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1. Towers Perrin Survey Indicates Increased Life Insurance Merger and Acquisition Activity in Next 12 Months STAMFORD, Conn.--(BUSINESS WIRE)--CFOs at major life insurance companies believe mergers and acquisitions within their industry will significantly increase over the next 12 months. According to the latest CFO survey from the Tillinghast business of Towers Perrin, 57 percent of the respondents said it is possible or highly likely they will acquire another company in the next 12 months. Seventy-seven percent said it is possible or highly likely they will acquire a block of business from another company. The survey indicates that companies are undertaking acquisitions primarily to achieve profitable growth in addition to achieving more effective use of available capital. “These survey findings confirm that senior executives view an acquisition as a sound strategic complement to organic growth and that acquisitions can be done on a basis that is as profitable as — if not more profitable than — organically generated business,” said John Nigh, Tillinghast M&A Practice Leader. “This is definitely consistent with what we have seen empirically within the life insurance M&A arena and is more upbeat than our previous findings as to the perceived ability to execute transactions profitably,” he said. Most Companies Buy Reinsurance Directly from a Reinsurer In another section of the Tillinghast CFO survey, CFOs indicate that the purchase of domestic or offshore/foreign reinsurance is the most popular alternative M&A transaction. Most companies (70 percent) buy reinsurance directly from a reinsurer, and nearly half of these companies purchase through intermediaries or other outside consultants in addition to going direct. And despite increasing demands for analytical support from reinsurers and intermediaries, price remains the primary factor in choosing a reinsurance provider. “This finding makes it clear that reinsurers cannot expect to leverage facultative support and mortality research into more favorable pricing,” Gibson noted. For more information on this survey program, please contact program leader Sarah Prevett at 212-309-3979 or sarah.prevett@towersperrin.com. www.towersperrin.com/tillinghast. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Groundbreaking Proposals For Increasing Retirement Savings Released By Diverse Coalition Of Experts WASHINGTON – The Conversation on Coverage, an unprecedented public policy initiative to expand pensions and retirement savings, released its final recommendations today at the National Press Club. Covering the Uncovered: Final Report of the Conversation on Coverage offers innovative common-ground proposals to increase pension coverage and retirement savings for American workers – particularly low - and moderate-income wage earners. The report can be viewed at www.conversationoncoverage.org. The recommendations were developed by more than 45 experts of varying perspectives who recognize that the lack of pension coverage among millions of Americans is a critical problem that needs to be addressed. These experts -- who came from the business community, unions, financial institutions, retiree organizations, and academia -- put their differences aside to develop concrete, marketable, and detailed proposals that hold the promise of increasing coverage among working Americans. The proposals include: · Two new types of guaranteed pension plans, which recognize that employees need income they can count on in retirement: o The Guaranteed Account Plan (GAP) is new type of “hybrid” plan – one that takes some of the features of traditional pension plans and combines them with features of 401(k) plans. Under GAP, employers contribute to employees’ pension accounts and guarantee a promised rate of return. The funding rules for GAP are simple and will protect the employer from steep future funding increases. o The Plain Old Pension Plan (POPP) is a new simplified traditional defined benefit pension plan that is easy for employers to create, fund, and administer. The POPP has simpler and more predictable funding rules than other defined benefit plans, while still providing a lifetime stream of income for retirees. · A new plan that will encourage individuals to save for retirement: o The Retirement Investment Account (RIA) establishes a new national clearinghouse structure to administer portable individual retirement accounts. This structure provides an easy and efficient way for workers who are not covered by plans to save for retirement. · A new plan that will expand coverage in the small business sector: o The Model T is a new simplified, low-cost multiple employer payroll deduction plan which will be offered by sold and marketed by financial institutions to small employers where the coverage rates are the lowest. The Model T’s simplicity should lend itself to effective marketing techniques. Covering the Uncovered describes each of these proposals in detail, breaking them down into their key components, discussing rationales and the decision-making process, listing other approaches that were considered, and recommending incremental steps that could be taken to increase coverage. The Conversation on Coverage was launched in 2001 by the Pension Rights Center to address the fact that approximately half of the private-sector workforce does not have access to or does not participate in a workplace retirement plan. Low- and moderate-income workers, younger workers, part-time workers, contract workers, the self-employed, and workers at small businesses are even less likely to be covered by a plan. The final proposals are targeted to these segments of the workforce. The Conversation is supported by the Ford Foundation, the Annie E. Casey Foundation, and The Atlantic Philanthropies, and by Platinum Sponsors: AARP, MetLife and Nationwide; Sponsoring Organizations: ASPPA Pension Education and Research Foundation the Employee Benefit Research Institute, Fidelity Investments, the International Association of Machinists and Aerospace Workers, the National Committee to Preserve Social Security and Medicare, Prudential Financial, the Retirement Security Project, the U.S. Chamber of Commerce, and Vanguard; and Co-Sponsoring Organizations: the AFL-CIO, the American Academy of Actuaries, the American Benefits Institute, the American Council of Life Insurers, the Communications Workers of America, and the Service Employees International Union. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Health Savings Account Enrollees Predicted to Rise to 30 Million by 2009 CHICAGO--(BUSINESS WIRE)--Health savings accounts (HSAs) are positioned for aggressive growth over the next three years, according to a new report from Mintel. The report predicts the number of HSA enrollees will increase to 30 million by the end of 2009. The research firm’s exclusive survey revealed that only one third of respondents would not be interested in a HSA, indicating substantial potential for increasing enrollment through consumer education. Of the respondents, 13 percent say that they currently have a HSA through their employer. www.mintel.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. David Takes on Another Goliath - Ohio Agency Sues Department of Insurance Accuses Department of Cooperating with Anthem to Block Premium Savings CINCINNATI--(BUSINESS WIRE)--Total Benefits Planning Agency, Inc., has sued the Ohio Department of Insurance (DOI) to halt its improper efforts to block Total Benefits' strategy for cutting employer health care costs. Surveys show that those costs are the biggest problem facing small business today. Total Benefits has pioneered a strategy for controlling them, which involves raising insurance deductibles and replacing benefits with a Section 105 plan. “The strategy works for any employer, and works with any insurance coverage,” says Tom Quigley president of Total Benefits Planning Agency, Inc. Employers typically save 20-40% from the cost of traditional insurance coverage, with no lost benefits. However, Anthem Blue Cross/Blue Shield -- which loses premium dollars when clients adopt the strategy -- has objected. Anthem has terminated Total Benefits' contract to write new business, terminated agents doing business with Total Benefits, and threatened in writing to terminate agents even contemplating adopting the strategy. Anthem’s parent company, WellPoint, Inc. (NYSE:WLP) has terminated agents using similar strategies across the country. Total Benefits has already filed an antitrust action against that “Goliath” and its favored agents that is pending before the U.S. District Court. Now Anthem has enlisted another “Goliath” in their efforts to stop Total Benefits. The Ohio Department of Insurance has subpoenaed Total Benefits to compel a statement under oath and subpoenaed several of Total Benefits' clients (all of whom, in what appears more than coincidence, left Anthem after adopting Total Benefits' strategy). Department agents have even visited those clients, unannounced, at their businesses. Total Benefits has repeatedly asked for copies of any complaints filed against Total Benefits, along with any additional information surrounding the investigation that could help Total Benefits respond. Yet the Department has refused all such requests and resisted efforts to resolve the dispute. “This sure smells like the fox investigating the henhouse,” Quigley says. Total Benefits suit against the Department, filed in the U.S. District Court for the Southern District of Ohio, seeks to enjoin the Department from: 1) compelling Total Benefits to offer sworn testimony or contacting current or potential clients without first advising Total Benefits of the nature of the charges against Total Benefits; 2) making false and misleading statements about Total Benefits and its strategy; and 3) such further and additional relief as Total Benefits may be entitled to under law. More information is available online at www.totalbenefitsplanning.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Arthur J. Gallagher & Co. Acquires Tropp & Company ITASCA, Ill., May 10 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Tropp & Company headquartered in Lake Forest, Illinois. Terms of the transaction were not disclosed. Formed in 1981, Tropp & Company is a retail insurance broker offering risk management, commercial property, casualty and employee benefits insurance services to an international client base. They specialize in insurance products for venture capital and private equity firms; high net worth individuals; and railroad, manufacturing, aviation and construction industries. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com 6. Chief Economist: Fed Could Cut Interest Rates By Fall May 10, 2007 (OWINGS MILLS, MD) – Following the May 9 decision of the U.S. Federal Reserve to leave interest rates unchanged, Euler Hermes ACI Chief Economist Daniel C. North issued the following commentary: "As expected yesterday, The Federal Reserve held the Fed Funds interest rate steady at 5.25%. In the statement accompanying the action, the Fed cited both economic growth and inflation as concerns. The statement noted that "Economic growth slowed in the first part of this year and the adjustment in the housing sector is ongoing” but it also stated that "Core inflation remains somewhat elevated … (and) the high level of resource utilization has the potential to sustain…” inflationary pressures. Despite concerns over both factors, the Fed's bias towards fighting inflation remained unchanged, saying that the "…predominant policy concern remains … inflation.” The fact that several inflation indicators remain at "elevated” levels certainly contributes to this bias. Perhaps most importantly, the Personal Consumption Expenditures (PCE) core rate still remains above 2%, which is thought to be about the Fed's highest tolerable rate on its most carefully watched gauge. But inflation concerns may be abating. The Fed must certainly have been happy to see the most recent reading of the PCE core was 2.1% in March, as opposed to the 2.4% rate it displayed in February. In addition, critical Unit Labor Costs, which measure wages after taking into account productivity, fell to a 1.3% year over year growth rate in the first quarter of 2007 versus 3.4% in the fourth quarter of 2006. Since inflation in labor costs is more influential than in materials costs, this was welcome news indeed. Furthermore, the Fed's reliance on a slowing economy to "moderate” inflationary pressures seems to be coming to fruition. First quarter GDP growth was an anemic 1.3%, the slowest in four years. The latest employment report showed only 88,000 jobs created in April, the lowest in two and one half years. The second lowest during that period was just in February at 90,000 jobs. The unprecedented demise of the housing market no doubt is helping curb the consumer; April same-store sales at major retailers fell well below expectations. The Treasury yield curve is still inverted and has been since last July, a historically strong indicator of a slowing economy. Given the weakness in the economy, the Fed may only have to wait until the fall to shift its bias towards growth and start cutting rates.” www.eulerhermes.com/usa. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Workplace Audio From Workplace Benefits Association - Automating Enrollments When You Don’t Have Face-to-Face Access To The Employees Cleveland, OH - 05/11/07 - The Workplace Benefits Association is pleased to announce the most recent Workplace Audio: Greg Schlatter, President of miQuotes.com. The subject matter is “Automating Enrollments When You Don’t Have Face-to-Face Access To The Employees.” The 10-minute interview discusses the concept of setting up a totally automated Internet enrollment platform when you are unable to have any face-to-face contact with the employees. Listen to the audio on your desktop! Left Click on the icon below. It should open up your Windows Media Player audio dialogue box and automatically begin the interview.
If the image above is not displaying correctly, or does not start the interview when clicked, please visit the online version at www.workplacebenefits.org/workplaceaudio.htm. This web-page also provides instructions to download the MP3 file. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. US CREDIT-Marsh & McLennan spread weakness seen persisting Thu May 10, 2007 4:17PM EDT - By Neil Shah NEW YORK, May 10 (Reuters) - Credit spreads of Marsh & McLennan Companies Inc. (MMC.N: are likely to weaken further as the insurance broker grapples with soft revenue growth that may make it more attractive to private-equity firms. New York-based Marsh & McLennan, the world's largest insurance broker, said on Tuesday that first-quarter profit dropped about 36 percent as revenues in its biggest unit fell short of expectations. The company, which helps other firms find insurance for their businesses, also announced a stock buyback of $500 million, to be completed before the end of the second quarter, with funding drawn from a $3.9 billion sale of the company's asset-management unit Putnam Investments. The cost to insure Marsh's bonds with credit default swaps initially dropped 0.5 basis point on Tuesday to roughly 65.5 basis points, which means it cost $65,500 annually to protect $10 million of debt for five years, according to an analyst at a major Wall Street firm. But the company's credit protection costs have since edged wider, rising 2.5 basis points on Thursday to 68 basis points, the analyst said. Marsh's credit spreads could come under further pressure unless there is a significant change in how stock investors view the company, analysts said. "The company's lagging operating trends make it a potential private equity target," said Kathleen Shanley, an analyst at Gimme Credit in New York, in a report on Wednesday. Analysts at Barclays Capital agreed. "Without share price momentum, concern will linger around a possible LBO or other strategic transaction deleterious to the credit profile," they said. Marsh's "spread performance would likely lag the (investment-grade credit default swap) index in the case of such an event," they said. On Tuesday, Marsh Chief Executive Michael Cherkasky responded to a question about private-equity interest by saying: "I'm just really not going to deal with the kind of speculations about what could be the form of this company." "We're doing the things that do have impact, and we're doing those things hard, and today. So that's our focus," he said. Rumors that Marsh would receive a buyout offer from rival insurance broker Willis Group Ltd. (WSH.N: and private equity firms surfaced last year. Marsh's credit protection costs hit around 82 basis points at the end of October. In recent weeks, LBO speculation has quieted, leading spreads to retrace some of the related widening, Barclays Capital said. But that could change if the firm's recent ploys do not eventually shore up its stock price. "The sale of Putnam has had no positive benefits for ratings or the credit, and we believe that the risk of a leveraging transaction remains well within the realm of possibility," Barclays Capital said. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Senate bill would block retailers' banks Thu May 10, 2007 2:03PM EDT - By John Poirier WASHINGTON (Reuters) - U.S. senators introduced on Thursday bipartisan legislation that would block retailers such as Home Depot Inc. from operating a bank. The bill, which is co-sponsored by Democrats Sherrod Brown of Ohio and Tim Johnson of South Dakota, and Republican Wayne Allard of Colorado, mirrors a version that is expected to win approval by the full House of Representatives. The House is expected to consider it this month. ILCs are state-chartered banks with access to federal deposit insurance. They can offer deposit accounts, mortgages, credit cards, loans and other services. U.S. banks, especially smaller ones, have voiced concern about a surge in ILCs over the last two decades, saying they could be forced out of business if big retailers enter the industry. Target Corp. already owns an ILC. In March, Wal-Mart withdrew its ILC application, but Home Depot is still seeking permission to buy an ILC. The ILC industry has combined assets of more than $170 billion. The biggest ILC bank is Merrill Lynch Bank USA, which had about $67 billion in assets last year. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Money, health woes haunt Katrina victims-study By Lisa Lambert WASHINGTON, May 10 (Reuters) - Financial hardship and health problems still plague survivors of Hurricane Katrina in New Orleans, with black residents struggling more than whites, the Kaiser Family Foundation said on Thursday. More than half of the 1,504 people surveyed by the foundation after the disaster said they had money problems because of the hurricane and resulting floods, and 17 percent said they had lost a job or had to take a lower-paying job. Kaiser conducted the study from September to November 2006. Altogether, 81 percent of those in the house-to-house survey said their economic or physical well-being had deteriorated. More than a third said they lost access to health care, while 17 percent said their health had declined and 16 percent said they had mental health troubles. Almost a quarter said their marriages had broken up, their relationships had failed, or they were drinking more since the August 2005 hurricane. In 2006, the nonprofit research organization Rand Corporation estimated fewer than 200,000 people were living in New Orleans, compared to 485,000 in 2000. Residents were evacuated to cities around the United States and many never returned. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Ex-Morgan Stanley lawyer pleads guilty to fraud Thu May 10, 2007 3:00PM EDT - By Sarah Coffey NEW YORK (Reuters) - A former Morgan Stanley (MS.N: lawyer and her attorney husband pleaded guilty on Thursday to conspiracy and securities fraud in what U.S. authorities have called the most pervasive insider trading ring since the 1980s that netted more than $15 million in illegal profits. Christopher Collotta told the court he shared some of the insider information with Florida broker Marc Jurman, who agreed to share part of his $38,500 profits with the Collottas and also passed the information along to others, who collectively made more than $600,000 on top of Jurman's profits from the Macromedia tip. Six of the 13 defendants, including Jurman, have pleaded guilty. Prosecutors and SEC officials in March said the defendants included registered representatives, compliance personnel and hedge fund portfolio managers who over five years traded on hundreds of tips received from insiders at UBS and Morgan Stanley, netting $15 million in illegal gains. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Cutting Social Security Benefits: What's in Your Wallet? WASHINGTON, May 11 /PRNewswire-USNewswire/ -- American seniors need Social Security. It's a simple truth often lost in the political and philosophical debate swirling around "entitlement reform." A new study released by the National Academy of Social Insurance examines the pocketbook realities facing retirees, now and in the future. Congressional staff and interested press will be briefed on the NASI report on Monday, May 14th from 2:00-3:00pm in Room B318 of the Rayburn House Office Building. Participants include: Virginia Reno, Vice President for Income Security, National Academy of Social Insurance (NASI); Nancy Altman, Social Security Expert and Author of "The Battle for Social Security: From FDR's Vision to Bush's Gamble" and NCPSSM President/CEO, Barbara B. Kennelly. A copy of the NASI report will be available after the briefing online at: http://www.ncpssm.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Hasta La Vista Allstate; California Homeowners Won't Miss Insurer If It Stops Selling New Policies, Says FTCR SANTA MONICA, Calif., May 10 /PRNewswire-USNewswire/ -- Goodbye and good riddance to Allstate's excessive rates and overcharges, said consumer advocates today, in response to the insurer's announcement that it will stop selling new homeowners insurance policies in California. The Foundation for Taxpayer and Consumer Rights (FTCR) said Allstate's decision is part of an ongoing effort by the company to bully the state into allowing unwarranted rate increases. Allstate has been making outrageous profits on its California homeowners business in recent years, said FTCR, noting the company paid out just 33.6 cents on the premium dollar in homeowners claims in 2005 and just 25 cents on the dollar in 2004. Apparently Allstate wants more: the company has requested another rate increase of approximately $100 million. Using voter-approved Proposition 103, FTCR is seeking to block that increase and is also urging Commissioner Poizner to order a 40% reduction in Allstate's current rates. This would save homeowners an average of $426 annually, not including refunds of prior overcharges to policyholders. "Allstate can't bully California into accepting outrageously high rates by threatening to take their coverage and go home," said Carmen Balber of FTCR. "If Allstate follows through on its playground threat, California consumers should fight back by leaving the company and moving all of their insurance business elsewhere. California doesn't need an insurer that prefers to game the system instead of playing by the rules." Whether or not the insurer stops selling new homeowners insurance in California, the challenge to Allstate's rate increase request by the Insurance Commissioner and FTCR will continue. In fact, as a result of Allstate's announcement, FTCR is likely to demand even larger reductions for existing policyholders than the 40% decrease currently proposed by the group. If only serving existing customers, Allstate will not have additional administrative costs associated with new business and will have less uncertainty about their overall risk exposure. Insurance companies are required, under Proposition 103, to justify any rate changes and are prohibited from charging excessive premiums. Using these rules, FTCR worked with the California Department of Insurance last year to reduce rates for homeowners insured by State Farm, Safeco and Farmers by more than $450 million. Other companies including USAA and Hartford also lowered homeowners rates last year. Allstate stands out as the only major insurer resisting rules requiring them to reduce customer premiums, but will be required to lower rates if Commissioner Poizner determines their rates are excessive as part of the current hearing concerning Allstate's rates. Consumer advocates said that the Commissioner, lawmakers and insurance customers should let Allstate know that Californians do not look kindly on this effort to jump in and out of the California market. "California is the largest insurance market in the nation and if Allstate wants to walk out on California customers, plenty of other companies will quickly fill their place. But Allstate and its shareholders must understand that if they want to leave, they won't be welcome back any time soon," said Balber. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Congress Must Give Pharmacies Negotiating Power Against Pharmacy Benefit Managers to Preserve Patient Access to Prescription Drugs Pharmacy Benefit Managers (PBMs) Profit From Driving Up Drug Costs and Grossly Under-Reimbursing Pharmacy Providers WASHINGTON, May 10 /PRNewswire-USNewswire/ -- Pharmacy Benefit Managers' (PBMs) persistent under-reimbursement to independent pharmacies for Medicare D drugs threatens to destroy patient access to medication counseling and care. Since the Medicare D benefit began, many independent pharmacies have closed because PBMs have under-paid them to fill prescriptions at a loss to their businesses. The Association of Community Pharmacists Congressional Network (ACP*CN) urges Congress to pass H.R. 971, giving pharmacies collective bargaining rights under the US antitrust law to band together and negotiate fairer contract terms with PBMs. "Neighborhood pharmacies have zero negotiating power with PBMs. They offer us take it or leave contracts that routinely reimburse us $2.00 or less for dispensing a Medicare D prescription -- this is less than the cost of a Big Mac! Adding insult to injury, the PBMs then often pay us below the cost we incur for acquiring life-saving prescription drugs to stock our pharmacy," said Mike James, pharmacist and VP Governmental Affairs, ACP*CN. "This economic situation has forced many independent pharmacies out of business and when a pharmacy closes, particularly in a remote, rural town, everybody suffers, not just seniors on Medicare. Congress must level the playing to allow pharmacies to have negotiating power against PBMs to ensure patients continue to have convenient access to prescription drug care in this country," added James. The Community Pharmacy Fairness Act of 2007, (H.R. 971) co-sponsored by Reps. Anthony Weiner (D-NY) and Jerry Moran (R-KS), would allow for an exemption in the antitrust law, giving independent pharmacies collective bargaining rights to negotiate fairer contract terms and reimbursement rates with PBMs. Presently, independent pharmacies have NO avenues to negotiate with PBMs. They must accept the PBMs' contract terms or lose the ability to serve life-long patients. H.R. 971 would not increase costs to Medicare or private payors, unless PBMs do as they always do and shift costs to patients in an effort to pocket more profits for their shareholders. www.acpcn.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. WellCare Strengthens Compliance Practices to Protect Medicare Beneficiaries TAMPA, Fla., May 10 /PRNewswire-FirstCall/ -- WellCare Health Plans, Inc. (NYSE: WCG) today announced additional compliance measures designed to protect the rights of Medicare beneficiaries. These new enhancements will increase the oversight of independent sales agents who market the company's Medicare Advantage products. WellCare is working in conjunction with America's Health Insurance Plans (AHIP) as it prepares to introduce new principles to protect Medicare beneficiaries nationally. WellCare uses a sales agent code of conduct that is incorporated into its training materials and the mandatory contracts for all independent agents. The code of conduct is posted on WellCare's website at http://www.wellcarepro.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Medicare Advantage Advocacy Group Sees Surge in Membership WASHINGTON, May 10 /PRNewswire-USNewswire/ -- In the past month alone, more than 100,000 seniors have joined the Coalition for Medicare Choices to urge Congress to protect the benefits they receive through Medicare Advantage plans. With the recent surge in membership, the Coalition now totals more than 350,000 members from across the nation. Created by America's Health Insurance Plans (AHIP) in 1999, the Coalition for Medicare Choices is the leading national grassroots organization for Medicare Advantage beneficiaries. Members of the Coalition are actively reaching out to lawmakers to share their personal stories about the value of their Medicare health plan. Through letters, phone calls, emails and participation at town hall meetings, seniors are sending a strong message that they want Congress to protect their Medicare benefits. "With the Coalition growing at a record pace, it is clear that seniors are becoming more engaged as they learn that their benefits and choices may be at risk," said Karen Ignagni, President and CEO of AHIP. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. New Book Puts Art into Estate Planning NEW YORK, N.Y. May 10, 2007-Wealth Management Press, an imprint of Penton Media, Inc., announces the publication of Life is Short, Art is Long – Maximizing Estate Planning Strategies for Collectors of Art, Antiques, and Collectibles. Written by Michael Mendelsohn, with Paige Stover Hague, Esq., this new book is the definitive guide for financial advisors, lawyers, CPA’s and insurance professionals who provide estate and financial planning services to clients who have more than $1 million in art, antique and collectibles assets. Mendelsohn’s innovative PowerGifting™ strategies reduce federal tax liability, create philanthropic capital and optimize intergenerational wealth transfer. “Advisors are largely in the dark when it comes to planning for the disposition of an art or antique collection and have not historically treated personal property assets in the same way they plan for their client’s stock portfolio, real estate investments or business interests.” says Mendelsohn, whose own collection led Art & Antiques magazine to name him one of America’s top 100 collectors. “The planning techniques I’ve laid out in Life Is Short, Art Is Long enable the advisory community to broaden the planning options available to their clients and offer specific solutions for collectors who want to free up cash for retirement, avoid the loss of value caused by a poorly planned auction sale, or create a fair distribution plan for their children. We demonstrate that conventional approaches to the liquidation of art and antiques often results in the loss of up to 70% of the value of the collection due to uninformed decision making by otherwise well-intentioned advisors.” The book is available for purchase at www.BriddgeArtStrategies.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. CastleBay Consulting announces acquisition of Apteon Austin, TX, May 10, 2007 — CastleBay Consulting Corporation, a consulting services firm specializing in providing high impact consulting services to the Property & Casualty insurance market, today announced that it has acquired Apteon, a Pennsylvania based provider of P&C technology related consulting and services. By combining the complementary service offerings and skill sets of the two organizations, CastleBay has extended its portfolio of services while adding additional resources to increase the company’s delivery bandwidth. Additionally, Apteon founder and CEO, Ralph Vagnoni has been named CastleBay’s Vice President of Business Development. www.castlebayconsulting.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Sun Life Financial Launches New IRA Review Program To Meet Demand for Generational Wealth Strategies Wellesley, MA (May 10, 2007) – The U.S. Individual Insurance Division of Sun Life Financial (NYSE: SLF, TSX: SLF) today launched an innovative new marketing program - Creating Generational Wealth - targeted to the booming retirement and wealth transfer markets. This IRA Review Program provides financial advisors with diverse strategies to help clients evaluate their situation and make appropriate changes to their IRA and/or employer-sponsored qualified plans for retirement and for transferring wealth to the next generation. “In a market estimated at $3.67 trillion and growing, the IRA Review program from Sun Life Financial offers an outstanding platform from which advisors may establish multi-generational clientele and create product sales opportunities as a part of an integrated plan,” said Michele Van Leer, Senior Vice President and General Manager, Individual Insurance. ” Contact Sun Life Financial’s Advanced Planning Group at 1-800-432-1102, ext. 1846, 1756, 1838 or 1969. www.sunlife-usa.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day"
21. Want benefits growth? Think small. The best opportunities for growth exist at the low end of the employer market, experts say. But small client servicing costs often exceed small client revenues. Time is money. The question for advisers is how to make the math work. Research shows that there is more than
$200 billion in employee benefits opportunity for the taking, according
to LIMRA. The group estimates that the core group insurance market
stands at about $624 billion annually, which includes both existing
enrollees and potential enrollees. Current enrollees account for $410
billion of the market, leaving $213 billion of total unrealized market
premium for the potential enrollees at companies, many of them small
firms, that do not currently offer benefits. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. WKF&C Adds Two More Carriers for General Liability Melville, New York…Tom Wilson, President of WKF&C Agency is extremely proud to announce the signing of two (2) non-admitted, premier carriers with A.M. Best ratings of “A-“ in an effort to provide a broader range of General Liability coverage to their insureds. “These new facilities now allow WKF&C to offer our valued producers a highly competitive casualty product on a nationwide basis,” Wilson explained. “We very much look forward to offering our clients this long awaited product with the same level of service, expertise and ability which they have become accustomed to with all our products.” Coverage is provided through the ISO General Liability form (CG 00 01 10 01) covering designated locations for premises liability. www.wkfc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. XN Financial Announces Canadian Launch Of XN Global Preferred Care Montreal, CANADA – Wednesday, May 9, 2007 – XN Financial announces the Canadian launch of XN Global Preferred Care, a new approach to critical illness for groups and individuals that’s designed for one purpose: maximizing the chance of a full and fast recovery from the world’s most life-threatening diseases, including cancer and heart disease. XN Global Preferred Care is a critical illness survival program that responds when a critical illness is diagnosed, and provides much more than just the traditional ‘lump-sum’ payment. XN Global Preferred Care affords insureds preferred access to leading experts in diagnosis, treatment and process management. Designated coordinators orchestrate a quality-controlled coordination of medical practitioners, while patients and their families stay involved and informed. The program will arrange to fly insureds and a companion to one of the top 1% of US hospitals for treatment…all paid for directly by a $2 million insurance policy. www.xn.com/gprm. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. 'That Dog Just Don't Hunt': Create a Purposeful Workplace with the Right Employees SANTA ROSA BEACH, Fla., May 8 /PRNewswire/ -- In Charles Acker's new book, "That Dog Just Don't Hunt: Create a powerful and purposeful workplace by selecting and keeping the right employees" (now available through AuthorHouse), the author identifies methods adopted by many of today's managers that often breed employee distrust, turnover and deficiencies rather than mentoring employees to be purposeful, powerful resources focused on the success of the business. Acker addresses the common belief that employees are as much of a problem as they are a resource, and demonstrates that a peek into corporate operations will reveal management techniques that are destined to fail. He lays out a simple strategy for resolution in the workplace addressing the most basic human needs and truths and explains that although employees themselves are complex, the motivating factors for recharging them are not as complicated as management often makes them. Acker believes employees are hired to meet business expectations but somehow fail at that task. "There are only two reasons for failure, either the employee does not want to meet our expectations or they simply do not know what we want," he states. Every business struggles with employee issues, Acker adds, but he believes that his book will provide simple and easy-to-use strategies to help managers find, hire and retain quality employees. "That Dog Just Don't Hunt" provides readers with relevant anecdotes, useful templates and a common sense approach to successful management. http://www.authorhouse.com/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Unum Named One of Best Employers for Healthy Lifestyles WASHINGTON (May 9, 2007) – Unum (NYSE: UNM) today received a 2007 Best Employers for Healthy Lifestyles award from the National Business Group on Health, a national non-profit organization of large employers. Unum was honored with a Gold Award presented by the Business Group’s Institute on the Costs and Health Effects of Obesity. The award reflects Unum’s commitment and dedication to combating obesity and promoting a healthy lifestyle for its employees. It is the second time Unum has received this recognition. “The core principal of Unum’s integrated healthcare strategy is to enable and encourage employees to maintain and improve their health,” says Eileen Farrar, senior vice president of human resources. “We offer employees and their families a broad range of resources and educational programs that promote wellness and improve healthy behaviors. Such awareness helps both employees and Unum as a corporation manage the skyrocketing costs of health care.” Now in its third year, the Best Employers for Healthy Lifestyles awards acknowledge and reward those employers that recognize the urgent need to improve their workers’ health, productivity and quality of life. The underlying goal of the program is to serve as a catalyst to encourage all employers to take action. www.unum.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Cooper Gay Agrees Terms For The Acquisition Of A Stake By Sonae London: The Cooper Gay Group has announced that SC Insurance and Risk Services, SGPS, SA, a subsidiary of the Portuguese corporation Sonae SGPS, S.A. has agreed terms for the acquisition of approximately 14% of Cooper Gay (Holdings) Limited with an option to increase its holding to 28%. www.coopergay.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Fortress Launches $5 Billion Private Equity Fund and Announces $2.84 Billion Initial Closing NEW YORK, May 7 /PRNewswire-FirstCall/ -- Fortress Investment Group LLC (NYSE:FIG) announced today that it completed a closing with third party commitments of approximately $2.84 billion for its newly launched private equity fund. The fund is being raised to continue Fortress's strategy of making control investments in asset-based businesses and asset portfolios primarily in North America and Western Europe. The fund is ultimately expected to have approximately $5 billion of capital commitments. Third party capital commitments are capped at $4 billion, and approximately $1 billion is expected to come from Fortress, its principals, employees and affiliated funds managed by Fortress. www.fortress.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. $187 Million Fund Closed - Fund Exceeds $150 Million Target BUFFALO, N.Y., May 8 /PRNewswire/ -- Summer Street Capital Partners, LLC ("Summer Street") announced today that it has closed Summer Street Capital II, L.P. and its affiliate partnership (collectively, "SSC II"), a $187 million private equity fund dedicated to small market buyout and growth equity investments. SSC II exceeded its $150 million target. Summer Street was founded in 1999 and manages approximately $300 million in aggregate. www.summerstreetcapital.com www.champlainadvisors.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Not a Hedge Fund, Not a Mutual Fund, But . . . . CHICAGO, May 8 /PRNewswire/ -- For the first time, investors have their choice of using traditional S&P 500 equities or Single Stock Futures to create customized portfolios in their personal accounts, using a family of investment products just launched by Scalar Funds Management, LLC. Strategies include both absolute-return Market Neutral, and pure directional portfolios similar to Mutual Funds. The solution to growing calls for transparency in Hedge Fund investments and objections to burdensome lock-ups, Scalar provides each investor the ability to work with their existing broker in futures or equities, select a program and degree of leverage suited to their own risk profile, and then see those strategies executed in their personal account. Registered Investment Advisors or Securities Brokers who have wanted to diversify client portfolios into alternative investments but hesitated due to lack of transparency or unknown leverage risks, now have their solution. http://www.scalarfunds.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. CPCU Society National Leadership Institute Course Coming To Puerto Rico MALVERN, PA, MAY 8, 2007—On June 6, the CPCU Society and the NAIW will be hosting a CPCU Society National Leadership Institute (NLI) course: Building Highly Effective Teams. Course materials and refreshments will be included. This course has been approved for eight (8) continuing professional development (CPD) units by the American Institute for CPCU. When: June 6, 2007, Registration: 7:30 – 8 a.m., Course: 8 a.m. – 4 p.m. Where:Caribe Hilton San Juan, San Geronimo Grounds, San Juan, Puerto Rico 00902-1872 Two Easy Ways to Register: Online at www.cpcusociety.org - Call (800) 932-CPCU and select option 4 to speak to our Member Resource Center. For CPCU Society members and NAIW members, registration is $129; for nonmembers, registration is $149. For more information, call the Society’s Member Resource Center at (800) 932-2728, option 4. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Tenet’s Florida Hospitals Enter into Agreement with Great-West Healthcare New Contract Adds 10 Hospitals to Network CORAL SPRINGS, Fla.--(BUSINESS WIRE)--Tenet Healthcare Corporation’s (NYSE:THC) Palm Beach Health Network and Miami-Dade/Broward Health Network announced today they have reached a multi-year agreement with Great-West Healthcare to provide in-network healthcare services to more than 100,000 Great-West Healthcare plan members in Florida. The agreement is effective June 1, 2007, and includes all Great-West Healthcare health plans. www.tenethealth.com www.greatwesthealthcare.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Leading Student Health and Accident Insurer Selects Flagship Global Health To Support Members in Emergencies NEW YORK, May 10 /PRNewswire-FirstCall/ -- The Maksin Group, a leading provider of student health insurance and K-12 catastrophic and accident insurance has signed an agreement with Flagship Global Health (Pink Sheets: FGHH.PK) to incorporate Flagship's emergency support services into its student health policies. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Mitchell Williams Law Firm Announces Expansion Into Texas Former Texas Deputy Commissioner To Lead Insurance Regulatory Practice LITTLE ROCK, AR (May 9, 2007) – Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., a full-service law firm with offices in Little Rock and Rogers, Ark. has announced its first-ever expansion into Texas with the opening of a third office in Austin. Bill Bingham, former Deputy Commissioner for Regulatory Matters in the Life, Health, and Licensing Program of the Texas Department of Insurance, will lead the office’s insurance regulatory practice as counsel. Bingham brings 21 years of legal experience to the firm, representing clients on insurance-related corporate and regulatory issues before state legislatures and regulatory agencies, including life, health, and property/casualty licensing and compliance matters, as well as extensive litigation experience. www.mitchellwilliamslaw.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article |
