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Big Zurich stake moves, dealers eye Warren Buffett ZURICH, May 9 (Reuters) - A large number of shares in Zurich Financial Services Group (ZURN.VX: changed hands on Wednesday and dealers cited Warren Buffett who earlier said insurers were on his radar-screen as takeover targets. More than 7.6 million shares, or roughly 5 percent of the total, changed hands in off-bourse trades and Zurich shares closed 1.25 percent higher at 364.50 Swiss francs ($300). The on-bourse volume was about 1 million shares. The Swiss insurer has 148 million shares outstanding in total, according to Reuters data. Zurich declined to comment. Billionaire investor Buffett is confident his Berkshire Hathaway Inc. (BRKa.N:(BRKb.N: can conclude several large takeovers soon, he told Swiss newspaper Finanz und Wirtschaft in an interview on Wednesday. Buffett said insurers and reinsurers were "very prominent" on his radar-screen when looking at targets, and some traders quoted the interview when asked to explain the trades. "Some people attributed the high volumes in Zurich shares to the rumour that Warren Buffet is looking at the company, although such volumes would also occur as a result of dividend washing," UBS said in a note. Dividend washing is trading of shares around the ex-dividend date, which in some cases is done for tax purposes. Zurich shares trade ex-dividend on Thursday. "Zurich shares have jumped sharply in the closing auction by over 1 percent, which may have been helped by these rumours," UBS said. ($1=1.218 Swiss Franc) Reporting by Douwe Miedema Editing by Braden Reddall; (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 1. Independent Agents And Brokers Hold Market Share ALEXANDRIA, Va., May 7, 2007—The results of the 2005 market share study by the Independent Insurance Agents & Brokers of America, Inc. (the Big “I), again show that the independent agency system remains strong with plenty of growth opportunities. During 2005, the market saw softening prices; however, the property-casualty market grew to $473.32 billion in direct written premium, an increase of $8.74 billion over the 2004 figure. During 2005, the independent agency system amassed an additional $4 billion in production, accounting for almost half of the national increase. “Independent agents continue to hold their own in terms of market share despite unprecedented advertising campaigns from direct writers,” says Big “I” CEO Robert A. Rusbuldt. “The independent agent distribution model is viable, flexible and entrepreneurial. Opportunity exists for independent agents and brokers in every market and in every product line.” The commercial lines market continued to grow in 2005, showing a 1.5 % increase to $250.28 billion, with written-premium growth of just under $4 billion. Though their commercial lines market share dropped slightly (from 80.22% to 79.97%), independent agents and brokers booked increased premium of $2.48 billion. Independent agents and brokers and their carriers were again able to increase their personal lines market share slightly in 2005 to 35.9%, adding $1.7 billion in personal lines premium. Using the strength of huge advertising campaigns, direct writers gained a half point in the personal lines market. While national independent agency companies lost 2.3% of that market, regional independent agencies carriers showed gains in personal lines. “The research shows that efficient companies are leveraging each type of distribution system,” says Madelyn Flannagan, Big “I” vice president of education and research. “Well-managed independent agency writers can distribute and service insurance products just as cost effectively as captive agent writers and direct companies---and in some cases, more so. Educating consumers about what independent agents offer will bear fruit in terms of market share; when exposed to the independent agency model, consumers typically see the added value.” The 2005 study once again showed that the market continues to be competitive. Each model will try to capture a larger share of the market at their competitor’s expense. In this environment, it is vital for independent agencies and brokers and their carriers to position themselves as aggressive competitors by making the needed investments in people, technology, branding, advertising and a disciplined sales processes. www.independentagent.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. General Mills, Qwest join US health care coalition By Nicole Maestri NEW YORK, May 8 (Reuters) - Six corporations, including General Mills Inc. (GIS.N: and Qwest Communications (Q.N:, on Tuesday joined a coalition of labor groups and businesses, including Wal-Mart Stores Inc. (WMT.N:, that are pushing for U.S. health care reform. The coalition, which was launched in February and includes the Service Employees International Union, a vocal Wal-Mart critic, has not outlined specific proposals for meeting its goal of "quality, affordable" health insurance coverage for all Americans by 2012. At a meeting on Tuesday, specific plans were not given. Instead, Pennsylvania Gov. Edward Rendell and California Gov. Arnold Schwarzenegger addressed the coalition, called "Better Health Care Together," explaining ways their states are working to fix health care issues. Schwarzenegger, a Republican, has outlined a $12 billion plan to insure 6.5 million people in his state. It would be funded with a $5.4 billion increase in federal funds and new taxes on doctors, hospitals and employers of 10 or more that do not provide health benefits. Schwarzenegger said fixing health care is a "shared responsibility" that no single entity can fix. Instead, it requires the cooperation of the government, businesses, insurance companies, doctors and hospitals, he said. The governor declined a hypothetical question of what it would mean if his effort fails. "We are going to get it done," he said. An estimated 46 million Americans lack health insurance, and, according to the National Coalition on Health Care, health-care spending comprises about 16 percent of the U.S. economy. As the government has struggling to fix the system, employers, which are the main provider of health insurance in the United States, are looking for ways to bring down their own health care costs. "We agree that America's health care system needs to be fixed, and it needs to be fixed by 2012," Wal-Mart CEO Lee Scott told the meeting. Wal-Mart, with 1.3 million U.S. employees, has endured criticism over the years from labor unions that say it pays inadequate wages and pushes employees onto government aid programs. A group of roughly 200 protesters gathered outside the hotel on Tuesday where the coalition was meeting, chanting "Wake up Wal-Mart. Health care now." Cynthia Murray, who has worked at Wal-Mart for seven years and makes $9.87 an hour, said she could not afford the retailer's health care coverage. "Give us affordable health care today," she said. "What good does 2012 do?" Wal-Mart's Scott said the retailer for its part has extended its program of selling certain generic drugs for $4 per monthly prescription at all of its pharmacies, and is expanding its in-store health clinics. Other corporations joining the coalition were Embarq Corp. (EQ.N:, Maersk Line, Manpower Inc. (MAN.N:, and RR Donnelley (RRD.N: Reporting by Nicole Maestri, editing by Tim Dobbyn (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. NY appeals court dismisses 4 claims against Grasso NEW YORK, May 8 (Reuters) - A New York appeals court handed Richard Grasso a victory on Tuesday, dismissing four of six claims against him in the state's effort to get the former New York Stock Exchange (NYX.N: chairman to return more than $100 million in compensation. The appeals court in Manhattan, in a 3-to-2 decision, concluded that the four dismissed claims against Grasso were "not within the scope" of the New York attorney general to bring. "We conclude that the attorney general does not have the authority to assert the first, fourth, fifth and sixth causes of action," the court said in the ruling. Grasso, who ran the world's largest stock exchange for eight years, was forced out in 2003 following a public outcry over his $187.5 million compensation package. He was sued in 2004 by then-Attorney General Eliot Spitzer, who charged the package was excessive and violated state law. The office of the state's new attorney general, Andrew Cuomo, said earlier this year it would continue to pursue the lawsuit against Grasso. Grasso ran the Big Board when it was a member-owned institution. The exchange is now a publicly traded, for-profit company -- NYSE Group Inc. Tuesday's decision could be appealed to the state's highest court, the New York Court of Appeals. A lawyer for Grasso was not immediately available for comment, nor was a representative from the attorney general's office. Reporting by Christine Kearney and Martha Graybow (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Mortgage industry speaks out on assignee liability By Patrick Rucker WASHINGTON, May 8 (Reuters) - Mortgage investors could turn their backs on the market if they are forced to pay for flawed loans written by other lenders, several financial services industry representatives told U.S. lawmakers Tuesday. An increase in delinquencies and foreclosures among subprime borrowers has prompted several hearings before lawmakers who are considering new laws to aid borrowers. At Tuesday's session, lawmakers also asked whether the terms of some shaky loans could be changed before foreclosure. Many Democratic and Republican lawmakers have cited as a model a New Jersey law that allows mortgage fraud victims to sue for damages but protects investors who take steps to make sure the loan is proper. Such due diligence steps can shield investors if the loans turns out to have been flawed. Reporting by Patrick Rucker; Editing by Chizu Nomiyama (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. GMAC Insurance Agrees to Acquire U.K.-based Provident Insurance HIGH WYCOMBE, England, May 9 /PRNewswire/ -- GMAC Insurance, the insurance business of GMAC Financial Services, today announced that it has entered into an agreement to acquire Provident Insurance, the United Kingdom-based automotive insurance division of Provident Financial PLC. The acquisition will complement GMAC's existing U.K. insurance operations and support European growth initiatives. The purchase price is approximately 170 million pounds Sterling ($340 million USD) in cash and is expected to close in the second quarter, pending regulatory approvals. "It is a strategic priority at GMAC Insurance to continue to grow and diversify our business both in product lines and geography," said Senior Vice President of GMAC Insurance's international operations Ron Judd. "While our international business currently has strong operations such as Car Care Plan and Motors Insurance Company in the U.K., the addition of Provident Insurance would provide entry into the U.K. automotive insurance market with the potential to also expand throughout Europe." , http://www.yesinsurance.co.uk. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Bank BOLI Assets Reach Nearly $104 Billion in 2006 According to a Report Issued by Michael White and MullinTBG FOR IMMEDIATE RELEASE – Radnor, PA and and Los Angeles, CA, May 8, 2007 – Large bank holding companies (BHCs) and stand-alone banks reported bank-owned life insurance (BOLI) assets of $103.9 billion in 2006, reflecting a 48.6% increase from $69.9 billion in 2005, according to the 2007 edition of The Michael White-MullinTBG BOLI Holdings Report™. BOLI is used to recover the cost of supplemental employee health insurance benefits and to offset the liabilities of retirement benefits. Compiled by Michael White Associates, LLC (MWA) and sponsored by MullinTBG, The Michael White-MullinTBG BOLI Holdings Report™ measures and benchmarks the cash surrender values (CSV) of life insurance held by bank holding companies and banks and their ratios of CSV to capital. The data are reported by 854 large top-tier BHCs with consolidated assets of at least $500 million, and over 7,800 commercial banks and FDIC-supervised savings banks operating on December 31, 2006. The Michael White-MullinTBG BOLI Holdings Report™ measures and benchmarks the cash surrender values (CSV) of life insurance held by bank holding companies and banks and their ratios of CSV to capital. It is one of several reports dealing with bank fee income activities published by Michael White Associates, LLC (MWA), a bank insurance consulting firm headquartered in Radnor, PA. Another report, The MWA BOLI Capital Concentration Report™, meets the regulatory requirement that each banking company conduct a peer analysis of their BOLI holdings relative to capital and statistically assess whether its BOLI program is an outlier. All reports may be purchased online at www.BankInsurance.com or by mail. www.MullinTBG.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. MetLife Develops and Implements Innovative Disability Claims Workflow System — MetLife Seeks Patent on New System — NEW YORK--(BUSINESS WIRE)--MetLife today announced the creation and installation of Disability Process Automation (DPA), a new proprietary application which automates the prioritization and distribution of claims professionals’ work to strengthen claims management procedures and help drive superior service. MetLife is seeking a patent on this new system. MetLife’s DPA automates the prioritization of claims management tasks so the most critical work is handled first. DPA also identifies the claims professional that will handle the next step on a claim. By reducing the number of manual steps, the new system helps ensure that claims decisions are timely and superior service is consistently delivered. www.metlife.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Engage China Coalition Launches Web Site WASHINGTON, DC – Engage China, a coalition of financial services trade associations united in support of the goals of the U.S.-China Strategic Economic Dialogue (SED), today announced a new web site, www.EngageChina.com, that will provide information on the benefits for America of engagement with China and the further opening of China’s financial markets. The U.S.-China SED will hold its second meeting in Washington, DC May 22nd and 23rd. Trade with China is opening new possibilities for America. Since China joined the World Trade Organization (WTO) in December of 2001, trade between the United States and China has nearly tripled, exports to China have grown at five times the pace of U.S. exports to the rest of the world, and China has risen from our 9th largest export market to our 4th largest. More must be done to open China’s markets and engagement is the best way to get there. China needs a more open, competitive, and effective financial system. By providing the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions are helping to expand a vast new market for American-made products. EngageChina.com will provide research papers on the U.S.-China economic relationship as well as information on Engage China coalition activities. The Engage China coalition is made up of the American Bankers Association, the American Council of Life Insurers, the American Insurance Association, the Council of Insurance Agents & Brokers, the Bankers’ Association for Finance & Trade, the Financial Services Forum, the Financial Services Roundtable, the Investment Company Institute, and the Securities Industry and Financial Markets Association. www.EngageChina.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. GAO Month in Review - April 2007 Employer-Sponsored Health and Retirement Benefits: Efforts to Control Employer Costs and the Implications for Workers. GAO-07-355, March 30, 2007 (49 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-355 Climate Change: Financial Risks to Federal and Private Insurers in Coming Decades Are Potentially Significant. GAO-07-285, March 16, 2007 (68 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-285 Climate Change: Financial Risks to Federal and Private Insurers in Coming Decades are Potentially Significant. GAO-07-760T, April 19, 2007 (18 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-760T Title Insurance: Actions Needed to Improve Oversight of the Title Industry and Better Protect Consumers. GAO-07-401, April 13, 2007 (68 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-401 Federal Transit Benefits Program: Ineffective Controls Result in Fraud and Abuse by Federal Workers. GAO-07-724T, April 24, 2007 (26 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-724T Medicaid Financing: Federal Oversight Initiative Is Consistent with Medicaid Payment Principles but Needs Greater Transparency. GAO-07-214, March 30, 2007 (49 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-214 Medicaid Long-Term Care: Few Transferred Assets before Applying for Nursing Home Coverage; Impact of Deficit Reduction Act on Eligibility Is Uncertain. GAO-07-280, March 26, 2007 (55 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-280 Medicare: Focus on Physician Practice Patterns Can Lead to Greater Program Efficiency. GAO-07-307, April 30, 2007 (47 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-307 Disability Programs: SSA Has Taken Steps to Address Conflicting Court Decisions, but Needs to Manage Data Better on the Increasing Number of Court Remands. GAO-07-331, April 5, 2007 (46 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-331 Information Security: Persistent Weaknesses Highlight Need for Further Improvement. GAO-07-751T, April 19, 2007 (13 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-751T Intellectual Property: National Enforcement Strategy Needs Stronger Leadership and More Accountability. GAO-07-710T, April 12, 2007 (17 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-710T An Assessment of Dependent Care Needs of Federal Workers Using the Office of Personnel Management's Survey. GAO-07-437R, March 30, 2007 (47 pages). http://www.gao.gov/docdblite/details.php?rptno=GAO-07-437R Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. AARP Welcomes Senate Passage of Rx Importation, but Promises to Fight Unnecessary Importation Roadblocks Organization Vows to Continue Fight to Put Downward Pressure on Drug Prices SUMMARY: The Senate approved the Dorgan-Snowe Amendment today, which would allow for the safe and legal importation of lower-priced prescription drugs from abroad. The amendment was approved by a voice vote. The Dorgan-Snowe amendment sets up a system for the safe importation of lower-priced prescription drugs from abroad, helping to alleviate our country's skyrocketing prescription drug prices. The amendment is part of S.1082, the Prescription Drug User Fee Amendments of 2007. This amendment was "voice-voted" and no roll call exists. SUMMARY: Unfortunately, the Senate also added a second-degree amendment to Dorgan-Snowe, creating an unnecessary roadblock for prescription drug importation. In a move designed to block importation, language was added prohibiting importation of prescription drugs unless the Secretary of Health and Human Services can certify that it is safe to do so. Despite the fact that safety provisions are already built into the bill, this provision is designed to give unnecessary discretion to the Secretary to block importation. A vote for certification is a vote against the safe and legal importation of prescription drugs. AARP urged Senators to vote no on the 'certification' amendment. http://www.aarp.org/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Healthcare Workers Can Communicate in Spanish With New CD-ROM from Workplace Spanish(R) ROSWELL, Ga., May 9 /PRNewswire/ -- Workplace Spanish(R), developer of America's most popular workplace-specific Spanish learning materials, used by over 50,000 people, announced today the release of Click It(TM), a CD-ROM that features clickable audio Spanish terms, expressions, pronunciations, phonetics and practice conversations to help healthcare professionals efficiently deliver non-critical bilingual communication without learning academic Spanish. Many healthcare organizations - despite federal or organizational mandates - often can't adequately communicate with Spanish-speaking patients when bilingual translators on staff are busy, out sick, or on vacation, said Tom Sutula, president of Workplace Spanish, Inc. The company created Click It(TM), he said, to help time-stressed healthcare providers deliver basic patient communication in Spanish, in a cost-effective manner, regardless of whether a medical interpreter is on duty. Click It(TM) users conduct keyword searches or scroll down the CD-ROM's PDF pages to find questions they need to ask or statements they must make. They then click on the English _expression_ to hear the Spanish and phonetic pronunciations spoken aloud. www.workplacespanish.com/click_it.htm Single-user copies can be purchased from the website at $39.99. Multi-user licenses for network-wide use are also available. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Congresswoman Tubbs Jones Re-Introduces Retirement Security for Life Act Legislation Aims to Give Retirees a Guaranteed 'Paycheck for Life' WASHINGTON, May 8 /PRNewswire-USNewswire/ -- Today, Ways and Means Committee Members Reps. Stephanie Tubbs Jones (D-OH) and Phil English (R-PA) reintroduced bipartisan tax legislation that would encourage Americans to select life annuities and ensure retirement security. The Retirement Security for Life Act provides a tax incentive, available to all retirees, when they elect to receive a guaranteed stream of income for life from their annuity. The bill would exclude federal taxes on half of the income generated by the annuity, up to a maximum of $20,000 annually. For the typical retiree, it would provide a tax break of up to $5,000. The bill is designed to help Americans who have savings maintain their pre-retirement standard of living. Research indicates that many future retirees, including an estimated 77 million Baby Boomers, will have difficulty maintaining an adequate standard of living. By providing incentives, the Retirement Security for Life Act will encourage Americans to invest in their own retirement. The periodic payments from a life annuity would guarantee income throughout retirement as a complement to Social Security and pension benefits. A life annuity provides beneficiaries with guaranteed life-long monthly payments. After-tax dollars, such as the proceeds from the sale of a house or small business, can be used to purchase the annuity. Income from employer- sponsored plans that already enjoy a tax advantage, such as IRAs or 401(k)s, is not eligible. http://www.house.gov/tubbsjones/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. LIMRA Partners With Voluntary.com to Help Companies Succeed in the Voluntary Benefits Market. Windsor, Conn., April 16, 2007 — LIMRA International announced today a strategic partnership with Voluntary.com, a new and comprehensive online resource providing valuable information about the voluntary benefits marketplace. For years, LIMRA has helped its members capture this growing segment of the industry by providing important data and analysis about the trends and opportunities in the voluntary benefits industry. Worksite carriers can set up a free listing with Voluntary.com, which would include information concerning their product offerings and availability and company contact information and provide significant exposure on the Web site that will be frequented by brokers, consultants, HR professionals, product providers and administrative service professionals. Voluntary.com is the first company to dedicate all of its resources to providing relevant, useful, and accessible information on voluntary benefits. In this fast-changing and evolving market, Voluntary.com provides its users with tools and information, such as articles, profiles, case studies, and industry research/news. “This strategic partnership with Voluntary.com enhances our commitment to help our members understand the voluntary benefits industry and capitalize on future opportunities in the market,” said Bob Kerzner, president and CEO of LIMRA. “Our studies have shown that there is as much as $213 billion in untapped market share available to organizations that have the insight and ability to take advantage of this growing market. We think Voluntary.com will be a valuable asset for those hoping to be a leader in voluntary benefits.” LIMRA has strategic partnerships with leading organizations in research, consulting, technology, customer relationship management, sales training and performance, compliance, education, and communication. Through strategic partnerships, LIMRA offers member companies the best available services to supplement the benefits and services they receive directly from LIMRA to maximize their marketing and distribution performance. LIMRA Contact: Howard S. Drescher, (860) 285-7875, hdrescher@limra.com Catherine Theroux, (860) 285-7787, ctheroux@limra.com LIMRA International is a worldwide research, consulting and performance improvement organization that helps more than 800 insurance and financial services companies in 60 countries increase their marketing and distribution effectiveness. Visit LIMRA International at www.limra.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. KMG America Announces Settlement of Litigation with ING MINNEAPOLIS--(BUSINESS WIRE)--KMG America Corporation (the “Company” or “KMG America”) (NYSE:KMA) today announced that on Friday, May 4, 2007, it entered into a settlement agreement resolving all claims in the previously disclosed suit by subsidiaries of ING America U.S. Pursuant to the settlement agreement, the Company will make a cash payment of $825,000 to ING in total settlement of all claims in the second quarter of 2007. The amount paid by the Company in settlement of the litigation is less than the amount of defense costs the Company expected to pay through trial of the litigation. The Company has been advised by the insurance carrier for its primary directors and officers insurance policy that the insurance carrier will reimburse the Company for only a portion of the amount paid by the Company in settlement of the litigation. The Company disputes the insurance carrier’s decision and will pursue additional reimbursement from the insurance carrier under the insurance policy. KMG America is a holding company that was formed to acquire the Southeastern regional insurance company, Kanawha Insurance Company, and to operate and grow Kanawha's insurance and other related businesses nationwide. KMG America offers a broad mix of individual and group insurance products and stop-loss coverage along with third-party administration services to employers and to working Americans. For more information visit: www.kmgamerica.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Administaff Announces Results of Business Survey and Compensation Data HOUSTON--(BUSINESS WIRE)--Nearly 86 percent of small business owners say their companies are either growing as predicted or at a faster pace than forecast at the beginning of the year, according to the results of a Business Confidence Survey released today by Administaff, a leading provider of human resources services for small and medium-sized businesses. Most of the companies – 81 percent – said they were either positive or mostly positive about business conditions for the remainder of 2007, with 46 percent saying they plan to hire more new employees this year than they added in 2006. To fill positions, 52 percent said they are hiring full-time employees, while 16 percent said they planned to hire part-time workers. www.administaff.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Broker-Dealers of ING Lower Fees on Advisory Accounts EL SEGUNDO, Calif., May 8 /PRNewswire/ -- The broker-dealers of ING (NYSE: ING - News) announced today that they will be lowering the fees that their advisors pay on two core advisory programs. Administrative fees with the new structure are as low as 4.5 basis points on total assets under management and 1.5 basis points for individual accounts. Under the ING Advisors Network umbrella, the broker-dealers of ING have undertaken a number of initiatives to dramatically increase their advisory offerings and assets under management. In 2005, ING introduced Advisory University to educate advisors who desire to transition their business to an advisory-based model. The program also includes a "master's" level for seasoned advisors looking to significantly enhance their existing advisory business. Approximately 1,700 advisors have participated in the Advisory University program with remarkable results: advisors who attend the introductory "bachelor's" course increase their assets under management by an average of 143% within 12 months. www.ing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. UnitedHealth Group Advances Health Care Transparency, Continues Expansion of Quality Information on Physicians and Hospitals Applauds Secretary Michael Leavitt’s leadership in moving health care toward a value-driven system WASHINGTON--(BUSINESS WIRE)--In an event today at the Department of Health and Human Services, Stephen J. Hemsley, president and chief executive officer of UnitedHealth Group (NYSE:UNH), celebrated the importance of, and reinforced his company’s support for, trustworthy and actionable performance information to improve health decisions and care outcomes. Citing the company’s extensive experience in advancing physician and hospital performance assessment through the UnitedHealth Premium Designation program, Mr. Hemsley observed that the benefits of performance transparency and consumer decision support have a tangible impact on improved quality and more appropriate use of health care assets. 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. Armed Forces Insurance Partners with Identity Theft 911 to Offer Free Identity Theft Resolution to All Its Policyholders LEAVENWORTH, Kan.--(BUSINESS WIRE)-- In time of war, the risk of identity theft is the last thing American military professionals want to worry about — let alone try to detect or resolve on their own while deployed overseas. To help alleviate this concern, Armed Forces Insurance, a company providing property and casualty insurance to military professionals for over 120 years, announced today a partnership with Identity Theft 911® that brings the nation’s premier identity theft services to all its policyholders at no extra cost. www.identitytheft911.com www.afi.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. NASD, State Regulators Issue Joint Statement to Support Insurance Regulators' Model Annuity Suitability Regulation WASHINGTON, May 8 /PRNewswire/ -- NASD and state regulators from North Dakota, Iowa and Minnesota announced today that they have signed a joint statement supporting a new rule to require that insurance companies and agencies recommend only suitable annuity products to their customers. Details on the Annuity Roundtable co-sponsored by the Minnesota Department of Commerce and NASD are available on NASD's web site at http://www.nasd.com/annuityroundtable. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Nationwide Better Health Introduces Oncology Disease Management Program Evidence-Based Program Helps People Undergoing Cancer Treatment Experience Less Pain and Fatigue in Their Daily Life and Work COLUMBUS, Ohio--(BUSINESS WIRE)--Nationwide Better HealthSM, a leading provider of total population health management solutions, announced today the launch of an oncology management program to supplement its robust disease management offering and to ensure that cancer patients maintain the highest quality of life possible. Nationwide Better Health’s oncology offering is part of its ongoing efforts to provide the most comprehensive set of integrated health management solutions to Fortune 1000 companies in order to create a healthier, more productive workforce and reduce the impact of health care costs on companies’ bottom lines. www.nwbetterhealth.com www.nationwide.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. 'Actuary in a Box' Saves Time, Improves Cost Forecasting for Prescription Drug Programs SCOTTSDALE, Ariz., May 9 /PRNewswire/ -- AccuCast, the first actuarial support application for enhanced underwriting and improved risk assessment of prescription drug programs, was introduced today by TRICAST Inc. AccuCast is available to health insurance payors, benefits advisors and PBMs (pharmaceutical benefits managers) to lower prescription drug costs while dramatically improving actuarial assessments faster than previously thought. "Preparing actuarial analysis is one of the most time-consuming aspects of reviewing the state of a prescription drug program," Rucinski said. "Our application reduces to a few minutes a process that typically takes two-to-three days. The real-time advantages of AccuCast are staggering." TRICAST delivers data-driven cost control solutions every day. As a leading next-generation health information business, TRICAST offers programs, products and applications for the healthcare industry that assist risk entities controlling overall healthcare costs, with a specific focus on pharmaceutical benefits. For more information, please contact John Adler, National Practice Leader at 414-302-9733 (John.Adler@TRICAST.com) or visit http://www.tricast.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. NCPA: Bogus Study Released by Prescription Drug Middlemen Is Designed to Hide Excessive Profits at the Expense of Consumers ALEXANDRIA, Va., May 8 /PRNewswire-USNewswire/ -- The Pharmaceutical Care Management Association (PCMA) has released a dubious study designed to undermine efforts to address anticompetitive business practices by the nation's giant pharmacy benefit managers (PBMs). H.R.971, the Community Pharmacy Fairness Act of 2007, would level the competitive playing field by allowing independent pharmacies to negotiate collectively with the PBMs. This revenue-neutral legislation, which currently has 124 congressional cosponsors, would increase accountability of these drug middlemen, the largely unregulated corporations that administer the prescription drug benefit portion of health insurance plans for employers and unions, including the Medicare Part D program. The study paid for by the prescription middlemen lobby claims that one of the main provisions of H.R.971, which allows independent community pharmacists to join together in negotiating lower prescription drug prices, would increase health care costs. In response, National Community Pharmacists Association (NCPA) Executive Vice President and CEO Bruce Roberts, RPh, issued the following statement: Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Chicago Equity Partners Wins Large Cap Growth Mandate with the City of Baltimore Employees’ Retirement System CHICAGO--(BUSINESS WIRE)--Chicago Equity Partners, LLC is pleased to announce that The City of Baltimore Employees’ Retirement System has retained the firm for a Large Cap Growth mandate. Callan Associates, Inc. assisted with the search. Chicago Equity Partners, LLC manages approximately $12 billion in assets in a full range of domestic equity and fixed income strategies for more than 120 clients. Chicago Equity Partners’ clients include public funds, Taft-Hartley plans, corporations, foundations and endowments, individuals and sub-advisory relationships throughout the country and around the world. Chicago Equity Partners is an Affiliate of Affiliated Managers Group, Inc. (NYSE: AMG), an asset management company with equity interests in a diverse group of high quality investment management firms. AMG’s affiliated investment management firms managed approximately $250 billion in assets at March 31, 2007. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. The Public Is Willing to Support Many Options to Expand Health Insurance Coverage, But Not All ROCHESTER, N.Y., May 8 /PRNewswire/ -- Half of all U.S. adults with health insurance coverage worry that their expenses will be so high that they won't be able to afford it. Just as many worry that their coverage will be drastically reduced or eliminated because of costs; one in five adults worries a great deal about these issues. Three in four U.S. adults support a variety of initiatives to expand insurance coverage, including employer mandates, government subsidies for the uninsured and tax credits to help individuals afford health insurance. All of these options are viewed with equal favor by individuals who currently have employer-sponsored coverage and those who are uninsured. By contrast, only 26 percent of those polled said they are willing to pay more in taxes to cover more people under Medicare or Medicaid. These are some of the results of an online survey of 2,402 U.S. adults, ages 18 and older, conducted by Harris Interactive(R) between April 13 and 17, 2007 for The Wall Street Journal Online's Health Industry Edition (http://www.wsj.com/health). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Baby Boomers to Challenge and Change Tomorrow's Health Care System More than Six Out of 10 Baby Boomers Will Be Managing Multiple Chronic Illnesses by 2030 WASHINGTON, May 8 /PRNewswire/ -- The over-65 population will nearly triple between 1980 and 2030 as a result of the aging Baby Boomers, adding new demands and challenges on an already stressed-out health system, according to a new report released today by First Consulting Group of Long Beach, Calif. With new projections on Boomer health into 2030, the report details how this powerful population will impact health care for decades to come. "Today's report outlines a tidal wave of health needs -- Boomers are just the beginning," said Rich Umbdenstock, president of the American Hospital Association (AHA). "The good news is more of us will be active and enjoying our later years. But to meet the health challenges that come with that, we will need a greater focus on wellness and prevention, new approaches to care delivery, and a new look at the American health care system." The first Boomers will turn 65 in 2011 and, according to today's report, more than 37 million of them -- six out of 10 -- will be managing more than one chronic condition by 2030. Also by 2030: -- 14 million Boomers will be living with diabetes -- that's one out of every four Boomers. -- Almost half of the Boomers will live with arthritis and that number peaks to just over 26 million in 2020. -- More than one out of three Boomers -- over 21 million -- will be considered obese. Today's study was prepared by First Consulting Group at the request of the AHA to help hospitals better prepare for the impending tidal wave of Baby Boomers and their care needs. The full report is available online at http://www.aha.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. National Conference Of Insurance Guaranty Funds Releases “Trends In Insolvency” White Paper Indianapolis, IN, May 8, 2007 – The National Conference of Insurance Guaranty Funds’ (NCIGF) has released its inaugural “Trends in Insolvency.” The 8-page white paper is now available on the NCIGF Web site. Authored by the NCIGF legal staff, “Trends in Insolvency – 2006” provides a complete run-down on recent developments in insolvency law and practice and a look ahead at what is on the horizon in 2007. “Trends in Insolvency – 2006” can be found at: http://www.ncigf.org/publications Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Conseco to Divest Old Block of Fixed and Equity-Indexed Annuities CARMEL, Ind., May 8 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO), today announced agreements under which three insurance companies in its Conseco Insurance Group unit will coinsure, with an effective date of Jan. 1, 2007, most of their older inforce equity-indexed annuity and fixed annuity business with Reassure America Life Insurance Company ("REALIC"), a subsidiary of Swiss Re Life & Health America Inc. Conseco CEO Jim Prieur said, "This transaction is an important step in improving the performance of the company. It will allow us to retire four annuity administrative systems, which will further simplify our back office and reduce our operating expenses. We will consider how best to apply the proceeds from the transaction and the $175 million of capital currently held to support these policies to increase Conseco's return on equity. Options under consideration include repurchases of Conseco common stock and investments in the business." Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, heart/stroke and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial futures. For more information, visit Conseco's web site at www.conseco.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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