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1. SICK: The Untold Story of America's Health Care Crisis - and the People Who Pay the Price, by Jonathan Cohn '. . . a terrific new book on our dysfunctional health care system . . .' -Paul Krugman, The New York Times NEW YORK, April 10 /PRNewswire-USNewswire/ -- Everyday, millions of Americans struggle to find affordable medical care for themselves and their families -- often leading to long-delayed treatment of illness and financial ruin. In "SICK: The Untold Story of America's Health Care Crisis -- and the People Who Pay the Price" (HarperCollins; April 10, 2007), journalist and Demos Senior Fellow Jonathan Cohn offers a fascinating, first-hand account of America's failing health care system. As the only country in the developed world that does not guarantee health care to its citizens, with over 44 million uninsured and tens of millions more underinsured, the United States is at a crossroads. The healthcare crisis will only grow as Baby Boomers retire, employers continue to shed comprehensive health packages, and health care providers shift more costs to patients. Cohn demonstrates in striking terms that the American health insurance system, first created in the 1930s, is truly collapsing. Unless we have an immediate national investment in affordable and accessible health care, Cohn warns, Americans will suffer a decline in health and longevity -- a reversal to standards of 100 years ago. Combining original reporting from Washington, accounts from those who engineered the current health care conversation, and testimonies from ordinary people nationwide who have suffered along the way, Jonathan Cohn presents stories from the front lines of the medical crisis that will resonate with anyone who has come face-to-face with the failings of the American health care system. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. The Willis Financial Institutions Index: Has the Financial Lines Market Hit the Bottom of the Cycle? London, UK, April 10, 2007 – Underwriter opinions are divided about how premiums in the financial institutions market will move in 2007, with 55% of respondents surveyed in the latest Willis FI Index predicting a reduction in rates and 45% predicting flat renewals. Some markets are adamant that they will try to resist further rate decreases while others are resigned to further rate reductions. Insurers surveyed by Willis agreed that eventually there must be a point where the market bottoms out, but they say that they cannot be sure that this point has been reached yet. What is clear is that apart from those with the largest programme limits, large US exposures, material growth or claims, most insureds should be able to benefit from some form of discount in 2007. The Willis Financial Institutions Index – a quarterly survey of London market FI insurers – asks participants for their views on the underwriting market over the past three and for the next three months. The results of Willis’ quarterly underwriter survey suggest that in the last quarter of 2006 renewal discounts were available and this is backed up by Willis’ own experience in the market place. A benign 2006 for catastrophic losses paired with strong investment yields should ensure strong results for global insurance and reinsurance carriers. January 1 reinsurance renewals went smoothly for most, if not all, financial institution insurers with flat or discounted renewal premiums. Some insurers took the opportunity to increase their line sizes which should bolster the market’s capacity. The Willis FI Index continues to see insureds purchase increased limits, maintain their levels of self-insurance, plus a continuing cooperation from most markets to review and improve wordings. It is of key importance that levels of discount and coverage improvements at this stage in the market cycle are negotiated on a case by case basis. Increasingly insurers may be reluctant to comply, as a continuing softening market is eroding their bottom line. Ultimately in these cases only effective broking coupled with intelligent use of competing markets will reap the optimum results. The Willis Index polls non-US insurance companies providing buyers of specific lines of coverage with an overview of the market reporting on relevant issues unique to their industry. The complete Willis Index is available on Willis.com via www.willis.com/Extras/Publications.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Private Market is Best Mechanism to Address Coastal Insurance Issues, NAMIC CEO Tells Congress WASHINGTON (April 11, 2007) — The private insurance marketplace, not the federal government, is the best vehicle to address coastal insurance issues in the U.S. But the federal government can play a role in efforts to reduce affordability and availability problems in coastal regions. That’s the message NAMIC President and CEO Chuck Chamness delivered to members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs today. During the hearing An Examination of the Availability and Affordability of Property and Casualty Insurance in the Gulf Coast and Other Coastal Regions, Chamness discussed the developing insurance crisis along the U.S. coastal regions and legislative initiatives that could either help or, in some cases, worsen the situation. “It is widely acknowledged that property insurance has become more expensive and somewhat less available in coastal regions of the U.S.,” Chamness said. “While government and the private sector can and should work together to address this problem, we should not delude ourselves into thinking that economic principles affecting the relationship between supply, demand, and price can be erased by government regulation and programs.” Chamness outlined three factors responsible for the problem: § The exposure of densely concentrated, high-value property to elevated levels of catastrophe risk in certain coastal regions means property insurance there will be relatively expensive compared to regions that lack one or both of these attributes. § As the population growth in these regions increases, the number of people and businesses faced with relatively high insurance costs will also increase. § U.S. coastal regions have experienced increased population growth and commercial development at a time when the frequency and severity of catastrophic storms in these regions are increasing. “Simply put, the availability and affordability of property insurance in coastal regions are mainly functions of risk,” Chamness testified. “But other variables, including actions taken by government, can also affect the supply and cost of insurance.” www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. AIA URGES CONGRESS TO ADOPT HOLISTIC APPROACH TO NATURAL CATASTROPHE RISK WASHINGTON, D.C., April 11, 2007 – American Insurance Association (AIA) President Marc Racicot today called on Congress to take a holistic approach to addressing the problems posed by natural catastrophes. “There are no shortcuts to addressing these problems, and all of us must remain committed to solutions that guarantee long-term stability in the private markets to protect our economy and, more importantly, to provide certainty to the nation’s insurance consumers,” Racicot said during testimony before the U.S. Senate Banking Committee’s hearing entitled “An Examination of the Availability and Affordability of Property and Casualty Insurance in the Gulf Coast and Other Coastal Regions.” “The solution to the current stress being felt in the property insurance market in several Atlantic and Gulf Coast states is to improve, not displace, the private sector’s ability to serve homeowners and businesses in the path of potential storms,” stated Racicot. “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 outlined specific measures that Congress and state legislatures can take to increase preparedness for and expedite recovery from devastating natural disasters. The proposals include measures to protect people and property in harm’s way; regulatory and legal reforms to improve the stability of the insurance market; tax incentives for individuals to take a greater role in disaster preparation and response; and National Flood Insurance Program reforms. “Although some of these measures relate specifically to hurricanes, many of them can be modified to address earthquake risk and other natural perils. While there are many obstacles to comprehensive reform, it is something that must be done. And with this year’s hurricane season barely two months away, we must all work together to do it now,” Racicot emphasized. A national leader on catastrophe issues, Racicot testified today that, “the real threat to coastal populations and property is not insurance; it is hurricanes. Mother Nature is the problem, and she is relentless.” www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Long Beach Insurance Broker-Agents to Pay Restitution After Issuing Bogus Insurance Certificates and Pocketing Premiums Local trucking companies and the public were endangered as truckers unknowingly operated without insurance LOS ANGELES - Insurance Commissioner Steve Poizner announced today the recent conviction and sentencing of insurance broker-agent Carlos Macias, and former insurance broker-agent Yvette Diaz (aka Yvette Benitez) in connection with a scheme that involved stealing insurance premiums and issuing phony insurance certificates. Carlos Macias, 23, a licensed broker-agent from South Gate, California and Yvette Diaz, 44, a former insurance broker-agent residing in Miami, Florida, operated International Commercial Insurance in Long Beach. California Department of Insurance (CDI) investigators discovered that Diaz collected at least $13,507 in insurance premiums from five clients and failed to secure coverage. Instead of sending payments to the insurance companies, Diaz kept the money and issued bogus proof-of-insurance documents. Although Diaz was unlicensed, Macias allowed her to illegally transact insurance through his office. The five victims were owners of trucking businesses who paid premiums to Diaz from March 2003 through October 2003. They were led to believe they were receiving commercial trucker insurance policies but instead, received bogus insurance documents. "Mr. Macias and Ms. Diaz placed their victims and the general public in great financial jeopardy by letting these individuals drive unknowingly without valid insurance," said Commissioner Poizner. "There is no such thing as a 'small case of fraud.' All cases of insurance fraud can have a devastating impact," he added, "and my office will go after each and every one." Macias was convicted on two misdemeanor counts of transacting insurance without a license- for aiding and abetting Diaz in the transaction of insurance without an insurance license. Macias was sentenced to three years summary probation, 30 days of community service and ordered to pay restitution and court fees. Diaz pleaded guilty to five felony counts of grand theft. She was sentenced to four years and four months in state prison and was given credit for 306 days she served in the Los Angeles County Jail. The remainder of the prison sentence was suspended and Diaz was ordered to serve five years formal probation, pay restitution in the amount of $13,508 to the victims and pay a fine and court fees. This case was investigated by the California Department of Insurance's (CDI) Investigation Division's Los Angeles Regional Office and prosecuted by the Los Angeles County District Attorney's Office. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. Insurance Outsourcing: Managing the Risk Paradigm By Alan Hanson, partner in TPI’s Global Financial Services Summary: It is increasingly popular to outsource and offshore key support operations such as IT, HR, finance and other administrative functions, placing the insurance industry in a distinctly vulnerable position. Because insurers are in the business of managing risk, their core reputation as risk experts may be questioned if their outsourcing initiatives underperform or fail. The stakes (operational, political, reputational) are eminent for such a highly regulated industry. In this whitepaper, Alan Hanson advises insurance companies to use their business model in order to assess their own risk, and outlines some best practices and strategies to utilize when engaging in outsourcing. To view the report, visit http://www.insurancebroadcasting.com/tpi041207.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. NY seeks probe of Wal-Mart for surveillance: report Wed Apr 11, 2007 7:15am ET NEW YORK (Reuters) - New York City is seeking a probe of Wal-Mart Stores Inc. (WMT.N: Quote, Profile , Research) over the retailer's surveillance of shareholders who submitted proxy petitions, the Wall Street Journal reported on Wednesday. The New York City Comptroller asked the U.S. Attorney General's office and the Securities and Exchange Commission to investigate Wal-Mart for what it called "ill-considered and possibly illegal surveillance operations" directed at shareholders who submitted proposals that could potentially disrupt the company's annual meeting, the paper said. Comptroller William Thompson Jr.'s office and Wal-Mart officials could not immediately be reached for comment. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Citigroup to slash 17,000 jobs Wed Apr 11, 2007 8:12am ET NEW YORK (Reuters) - Citigroup Inc. on Wednesday said it will eliminate 17,000 jobs, or 5 percent of its workforce, in a broad restructuring plan designed to cut costs and bolster its long underperforming stock price. The reductions are designed to cut the New York-based bank's operating expenses, which soared 15 percent last year to $52 billion, while revenue rose just 7 percent. It constitutes the first companywide restructuring since Citicorp and Travelers Group merged in 1998 to form Citigroup. Citigroup said about 9,500 jobs will move to lower-cost locations worldwide, with about two-thirds through attrition. Citigroup's largest unit, consumer banking, will face the biggest cuts. The bank will take a $1.38 billion pre-tax charge, or $871 million after taxes, in the first quarter, and expects $200 million of additional pre-tax charges this year. It expects pre-tax savings of about $2.1 billion this year, $3.68 billion in 2008 and $4.58 billion in 2009. (Additional reporting by Jeffrey Goldfarb in London and Dan Wilchins in New York) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. 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 10. BIG “I” SAYS NATURAL DISASTERS POSE THREAT FOR CONSUMERS Association testifies on need for national solution WASHINGTON, D.C., April 11, 2007— The Independent Insurance Agents & Brokers of America testified today on the need for a national solution for natural disaster coverage, noting that natural disaster risk poses a looming crisis for consumers. The association shared its perspective on the availability and affordability of property-casualty insurance in the Gulf Coast and other coastal regions before the Senate Committee on Banking, Housing and Urban Affairs. In its testimony, the Big “I” thanked Chairman Dodd for calling the hearing and also thanked the many other members of Congress who have proposed legislative solutions to address natural disaster issues. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article |
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11. Berkshire, Hartford team on higher-risk insurance
Tue Apr 10, 2007 3:26PM EDT
NEW YORK, April 10 (Reuters) - Warren Buffett's Berkshire Hathaway Inc. (BRKa.N: ) (BRKb.N: ) and Hartford Financial Services Group Inc. (HIG.N: ) are teaming up to offer commercial property insurance to customers who might not otherwise qualify for coverage, Hartford said on Tuesday.
Hartford said the companies will offer expanded "surplus lines" coverage for what it called "difficult, unusual or high risk" accounts. It said owners can use such coverage for apartment buildings, vacant buildings, remote manufacturing plants, and properties in catastrophe-prone regions.
Hartford said the partnership is between its First State Management Group unit and three Berkshire units: National Fire & Marine Insurance Co., National Indemnity Co. and National Indemnity Co. of the South. Coverage limits might reach $25 million, and on average be twice what First State offered before, Hartford said.
Omaha, Nebraska-based Berkshire usually generates more than half its profit from insurance. Results in 2006 benefited from the company's willingness to offer higher-risk coverage after Hurricane Katrina and other storms the previous year caused many rivals to reduce their own storm exposures.
In his Feb. 28 letter to Berkshire shareholders, Buffett said his company remains prepared to lose $6 billion from a single storm, but has reduced exposure to wind claims because rates were falling. Berkshire was not immediately available for further comment.
Reporting by Jonathan Stempel, editing by Brian Moss; (C) Reuters 2007. All rights reserved.
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12. 2007 Retirement Confidence Survey: Many American Workers See—But Ignore—Retirement System Changes The Principal Cites the “Do-It-For-Me Difference”--Auto Saving Solutions That Really Work
WASHINGTON--(BUSINESS WIRE)--A large percentage of American workers see that the U.S. retirement system is going through major changes, but many are not taking steps that are likely to leave them well-positioned for a comfortable retirement, according to the 17th annual Retirement Confidence Survey (RCS).
The survey, released today, is sponsored by the nonpartisan Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates, with underwriting support from the Principal Financial Group®.
The RCS, begun in 1991, is the country’s most established and comprehensive study of the attitudes and behavior of American workers and retirees toward all aspects of saving, retirement planning, and long-term financial security. The full report is available online at www.ebri.org
Highlights include:
The 2007 RCS finds pension-plan changes by employers have left nearly half of workers less confident about the benefits they will receive from a traditional pension plan, but that those experiencing a decline in retirement benefits often fail to react constructively. Among workers who have personally experienced reductions in the retirement benefits offered by their employer, nearly 2 in 5 indicate that they have done nothing in response to these reductions.
Many workers are counting on employer-provided benefits in retirement that are increasingly unavailable. Forty-one percent of workers indicate they or their spouse currently have a defined benefit pension plan, while 62 percent say they are expecting to receive income from such a plan in retirement. Both numbers suggest unrealistic beliefs.
Almost half of workers saving for retirement report total savings and investments (not including the value of their primary residence or any defined benefit plans) of less than $25,000. The majority of workers who have not put money aside for retirement have little in savings at all: 7 in 10 of these workers say their assets total less than $10,000.
Daniel J. Houston, executive vice president, The Principal®, says Americans should take full advantage of the ever-expanding workplace savings opportunities, and “just do it” when it comes to taking charge of their retirement security. “These findings validate today’s very effective automatic, do-it-for-me savings solutions that really do work,” he said. “By making it simple, auto tools like lifecycle investing, automatic enrollment and deferral, and step-up programs help Americans overcome their savings paralysis and lead to a path of greater financial security.” www.principal.com
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13. Towers Perrin and CFO Research Services Joint Study Finds Many Corporations Slow to Embrace Financial Solutions to Pension Risks
Defined Benefit Pension Plans Show Staying Power
STAMFORD, Conn.--(BUSINESS WIRE)--Despite the rise of new funding and accounting rules that are expected to make the financial impact of many pension plans more volatile for employers and funding deficits more transparent to shareholders, there is little sense of urgency in the way most companies are managing their pension risks and assets.
According to a recent study conducted by Towers Perrin and CFO Research Services, most of the senior corporate financial executives surveyed seem to be taking a “business as usual” approach today with respect to their organizations’ pension plans. This raises the issue of whether companies are overlooking substantial financial risks and are missing an ideal opportunity to get their houses in order when it comes to pension risk.
The research included in-depth interviews and a survey of 174 U.K. and U.S. executives at companies with defined benefit plans. The findings reveal that defined benefit pension plans still show staying power, counter to what many have come to believe. While half of the respondents say their companies have modified their pension plans, only 13% are fully “frozen.” And 70% of respondents said they are unlikely to terminate their plans in the next two years.
Statutory and regulatory developments worldwide are fueling interest in reevaluating long-term funding, accounting and investment policies as well as assessing and monitoring pension risks.
“The recent economic climate pushed many companies’ pension plans into the black and diminished the sense of urgency that prompts companies to address pension risk,” said Cecil Hemingway, principal and head of Towers Perrin’s Legacy Pension Solutions consulting practice. “Unlike many other financial and operational risks faced by senior managers, pension plans represent long-term financial obligations, rarely creating a burning platform for companies to address the issue squarely. That’s an opportunity lost.”
While a number of companies in recent years have attempted to address their pension plan financial risks via changes in plan design, relatively few have adopted financial strategies that address pension liabilities incurred in the past.
Despite the growth of defined contribution plans, defined benefit plans continue to be an important component of the benefit programs at many large companies. The survey suggests that the majority of pension plans are open, and that companies are more likely to retain their plans than to close or curtail them in the near term. Most finance executives say pension plans play a role in employee retention and attraction, with that sentiment particularly strong among European respondents, where 64% say pension plans are necessary to retain employees.
The full study is available through CFO’s Web site (www.cfo-research.com) and through Towers Perrin’s Web site (www.towersperrin.com).
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14. AIG Global Marine and Energy Launches Alternative Energy Practice
NEW YORK--(BUSINESS WIRE)--AIG Global Marine and Energy, a division of the property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced the formation of the AIG Global Alternative Energy Practice.
The practice will service the insurance, risk management and loss control needs of U.S.-based alternative energy clients, including organizations engaged in biofuel, hydroelectric, geothermal, solar and wind operations. Rick Gibbons, Executive Vice President of AIG Global Marine and Energy is leading the practice, reporting to Ralph Mucerino, AIG Vice President and President of AIG Global Marine and Energy. David Reisinger, Assistant Vice President, AIG Global Marine and Energy will manage the commercial alternative energy portfolio globally, reporting to Mr. Gibbons.
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15. Safeco Simplifies Coverage for Small Business Owners; 'Safeco BOP Access(TM)' Puts It All in One Package
SEATTLE, April 10 /PRNewswire/ -- Calling it the most important new commercial insurance product in years, Safeco (NYSE: SAF) today announced the rollout of Safeco BOP Access(TM). This new commercial insurance Businessowner Policy (BOP) disentangles the insurance buying process for small businesses -- such as restaurants and light manufacturers -- that have above-average insurance needs. www.safeco.com
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16. JPMorgan Launches New Investment Improvement Tools
Investment manager and risk analysis tools help generate increased risk-adjusted returns
NEW YORK--(BUSINESS WIRE)--JPMorgan Worldwide Securities Services today announced the launch of new investment improvement tools to help institutional investors boost risk-adjusted returns.
The new tools – Manager Consistency Analysis and Marginal Risk Analysis – are the latest from JPMorgan, and are designed to help asset managers and pension and endowment fund executives achieve greater risk-adjusted returns for investment portfolios. www.jpmorgan.com/visit/IAC
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17. Nationwide Retirement Solutions Simplifies Retirement Planning
New Features Help Participants Invest with Confidence
Matt Riebel, president, Nationwide Retirement Solutions (Photo: Business Wire) COLUMBUS, Ohio--(BUSINESS WIRE)--A recent survey shows that only 34 percent of public-sector workers participate in their employer sponsored defined contribution plan compared to 70 percent of private-sector workers.1 In addition to low participation rates, public-sector participants tend to be more conservative and less active investors.2 To help participants make the most of their retirement planning, Nationwide Retirement Solutions (NRS) has launched Nationwide® ProAccountSM and Nationwide® FundGuardSM.
“Many participants find selecting the appropriate financial products and services complicated, which often prohibits them from investing correctly or saving at all,” said Matt Riebel, president, Nationwide Retirement Solutions. “Our goal is to simplify the retirement savings process by giving participants the tools they need to invest with confidence.” www.nationwide.com
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18. HSAcenter.com Introduced as New Online Resource for Consumers Seeking to Save on Health Care and Taxes
INDIANAPOLIS--(BUSINESS WIRE)--A new Web site, www.HSAcenter.com, offers consumers a convenient, one-stop location to find comprehensive, straightforward information on health savings accounts (HSAs) and how they work. Among its features are an extensive question-and-answer section and five key questions that help individuals determine if an HSA is the right choice for them and their families.
Launched by UnitedHealthcare’s Golden Rule Insurance Company, an HSA pioneer and leader in the individual and family health insurance market, www.HSAcenter.com provides consumer-friendly information presented in multiple formats including text, video, flash and audio. Additional and updated content, including an HSA calculator, will be added on a regular basis.
America’s Health Insurance Plans recently reported that 4.5 million Americans are now covered by HSA health plans; Consumer Driven Market Report puts that number at 6 million. Moreover, the U.S. Department of Treasury estimates that the number will expand to 25-30 million consumers by 2010.
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19. ACE Takes Lead in Offering Brokers New Transactional Websites
LONDON--(BUSINESS WIRE)--ACE European Group (ACE) (NYSE:ACE) is taking the lead in a unique service that will offer all UK brokers a fully transactional website to enable them to sell a range of commercial insurance products from ACE and other insurers.
The service has been developed by software solutions provider Point Solutions Limited (PSL) in conjunction with ACE and will give brokers the ability to provide online quotes, bind cover and issue policies direct to customers via their own websites. The service is free to implement with brokers only paying nominal hosting and transactional fees on a pay as you go basis.
The service will launch initially with a range of ACE products including Professional Indemnity (for a range of professions) and Directors & Officers; others - such as ComputerGuardPlus and an accident and health product, will be added shortly after launch. www.aceeuropeangroup.com
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20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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A caterpillar moves on the blade of a leaf in the northeastern Indian city of Siliguri November 7, 2006. A flu vaccine grown in caterpillar cells instead of the usual risky and uncertain method based on chicken eggs is not only safe but effective in people, U.S. researchers reported on Tuesday. REUTERS/Rupak De Chowdhuri |
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An illustration of a Jupiter-like gaseous planet located 150 light years from Earth. Evidence of water has been detected for the first time in a planet outside our solar system, an astronomer said on Tuesday. REUTERS/JPL-Caltech/Handout |
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A heart patient is prepared for surgery in a file photo. Genetic testing failed to find any gene mutations that predict a higher risk of heart disease, a study released on Tuesday said. REUTERS/Chaiwat Subprasom |
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Red blood cells in a file photo. Stem cells taken from
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A worker prepares wedding dresses in a file photo. U.S. border police found 1,000 wedding gowns stolen from a cancer charity and crammed into a truck trying to get into Mexico, federal authorities said on Tuesday. REUTERS/Supri |
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Ford Motor Company employee Sheryl Chandler performs a leak test on an automatic transmission in a dunk tank at the Ford Motor Company Livonia Transmission REUTERS Ford recalls 527,000 SUVs after engine fires |
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ConocoPhillips' Duke Energy Field in Texas is seen in this undated file photo. Giant oil company ConocoPhillips said on Wednesday that it had joined a business group calling for mandatory U.S. rules to reduce greenhouse gases and would set targets to cut emissions from its operations. REUTERS/ Files |
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Ecuadorean cruise boats carrying tourists from the mainland visit one of the islands in the Galapagos Island chain, in this file photo taken June 30, 2002. Ecuador declared the world-famous Galapagos Islands at risk on Tuesday and could temporarily suspend tourism permits and enforce rigorous population restrictions to prevent further environmental harm. REUTERS/Paco Granja |
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21. Lincoln Financial Group Adds Travel Assistance to Group Life Coverage
-- New Value-Add Offers Employees and Family Members Additional Benefits While Traveling --
PHILADELPHIA, April 10 /PRNewswire-FirstCall/ -- The Employer Markets division of Lincoln National Corporation (NYSE: LNC) today announced the addition of travel assistance services as a value-added feature to its group life insurance policies. Based on employers' need to control the cost of employee benefits while still providing high quality benefit plans, Lincoln added the travel assistance program, called TravelConnect (SM), to deliver further protection for its group life insurance clients at no additional cost. The Lincoln Employer Markets division is focused on delivering retirement income security to employers and their employees through retirement plans, group insurance, and executive benefits.
For more information on Lincoln Financial Group employee benefit products, visit http://www.LFG.com. For information on MEDEX Assistance services, visit http://www.medexassist.com.
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22. The Secretan Center Announces Strategic Initiative with First Command Financial Services
CALEDON, Ontario--(BUSINESS WIRE)--The Secretan Center has entered into a strategic initiative with First Command Financial Services to assist in the continuing, expansive transformation of the organization. First Command has contracted with The Secretan Center for research, coaching and other services designed to help achieve a cultural transformation that will raise the level of inspiration of all clients, financial advisors and employees and implement sought-after corporate changes and outcomes. www.firstcommand.com
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23. Get a Deep Insight into the Issues Facing the Green Financial Services Market
LYON, France--(BUSINESS WIRE)--Reportlinker.com announces that a new market research report related to the worldwide finances market is now available to its catalogue.
Issues in Green Financial Services: http://www.reportlinker.com/p047042/financial-services.html
Introduction - This report examines the competitive landscape for "green" products and services in the financial services industry. It looks at how competitors are communicating their Green credentials to customers, the extent to which perception compares to reality and what this means to their customers.
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24. USI Holdings Corporation Announces $625 Million Senior Secured Credit Facilities
BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Holdings Corporation (“USI Holdings”)(NASDAQ:USIH) today announced that it intends to refinance its existing senior secured credit facilities with a new senior secured credit facility consisting of a senior secured term loan in an aggregate amount of $525 million and a senior secured revolving credit facility in an aggregate amount of $100 million. www.usi.biz
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25. Meadowbrook Insurance Group, Inc. Announces Amendment to Its Credit Agreement
SOUTHFIELD, Mich., April 11 /PRNewswire-FirstCall/ -- Meadowbrook Insurance Group, Inc. (NYSE: MIG) announced today that it has signed an amendment to its revolving credit agreement with its bank. As part of this amendment, Meadowbrook's bank agreed to extend the term to September 30, 2010, to increase the available borrowings up to $35.0 million and to reduce the variable interest rate basis to a range between 75 to 175 basis points above LIBOR from a range between 125 to 175 basis points above LIBOR. www.meadowbrook.com
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Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com
26. CIGNA Behavioral Health Program Reduces Overall Health Care Costs and Improves Patient Outcomes
EDEN PRAIRIE, Minn., April 10, 2007 /PRNewswire-FirstCall/ -- CIGNA Behavioral Health (CBH) today released new data on the results of the company's Intensive Care Management (ICM) program, demonstrating improved member outcomes that resulted in average savings of more than $3,000 per member.
CBH's intensive care management program pairs members experiencing complex clinical behavioral conditions, such as severe depression, with a clinical "care advocate" following an initial inpatient visit. The central goal of the program is to empower members to take preventive action before a condition escalates to a higher-risk situation, which could otherwise lead to overall decreases in productivity, missed work days or even disability. www.CIGNABehavioral.com
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27. Open Solutions to Offer Wolters Kluwer Financial Services BSA and AML Products to Core Processing Customers
End-to-End Solution Helps Financial Organizations Manage Bank Secrecy Act Compliance Risks
WALTHAM, Mass. & GLASTONBURY, Conn.--(BUSINESS WIRE)--Wolters Kluwer Financial Services, through its line of PCi solutions, and Open Solutions Inc.® today announced that Wolters Kluwer Financial Services’ comprehensive line of Wiz Sentri™ Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) solutions will seamlessly integrate with Open Solutions’ state-of-the-art relational core data processing platforms. By automating the BSA/AML compliance process and improving data sharing capabilities, lenders can increase the quality of their reporting using fewer resources. www.opensolutions.com
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28. FP MARINE RISKS chooses KEANE's SCORE platform to enhance enterprise-wide risk management and compliance efforts
SCORE will support collaboration and facilitate data collection company-wide to deliver up-to-the-minute, auditable reporting to regulators and the FP Marine Board
Wayne, PA-April 11, 2007-Today The Keane Organization's Business Risk Management Solutions division announced that FP Marine Risks, an independent Lloyd's specialist marine insurance broker headquartered in Hong Kong, has selected SCORE to automate the measurement and management of their risk and compliance program.
SCORE is a patent-pending, web-based decision-support tool that automates the key components of Enterprise Risk and Compliance Management - Measurement, Management and Monitoring. Designed in the US by British engineers, SCORE development is led by Peter C. Teuten, President and Chief Technology Officer of Keane Business Risk Management Solutions. Teuten has over 20 years experience in both the US and UK insurance markets and Lloyd's. www.KeaneBRMS.com
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29. PIANY alerts employers to new workers’ compensation penalties, enforcement
GLENMONT, N.Y.—Business owners and other employers will be subject to new, higher penalties for failure to comply with New York state’s workers’ compensation requirements, and the state will employ new tools to ensure that workers are covered, according to the Professional Insurance Agents of New York State Inc. The changes come as a result of a comprehensive bill signed into law March 13, 2007. Higher penalties under the new law take effect April 12, 2007.
“Taken together, the compliance provisions of the recent workers’ compensation reforms signal a determination by the state to protect workers, and also to restore fairness to the system,” according to PIANY President David Dickson. “Employers who have fully complied with the state’s requirements likely have been paying more than their fair share, to make up for employers who are not complying.”
Dickson cited a recently published study by the Fiscal Policy Institute that found employer noncompliance to be a growing problem in New York. According to the study, as much as $1 billion in premium may be missing from the system each year.
“One reason the cost of workers’ compensation in New York currently is so high is that a significant number of employers for years have not been ‘playing by the rules,’” said Dickson. “For honest employers, the new law will mark the beginning of the end to this unreasonable subsidy.” www.pia.org/NY
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30. RMS Performs Analysis For First Great Britain River Flood Securitization
$150 Million Series Issued for Blue Wings Ltd, a $1 Billion Program
Newark, Calif. - April 11, 2007 - Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, has designed the trigger mechanisms and performed the risk analysis for the first securitization of river flood risk in Great Britain. Also covering North America earthquake risk, the securities were issued by Blue Wings Ltd, a Cayman Islands SPV, providing $150 million of collateralized cover for Allianz Global Corporate & Specialty AG, the corporate arm of the Allianz insurance group, for four years and nine months, as part of a $1 billion program, structured and placed by Swiss Re. www.rms.com
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31. Guardian Dental Plan Members Save More Than $220 Million in Rollover Benefit Dollars
238% Increase in 2006 Rollover Account Deposits
NEW YORK, April 10 /PRNewswire/ -- The Guardian Life Insurance Company of America (Guardian), a leading provider of employee and voluntary benefits for small and midsize businesses, today announced that it has placed more than $220 million in client accounts since introducing its dental Maximum Rollover program in 2004. More than $170 million was rolled over to customer accounts in 2006 alone.
The rollover dollars represent the money that dental plan members collectively saved due to the program. The Maximum Rollover option allows Guardian Dental plan members to roll over a portion of their unused annual maximum into a personal Maximum Rollover Account (MRA), in case the need for more extensive dental care arises in the future. Traditional dental plans require members to use or lose their benefit dollars.
More than 40% of individuals enrolled in eligible Guardian plans received rollover dollars. The 2006 deposits of $170 million were 238% higher than the 2005 deposits of $50 million. The growing number of participants in the program drove the triple digit increase.www.GuardianDental.com
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