressPersonalLines.com is Open for Business! Appalachian Underwriters, Inc. Releases the Highly Anticipated 2nd Phase of Their ''Xpress'' Family of Programs OAK RIDGE, Tenn.--(BUSINESS WIRE)--AUI launches XpressPersonalLines.com, a program portal of specialized personal lines insurance products designed specifically for independent insurance agents. It currently allows online “direct to carrier” rating access for stand-alone personal umbrella, dwelling fire, and watercraft lines of business. In a short two months, AUI has parlayed the initial momentum of XpressUmbrella.com by developing two more unique programs; XpressDwellingFire.com and XpressWatercraft.com. Both of these new programs mirror the first by capitalizing on the same simple approach of aggregating business across the Internet, fulfilling a genuine market need, and by providing superior agency service. www.XpressPersonalLines.com www.appund.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Willis Group Sharpens Focus on the Small Business Market New York, NY, April 2, 2007 – Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, announced today that it is accelerating its effort to grow its business among small companies around the world. As a component of Shaping Our Future, a series of strategic initiatives aimed at continuing the Company’s growth, Willis is targeting this segment by partnering with carriers to develop insurance solutions which are highly tailored to small enterprises. Growth will be achieved by developing innovative solutions (including facilities, programs and binders) and expanding the broker’s already strong Managing General Agent (MGA) business. This effort will also include using the Internet and other technology platforms to streamline processes. www.willis.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Progressive Survey Finds Opportunities For Independent Insurance Agents As RV Owners Admit To A Mistake Or Two On The Open Road Survey Also Provides Insights into How, When and Why RVers Shop For Insurance MAYFIELD VILLAGE, Ohio (April 2, 2007) – It’s a story independent insurance agents who sell recreational vehicle insurance have probably heard at one time or another – the customer calls to say they crumpled the roof of their RV by misjudging the amount of overhead clearance they needed, or somehow they forgot the “objects in mirror are closer than they appear” rule and backed into a post. Well, these RVers are not alone according to a survey by The Progressive Group of Insurance Companies that found life on the open road can sometimes get bumpy. Progressive, the number one seller of RV insurance through independent agents, surveyed more than 1,000 RVers countrywide to find the amusing and at times embarrassing blunders they’ve made while traveling. The survey also asked about insurance because, when blunders do happen, it’s important to have the right coverage and service that gets them back on the road, fast. The survey found the most common mistakes RVers say they make while RVing are: driving off with the steps extended, backing up into a post or other stationary object, misjudging the amount of overhead and/or side clearance space, not connecting the tail lights correctly, and running out of fuel. www.progressive.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Insight Catastrophe Group Announces Agreement with Berkshire Hathaway Subsidiary to Offer Property Capacity in Coastal Areas New York, NY, April 2, 2007 – Insight Catastrophe Group, a provider of property catastrophe risk management and underwriting services to the insurance and financial services industries, today announced an agreement with three Berkshire Hathaway insurance subsidiaries to bring much-needed property insurance capacity to 18 coastal states. Through Insight’s wholly-owned managing general agency, Coastal Risk Underwriters, LLC, owners of small commercial businesses and high-value dwellings in coastal areas can access up to $5 million in insurance limit. Coverage will be provided by one of three of Berkshire Hathaway’s surplus lines carriers with financial strength ratings from Standard & Poor’s of “AAA”. www.cru360.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Safeco Consolidates Nonprofit Social Service Product Line with NIF Group, Inc. SEATTLE -- Safeco (NYSE: SAF) announced today that its insurance product line for nonprofit social service agencies will now be available to all independent agents through one national source, NIF Group, Inc. "NIF Group has successfully represented Safeco's nonprofit social service program in the eastern half of the United States since 1998," said Tom Troy, senior vice president of Safeco Business Insurance. "Now, as our singular national partner, NIF Group is making it easier than ever for independent agents to sell Safeco's program across the country." www.safeco.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. NAMIC Opposes Anti-consumer Credit Ban Legislation INDIANAPOLIS (March 30, 2007) — Legislation to ban the use of credit-based insurance scores to set auto and homeowners insurance rates in Delaware would ultimately hurt consumers, according to the National Association of Mutual Insurance Companies (NAMIC). The measure passed the Delaware Senate Insurance and Elections Committee, despite overwhelming evidence of the value of credit information for insurance underwriting. “Research has consistently shown that credit scores are a valid indicator of an individual’s propensity for insurance losses,” said Paul Tetrault, NAMIC’s Northeast state affairs manager. “More importantly, using credit information enhances competition in the insurance marketplace and helps lower costs for most drivers.” www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Long Term Care Insurance CE Classes for Nebraska and Iowa Agents --New Essentials of Long Term Care Insurance-- Omaha, NE – March 30, 2007 – Nebraska is among the first states to participate in the LTCi Partnership program passed into law with the Deficit Reduction Act of 2005. This legislation allows all states the option to enact long term care insurance partnership policies. Policies in these programs must meet specified criteria, including federal tax-qualification, identified consumer protections, and inflation protection provisions, to name a few. Insurance agents will need to be trained to understand and implement these policies into their product portfolios. Senior Market Sales, Inc. (SMS), an insurance marketing company in Omaha, is hosting two three-credit hour continuing education classes for insurance agents in Nebraska and Iowa on Thursday, April 5, 2007 from 8:00 to 11:00 a.m. and again from 1:00 to 4:00 p.m. Classes will take place at SMS, 8420 West Dodge Road, 5th floor. www.SeniorMarketSales.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Advisers Selling Mini-Medical Plans Face Both Opportunity and Liability According to Employee Benefit Adviser Podcast NEW YORK, NY – April 2, 2007 – Employee Benefit Adviser, a SourceMedia publication written for brokers and consultants revealing insider tips for understanding client needs and strategies, held a mini-medical podcast to accompany the “Mini-med Roundup” featured in the March issue of Employee Benefit Adviser. Industry experts say limited health benefits are spreading beyond industries that employ low-wage, part-time and hourly workers, presenting more areas for mini-med sales. “One giant area of growth is with associations, both state and national trade associations,” says Jonathan Edelheit, vice president of OptiMed Health/United Group Programs, Inc. “Almost every industry is growing in the mini-med area.” That’s just some of what benefit experts had to say during Employee Benefit Adviser’s podcast. The discussion titled “Mini-med Market Watch” is available as an MP3 online at http://www.employeebenefitadviser.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. ClaimSchool and North American Training Group Announce Formation of a Strategic Alliance Because a thorough knowledge of insurance, insurance coverage and insurance claims handling are necessary to a successful anti-fraud program, North American Training Group, a national fraud training organization, announces the formation of a strategic alliance with ClaimSchool, a national provider of insurance claims training. ClaimSchool for more than ten years has helped insurance professionals and insurance claims personnel meet state requirements by providing ongoing training paramount to the goals of effective claims handling and fraud reduction. North American Training Group (NATG) exists to facilitate greater understanding and awareness of insurance fraud. NATG provides a high quality, engaging and user-friendly online curriculum that fosters greater success for all parties involved with the programs dedicated to fighting fraud. Details concerning course offerings and a sample of the computer based training, which will include ClaimsSchool, are available at https://fraudeducation.com/ or contact Fred Wharton, President of NATG Fwharton@fraudeducation.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Big “I” To Host Insurance Panel & Town Hall Meeting Carrier, agent, regulator, legislator and consumer advocate will square off on April 27 WASHINGTON, D.C., April 2, 2007—It’s a groundbreaking event for the insurance industry: representatives of all insurance stakeholders in one place at one time, discussing the industry’s challenges and opportunities, and taking audience questions. When the Big “I” hosts the Insurance Town Hall meeting on April 27 as part of the Big “I” Legislative Conference & Convention, lively discussion and debate is guaranteed. Big “I” CEO Bob Rusbuldt will moderate the event. Panel participants include: J. Robert Hunter, Director of Insurance, Consumer Federation of America; Congressman Earl Pomeroy (D-N.D.), a former insurance commissioner and president of the National Association of Insurance Commissioners; Roger Sevigny, Insurance Commissioner, New Hampshire and vice president of the NAIC; Alex Soto, independent agent and president, Independent Insurance Agents & Brokers of America and Tom Van Berkel, Chairman, President and CEO, The Main Street America Group. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Former ADP Brokerage Services Group Begins Trading as an Independent Company NEW YORK, NY -- (MARKET WIRE) -- April 02, 2007 -- Broadridge Financial Solutions, Inc. (NYSE: BR) CEO Rich Daly and COO John Hogan will greet members of the New York Stock Exchange this morning to begin the first trading day of Broadridge as an independent, public company focused on providing services to the financial services industry. Broadridge Financial Solutions, Inc. was officially spun off from Automatic Data Processing, Inc. (NYSE: ADP) on Friday, March 30th. The newly independent company begins trading as a member of the S&P MidCap 400 Index. www.broadridge.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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