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1. AIG lifts bid for 21st Century minority holders Tue May 15, 2007 - NEW YORK (Reuters) - American International Group Inc. (AIG.N: said it had reached a definitive agreement to buy out the minority shareholders in auto insurer 21st Century Insurance Group (TW.N: , which it already controlled, after raising its previous bid. The agreed offer, of $22 a share in cash, was increased from an initial January bid of $19.75, a move some investors had expected since an independent committee of 21st Century's outside shareholders had to approve the deal. AIG, the world's largest insurer, which already controls 60.8 percent of 21st Century, said the total purchase price for the shares was about $813 million. On closing of the deal, which is expected to happen in the third quarter, Woodland Hills, California-based 21st Century will become a wholly owned subsidiary of AIG. The deal would allow AIG to expand its existing direct-to-consumer auto insurance business, an area in which 21st Century is particularly strong in California. The latest bid represents a 4.7 percent premium to 21st Century's closing price on Monday. Reporting by Christian Plumb in New York and Shivani Singh in Bangalore © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. AmWINS Group, Inc. Agrees in Principle to Acquire The American Equity Underwriters, Inc. CHARLOTTE, N.C.--(BUSINESS WIRE)--AmWINS Group, Inc., the nation’s largest and most diversified wholesale insurance broker, today announced it has agreed in principle to acquire The American Equity Underwriters, Inc. (AEU). Based in Mobile, Alabama, AEU is a national provider of insurance programs for maritime employers with a special expertise in United States Longshore and Harbor Workers Compensation (USL&H) insurance. Through its subsidiary AEU Management, Ltd., AEU manages American Longshore Mutual Association, Ltd. (ALMA), a mutual insurance association based in Bermuda that is licensed by the United States Department of Labor to provide USL&H coverage to its members. The acquisition is expected to close in the second quarter of 2007. “Bringing AEU into the AmWINS family makes tremendous sense to us,” said M. Steven DeCarlo, AmWINS Chief Executive Officer. “They are one of the largest underwriters of USL&H coverage in the country and have a broad client base across 30 states. AEU’s product expertise and commitment to customer service have gained them significant clout in the industry and exceptional customer retention. We see strong opportunities to broaden their distribution while at the same time introducing new capabilities to our existing retail customers.” AmWINS (www.amwins.com) is a wholesale distributor of specialty insurance products dedicated to serving retail agents throughout the United States by providing property and casualty, group life and health, and program administration services. Based in Charlotte, NC, the company operates through more than 35 offices across the United States and handles premium placements in excess of $2.8 billion dollars annually, ranking as the country’s largest wholesale insurance broker by Business Insurance magazine. AEU (www.amequity.com) is one of the largest underwriters of USL&H in the country. The company is licensed in all states and serves as the program manager for Bermuda-based American Longshore Mutual Association, Ltd. AEU has over 50 employees in its three locations: Mobile, AL New Orleans, LA and Houston, TX. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Validus Holdings, Ltd. Announces Acquisition of Talbot Holdings Ltd. Hamilton, Bermuda. May 15, 2007. Validus Holdings, Ltd. (“Validus”) announced today that it has entered into a Share Sale Agreement to acquire all of the outstanding shares of Talbot Holdings Ltd (“Talbot”). Talbot owners include institutional investors and employees and management. The sale is conditional on regulatory approvals from the Financial Services Authority, the Corporation of Lloyd’s and the Bermuda Monetary Authority. Validus Holdings, Ltd. is a specialized Bermuda-based provider of reinsurance, conducting its operations worldwide through its wholly-owned subsidiary Validus Reinsurance, Ltd. Talbot is the Bermudian parent of the specialty insurance group operating within the Lloyd’s insurance market through Syndicate 1183 and Underwriting Risk Services Ltd. Syndicate 1183 has a capacity of £325 million for the 2007 year of account. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Insurer Ace to pay $9 mln fine to settle charges NEW YORK, May 14 (Reuters) - Ace Ltd. (ACE.N: will pay $9 million in fines and restitution to Pennsylvania to settle allegations of bid rigging and market collusion, the state insurance commissioner said on Monday. The settlement, the largest of its kind in the state, was the result of an investigation into the Bermuda-based insurer's quoting and commissions practices, according to acting Pennsylvania Insurance Commissioner Randy Rohrbaugh. Ace spokesman Robert Grieve declined to comment on the settlement. Rohrbaugh said the settlement included a $6 million penalty, with the rest used to provide restitution to Ace's customers and reimburse the state for investigative costs. Ace must pay the settlement by July 10, the commissioner said in a statement. Rohrbaugh said Ace participated in a scheme with insurance brokers who falsified quotes to steer business to preferred insurers. As part of the agreement, Ace will disclose broker commissions to consumers and implement business reforms, as well as cooperate in related investigations. Reporting by Ed Leefeldt, editing by Andre Grenon (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Oklahoma faults agents working for Humana -NYT NEW YORK, May 15 (Reuters) - The Oklahoma insurance commissioner has documented widespread misconduct by agents working for health insurer Humana Inc (HUM.N: and ordered the company to take corrective action, the New York Times reported on its Web site on Tuesday. The Times cited the commissioner, Kim Holland, as saying that some agents had enrolled recipients of health insurance program Medicare in Humana products that they did not understand and did not want," and that at least 68 agents did not have licenses needed to sell insurance in Oklahoma. Humana and the insurance department could not immediately be reached for comment. But the Times cited Humana's senior vice president Thomas Noland as saying that people who chose the company's products were overwhelmingly satisfied. As the guardian of the company's reputation, I would know if there were any problems," the paper quoted Noland as saying. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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BenefitsEssentials (www.benefitsessentials.com), our award-winning online HR and benefits library is offering unlimited subscriptions – enough to cover all your clients and prospects-- for only $750 per year. Whether you have 50, 100 or 500 clients, you can provide subscriptions to your entire client and prospect base for only $750 per year. The majority of BenefitsEssentials’ 47,000 plus subscribers come from brokers who provide our site as a value-added service to their clients who frequently ask HR and benefits questions. Your clients will be impressed with the wealth of content and forms available—and it’s very easy to use. BenefitsEssentials is also a great new business development tool that demonstrates to your prospects how your firm goes the extra mile to deliver service and key information. BenefitsEssentials includes:
To take advantage of our exciting Unlimited Access Program or to view a complimentary tour of BenefitsEssentials, please call Lillian Shapiro at 203-977-8100, ext. 115, send an e-mail to lillian@aschq.com, or visit our website www.benefitsessentials.com for more information. 6. AHIP Announces New National Education Campaign on the Need for Disability Income Protection Releases two new reports on disability insurance WASHINGTON, May 14 /PRNewswire-USNewswire/ -- In the midst of Disability Insurance Awareness Month, America's Health Insurance Plans (AHIP) announced a new national education campaign to promote the need for disability income protection and highlight the value disability insurance provides for workers, employers, and taxpayers. As the centerpiece of this campaign, AHIP released two new reports on disability income insurance, including a new study by academics at Cornell University on the need to improve the current support system for workers with disabilities and a survey of group disability carriers conducted by Milliman, Inc. that examines the return-to-work programs offered by insurers. AHIP also launched a new website, http://www.yourincomeatrisk.org/, to highlight these reports and provide additional information about the need for income protection. Many workers today dangerously underestimate their risk of becoming disabled and are unprepared to weather even a short-term disability," said Karen Ignagni, President and CEO of AHIP. Cornell University Research A new report prepared by researchers at Cornell University and Mathematica Policy Research, Income Security for Workers: A Stressed Support System in Need of Innovation, found that incomes for disabled workers have declined by almost 15 percent compared to those without work limitations. Public programs and other income sources only partially replace lost earnings and many disabled workers likely experience a further decline in living standards due an increase in other disability-related expenses. The report's lead author, Cornell's David C. Stapleton, Ph.D., says that, Under our current support system for people with disabilities, those who do not have work limitations are enjoying the fruits of this country's economic growth, while those who have work limitations are falling further and further behind." According to the report, the public safety net to assist workers with disabilities is facing an unsustainable rise in costs due to a long-term exodus of workers with disabilities from employment into public programs. Moreover, the aging of the baby boom generation, rising health care costs, and rapid growth in federal expenditures for entitlement programs will add further pressure to an already overburdened support system. The report points out that current public programs fail to adequately encourage and facilitate self-sufficiency, are highly fragmented and poorly coordinated. It outlines a series of policy approaches that would leverage existing private-sector practices and capabilities to improve the safety net for disabled workers. The report recommends serious consideration of policy options that would use targeted incentives or subsidies and private administrative capabilities to help workers return to work after disability onset and avoid or delay becoming heavily dependent on SSDI and other public programs. Milliman, Inc. Return-to-Work Survey AHIP also released a new survey of group disability carriers conducted by Milliman, Inc. on the innovative programs insurers offer to help workers with disabilities return-to-work. The survey found substantial investment in rehabilitation and return-to- work programs by group disability carriers. Annual budgets for these programs range from $450,000 to more than $10 million. In 2005, private disability insurers spent an average of $3,200 on each disabled employee receiving rehabilitation and return-to-work services. Disability insurers offer a wide range of services aimed at helping disabled employees return to work. These services may include case management, worksite modification, financial planning assistance, and education and training programs. Return-to-work programs allow employers to retain experienced employees while at the same time helping disabled workers gain financial independence and go on living fulfilling and productive lives," said Robert Beal, Principal and Consulting Actuary at Milliman, Inc. The survey also demonstrates the success of these programs at helping claimants return to work. In 2005, return-to-work represented 29 percent of all claim closures and 42 percent of claim closures excluding claims closed due to death or at the end of the maximum benefit period. Disability Insurance Awareness Month May has been designated Disability Insurance Awareness Month by the Life and Health Insurance Foundation for Education (LIFE). Throughout the month, industry leaders are working together to promote the need for disability income protection. To learn more about these efforts, visit http://www.life-line.org/diam. America's Health Insurance Plans -- Providing Health Benefits to More Than 200 Million Americans www.ahip.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Employers Not Doing Enough to Meet Workforce Retirement and Recruitment Needs, Says Aon Consulting Survey Employee engagement in health care a primary focus for employers CHICAGO, May 14 /PRNewswire-FirstCall/ -- As nearly 80 million baby boomers begin to retire, three in five organizations nationwide believe the majority of their employees are not financially prepared to leave the workforce, according to a new survey conducted by Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE:AOC) . The Aon Consulting 2007 Benefits and Talent Survey of more than 2,000 organizations studied trends in retirement -- as well as talent management, health care and communication (see sections below for additional survey findings) -- and found that 62 percent of organizations expect that less than half of their workforce will have enough income to retire between the ages of 62 and 65. As the majority of employers shift away from offering defined benefit plans to defined contribution plans, more responsibility for managing retirement savings rests with individual employees. To educate employees about retirement needs, about 80 percent of employers offer personalized online retirement planning tools. Nonetheless, about 80 percent of employers believe their employees still do not fully understand how to invest their defined contribution plan assets. There also is a gap between the importance employers place on employee education regarding saving for retirement and the number of employers that provide this information. According to the Aon Consulting survey, 98 percent of employers say it is important for employees to know how much they will need at retirement so they can save accordingly, but 34 percent of organizations expect their employees to find this information on their own. For further information: Sara Carlson, 312.381.5045, Sara_carlson@aon.com, http://www.aon.com/hcc Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. New Eastbridge Study Finds Voluntary Medical Market Moving into the Mainstream AVON, Conn.--(BUSINESS WIRE)--Five to seven years ago, voluntary medical plans were, to say the least, very basic. But today’s plans, according to some voluntary medical providers, are much more robust, with more and richer benefits—primarily driven by market pressures, rising medical costs, greater understanding of the product, and, of course, an overwhelming number of uninsured. In addition, these products have become more “mainstream.” This is due, in part, to the entrée of major medical carriers, which has validated the marketplace for many brokers. Now that these carriers have entered the market, other carriers are developing or have developed products and brokers are taking the products more seriously. These are just a few of the trends uncovered in Eastbridge Consulting Group’s newest spotlight report, Trends in Voluntary Medical Products. According to the players in the marketplace, carriers are continually experimenting with many different designs. But while these new, comprehensive plans are winning many over, brokers and employers/ employees are also asking for simpler, easier to understand voluntary medical products—which is no easy task! This “mainstreaming” of the product has also caused different producers to deliver voluntary medical to the marketplace. Early manufacturers or distributors perceived the product as a supplemental plan, primarily because of their lack of familiarity with the product. Today, however, both health care brokers and traditional worksite producers are getting more serious about the product and finding ways to make it work with their current portfolio and clients. The report is currently available for sale for just $500. Using the information from the study, carriers—both those in the voluntary medical market and those considering it—will have key information to establish or fine-rune their own products and strategies. To order a copy of the report, email Eastbridge at info@eastbridge.com or call (860) 676-9633. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Worksite industry performance earns a C+ from LIMRA WINDSOR, Conn., May 2, 2007 – Discovering gains in some areas and setbacks in others, LIMRA is giving the worksite marketing industry an overall grade of C+ for its progress in growing the use of voluntary benefits over the past four years. “There have been some great successes in this market,” said Ron Neyer, LIMRA worksite research analyst and author of the recently-published Voluntary Benefits Report Card, based on an in-depth survey of U.S. employers. “For example, the number of firms offering six or more voluntary benefits has increased by 45 percent. At the same time, though, the number of firms offering at least one fell by 17percent. So it’s a very mixed picture.” LIMRA gave its highest grades, A-minus, for improved penetration among midsize and service employers. The scores compare performance in 2006 against 2002, when LIMRA last surveyed employers. The report noted that trying to penetrate the first-time buyer market is considerably more challenging than marketing to existing clients. “Businesses with no prior voluntary benefits track record are a source of potential new worksite sales,” Neyer said. “But this market is a difficult sale. Most of these firms are small and require a crash course in Worksite 101.” The best opportunity, the report notes, is with firms that have at least one benefit and are “on the fence” about adding more. “Persuading even a third of these firms to add a voluntary benefit would greatly spur new sales for quite some time,” Neyer said. Several product lines have shown a strong upswing in popularity, including critical illness and cancer insurance, accident plans, and AD&D coverage. Supplemental life products took the biggest hit over the past four years. Existing worksite customers report very high satisfaction levels with their overall voluntary benefits programs. However, employers are not hesitating to switch providers to obtain a lower price. www.limra.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Trustmark’s New Voluntary Group Critical Illness Insurance Features Employer-Funded Plan Designs with an Employee-Paid Voluntary Buy-up New Plans Include Double Benefit, Occ HIV Benefit, Best Doctors® Benefit LAKE FOREST, Ill., May 9, 2007 – Trustmark Voluntary Benefit Solutions, a leading provider of payroll-deducted voluntary benefits, introduces Group Critical Illness (CI) plans that unite substantial benefit amounts with affordability. For the same premium, Trustmark’s Group CI plans provide nearly twice as much benefit as individual plans. As an affordable option that helps bridge the coverage gap created when employer benefit dollars are stretched thin and employees need more financial protection, Trustmark’s Group CI is an ideal solution. An alternative to Trustmark’s groundbreaking Worksite CI plans, Trustmark’s new Group CI includes plan designs that offer an optional employer-funded base benefit with a voluntary employee-paid buy-up, as well as stand-alone voluntary plans to address the changing needs in today’s group health insurance marketplace. “To date, critical illness insurance has been an ideal solution for providing financial security for many expenses not covered by basic medical insurance,” said Janet Buzil, Trustmark’s Second Vice President, Marketing & Product Management. “And now, with the growing trend toward implementing HSAs and high deductible medical plans, Group CI can help bridge the gap in coverage for both employers and employees, and their families.” Trustmark’s new Group CI features Double Benefit, Guaranteed Issue underwriting, Best Doctors® membership, Occupational HIV benefit, no benefit reduction at any time, portability and more. Trustmark’s Double Benefit adds double the financial protection because insureds who suffer from two different critical illnesses may get paid twice. Best Doctors® provides insureds with immediate access to the expertise of world-class specialists for in-depth medical reviews and treatment plans. “A diagnosis of cancer or the onset of a heart attack changes your life,” said Buzil. “During this frightening and confusing time, our insureds can turn to Best Doctors® for the medical information they need.” Buzil added that she anticipates a great deal of market interest in Trustmark’s Group CI. “The inclusion of Occupational HIV as a covered condition is an important benefit for employees such as healthcare workers, police and firefighters who face this occupational hazard daily.” Trustmark’s Group Critical Illness plans are available now. For more information on voluntary benefits for employers with 100 or more employees, contact your Trustmark Voluntary Benefit Solutions Sales Representative at (800) 840-4692. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. The Retirement Income Industry Association Launches New Awards to Showcase Innovation in Retirement Communications Boston, MA (May 14, 2007) The Retirement Income Industry Association (RIIA) recently announced a new awards program designed to deliver independent, objective and cross-silo benchmarking of excellence in communications for the industry. Awards will be announced at the RIIA Annual Meeting and Awards Dinner September 17, 2007 at the Royal Sonesta Hotel in Cambridge, MA. According to Francois Gadenne, RIIA’s Founding Chairman and President & CEO of Retirement Engineering Inc., the 2007 Awards will focus on efforts and contributions that are most helpful to Financial Advisors. “The Financial Advisors are the ones who find themselves ‘between chairs’ during the industry’s dramatic transition from retirement accumulation strategies to income distribution imperatives,” he explains. www.riia-usa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Allianz Annuity Class Action Could Include 400,000 Claimants, According to Legal Counsel for Named Plaintiffs ATLANTA, May 15 /PRNewswire/ -- A federal judge has certified the largest pending class action lawsuit alleging that the U.S. unit of global insurance giant Allianz (NYSE: AZ) fraudulently marketed some of its most widely sold annuity products, according to the law firms representing purchasers of the products. U.S. District Judge Ann D. Montgomery, of Minneapolis, Minn., certified the case late last week. The legal team for named plaintiffs Linda L. Mooney and Lieselotte W. Thorpe estimate that the class could include 400,000 purchasers of the Allianz annuity products included in the lawsuit. Ms. Mooney and Ms. Thorpe are represented by Page Perry, LLC, of Atlanta, Ga., The Nygaard Law Firm, of Leawood, Kan., and Chestnut & Cambronne, P.A., of Minneapolis, Minn. The certified class includes individuals who have bought the following annuity products from Allianz Life Insurance Company of North America since Feb. 9, 2000: BonusMaxxx, BonusMaxxx Elite, BonusDex, BonusDex Elite, 10% Bonus PowerDex Elite, MasterDex 10, and the InfiniDex 10. (The Class does not include California purchasers who were over the age of 65 when they purchased these products.) The Complaint alleges that Allianz violated Minnesota consumer protection laws by enticing prospective and existing policyholders to purchase two-tiered equity-index annuities by falsely marketing that the insurance products offer large up-front" bonuses that can overcome investment losses, surrender penalties and income taxes suffered on previous investments. The lawsuit states that these annuities do not provide an up-front bonus that offsets investment losses, surrender charges or income taxes as stated in Allianz marketing literature. Jason R. Doss, a partner at Page Perry, LLC, said, Allianz's marketing of the products in this lawsuit appears to be another example of how the insurance industry too often uses any means necessary to sell annuity products to retirees or the elderly. We allege that Allianz deceptively used the 'up-front bonus' to induce clients to surrender other investments." Diane A. Nygaard, of The Nygaard Law Firm, said, The 10 percent bonus is anything but up-front. Allianz has reaped billions of dollars in premiums, while policyholders are locked into a product with indefinite surrender penalty periods and an annuitization requirement that Allianz knew or should have known will not likely ever occur." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. A.M. Best Special Report: Massachusetts Health Regulatory Market Review - Will Massachusetts Universal Plan See Its Reflection in Future of U.S. Health Care? OLDWICK, N.J.--(BUSINESS WIRE)--The Massachusetts universal health care mandate, enacted a year ago this past April, may have energized the movement for state level reform, but will the plan be a template for the future of health care in the United States? Certainly the direct way in which the state’s Legislature, governor and voters made their historic decision to implement universal coverage suggests, at least at the state level, that there is the will to solve the problem and that the time is right to do so. Unfortunately, there is little uniformity among the states that have enacted or taken steps toward universal health care legislation. Nor is there likely to be uniformity in the future, as each state, so far, has crafted reform legislation to fit its population and economic circumstances. In this special report, A.M. Best Co. addresses the challenges for insurers in dealing with a future of disparate state health care reform plans and in designing profitable lower priced coverage to fulfill the mandates under these plans. A number of issues potentially can affect ratings, including an already challenging regulatory environment and limited new business opportunities. As such, A.M. Best’s is taking a cautious view of this market. As health care costs have gone beyond the level of affordability, states have taken ownership of the universal health care agenda. Many state legislatures and governors are now working with the guidance teams of state and nationally focused health insurance plans to craft their own market specific solutions. This is likely to remain true, in spite of the fact that there are a number of bills in Congress addressing health care benefits and health care reform has been taken up as a campaign issue by the various presidential candidates, including former Massachusetts Governor Mitt Romney, who initiated that state’s universal health care plan. Even President Bush has added the subject to his talking points. An important milestone in the Massachusetts plan was passed the first week in May when health insurers kicked off their advertising campaigns in an attempt to enroll thousands of uninsured residents in what the state calls “affordable" heath plans by July 1, 2007. It will be interesting to see if enrollment goes any better in Massachusetts than it reportedly has in Maine. The New York Times reported on May 2, that enrollments in Maine’s voluntary universal health plan have fallen far short of the state’s goal. Massachusetts’ mandate that all residents buy health insurance is significantly more feasible than in some other states, however, as the median annual household income is well above the national average. The supply of health insurance in Massachusetts also is concentrated in a few companies. In 2005, more than 280 individual insurance companies provided accident and health insurance in the state. The top 10 companies were responsible for more than 87% of annual premiums, with Blue Cross and Blue Shield of Massachusetts and its subsidiary, HMO Blue, accounting for more than 42% of the premiums. www.bestweek.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. A.M. Best Special Report: U.S. Banking Issues Smaller Banks Are Better Prepared to Withstand Surge in Loan Delinquencies OLDWICK, N.J.--(BUSINESS WIRE)--The adequacy of U.S. banks’ Allowance for Loan and Lease Losses (ALLL) levels was questioned in A.M. Best Co.’s March 26, 2007 special report, “Are Loss Reserves Adequate in Light of Rising Delinquencies?” Supplementing that report are lists of the top 50 large banks and the top 50 small banks with the highest ratios of ALLL to Total Loans and Leases as of December 31, 2006. Industrywide, smaller banks with assets less than $1 billion showed higher levels of ALLL, leaving them better prepared to withstand a surge in loan delinquencies than larger institutions. On average, smaller banks have reserved an extra 0.15% of loans on their books compared with larger institutions, at 1.33% versus 1.18%, respectively. Furthermore, 24% of smaller institutions have ALLL ratios greater than 1.50%, compared with only 15% of larger institutions with ALLL ratios greater than 1.50%. A higher ALLL ratio for smaller institutions is appropriate, however, given the higher concentration in risky loans Construction and Development, Commercial Real Estate and Construction & Industrial loans. The smaller banks’ loan portfolio included 61% of these risker types of loans, compared with only 22% for the larger institutions. This study is available electronically from the A.M. Best Co. Web site at www.ambest.com/banks. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Anthem Life Insurance Company Introduces Resource Advisor(TM) New offering provides employers with reliable support services to help their employees manage life's everyday challenges LAS VEGAS, May 14 /PRNewswire/ -- Employees face the challenge of balancing the day-to-day demands of work combined with the stresses of everyday life -- parenting, elder care, financial burdens, or more life changing moments such as the loss or disablement of a loved one. To meet the varying needs of employees, Anthem Life Insurance Company has introduced Resource Advisor(TM) offering large employers an integrated solution through a program that features Anthem Blue Cross and Blue Shield's Behavioral Health division and Anthem Life's Life and Disability services. This new program is designed to offer employee resources to help improve their well being and manage problems before they become an emotional or financial burden. Resource Advisor is a service provided to all large employers enrolled in Anthem's life or disability coverage. Resource Advisor offers peace of mind and balance to employees and their dependents with free, confidential access to a spectrum of life and work resources. www.wellpoint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Standard & Poor's Launches S&P Global Challengers 40 Index NEW YORK, May 15 /PRNewswire/ -- Standard & Poor's, the world's leading index provider, launched today the S&P Global Challengers 40 Index, based upon its widely followed S&P Global Challengers List(TM) -- an annual composite of 300 mid-size companies that may be expected to emerge as challengers to the world's leading large cap companies. The index is an investable, geographically diversified basket of 40 mid-size companies that demonstrate the highest growth characteristics as measured by both intrinsic and extrinsic growth factors. www.standardandpoors.com/indices Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Lots of Health Care Proposals: But Who's Asking You? Two Health Care Nonpartisan, Nonprofits Seek Public's Views SEATTLE and WASHINGTON, May 14 /PRNewswire-USNewswire/ -- While all sorts of new health care alliances are being formed and presidential candidates are putting forth their proposals, few groups are asking the American public what they need and want when it comes to health care. CodeBlueNow! a national, nonpartisan grassroots organization with supporters across the country, and the National Coalition on Health Care, with 75 member organizations, representing over 150 million people, have joined forces to distribute the Health Care Values and Ideas America Opinionnaire(R) so the public at large can weigh in on what is important to them. This new interactive online survey lets people share their views and track how others feel about how health care is provided and paid for. For information on how to complete the Opinionnaire(R), go to: http://www.nchc.org or http://www.codebluenow.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. PIA Welcomes Carriers Joining PIA Branding Program Charter Sponsors Sign On to Local Agents Serving Main Street America SM WASHINGTON — The National Association of Professional Insurance Agents today announced the first group of insurance companies to sign on as sponsors of the association’s compelling new agent branding program, Local Agents Serving Main Street America.SM “PIA is pleased to welcome this first group of distinguished insurance companies as participants in the PIA Branding Program,” said PIA National Executive Vice President & CEO Len Brevik. “By signing on as sponsors of the PIA Branding Program, carriers demonstrate their commitment to the success of the independent agency distribution system and the continuing prosperity of their professional agent sales force.” Charter sponsors of the PIA Branding Program are: AIG Agency Auto, American Commerce Insurance Company, Auto-Owners Insurance Company, Bristol West Insurance Group, Celina Insurance Group, Central Insurance Companies, Columbia Insurance Group, German Mutual Insurance Company, Harleysville Insurance, The Hartford, Insurance House, MetLife Auto & Home, Motorists Insurance Group, Northern Neck Insurance Company, Ohio Casualty Group, Progressive Casualty Insurance Company, Southern Insurance Underwriters, State Auto Insurance Companies, Unitrin Specialty and Westfield Insurance. PIA’s Local Agents Serving Main Street AmericaSM branding program is an advertising and promotional campaign available at no additional cost to all PIA member agencies throughout the nation. The program currently consists of twenty-one print advertisements with 251 variations that PIA members can run in their local publications. The PIA Branding Program reinforces the position of PIA members in their local insurance marketplace as local agents who offer personal support and service, as well as a choice of policies from many companies to better fit their customers’ needs. There is also no fee for carriers that wish to participate in the PIA Branding Program. “Since the purpose of the PIA Branding Program is to help PIA members grow their businesses, we selected a favorable price point: free,” Brevik said. “For PIA members, this program is another benefit of PIA membership. For our carrier partners, there is also no fee for participation. We prefer that carriers hold onto their money and, for those that have a cooperative advertising program, use it to support the advertising initiatives of their PIA member appointed agents with cooperative advertising dollars.” Additional information about the PIA Branding Program for both PIA members and interested carriers is available at http://www.pianet.com/piabrandingprogram Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST Pictures Of The Day" -- Sponsored By:
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21. The End of Online Identity Fraud: Introducing Armored Online, a Company Delivering a New Paradigm in Online Security to the Financial Services Industry SALT LAKE CITY, Utah--(BUSINESS WIRE)--Armored Online, delivering a secure, branded channel that establishes a trusted environment for financial institutions and their customers to communicate and transact, launched today. Representing a new paradigm, Armored Online delivers technology solutions to financial institutions that protect customers from phishing, man-in-the-middle, Trojan and other attacks, eliminating the risk of online identity fraud. Armored Online also announces its first customer, Stonebridge Bank, a wholly-owned subsidiary of Stonebridge Financial Corp. An established leader in protecting consumers from online criminal behavior, West Chester, PA-based Stonebridge Bank is an innovative state-of-the-art Internet bank and traditional brick and mortar institution. www.armoredonline.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Less Than Half of Boomers Are Brand Loyal According to Research from Focalyst Service companies most likely to retain customers NEW YORK--(BUSINESS WIRE)--Baby Boomers grew up with a wealth of choice of products and companies and they continue to enjoy the myriad options according to a research study from Focalyst, a market research and consulting firm focused exclusively on Baby Boomers and older consumers. In this study of more than 30,000 adults over the age of 42 in the continental U.S., Baby Boomers (those born between 1946 and 1964) were found to frequently switch brands across a wide variety of product and service categories including apparel, cars, prepared foods, airlines, and more. Service oriented categories such as banking and insurance companies are most likely to buck the trend and show the highest loyalty among this group. According to Heather Stern, Director of Marketing, Focalyst, Boomers are most loyal when companies give customized service, a natural reflection of Boomers' desire for personalized attention and rewarding brand experiences. And they are willing to pay more for value if a product or service demonstrates the ability to help make their complicated and stressful lives easier. For consumer categories such as home appliances, computers, and televisions that score low on brand loyalty, marketers may be able to develop stronger bonds with boomers by focusing on the service aspects of their offerings." The implication for marketers is clear – older Americans need to be targeted with appropriate advertising messages offering real information about the benefits of their products in order to develop a position as a trusted source over the competition. Messages that are simple (not simplistic) and relevant to the life events that these adults are experiencing are key to connecting with this audience. With adults over the age of 42 accounting for $3 trillion dollars of annual consumer spending, or one of every two dollars, marketers can not afford to under value the contribution of Boomers and Goldens to brand success. www.focalyst.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Women Lag Behind Men on Life Insurance Coverage Despite More Awareness Americans Say Life Insurance is Important, But Many Do Not Have It BLOOMINGTON, Ill., May 15 /PRNewswire/ -- When it comes to safeguarding a family's financial future, women have less life insurance coverage than men despite more awareness, according to a new survey by COUNTRY Insurance & Financial Services. The survey finds more women (76 percent) rate life insurance as very or somewhat important than men (69 percent), however only 14 percent report having coverage for three years of their current income. Nationally, three quarters (73 percent) of Americans feel that life insurance is very or somewhat important, but nearly a third (30 percent) are not insured and just 17 percent have enough coverage to provide more than three years of their current income. The good news is Americans recognize that life insurance is important. However, it is troubling that women continue to be underinsured despite their contribution to their families, whether they are breadwinners or stay at home parents," says Keith Brannan, director of the financial security office at COUNTRY. Men and women, equally, should take steps to ensure they can preserve their families' financial security in case of unforeseen events." For more information on Americans' sentiments about financial security, please visit http://www.countryfinancialsecurityindex.com. www.countryfinancial.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. American Service Insurance announces new Artisan program in Tennessee American Service Insurance, a property casualty insurer rated A- by AM Best, has launched a new Artisan auto program for small business commercial auto risks thru the independent agent network. Thru an on-line web-based rater, this product offers auto liability and physical damage coverage to risks such as delivery services and tradesman. ASI, is a subsidiary of Kingsway Financial Services (KFS) on the NYSE, and is based in Elk Grove Village, IL., just outside of Chicago. www.asilink.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. CPCU Society Releases Results Of Member Poll On Cpcu Career Paths MALVERN, PA, MAY 15, 2007—The CPCU Society—the professional association for nearly 28,000 chartered property casualty underwriters—released the results today of a March survey of its Member Opinion Panel. In this second survey of a two-part series on insurance career outlooks, members of the panel were asked for their views on CPCU career paths, and the career planning strategies and tools that Society members find valuable in managing their careers. The Results: Respondents to this survey tend to be highly experienced in property and casualty insurance, with 45 percent reporting more than 30 years of experience in the industry. One-quarter say they decided on a career in insurance after switching from another, unrelated industry, while 41 percent picked the insurance business for a career by the time they graduated from college or within a few years after graduation. During their careers in insurance, nearly three out of four CPCUs (73 percent) have worked for more than one employer, and 29 percent list five or more on their résumés. More than one-third (35 percent) typically stay only five years with an employer, particularly industry “newcomers” (54 percent of CPCUs with less than 20 years in the business typically spend five years at most with an employer). CPCUs consider continuing technical education to have been very helpful with managing their careers successfully though good times and bad. They also believe that their current employers are very supportive of professional development, and most (91 percent) expect this support to hold steady or increase over the next five years. However, if they are wrong and support is reduced, more than one-half of CPCUs (and 70 percent of “newcomers”) would consider or definitely change career plans, largely by leaving, a finding with potentially significant financial implications for employers. For detailed results of this CPCU Society Member Opinion Panel survey, contact Julia Sherwin at jsherwin@cpcusociety.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Ironshore Insurance To Provide Property And Catastrophe Insurance For South Carolina Risks Hamilton, Bermuda, May 15, 2007 - Ironshore Insurance Ltd. was approved today to provide property and catastrophe insurance on an excess and surplus basis for risks located in the State of South Carolina. Ironshore will provide commercial property and condominium coverages to the coastal exposed businesses statewide. I believe we can create a win-win relationship with insurance companies to provide much needed disaster protection for our commercial risks by creating an environment open to new capacity," said Scott H. Richardson, Insurance Director for the State of South Carolina. We're happy to approve Ironshore for South Carolina risks." Ironshore is a newly formed Bermuda-based specialty insurance company with over $1 billion of capital. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. National Planning Holdings, Inc.® Partners With Millennium Trust Company to Offer FlexHSA® Health Savings Accounts SANTA MONICA, Calif.--(BUSINESS WIRE)--National Planning Holdings, Inc. (NPH), the nation’s seventh-largest broker-dealer network1, today announced that representatives from its four affiliated firms will now offer FlexHSA Health Savings Accounts to eligible clients through Millennium Trust Company. Millennium Trust Company acts as custodian for the accounts, while Flexible Benefit Service Corporation (Flex) offers dedicated sales support and education for NPH advisors. First DuPage Bank provides debit card and checking services, allowing easy access to funds. According to a report released in April 2007 by America’s Health Insurance Plans (AHIP), the number of Americans covered by HSAs has risen approximately 43 percent in the past year. Health Savings Accounts, which are available to individuals enrolled in high-deductible health plans, allow consumers to build savings for future medical expenses by making tax-deductible contributions that earn tax-free interest. Withdrawals from the account are also tax free if they are used to cover qualified medical expenses. For more information about the four independent broker-dealers in the National Planning Holdings network, please visit: www.INVESTFinancial.com - INVEST Financial Corporation www.InvestmentCenters.com - Investment Centers of America, Inc. www.NatPlan.com - National Planning Corporation www.SIIOnline.com - SII Investments, Inc. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Can We Fix the Healthcare Payment Mess? - New Report Shares Strategies that Encourage Efficiency, Quality, and Consumer Involvement CHICAGO--(BUSINESS WIRE)--Today’s healthcare payment system has produced a perplexing array of cross subsidies, hidden taxes and conflicting incentives, making it costly to administer and difficult to understand. And it has created such an intricate maze of conflicting incentives and priorities that any proposed solution damages at least one of the system’s stakeholders — government, payers, providers, business, and consumers. To move healthcare toward a more effective payment system, the Healthcare Financial Management Association (HFMA) and GE Healthcare Financial Services have released Healthcare Payment: Goals, Trends, and Strategies, the first installment of the Financing the Future III series. Based on the experience and analysis of national thought leaders, the report advocates a payment system that rewards efficiency, quality and consumer involvement, but emphasizes such a system will require compromise and collaboration among all the stakeholders. “The magnitude of these payment challenges and the consequences of failing to resolve them require stakeholders to give up adversarial relationships and competing agendas and work together to develop rational customer-focused payment strategies,” says Richard L. Clarke, DHA, FHFMA, President and CEO of HFMA. This first installment takes a deeper look at payment system goals and gaps today’s payment trends, including consumer-direct healthcare and pay for performance and strategies for addressing the current situation. To read the complete study, please visit www.financingthefuture.org. www.hfma.org www.gehealthcarefinance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Melissa Data’s New Database Targets Homeowners RANCHO SANTA MARGARITA, Calif. (May 15, 2007) — Melissa Data ( www.melissadata.com ), a provider of business and consumer mailing lists, databases and sales leads, today announced the availability of a Homeowner database, one of the first online databases offering comprehensive information on both absentee and on-site homeowners, and their properties. The Homeowner database is the perfect tool for everyone from mortgage lenders, title companies and appraisers, to developers, insurance brokers, and even pool contractors. It’s available at Melissa Data’s website, where businesses can now chat online and get real-time recommendations and price quotes from Melissa Data’s team of Data Specialists. Free trial software is available by visiting www.MelissaData.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article |
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