Daily Quote: "Light tomorrow with today." - - Elizabeth Barrett Browning
1. Bank of America eyes options for NJ brokerage NEW YORK, May 16 (Reuters) - Bank of America Corp. (BAC.N: , the second-largest U.S. bank, on Wednesday said it was exploring strategic options for a New Jersey-based commercial insurance brokerage unit. Cranford-based Banc of America Corporate Insurance Agency LLC, provides brokerage and consulting services for property and casualty insurance and for employee benefits. The unit describes itself as one of the largest U.S. risk management, insurance and employee benefits organizations. It said it employs more than 300 people and handles more than $1 billion of client premiums a year. Bank of America took over the unit, which used to be called Fleet Insurance Services, in 2004 when it bought FleetBoston Financial Corp. for about $48 billion. Charlotte, North Carolina-based Bank of America said it will use its own bankers to advise on alternatives. Spokesman Will Wilson declined to elaborate on the bank's press statement, including on whether a sale is being considered. Reporting by Jonathan Stempel, editing by Martin Golan (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. ANALYSIS-Bermuda reinsurers eyeing Lloyds syndicates By Lilla Zuill NEW YORK, May 15 (Reuters) - Bermuda reinsurers, money burning a hole in their pockets after hefty 2006 earnings, are looking to expand into the Lloyd's of London insurance market, sources familiar with the situation said. Interest in joining Lloyd's [LOL.UL], the world's oldest and largest insurance market, is coming largely from reinsurers, dubbed the "Class of 2005," that formed in Bermuda after Hurricane Katrina. Bermuda's newest flock of reinsurers are interested in entering the market through acquisitions, or by forming their own underwriting units, or "syndicates," within the world's oldest insurance market. Validus Reinsurance and Ariel Reinsurance, both formed after Hurricane Katrina, and Montpelier Re (MRH.N: , another Bermuda reinsurer formed in late 2001, are each cited by industry sources as keen to establish a Lloyd's platform. By entering the London market, insurers can quickly move into selling multiple types of coverage across more than 200 nations and territories where Lloyd's is licensed. Lloyd's syndicates also operate under the market's strong "A" financial rating, a boost to business prospects. "You can write (business) all over the world," said Donald Kramer, chief executive of Ariel, a multiline reinsurer formed after Hurricane Katrina with $1 billion in capital from investors such as the Blackstone Group [BG.UL], Texas Pacific Group and Thomas H. Lee Partners. Validus, which has filed to go public in a $200 million IPO, is expected to shortly be successful in a bid to acquire privately held Lloyd's syndicate Talbot Underwriting. Validus was founded by former Marsh & McLennan (MMC.N: Chief Executive Jeffrey Greenberg's private equity fund in late 2005 to sell property-catastrophe reinsurance after Katrina created a shortage, Talbot, which may have also earlier attracted interest from Ariel, in recent months hired a London investment bank to advise it on a possible sale. Roddy Watt, an outside spokesman for Talbot, declined to comment. Sources in the Bermuda market said Talbot could fetch as much as two times book value, or up to $400 million. Validus, which is restricted in speaking to the press because it is in a pre-IPO quiet period, and Ariel both declined to comment. Former Lloyd's underwriter and now Montpelier Re Holdings Ltd. (MRH.N: Chief Executive Tony Taylor has said in a recent conference call that he is seeking "meaningful opportunities for growth outside the Bermuda market." PATH TO DIVERSITY Reinsurers such as Validus are looking to diversify into additional lines of business, key to winning strong financial strength ratings, and to broaden access to insurance buyers. "For $50 million, you can be licensed on a surplus basis across the U.S.," said Ariel's Kramer, as one example of the lucrative and affordable access reinsurers can gain through Lloyd's, a market of more than 60 underwriting syndicates that sell property and casualty policies to corporations with large and specialized risks. Kramer, formerly vice-chairman of Bermuda insurer Ace Limited (ACE.N: , was instrumental in that insurer's $500 million acquisition of Lloyd's syndicates Tarquin Underwriting Limited in 1998. He declined to say whether Ariel wanted to set up within Lloyd's. "Lloyd's has value for the nontraditional insurer, for Bermuda companies it has tremendous value," Kramer said. Renewed interest from Bermuda insurers, which make up the world's fourth-largest insurance market after Germany, the U.S. and Switzerland, will buoy the island market's already strong presence in the London market. Wendy Baker, president of Lloyd's America, confirmed that insurers and reinsurers are coming to Lloyd's as they seek to expand. "They have the capital, but they want the access to international markets and the worldwide licenses that Lloyd's provides," Baker said. Bermuda insurers have been tapping the Lloyd's market for decades, and were the market's third-largest source of capital in 2006, contributing more than 1 billion pounds. The development is good news for the London market, criticized in recent years for being too expensive and too bureaucratic. In the last year Lloyd's unveiled a three-year plan to boost ease of access, efficiency and consequently its ability to turn a profit, and draw business participants. Companies can, for example, now apply to form syndicates four times a year, instead of only once a year as in the past, said a spokesperson. The process remains "rigorous," but is open to those that can prove they meet certain criteria. "I am certain you will see more of it, (Bermuda insurers joining Lloyd's), it feels like a natural time in the market for that to start happening," said one senior executive of a Bermuda reinsurer. Additional reporting by Ed Leefeldt, editing by Martin Golan (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. U.S. healthcare expensive, inefficient: report Tue May 15, 2007 1:07am ET By Maggie Fox, Health and Science Editor WASHINGTON (Reuters) - Americans get the poorest health care and yet pay the most compared to five other rich countries, according to a report released on Tuesday. Germany, Britain, Australia and Canada all provide better care for less money, the Commonwealth Fund report found. "The U.S. health care system ranks last compared with five other nations on measures of quality, access, efficiency, equity, and outcomes," the non-profit group which studies health care issues said in a statement. Canada rates second worst out of the five overall. Germany scored highest, followed by Britain, Australia and New Zealand. "The United States is not getting value for the money that is spent on health care," Commonwealth Fund president Karen Davis said in a telephone interview. The group has consistently found that the United States, the only one of the six nations that does not provide universal health care, scores more poorly than the others on many measures of health care. Congress, President George W. Bush, many employers and insurers have all agreed in recent months to overhaul the U.S. health care system -- an uncoordinated conglomeration of employer-funded care, private health insurance and government programs. The current system leaves about 45 million people with no insurance at all, according to U.S. government estimates from 2005, and many studies have shown most of these people do not receive preventive services that not only keep them healthier, but reduce long-term costs. Davis said the fund's researchers looked at hard data for the report. "It is pretty indisputable that we spend twice what other countries spend on average," she said. Per capita health spending in the United States in 2004 was $6,102, twice that of Germany, which spent $3,005. Canada spent $3,165, New Zealand $2,083 and Australia $2,876, while Britain spent $2,546 per person. KEY MEASURES "We focus primarily on measures that are sensitive to medical care making a difference -- infant mortality and healthy lives at age 60," Davis said. "Those are pretty key measures, like how long you live and whether you are going to die before age 75." Measures of other aspects of care such as cataract surgery or hip replacements is harder to come by, she said. They also looked at convenience and again found the United States lacking -- with a few exceptions. "We include measures such as waiting more than four months for elective, non-emergency surgery. The United States doesn't do as well as Germany but it does a lot better than the other countries on waiting time for surgery," Davis said. "We looked at the time it takes to get in to see your own doctor ... (or) once you go to the emergency room do you sit there for more than two hours, and truthfully, we don't do well on those measures," Davis said. According to the report, 61 percent of U.S. patients said it was somewhat or very difficult to get care on nights or weekends, compared with 25 percent to 59 percent in other countries. "The area where the U.S. health care system performs best is preventive care, an area that has been monitored closely for over a decade by managed care plans," the report reads. The United States had the fewest patients -- 84 percent -- reporting that they have a regular doctor. And U.S. doctors are the least wired, with the lowest percentage using electronic medical records or receiving electronic updates on recommended treatments. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Independent Study Highlights Potential Effects of Florida's Insurance Reform Legislation Passed During 2007 Special Session TALLAHASSEE, Fla., May 15 /PRNewswire-USNewswire/ -- The Property Casualty Insurers Association of America (PCI) today unveiled the results of an independent study on the potential economic impact of the property insurance reforms enacted during the 2007 January Special Session on taxpayers, consumers and the state's economic stability. The report, prepared by Milliman, Inc. (Milliman) and commissioned by PCI, found that the new law provides immediate savings for homeowners by shifting potential payments for hurricane losses from the homeowners receiving the current policy benefits to future policyholders, motorists and business owners. The report further noted that Florida's new law provides the greatest benefit to households in Florida's highest risk coastal areas, while potentially increasing household premiums in less-risky areas. "The Florida Legislature, under enormous pressure from voters, acted aggressively during both the January Special Session and the recently completed Regular Legislative Session to provide insurance rate relief to consumers hardest hit by price increases as a result of record-breaking hurricane losses in 2004 and 2005 and predictions for even more frequent and severe storms," said William Stander, PCI's assistant vice president and regional manager. "And while the Milliman Report finds that the new law should lower insurance prices for some consumers, all Floridians need to understand that this is accomplished by transferring much of the cost for future hurricane losses to individuals and businesses in lower-risk areas across the state." "This legislation could result in unintended consequences that may eventually be harmful to consumers and the state," said Nancy Watkins, principal and consulting actuary for Milliman and co-author of Milliman's Analysis of Florida's January 2007 Special Session Legislative Reforms on Property Insurance. "The new law may drive away some private insurance companies that would otherwise want to conduct business in Florida. Along with the reduction in Citizens' rates, the result may be more policies shifted into Citizens. Further, lowering insurance costs in the areas most vulnerable to hurricanes might encourage additional development in those areas. In combination, these consequences may increase the risk of larger losses - and policyholder assessments to cover them - in the future." www.pciaa.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Governor Deval Patrick And Attorney General Martha Coakley Announce $170 Million Workers' Compensation Rate Cut May 15, 2007 - BOSTON – Today, Attorney General Martha Coakley and Governor Deval Patrick announced a settlement in this year's workers’ compensation rate setting proceeding, which will result in approximately $170 million in savings for businesses in Massachusetts. The new reduction averages a 16.9 percent savings per business; a significant increase from the last rate reduction in 2005 which averaged only a 3 percent savings. The Commissioner of Insurance has approved the settlement. "In order for Massachusetts' economy to thrive, it is crucial that we bring down the costs of doing business in the Commonwealth. By lowering the cost of workers' compensation insurance, we can continue to promote job growth in Massachusetts by not only attracting new businesses, but also allowing established businesses to cut their costs while still providing their employees with the appropriate coverage," said Attorney General Coakley. "The remarkable turnaround that Massachusetts has experienced in workers' compensation costs is a direct result of employers, employees, insurers and state government all uniting around a common goal," said Governor Patrick. "Where rates were once spiraling out of control, they’re now being contained. This most recent reduction means employers will continue to see their business costs go down and workers will continue to receive the support and protection they deserve." The Workers' Compensation Rating Inspection Bureau (WCRIB) is the private, non-profit association of insurers, which files workers' compensation rates on behalf of member insurers with the Division of Insurance. Earlier this year, WCRIB proposed a 13.4 percent average decrease in current rates. The Attorney General pressed for a larger average rate decrease, resulting in the final 16.9 percent settlement. As a result of the Attorney General’s advocacy, Massachusetts businesses will save approximately $35 million extra when the new rates take effect on September 1, 2007. http://www.ago.state.ma.us/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Massachusetts Workers’ Comp Rate Decrease Shows It's Time For A Competitive Rating System BOSTON, May 16, 2007 –The agreed rate decrease for workers’ compensation insurance policies in Massachusetts is good news for workers and employers. It also is the perfect time for the state to move to a competitive rating system, according to the American Insurance Assocation (AIA). “Rates are coming down because insurers, employers, workers and regulators have worked hard to make safer workplaces,” said John Murphy, AIA vice president, Northeast Region. “This is the ideal environment in which to move Massachusetts to a competitive rating system like those in 39 other states” The stipulated rate filing is for a 16.9 percent rate decrease this year. AIA is supporting legislation (H. 1840) that would bring to Massachusetts employers a rating system used in all the other New England states and that would encourage insurers to compete for their business. Under the proposed system, the Commissioner of Insurance would continue to review and approve the basic elements (called “loss costs”) of the rates for the entire industry. Insurance companies would then file a “multiplier” with the Commissioner and that multiplier would be applied to the approved “loss costs” to get the employer’s final rate. The insurer’s multiplier would be based on its unique expenses, overhead and profit margin. Thus insurance companies would be competing on variables within their control. “In a competitive loss cost system, insurers compete with a combination of loss control services, claims services and price which reflects their costs. More efficient companies are able to pass on savings to customers,” said Murphy. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. AG Coakley Recovers $58.5 Million Dollars From Big Dig Insurer May 14, 2007 - BOSTON – Massachusetts Attorney General Martha Coakley's Office has reached a $58.5 million settlement with American International Group (AIG), the workers' compensation carrier for the Central Artery Tunnel (CA/T) Project. A review by the Attorney General's Office found that the company failed to pay certain surplus funds to the Commonwealth as required under its contract. Today’s $58.5 million settlement includes $26 million in losses to the state, plus interest. The recovered money, which represents 15 years of unpaid surplus funds, will be returned to the CA/T Project. In the course of the Attorney General's investigation and negotiations, AIG agreed to pay a large portion of the funds immediately to help address the CA/T's financial needs; AIG will pay the remainder of the settlement by May 22. http://www.ago.state.ma.us/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. NEW EXPERT COMMENTARY FROM IRMI.COM There are now over 900 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles. "DEFECTIVE CONSTRUCTION AS OCCURRENCE" 2007 - Pat Wielinski illustrates the current state of the law on insurance coverage for defective work. http://www.irmi.com/Expert/Articles/2007/Wielinski05.aspx D&O LITIGATION TRENDS IN 2007 - John Black and David Burrowes discuss securities actions against directors and officers and the trends they see that may continue into 2007. http://www.irmi.com/Expert/Articles/2007/Black05.aspx PROOF OF KNOWLEDGE OF A PATENT IS REQUIRED - Sanford Warren explains why "active inducement of infringement" is a critical tool in preventing patent violation, and what the courts have to say on the subject. http://www.irmi.com/Expert/Articles/2007/Warren05.aspx WHEN MUST AN INSURER PAY A CLAIM? - After a loss, insureds look to their insurers for financial help. But when? Jay Levin says the answer is not clear-cut. http://www.irmi.com/Expert/Articles/2007/Levin05.aspx ADDRESSING THE FULL SPECTRUM OF RISKS - With an appropriate risk strategy in place, Mark Layton says the decision to accept risk exposure will be informed, deliberate, and justified. http://www.irmi.com/Expert/Articles/2007/Deloitte05.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Allied Capital Announces $90 Million Investment in Leading U.S. Claims Recovery Outsourcer WASHINGTON--(BUSINESS WIRE)--Allied Capital Corporation (NYSE:ALD) announced today that it has committed $90 million of debt financing to support a recapitalization of Trover Solutions, Inc. led by private equity firm Tailwind Capital Partners. Trover is a leading provider in the U.S. of outsourced claims recovery services and recovery software to the healthcare and property & casualty insurance industries. Allied Capital’s investment took the form of Term A and B senior notes as well as an unfunded revolver. www.alliedcapital.com www.troversolutions.com www.tailwindcapital.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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11. U.S. Companies Are Relying More on Time-Vested Restricted Share Plans, Despite European Market’s Shift Away Years Ago, According to New Hay Group Executive Compensation Study U.S. Will Move Toward European Long-term Incentive Model in 3-5 Years PHILADEPHIA--(BUSINESS WIRE)--According to Hay Group’s 2006 Top Executive Compensation study, 63% of U.S. companies surveyed are providing time-vested restricted share plans to eligible employees, while less than 5% of European companies grant restricted shares as part of their equity plans. U.S. executives may favor the “long-term guarantee” often associated with restricted share plans, but the long-term incentive landscape is shifting. “Time-vested restricted shares were originally developed as a tool to help retain middle management,” says Irv Becker, U.S. Practice Leader, Executive Rewards at Hay Group. “This vehicle needs to be part of the toolkit that companies are using, but it also needs to be used in the right instances.” “Companies using time-vested restricted shares should expect to face shareholder pressure to ensure the appropriate balance between retention and performance based compensation,” says Becker. “If more than 50% of your long-term incentive value is in time-vested restricted stock, it may be time to re-evaluate your long-term incentive plan.” While 95% of U.S. companies surveyed provide some form of LTI vehicle for executives, 66% use more than one plan. Recent changes to the legal, accounting, and regulatory environment paired with shareholder pressure have forced U.S.-based companies to alter the balance of their long-term incentives to reflect performance-based plans. For more information, including requests for interviews, please contact Gretchen Steinmiller, 1.212.840.1661, Gretchen@blisspr.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Edentify Delivers Its Identity Fraud Solutions to over 4,000 General Information Services Customers Partnership incorporates Edentify’s identity fraud solutions with GIS’s arsenal of employment screening technology—giving GIS clients robust identity fraud screening capabilities BETHLEHEM, Pa.--(BUSINESS WIRE)--Edentify Inc. (OTC BB:EDFY.OB), a leading provider of identity management and fraud detection solutions, today announced its partnership with General Information Services, Inc. (GIS), one of the largest human resources-solution providers in the country. Edentify will bundle its suite of identity fraud prevention solutions—including IDAssess, IDScreen, and IDAlert—with GIS’s portfolio of employment screening services, giving its clients broader employee screening capabilities. Edentify now has the opportunity to deliver its technology to GIS’s nationwide customer base of over 4,000 major corporations. This customer base includes financial institutions, retail stores, insurance companies and many Fortune 500 companies. Likewise, GIS customers will have access to a robust identity fraud detection solution to conduct better background checks on current and prospective employees. www.GenInfo.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. USI Holdings Corporation Closes Acquisition of Steven E. Goldin Insurance, Inc. BRIARCLIFF MANOR, N.Y.--(BUSINESS WIRE)--USI Holdings Corporation today announced the acquisition of Miami, FL-based benefits broker, Steven E. Goldin Insurance, Inc. ("Goldin"). Goldin provides benefits products and services to mid-sized businesses throughout Southeast Florida. Goldin is expected to contribute approximately $2.0 million of revenues to USI on an annual basis. www.usi.biz. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Phoenix Marketing International Research Identifies Top Insurance Ads in the Market Property-Casualty Insurance AdPi Audit Shows Insurance Carriers’ Ads Differ Greatly in the Eyes of the Consumer BOSTON--(BUSINESS WIRE)--Communications & Brand Analytics (CBA), a Phoenix Marketing International practice, announced today a completed study on the advertising and brand differences of over fifteen major Property and Casualty Insurance carriers and the effect their advertising had on consumers. The survey platform, known as the AdPi Audit, is founded on a category perspective where surveys take into account key advertisers and ads running in the market in a given timeframe. This methodology provides "real world" evaluations of clients' ad and brand performance. Top scores for television advertising in the category went to several of Allstate’s television ads featuring spokesperson Dennis Haysbert; State Farm Insurance’s “True Story: Living Room Crash” which spotlights a State Farm agent and her customer, and Liberty Mutual’s “Pay it forward” which celebrates responsibility and the positive momentum it can have on the world. A list of the top 20 TV ads ranked by highest creative AdPi can be viewed by visiting http://www.phoenixmi.com/cba/inthenews/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Life Partners’ Chairman Comments on Market Activity WACO, Texas--(BUSINESS WIRE)--Brian D. Pardo, Chief Executive Officer of Life Partners Holdings, Inc. (NASDAQ GM:LPHI) commented today on the recent increase in market activity for the company’s common stock. “Over the past 30 days, we’ve seen the closing price for our stock increase dramatically from $12.35 to $18.86 last Friday while this time last year, our stock price was only $5.57. In addition, our average daily volume over the past three months has increased to 41,000, so it’s clear to see that we’ve made substantial progress over the past year and the market recognizes that. While there may have been some profit taking yesterday, we feel the increase in our market capitalization is due to the outstanding increases in our net income and other key financial results which we have previously announced. In response to recent inquiries from shareholders, the company is unaware of any reason for yesterday’s decline in price and we expect our results of operations to remain in line with our previous announcement and analyst’s predictions.” Life Partners will file its Form 10-KSB detailing the company’s results over the past fiscal year on or about May 28. www.lphi.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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For more information, call Les Thornhill at 925-709-1239, or send an e-mail to ljthill@yahoo.com. 16. ClaimForce Passes $150 Million Mark in Successful Insurance Rental Car Management CHICAGO--(BUSINESS WIRE)--ClaimForce, Inc. announced today that it has exceeded the $150 million mark in successfully managing insurance replacement rental car expenditures. This is a major milestone for the web-based, independent, multi-vendor claim service network and communication platform. Insurance replacement rental and reimbursement costs insurance companies $4.4 billion each year and is one of the largest service costs associated with auto claims. Prior to the ClaimForce rental solution, insurance companies were without a single solution to offer choice to policyholders, manage walk-in customers, or track and pay for the services associated with insurance replacement rental. www.claimforce.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. RMS Performs Risk Anaylsis For Travelers Indemnity Company's Northeast Us Hurricane Risk Securitization Newark, Calif. - May 16, 2007 - Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, performed the risk analysis for a securitization by the Travelers Indemnity Company, a wholly owned subsidiary of the Travelers Companies Inc (NYSE: TRV), of hurricane risk in the Northeast US. The analysis was based on a weighted index of industry losses by state and line of business, as reported by Property Claims Services (PCS). The Class A Variable Rate Notes issued by Longpoint Re Ltd., a Cayman Islands special purpose vehicle (SPV), are the first from its catastrophe bond program and will support $500 million of three-year, collateralized reinsurance cover for Travelers Indemnity Company's commercial and residential lines of business. www.rms.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Worldwide ERC® and Primacy Relocation Name 2007’s “Best Cities for Relocating Families” LAS VEGAS – [May 16, 2007] – Worldwide ERC®, the association for workforce mobility, and Primacy Relocation® announced that Fort Worth – Arlington, Texas; Knoxville, Tennessee; and Provo-Orem, Utah, are 2007’s Best Cities for Relocating Families™ among large, medium and small U.S. metropolitan areas. The two organizations worked with Bert Sperling of Sperling’s BestPlaces to rate cities based on those factors – short-term and long-term – that determine the likelihood of a successful relocation. [complete list at end of document] “The shrinking labor market and the higher demand to remain competitive when building a mobile workforce demand that companies take a closer look at all of the components that are important to the transferee,” said Worldwide ERC Executive Vice President H. Cris Collie, CAE. “The qualities of the destination location are critical factors in the success of the relocation for employees and their families.” The ease with which a family can relocate to a new city is impacted by a variety of measurable factors. Traditional variables such as an area’s cost of living, crime rates, education and climate are combined with more abstract factors such as a city’s arts and culture scene, focus on diversity, and number of physicians per capita. ERC and Primacy announced the results of the survey at the National Relocation Conference in Las Vegas. Full results of the survey are available at www.primacy.com and will be published in Worldwide ERC's MOBILITY magazine this summer. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. The CPCU Society National Leadership Institute (NLI) and the Columbus Chapter proudly present . . Strategic Thinking and Strategic Planning Approved for CE Credits in Ohio! When: June 28, 2007 Where: American Family, 550 Polaris Parkway, Suite 100, Westerville, Ohio 43082 Strategic Thinking: 8 a.m. – 12:05 p.m. - This course focuses on participant interaction to learn how to think strategically and solve problems analytically and strategically. Strategic Planning: 12:30 – 4:35 p.m. - This interactive course will allow attendees to practice applying the strategic planning process to gain a deeper understanding of the strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. Cost: CPCU Society members: $129 for one course; $149 for both courses - Nonmembers: $149 for one course; $179 for both courses Full course details are available online: www.cpcusociety.org 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. Kinloch Holdings, Inc. Launches New Division To Help Middle Market Employers Control Healthcare Costs May 16, 2007, New York, NY – Kinloch Holdings, Inc., an insurance brokerage holding company that is building a series of super regional brokers, announced the formation of Kinloch Consulting Group, Inc. The new entity will focus on delivering client-focused employee benefits services to the group’s middle market customers. On April 1, 2007 Kinloch acquired the assets of Nystrom, Palumbo, Inc., a Long Island-based benefits firm, which will serve as the employee benefits operating platform for Kinloch’s New York Metropolitan area hub. Kinloch’s strategy is to grow through a combination of acquisitions and organic growth. The company is targeting brokers with a strong, regional presence or product focus. It is concentrating on building regional hubs by rolling in smaller firms and producer teams with complementary products and services. Kinloch’s first hub is the New York Metropolitan area, where it recently acquired Long Island-based Genatt Associates – a leading New York broker with specialized expertise in the real estate, construction, transportation, healthcare and hospitality industries. www.kinlochholdings.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Humana introduces new, flexible individual health insurance plans WAUKESHA, Wis. — May 15, 2007 — Humana (NYSE: HUM) announced today the introduction of a new portfolio of individual health insurance plans under its HumanaOne® brand, designed to make it easy for consumers to select a plan according to their own personal preferences, lifestyles and budgets. HumanaOne’s new personal health insurance plan portfolio includes a broad spectrum of benefits – with three in-network coinsurance levels and 17 annual deductible choices – organized into three, consumer-friendly packages. The plans can be further personalized with optional benefits such as dental insurance, life insurance, and supplemental accident coverage. http://www.humanaone.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. ftwilliam.com announces document updates to include the new Massachusetts Cafeteria Plan Requirements Milwaukee, WI May 16, 2007 - ftwilliam.com, a provider of high quality plan documents and government forms software announced today that their website has been updated to include the new Massachusetts Cafeteria Plan Regulations. The Massachusetts Cafeteria Plan Regulations now require that affected employers (employers with 11 or more employees in the common wealth) must adopt and maintain an IRC Section 125 Cafeteria plan that must, at a minimum, be a premium-only plan offering access to one or more medical coverage options. ftwilliam.com’s web site has been updated to provide a link to documents which will allow ftwilliam.com’s customers to assist their clients in complying with the new Massachusetts Cafeteria Plan Regulations. The materials also provide a link to the Commonwealth's new Section 125 Handbook. ftwilliam.com offers the employee benefits professional the highest quality plan documents (retirement, welfare and non-qualified) and government forms (5500/PBGC, 1099 and IRS) software at highly competitive prices. The company offers all of the popular prototype and volume submitter plans, including cash balance and target plans. All plan documents are delivered instantly to the desktop in word processing format and 5500/PBGC Forms are delivered in Adobe PDF format. Contact: Holly Roussel, Tel: 800.596.0714, Email: sales@ftwilliam.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Pimco hires Greenspan as consultant: report Wed May 16, 2007 7:08am ET SAN FRANCISCO (Reuters) - Allianz AG's (ALVG.DE: ) Pacific Investment Management Co. has signed up former U.S. Federal Reserve chairman Alan Greenspan as a consultant on economic issues, the Wall Street Journal said on Tuesday. The deal signed this week calls for Greenspan to hold quarterly strategy sessions with Pimco executives, and to correspond with them up to twice a week through conference calls and e-mail, the newspaper said on its Web site. The paper also quoted Greenspan as saying he will also make private comments to Pimco about interest-rate policy, something he has not done since leaving the Fed in January 2006. It did not say how much Pimco, the world's biggest bond fund manager, will pay Greenspan for his services, and a Pimco spokesman could not be immediately reached for comment. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. SMART Announces Relationship With Leading Private Equity Firm Great Hill Partners DEVON, Pa., May 16 /PRNewswire/ -- SMART Business Advisory and Consulting LLC (SMART), today announced that Great Hill Partners LLC, a Boston-based private equity firm, has invested $60 million into the Firm. Further details of the transaction were not disclosed. SMART Business Advisory and Consulting, LLC (www.smartgrp.com) is a premier, full-service business consulting and advisory firm serving clients throughout the US and globally. SMART offers innovative solutions to public and private companies in the areas of business consulting and advisory, technology, business process, accounting, compensation and benefits, and tax. Through an alternative practice structure, SMART and Associates, LLP offers a full range of attest services. Great Hill Partners LLC is a private equity firm that manages over $1.5 billion in capital and focuses on investing in growth companies operating in the business and consumer services, media, transaction processing and software industries. Great Hill Equity Partners III, L.P. targets investments of $20 million to $100 million. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. The American College Announces Grand Opening Of Alumni Store Website BRYN MAWR, PA - May 15, 2007 – The American College has announced the opening of their new virtual alumni store available through the Alumni Association website. The store boasts a wide variety of American College branded merchandise ranging from polo shirts and golf accessories to watches and jewelry. Smaller items include American College mugs, cuff links and pen sets. To visit the alumni store, go to the alumni association website at www.theamericancollege.onlinecommunity.com. “This new store is ideal for alumni who want to show their American College pride,” said Russ Figueira, Vice President Alumni Relations and Human Capital. “The gift items serve as reminders to our alumni and their clients that the individual practitioner has earned a credential of distinction.” For more information, or to begin making purchases at The American College Alumni Store visit The American College Alumni Association website at www.theamericancollege/onlinecommunity.com. The link to the Alumni Store is on the left side of the page. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Washington Governor Signs Legislation That Will Clog The Courts And Raise Insurance Costs Olympia, WA, May 16, 2007 – Three insurance industry advocacy trade associations expressed deep disappointment in Washington Governor Christine Gregoire’s (D) decision to sign legislation designed to increase unnecessary lawsuits. The American Insurance Association (AIA), the National Association of Mutual Insurance Companies (NAMIC), and the Property Casualty Insurers Association of America (PCI) joined with the Washington business community in urging Gov. Gregoire to veto SB 5726. “SB 5726 will line the pockets of plaintiff trial lawyers with gold at the expense of the insurance consumer. SB 5726 is a perfect example of special interest legislation being cloaked in the guise of consumer protection,” said Christian John Rataj, NAMIC Western Region State Affairs Manager. “This new law will increase the cost of insurance for individuals and businesses in the state, burden the judicial system with frivolous legal claims, and adversely impact the timely settlement of insurance claims." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Jefferson National Expands Industry’s Largest Tax-Deferred Platform by Adding Institutional Class Funds to Monument Advisor Variable Annuity Ultra-Low Cost Funds in Only Flat-Insurance Fee VA Meets Needs of More Fee-Based Advisors and their Clients NEW YORK & LOUISVILLE, Ky.--(BUSINESS WIRE)--Jefferson National’s Monument Advisor, the first and only variable annuity with a flat-insurance fee, has now added institutional class funds to its supermarket of more than 170 tax-deferred funds—the industry’s largest, with four times more funds than the typical VA1. With the addition of these ultra-low cost funds, Monument Advisor is now uniquely positioned to better serve the growing market of fee-based and fee-only advisors, a segment which has increased more than 41% in four years to reach $2.2 trillion in assets under management as of 20062. “Jefferson National does for tax-deferred investing what Charles Schwab has done on the taxable side. We now provide access to institutional class funds on a transaction-fee basis, in addition to the industry’s broadest selection of no-load funds without a transaction fee,” said Laurence Greenberg, president and CEO of Jefferson National Life Insurance Company. “With over 170 fund choices, we’ve built the largest fund supermarket within a tax-deferred annuity wrapper, to help the expanding segment of fee-based advisors better manage their clients’ assets,” Greenberg added. ”And our tax-deferred fund platform is available for only $20 per month.” www.jeffnat.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. OneBeacon Brings New Insurance Options to New Hampshire Homeowners CANTON, Mass., May 14 /PRNewswire-FirstCall/ -- New Hampshire consumers have a new option for insuring their homes and belongings. With OneChoice Homeowners, OneBeacon Insurance is delivering comprehensive protection for the dwellings, personal property, and liability needs of a broad range of New Hampshire residents. To ensure that they have the right type and right amount of coverage for their particular needs, customers can choose from three comprehensive options: OneChoice Homeowners; Home Security Plus, which features superior coverages and limits; or the exceptional protection of Home Security Plus Elite. In addition, customers can safeguard boats with OneBeacon's Watercraft endorsement, and secure up to $5 million of additional liability protection with a OneBeacon Umbrella policy. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. NCOA’s BenefitsCheckUp Helps Cleveland Seniors Find Benefits WASHINGTON, DC, May 15, 2007 -- The City of Cleveland’s Department of Aging has used BenefitsCheckUp since 2003 as part of its commitment to ensuring that Cleveland is an elder-friendly community by enhancing the quality of life for its seniors. BenefitsCheckUp® is an online service developed by the National Council on Aging to help seniors, family members and organizations find out if they are eligible for public and some private benefits programs. Cleveland uses BenefitsCheckUp to help its older populations get the assistance they need. The Department of Aging has conducted over 4,600 benefits screenings since the program began, according to Jane Fumich, Director of the Cleveland Department of Aging. www.BenefitsCheckUp.org www.NCOA.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. New ShirleyBOARD.com Web Site Provides Help to People Caring for Older Americans Santa Cruz, CA – May 15, 2007 -- Close to 6 million Americans live more than an hour away from an aging parent or loved one that they are caring for. This number will increase, as by 2030 one of every five Americans will be over age 65. These valiant caregivers find themselves responsible for communicating with doctors and family members, coordinating medical appointments, monitoring prescriptions, managing insurance claims and much more on behalf of their aging loved ones. All this while simultaneously trying to live their own lives and raise their own families. A new web site, ShirleyBOARD.com, hopes to ease the burden of those who care for older Americans. The free site allows caregivers to centrally store important information, keep a log of daily activities for family and friends to view, and network with other caregivers for support and inspiration. About ShirleyBOARD.com The ShirleyBoard is an online community for people caring for aging loved ones. Originally developed to help its founder with the responsibilities of caring for his aging mother, the free site allows caregivers to centrally store important information, keep a log of daily activities, and network with other caregivers. www.shirleyboard.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Sierra Nevada Brewery Derives Value From Outsourcing Total Rewards Statements to Benefit Software Inc. Santa Barbara, CA - May 15, 2007 - In a strategic and cost-saving move, Sierra Nevada Brewing Co., the seventh largest brewery in the United States, has selected Benefit Software Inc. (www.bsiweb.com), a leading provider of employee benefits communication solutions, to produce total rewards statements for its workforce. "We have a very rich benefit and perk environment and total rewards statements provide us with an effective means to communicate this to our workforce and to reinforce our philosophy, which places a high value on our employees and their contribution to our ongoing success," says Carrie Alden, Manager of Human Resources for Sierra Nevada Brewing Co. "We were very pleased with the entire process managed by BSI's Printed Benefit Statement Practice team-from the convenience of the Web interface, which ensured the secure transfer of our data and efficient communication, to the quality finished statements." www.sierranevada.com. www.bsiweb.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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