Daily Quote: "In any moment of decision, the best thing you can do is the right thing. The worst thing you can do is nothing." - - Theodore Roosevelt
Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com Key Benefit Resources, LLC. custom design, create, and develop employee benefits plans and programs for Brokers, Employers, Unions, Affinity Groups as well as National and Regional Insurance Carriers. 1. Willis declines insurers' plan on incentives NEW YORK, April 30 (Reuters) - Willis Group Holdings Ltd. (WSH.N: has become the first major insurance broker to turn down a new plan by insurers that would reward brokers for bringing business to them. The decision announced on Monday may be a setback for an incentive plan proposed by property casualty insurers Travelers Companies Inc. (TRV.N: and Chubb Corp. (CB.N: to replace contingent commissions, a form of payment that was the target of an investigation and settlements in 2005 and 2006. "Willis will not be accepting these incentive arrangements," said Chief Executive Joseph Plumeri in a statement. "We view them as contingents." All three major insurance brokers, Marsh & McLennan Cos. Inc. (MMC.N: , Aon Corp. (AOC.N: and Willis, along with some insurers, are barred from taking contingent commissions by the settlements, which they made with former New York Attorney General and now Governor Eliot Spitzer. Travelers and Chubb had argued that the redesigned plans avoided those regulatory pitfalls. Spitzer had argued contingent commissions were a conflict of interest for brokers because the brokers were paid by their client companies to get the best deal on insurance. Getting paid in addition by insurers, based on the amount of business they brought the insurers, was a conflict, he said. While not illegal, contingent commissions and abuses in the insurance industry led to charges that brokers had conspired to make sure certain insurers won bids for big contracts. All of the major brokers settled, with Marsh & McLennan paying the largest fine of $850 million. Several major insurers, including Travelers and Chubb, also agreed to stop paying contingent commissions. REWARD FOR PAST PERFORMANCE This year, however, Travelers and Chubb both offered arrangements to compensate brokers which they said did not violate their agreement with Spitzer because they reward for past performance. The insurers claim the new method meets regulatory concerns because it is transparent to the client. The broker gets a commission from the insurer based on how much of the insurer's product he or she sold in the previous year rather than being rewarded after the sale. "Feedback from agents has been overwhelmingly positive," said Travelers Chief Executive Jay Fishman on an analyst call on Friday. But Plumeri said the compensation plans do not avoid conflicts because insurers still make lump-sum payments to brokers based on the amount of business they bring in. "It doesn't matter if the math is done on a prospective or retrospective basis," said Plumeri. "Either way we view these as contingents." Plumeri said the insurance business should adopt a "principles based" approach to regulation rather than trying to find ways around laws. "Only then will clients have confidence in the industry," he said. Both Marsh and Aon have said they are reviewing the Chubb and Travelers compensation plans, but have not yet made a decision on whether to accept them. Smaller insurance brokers who never settled with Spitzer continue to take contingent commissions. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Willis Declines Proposed Supplemental Compensation Plans New York, NY, April 30, 2007 – After completing its review of the supplemental compensation plans recently proposed in the marketplace by certain carriers, Willis Group Holdings announced today that it will not be accepting these incentive arrangements. In Willis’ opinion, the supplemental compensation plans, as currently proposed, do not avoid the conflicts that were associated with contingent commissions. They have performance-driven elements that make lump-sum payments contingent on factors such as retention, growth and profitability – features that rendered contingent commission plans incompatible with conflict-free transparency and our clients’ best interests. Such supplemental compensation plans are best housed in an agency relationship. Compensation plans for brokers need to meet the criteria of complete transparency and equity on each policy placed. They must be accurate, effective and consistent. The client has to be sure – beyond any doubt whatsoever, that their broker is acting objectively to get the best deal done for the client – that the system is fail-safe with respect to the client’s best interests. “As currently designed, the proposals do not afford a conflict-free environment for the client and we are not going to take them,” said Joe Plumeri, Chairman and CEO of Willis. “It’s not about being allowed to take them because a government authority or industry regulator says we can take them. For Willis, it’s about making a principles-based decision because it’s the right thing to do and is consistent with our Client Advocacy model. The proposals we have considered are based on ‘if-then’ equations and it does not matter whether the math is done on a prospective or retrospective basis; either way, we view these as contingents.” In his address to the UK’s Financial Services Authority at the Annual Insurance Sector Conference on March 21, 2007, Joe Plumeri spoke about the importance of embracing a principles-based approach to regulation and to running the entire insurance industry: “The outcome of a principles-based approach, practiced globally and with regulatory flexibility, will be that clients have confidence and faith in the industry – and that is a must for everyone involved.” The decision not to accept currently proposed supplemental compensation is consistent with such a principles-based approach and is in keeping with the Willis Quality Index® – always making sure that client programs are placed with carriers based on product quality and performance. www.willis.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. INSURANCE NEWSCAST To Include Video Content from Corporate Research Group Cleveland, OH – 04/30/07 - - InsuranceBroadcasting.com (www.insurancebroadcasting.com) is pleased to announce that INSURANCE NEWSCAST will now include a weekly video feature from Corporate Research Group. “It is our goal to deliver the most interesting and valuable content related to the insurance industry to our 456,000 daily subscribers” commented Walt Podgurski, CEO of InsuranceBroadcasting. “We are pleased that arrangements have been made to include the excellent reports produced by the Corporate Research Group.
Corporate Research Group has been serving the managed healthcare marketplace for over 14 years as the industry's leading source for breaking news, strategic intelligence, market research and custom consulting. CRG products consist of print and electronic newsletters, e-mail updates, annual forecasts, conferences, audioconferences, CD-Rom's and the unique Managed Care Access online information service. www.corporateresearchgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Small Business Employees Significantly Trail Their Large Company Counterparts in Retirement Savings and Preparedness Annual Transamerica Retirement Survey Highlights Major Difference in How Large and Small Employers and Employees Treat Retirement Benefits LOS ANGELES--(BUSINESS WIRE)--Small business employees are at a disadvantage when it comes to retirement savings, according to the results from the Eighth Annual Transamerica Retirement Survey.1 When compared to employees at large companies, small business employees are less likely to have access to a 401(k) or employee-funded retirement plan, and are less active than their large company counterparts in saving for a comfortable retirement. For small business employees, this translates to lower household retirement savings and a greater number who expect to rely on Social Security as their primary form of income in retirement. According to the results, only 18 percent of small business employees reported having saved $100,000 or more in all household retirement accounts, while 29 percent of employees at large companies reported having saved that much. Similarly, only 37 percent of small business employees believe that their employer-sponsored retirement plan will be their primary source for income during retirement, while 19 percent still expect to rely on Social Security as their primary source. This is a stark contrast to the 49 percent of large company employees who expect their retirement plan to be the primary source, compared to only 11 percent who still expect to rely on Social Security. “Not enough is being done to help small business employees prepare for a comfortable and secure retirement,” says Catherine Collinson, retirement and market trends expert for the Transamerica Center for Retirement Studies. “Lower savings rates ultimately lead to a reliance on the future of Social Security, which underscores the need for a wake-up call among employers and employees alike.” www.TA-Retirement.com/TheCenter. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. New 2006 RIMS Benchmark Survey™ Book Records Total Cost Of Risk Down Again Annual Publication Reveals That, Despite Premium Increases in Catastrophe-Exposed Areas, Costs Continued To Decline in Other Regions and Other Lines of Business New Orleans, April 30, 2007 – According to the newly-published 2006 Annual Benchmark Survey™ book from the Risk and Insurance Management Society (RIMS), the commercial insurance industry continued to experience an overall decline in Total Cost of Risk (TCOR) in 2006. The 2006 RIMS Benchmark Survey™ book provides risk managers with objective and actionable insurance market information based on the insurance programs of more than 1,200 participants from the U.S. and Canada. Purchase orders are now being taken for the book, which will ship in mid-May. The book is available for purchase at www.RIMS.org/benchmark. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Marsh Flips View of Risk “Upside” Down with Bold New Branding Campaign NEW YORK--(BUSINESS WIRE)--Marsh Inc., the world's leading risk and insurance services firm, today announced the launch of the most ambitious branding campaign in the firm’s 136-year history by encouraging businesses to focus on another side of risk – the “upside.” The campaign, created by the New York office of Ogilvy, seeks to disrupt the traditional view of risk as a liability to be avoided by asking the reader to also consider finding opportunities in risk. The integrated branding effort includes print, out-of-home, direct mail, event marketing and online components. The central element of the campaign is the print component, which focuses on specific areas like climate change regulations, supply chain disruptions and expansion into China, then outlines the risk-reward paradigm. Immediately intriguing, the ads question the “risk is negative” belief and literally turn the concept of risk on its head. www.findtheupside.com www.marsh.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. BestWeek: Industry Groups Expect Katrina Settlements, Jury Trials to Continue OLDWICK, N.J.--(BUSINESS WIRE)--Litigation between insurers and policyholders disputing Hurricane Katrina property/casualty claims likely won’t be coming to an end anytime soon, yet industry groups say there may be some light at the end of the legal tunnel with ongoing settlement announcements likely to continue, according to an exclusive story in this week’s BestWeek U.S./Canada. The saga’s latest chapter concluded when Nationwide Insurance Company, the fourth-largest property/casualty insurer in Mississippi, and attorneys from Pascagoula, Miss.-based Scruggs Katrina Group reached settlement in lawsuits concerning 227 Katrina claims. Terms were not disclosed, and the lawsuits have been dismissed. Also in BestWeek Europe: The tornado that hit London in December 2006 did more than cause extensive structural damage in a residential area. It also reminded people of the importance of home insurance. See how bancassurers are filling that need. And in BestWeek U.S./Canada: On issue after issue, the insurance industry has been ending up on the wrong side of public opinion, which, lately, has often meant on the other side of a congressional witness table. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. The Disquiet After the Storm: NAPCO® Sees Restlessness in Large Property Market EDISON, NJ (April 3, 2007) – Even a year of profitability has not settled the large property insurance market for buyers, especially for catastrophic coverage near coastlines and in earthquake zones, finds a new research report from NAPCO® LLC. “While the chaos and dysfunction that followed in the wake of Hurricane Katrina have moderated, capacity is still tight and prices are still high” in 2007, said David Pagoumian, president and chief operating officer of NAPCO, a wholesale insurance brokerage firm specializing in property cover. In this environment, agents and brokers who take a wait-and-see position may miss chances for improving terms and conditions, the report noted. “Opportunities exist to improve property insurance programs. Uncovering them, however, is not easy,” Pagoumian stated. “Catastrophe-exposed property remains the key exception to the trend of abundant capacity and softening prices” in the property/casualty insurance industry, said Pagoumian. The “turbulence” in the property insurance market during 2006 stood in stark contrast to the relatively calm weather and earthquake conditions during the year, added Pagoumian. “After the severe retrenchment from catastrophe-prone zones that followed a record $62 billion in insured catastrophe losses in 2005, established insurers are analyzing how best to deploy their newly replenished capital for growth under difficult conditions.” The March 2007 report is titled “Dazed and Confused” and is part of the NAPCO “State of the Market” Property Insurance Insights series. The report includes data on catastrophic property insurance trends and analysis of weather, earthquake, terrorism and other factors affecting the large property insurance marketplace. The report can be found online at www.NAPCOllc.com or by calling (732) 549-5222. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. ISO’s PCS Unit Announces First Quarter Catastrophe Losses in Conjunction with Opening of Catastrophe Conference — Insurers Estimated to Pay $1.22 Billion for Q1 Cat Losses JERSEY CITY, N.J., April 25, 2007 — Severe tornadoes in several southern states helped push catastrophe losses to more than $1.2 billion during the first quarter of 2007, according to ISO’s Property Claim Services (PCS) unit. PCS released a preliminary analysis in advance of its upcoming catastrophe conference. U.S. property/casualty insurers are expected to pay an estimated $1.22 billion to homeowners and businesses in insured property losses from seven catastrophe events in first-quarter 2007, PCS reported. PCS also estimated that the four winter storms and three severe weather events produced nearly 204,000 claims in 18 states from California to Florida during the period. The quarter’s costliest event occurred in early March, when tornadoes raked areas of Alabama and Georgia. While the damage from this harsh weather outbreak cost insurers more than $450 million, a more serious impact was the loss of life associated with the severe tornado activity in areas such as Enterprise, Alabama, and Americus, Georgia.Of the 18 states, the five with the largest insured property losses were Georgia ($285 million), Alabama ($175 million), Texas ($167 million), Missouri ($140 million), and Florida ($100 million). www.iso.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
The SOCIETY OF
INSURANCE RESEARCH
Discover ways to extract maximum competitive
advantage from your internal data & processes, advertising & promotion;
and distribution strategy. The SOCIETY OF
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Events sponsored by the Society of Insurance Research are the premier forum addressing how current and emerging trends might impact the insurance industry, and providing practical techniques you can use in your job. In addition to the relevant, immediate content of the daily sessions, excellent networking opportunities abound at the provided lunches and the evening receptions. If you are involved in any way with strategy, research, planning, or the design and development of insurance products or services, you will not want to miss the Society’s Spring Workshops. Executive Director: Ed Budd, Phone (317) 398-3684, email: sir.mail@comcast.net website: www.sirnet.org. 11. Many Workers Don’t Have Enough Insurance On Their Paychecks As part of May’s designation as Disability Insurance Awareness Month, Colonial Life & Accident Insurance Company promotes the need for workers to insure their income. COLUMBIA, S.C. (April 30, 2007) — Income replacement is one of the top benefits needs for working Americans. “Although many employees have some sort of health coverage to help pay their medical expenses, a large number may not have insurance for their paychecks,” says Monica Francis, assistant vice president of product marketing for Colonial Life & Accident Insurance Company. “But there are many employees who don’t consider how they’d pay bills if they couldn’t earn a paycheck for a few weeks, months or more.” A recent survey by the Council on Disability Awareness says nine out of 10 workers underestimate their own chances of becoming disabled, and nearly 60 percent of workers surveyed say they haven't discussed how they'd manage an income-limiting disability.1 And according to a Unum Group study, an overwhelming majority of U.S. workers polled believe some level of disability income replacement is necessary, yet just over a third had the coverage.2 “Although many businesses may provide some form of group long-term disability coverage, there may be a coverage gap between the end of sick leave and the beginning of long-term disability coverage,” says Francis. “Products such as voluntary short-term disability insurance can help employees fill the gap.” www.coloniallife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Industry Weighs In On STOLI At NCOIL Interim Meeting—Open Debate To Continue In July Troy, New York, April 26, 2007 — Interested parties from across the country went toe-to-toe on issues related to controversial stranger-originated life insurance (STOLI) at a six-hour meeting of the National Conference of Insurance Legislators (NCOIL) recently. During the special interim meeting held on April 20 by the NCOIL Subcommittee on Life Settlements, representatives of the life insurance, life settlement, and premium finance industries, as well as financial advisors and the investor community weighed in on how STOLI should be addressed in an updated version of an NCOIL Life Settlements Model Act to be considered in July. Lead by Representative George Keiser (ND), Subcommittee chair, the meeting provided an open forum for legislators and industry alike to brainstorm on the appropriate approach to isolate the bad players in STOLI from those of legitimate industry transactions. Interested parties were provided an opportunity to explain their proposals and to discuss and debate amendments with Subcommittee members and additional industry representatives. www.ncoil.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. PIA Debuts New Ads Featuring Women Business Owners in Agent Branding Program WASHINGTON, April 27 /PRNewswire-USNewswire/ -- The National Association of Professional Insurance Agents has introduced the newest additions to its compelling PIA Branding Program, "Local Agents Serving Main Street America(SM)." Both ads concentrate on commercial lines insurance and feature female business owners. "These new ads designed specifically to attract women business owners recognize one of the fastest-growing market segments for insurance products," said PIA National President Donna L. Pile. "Women who already own a business or who are starting a new business deserve the best choices and service when it comes to commercial insurance. They need a Professional Insurance Agent." The PIA Branding Program, "Local Agents Serving Main Street America(SM)," is a coordinated, high-quality advertising campaign that highlights what Professional Insurance Agents bring to the table. Introduced in November 2006, the campaign consists of a series of over 200 print advertisements that PIA members can run in local publications, customized with their agency logo and contact information, and (optionally) a company logo. The ads are available in a variety of sizes, in color as well as black and white. Participation in the PIA Branding Program is free to all PIA members. In addition, there is also no fee for insurance companies that wish to participate as supporters of the program. Additional information about the PIA Branding Program for both PIA members and interested carriers is available at http://www.pianet.com/piabrandingprogram. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. U.S. Health Agency Stages Bird Flu War Game Fri Apr 27, 2007 5:34pm ET By Matthew Bigg ATLANTA (Reuters) - A leading U.S. health agency staged a war game this week to test its response to one of the worst health emergencies it could imagine -- an outbreak of avian flu on American soil. The exercise, which ended on Friday, was designed to simulate how the Centers for Disease Control and Prevention would marshal its resources, coordinate with other branches of government and, crucially, reassure the public while preparing it for a possible pandemic. "If we were at the beginning of a pandemic this is exactly what it would look like," said CDC Director Julie Gerberding at a news conference early in the 48-hour drill, which involved hundreds of officials. If things turn out wrong it could lead to a "catastrophe beyond our planning," she said. In the script, a student infected with a new strain of H5N1 virus returns from Indonesia where a bird flu outbreak is under way. He dies but not before infecting others including members of a swimming team. On Day One, 12 people contract the disease in four states and 25 percent die, a rate that shows the virus to be particularly lethal. By Day Two, there are 25 cases and CDC is forced to consider whether to recommend ordering schools to close, banning flights from Indonesia or even shutting U.S. borders. They decide against these measures but send experts to Indonesia, release a quarter of the U.S. stockpile of flu vaccines and force all international flights to land at just 10 airports to screen passengers and limit the disease's spread. Health experts say that in real life it's just a matter of time before a global flu pandemic strikes. The 1918 pandemic killed up to 100 million people -- 650,000 in the United States -- and there have been two subsequent less-severe pandemics. "24" In some ways the war game resembled the hit U.S. TV show "24," with health officials battling in real time to save the United States from imminent disaster, though of course minus the violence. Like the Counter Terrorism Unit at the heart of "24," the CDC used its Director's Emergency Operations Center, a high-tech command post at which scores of doctors and public health experts assist decision makers who in turn brief government leaders. Behind the scenes, planners draw on a wealth of research. In calculating whether to close the border, for example, there are hundreds of studies on the movement of pathogens, the impact of public health decisions on the economy and the potential social and political repercussions. "What we do (in the exercise) is tailor our thoughts over the last few years to the specific scenario that is playing out. These are the facts on the ground: do our theoretical constructs hold," said Martin Cetron, CDC director of the division of global migration and quarantine. Another consideration was whether to adopt a "containment" model, by trying to stop the virus' spread, or a "mitigation" model, by taking steps such as closing schools to lessen its impact once it can pass freely from person to person, he said. If they overreact, it could stifle the economy and cause a host of unintended consequences. If they do too little they could fail to impede the spread of the disease. So will the United States be safer? The exercise is part of a long-term plan involving multiple layers of government to prepare for public emergencies. The game, set up by a team of former military planners, is followed by an extensive effort to analyze mistakes. "Doctrine number one is that we are learning, so we expect to make mistakes ... We expect to own the mistakes that we make .... We are a great agency but we are not perfect," Gerberding told a staff briefing at the outset of the drill. But in an ominous note, the next stage of the exercise to be held over the summer will start with the assumption that the bird flu outbreak has become a full blown pandemic. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Mexican Wal-Mart Launches Cheap Generic Drugs Thu Apr 26, 2007 3:44pm ET MEXICO CITY (Reuters) - Mexico's leading retailer Wal-Mart de Mexico, or Walmex, has launched a line of 150 cheap generic drugs, selling for no more than $3.50, in a new bid to boost its appeal as a one-stop shop for clients looking for low prices. Walmex's Medi-Mark generics line started selling last week at the retailer's supermarket chains. The low-priced drugs include everyday staples like pain and fever reliever paracetamol, as well as more complex medicines such as cafergot, used for migraine treatment. Some of the medicines, which are being manufactured by different laboratories, will cost 90 percent less than the leading over-the-counter brand, according to an industry source. The Medi-Mark brand will be permanent and is not a trial program, the source told Reuters. Some of the laboratories selling medicines to Walmex belong to Canifarma, which groups more than 150 drug manufacturers. Walmex and Canifarma were not available for comment. Walmex's parent, Wal-Mart Stores Inc., launched a similar plan in the United States last year, selling generic drugs for $4 per prescription. This week, U.S. Wal-Mart said its $4 prescriptions now account for more than 35 percent of all prescriptions filled at the company's stores. ($1=11 pesos) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. SEI Releases Insurance Premium Payment Program to Add Depth to Advisor-Client Relationships New Solution Creates Bridge Between Asset Management and Insurance, Cross-Selling Opportunities for Advisors OAKS, Pa., April 30 /PRNewswire-FirstCall/ -- SEI (NASDAQ:SEIC) , a leading global provider of outsourced asset management, investment processing and investment operations solutions, today announced it has launched Insurance Premium Payment Program (IP3), a program for advisors that enables clients to automatically deduct payments for insurance premiums through their asset management accounts. Available at no cost to advisors or investors, the program enables advisors to offer more robust wealth management capabilities for clients without additional operational burdens. Particularly for insurance-based advisors, IP3 creates a critical link between insurance and investment planning. www.seic.com www.guardianlife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. U.S. Small Business Administration Launches Free Online Course & Assessment WASHINGTON, April 30 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration recently introduced a new online training resource for budding entrepreneurs to provide the fundamentals of starting a small business. The Small Business Primer Strategies for Success online training is a free course designed to assist individuals who are thinking about starting a small business or who are in the early stages of running a business. The Small Business Primer is a self-paced assessment tool that focuses on three key areas to help small business owners (1) determine their business readiness, (2) provide an overview of basic small business principles, and (3) introduce them to key SBA resources for small business counseling and training. The assessment tool is highly recommended and useful for those who have considered starting a business or thought about what it takes to be successful as an entrepreneur. The Small Business Primer is available through the SBA's Small Business Training Network, a virtual campus of business courses, trainings, education resources, learning tools and information assistance at http://www.sba.gov/training. It is a unique training that features an interactive assessment tool to help evaluate readiness for starting a business. It also walks participants through the key steps of business start- up. The business topics reviewed include business planning, legal aspects, financing and marketing. In addition, the course provides links to more than 40 targeted resources and small business tools, such as a business plan template, and an automated balance sheet guide. The course also offers direct access to online counseling through SCORE, as well as to other SBA resources partners including the Small Business Development Centers, Women's Business Centers, and SBA district offices. Participants that complete the online training have an opportunity to receive a Course Completion Certificate from the SBA. To evaluate your business readiness, go to http://www.sba.gov/ and click on "New Free Online Course." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. BANK INSURANCE NEWS IN BRIEF - APRIL 30, 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. AIG Companies Announce AIG Cat Excess Liability NEW YORK--(BUSINESS WIRE)--The AIG companies today announced that the group known as Starr Excess has been renamed AIG Cat Excess LiabilitySM. AIG Cat Excess Liability, a unit of the property and casualty subsidiaries of American International Group, Inc., will provide the same catastrophic excess liability products, services and solutions the Starr Excess group provided to the world’s largest clients. In addition, AIG Cat Excess Liability will have the capability to offer policies on an admitted basis. “The name AIG Cat Excess Liability more accurately reflects who we are and what we do. Using this name will enable us to better leverage the global reach of the AIG brand,” said Geoff Smith, President of AIG Cat Excess Liability. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Lexington Insurance Company Introduces LexassureSM Primary Professional Liability Insurance for Accounting Firms NEW YORK--(BUSINESS WIRE)--Lexington Insurance Company, a member company of American International Group, Inc. (AIG), today introduced LexAssureSM, primary professional liability insurance designed expressly for small- to mid-sized regional accounting firms with annual revenue greater than $1,000,000. LexAssureSM covers all major accounting practice areas, with coverage extending to business consulting, investment advisory services, financial planning and estate planning. In addition, LexAssureSM provides coverage for personal injury that arises out of professional services rendered and advertising injury. For more information please contact: Chris Andrews at 617 330 8469 or Christian.andrews@aig.com, or Paul Warburton at 215 255 6482 or paul.warburton@aig.com, or Paul Cunningham at 617 772 4586, or paul.cunningham@aig.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. New Life Settlement Awareness Month™ Web Site Serves Agents and Brokers SAN DIEGO--(BUSINESS WIRE)--The newly designed Web site for Life Settlement Awareness Month, presented by Life Settlement Solutions, offers financial services and insurance industry professionals educational resources to better serve their clients. The new site, www.lifesettlementawarenessmonth.com, provides visitors updates regarding Life Settlement Awareness Month news and educational events, steps to a successful sales campaign, and resources for agents and brokers to generate marketing and customer contact activities. www.lss-corp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Conway Speaks at Life Settlement Industry Webinar Legacy Benefits Executive Calls for Rebalancing of Viatical Settlement Model Act NEW YORK--(BUSINESS WIRE)--Consumer and industry must benefit equally in life settlement legislation. That was the message behind a recent web-based seminar focusing on the National Association of Insurance Commissioners (NAIC) Viatical Settlement Model Act governing the life settlements field, which brought together recognized legal, financial and industry experts. "While life settlement industry members do not want to be involved with improperly issued policies, key proposed revisions to the NAIC Model Act severely and arbitrarily restrict consumer access to the legitimate secondary life insurance market," said Chris Conway, Senior Associate for Business Development at Legacy Benefits Corporation, a recognized leader in the life settlements field. Conway, a 15-year industry veteran, spoke about the Act’s impact on consumers and life settlement companies. Conway was joined at the event by attorney Brian Casey, a partner with Lord Bissell & Brook LLP and Bryan Freeman, president of Habersham Funding LLC. The seminar was produced by Dealflow Media and sponsored by Life-Exchange. www.legacybenefits.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. With Simultaneous Launch of ACE Privacy ProtectionSM Policy and Cyber Privacy Podcast, ACE USA Unleashes One-Two Punch Against Privacy and Network Risk PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, today announced the simultaneous launch of its new ACE Privacy ProtectionSM Policy and a new audio podcast (available via Internet) titled "Cyber Privacy: An Emerging Threat to the Balance Sheet." Based upon a white paper of the same name, the podcast explores new and emerging cyber threats and outlines corporate risk management tactics for minimizing the risks and mitigating the impact of privacy and other network risk exposures in today's digitally-driven global business arena. The white paper is co-authored by Brad Gow, Vice President, ACE Professional Risk and Toby Merrill, Assistant Vice President, ACE Professional Risk. To access the "Cyber Privacy: An Emerging Threat to the Balance Sheet," podcast, visit www.ace-ina.com/podcasts. www.ace-ina.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. ACE USA Launches Multinational Travel Accident Coverage to Respond to Unique Needs of Global Companies PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, today announced the launch of the ACE USA Multinational Travel Accident (MTA) coverage, which is specifically designed to cover the unique exposures of multinational organizations including corporations, public entities or not-for-profit. An MTA enables all domestic and international exposures to be covered under one Controlled Master Program (CMP). The ACE USA MTA program provides a broad range of coverage benefits and travel assistance services for those employees traveling outside their country of permanent residence or assignment on short-term business trips. Specifically the ACE USA MTA program offers the following: AD&D Emergency Medical; Emergency Medical evacuation; and, Repatriation of remains. Inconvenience benefits include: Trip Cancellation; Trip Interruption and Loss of Personal Property. Coverage can be extended to include war risk exposures. Policy limits can be offered up to $5 Million per life. www.aceaccidentandhealth.com www.ace-ina.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Exante Financial Services Launching New HSA Designs to Meet Varying Health Care Financial Needs LAS VEGAS--(BUSINESS WIRE)--Exante Financial Services is launching three new Health Savings Account (HSA) designs tailored to meet consumers’ individual health care financial needs. The new account designs are based on consumer research that analyzed the different saving and spending habits of individuals with an HSA. Depending on whether an individual exhibits the behavior of a health care spender, saver or investor, Exante is offering varying levels of monthly maintenance fees, interest rates and investment thresholds so that the HSA best matches the individual’s health spending patterns and their overall financial philosophy. Exante Bank, a division of Exante Financial Services, is the nation’s largest HSA administrator with approximately 300,000 HSAs and nearly $400 million in bank deposits. NOTE TO EDITORS: For new data on the spending and saving behaviors of HSA holders, visit www.exantefinancialservices.com. Exante released a white paper today revealing its consumer research on utilization and saving patterns that led to these new account designs. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Nationwide Financial Redefines 401(k) Enrollment New Materials Take the Guesswork out of Retirement Planning COLUMBUS, Ohio--(BUSINESS WIRE)--For plan sponsors, getting associates to enroll in their company-sponsored 401(k) plan can be one of the most challenging aspects of managing the plan. With an associate’s income earmarked for so many things, saving for retirement often conflicts with more immediate goals like buying a new home, saving for college or paying off debt. To help plan sponsors simplify the retirement planning process for their associates, Nationwide Financial Services, Inc (NYSE:NFS), has overhauled its end-to-end enrollment experience. www.nationwide.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Aetna Announces Agreement with ESIS, Inc. to Provide Integrated Disability Management Solutions to Employers for Total Absence Management HARTFORD, Conn.--(BUSINESS WIRE)--Aetna announced that it has signed a letter of intent to form a preferred agreement with ESIS, Inc. to provide integrated disability management to Aetna customers whose employees are receiving workers’ compensation loss of time benefits as part of their disability absence. Under this planned arrangement, Aetna and ESIS will work together to provide single intake, case management, return-to-work programs and reporting that draw on its extensive experience and clinical approach to managing disabilities and ESIS’s expertise in case management of workers’ compensation claims. www.ace-ina.com www.esis.com www.aetna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Everest Re Completes $400 Million Offering of Long Term Subordinated Notes HAMILTON, Bermuda--(BUSINESS WIRE)--Everest Re Group, Ltd. (NYSE: RE) announced today that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc. (Holdings), completed a public offering of $400 million of fixed to floating rate long term subordinated notes due 2067, pursuant to its currently effective shelf registration statement. The Company expects to use the net proceeds from this offering to redeem all of the outstanding 7.85% Junior Subordinated Debt Securities due November 15, 2032 held by Everest Re Capital Trust as soon as practicable after November 14, 2007. The remaining net proceeds from this offering will be used for general corporate purposes. www.everestre.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Heritage Underwriting Agency plc Selects AIR Catastrophe Modeling Systems to Manage Global Catastrophe Risk BOSTON & LONDON--(BUSINESS WIRE)--AIR Worldwide Corporation (AIR) today announced that Heritage Underwriting Agency plc (“Heritage”), a London based Lloyd’s insurer focused on underwriting worldwide property and non- US liability risks, has licensed AIR’s catastrophe risk management systems. Heritage’s managed flagship Syndicate 1200 writes a broad range of Direct & Facultative (D&F) and Property Binder business and will use AIR’s CLASIC/2™, CATRADER®, ALERT™, and CATStation® to manage global catastrophe exposure. www.air-worldwide.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Top Industry Experts Launch Claimetrics (New Orleans) – An all-star cast of leading industry experts announced today the launching of Claimetrics, an innovative claims management company focused on provable, efficient results and true alignment of interests. The launch of Claimetrics, at this year's trade show of the Risk and Insurance Management Society in New Orleans, marks a new age of reform and change in the industry. www.claimetrics.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. AALU Celebrates 50th Anniversary at Annual Meeting The Association for Advanced Life Underwriting (AALU) is celebrating its 50th Annual Meeting from April 29 – May 2, 2007 at the Marriott Wardman Park Hotel in Washington, DC. Over 1,200 attendees are expected. Additionally, the Exhibit Hall is sold out with 95 booths. Throughout the Annual Meeting and during AALU's Capitol Hill Club Day on Tuesday, May 1, AALU members will be discussing several legislative and regulatory issues that affect the advanced life insurance marketplace. Among these issues are the value of life insurance in society, nonqualified deferred compensation, estate tax reform, and tax reform. www.aalu.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Organization and Information Are the Keys to Long-Distance Adult Caregiving WESTPORT, CT, April 30, 2007 -- Two of the most important aspects of long-distance caregiving are getting organized and staying informed about a loved one's condition. Here are some tips that will help make these challenges much easier: www.lifecare.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. New York Camp Safety Group Announces 50 Percent Dividend New York, N.Y. – April 30, 2007 – The New York State Children's Camp Safety Group, founded 16 years ago to help children’s camps improve their safety and reduce workers’ compensation insurance costs, has declared a 50 percent dividend on paid-in premiums for its members. It is the Safety Group's third consecutive year with a 50 percent dividend. In addition to this dividend, there is an immediate discount of 10 percent for eligible members. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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