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1. Life Insurers Endorse Optional Federal Charter (OFC) Legislation WASHINGTON, May 24 /PRNewswire-USNewswire/ -- The American Council of Life Insurers (ACLI) strongly endorses legislation that would modernize insurance regulation and establish the framework for nationwide, state-of-the-art consumer protection. S. 40, The National Insurance Act of 2007, introduced by Sens. John Sununu (R-NH) and Tim Johnson (D-SD), is truly landmark legislation that would modernize our nation's insurance regulatory system, said Frank Keating, president & CEO of ACLI. The legislation would establish a dual-chartering system of regulation for insurers and producers, akin to the system for other financial institutions that has served our country sowell for over a century, he said. The National Insurance Act of 2007 would establish a streamlined regulatory structure for insurance companies and agents choosing federal regulation, with uniform and consistent laws, regulations and consumer protections, he said. Keating emphasized that streamlined regulation does not mean lax regulation. "ACLI supports language in the bill assuring that federally-regulated insurers offer the best consumer protections in the nation," Keating said. "The legislation should take a 'best practices' approach, combining well- tested ideas from around the nation into a single coordinated and efficient system." Under the current system, consumer protection and enforcement standards vary from state-to-state, and consumers who relocate from one state to another often face uncertainty over where to turn when they have a question over their insurance policies, Keating said. Keating added that consumers would also benefit from the legislation because insurance companies would be able to bring innovative, uniform products to market more quickly. Under the current regulatory system, insurance companies must tweak otherwise similar products solely to comply with differences in state laws. These differences have nothing to do with essential consumer or solvency protections, Keating said. But because of these differences, he said, it can take a life insurance company up to two years to introduce a product nationally. This significantly hampers the ability of insurers to meet consumer demands, Keating said. "Why should policyholders facing similar risks and needs living in neighboring states not have the same policy choices and benefits?" he asked. "At a time when the life insurance industry is taking on a more significant role in helping to provide for the retirement security of a growing segment of the American population, a reformed regulatory system is essential," Keating said. The legislation would establish an Office of National Insurance (ONI) within the U.S. Treasury Department that would be responsible for regulating the solvency and market conduct of federally-chartered insurers. The legislation mandates a Division of Consumer Affairs and a consumer ombudsman within the ONI to specifically address consumer issues, questions and concerns. The ONI would be authorized to establish an unlimited number of district offices dedicated to consumer affairs and a Division of Insurance Fraud to address consumer concerns about fraudulent practices. Federal authorities would have an easier time tracking and shutting down unscrupulous activities where perpetrators move from state-to-state. The ONI would also protect consumers' interests by having a voice in federal tax policy affecting life insurance and annuities. Significantly, states would retain the right to collect and retain premium tax income. Funding for the ONI would come from fees and assessments on insurers, agencies and brokerages, similar to the way the Securities and Exchange Commission receives its funding. Keating stressed that the system would be optional, meaning that insurance companies could choose whether to be federally-regulated or state-regulated depending on which system works best for their customers. "In a dual-chartering environment, it is imperative that we continue to make progress at the state level in making laws, regulations and consumer protections more uniform and efficient," he said. "We expect that many life insurance companies and producers would choose to remain state regulated, so it is critically important that them state option is a viable one," Keating said. "To address the needs of a complex and highly-mobile society, to address the needs of insurers operating nationally and internationally, to address the needs of the industry and the American public, the legislation introduced by Senators Sununu and Johnson represents the path to progress," he added. For further information on the consumer benefits of an optional federal charter, visit http://www.acli.com/ACLI/Issues/OFC+Consumer+Benefits.htm?Issue=40 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. AIA Hails Introduction Of Optional Federal Charter Legislation Legislation Is Rooted in Free-Market Principles and Would Allow Competition to Flourish WASHINGTON, D.C., May 24, 2007 – American Insurance Association (AIA) President Marc Racicot today applauded Sens. John Sununu (R-NH) and Tim Johnson (D-SD) for reintroducing “The National Insurance Act of 2007,” important legislation that would modernize insurance industry regulation by providing an optional federal charter (OFC) for insurers. “The OFC legislation is critical because it is rooted in free-market principles, and would allow competition to flourish,” stated Racicot. “Consumers would be empowered by market-based regulation that would allow insurers to customize products and meet consumer needs more quickly, while retaining strong federal regulatory oversight of market behavior and financial condition.” Establishing an optional federal charter would allow U.S. insurers to compete more effectively and would improve the overall competitiveness of the financial services industry; this new system would displace the current multi-state patchwork regulatory system that lacks uniformity and that has been defined by government price and product controls. “OFC embraces the best of state insurance regulation and allows life and property-casualty insurers, reinsurers, and insurance producers to take advantage of the regulatory flexibility banks have long enjoyed – the option of doing business under one set of national rules,” Racicot stated. While the state-based system will stay in place under the OFC proposal for those who choose to remain state-regulated, the legislation would allow property-casualty insurers to choose to be nationally regulated under a more efficient structure. Sens. Sununu and Johnson first introduced their OFC legislation last year, and this year’s introduction coincides with calls for the need to modernize the U.S. financial services regulatory structure. In addition to the recent Schumer/Bloomberg and U.S. Chamber reports calling for an OFC to be put in place, financial services competitiveness has also been a major topic of speeches and a summit over the past few months by the U.S. Treasury Department. “We appreciate the continued leadership of Senators Sununu and Johnson and the ongoing priority they have placed on removing market obstacles imposed by the existing state insurance regulatory system,” Racicot stated. “Removing these barriers will allow insurance markets to function at peak efficiency and will provide consumers with the confidence that they are getting the most for their financial services dollar.” www.aiadc.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Willis Supports Optional Federal Charter Bill New York, NY, May 24, 2007 – Willis Group Holdings (NYSE: WSH), the global insurance broker, applauds Senators Tim Johnson (D-SD) and John Sununu (R-NH) for their leadership in introducing the National Insurance Act of 2007today in the United States Senate. This act aims to allow insurers, agents and brokers to operate under an Optional Federal Charter and to modernize the current fragmented insurance regulatory system. “Insurance has grown to become not only a national but a global financial service,” said Joe Plumeri, Chairman and CEO of Willis. “As such, it needs a regulatory structure that matches its scope and leads to an efficient, solvent and innovative financial sector. The Financial Services Authority in the UK has taken steps toward that goal and I commend Senators Johnson and Sununu for advancing the debate in the United States Senate.” He continued, “After numerous hearings in the House and Senate, there is virtually complete agreement that the insurance regulatory system needs to be modernized and reformed. The question is how best to accomplish this goal. An Optional Federal Charter will provide a Federal regulator to regulate the industry and provide a knowledgeable voice in Washington and to the world community on insurance issues.” www.willis.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. RIMS SUPPORTS OPTIONAL FEDERAL CHARTER LEGISLATION Washington D.C. – May 24, 2007 – The Risk and Insurance Management Society, Inc. (RIMS) supports the efforts of Sen. John Sununu, R-New Hampshire, and Sen. Tim Johnson, D-South Dakota, in their reintroduction today of insurance regulatory reform legislation. The National Insurance Act of 2007 would create an optional federal charter, allowing insurers operating under multiple state jurisdictions to choose to be regulated at the national level. “RIMS has long supported the concept of an optional federal charter,” says Terry Fleming, member of RIMS board of directors and director of risk management for Montgomery County, Maryland. “We look forward to reviewing the bill so that we can endorse it in its current form or offer suggestions for enhancements.” In 2006, RIMS supported the Optional Federal Charter Bill, also introduced by Sens. Sununu and Johnson, because it addressed current inefficiencies in the system that impede innovation, pricing and product delivery. On behalf of its members, the buyers of commercial insurance, RIMS strongly supports efforts to increase competition and market efficiency with the belief that it is the consumer who ultimately benefits from such an undertaking. RIMS looks forward to working with Sens. Sununu and Johnson to bring about reasonable and acceptable reform of current insurance regulatory issues that meet the needs and expectations of risk managers. www.RIMS.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. NAILBA Applauds Optional Federal Charter Legislation (Fairfax, VA) Senators John Sununu (R-N.H.) and Tim Johnson (D- S.D.) introduced today the National Insurance Act of 2007, which establishes an Optional Federal Charter (OFC). Under their bill, insurers operating under multiple state jurisdictions could choose to be regulated at the national level under an OFC. “A more uniform regulatory environment is long overdue,” stated NAILBA Chairman John W. Felton, IV. “This legislation establishes an optional national system of regulation that would make it possible for insurers to offer consumers in all states the same menu of products and services—ultimately giving you more timely access to improved and innovative products.” “Under current law, insurance providers must follow differing—sometimes conflicting—regulations in each state in which they operate,” continued Felton. “Insurers face obstacles such as inconsistent regulations, barriers to innovation and conflicting agent licensing and education requirements, among others. All of these factors drive up the price of products and slow down innovation and delivery of new products to consumers.” “Cost savings to the carriers would be reflected in more competitive products offered to consumers and reduced operational costs to NAILBA’s member agencies and the agent community. Consumers and the insurance industry would all benefit significantly from uniformity and reduced costs,” said Felton. NAILBA supports federal regulation of insurance that would put the insurance industry on equal standing with other financial services industries and recognizes that this legislation is the starting point in the long process of insurance reform. We commend Senator Sununu and Senator Johnson for beginning the dialogue. www.nailba.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com 6. PIA Testifies on Health Insurance Issues at Hearing of House Small Business Committee WASHINGTON, May 24 /PRNewswire-USNewswire/ -- What drives the availability of health insurance among small businesses is cost, according to the National Association of Professional Insurance Agents (PIA). Testifying at a hearing before the House Small Business Committee, PIA member Steven J. Harter said group health coverage is not hard to find, but finding it at a cost that is affordable to small businesses is the major challenge. Harter, an insurance agency owner from Ava, Missouri, recounted that until late last year he owned another company not related to his insurance business. He said that company merged with a larger organization, partly because of the incredible cost of health insurance for his employees. A past national president of PIA, Harter was one of five witnesses asked to testify at the committee's legislative hearing entitled, "Expanding Small Business Health Insurance Coverage Using the Private Reinsurance Market." "The overwhelming driver of insurance cost is the high demand for medical services coupled with the skyrocketing costs of health care, including prescriptions," Harter said. "Today as a nation, we are healthier han ever before. Part of the reason are the advances in medical treatment, which of course add to the cost." "I do not see that reinsurance will necessarily help curb costs," Harter said. "I see reinsurance as more of a vehicle for availability. I have always been able to find group health insurance, just not able to afford it. I don't get the impression from my clients that they are unable to find coverage." Harter said that on the broad question of making health insurance more affordable, there are only three broad options - either have the government pay part of the cost, somehow limit the cost of services, or pass more of the cost to individuals (or some combination thereof). "All reinsurance does is redistribute the exposure to loss by the insurance company," he said. "It does not lower the total cost. However, the ability of insurance carriers to lower their overall exposure to loss through reinsurance could result in more companies competing in the marketplace. With more competition, insurance costs could potentially be lowered." Harter said PIA had six recommendations as Congress begins to consider crafting legislation: 1. Consider affordability as the key to availability. 2. Clearly outline administration of the program, preserving state regulation PIA members have been adamant supporters of state-based regulation of insurance since our creation in 1931. We commend the Small Business Committee for continuing to rely on the states for administration and oversight of the program. PIA believes state coverage mandates must remain. 3. Establishing financial soundness standards including a structure of operative disciplines is critical. It is not enough to merely have funding. 4. Learn from past mistakes. PIA continues to have reservations about Association Health Plan (AHP) proposals that too closely or fully build their structure adhering to ERISA, without including the lessons learned from all the adverse and unintended consequences that continue under it. ERISA needs to be fixed before anything else is piled on top of it. 5. PIA strongly advises that there be specific reporting dates to the Committee for further public vetting - and that before the concepts are implemented, they are subjected to economic and operative modeling. Through this modeling process, the Committee can better identify the hidden details that are always present - and how the structure might act in different markets. 6. Have a consistent definition of what constitutes a small business for purposes of legislation. "What we are really discussing here today is how to go about delivering more high-quality health care to people who cannot afford to bear the full brunt of the cost," Harter said. "People who choose to work for America's small businesses should not be less able to have quality health care than people who work for larger concerns. Aside from the issue of basic fairness, such a situation places small businesses at a competitive disadvantage in the marketplace." "All of us must work together to craft solutions that will expand access to quality, affordable health care to America's small businesses and the people they employ," he added. Testifying along with Harter at the May 24, 2007 hearing were: Leonard D. Crouse, deputy commissioner of the captive insurance division of the Vermont Department of Banking, Insurance, Securities & Health Care Administration; Patrick L. Collins, vice president and reinsurance underwriter with Munich Re HealthCare; Janet Trautwein, executive vice president of the National Association of Health Underwriters; and Edmund Haislmaier of the Heritage Foundation. http://www.pianet.com. A full transcript of PIA's testimony is available at: http://www.pianet.com/doc/Issues/TestimonyOfSteveHarter-PIA.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Rising Health Care Costs Worrying Workers, Watson Wyatt Survey Finds Many Aim to Improve Their Personal Health WASHINGTON, May 24 /PRNewswire-FirstCall/ -- Rising health care benefit costs are causing considerable angst among U.S. workers, according to a new survey by Watson Wyatt Worldwide, a leading global consulting firm. However, most workers say they are willing to improve their own health to help control future costs and prepare themselves for a more enjoyable retirement. In its survey of nearly 2,100 U.S. workers, Watson Wyatt found that more than half (51 percent) of respondents are highly concerned that they won't be able to pay for health care coverage when they retire. More than one-third (35 percent) of respondents are concerned that a major medical expense would ruin them financially. Many workers are also worried about the impact of rising costs in the near term. Two in three (68 percent) believe their deductibles and copayments will increase in the next two years; more than half are worried that their employer will reduce their health benefits coverage. "There's no doubt the rise in health care benefit costs is taking its toll on today's workers both financially and in the form of increased stress," said Cathy Tripp, a senior group and health care consultant at Watson Wyatt. "It's in employers' best interests to help employees see the big picture and plan for the future. Employees who understand how the benefits choices and health decisions they make today can affect them in the long run will be less worried about their prospects of enjoying a healthy and financially secure retirement." According to the survey, 12 percent of workers have reduced contributions to their retirement savings plans because of higher health care costs, while 18 percent have cut back on contributions to other savings. About one in four workers also reported higher stress levels due to rising health care costs. The majority (61 percent) of workers say they see a connection between maintaining a healthy lifestyle and controlling cost increases. Moreover, many employees are willing to make changes in their lifestyle to improve their current health status - 31 percent are in the process of doing so, and 27 percent are considering making a change. The survey found that six in ten employees have tried to take better care of themselves, with 37 percent getting an annual physical. In addition, 42 percent are attempting to control health expenditures by choosing a lower-cost drug option when available. "Employees have been getting the message many employers have been trying to send - that improving one's health pays dividends now and in the future," said Kathryn Yates, global director of Watson Wyatt's communication practice. "But the lines of communication go both ways. By listening to their workforce and tailoring programs to meet employees' needs, employers will be better able to help employees tackle smoking, obesity and other health management issues." http://www.watsonwyatt.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Locke Liddell & Sapp LLP and Lord Bissell & Brook LLP Announce Plans to Merge HOUSTON--(BUSINESS WIRE)--Texas-based Locke Liddell & Sapp LLP and Lord Bissell & Brook LLP, a national firm headquartered in Chicago, have signed a Preliminary Term Sheet to merge the two law firms. If a merger is consummated, the combined firm, Locke Lord Bissell & Liddell LLP, will have approximately 700 attorneys with offices in Atlanta, Austin, Chicago, Dallas, Houston, London, Los Angeles, New Orleans, New York, Sacramento and Washington, D.C. Locke Liddell & Sapp’s Managing Partner Jerry Clements and Lord Bissell & Brook’s Chair Thomas Jenkins jointly announced the proposed merger of equals. Clements will serve as Chair of the new firm. This potential merger is subject to negotiation and execution of mutually acceptable transaction documents and partner approval, which Clements and Jenkins expect to occur no later than the third quarter. A combined firm will have gross revenues of approximately $400 million, placing it among the top U.S. law firms listed in American Lawyer’s “AmLaw 100” annual rankings. “Both firms bring an excellent reputation and have strong legal capabilities focused on providing clients with a broad range of legal services to meet their increasingly complex needs,” said Clements. “Our two firms share a similar vision of growth and diversification. Both firms are committed to finding ways to better serve our clients with greater resources. We are thrilled and honored about the prospect of merging with Lord Bissell. Their lawyers are of the highest professional and ethical caliber and well-respected throughout the legal community.” “Our firms complement each other very well and the combination of both firms will put us in a better position to offer solid expertise across a broader range of practices and industries from offices located throughout the United States and in the UK,” added Jenkins. “We are excited with the opportunity to join with Locke Liddell, a firm held in the highest regard, with a commitment to legal excellence. It is also very important that we have found a merger partner with a similar culture. Our firms share priorities such as a commitment to diversity and to the legal profession through our pro bono efforts.” Established in 1891, Locke Liddell & Sapp LLP is recognized as one of the leading law firms in Texas and Louisiana, representing a broad range of businesses and individual clients having extensive domestic and foreign business interests. Among other areas of practice, Locke Liddell & Sapp is known for its strong corporate, litigation, appellate, REIT, energy, public law and real estate finance practices. Lord, Bissell & Brook LLP was founded in 1914 and serves international clients from seven offices throughout the United States and in the United Kingdom. The firm is internationally known for its complex litigation and regulatory and transactional work in the insurance and reinsurance industries and, for the past six years, has been recognized by Reactions magazine as the #1 US law firm in both industries. The firm also has strong practices in both the banking and health care industries, as well as a national reputation in the area of class action defense. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Committee on Energy and Commerce Requests Long-Term Care Insurance Information ALLENTOWN, Pa., May 24 /PRNewswire-FirstCall/ -- Penn Treaty American Corporation (NYSE: PTA) today announced that, based upon a recent New York Times article on long-term care insurance practices, the U.S. HouseCommittee on Energy and Commerce has requested information from various participants in the long-term care insurance industry, including Penn Treaty. Penn Treaty, an industry leader for over 35 years, appreciates the Committee's efforts and sees this as an opportunity to highlight the value of long-term care insurance to America's seniors. Penn Treaty maintains an excellent claim paying record and is dedicated to improving the quality of life for our nation's seniors. The company has built its reputation as an industry leader with policyholders and agents due to its strong record of approving and paying claims expediently and fairly. Penn Treaty has: 1. Approved over 95% of new claims submissions over the past three years; 2. Paid over $175 million per year in claims over the past five years; and, 3. Paid over $1.5 billion in claims to its policyholders during its tenure as an industry leader. The care of America's elderly is of paramount importance to Penn Treaty. As a result, we intend to fully assist the Committee's efforts, which we believe will affirm Penn Treaty's leadership role in the highly beneficial long-term care insurance industry. SOURCE Penn Treaty American Corporation Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. New Report Shows Malpractice Insurers Price-Gouging Doctors and Driving Up Cost of Care Report faults excessive premiums, not so-called 'malpractice crisis' WASHINGTON, May 24 /PRNewswire-USNewswire/ -- The American Association for Justice (AAJ) today released a report revealing the medical malpractice insurance industry has been price-gouging doctors through excessive premiums and needlessly contributing to the growing cost of healthcare. Written by former Missouri Insurance Commissioner Jay Angoff, the study is based on recent annual reports from the top 15 medical malpractice insurers as rated by A.M. Best. The report shows that these insurers artificially raised doctors' premiums and misled the public about the nature of malpractice claims -- asserting that a so-called "malpractice crisis" exists. The report puts the lie to that claim. According to the study: -- The medical malpractice insurers saw losses and projected losses plummet by 48% over the period 2003-2006. -- These incurred losses have declined every year for the past five years. -- These insurers' 2006 surplus is 43% greater than their surplus in 2003 -- five times the state-minimum surplus for insurer stability. -- Only three of the 15 leading insurers issued dividends to doctors in 2006. "Medical malpractice insurance companies have been price-gouging doctors, padding their pockets with excessive premiums and driving up the cost of healthcare," said Jon Haber, AAJ Chief Executive Officer. "Cynically, these same insurance companies have been blaming high premiums on a so-called 'malpractice crisis' that doesn't exist. We have an insurance crisis, not a medical malpractice crisis." The new report also demonstrates the difference between two types of losses in the insurance industry -- incurred losses and paid losses. The industry evaluates its performance based on incurred losses (which include projections of future payments) and not paid losses (which are actual claims payments). This report takes into account both paid and incurred losses, and shows that although both have decreased, malpractice rates for doctors continue to increase. "No matter how you look at it, doctors and patients are getting ripped off by the insurance industry," said Haber. AAJ calls for a thorough and immediate review of the insurance industry's unscrupulous price gouging and its effect on Americans' access to a safe, affordable healthcare system. For a copy of the report "No Basis for High Insurance Rates: An Analysis of the 15 Largest Medical Malpractice Insurers 2006 Financial Statements," visit http://www.justice.org/pressroom/angoff. AAJ: 1050 31st Street NW, Washington, DC, 20007 As the world's largest trial bar, AAJ (formerly known as the Association of Trial Lawyers of America) promotes justice and fairness for injured persons, defends the constitutional right to trial by jury, and strengthens the civil justice system through education and disclosure of information critical to public health and safety. With 52,000 members worldwide, AAJ provides lawyers with the information and professional assistance they need to serve clients successfully and protect the democratic values of the civil justice system. Visit http://www.justice.org. SOURCE American Association for Justice Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. A Majority of Japanese Insurers are Pursuing New Customer Strategies Due to the Emerging Role of Banks as Distribution Channels, According to Accenture Study Changing consumer profiles and new competition challenge domestic insurers TOKYO--(BUSINESS WIRE)--Most Japanese insurance companies are now pursuing new customer and product strategies due to regulatory reforms that are opening the banking sector as a distribution channel for insurance products, according to an Accenture (NYSE: ACN) survey of senior executives at one-third of the insurance companies operating in Japan. More than two-thirds (67 percent) of Japanese insurers surveyed said that they would pursue new customer strategies and three-quarters (76 percent) said they would pursue new product strategies as a result of regulatory reforms that come into full effect next year, allowing banks in Japan to distribute insurance products. The sale of insurance products by banks is also known as “bancassurance.” The study assessed Japanese and foreign insurance executives’ perspectives on regulatory reforms, market competition, the privatization of Japan Post, and their companies’ business performance. Respondents said that ongoing regulatory reforms such as bancassurance have helped bring a greater variety of products (81 percent) and service improvement initiatives (70 percent) to the country’s insurance marketplace. While nearly all (94 percent) of the respondents said that regulatory reforms have given rise to a stronger, more competitive insurance industry in Japan, only two out of five (42 percent) domestic insurers said that their own companies had benefited from those changes. “Our research found that virtually all insurers operating in Japan believe that regulatory reforms have made the industry far more competitive and dynamic,” said Nobuhiko Watanabe, a senior executive in Accenture’s Insurance practice and co-author of the study. “But the legacy of a regulated market still hangs heavily over Japanese insurers and new market forces are seriously challenging their product, service and customer strategies.” www.accenture.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. American Physicians files for public offer of 2.3 mln shares May 25 (Reuters) - American Physicians Service Group Inc. (AMPH.O: said it has filed with U.S. regulators for a proposed public offering of 2.3 million common shares. The company intends to contribute about $10 million of its net proceeds to American Physicians Insurance Co., its medical professional liability insurance company, to strengthen its capacity to underwrite insurance risks, and will use the remainder for general corporate purposes including possible acquisitions. (Reporting by Purwa Khandelwal in Bangalore, Editing by Bernard Orr; Reuters Messaging: Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Concentra Acquires Assets Of United Occupational Health Centers, Inc. Expands Concentra's Medical Centers in Northwest Texas ADDISON, Texas, May 24 /PRNewswire/ -- Concentra Health Services, Inc. ("Concentra" or the "Company") today announced that it has acquired the assets of United Occupational Health Centers, Inc. d/b/a Lubbock Occupational Health Center ("LOHC"). Based in Lubbock, Texas, the acquisition marks Concentra Medical Centers' initial entry into the Lubbock community and will expand the company's geographic footprint to 40 centers in Texas. Sam Morgan Jr., DO, and Joseph Batista, PT, have joined the company as the Center Medical Director and Center Therapy Director, respectively, for the new Lubbock site. "We share a similar culture built upon commitment to quality patient care," said Dr. Morgan. "Our talented and dedicated staff help drive our success and I am particularly excited about this combination and what it means for the Lubbock community." http://www.concentra.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. ACE Targets Private Firms with Enhanced D&O Cover LONDON--(BUSINESS WIRE)--In a move targeted at small and medium size private companies, ACE European Group (ACE) has extended its Directors and Officers (D&O) coverage to provide protection for the company itself, in addition to executives and business owners. The inclusion of ‘Entity’ cover within its Elite D&O wording, together with a simplified level of indemnity enables ACE to offer a more cost effective and relevant policy for private companies. www.aceeuropeangroup.com. www.acelimited.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Navigators Launches Specialty Program Division NEW YORK--(BUSINESS WIRE)--The Navigators Group, Inc. (NASDAQ:NAVG) today announced that its principal underwriting agency subsidiary, Navigators Management Company, has established the Specialty Program Division. The Division will focus on developing portfolios in a variety of specialty industry niches produced through program administrators. Products underwritten by the Division will include property, general liability and commercial automobile insurance. Rick Cullen has joined Navigators as President of the Specialty Program Division and will be based in the Company’s Schaumburg, Illinois office. Cullen has substantial program business experience, having been involved in the development, implementation and management of specialty programs and products for over 15 years. www.navg.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. J-POWER Announces Joint Venture with John Hancock CHICAGO, May 24 /PRNewswire/ -- Chicago area based J-POWER USA Development Co., Ltd. has reached agreement with John Hancock Life Insurance Company on the formation of a US joint venture to be called J-POWER USA Generation. The venture will initially have 1200 megawatts of net generation ownership in the US made up entirely of long-term contracted assets. The ongoing plan for the venture will include acquiring additional existing, largely contracted, non-regulated assets in the U.S. market with an overall goal of 2000 to 4000 megawatts of net ownership by 2010. In addition, the joint venture will aggressively begin developing generation on a green field and brown field basis, with contracted off-take. J-POWER will take an active role in all aspects of the business. http://www.manulife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. John Hancock Enables Producers to Complete Life Insurance Applications Electronically JH Illustrator Enhancements Further Simplify Application Process BOSTON, May 24 /PRNewswire-FirstCall/ -- John Hancock has enhanced its JH Illustrator software system, making it now possible for producers to complete life insurance applications electronically. Building on an application wizard added to the software system last year, John Hancock has essentially eliminated all handwriting -- except for the producer and client's signature -- from the application process. http://www.manulife.com http://www.johnhancock.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. AEGON N.V. Announces Execution of Share Buy-Back THE HAGUE, The Netherlands, May 25 /PRNewswire-FirstCall/ -- With reference to our press releases dated March 8, 2007 and May 16, 2007, AEGON N.V. (LSE: AGN; NYSE: AEG) announces that it has mandated the buy-back of AEGON N.V. shares. The purpose of the buy-back is to neutralize the dilution effect of the 2006 final dividend paid in shares. AEGON N.V. will repurchase 11.6 million common shares. The buy-back will be completed before June 30, 2007. http://www.aegon.com and http://www.sec.gov. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Meadowbrook Insurance files $125 mln shelf offer WASHINGTON, May 24 (Reuters) - Meadowbrook Insurance Group Inc. (MIG.N: on Thursday said it may periodically sell up to $125 million in common and preferred stock and warrants. The proceeds may be used for general corporate purposes, including working capital and capital spending, according to a shelf registration statement filed with the U.S. Securities and Exchange Commission. Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale. © Reuters 2006. All rights reserved. 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21. Life Settlement Awareness Month™ To Include Continuing Education Course on Life Settlements SAN DIEGO--(BUSINESS WIRE)--The life-settlement market is growing rapidly, and insurance professionals serving senior clients in this industry are calling for educational resources to help them understand the ever-changing landscape of life settlements. As part of Life Settlement Awareness Month in June, Life Settlement Solutions – the founder and presenter of Life Settlement Awareness Month – will offer one of the first certified continuing-education courses on life settlements, covering fundamental and advanced topics. At present, the course has already been approved for 3 to 8 credit hours for life insurance licensing continuing education in 32 states including; Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, North Carolina, North Dakota, Nebraska, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Virginia, Vermont, Washington and West Virginia. The course is pending approval in all other states. An up-to-date map of states in which the course has been approved can be found on the Life Settlement Awareness Month Web site. http://lss.webce.com www.lifesettlementawarenessmonth.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Consumers Life(R) Enters Wisconsin Group Health Insurance Market CLEVELAND, May 24 /PRNewswire/ -- Consumers Life Insurance Company is now offering group health insurance products in Wisconsin to groups of 2-99 eligible employees. Consumers Life group plans offer a wide range of deductibles, affordable monthly premiums, prescription drug coverage and access to extensive Consumers Life provider networks. Consumers Life has partnered with the HealthEOS by Multiplan(R) and First Health networks of doctors and hospitals in Wisconsin. HealthEOS and First Health offer cost-effective, quality healthcare from a variety of hospitals, physicians and other healthcare professionals throughout the state of Wisconsin. http://www.ConsumersLife.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. NJ State Municipal Prosecutors Association Endorses Proformance Insurance FREEHOLD, N.J., May 24 /PRNewswire/ -- The New Jersey State Municipal Prosecutors Association, which represents more than 300 attorneys, has officially endorsed the personal lines products of The Proformance Insurance Company to members of its organization. Proformance Insurance will offer automobile and homeowners policies, as well as specialty property liability coverage to members of the New Jersey State Municipal Prosecutors Association at a discount. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Guardian Joins Industry Campaign to Build Awareness About the Need for Disability Insurance Supports Inaugural Disability Insurance Awareness Month Campaign in May Sponsors Exclusive Disability Media Roundtable Event NEW YORK, May 24 /PRNewswire/ -- The Guardian Life Insurance Company of America (Guardian) has teamed up with the Life and Health Insurance Foundation for Education (LIFE) in support of the inaugural Disability Insurance Awareness Month. Disability Insurance Awareness Month is an industry effort to build consumer awareness about the importance of disability insurance. According to the LIFE Foundation, nearly 1 in 5 Americans will become disabled for 1 year or more before the age of 65. And Guardian research shows that 50% of consumers have three months or less of their living expenses saved. Of those with three months or less saved, 29% admit that they don't have enough savings to cover any of their living expenses if they have to stop working. http://www.GuardianLife.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Conseco Announces Plans to Refinance Credit Facility CARMEL, Ind., May 22 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO) today announced that it has engaged Banc of America Securities LLC and J.P. Morgan Securities Inc. to act as lead arrangers and joint bookrunners in connection with the amendment of its senior secured Credit Agreement, which currently has a remaining outstanding balance of $671.6 million. The amendment is expected to provide for, among other things, a $200 million increase in the principal amount of the facility and revised financial covenants which would allow, among other things, the Company to repurchase up to $300 million of its common stock over the life of the facility. The proceeds of approximately $200 million are expected to be used for general corporate purposes including the repurchase of Conseco common stock and the strengthening of the capital of the Company's insurance subsidiaries. Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, heart/stroke and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial futures. For more information, visit Conseco's web site at www.conseco.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. ARK Syndicate Management Chooses Rms® Catastrophe Modeling Software Newark, Calif. - May 23, 2007 - Ark Syndicate Management has entered into an agreement with Risk Management Solutions (RMS), the world's leading provider of products and services for catastrophe risk management, to license its RiskLink® catastrophe modeling platform. Ark will use RMS peril models as part of a holistic approach to understanding catastrophe risks and accumulations, and to report its exposures as it sets about developing its global portfolio of insured risks. Ark, a Lloyd's-based underwriting agency, was founded in early 2007 by senior executives from Wellington and Aspen, and is funded by Jeff Greenberg's private equity firm, Aquiline Capital Partners. The management of catastrophic exposures is playing an increasingly critical role in the Lloyd's market, which has for years been at the forefront of applying catastrophe models for both underwriting and internal risk management strategies. RMS already licenses RiskLink® and its catastrophe models to 18 of the 20 largest Lloyd's managing agents, but Ark's decision to license the software confirms that RMS can meet the modeling needs of all sizes of reinsurer in the London market. www.rms.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Willis Review: Plenty of “Stretch” Left in the Energy Market London, UK, May 23, 2007 – The energy market continues to soften as capacity increases and loss records remain relatively benign. But how far will this softening market stretch before the next upswing of the market cycle begins? The answer, in the absence of further catastrophe losses, is generally “a good deal further”, according to the latest Energy Market Review from Willis Group Holdings (NYSE:WSH), the global insurance broker. Contrary to a commonly-held insurer view that the market is already “at full stretch” with major capacity withdrawals imminent should prices fall still further, the Willis Energy Market Review found that rating levels will have to soften a lot more before insurers begin to exit this market in any significant number. The Willis Energy Market Review reveals that commercial market capacity is at its highest levels since 9/11, with insurers competing more aggressively for premium income and market share. The Review also focuses on the growing trend towards the deployment of capacity by global insurers on a regional basis, especially in the downstream sector. http://www.willis.com/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Mutual Trades Applaud Defeat Of 'Double Lawsuit' Bill INDIANAPOLIS (May 23, 2007)—The Minnesota Association of Farm Mutual Insurance Companies (MAFMIC) and the National Association of Mutual Insurance Companies (NAMIC) stated today that “consumers win” with the legislative defeat of harmful Bad Faith “Double Lawsuit” proposals. If passed, the “Double Lawsuit” proposals would have allowed trial attorneys to sue not only the party they think is responsible for an injury, but that party’s insurance company as well. “Minnesota insurance consumers should breathe a sigh of relief,” said Wes Gainey, president of MAFMIC. “Passage of the ‘Double Lawsuit’ proposals would have authorized third-party bad faith and direct action claims against insurance companies.” MAFMIC, the Insurance Federation of Minnesota, NAMIC and the NAMIC insurance company, NAMICO, joined a broad-based coalition of insurers, consumers, and civic and business groups formed to stop what they believe are harmful and short-sighted proposals. Minnesotans Against Fraud and Higher Insurance Costs, through its website at www.nohigherrates.com, conducted a comprehensive grassroots campaign to inform Minnesota citizens of the severe impact these “Double Lawsuit” proposals would have on Minnesota. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Understanding Your Insurance Policy An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company’s responsibilities if a loss occurs. Many insureds purchase a policy without understanding what is covered, the exclusions that take away coverage, and the conditions that must be met in order for coverage to apply when a loss occurs. With this being National Hurricane Preparedness Week, the National Association of Insurance Commissioners (NAIC) would like to remind consumers that reading and understanding your policy can help you avoid problems and disagreements with your insurance company in the event of a loss. www.naic.org www.InsureUonline.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Dmw Worldwide Helps Excellus Health Plan Relaunch Value-Added Benefit Program Targeted At Over-65 Market WAYNE, Pa. — May 18, 2007 — When Excellus Health Plan, Inc. sought to relaunch its value-added fitness and weight loss management program available exclusively to Excellus’ over-65 members, the organization turned to DMW Worldwide LLC for help. Connecting with fitness and weight management providers as well as members was the beginning of a continuing grassroots initiative to generate interest in Excellus Medicare programs throughout the year. DMW developed a program that would help build brand image, acquire more and more health-conscious members, retain current members, improve the health of its current member base, and keep Excellus’ promise to improve the health of seniors in its target market areas. To meet these objectives, DMW developed four types of marketing materials: collateral, a provider mailing, a member retention mailing, and a fitness utilizer mailing. www.dmwdirect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Dodge & Cox reduces its holding of Converium's registered shares to below 5% Disclosure of shareholdings pursuant to Art. 20 SESTA Zug, Switzerland - May 24, 2007 - Converium Holding Ltd has been notified that Dodge & Cox, 555 California Street, 40th Fl., San Francisco, CA 94104, U.S.A., has reduced its holding of registered shares of Converium Holding Ltd, Zug to below 5%. www.converium.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. David Macchia's Blog Features Moshe A. Milevsky, International Authority on the Interplay Between Financial Risk Management & Personal Wealth Management HINGHAM, MA -- (MARKET WIRE) -- May 23, 2007 -- In a far reaching, one-of-a-kind interview with Wealth2k® CEO, David Macchia, Moshe A. Milevsky, PhD., shares his expert insight on a variety of timely issues facing the retirement income and financial services industries. Milevsky, Executive Director of the Individual Finance & Insurance Decisions Centre (IFID), is an international authority on retirement issues and an associate professor of finance at York University. A bestselling author, he has written over 40 scholarly research articles and his views are regularly sought out by prestigious business journals. As part of the Leaders and Innovators series found only at Macchia's blog, www.davidmacchiablog.com/?p=105, Milevsky comments on topics ranging from the need for a secondary marketplace for insurance products (well beyond the present life settlement market) to the necessity for financial services companies to excel at communications if they are to realize their full potential in Boomer retirement. He also offers thoughts on the transformation of the variable annuity market, the need for greater financial literacy, and the business prospects and growth opportunities for life insurers. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Back in Action: The Hartford Dedicates Team of Specialists to Help Disabled Employees Return to Work Leading disability insurer develops guide on creating return-to-work programs SIMSBURY, Conn. – In an effort to boost U.S. workers’ health and productivity, The Hartford Financial Services Group, Inc. (NYSE: HIG) has created a specialized team of clinical professionals to facilitate disabled employees’ safe return to the workplace. The Hartford, a group disability insurer has also developed a return-to-work roadmap – a step-by-step guide on creating programs to transition sick or injured employees back into the workforce. Workers whose employers reach out and communicate with their employees early in their disability return to work an estimated 2.7 weeks sooner, helping to save a company approximately $810 per short-term disability claim, according to the Washington Business Group on Health, a non-profit organization representing more than 260 employers. Almost half of all U.S. businesses, however, don’t have a formal return-to-work program, according to research by JHA, a market research, consulting and reinsurance firm. For more information about the risk of disability, visit the Council for Disability Awareness website at www.disabilitycanhappen.org. The Hartford supports the Life and Health Insurance Foundation for Education’s designation of May as Disability Insurance Awareness Month (www.life-line.org). www.thehartford.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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