Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com Key Benefit Resources, LLC. custom design, create, and develop employee benefits plans and programs for Brokers, Employers, Unions, Affinity Groups as well as National and Regional Insurance Carriers. Daily Quote: "It is better to live rich than to die rich.- - Samuel Johnson
RMS Study Reveals That Repeat Of 1927 Great
Mississippi Flood Could Cost Up To $160 Billion A new study by RMS, published on the 80th anniversary of the Mississippi Flood, shows that in a repeat of this flood today, the losses would be between $130 and $160 billion. Almost two-thirds of this total would be a result of residential damage, with another third from damage to commercial and industrial properties. While there would be some damage to all the states along the lower Mississippi River, Louisiana would sustain nearly 40% of the total loss. Although the extreme river flows that led to the 1927 flood are rare events, research suggests that climate change and global warming are already increasing the potential for exceptional flows on great river basins such as the Mississippi. This has an impact on how flood risk should be managed and how levees need to be maintained and strengthened. "Levees have been built stronger and higher since 1927, but the bed of the Mississippi River has also risen in many places," commented Dr. Robert Muir-Wood, chief research officer at RMS. "With stronger levees there should be fewer failures, but as we saw in New Orleans after Hurricane Katrina, relatively short sections of levee failure can have truly catastrophic consequences - the taller the levee, the greater the speed and force of the flooding." In contrast to the 1927 flood, where no compensation was available for those who lost homes and businesses within the flood extent, the National Flood Insurance Program (NFIP) would cover a portion of the loss if it were to recur today. "Based on the existing level of NFIP take-up, around 80-85% of the loss would be uninsured," noted Dr. Patricia Grossi, senior researcher at RMS. "This is a higher uninsured loss than resulted from Hurricane Katrina." Consequently, it is likely that private insurers would face significant pressure to pay part of the flood loss under the terms of fire insurance coverage, and they could be confronted with lawsuits claiming that damage was caused by levee failure, debris damage, or contamination rather than simply flood inundation. There would also be significant political fallout from a disaster of this magnitude in the lower midwestern states, with the majority of the people in the affected area being forced to relocate or live in temporary accommodations. The 1927 flood, which inundated parts of Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee, killed some 250 people and caused approximately $250 to $350 million in loss at the time. "With the economic and social changes that have occurred along the Mississippi River since 1927, a modern-day event would not just be a regional economic catastrophe but a national disaster," said Dr. Grossi. Download the full report at http://www.rms.com/Publications/1927_MississippiFlood.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 1. Mirror, Mirror on the Wall: An International Update on the Comparative Performance of American Health Care (InsuranceBroadcasting.com received a substantial number of requests for the link to the report featured in the 05/16/07 INSURANCE NEWSCAST. The link below will take you to the web page where you can download the entire report in PDF format.) May 15, 2007 | Volume 59 Authors:Karen Davis, Ph.D., Cathy http://www.commonwealthfund.org/publications/publications_show.htm?doc_id=482678 Overview Despite having the most costly health system in the world, the United States consistently underperforms on most dimensions of performance, relative to other countries. This report—an update to two earlier editions—includes data from surveys of patients, as well as information from primary care physicians about their medical practices and views of their countries' health systems. Compared with five other nations—Australia, Canada, Germany, New Zealand, the United Kingdom—the U.S. health care system ranks last or next-to-last on five dimensions of a high performance health system: quality, access, efficiency, equity, and healthy lives. The U.S. is the only country in the study without universal health insurance coverage, partly accounting for its poor performance on access, equity, and health outcomes. The inclusion of physician survey data also shows the U.S. lagging in adoption of information technology and use of nurses to improve care coordination for the chronically ill. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. 7.5% Payroll Tax Will Devastate California's Small Business Economy Should California Really Rely on One Economist? SACRAMENTO, Calif.--(BUSINESS WIRE)--Legislative leaders announced today a 7.5% employer mandate, well above the 4% payroll tax proposed by the Governor that will lead to nothing more than businesses closing and job loss. None of the health care reform proposals guarantee that the payroll tax will not increase each year to keep pace with rising health care costs. Our political leaders are relying on one economist, Dr. Jonathan Gruber, to crunch the health care numbers. This is the same individual who conducted the initial modeling for Massachusetts, a state that is running into serious problems with the implementation of their healthcare reform plans. Recent headlines from Massachusetts read: “At one year, Mass. healthcare plan falls short” Boston Globe, May 15, 2007 “Mass. business confidence down” Boston Globe, May 1, 2007 “Firms, insurers seek delay on universal plan” Boston Globe, March 20, 2007 “Mass. 'Universal' Health Plan Already Falling Short” The New Standard, January 26, 2007 “Romney distances self from Mass. health plan” Boston Globe, February 3, 2007 “The modeling presented by Dr. Gruber left out the most important component of the equation: the affordability of health care,” said Jim Conran, Consumers First. “This is the exact reason why Massachusetts is now having so many problems. What we need to ask ourselves is, should California rely on this same model that isn’t working in a state that doesn’t have even half the number of uninsured residents that California has? I don’t think so.” Small businesses in California will be put out of business, employees will be laid off and salaries will be reduced. They simply can’t afford to bear the entire burden of funding California’s uninsured at the rate of: Higher taxes in the amount of $5 billion No cost controls or regulations placed on the insurance industry to ensure that premiums do not continue to rise No requirement that individuals will be required to get coverage which will raise costs yearly to pay for the uninsured in California Contacts for California Small Business Health Coalition Nicole Ratcliff, 916-498-7733 or 916-267-1834 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Warren Buffett boosts health care sector stake By Jonathan Stempel NEW YORK, May 16 (Reuters) - Warren Buffett, known for buying undervalued stocks, is boosting his bet on health care, a sector known more for growth than value. Berkshire Hathaway Inc. (BRKa.N: (BRKb.N: , Buffett's insurance and investment company, said it nearly doubled its stake in Johnson & Johnson (JNJ.N: and bought more shares of French drugmaker Sanofi-Aventis SA (SASY.PA: in the first quarter. It also disclosed an investment in WellPoint Inc. (WLP.N: , the largest U.S. health insurer by membership. Buffett typically invests in companies he believes are undervalued, are easy to understand, have strong management and longer-term growth prospects, and have healthy market shares. Berkshire has this year also revealed stakes in three big railroads: Burlington Northern Santa Fe Corp. (BNI.N: , Union Pacific Corp. (UNP.N: and Norfolk Southern Corp. (NSC.N: . "He's clearly looking for cheap stocks in industries that will grow nicely, but secondarily I suspect he's adding diversity to a portfolio traditionally weighted heavily toward financial and consumer products sectors," said Whitney Tilson, managing partner at T2 Partners LLC in New York, which invests $150 million in hedge fund capital and owns Berkshire shares. Shares of the three health-related companies rose on Wednesday. Companies' shares often get a boost when Omaha, Nebraska-based Berkshire discloses investment stakes. Berkshire did not immediately return a call for comment. Buffett has since 1965 transformed Berkshire from a failing textile maker into a $168 billion company with more than 70 businesses and $90 billion of stock and bond investments. Among its businesses are Geico car insurance, Benjamin Moore paint and Fruit of the Loom underwear, while its stock investments include such companies as American Express Co. (AXP.N: , Coca-Cola Co. (KO.N: and Wells Fargo & Co. (WFC.N: . Health-related companies represented $3.1 billion, or 5.4 percent, of Berkshire's $57.5 billion U.S.-listed stock portfolio. Berkshire also reported a $54.1 million stake in UnitedHealth Group Inc. (UNH.N: , the largest U.S. health insurer by market value. Buffett, 76, is diversifying as he mulls eventually handing the reins of Berkshire to younger successors. He has said he has three internal candidates to succeed him as Berkshire chief executive, and may select as many as four candidates to succeed him as chief investment officer. Berkshire's Class A shares rose $40 to $109,290 in noon trading. Reporting by Jonathan Stempel, editing by Tim Dobbyn (C) Reuters 2007. All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. RAA Says Milliman Studies Show That A Federal Cat Fund Based On Florida Model Is Flawed WASHINGTON, DC (May 16, 2007)) – Franklin W. Nutter, president of the Reinsurance Association of America (RAA), today reacted to separate studies released by Milliman, Inc., one of the world’s premier actuarial and consulting firms, on Florida catastrophe risk and proposed federal catastrophe fund legislation. “Taken together,” he said, “these studies make it abundantly clear that legislation for a federal catastrophe fund based on Florida's government-centric approach to catastrophe risk insurance is seriously flawed.” The Milliman study on Florida cat risk, funded by the Property Casualty Insurers Association of America (PCI), documents that Florida is simply shifting risk – insurance for high risk south Florida coastal development would be borne by low and moderate risk insureds in central and northern Florida, including automobile policyholders, muni- cipalities, school boards, day care centers and commercial businesses, whether or not they have any catastrophe risk – rather than spreading risk among private reinsurers operating in global capital markets. The study also confirms the Florida “cat” funds are provided at below actuarially sound rates and depend mostly on debt financing, not risk-based premiums. The debt would be paid from future assessments/taxes on nearly all insureds, in essence mortgaging the future of the Florida economy and home ownership in the state. “The irony of Florida,” noted Nutter, “is that small commercial businesses, homeowners, and automobile insurance consumers now insure Florida's insurance companies.” Nutter suggested that the Milliman study on Florida cat risk reflects the situation as a best case scenario – minor upfront savings for primarily high risk residential insureds subsidized by multiple year assessments/taxes on nearly all insureds in the state. At the same time, the Milliman study notes that, contrary to the intent of its legislative sponsors, the Florida-style fund may deter the private Florida insurance market because of rating agency considerations. A.M. Best has increased capital charges on insurers in Florida because of concerns about insurers ability to collect from the government fund. As discussed in the Milliman study on the federal catastrophe legislation, funded by ProtectingAmerica.org, the federal approach is designed to encourage other states to adopt Florida-style government programs, and shift risk from the books of insurers to taxpayer-backed state government funds and then to the federal government. ProtectingAmerica.org also introduces the notion that a Florida-style government fund will provide funding for various disaster preparedness and first responder efforts. According to Nutter, “This is likely a hollow promise given that state funds are likely to be debt-financed, as the Florida fund is now, and will be for the foreseeable future.” Milliman’s study on federal catastrophe legislation concludes that consumers nationwide may also “save” money in exchange for creating numerous state government bureaucracies to take on the catastrophe risk. Nutter strongly disagrees, suggesting that “Nothing in the Florida gamble should be a role model for other states. It is a high risk financial wager, mostly dependent on luck as far as nature is concerned, threatens the state's fiscal standing, and burdens insureds with taxes and surcharges for years. Except for the few insurers who will benefit from shifting of catastrophe risk from their accounts to taxpayer backed government funds, including those that are members of ProtectingAmerica.org, there are no clear other beneficiaries – not the state, not insureds without coastal residential exposure, and not insured motorists or commercial businesses.” The author of the Milliman Florida cat risk study herself notes the Florida approach may eventually be “harmful to consumers and the state….may drive away some private insurance companies that otherwise want to conduct business in Florida,” and encourage additional development in hurricane-vulnerable areas, while taxing motorists and small business owners who receive no benefit from the state (re)insurance programs in order to subsidize coastal development. Nutter concluded, “Milliman is a highly-respected firm. The Milliman studies taken together demonstrate you can change insurance laws, but you cannot change the laws of disaster economics or the laws of nature with political science.” The Reinsurance Association of America has been the voice of the reinsurance industry since 1968. Headquartered in Washington, D.C., the RAA is a non-profit association committed to an activist agenda that represents the interests of reinsurance professionals across the United States. RAA membership is diverse, including large and small, broker and direct, U.S. companies and U.S. subsidiaries of foreign companies. Together, RAA members and their affiliates write more than two-thirds of the gross reinsurance coverage provided by U.S. property and casualty reinsurers. www.reinsurance.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Lemac announces new markets for Catastrophe Insurance on Major Damage: Earthquake, Wind, Flood & Terrorism Risks Los Angeles, CA… Lemac & Associates has added new markets for catastrophe insurance on major damage earthquake, wind, flood and terrorism risk exposures, according to William Newton, president. Lemac is offering select “A” rated markets for catastrophe insurance effective immediately:
Agents are invited to contact John Sorrell, Jim Kennedy or their Lemac account executive. John can be reached directly at (323) 932-5713 or jsorrell@lemacassociates.com; Jim can be reached directly at (323) 932-5704 or jkennedy@lemacassociates.com; or visit http://www.lemacassociates.com/press_release/pr_cat_5-15-07.html Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
ReContracts:
The Art of Designing Reinsurance Contracts and Programs
The Reinsurance Association of America’s ReContracts: The Art of Designing Reinsurance Contracts and Programs is a four-day educational seminar designed for professionals who want comprehensive and in-depth treatment of reinsurance contracts. You won’t want to miss this year’s program, to be held June 12-15 at the Radisson Hotel in Chicago. Learn from a highly experienced faculty of reinsurance professionals — experts from the market leaders: Who should attend? This is a excellent skill building opportunity for buyers and sellers of reinsurance, brokers, lawyers, accountants and regulators. Why should I attend? Gain insight to better navigate the reinsurance market; connect with industry peers at multiple networking opportunities. RAA’s educational forums are an outstanding opportunity for improving skills for executives dealing in reinsurance and insurance.
Register today
to attend this year’s program in Chicago. Reinsurance Association of America
6. TOWERGROUP STUDY OF INSURERS AND I.T. VENDORS FINDS INDUSTRY-WIDE STANDARDS ARE NEEDED TO REALIZE TRUE POTENTIAL OF SOA NEEDHAM, MA, May 16, 2007 – While the paradigm of service-oriented architecture (SOA) holds tremendous promise for the insurance marketplace, a new study by TowerGroup finds that both carriers and vendors must be more aggressive in establishing enterprise governance in adopting both process and data standards, and in supporting the testing and management of service oriented solutions in order for SOA to reach its touted potential. The TowerGroup report is a result of interviews held over the last several months with senior insurance executives and technology vendors that offer SOA solutions to the insurance market. The study found that insurers are generally dissatisfied with the information they currently receive from vendors in implementing SOA. They want vendors to provide pre-built functionality and services that carriers can quickly adapt to their needs. Carriers are also looking for clarity and accuracy regarding product descriptions, especially relative to SOA integration and implementation capabilities. A report on The TowerGroup study, titled “Service-Oriented Architecture: Hope or Hype for the Insurance Market,” is available to qualified members of the press for review. Please contact Thea Linscott for a review copy at tlinscott@cooperkatz.com or (212) 455-8045. Those interested in purchasing a copy of any TowerGroup report or subscribing to a TowerGroup research service may call +1.781.292.5200 or email service-info@towergroup.com. www.towergroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. David Meerman Scott to Present the "New Rules of Marketing and Public Relations" at HRmarketer.com Webinar Acclaimed HR strategist tailors focus of upcoming book for presentation about harnessing new media opportunities in the human resources marketplace CAPITOLA, CA – May ##, 2007 -- Marketing and public relations professionals in the human resources industry should mark June 14 on their calendars, when HRmarketer.com hosts a free webinar featuring online marketing guru David Meerman Scott. Scott, a noted online strategist and thought leader, will present “The New Rules of Marketing and PR in the Human Resource Marketplace.” His interactive presentation will challenge attendees’ notions about the opportunities of online media – as well as reflect on the “old rules” of public relations still commonly practiced today. The hour-long webinar will take place at 10 a.m. on Thursday, June 14, and is presented by HRmarketer.com, the number one marketing and media visibility service for human resources and employee benefits providers. Scott will draw from principles described in his forthcoming book, “The New Rules of Marketing and PR: How to Use News Releases, Blogs, Podcasting, Viral Marketing & Online Media to Reach Buyers Directly.” The presentation will also highlight specific case studies of HR vendors and suppliers who have employed these “new rules.” “Today, marketing messages and advertising are increasingly ignored; marketing has never been more difficult for HR suppliers,” explains Jonathan Goodman, vice president of business development for HRmarketer.com. “However, never before have vendors had a greater opportunity to reach HR buyers directly.” To sign up for the free event, visit HRmarketer.com at http://www.hrmarketer.com/MarketingPRWebinar/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. ING China insurance venture eyes new local markets By Langi Chiang BEIJING, May 17 (Reuters) - Dutch financial group ING's (ING.AS: (ING.N: insurance joint venture in China aims to sell a wider array of products such as medical policies as it eyes new branches in the world's fastest-growing major insurance market. ING Capital Life Insurance Co. Ltd. earns most of its revenues from selling life insurance policies, but would soon chase fresh revenue streams, said its chief executive Rex Tung. In doing so, the firm would nudge closer to its objective of breaking even by 2012, almost a decade after it began doing business with its partner, a Beijing-based property giant. "We're still operating in the red but our losses are narrowing," Tung said. ING Capital Life, based in the relatively prosperous northern city of Dalian, hoped to add to its seven existing branches on the mainland in the coming years, he said. ($1=7.673 Yuan) Reporting by Langi Chiang; Editing by Tamora Vidaillet (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9.
S&P’s To Host
Teleconference on Financial Impact of Global Warming - Recorded replay
available until Tuesday, May 22, 2007. NEW YORK, NY – May 14, 2007 – In an
attempt to gauge the financial and credit impact of Global Warming,
Standard & Poor's Ratings Services will host a teleconference on May 15,
2007 outlining the findings from a 15 article series from the May 23rd
issue of CreditWeek, the financial market intelligence leader's weekly
outlook on credit risk. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. RMS Performs Risk Analysis for Travelers Indemnity Company's Northeast US Hurricane Risk Securitization $500 Million Catastrophe Bond Based on Modified PCS Index NEWARK, Calif., May 16 /PRNewswire/ -- 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. The risk analysis for the offering was conducted using the RMS(R) US Hurricane Model, which allows for explicit modeling of the windfield dynamics associated with hurricanes undergoing extra-tropical transition. This is a key yet often overlooked effect when estimating the impact of hurricanes in the Northeast. The risk analysis determined that the coverage, which would pay a 66.7% share of index value in the range from $2.25 billion to $3.0 billion, has 0.98% average annual probability of attachment, 0.83% average annual expected loss, and 0.70% probability of exhaustion. The notes were assigned a "BB+" rating from Standard & Poors and a "bb+" rating from A. M. Best. http://www.rms.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
All 6 Major Insurance Carriers Currently Outsourcing to India are Our Clients
11. Racicot Praises Insurance Industry For Quick Response To Greensburg Tornado WASHINGTON, D.C., May 17, 2007 – Gov. Marc Racicot, president of the American Insurance Association (AIA), today praised the insurance industry for its quick response in assessing the damage and paying policyholder claims in the aftermath of the devastating tornado that leveled the town of Greensburg, Kansas, on May 4. According to the state Department of Insurance, adjusters have already distributed money and relief to an estimated 80 percent of those with claims. State officials have also called the response “exemplary.” “The tornado that ravaged the Greensburg community was devastating to its residents and nothing can make up for the loss these folks have suffered,” stated Racicot. “Having a prompt response from insurers is a helpful part of the recovery process and I’m pleased that relief is quickly reaching the hands of those who have encountered losses. Nobody can ever anticipate the spectrum of losses that may flow from a major tornado or catastrophe, but our industry remains committed to helping those in need with assistance and providing relief as quickly as feasibly possible.” www.aiadc.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Physicians Mutual Holds Small Business Health Insurance Crisis Summit - Rising Health Insurance Costs Force Small Employers to Explore Alternatives - OMAHA, Neb., May 16 /PRNewswire/ -- The increasing cost of health insurance was listed as a major concern by small business owners who attended a recent small business health insurance summit, sponsored by Physicians Mutual. As a result, small employers say they are looking at alternative solutions, such as limited benefit plans or dropping employee coverage altogether. A survey of business owners attending the summit indicated rising health insurance costs are a major concern and nearly all of the business owners said they were exploring alternatives such as health savings accounts and limited benefit plans. "As employers either shift costs or eliminate coverage, more and more people are being forced into the individual health insurance market, and many of them are not too pleased with what they are finding," Crawford says. "Individual major medical coverage can be expensive and affordability is a concern for many. The result is that many people are forced or choose to go without health insurance. However, people should not assume that there's nothing available for them. There are new options available in the individual health insurance market that are more affordable than what consumers may have seen in the past." Crawford says Physicians Mutual has developed new products, including a limited benefit plan, to help meet customers' needs. The plans have options with no deductibles, which means policyowners receive benefits the first time they have a covered medical expense. http://www.physiciansmutual.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. National Health Partners Announces Completion of Its CARExpress “Wrap-Around” Programs HORSHAM, Pa.--(BUSINESS WIRE)--National Health Partners, Inc. (OTCBB:NHPR), a leading provider of unique discount healthcare membership programs, announced today that it has completed the development of its highly-anticipated CARExpress “wrap-around” programs. The company expects to begin offering these innovative programs to the public within the next few days under the name “CARExpress Plus.” www.nationalhealthpartners.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Aetna to Enable Faster Payments Between Members and Health Care Providers -- Company to introduce payment options, including Easy Pay, to speed members’ payments for medical services HARTFORD, Conn.--(BUSINESS WIRE)--Aetna (NYSE:AET) is building on its transparency initiatives and existing payment solutions with new programs to facilitate members’ payments for out-of-pocket costs to health care providers. The company is working with Medical Funding Services (MFS) to introduce expanded electronic options to simplify billing and reimbursement. MFS will offer its financial services and related electronic payment solutions to network health care providers in select markets. These include an online solution that combines the health plan and patient portions of a medical bill into a single payment to health care providers. Members may see reduced paperwork; health care providers also can benefit from reduced paperwork and faster reimbursement. MFS also offers programs and services to health care providers including patient volume guarantees, prepayments to health care providers of projected claims, and electronic solutions to improve the timeliness of payments. www.aetna.com www.medicalfundingservices.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. 32 Free Health Care Clinics in Michigan Receive Financial Support from Blue Cross Blue Shield of Michigan and Blue Care Network Clinics to Share in $1 Million to Help Care for Michigan's Uninsured DETROIT, May 16 /PRNewswire-USNewswire/ -- Thirty-two free health care clinics that last year provided low- or no-cost health or dental care to more than 78,000 uninsured people will share $1 million in grants from Blue Cross Blue Shield of Michigan and Blue Care Network, enabling the clinics to continue to provide services and, in some cases serve more. Today's grant brings the total financial support the Michigan Blues have provided to free clinics to $3 million since 2005. Four new free clinics have opened in the state since 2005, thanks in part to grantdollars. Grant dollars have helped clinics sustain operations and meet urgent needs, from purchasing medications to expanding services, from obtaining software to schedule patient visits to buying basic office supplies. Some dollars have been dedicated to help support clinics providing dental services. http://www.bcbsm.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. LifeMasters Offers Disease Management Services to Ford Motor Company Employees and United Auto Workers Members - Services Provided as Part of Ford's Healthy Highway Wellness Program - SOUTH SAN FRANCISCO, Calif., May 17 /PRNewswire/ -- LifeMasters Supported SelfCare, Inc., a leading provider of disease management programs, announced today that it has signed an agreement to offer disease management services to eligible employees of Ford Motor Company and members of United Auto Workers (UAW). The services are provided through Healthy Highway, a program offered by Ford in conjunction with UAW, to motivate employees to develop and maintain healthy habits. In 2006, approximately 30 percent of Ford's hourly and salaried employees were diagnosed with one or more of the country's top five chronic conditions -- such as diabetes, asthma or coronary artery disease -- which account for about 61 percent of Ford's total healthcare-related costs. Under the contract, Ford employees and UAW members with asthma, coronary artery disease, chronic obstructive pulmonary disease, diabetes, congestive heart failure and lower back pain will have access to LifeMasters' full array of customized disease management services. As part of the program, LifeMasters assigns a health coach to work one-on-one with each program participant to educate them about their chronic condition and what they can do to improve their health and minimize complications. http://www.lifemasters.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. National Financial Partners Announces Exclusive Arrangement With ING to Provide Increased Life Insurance Capacity to Older Age Market First of Its Kind Program for Both Parties Offers Sophisticated Life Insurance Consumers Important Options for Estate Planning and Wealth Transfer NEW YORK, May 16 /PRNewswire-FirstCall/ -- National Financial Partners Corp. (NYSE: NFP), a national network of independent financial advisors specializing in life insurance and wealth transfer, corporate and executive benefits, and financial planning and investment advisory services, today announced an exclusive arrangement with ING U.S. Financial Services to immediately provide access to increased life insurance capacity through a variety of hybrid premium financing programs for NFP's network of retail and wholesale firms. http://www.nfp.com http://www.ing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. White Mountains Re Group, Ltd. to Offer $250 Million of its Fixed/Floating Perpetual Non-Cumulative Preference Shares HAMILTON, Bermuda, May 16 /PRNewswire-FirstCall/ -- White Mountains Insurance Group, Ltd. ("White Mountains") (NYSE: WTM) announced today that its wholly-owned subsidiary, White Mountains Re Group, Ltd. ("White Mountains Re"), intends to offer and sell 250,000 fixed/floating perpetual non-cumulative preference shares, liquidation preference $1,000 per share (the "Preference Shares"), in an offering exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). White Mountains Re intends to use the net proceeds from the offering of the Preference Shares to further capitalize its reinsurance subsidiaries, including its Bermuda platform, and for general corporate purposes. http://www.whitemountains.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. The Hanover Insurance Group CEO Enters into Pre-Arranged Stock Trading Plan WORCESTER, Mass., May 16 /PRNewswire-FirstCall/ -- The Hanover Insurance Group, Inc. (NYSE: THG), today announced that the company's chief executive officer, Frederick H. Eppinger, has entered into a pre-arranged stock trading plan. The plan allows Eppinger to exercise up to 100,000 options to purchase The Hanover Insurance Group, Inc. common stock and to sell the shares upon the exercise of these options. The plan covers stock options granted in August 2003, when Eppinger joined the company. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day"
21. Health Insurance Premium Relief Has Finally Hit New York and New Jersey CINCINNATI--(BUSINESS WIRE)--Tom Quigley, President of Total Benefits Planning Agency, Inc., announces that his organization will be teaming up with Joe Graziano of AWA Group, LLC to cut health insurance rates for New York and New Jersey companies by as much as 40% providing the same benefits for the employees. Quigley’s “Total Benefits” strategy takes advantage of a 53-year-old tax law. Internal Revenue Code Section 105 lets employers reimburse their employees for medical costs they incur for themselves, their spouses, and their dependents. This, in turn, lets them buy less expensive, higher-deductible insurance coverage – then reimburse them directly for the difference between the old deductible and the new. The net result, Quigley reports, is often 20-40% savings over traditional benefit programs. “Unfortunately, traditional health insurance agents and even some carriers are reluctant to embrace the strategy,” Quigley continues. “Refinancing health benefits through the 105 plan is a smart move, just like refinancing your house when rates drop. Yes, it cuts out the insurance ‘middleman.’ And the middleman never likes to be cut out! But with average family health insurance topping $10,500, the current system is doomed. If agents don’t realize this, they’ll go the same way as the dinosaurs.” www.totalbenefitsplanning.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Preparation Is Vital for Independent Brokers and Agents - IBA West Announces Endorsement of Agility Recovery Solutions Pleasanton, CA., May 16, 2007 – The insurance industry understands better than most the profound impact a fire, windstorm or flood can have on a business. Given the significant number of businesses that experience a major interruption, it came to light that our members needed to be prepared. That’s why IBA West has endorsed Agility Recovery Solutions - the industry leader of turn-key recovery solutions. Agility Recovery Solutions provides disaster recovery and business continuity services for small and mid-sized businesses. The company offers turn-key, packaged recovery solutions to businesses across the United States and Canada. www.ibaweest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Louisiana Court Strikes Pollution Exclusion Defense Relating To Underlying Ethylene Dichloride Exposure Suits Against ConocoPhillips May 16, 2007 - A Louisiana judge has ruled that an insurance company cannot use the so-called 'absolute pollution exclusion' to deny its corporate policyholder coverage for claims alleging that bodily injury was caused by workplace exposure to a hazardous substance. Judge Wilfred Carter of the Fourteenth Judicial District Court, Parish of Calcasieu, State of Louisiana, struck the insurance companies' pollution exclusion defense as a basis to deny coverage for ConocoPhillips's claims arising from underlying lawsuits against it in which contractors' employees alleged exposure to ethylene dichloride ("EDC") while working at and near ConocoPhillips's docks facility in Westlake, Louisiana. In the insurance coverage lawsuit, captioned In Re: EDC Contractor Insurance Litigation, Docket No. 98-1984, April 18, 2007, order to be entered soon). ConocoPhillips is seeking coverage as an additional insured under the insurance policies of the contractors whose workers allege to have been injured from exposure to EDC. ConocoPhillips was represented by John N. Ellison and Nicholas M. Insua of Anderson Kill & Olick, P.C., G. Andrew Veazey of Huval, Veazey, Felder & Aertker, and Raleigh Newman. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Progressive Casualty Insurance Introduces New Excess Deposit Bond For Community Banks MAYFIELD VILLAGE, Ohio (May 16, 2007) – Progressive Casualty Insurance Company has added a new product to its Financial Institution Program. The new coverage, Excess Deposit Bond, is designed to address bankers’ need to protect customer deposits that exceed FDIC-insured levels, and is now available in most states. In the highly competitive banking industry, attracting high dollar deposits is critical for growth and profitability. If an FDIC-insured bank or savings association fails, consumers are only protected against the loss of their deposits up to $100,000 per depositor per insured bank or $250,000 for self-directed retirement accounts. The new Excess Deposit Bond provides A+ rated insurance protection for depositors with sums above the FDIC limits, enabling banks to attract and retain large deposit accounts in an efficient and cost-effective manner. www.excessdepositbond.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. PIA’s Licensing Compliance Central helps agents determine renewal dates Everything agents need to know about new licensing changes in one, easy-to-use location GLENMONT, N.Y.—To help member agents determine their license renewal deadlines and access information about the newest licensing changes and license transition rules, the Professional Insurance Agents of New York State, New Jersey, Connecticut and New Hampshire unveiled Licensing Compliance Central, an online service that can be found at www.pia.org/IRC/licensing/. Individual states are adopting new licensing statutes and regulations, which reflect the model licensing procedures of the National Association of Insurance Commissioners. These states now require individuals licensed as insurance producers to renew their licenses based on their date of birth or birth month. One feature of the transition period in most states will be a unique licensing period that begins on the usual date but ends on a date reflecting the producer’s birth date or birth month. Each state has different rules for these transition period licenses. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. World's Leading Companies Expect Top Business Risks to Persist, Intensify During Coming Years Study findings reveal clear imperative for companies to develop strong, consistent enterprise-wide risk management programs JOHNSTON, R.I., May 17 /PRNewswire/ -- Financial executives at the world's largest companies expect the severity of their most prevalent business risks to remain constant or intensify through 2009, according to the "Managing Business Risk Through 2009 and Beyond" study commissioned by commercial and industrial property insurer FM Global. Executives identified the top three biggest threats to their organizations' revenue as competition, followed closely by supply chain disruption and property-related risks. The study also reveals a range of emerging risks that, while not among their primary concerns today, executives say could pose challenges in the years ahead. Available online at http://www.protectingvalue.com, the study findings include the perspectives of more than 500 financial executives in North America and Europe-including CFOs and treasurers-who work for companies with at least US$500 million or more in annual revenue. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. FSO Knowledge Xchange Announces The Financial Services Outsourcing Annual Summit 2007 NEW YORK, May 17 /PRNewswire/ -- After holding a series of highly successful topical events the last two years, FSO Knowledge Xchange will host their first Financial Services Outsourcing Annual Summit on June 7, 2007 in New York. The summit will focus on all aspects of outsourcing for financial services institutions (banking, insurance, and capital markets). Emerging trends, analysis, executive perspectives and enterprise case studies will be addressed in an interactive format via general sessions and panel discussions. Seasoned practitioners and academians from Brown Brothers Harriman, Carnegie Mellon University, Forrester Research, BlackRock, Wachovia, State Street Bank & Trust and Freddie Mac are among the many presenters. Leading solution providers will also be on hand with updates on their latest advances and innovations. For complete information please visit http://www.FSOkx.com. Attendance to the summit is complimentary for senior delegates from the financial services institutions. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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