Daily Quote: "Everything that happens to you is your teacher. Learn to sit at the feet of your own life and be taught by it." - - Polly Bereneds
1. Liberty Mutual to buy Ohio Casualty for $2.7 bln NEW YORK, May 7 (Reuters) - Boston-based auto and home insurer Liberty Mutual Group reached a definitive agreement to buy Ohio Casualty Corp. (OCAS.O: for $44 a share in cash, or a total of $2.7 billion, the companies said Monday. Ohio Casualty is the holding company of Ohio Casualty Insurance Co. and five other property and casualty insurance companies. Ohio Casualty stock rose about 29.5 percent, to $43.19, in Monday morning trading. "With combined net written premium exceeding $7.3 billion following this transaction, we will become the largest regional provider of property and casualty products distributed through independent agents in the United States," said Edmund Kelly, Liberty Mutual's Chief Executive in a statement. Ohio Casualty has about 2,100 employees and operations in 48 states. Liberty Mutual said it is the sixth-largest property and casualty insurer in the United States, based on 2005 direct written premium, and had revenue of $23.5 billion in 2006. The transaction has been approved by the boards of both companies. The deal is subject to approval by Ohio Casualty shareholders and is expected to close in the third quarter of 2007. Reporting by Mark McSherry and Christopher Kaufman (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Nation Unprepared for Mega-Catastrophe Business Leaders Step Up With Solutions as Hurricane Season Approaches WASHINGTON, May 4 /PRNewswire/ -- Federal, state and local governments, the private sector, and American citizens themselves must be substantially better prepared to face the devastating impact of future mega-catastrophes. Governments at all levels, together with the private sector, must do a better job of attending to the human and economic needs of victims immediately after mega-catastrophes. These are two of the findings released in the new report "A Call to Action" by the Financial Services Roundtable Blue Ribbon Commission on Mega-Catastrophes. The report identifies other disaster preparedness needs and offers 25 recommendations to better prepare the nation for future catastrophes. The Blue Ribbon Commission was formed to develop a comprehensive report and to make recommendations to reduce the impact of mega-catastrophes (mega- CATs) on human life and the economy, pay for the costs of rebuilding and reconstruction after mega-CATs in an efficient and equitable manner, and improve immediate responses to and recovery from mega-catastrophes. "We urge policymakers at all levels of government to take prompt action to implement the recommendations," said Edward Rust, Jr., chairman and CEO of State Farm Insurance Companies and chairman of the Blue Ribbon Commission. "We must learn lessons from previous disasters. We must apply those lessons to minimize the consequences of future mega-catastrophes." The report includes 25 recommendations for how the United States can best prepare for and recover from mega-catastrophes. The recommendations are divided into the following three areas: -- Reducing the human and economic impacts of future mega-CATs -- Paying for the costs of future mega-CATs more efficiently and fairly -- Improving response to victims and expediting recovery from future mega-CATs "Above all else, we certainly know one thing from past such events: preparation makes all the difference," said Kerry Killinger, chairman and CEO of Washington Mutual Inc., and vice chairman of the Blue Ribbon Commission. "Although events never unfold exactly as we have planned, having no plan is simply a plan for failure." A mega-CAT is a natural or man-made event that has significant adverse national impacts on economic activity, property or human life. The report covers a wide range of mega-CATs, including hurricanes, earthquakes, floods, pandemics and terrorist attacks. The report describes the potential impact of mega-CATs on the United States, including these: -- Hurricane. A Category 5 storm in Miami would destroy 1.6 million homes. -- Pandemic. The death toll from a pandemic virus outbreak could be 2 million in the U.S. (300 million worldwide). -- Terrorist attack. A New York terrorist attack could result in losses of over $700 billion. -- Earthquake. A magnitude 7.3 earthquake in Los Angeles would destroy 700,000 homes and cause $700 billion in damage. A full copy of the report is available at http://www.fsround.org/media/pdfs/FINALmegacat4.pdf. The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the chief executive officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $65.8 trillion in managed assets, $1 trillion in revenue, and 2.4 million jobs. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. BestWeek: Romney, Dodd Lead White House Contenders in Insurance Contributions OLDWICK, N.J., May XX, 2007— The 19 declared U.S. presidential candidates raised $1.53 million from the insurance sector in the first quarter, with Democrats taking an early lead over their GOP counterparts in the race for industry cash, according to an exclusive story in this week’s issue of BestWeek. Former Massachusetts Governor Mitt Romney, a Republican, pulled in the biggest industry haul at $349,650. Senators Chris Dodd, D-Connecticut, and Hillary Rodham Clinton, D-New York, placed second and third, with $274,800 and $253,725, respectively, according to an A.M. Best Co. analysis of federal campaign filings. Overall, Democrats out-raised Republicans among industry sources $793,524.33 to $733,140. Insurance producers led the way, with agents and brokers contributing $198,575 to Republicans and $182,958.88 to Democrats, tops for both parties among any industry segment. www.ambest.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Video News Report From Corporate Research Group - Tracy Bahl, chief executive of Uniprise, a unit of UnitedHealth Group
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Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com 6. Bank Insurance News In Brief - May 7, 2007
TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of
Michael White Associates @
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Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Buffett eyes $40 bln to $60 bln deals: report Mon May 7, 2007 8:14am ET PHILADELPHIA (Reuters) - Billionaire investor Warren Buffett said he could envision his Berkshire Hathaway Inc. (BRKa.N: ) (BRKb.N: ) insurance and investment company pursuing a $40 billion to $60 billion acquisition, according to a Bloomberg News report. Buffett, chairman and chief executive of Berkshire Hathaway, said his company has more cash than investment opportunities. The company ended March with $46 billion of cash, and nearly $90 billion of cash and fixed-income securities on its balance sheet. Buffett would "love" to find a $40 billion acquisition and would "figure out a way" to come up with $60 billion for the right deal, he said in a later interview, according to the Bloomberg report. Reuters previously reported that Buffett told shareholders at Berkshire's annual meeting on Saturday that the company would like to make a big acquisition. "The entire world is definitely on our radar screen, and we hope to be on its," Buffett said. "I would hope that something would come along that would force us to sell something that I like to buy (something) huge," Buffett said at a press conference. "We have plenty of things to sell if we needed to, but the cash is coming in faster than the ideas." © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Buffett says Berkshire has halved hurricane risk Mon May 7, 2007 6:41AM EDT OMAHA, Nebraska (Reuters) - Warren Buffett on Sunday said his Berkshire Hathaway Inc. (BRKa.N: (BRKb.N: insurance and investment company has cut in half from 2006 its exposure to hurricane-related losses, citing a less favorable pricing environment. "We wouldn't mind it being as much as last year, we wouldn't mind it being more than last year, if the prices were appropriate," Buffett said at a press conference. "This year, we will be less of a player by quite a margin." Omaha, Nebraska-based Berkshire typically generates more than half of earnings from insurance-related operations. The company suffered some $3 billion of losses in 2005 from Gulf Coast hurricanes, including Katrina. It benefited in 2006 from a lack of major storms, and as rivals pulled back from offering some policies. This allowed Berkshire to command higher prices because of a lack of competition. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Kerry Health Care Plan Eases Cost Burden for Small Businesses Kerry Bill allows for broader coverage and lower premiums WASHINGTON, May 4 /PRNewswire-USNewswire/ -- Today, Senator John Kerry (D- Mass.) introduced the Healthy Businesses, Healthy Workers Reinsurance Act of 2007, which will tackle the growing crisis of health care costs for families and businesses. Under Kerry's plan, the federal government will pick up part of the cost for the most catastrophic cases -- and in turn, businesses will cover all their employees with quality, preventative coverage. Premiums for all Americans will decrease by up to 10%. Healthy Businesses, Healthy Families is co-sponsored by Senator Jack Reed (D-R.I.). "The cost of health insurance premiums penalizes small business owners and workers, with rates for families rising 87 percent since 2000," said Senator Kerry, Chairman of the Senate's Small Business Committee and a member of the Finance Committee. "Part of the reason that some small businesses don't cover their workers is an aversion to risk -- a fear that they will be saddled with a sick employee whose high premiums will bankrupt them. But there's a way to fight these high costs -- and it's time Washington makes employers and healthcare plans an offer they can't refuse." One percent of patients account for a quarter of healthcare costs. And 2 out of 10 patients account for more than 80 percent of all healthcare costs, placing a significant burden on smaller businesses. Today at least 27 million Americans working for small businesses don't have health insurance. Under Kerry's plan, the federal government would reimburse a percentage of these high cost cases if employers include preventative care and health promotion benefits in their health plans, make quality coverage available to all full- time workers, and implement practices proven to make care more affordable. This means lower costs and lower premiums for both employers and employees. The Legislation establishes a Reinsurance Trust Fund, which would be administered by the Department of Health and Human Services. The fund would reimburse qualified employers and health plans for a portion of the catastrophic health costs of their active and retired employees, and their families. "Reforming health care in this country requires us to address cost in a comprehensive and meaningful way, "Kerry added. "Many small businesses lack the resources, time, and bargaining power to deal with these rising costs. So it's time the government starts to shoulder some of the burden to help alleviate costs to large employers, small businesses, and families. This will lay the groundwork for achieving our ultimate goal: healthcare coverage for every single American." Source: U.S. Senate Committee on Small Business and Entrepreneurship Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. NAIC Affirms Confidence In Meetings Policies KANSAS CITY, Mo. (May 4, 2007) — The leadership of the National Association of Insurance Commissioners (NAIC) today reinforced its confidence in the structure of the Association’s business meetings, including its right to conduct some meetings in executive session. “The NAIC has a liberal open meetings policy,” said NAIC President and Alabama Insurance Commissioner Walter A. Bell. “Open participation remains crucial to the success of the NAIC and its 56 member jurisdictions, and it always will. The overwhelming majority of our meetings allow us to interact with consumers and industry alike in open sessions. There are occasions when the organization must conduct some meetings, due to subject matter, for members only, and we stand behind our right to do so. http://www.naic.org/press_home.htm. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. Potential Board Member D&O Inquiries Hit All-Time High, According to Towers Perrin Survey Personal Liability Protection Rises Amid Soft Market STAMFORD, CT, April 13, 2007 — 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.” The popularity of Side A-only coverage reflects directors and officers desires for improved personal coverage. This is particularly true for public companies. 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 12. EZ Meds USA Has Developed One of The First Comprehensive “Donut Hole” RX Plan for Medicare Part D Enrollees. Scottsdale Arizona, - May 6, 2007 EZ Meds USA, a Scottsdale company providing a simple and affordable solution for Medicare eligible individuals to obtain costly prescription medications when they reach the Plan D “Donut Hole”. This plan provides the top 1,100 name brand drugs with NO – Deductibles, Co-Insurance, Co-Payments – or Limit on the number of Medications taken per month. A one monthly fee is charged which is less than $97.00 per month. This plan has been specific design for Medicare Advantage providers, Insurance Companies, those who market Medicare Supplements. “This is one greatest need facing those on Medicare” and EZ Meds is one of the first to provide the best solution to this problem” says Wayne Goshkarian, President and Founder of EZ Meds. About EZMEDS USA – EZMEDS USA is driven and devoted to providing an easy and affordable solution to obtain costly prescription medications. Their goal is to offer a worry-free service that provides name-brand medications while relieving emotional and financial stress. EZ Meds USA can be reached at: 14362 N Frank Lloyd Wright Blvd #1000, Scottsdale, Arizona 85260, Office: 480-502-3773, Fax 480-502-3993, wayne@ezmedsusa.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Florida Legislature Adjourns, Unwilling To Address Market-Based Solutions To Property Insurance Challenge Also, Auto No-Fault Law Poised for October Sunset ATLANTA, May 7, 2007 -The Florida Legislature has adjourned after giving final approval to a property insurance measure that makes some minor improvements to the law enacted in the January special session, yet also continues to expand the state’s ability to provide property insurance coverage, according to the American Insurance Association (AIA). The session concluded Friday afternoon, just after legislators approved a hotly debated property insurance measure. “The regular legislative session picked up where the special session left off – with a debate over the degree to which Florida will continue to overburden insurers with regulatory mandates that discourage the private market, while at the same time shifting more of the state’s hurricane risk to Florida taxpayers and businesses,” said Cecil Pearce, AIA vice president, Southeast Region. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Illinois Governor's Expansion of Healthcare Coverage Attempts to Reach State's Uninsured Funding for New Plan Raises Concern from Business Community, According to a New Report from HealthLeaders-InterStudy NASHVILLE, Tenn., May 7 /PRNewswire/ -- HealthLeaders-InterStudy, a leading provider of managed care market intelligence, reports that Illinois Governor Rod Blagojevich's plan to expand access to healthcare coverage to the state's 1.4 million uninsured adults will be at a cost of $2.1 billion per year. According to the latest Illinois Health Plan Analysis, Blagojevich proposes to fund the $60.1 billion budget with $7 billion in new business taxes, including a gross receipts tax, which would take the place of the state's current corporate income tax, a lease of the state'slottery and $16 billion in additional debt. "It's a bold strategy that promises to expand the insurance ranks by half a million in the first year, with thousands more to follow," states Roy Moore, analyst for HealthLeaders-InterStudy and author of the report. Many of the details around this plan will be decided by the rule-making bodies in the state government, which has some stakeholders uneasy. Businesses have already come out against a budget that is asking it to pay more for taxes. The Illinois Chamber of Commerce, the state's leading business lobby, sees the gross receipts tax on goods and services would bepassed onto consumers and makes the state's businesses less competitive. The Illinois Manufacturers' Association echoed those feelings, citing that Michigan repealed its gross receipts tax after its unemployment rate rose. At the heart of Blagojevich's plan is the Illinois Covered Choice program, which gives access to insurance coverage to small businesses who do not offer coverage to employees. Through the program, companies with fewer than 25 employees can obtain group coverage at cheaper prices if they agree to subsidize at least 70 percent of their employees' premiums. Blagojevich also aims to expand eligibility to FamilyCare, a program to assist low-income working parents in obtaining healthcare coverage, to capture some of the 150,000 working parents who have no access to employer sponsored insurance. Partial premium rebates for middle-income individuals is also included in the plan. http://www.HealthLeaders-InterStudy.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. As Many as 319,000 Community Health Center Patients, Including More Than 212,000 Children, Expected to Lose Medicaid Coverage as a Result of Medicaid Documentation Requirements Up to 166,000 uninsured patients could lose access to care as Medicaid losses affect health center operations New Policy Brief Assesses the Implications of Medicaid's New Citizenship and Identification Documentation Requirements WASHINGTON, May 7 /PRNewswire-USNewswire/ -- Medicaid documentation requirements enacted by Congress in 2006 are already having a major and measurable impact on health centers and their patients, according to a new analysis issued by The George Washington University School of Public Health and Health Services (GW/SPHHS). These new requirements -- affecting both children and adults nationally -- are disrupting coverage for thousands of Medicaid-enrolled health center patients, while delaying applications and enrollment for thousands more. Health centers' ability to provide care for both their insured and uninsured patients is being affected. The final report, "An Assessment of the Effects of Medicaid Documentation Requirements on Health Centers and Their Patients" can be downloaded at: http://www.gwumc.edu/sphhs/healthpolicy/chsrp/downloads/Medicaid_Doc_Requirements.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. WellPoint Chairman, President and CEO Establishes 10b5-1 Equity Plan INDIANAPOLIS, May 4 /PRNewswire-FirstCall/ -- WellPoint, Inc. (NYSE: WLP) announced today that Larry C. Glasscock, the company's chairman, president and chief executive officer, has established a personal stock trading plan in accordance with Rule 10b5-1 under the Securities and Exchange Act of 1934 and the company's policies with respect to insider sales. Under the stock trading plan, Glasscock plans to exercise stock options and sell shares representing approximately 25% of his holdings which includes stock, stock options and restricted stock grants. These transactions will take place over the next ten months.http://www.wellpoint.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Meadowbrook Insurance Group, Inc. Chairman Adopts Rule 10b5-1 Plan SOUTHFIELD, Mich., May 4 /PRNewswire-FirstCall/ -- Meadowbrook Insurance Group (NYSE: MIG) today announced the Company's Chairman and Founder, Merton J. Segal, has established a pre-arranged stock trading plan, in accordance with the Securities and Exchange Commission's Rule 10b5-1 of the Exchange Act, under which he has authorized the sale of up to a maximum of 400,000 shares of the Company's common stock. Under a Rule 10b5-1 plan a shareholder is allowed to sell shares at a time when it would ordinarily not be in the market because of the shareholder's subsequent acquisition of material non-public information or a company's trading policy. http://www.meadowbrook.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. CCC Information Services Trusted by Industry for 100 Millionth Time CHICAGO, May 7 /PRNewswire/ -- CCC announced today that the 100,000,000th collision repair estimate has been processed into its data warehouse, marking a significant milestone in the evolution of its extensive and detailed repository of estimatics data. CCC, a leader in information technology to the auto-claims industry, thanks customers for their continued trust in its products and services and looks forward to further expanding the warehouse in the future. http://www.cccis.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Owensboro Independent Schools and MassMutual Team Up to Enable Families to Apply For Free Life Insurance OWENSBORO, Ky., May 7 /PRNewswire/ -- The MassMutual Financial Group today announced that it is teaming up with the Owensboro Independent School District and The Kentucky Commission On Women to offer its eligible families free $50,000 term life insurance policies under MassMutual's philanthropic LifeBridge(SM) Free Life Insurance Program. If an insured parent or legal guardian passes away during the 10-year term of the policy, Massachusetts Mutual Life Insurance Company (MassMutual) will put $50,000 in trust to pay solely for the educational expenses of dependent children.http://www.massmutual.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. The Woman's Guide to Life, Disability and Long-Term Care Insurance ONTARIO, Calif., May 7 /PRNewswire/ -- Unfortunately, many women are too busy attending to everyone else in their world and their own insurance needs are the last thing that get attention, says Frank N. Darras, the nation's leading disability and long-term care insurance lawyer. According to Darras, comparing the features, advantages and benefits of different policies can be time consuming and cumbersome. Often, making a decision that can affect the rest of your life gets pushed aside in the wake of job responsibilities and caring for a family. "It is important to pay close attention to the fine print in any policy and fully understand what you are buying. Make sure the representations in the sales brochures match the language in the policy and have any legalese translated into simple English so you're sure you get what you are promised," says Darras. http://www.sbd-law.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. A.M. Best Special Report: European Life and Non-Life Markets—As Market Conditions Deteriorate, Some Segments See Profitable Growth OLDWICK, NEW JERSEY, U.S.A., May 4, 2007—Life insurers have experienced strong growth over the past few years, a trend that continued in 2006. The strong demand for unit-linked products has been fuelled by good investment conditions and the companies’ focus on selling capital efficient products, this according to a special report by the A.M. Best Co.. However, previous experience indicates that should investment volatility develop into a more persistent trend, unit-linked sales are likely to suffer first. Pensions throughout the developed European markets are considered the long-term growth opportunity, with the business showing strong growth during 2006. Regulatory changes are likely to increase demand even further for pension products in 2007. As far as composite insurers are concerned, the attractiveness of life business is likely to increase in the future as modest but stable life returns become more appealing against a background of deteriorating rates and margins on non-life portfolios. Non-life property business remains profitable, though results tend to vary significantly between segments. Profitability in 2007 is likely to be reduced, however, due to the impact of softening rates, especially for industrial risks, and the impact of winter storm Kyrill, which swept through Europe earlier this year, resulting in a market loss of approximately 2 billion euros for German property insurers. www.ambest.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. A.M. Best believes that the market is likely to return to more reasonable levels of growth in 2007, with sales expected to increase by 5% to 7% during the year. The new business strain has been significant and was exacerbated by the product mix being heavily biased toward pensions. This was not enough to upset a very strong market performance, with pretax earnings likely to have grown by approximately 12%. Strong investment performance, despite the decline in equity markets in May 2006, meant that U.K. life insurers were able to more than offset the new business strain. Pensions business remains a loss leader for many companies, and even those that report positive margins for the segment barely manage to do so. Overall, new business margins managed to improve despite the high proportion of pensions. The profitability of non-profit business was reassessed following the regulatory changes implemented with CP06/16. Even the margins for pensions showed improvement during the year. Risk-adjusted capitalisation remained stable, which is significant for a market undergoing significant growth. The regulatory changes meant that companies have a more realistic level of reserves and that the overall capital requirements for regulatory purposes have been reduced. www.bestweek.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Identifying the Need for Cancer Insurance Millions of Americans have health insurance coverage in the form of Health Maintenance Organizations, Preferred Provider Organizations, Point of Service Plans which are offered by various insurance carriers. Americans feel that this insurance coverage will take care of the costs of catastrophic claims; therefore, they do not see the need for any specified disease coverage, such as cancer insurance. What of the Americans who do not have health insurance coverage? According to the Health Insurance Underwriter August, 2006 issue, the percentage of working age Americans with incomes ranging from moderate to middle class who lacked health insurance coverage for part of the year 2005 rose to 41% from 28% four years earlier. These Americans are forced to pay for health care out of their pockets; what happens if they incur a catastrophic claim? According to the US Census Bureau, the number of uninsured in 2004 was 45.8 million Americans, a figure that may have increased to 46 million earlier this year. This article will explore why Americans should consider a voluntary insurance cancer program to be offered at their businesses in addition to the health insurance coverage that is provided to their employees. Voluntary benefits becomes of even greater importance to employers who can no longer provide health insurance coverage to their employees. This article will explore the tremendous opportunity to offer seamless coverage to employees by pairing the current health insurance benefits with a solid voluntary insurance program that includes cancer insurance. Let’s take a closer look at how health insurance coverage works for the consumer: For More Information Contact: Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Insurance Research Program Announces Winning Research NEW YORK, NY, May 4, 2007 --- The Geneva Association and the International Insurance Society, Inc, have announced the winners of their collaborative insurance research program – sponsored jointly by the two organizations - and designed to foster high-quality practical research on current issues. The following award-winning papers will receive a $10,000 stipend and the authors will present their research during the International Insurance Society’s seminar in Berlin, Germany, July 8 – 11, 2007: “Capital Allocation and the Price of Insurance: Evidence from the Merger and Acquisition Activity in the U.S. Property-Liability Insurance Industry.” - Jeungbo Shim, PhD Candidate Department of Risk Management and Insurance, Georgia State University Atlanta, GA, United States “Enterprise Risk Management, Insurer Pricing, and Capital Allocation.” - Shaun Yow, Boston Consulting Group, and Michael Sherris, School of Actuarial Studies, Faculty of Business University of New South Wales, Sydney, Australia - “Sustainability Risk Management as a Critical Component of Enterprise Risk Management: Global Warming – Climate Change Risks.” - Dan R. Anderson, Leslie P. Schultz Professor of Risk Management and Insurance, University of Wisconsin-Madison School of Business Madison, WI, United States Founded in 1965 as a non-profit corporation, the International Insurance Society, Inc., provides a world forum for leading insurance executives, academicians and others interested in insurance to share interests and ideas on timely global issues. Today, the Society is the largest multinational gathering of its kind with over 1,000 corporate and individual members from 92 countries. For more information about the research program, go to www.genevaassociation.org or www.IISonline.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Safeco Upgrades Commercial Auto Policy - Making It One Of The Best In The Industry SEATTLE, May 4 /PRNewswire/ -- Safeco Insurance (NYSE: SAF) today announced enhancements to its commercial auto policy with coverages and features not available on standard auto policies. The new Safeco Commercial Auto Policy:
In addition to the exciting product enhancements, agents can now write more than 90% of the total available commercial auto insurance market in just minutes online at www.safeconow.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. PIMA Announces 2007 Summer Conference: Soaring Above the Competition Conference promises education and networking with leaders in the association insurance direct marketing industry July 26-29, 2007 * Stowe, Vermont May 7, 2007 (Fort Worth, TX) – The Professional Insurance Marketing Association (PIMA) announced that its 33rd annual Summer Conference will take place July 26-29, 2007 at the Stoweflake Resort & Conference Center in Stowe, Vermont. The event – which draws insurance agencies, TPAs, and brokers & carriers engaged in association, worksite & affinity direct marketing – is a forum for education and business development. “PIMA members, and those involved in the direct marketing niche of our industry, will both find value and relevance in the subject matter and from the thought leaders who will present,” said George Bode, PIMA president. Attendance is open to non-PIMA members. Prospective members of PIMA are offered half-price registration. For a brochure and registration form, call PIMA at 817-569-PIMA or visit the PIMA web site: http://www.pima-assn.org/SummrConf/2006/SumConf.html. The Professional Insurance Marketing Association (PIMA) is the nation’s premier association for third-party broker administrators, agencies, insurance carriers, and businesses involved in the direct marketing of insurance products. Founded in 1975 as a not-for-profit organization, PIMA provides educational conferences, legislative updates, networking opportunities, publications, and manuals to members. www.pima-assn.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Goldman to buy S.Korea asset manager from Macquarie Mon May 7, 2007 8:11am ET By Kim Yeon-hee SEOUL (Reuters) - Goldman Sachs (GS.N: ) said on Monday it has agreed to acquire a South Korean asset management firm majority owned by Australia's Macquarie Bank (MBL.AX: ), its first entry into the country's domestic asset management business. The deal, the value of which was not disclosed, underscores growing interest from global financial services firms in the country's $250 billion asset management sector as retail assets flow into investment products from bank deposits for higher returns. "This acquisition is a significant milestone for GSAM (Goldman Sachs Asset Management) in Korea, a growing financial hub with significant market potential, said Stephen Fitzgerald, head of GSAM International, in a statement. "Through this acquisition, GSAM will establish a meaningful presence in Korea." © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. New Century Execs' Multimillion-Dollar Bonuses Tied to Lowballing Risks, Highballing Income From Subprime Mortgages, FinancialWeek Reports Bankrupt Company's Old-Style Bonus Plan Was Incentive to Keep Earnings Up Even as Subprime Market Crashed NEW YORK, May 6 /PRNewswire/ -- New Century Financial, the highest-profile casualty of the subprime lending meltdown to date, had an old-style bonus formula that may have fueled management's overstating of income and understating of risks for the subprime loans it was feeding into Wall Street's securitization machine, FinancialWeek reports in its May 7 issue. According to proxy filings for 2005 reviewed by the newspaper -- the company will not be issuing 2006 financials or a proxy statement since it filed for Chapter 11 protection on April 2 -- the Irvine, Calif.-based company's bonus plan was structured to pay the company's top four executives a percentage of pretax income if the company exceeded an 18% return on shareholder equity. "The game is 'grab as much as you can and then fold up the tent,'" said Richard Benson, president of Specialty Finance Group, a financial broker to private finance companies.New Century executives seemed to have had a good grasp of the game. But with 34 securities class-action suits now filed against the company, investors may get the last grab. FW www.financialweek.com www.crain.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. TSA Statement on Employee Data Security Incident WASHINGTON, May 4 /PRNewswire-USNewswire/ -- Yesterday the Transportation Security Administration (TSA) became aware of a potential data security incident involving approximately 100,000 archived employment records of individuals employed by the agency from January 2002 until August 2005. An external hard drive containing personnel data (including name, social security number, date of birth, payroll information, bank account and routing information) was discovered missing from a controlled area at the TSA Headquarters Office of Human Capital. It is unclear at this stage whether the device is still within headquarters or was stolen. TSA immediately reported the incident to senior DHS and law enforcement officials and launched an investigation. TSA is treating this incident as a criminal matter and has asked the FBI to investigate. The U.S. Secret Service is also assisting in the forensic review of equipment and facilities. TSA is cooperating fully. TSA has begun to notify directly all affected individuals and provide them with information about how to protect against identity fraud. As an extra safeguard, TSA is developing a process to purchase credit monitoring services for all affected current and former employees for a period of one year, as necessary. Procedures for claiming this benefit, links to the credit reporting agencies and other information is available at http://www.tsa.gov/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Live Webcast: BCBSA Announces New Initiative The Blue Cross and Blue Shield Association will announce a proposal for a new, independent entity to explore the effectiveness of new and existing medical procedures, drugs, devices, and biologics on Monday, May 7th. The announcement will take place at the National Press Club in Washington D.C. Through our live webcast, you can have exclusive access to this important discussion. The webcast will also be available as an archive at BCBS.com after the Monday event. Speakers include: Scott P. Serota, President and CEO, Blue Cross and Blue Shield Association, John Fallon, M.D., Senior Vice President, Chief Physician Executive, Blue Cross Blue Shield of Massachusetts, Debra Ness, President, National Partnership for Women & Families To view the webcast, go to BCBS.com and click on BlueTV/BlueRadio or go directly to: http://www.bcbs.com/news/bluetvradio/effectiveness. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Stock Market Advance Contributed to Improved Funding Status of U.S. Pension Plans in April, According to Mellon Financial PITTSBURGH, May 3 /PRNewswire-FirstCall/ -- Rising global stock markets overcame a slight increase in pension liabilities as the funded status of a typical U.S. pension plan improved by 1.8 percentage points in April 2007, according to Mellon Financial Corporation (NYSE:MEL) , which tracks the financial health of U.S. pension plans through its Mellon Pension Liability Indexes. For the month of April, assets of a moderate-risk pension portfolio increased 2.7 percent while the value of typical pension liabilities rose 0.9 percent. http://www.mellon.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. eHealth Initiative Foundation Releases New Communications Tools Based on Consumer Research on Secure Electronic Health Information Exchange Free public education tools enhance consumer understanding of benefits of electronic health information WASHINGTON, May 2 /PRNewswire-USNewswire/ -- When medical emergencies arise there is no time to waste, yet few patient medical histories can be accessed electronically to help doctors make informed decisions -- especially when a patient is unconscious and can't communicate information about allergies or special medical conditions. Today, the eHealth Initiative Foundation (eHI) released research findings and a fully customizable set of new communications tools designed to enhance consumer understanding of the benefits of health IT and health information exchange (HIE). Please visit http://toolkit.ehealthinitiative.org for a full summary of research findings. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. Nearly 28,000 U.S. Infants Died in 2004 - Preterm Birth Contributes More Than One-Third of Infant Deaths WHITE PLAINS, N.Y., May 2 /PRNewswire-USNewswire/ -- Preterm birth contributes to more than one-third of all infant deaths, according to the National Vital Statistics report released today. Although the national infant mortality rate is the lowest it's been since the U.S. started collecting data a century ago, there's been little change recently -- 6.78 deaths for every 1,000 live births in 2004 compared to 6.89 in 2000, the National Center for Health Statistics report found. The report, "Infant Mortality Statistics from the 2004 Period Linked Birth/Infant Death Data Set" includes a new analysis tracking preterm birth- related infant deaths. The analysis, first published in the October 2006 edition of Pediatrics, found preterm birth contributes to nearly twice as many infant deaths within the first year of life than previously estimated. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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