Daily Quote: "One man with courage makes a majority." - - Andrew Jackson
Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com Lehman is sued for alleged stock option backdating Fri Apr 13, 2007 6:37PM EDT - By Jonathan Stempel NEW YORK (Reuters) - Lehman Brothers Holdings Inc. (LEH.N: ) was sued by an shareholder who said the investment bank manipulated stock option grants from 1998 to 2001 to secure a "huge financial windfall" for Chief Executive Richard Fuld and other top officials. In a complaint filed Friday with the U.S. district court in Manhattan, Robert Garber, a Pittsburgh resident and Lehman shareholder, accused 22 current and former executives and directors of allowing the backdating of stock options. He said this allowed the improper reaping of "hundreds of millions of dollars" at shareholders' expense, and affected Lehman's financial results through at least 2005. Stock options let holders buy shares in the future at fixed prices. Backdating involves the retroactive award of options on dates when the stock price was low. Lehman spokesman Randall Whitestone declined to comment. Scott & Scott LLP, which filed the complaint, and a spokesman for the U.S. Securities and Exchange Commission did not immediately return calls for comment. The complaint alleged that a "great number" of options awarded to Lehman executives and directors were dated just after a big drop or before a big rise in Lehman's stock price. Citing statistical analyses, it said the odds against the grant dates occurring by chance were more than 800 million to one. Grant dates follow a striking pattern that is so advantageous to the grantees that it could not have been the result of chance," the 47-page complaint said. Among other executives to benefit improperly, according to the lawsuit, were chief operating officer Joseph Gregory, chief financial officer Christopher O'Meara, and chief legal officer Thomas Russo. Garber is seeking the recovery of improper profits, the voiding of unexercised stock options, and the forfeiting of incentive- and equity-based awards while wrongdoing took place. At least 200 companies have disclosed internal investigations or probes by the U.S. Department of Justice, the Securities and Exchange Commission and the Internal Revenue Service into stock option grant practices. Lehman is not one of these companies. Lehman shares closed Friday up 15 cents at $72.22 on the New York Stock Exchange. On a split-adjusted basis, the shares have more than doubled since most of the stock options described in the complaint were awarded. © Reuters 2007. All rights reserved. 1. Reevaluation of Mississippi Coastal Claims Agreement BLOOMINGTON, Ill., April 12 /PRNewswire/ -- On March 19 Mississippi Insurance Commissioner George Dale announced that State Farm Fire and Casualty Company had reached an agreement with the Mississippi Insurance Department to reevaluate claims for wind damage by policyholders with properties in Harrison, Hancock and Jackson counties. Details of that agreement have been finalized and eligible State Farm policyholders will now start receiving information about participating in the process. While State Farm has already paid more than $1.2 billion to help Mississippi policyholders rebuild from the devastation of Hurricane Katrina, this agreement was reached in an effort to resolve any remaining questions or differences of opinion in a fair and efficient manner. State Farm is committing a minimum of $50 million to the process. How the process starts: Approximately 35,000 State Farm policyholders in the three counties will be mailed letters from State Farm providing information about this process and how to participate. The letters will be mailed out in two phases: -- Phase 1: Eligible policyholders with foundation-only claims ("slab" claims) will be mailed letters tomorrow, April 13th. -- Phase 2: Policyholders with other Katrina-related claims and those who had State Farm Fire and Casualty policies on August 29, 2005, and have not filed a claim will receive their letters by the end of April. Who is eligible? -- Policyholders living in Harrison, Hancock and Jackson Counties, Mississippi. -- Those with foundation-only ("slab") claims who participated in Mississippi Insurance Department mediation-regardless of whether they reached a settlement-are eligible for review. -- Those currently involved in litigation with State Farm are eligible for review. The reevaluation process does not include policies with wind exclusion, property covered by a flood policy only, those who filed suit against State Farm and already reached a settlement, and those who already reached a settlement through the Mississippi Insurance Department Mediation Program (except those with foundation-only claims). How it works: Those deciding to participate in the reevaluation process are required to mail back a written form to State Farm. We will conduct a review and consider all new claim related information. After reevaluation, State Farm may make a settlement offer based upon the new information received and guidelines agreed upon by State Farm and the Mississippi Department of Insurance. Offers will be based on losses caused by wind or wind-driven rain, and will not include losses from flood or storm surge. Participation in this reevaluation process is completely voluntary. Until an offer is accepted, policyholders remain free to pursue all of their legal rights. Policyholders can also request participation in the Mississippi Insurance Department's mediation process or non-binding arbitration. After policyholders receive their letters, those with questions about the reevaluation process may call 1-866-7KATRINA (1-866-752-8746). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Potential Board Member D&O Inquiries Hit All-Time High, According to Towers Perrin Survey Personal Liability Protection Rises Amid Soft Market STAMFORD, Conn.--(BUSINESS WIRE)--Public and private companies -- more than 66% of respondents -- have received a record number of inquiries from potential board members who are concerned about their current directors and officers (D&O) liability insurance, an increase of 16% from 2005, according to the D&O Liability 2006 Survey on Insurance Purchasing and Claims Trends conducted by Towers Perrin. Nonprofit respondents received similar D&O inquiries from approximately 32% of their boards, up slightly (3%) from 2005. At the same time, the survey shows that companies are responding to these inquiries by providing broader personal liability protection for directors and officers. In fact, 14% of those surveyed purchased Side A-only coverage in the past year. Side-A coverage provides D&O coverage for personal liability when they are not indemnified by the organization. The Towers Perrin survey, which included 2,875 participants, is the 29th in a series of studies on D&O liability insurance purchasing and claims trends and the most in-depth study of its type. “For the first time, a study is confirming a significant change in how companies are protecting directors and officers from personal liability,” said Michael Turk, Senior Consultant. “While Side A-only coverage has been growing in popularity over the last few years, we now have data to show just how prevalent the coverage has become.” For the first time Towers Perrin is offering the 2006 Directors and Officers Liability Survey free of charge to all interested parties. The survey can be downloaded from the Web site at www.towersperrin.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. comScore Reports 58 Percent Annual Growth in Auto Insurance Policies Purchased Online in 2006 65 Percent of All Auto Insurance Customers who Use the Internet Would Consider Purchasing their Next Policy Online RESTON, Va., April 12 /PRNewswire/ -- comScore, Inc., a leader in measuring the digital world, today released the results of a study of online auto insurance activity, which revealed that 2006 represented a tipping point in the adoption of the Internet for auto insurance purchases. The Internet channel has been critical in supporting insurance research during the past few years, with price-conscious consumers submitting more than 70 million auto insurance online rate quotes from 2004 to 2006. However, the actual purchase of policies online had been slower to gain traction, until recently. The comScore analysis showed that in 2006, auto insurance policies purchased online increased 58 percent versus the previous year, while the total number of auto insurance quotes submitted online increased 15 percent. Sites included in the analysis of online quoting and purchasing are: aigdirect.com, allstate.com, answerfinancial.com, comparisonmarket.com, driveinsurance.com, esurance.com, geico.com, insweb.com, insureme.com, nationwide.com, netquote.com, progressive.com, and statefarm.com. Insurance industry professionals and members of the media may request comScore's 2007 Online Automobile Insurance Report by visiting http://www.comscore.com/auto_insurance_report. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Pension Governance, LLC Launches New Website Devoted to Pension Risk Issues TRUMBULL, Conn.--(BUSINESS WIRE)--Pension Governance, LLC is proud to announce the launch of a new website for pension investment fiduciaries. In what is believed to be a unique online information portal devoted to pension investment risk and valuation issues, and reflecting original content from practitioners, www.pensiongovernance.com combines independent analysis and research with commentary about urgent issues affecting both defined contribution and defined benefit plans. At a time when pension finance dominates headlines around the world, investment committee members, treasurers, CFOs and trustees are confronted with a slew of new challenges and a need to “connect the pension governance dots.” The primary goal is to empower investment fiduciaries with objective educational information about relevant issues before they commit millions of dollars and countless hours to a particular strategy. Dr. Susan M. Mangiero, president of Pension Governance, LLC and author of Risk Management for Pensions, Endowments and Foundations, adds, “We want to create a meaningful conversation about pressing and oft-complex investment and risk issues that are not going to go away any time soon. We have put together a top-notch group of contributing editors from a variety of disciplines, including law, insurance, treasury, alternative investments and corporate governance. Our strategic partners join us in our efforts to promote investment fiduciary education and best practices.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Wolf & Company, P.C. Free Seminar -- Maximizing Opportunities Under Pension Reform BOSTON, April 12 /PRNewswire/ -- The Pension Protection Act of 2006 Affects You! Wolf & Company, P.C., Certified Public Accountants and Business Consultants, will be co-sponsoring a morning seminar with The Bostonian Group to review recent changes in the market affecting retirement plans. The program is intended for business owners, CEOs, Presidents, CFOs and other senior management professionals responsible for the strategic overview of an organization's retirement plans. COST: Free TO REGISTER: Email: rsvp@bosgroup.com Call: (413) 726-6863 or (617) 587-2343 DATES/LOCATIONS: Thursday, May 3rd - Sheraton Springfield at Monarch Place, Springfield, MA Tuesday, May 8th - Westin Waltham, Waltham, MA Time: Registration: 8:00 a.m. - 8:30 a.m. - Seminar: 8:30 a.m. - 10:00 a.m. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. Allied World Assurance Company Announces Settlement with the Attorney General of Texas PEMBROKE, Bermuda--(BUSINESS WIRE)--Allied World Assurance Company Holdings, Ltd (NYSE: AWH) today announced that it has reached a settlement of all matters under investigation by the Antitrust and Civil Medicaid Fraud Division of the Office of the Attorney General of Texas. The settlement will result in a charge of $2.1 million, which was previously reserved by Allied World during the fourth quarter of 2006. In connection with the settlement, Allied World and the State of Texas entered into an Agreed Final Judgment and Stipulated Injunction. Under this Agreed Final Judgment and Stipulated Injunction, Allied World does not admit liability and denies the allegations made by the State of Texas. Specifically, Allied World denies that any of its activities in the State of Texas violated antitrust laws, insurance laws or any other laws. Nevertheless, to avoid the uncertainty and expense of protracted litigation, Allied World agreed to enter into the Agreed Final Judgment and Stipulated Injunction and settle these matters with the Attorney General of Texas. www.awac.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Prime Health Services, Physician Finance Group, Announce Strategic Agreement NASHVILLE, Tenn. & ATLANTA--(BUSINESS WIRE)--Prime Health Services (Prime Health), a National Preferred Provider Organization (PPO), and Physician Finance Group (PFG), a physician practice financing solution company, announced today a strategic agreement. The relationship between PFG and Prime Health will offer a powerful financing and loan delivery software solution to medical practices across the country. The combination of Prime Health’s strong national provider network and the PFG financing and software solution that transforms a physician’s billings into immediately available cash flow will be a significant win for all providers desiring to infuse cash to capitalize and grow their medical practices. www.primehealthservices.com www.physicianfinancegroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Senior Healthcare Consultants (SHC) and Great American(R) Financial Resources, Inc. (GAFRI) Announce National Marketing Partnership AUSTIN, Texas, April 12 /PRNewswire/ -- Cincinnati-based Great American Financial Resources, Inc. (NYSE: GFR) ("GAFRI"), a subsidiary of American Financial Group, Inc. (NYSE: AFG), and Senior Healthcare Consultants (SHC), Dallas, TX, the primary career division of RJR Insurance Services, Inc. (RJR), have announced a national marketing partnership focused on driving more supplemental health business through some of the recently acquired insurance company subsidiaries of GAFRI. This partnership represents a decision of GAFRI to distribute their senior products on a nationwide basis through the proven national marketing capability of SHC. Among the insurance companies of GAFRI that specialize in Medicare products, annuities, and senior life insurance that will be among the primary carriers whom SHC will market are Provident American Life & Health Insurance Company, Continental General Insurance Company, and Great American(R) Life Insurance Company. GAFRI and RJR also plan to enhance SHC's Senior Financial Security Consultants (SFSC) division by marketing many of GAFRI's annuity products and financial services to the senior population later in 2007.www.shcmarketing.com www.gafri.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. AARP Applauds Senate Finance Committee for Passing Medicare Rx Bargaining Bill Organization Urges Full Senate to Stand with the Overwhelming Majority of Americans and Support Bill WASHINGTON, April 12 /PRNewswire-USNewswire/ -- AARP CEO Bill Novelli released the following statement today after the U.S. Senate Finance Committee passed a bill to give Medicare the power to bargain for lower drug prices (S. 3) with a bipartisan vote. The bill is now headed to the Senate floor for a vote. "We commend the Senate Finance Committee Members who stood with nearly 90 percent of voting-age Americans who support giving Medicare the power to bargain for lower drug prices. "Older Americans are the largest consumers of prescription drugs, and many have been greatly helped under Part D. Allowing Medicare to negotiate for lower drug prices is common sense, and could lead to more affordable drugs for Medicare beneficiaries and lower costs for all taxpayers. "AARP members have been calling and emailing their elected officials by the tens of thousands in recent weeks, and they want to know where their Senators stand on this important issue. We look forward to working with Senators from both sides of the aisle as this legislation moves forward." Earlier this year, the U.S. House of Representatives passed H.R. 4, the "Medicare Prescription Drug Price Negotiation Act of 2007," by a bipartisan vote of 255 to 170. AARP strongly supported H.R. 4 and is now putting its efforts behind similar legislation in the Senate. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Aflac Japan Announces Findings of Internal Claims Review COLUMBUS, Ga., April 13 /PRNewswire-FirstCall/ -- Aflac Japan announced today that it has reported its findings of an internal review of paid claims to Japan's Financial Services Agency (FSA). The company conducted the review of its claims payment practices over the past five years in compliance with an industrywide order issued by the FSA on February 1, 2007. Commenting on the results of the claims review, Aflac Japan President and Chief Operating Officer Akitoshi Kan said: "We have always worked very hard to ensure we pay our customers accurately and promptly. Unfortunately, in the process of this claims review, we found some cases in which we made mistakes and did not fully pay the claims that our policyholders were entitled to receive. We sincerely apologize to those customers who were affected by this oversight, as well as to all other relevant parties. "We have been contacting customers, offering our apology, and paying the additional benefits. We have already completed this process for approximately 80% of all those who deserve additional payments, and we are working hard to contact the remaining customers so we can finish making the additional payments as quickly as possible. In addition, we are taking thorough preventive measures to make sure these mistakes do not happen again. As a company, we will do our best to regain the trust and confidence of our customers." www.aflac.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. PMI to Release Improved U.S. Market Risk Index(SM) in June 2007 WALNUT CREEK, Calif., April 12 /PRNewswire-FirstCall/ -- PMI Mortgage Insurance Co., the U.S. subsidiary of The PMI Group, Inc. (NYSE: PMI), announced today that it will release an improved U.S. Market Risk Index(SM) in mid-June 2007. PMI's U.S. Market Risk Index is a proprietary statistical model that predicts the probability of a regional decline in home prices in the nation's 50 largest metropolitan statistical areas (MSAs) and metropolitan statistical area divisions (MSADs). In addition to the OFHEO House Price Index, the U.S. Market Risk Index uses labor market statistics from the Bureau of Labor Statistics and other public data as well as a variety of proprietary measures calculated by PMI. www.pmi-us.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. NationsHealth Announces $7.0 Million Term Loan Facility SUNRISE, Fla.--(BUSINESS WIRE)--NationsHealth, Inc. (Nasdaq: NHRX; NHRXW; NHRXU) today announced it has amended and restated its credit facility with CapitalSource to make an additional $7.0 million available under a multi-draw term loan. NationsHealth anticipates using the term loan primarily for acquisitions of smaller regional providers of diabetic supplies that are seeking to exit the business ahead of Medicare’s competitive bidding program. The amended and restated agreement maintains the existing $10.0 million revolving credit facility, which currently has an outstanding balance of approximately $2.5 million. www.nationshealth.com www.capitalsource.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. “Retirement Planning – It’s Everyone’s Job” LIMRA International and the Society of Actuaries will announce key recommendations from a new report outlining suggestions on how important segments of society can work to improve retirement planning. The report is the second phase of a project that first reported on 10 major gaps in consumer understanding of the risks and challenges of retirement. The follow-up report shows steps consumers, as well as employers, financial professionals, the financial services industry and government, can take to improve financial security in retirement. In addition, LIMRA and SOA will launch a Web page containing links to the two reports, tips from the report for consumers, employers and financial professionals, and links to other resources for information about retirement planning. WHEN: 1 - 1:30 p.m. Wednesday, April 18 WHERE: The Westin Peachtree Plaza, 210 Peachtree Street, NW, Augusta II Room on Level 7, Atlanta, (404) 659-1400 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Industry Performs Admirably After Hail Storm April 14 catastrophe was the most expensive storm in the nation in 2006 INDIANAPOLIS – A sampling of the Indiana’s largest property and casualty insurers shows that more than 95 percent of claims from the April 14, 2006 hail storm have been resolved, and complaints have been filed in less than one out of every 200 cases. The response is noteworthy due to the unprecedented nature of last year’s storm. Indiana’s April 14 hail storm was the largest weather event – referred to by insurers as “catastrophes” – in the nation in 2006. According to insurance statistical firm, ISO, the storm resulted in more than $1.3 billion in damage and about 282,500 claims filed. The size of this catastrophe made Indiana the highest catastrophe-loss state in the nation in 2006. 2006 Catastrophe Losses State - Loss ($)
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Willis Life Sciences Team Presents: “IPO and M&A: Views from Wall Street” Willis Group Holdings will conduct a Webcast on the current state of two important markets in the life sciences industry – initial public offerings, or IPOs, and mergers and acquisitions, known as M&As. WHAT: During this webinar on the IPO/M&A markets, the speakers will provide an overview of relevant facts and trends, deal flow, and how these changes are affecting the industry. In the insurance market portion of the discussion, the panel will address recent trends and claim matters from M&A in life sciences with particular attention towards medical devices and biotechnology. The agenda includes discussions on the state of the M&A market, the state of the insurance market, moderators and panelists question-and-answer session, and finally an audience question-and-answer session. Those who are likely to benefit most from the webcast include Risk Managers, Treasurers, CFOs, CEOs and other colleagues in the biotech, biopharma, and life sciences industry. WHEN: Wednesday, April 18, 2007, at 3 p.m. Eastern Time. WHERE: Interested parties may access the Webcast via https://klgates.webex.com, and pre-register at anytime. Type in "Life sciences," in the SEARCH box and click the Search button to the right. Click on the blue highlighted Webcast title, "Life Sciences...." and enter the passcode "klgates123," and click on OK. Click on the highlighted "Registration" link. At the next page, enter the required information and scroll down and click on "Register Now." You will receive an email confirmation with a website link for the April 18th meeting. Those who may not have access to the internet at the time of the webcast may choose to listen by phone by calling (866) 205-4008 (domestic) and +1 (801) 886-8167 (international) with an access code of 5364050. The leader's name is Mary Beth Borgwing. Web Participants and Audio participants can join the meeting starting at 3 p.m., Eastern Time. Web Participants should pre-register BEFORE 3 pm to receive the email confirmation and web link. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article |
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16. Converium urges shareholders to reject SCOR offer - hostile approach could result in loss of business of up to USD 800 million
Zug, Switzerland - April 13, 2007 - News release
Converium today, after close of trading, will issue its official Board report in accordance with article 29 (1) of the Federal Act on Stock Exchanges and Securities Trading to the tender offer published last week by its competitor SCOR S.A. for the registered shares in Converium held by the public. Tomorrow, such official Board report will be published in Neue Zürcher Zeitung and Le Temps.
Converium's Board of Directors urges its shareholders to reject SCOR's offer, believing it to fundamentally undervalue the Company's franchise and growth prospects. In addition, the Board of Directors anticipates significant business, integration and execution risks arising from the hostility of SCOR's offer. The hostile nature of the bid threatens to destroy value for Converium's stakeholders and to undermine the stability of SCOR's shares, the bulk of its acquisition currency. www.converium.com
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17. A.M. Best Releases Country Risk Report on China
OLDWICK, NEW JERSEY, U.S.A., Apr. 12, 2007—A.M. Best Co. has released its country risk report on China and has classified it as Tier III. The report can be accessed at www.ambest.com.hk/countryrisk.
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18. Senate panel approves Medicare drug price bill
Fri Apr 13, 2007 4:10AM EDT - By Kevin Drawbaugh - WASHINGTON (Reuters) - The U.S. Senate Finance Committee on Thursday approved a bill that would permit the government to negotiate for Medicare prescription drug prices, throwing down a challenge to the powerful drug industry. Moved forward by the committee on a 13-8 vote, the bill is expected to go next week to the full Senate, where debate is likely to be intense, Senate aides said. The House of Representatives in January passed a tougher version of the bill. President George W. Bush has vowed to veto the House bill. It would require, not just permit, direct negotiation over prices by the government with drug companies. © Reuters 2007. All rights reserved.
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19. G7 to say growth to stay strong if trade kept free
Fri Apr 13, 2007 10:25AM EDT - By Glenn Somerville - WASHINGTON (Reuters) - Finance chiefs from the world's rich nations were gathering on Friday to offer assurances the global economy has enough vigor to overcome a U.S. slowdown provided that trade protectionism is resisted. (Additional reporting by Sumeet Desai and Lesley Wroughton) © Reuters 2007. All rights reserved.
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20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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A Mac specialist talks to a customer at the Apple Store in Salt Lake City in a file photo. Apple said on Thursday it was delaying the release of its new computer operating system, sending its shares down. REUTERS/George Frey |
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Swiss watchmaker Romain Jerome CEO, Yvan Arpa, shows the "Titanic DNA" watch during the opening day of Baselworld in Basel, April 12, 2007. The "Titanic DNA" integrates authentic parts of the Titanic ocean liner drawn from the ocean floor. The world's leading watch and jewellery show is to be held in Basel from 12 April to 19 April. REUTERS/Christian Hartmann |
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Johnny Cash in an undated photo. The Tennessee home of the late country icon burned down on Tuesday as renovations were under way for its new owner, Barry Gibb of the Bee Gees, a local newspaper reported. REUTERS/CMT/PRNewsFoto |
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Elementary school children are seen eating their lunches in a file photo. Healthier food and drinks are slowly finding their way into U.S. school lunchrooms, just under a year after leading companies first voluntarily agreed to ban high-calorie, low-nutrition products from schools. REUTERS/Manuela Hartling |
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Wild horses are seen in southern England in this undated handout photograph released by the Wildwood Trust on April 13, 2007. Close to the cathedral city of Canterbury, wild horses linked to sinister Nazi experiments are helping to bring wildlife and rare birds back to once desolate marshlands. REUTERS/Peter Smith, Wildwood Trust/Handout |
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A double helix in a file image. Researchers have produced the first clear evidence for a gene common in the population that dictates why some people gain weight while others do not. REUTERS/File |
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Japan's Crown Prince Naruhito (L) and Crown Princess
Masako (2nd L) look at a lithium-ion battery powered vehicle at their
residence in Tokyo June 19, 2006. Nissan Motor Co., NEC Corp. and unit
NEC Tokin Corp. said on Friday they would form a joint venture company
to produce lithium-ion batteries from 2009 to be used in hybrid and
other electric cars and challenge rivals in the promising field.
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The "Geo-Cosmos", covered with one million LEDs (light emitting diodes), displays a simulation of future global warming at the National Museum of Emerging Science and Innovation (Miraikan) in Tokyo April 5, 2007. U.N. Secretary-General Ban Ki-Moon recently warned that climate change posed as much danger to the world as war, adding that he would make it the focus of talks with industralised nations including the United States and Japan. REUTERS/Yuriko Nakao |
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The crew of United Airlines of the U.S. and passengers pose for photos in front of the first direct flight between Washington, D.C. and China after arriving at the Beijing International Airport March 29, 2007. The United States is confident it can reach an agreement with China by May on broadening airline service between the two countries, U.S. Secretary of Transportation Mary Peters said on Friday. REUTERS/China Daily |
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21. Piper Jaffray to buy Fiduciary Asset Management
Fri Apr 13, 2007 8:43AM EDT
NEW YORK, April 13 (Reuters) - Piper Jaffray Cos. (PJC.N: ) said on Friday it agreed to acquire Fiduciary Asset Management LLC for $66 million in cash, plus additional cash based on future performance, in a move to enter the money-management business. Piper, a middle-market investment bank, expects to complete the acquisition of the closely held firm in the third quarter. St. Louis-based Fiduciary, established in 1994, has about $9 billion of assets under management. Securities firms have been snapping up mutual fund and hedge fund managers, eager to capture revenue that tends to be more stable than merger and underwriting fees, which are prone to ups and downs.
Reporting by Joseph Giannone, editing by Steve Orlofsky; (C) Reuters 2007. All rights reserved.
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22. Jeb Bush joins board of Tenet Healthcare
CHICAGO, April 12 (Reuters) - Former Florida governor Jeb Bush, brother to U.S. President George W. Bush, will join the board of hospital chain Tenet Healthcare Corp. (THC.N: ), the company said on Thursday.Bush, 54, was appointed director by the company's board, becoming its 10th member, the company said. © Reuters 2007. All rights reserved.
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23. CA ex-CEO agrees to pay $800 mln in restitution
NEW YORK, April 13 (Reuters) - A U.S. judge is expected to consider an agreement on Friday that calls for former CA Inc. (CA.N: ) chief executive Sanjay Kumar to pay nearly $800 million in restitution to victims of accounting fraud at the company, court documents showed.
Kumar was sentenced to 12 years in federal prison in November for his role in a $2.2 billion accounting fraud at the computer software company, previously known as Computer Associates. Kumar agreed to pay the government $52 million by the end of next year, partly by liquidating assets held by him and his family, according to court documents filed on April 5. Kumar will also be obliged to pay 20 percent of his annual income after he is released from prison, to cover the unpaid portion of the restitution amount, according to the proposed agreement.
As part of an accounting scheme, Kumar improperly booked software license revenue from 1999 to 2000 to meet Wall Street analysts' profit expectations and then lied to investigators about it, the government has said earlier. (Reporting by Paritosh Bansal, editing by David Holmes; 646-223-6113 (C) Reuters 2007. All rights reserved.
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24. Independent Insurance Agents, Brokers of NY Announces ‘Essentials for Customer Service Representatives’ Training Program
Trade Group Offers Development Course for New Hires
(DeWitt, New York, April 12, 2007) — The Independent Insurance Agents & Brokers of New York today announced the pilot launch of IIABNY Essentials for Customer Service Representatives, an innovative solution for insurance agencies needing to develop tomorrow’s workforce today. The 125 year-old IIABNY will roll out the new module-training program to independent agencies and brokerages across New York state this summer. Its goal is to help agencies fill positions with well-trained and qualified candidates at a fraction of standard training costs. For more information on this or other programs offered by IIABNY, and a full listing of courses in your area, visit the website at www.iiabny.org.
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25. Healthaxis Adds IFL to Client Base - Healthaxis Solutions Chosen By Another Provider of Limited Benefit Medical Plans
Irving, TX – April 13, 2007 – Healthaxis Inc. (NASDAQ: HAXS), an innovative provider of technology-enhanced, integrated business process solutions and services, including claims and benefit administration applications, web-enabled software solutions and outsourced claims related services for health benefit administrators and health insurance claims processors, announced today that it has signed a multi-year contract with Madison, Wisconsin based International Funding Ltd. (IFL). www.healthaxis.com www.intlfunding.com
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26. NFCC MARKS FINANCIAL LITERACY MONTH WITH SERIES OF EVENTS
Awareness Efforts to Establish National Culture of Financial Responsibility
Silver Spring, MD - Recognizing a growing problem in the United States, the National Foundation for Credit Counseling (NFCC) and its members are launching a series of events marking Financial Literacy Month. The NFCC was among those recognized in a message from President George W. Bush for its efforts in observing Financial Literacy Month and enabling more Americans to become responsible consumers, savers, and investors, and with providing everyone with the tools to make smarter and more informed financial decisions about their lives. www.nfcc.org
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27. NAILBA Seeks Nominations for Inaugural Education Excellence Award
The National Association of Independent Life Brokerage Agencies (NAILBA) announced today that it is seeking nominees for the first annual NAILBA Education Excellence Award. This inaugural award has been designed to recognize an individual or entity whose contributions and service to education and learning programs have increased the overall caliber of professionalism in the life insurance industry. To download a copy of the nomination brochure, please visit www.nailba.org/educationalprograms/educationaward/AWARDBrochure.pdf .
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28. Cybersettle Now Settles More Disputes with New Release of 6.0
Cybersettle expands capabilities to resolve a greater range of disputes through their user-friendly website
WHITE PLAINS, NEW YORK – April 12, 2007 – Cybersettle, Inc., the world leader in accelerated dispute resolution and online dispute resolution (ODR) pioneer has announced the launch of Cybersettle 6.0. The patented online double-blind settlement system now allows users to resolve a greater number of disputes including: unrepresented claims and complex multi-defendant claims. “The new release furthers some of our most important business goals,” said Charles Brofman the CEO and Founder of Cybersettle. “With 6.0, we’re now able to quickly and efficiently settle a greater number and variety of cases. This expands our reach and our ability to help more people settle claims faster.”
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29. New Online Calculator Helps Companies Assess the Financial Cost of Data Theft
Darwin Professional Underwriters Launches Tech//404(R) Data Loss Cost Calculator
FARMINGTON, Conn., April 10 /PRNewswire/ -- Darwin Professional Underwriters, Inc. (Darwin), (NYSE: DR), a leading specialty insurance company and provider of technology liability insurance coverage, today announced the immediate availability of an online calculator that allows companies to estimate their financial risk from data theft.
The Tech//404(R) Data Loss Cost Calculator provides companies, with a no-cost, easy-to-use, interactive tool to assess the impact of a data breach or identify theft data loss incident. Darwin analyzed data from published media reports as well as several well-known industry resources, including the Ponemon Institute's 2006 self-reporting security breach survey and cost analysis of thirty-one (31) companies spanning twenty-five (25) industry segments, to develop the tool's proprietary algorithms. The calculator can be accessed at http://www.tech-404.com/calculator.html. Information on recently reported data losses is also available in the site's data loss archive at http://www.tech-404.com/rss/data_loss.aspx.
Web site: http://www.darwinpro.com
http://www.tech-404.com/rss/data_loss.aspx
http://www.tech-404.com/calculator.html
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30. 39th Annual Midwest Claim Conference
We are excited to again present the Midwest Claim Conference at the Hilton Suites in Oakbrook, IL, near Chicago. We encourage you to take this opportunity to increase your knowledge and networking contacts by attending this worthwhile experience being offered.
We have over 40 educational workshops and multiple opportunities to network with our exhibiting sponsors and vendors. You will experience two days of gaining the knowledge and tools needed for achievement in today’s ever-changing industry. As well as, making several pit stops along the way to network with our exhibiting sponsors. Then refuel your tank with a trip to “Chicago Indoor Racing” to unwind from your race to the finish line.
Here is some information to help you with your planning:
The conference dates are May 2-4, 2007.
Registration fees prior to March 30, 2007, are $345; after March 30, $375
The website, www.chicagoclaimassoc.org, has information about the schedule of events, general session speakers, registration, and hotel accommodations.
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31. Xactware Donates ILX Construction Training to 100 Homes in 100 Days
Orem, Utah, April 11, 2007 — Xactware recently announced that it has provided access to their ILX Construction Training program free of charge to 100 Homes in 100 Days, a nonprofit organization that will rebuild or renovate 100 homes in Mississippi that were damaged as a result of Hurricane Katrina.
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32. E.L.M. Insurance Brokers, Inc. announces the formation of DataFlow Insurance Systems
April 2007, El Segundo, CA – Frederick J. Fisher, President and CEO of E.L.M. Insurance Brokers, Inc., has announced the formation of DataFlow Insurance Systems, Inc. According to Fisher, DataFlow Insurance Systems, Inc. will market all of the soon to be announced DataFlow products and enhancements. Among these products are Insurer branded web sites utilizing DataFlow's capabilities, DataFlow database access subscriptions, and the California Surplus Lines Tax Tracking Software package. The desired goal of DataFlow Insurance Systems, Inc. is to provide data integrity and neutrality for all users and customers with prompt, error-free analysis and effective quoting. www.dfis.com
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