Insurance Design Group promotes quality benefits and customer service for the working public and their families. As the Case Manager, this individual will serve as the key resource of the enrollment implementation process to include communication, management and successful delivery of the overall enrollment life cycle. This position will be responsible for working directly with the HR personnel of accounts, key contacts of insurance carriers and other functional areas to execute the case specific enrollment plans. Principal Duties and Responsibilities to Include:
Serious inquiries should contact Dale Wofford at RDWofford@coloniallife.com. www.idgkc.com
Insurance Design
Group is pleased to publicize that Jeff Grabiak, President of IDG, Daily Quote: “Fortes Fortuna Adiuvat!" Fortune favours the bold, Fortune favours the brave, and Fortune favours the strong are three common translations of the famous and often-quoted ancient Latin proverb "Fortuna fortes adiuvat". The phrase means that Fortuna, the Goddess of luck, is more likely to help those that take risks, take action, and develop their skills proactively. It was first written by Terence, who lived in the second century BC, but it has been quoted many times since. The phrase is often associated with Virgil's epic poem, the Aeneid, appearing in book 10 line 284, in the slightly different form "audentis fortuna iuvat." [1] – Source: wikipedia 1. House passes kids health bill Bush opposes Wed Aug 1, 2007 8:07PM EDT By Donna Smith WASHINGTON (Reuters) - The U.S. House of Representatives voted on Wednesday to expand a popular children's health insurance program, ignoring a veto threat from the White House, which called the legislation a move toward nationalized health care. The House voted 225-204, mostly along party lines, for the bill that would renew the so-called SCHIP program that gives federal grants to states to help provide health coverage to working families unable to afford insurance but who earn too much to qualify for the Medicaid program for the poor. The Democratic-written bill would provide an extra $50 billion for children's health care, raise cigarette taxes by 45 cents a pack and cut Medicare payments to private health insurers. Backers said it would ensure continued health insurance for 6 million children and provide enough money to cover an additional 5 million eligible children. "Contrary to the claims of the president and other opponents of this bill, it does not constitute a 'government takeover of health care,'" said House Majority Leader Steny Hoyer, a Maryland Democrat. "In fact, three-fourths of the children in the SCHIP program receive care today through private insurance plans that contract with the states." The White House said Bush would veto the bill. Bush wants to add just $5 billion to the current $25 billion over five years funding level. He advocates using tax breaks to help more Americans afford health insurance and Republicans argued the House bill was a major step toward socialized medicine. "Democrats want to raise taxes by at least $54 billion to fund a massive expansion of government-controlled health care," said Rep. Jim McCrery, a Louisiana Republican. "This is not just about helping low-income children. They are spending government funds to lure middle-class families to opt out of private health coverage." The administration has also threatened to veto a more modest Senate bill that expands the children's health program by $35 billion, financed by a 61 cent-per-pack increase in the federal cigarette tax, which now stands at 39 cents a pack. The Senate is expected to complete work on its bill, which enjoys broad bipartisan support, sometime this week and the two chambers would have to work out differences before sending a final bill to Bush. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Moody's: A Growing Presence of Leveraged Transactions in the Insurance/Asset Management Sectors New York, August 02, 2007 -- Certain sectors within the insurance and asset management industries have become increasingly involved in highly leveraged transactions, often sponsored by private equity firms, and resulting in speculative grade debt ratings. This dynamic also creates the potential for rating downgrades to the extent that investment grade companies are targeted for LBO's or other similar transactions, according to a new report by Moody's Investors Service. Within the insurance and asset management sectors, Moody's currently has ratings on roughly 20 companies with highly leveraged capital structures as a result of LBOs by private equity firms, debt-financed acquisitions by strategic investors, dividend recaps, or similar transactions. "The result is that a number of companies in this category currently have high risk, speculative-grade debt," says Vice President Paul Bauer, author of the report. The most common targets for leveraged buyouts and other similar transactions include insurance brokers, service providers, asset management firms, and health insurers. A few small, specialty niche companies within the property and casualty sector have also been bought out by private equity firms. Mr. Bauer notes that recent signs have appeared that suggest the pace of the risky transactions assumed by these companies is likely to slow. "Nevertheless," he says, "it remains probable that this type of highly leveraged activity will continue given that yields on speculative-grade debt remain below historic averages, and private equity firms will continue to have a strong presence in financial markets." "Among the companies that appear to have a relatively high level of immunity to highly leveraged transactions," he adds, "are most mainstream life insurers, property and casualty companies (particularly commercial lines companies), and reinsurers." This is because of the high level of sensitivity to credit ratings on the part of their customers. "Generally," Mr. Bauer says, "Moody's analyzes these transactions using the same criteria that is typical of a more moderately levered company, and consistent with our sector-specific rating methodologies." "However," he adds, "greater emphasis is placed on several additional criteria, including the characteristics of the sponsor, the operational and financial stability of the business, growth prospects, and most importantly, the extent of financial leverage itself." The report is titled "Highly Leveraged Transactions in the Insurance and Asset Management Sectors," August 2007. www.moodys.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. News From USW: Judge Orders Continental Tire to Fulfill Contract, Pay Health Care Costs for Retired Workers Must Restore Payment of Coverage for Retirees PITTSBURGH--(BUSINESS WIRE)--News From USW: A federal judge yesterday issued a summary judgment ordering Continental Tire Co. to pay medical premiums for 2,000 retired United Steelworkers who filed a class action lawsuit against their employer after Continental arbitrarily cut the benefit. Federal Judge Jack Zouhary of the U.S. District Court for the Northern District of Ohio Western Division told the German-based tire company to fulfill its contractual obligations to the retired workers from plants in Charlotte, N.C.; Mayfield, Ky. and Bryan, Ohio, and is expected ultimately to enter final relief on behalf of 2,000 affected retirees. After learning of the ruling, USW International President Leo W. Gerard said, “The fact that the court issued summary judgment shows just how disgraceful Continental Tire was in abandoning its contractual obligations to American tire builders who gave the company a lifetime of work. “Instead of honoring its commitments, this company callously betrayed the workers while continuing to take advantage of the American tire market – something they wouldn’t dare to do in Europe.” Over the past five years, Continental began closing its American plants and outsourcing those jobs to factories in places like Brazil and Malaysia while continuing to characterize itself in advertising as an “American Company.” It also slashed health care benefits to retirees that it had agreed to in contracts. Contractually, Continental was obligated to pay approximately $18,000 a year for health care premiums for retirees not yet eligible for Medicare, and $4,200 a year for those old enough to receive Medicare. Instead, Continental summarily decided it would pay $3,000 for everyone, no matter how old or what the circumstance. Mark Cieslikowski, president of USW Local 850 in Charlotte, where 1,080 had worked at the Continental plant in 2005, but where only 160 remain now, said the loss of the insurance coverage devastated retirees. “It was a great benefit we enjoyed for years. But we gave up raises to get that. It was a trade off. We paid for it in a different form. Now the company comes back and takes it away from you,” he said, “I have retirees who have no health care because they could not afford the premiums and because they had pre-existing conditions, they could not buy insurance. If you are a diabetic or you have high blood pressure, lots of companies will not insure you.” USW Executive Vice President Ron Hoover said it is time for Continental to do the right thing and make the payments. “This is an international corporation that has made massive profits throughout this sorry affair. It is time for them to finally stand up and fulfill promises made to workers who labored hard for them over decades and pay those medical premiums now. Right now. The USW said the payments should be made even if Continental appeals because the judge’s ruling makes it clear that when a benefit is vested, a company cannot arbitrarily take it away. The USW represents more than 850,000 workers in the U.S. and Canada, including 70,000 in the tire and rubber industry. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Congressman Gregory W. Meeks and the New York Delegation Sheppard the Terrorism Risk Insurance Extension Act Through the Financial Services Committee WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- After many months of negotiating with other Members and the insurance industry, Congressman Gregory W. Meeks and his fellow New Yorkers on the Financial Services Committee lead the charge to pass the Terrorism Risk Insurance Extension Act (TRIEA) in committee today. The final vote was 49-20 in favor of passage of the bill. The Terrorism Risk Insurance Act (TRIA) was created in the aftermath of the 9/11 terrorist attacks as a federal backstop to the insurance and re- insurance who were endanger of being illiquid if another terrorist attack occurred. TRIEA makes the insurance industry responsible for no more than $27 billion of compensation in the case of a terrorist attack, with the government picking 85% of the cost once damages exceed $100 million. Coverage for nuclear, biological, chemical and radioactive attacks was also included in the extension bill. Without TRIA, insurance companies were not willing to provide terrorism insurance to facilities in New York or other areas with a high risk for future terrorist attacks. Without terrorism insurance, banks were not willing to finance new construction, making development difficult in New York and practically impossible to rebuild at Ground Zero. Congressman Meeks and the rest of the New York delegation on the committee cosponsored an amendment with Congressman Peter King to extend TRIA 15 years until 2022 instead of 2017 which was in the language of the bill. The amendment was contended by the majority of the Republican committee members. When speaking in support of the amendment Rep. Meeks stated, "The amendment will give greater stability and certainty to the market place which is what the industry seeks when making long term investments." A special provision to lower the trigger for federal assistance was included in the bill for areas that have already suffered a terrorist attack; a provision that especially benefits New York. "The symbolic part of this bill is that we are telling our friends and enemies that the economic engines of this country will continue churning. We will continue building and rebuilding our great nation no matter what efforts, violent or otherwise, are taken to inhibit us," stated Rep. Meeks. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. AIA Encouraged By Bipartisan Committee Vote On Terrorism Insurance Legislation Bipartisan Spirit Displayed Today Bodes Well for its Chances on the Floor WASHINGTON, D.C., August 1, 2007 – Gov. Marc Racicot, president of the American Insurance Association (AIA), today commended the House Financial Services Committee for its bipartisan vote on H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007, calling the vote a “vital step to continuing America’s economic security.” www.aiadc.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Big “I” Applauds House Committee For Action On Terrorism Insurance Bill TRIREA to continue needed terrorism insurance backstop WASHINGTON, D.C., August 1, 2007-The House Committee on Financial Services today took a major step today toward extending the federal terrorism insurance backstop by passing H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA). The Independent Insurance Agents & Brokers of America (the Big “I”) strongly supports the bill, sponsored by Rep. Michael Capuano (D-Mass.) and House Financial Services Committee Chairman Barney Frank (D-Mass.), and today thanked the Committee for moving this important legislation forward. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. TRIA: Essential Legislation Advances As NAMIC Works to Improve Bill WASHINGTON (Aug 1, 2007) – The latest version of a federal terrorism backstop approved by the House Financial Services Committee goes a considerable distance toward helping smaller insurance companies offer terrorism coverage, according to the National Association of Mutual Insurance Companies (NAMIC). However, NAMIC will continue to work with committee leadership to strengthen and improve the bill to maximize participation by small- and medium-sized insurers and their policyholders prior to full House debate. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. AMA Applauds House Passage of CHAMP Act (H.R. 3162) WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- The following is a statement by Edward Langston, M.D., Board Chair, American Medical Association: "The American Medical Association applauds the members of the U.S. House of Representatives who voted to pass legislation that preserves access to health care for children and seniors. The House rose to the challenge of making sure that two critical health care issues were addressed before the August recess, and while there is more work to be done, now millions of low- income children and seniors can know that the House is committed to ensuring that they continue to have access to health care. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. AARP Commends House for Passing CHAMP Act AARP: "This legislation helps older Americans, helps kids and helps doctors; it is opposed by the tobacco and insurance companies. Who are the American people going to side with?" WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- AARP CEO Bill Novelli applauded the House of Representatives today after it voted to approve H.R. 3162, the Children's Health and Medicare Protection Act (CHAMP). Novelli's statement follows: "We need to make major changes to fix the American health care system, and the CHAMP Act is a beginning. By addressing the needs of the most vulnerable -- lower-income children and older Americans -- we begin to shape the building blocks for full-scale health reform. The House deserves to be congratulated for their action. "This legislation helps older Americans, helps kids and helps doctors; it is opposed by the tobacco and insurance companies. Who are the American people going to side with? Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Statement by James Firman President & CEO, National Council on Aging NCOA Praises House Passage of Children's Health and Medicare Protection Act WASHINGTON, Aug. 2 /PRNewswire-USNewswire/ -- The following is a statement by James Firman, President & CEO, National Council on Aging: President & CEO, National Council on Aging The National Council on Aging (NCOA) commends the U.S. House of Representatives for passing H.R. 3162, the Children's Health and Medicare Protection Act (CHAMP Act), today by a vote of 225 to 204. Not only would the CHAMP Act provide needed assistance to low-income children, it would also improve the quality of life for millions of seniors with limited incomes and strengthen the Medicare program in a number of ways. Up to 4.2 million vulnerable seniors are eligible for, but not receiving, Medicare prescription assistance that would fill the donut hole and pay for almost all of their prescription drug costs. In addition, less than one in seven people who are eligible for program help with Medicare Part B premiums are getting it. Another Medicare assistance program is scheduled to expire at the end of September, without Congressional action. The CHAMP bill would address these and other serious problems faced by low-income older Americans. The National Council on Aging's mission is to improve the lives of older Americans. NCOA programs help older people remain healthy and independent, access benefits programs find jobs and discover meaningful ways to continue contributing to society. A non-profit organization with a national network of more than 14,000 organizations and leaders, NCOA wasfounded in 1950 and is based in Washington, DC. For more information about NCOA, please visit http://www.NCOA.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Congress Casts a Historic Vote for Seniors and Children The National Committee Applauds the Passage of the Children's Health and Medicare Protection (CHAMP) Act WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- The following is a statement by Barbara B. Kennelly, President/CEO of the National Committee to Preserve Social Security and Medicare: "While everyone in Washington claims to care about seniors and children, tonight's vote in the House forced members of Congress to prove it. A majority has chosen to return America's healthcare priorities where they belong... on American families. Government subsidies to private insurers providing Medicare Advantage have created a gaping hole that is draining the Medicare trust fund and imposing unfair costs on millions of beneficiaries across the nation. These outrageous overpayments were proposed by the insurance industry and passed into law by their allies in Congress, four years ago. That mistake was corrected in the House tonight. By eliminating these government subsidies, private Medicare plans will have to compete on a level playing field with traditional Medicare. We've been told for decades industry can provide seniors cheaper and more efficient healthcare; this House bill gives insurers the chance to prove it." The National Committee, a nonprofit, nonpartisan organization acts in the interests of its membership through advocacy, education, services, grassroots efforts and the leadership of the Board of Directors and professional staff. The work of the National Committee is directed toward developing better- informed citizens and voters. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Blunt: Schip Should be About Children's Needs, Not Used as Excuse to Slash Benefits of Seniors WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- House Republican Whip Roy Blunt (Mo.) issued the following statement this afternoon after House Democrats passed legislation making deep cuts in health care programs for our nation's seniors, and shifting thousands of children from private insurance plans to programs run by the federal government: "The State Children's Health Insurance Program was originally intended to address the needs of uninsured children from low-income families, providing the means necessary to help those children grow up healthy, strong, and able to lead our country into the future. It's a program that was created under Republican leadership, and it's one I would've been proud to support today if the majority had given us the chance. "But the bill we voted on today wasn't written with needs of children in mind. Under this legislation, 2.1 million children currently covered by existing health plans would be dumped into a single-payer, government-run health care scheme. And to 'pay' for a small part of that, Democrats are prepared to make deep cuts to Medicare programs important to our nation's seniors, and increase taxes on every American with a health insurance plan of his or her own. Worse yet, the bill would remove protections designed to prevent illegal immigrants from collecting health care benefits paid for by, and issued at the expense of, legal American taxpayers. "In the same way the majority handled the Farm Bill last week, and will likely handle the Energy Bill later this week, Democrats have decided that a strategy of conflict is preferable to a course of compromise. In the process, they've taken legislation of major significance and national priority -- bills which have historically garnered broad support -- and reached well beyond their intended scope. The product of those efforts is a slate of bills that will never become law, and no real plan for getting the important work done of the American people." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Retailers Support Children's Health Insurance Program But Question Pending Legislation WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- The National Retail Federation today sent the following two letters to the House and Senate concerning the State Children's Health Insurance Program, offering support for the program but expressing concern over pending legislation. August 1, 2007 Dear Senators Reid and McConnell: On behalf of the National Retail Federation (NRF), I write in support of the State Children's Health Insurance Program (SCHIP). I also write in opposition to legislation currently before the Senate (H.R. 976) that would prematurely expand funding for the SCHIP program. We share in the bipartisan support for SCHIP, a vital program that provides for health insurance coverage for eligible low-income children. We would strongly support reauthorization of SCHIP at current levels. Far too many eligible children today have not enrolled in SCHIP. We urge a redoubling of efforts to cover eligible children, including consideration of automatic enrollment. We support efforts (and appreciate their inclusion in this bill) to ease premium support rules governing the use of SCHIP funds in employer- sponsored plans to help purchase family coverage. We oppose other state efforts to cover childless adults through SCHIP and appreciate the Senate Finance Committee's efforts to address this problem. We do not believe that SCHIP should be expanded until all currently eligible children are enrolled. Our collective inability to do so has raised legitimate questions about the effectiveness of the program. As noted above, we believe this can be corrected. The key to maintaining bipartisan and public support for this program will be found in fully accomplishing its original mission before expanding coverage to children in families with higher income levels. NRF is also concerned by the extent that the current debate foreshadows the larger debate on the future of health care. In our view, any outcome that veers either towards a national health care system, a single-payer health care system, or an individual health insurance system, are all equally bad. We specifically oppose efforts to change the tax treatment of employer-provided health insurance and will consider votes in connection with any amendment to do so for inclusion as a key retail vote. We recognize that many in Congress and the Administration are impatient for more dramatic change but urge caution before disrupting the good coverage enjoyed by millions of working Americans. Health reform efforts should build from the voluntary base of employer-provided health insurance, focusing first on building a value-based health care system and addressing the problem of uninsured Americans by identifying specific groups of the uninsured for targeted assistance. Sincerely, Steve Pfister. Senior Vice President for Government Relations The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry's key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million U.S. retail establishments, more than 24 million employees -- about one in five American workers -- and 2006 sales of $4.7 trillion. As the industry umbrella group, NRF also represents more than 100 state, national and international retail associations. http://www.nrf.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. CHAMP Act Robs Seniors of Health Coverage While Delivering Higher Costs Statement from Scott P. Serota, president and CEO Blue Cross and Blue Shield Association WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- In response to the "Children's Health and Medicare Protection Act" (CHAMP Act) passed by the U.S. House of Representatives, Scott P. Serota, president and CEO of the Blue Cross and Blue Shield Association (BCBSA), issued the following statement: "The CHAMP Act would rip the security blanket of health coverage and comprehensive, coordinated care from millions of older Americans while saddling them with higher healthcare costs. The massive funding cuts to Medicare Advantage (MA) would rob our most vulnerable Americans -- the disabled, the elderly and the low-income -- of affordable healthcare choices. http://www.BCBS.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. House Votes to Push Millions of Seniors out of Medicare Advantage WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- Three million seniors could lose their Medicare Advantage coverage, while millions more would face benefit cuts and higher out-of-pocket health care costs under legislation passed today by the U.S. House of Representatives. Noting that 49 percent of Medicare Advantage beneficiaries have incomes of less than $20,000 per year, Karen Ignagni, President and CEO of America's Health Insurance Plans (AHIP), said the legislation would have a devastating impact on seniors' health security. "The House bill shreds the safety net for millions of seniors who depend on Medicare Advantage," said Ignagni. In testimony before the Ways and Means Committee last week, Peter Orszag, Director of the non-partisan Congressional Budget Office, said that Medicare Advantage enrollment would fall by 33 percent under the legislation passed today by the House. A study from an independent researcher and former senior health care official in the Clinton Administration, Ken Thorpe, estimates that the proposed cuts would result in 3.2 million seniors losing their Medicare Advantage coverage and that Medicare Advantage would no longer be available to seniors in 22 states. Seniors in these states would have to enroll in the fee- for-service Medicare program, where they would likely receive fewer benefits and pay higher out-of-pocket costs than they do in Medicare Advantage. AHIP also reiterated its support for strengthening the State Children's Health Insurance Program (SCHIP), which is a key element of AHIP's comprehensive proposal to cover the uninsured. AHIP has run advertisements in support of raising tobacco taxes to finance SCHIP and joined with a diverse group of national organizations to promote the program through the Health Coverage Coalition for the Uninsured. America's Health Insurance Plans -- Providing Health Benefits to More Than 200 Million Americans Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. ExpressONE, KMG America’s New Express Case Setup Tool, Allows A Producer To Enroll Voluntary Benefits On A Simplified Basis From Any Laptop July 30, 2007 ExpressONE Fast turnaround of voluntary benefit cases with KMG America has never been easier! ExpressONE, KMG America’s new Express Case Setup tool, allows a producer to enroll voluntary benefits on a simplified basis from any laptop by easily setting up a case using the online tool. ExpressONE puts complete control in the producer’s hands. In a matter of minutes, the web-based set up module allows a producer to input employer information and immediately select the voluntary benefits to be offered. More than a dozen voluntary benefits are available to choose from, including life, critical illness, disability and accident to name a few. KMG America’s products have an impressive array of standard and optional benefits as well as unique value added features to truly enhance an employer’s benefit package. ExpressONE can be uploaded to an unlimited number of laptops with electronic signature validation. Upon receipt of an electronic application, KMG America issues a policy as quickly as one business day. “The small to mid-size market continues to be an important segment of the marketplace and the development of ExpressONE addresses that niche. KMG America continues to meet the demands of our clientele by utilizing electronic enrollment solutions that really work,” stated T.J. Gibb, Senior Vice President of Marketing for KMG America. ExpressONE is the perfect complement to KMG ONE, KMG America’s benefit communication and enrollment solution designed to enroll larger cases as well as group core benefits. KMG America is the ONE solution for electronic enrollments and products, offered through ONE provider. To learn more about ExpressONE, please send an email to: enrollment.solutions@kmgamerica.com. To learn more about KMG America, please visit our website at www.KMGAmerica.com or contact your regional sales director. Please contact Sylvia Knight at (800) 635-4252, ext. 5956 or Sylvia.knight@kmgamerica.com if you would like additional information. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Purchasing Power Named One of the Fastest Growing Companies In the Nation by Entrepreneur Magazine ATLANTA - (August 1, 2007) Purchasing Power, full service provider of voluntary employee computer purchase programs, today announced being included in the elite Entrepreneur Magazine’s 2007 Hot 500 list of fastest growing companies in the United States. The annual listing of Hot 500 companies is featured in the August issue of the magazine and ranks the Atlanta based organization at number 121. Purchasing Power is the fastest growing market leader in helping employees purchase quality, name-brand personal computers and a variety of consumer electronics through payroll deduction or alternatively, a cash discount program. Since the launch of its computer purchase program in 2001, Purchasing Power has experienced considerable growth while making continual improvements to its product offering. Since 2002, the company has seen an impressive average growth rate of 147% annually. After adding major clients over the past four years including Fortune 500 companies and large government agencies, the company has positioned itself as a formidable player in the voluntary benefits industry. “This is a remarkable achievement for our organization,” stated Keith Calhoun, Chief Executive Officer of Purchasing Power. “As I look back on where we started, I can only be proud of what we have accomplished over the last few years. We are excited at what the future holds and will continue to invest in the growth and profitability of our company.” As part of Purchasing Power’s commitment to furthering its growth, the company launched a new website during the second quarter of 2007, featuring updated functionality for customers and unique content for clients and stakeholders. Purchasing Power is dedicated to investing in a number of initiatives in 2008 as well in order to improve its offering to customers. About Purchasing Power Purchasing Power, based in Atlanta, Georgia, has more than 20 years of industry experience and an established reputation for offering unique voluntary employee benefit programs. While striving to assist organizations in achieving their overall objectives, they provide employees with the opportunity to own name-brand personal computer bundles and related products and services, regardless of credit status and with the convenience of payroll deduction. For more information about Purchasing Power, visit www.PurchasingPower.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day"
21. Casualty Actuaries Face New Challenge From Emergence Of Solvency Ii Regime In Europe ORLANDO, FL – The move towards Solvency II, the new risk-based solvency regime in Europe, is one of the key challenges facing actuaries, attendees of the Casualty Actuarial Society (CAS) Spring Meeting heard. Moderator Frank Karlinski, vice-president, American International Underwriters, noted that Enterprise Risk Management (ERM) and Solvency II are the areas of greatest focus in the insurance industry right now. “ERM is arguably the most important thing for actuaries happening in the insurance industry today and risk-based capital (RBC) requirements in the U.S., or solvency capital requirements in the EU, are the regulatory and rating agency aspects of this phenomenon. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Mass. Insurance Commissioner's Plan Would Allow Discrimination in Sale of Auto Insurance, says FTCR 10 Consumer Groups Send Letter Denouncing Plan to Commissioner Burnes, Governor Patrick SANTA MONICA, Calif., Aug. 1 /PRNewswire-USNewswire/ -- Massachusetts drivers will be unfairly denied auto insurance unless the state continues its long-standing ban on unfair and discriminatory insurance practices, said the Foundation for Taxpayer and Consumer Rights (FTCR) today in a letter sent by 10 consumer, civil rights and low-income advocacy groups to Governor Deval Patrick and the Massachusetts Commissioner of Insurance. Read the letter: http://www.consumerwatchdog.org/insurance/fs/?postId=8272 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. DNC: Reviews Are In - Giuliani-Bush Health Care Scheme Falls Flat WASHINGTON, Aug. 1 /PRNewswire-USNewswire/ -- One day after pitching his health care plan in New Hampshire, the reviews are in and Rudy Giuliani is probably disappointed. From criticism that his tax scheme does not ensure health care coverage to millions of uninsured Americans, to the fact it is a regurgitation of President Bush's rejected proposal and Giuliani does not even know how he would pay for his plan, it's clear that, as one Granite State voter put it, "it's just a little too little a little too late." The following are excerpts from newspapers reviewing the Giuliani-Bush health care scheme: The Headlines Sum It Up "Giuliani to the uninsured: Good luck" [LAtimes.com, 7/31/07] "Giuliani unveils health plan, but uninsured left out" [New York Newsday, 8/1/07] "RUDY'S RX A $$ 'DO IT YOURSELF'" [New York Post, 8/1/07] Haven't We Heard This Before? Plan Is Basically Bush's Newsday: Plan Like Bush's "Dead-On-Arrival" Scheme. "Rudy Giuliani leapt into the health care debate yesterday with a plan like one that's already been declared dead-on-arrival on Capitol Hill -- a version of a $15,000 tax break for insurance that President George W. Bush floated earlier this year without success." [Newsday, 8/1/07] LA Times: "Very Similar" To Failed Bush Plan. "The idea is very similar to one President Bush has pushed -- to absolutely no avail in Congress" ["Giuliani to the insured: Good luck" LAtimes.com, 7/31/07 (http://feeds.latimes.com/~r/topoftheticket/~3/139361003/giuliani-to-the.ht ml )] Washington Post: Resembles Bush Plan. "Health experts said the plan resembles a proposal President Bush made in his State of the Union speech earlier this year ["The Trail," WashingtonPost.com, 7/31/07 (http://blog.washingtonpost.com/the-trail/2007/07/31/giuliani_offers_rx_on_health_c.html)] Concord Monitor: Just Like Bush Plan Criticized By Experts. "Giuliani's plan resembles one that President Bush announced last year. Critics of the idea say a free-market approach won't work for health insurance the way it does for car insurance. The elderly, the poor and the sickest may find themselves priced out of the market, and if Giuliani's plan doesn't insure everyone, then the uninsured will continue to drive up prices." [Concord Monitor, 8/1/07] Paid for and authorized by the Democratic National Committee, http://www.democrats.org.This communication is not authorized by any candidate or candidate's committee. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Insurance Commissioner Poizner to Congratulate GEICO Aug. 3 for Offering California Policyholders $65.8 in Savings SAN DIEGO--(BUSINESS WIRE)--California Insurance Commissioner Steve Poizner plans to visit GEICO’s Poway, Calif., regional office to congratulate GEICO for its recent auto insurance rate decrease. GEICO’s decrease represents $65.8 million in savings for its California policyholders. The statewide average rate decrease is 10.8 percent for GEICO, GEICO General and GEICO Indemnity policyholders, saving policyholders an average of $150.88. The changes go into effect on Aug. 30. California Insurance Commissioner Steve Poizner noted, “GEICO has set an example of leadership and excellent customer service for all insurers in California. This is great news for policyholders.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. The Society of Actuaries Introduces New Chartered Enterprise Risk Analyst Credential, Reflecting Most Rigorous Enterprise Risk Management Training Available First New Credential Since the SOA's Inception Marks Evolution of Actuaries SCHAUMBURG, Ill., Aug. 1 /PRNewswire/ -- Today's business world, facing an expanding breadth of risk, requires a new breed of professional with well- rounded, rigorous training to provide actionable solutions to complex financial challenges. To help businesses identify the best-qualified risk managers, risk analysts and chief risk officers, the Society of Actuaries (SOA) has introduced its first new professional credential in nearly 60 years -- the Chartered Enterprise Risk Analyst (CERA). The CERA can be earned by professionals who complete a rigorous curriculum encompassing the most comprehensive demonstration of enterprise risk management (ERM) available. The CERA marks the first new credential since the SOA's founding. The original Fellow of the Society of Actuaries (FSA) and Associate of the Society of Actuaries (ASA) credentials were established in 1949. Completing the CERA curriculum takes an estimated three to four years, and successful candidates will also become Associates of the Society of Actuaries. More than 60 professionals are advancing their skill sets as the first to earn the CERA credential. For more information, visit http://www.CERAnalyst.org. http://www.soa.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. National City Insurance Group Acquires Employee Benefits Business Of Thompson Associates In Louisville LOUISVILLE – AUGUST 1, 2007 — National City Insurance Group, Inc., today announced that it has acquired the employee benefits business of Thompson Associates, Inc. of Louisville. National City Insurance Group is one of the top ten national bank-owned insurance agencies, according to the American Bankers Insurance Association. The Thompson Associates transaction marks the first acquisition of an employee benefits agency by National City Insurance Group in Kentucky and will create an employee benefits hub in Louisville. In the past several months, National City Insurance Group has acquired employee benefits businesses, including that of the HE Hoffman Group, Inc. in St. Louis; Valley Financial Group Agency, Inc. of Youngstown, Ohio and the Stellar Group of Richland, Michigan. www.nationalcity.com. Thompson Associates, Inc. was founded in 1982 by Donald B. Thompson and has grown to be the largest employee benefits advisory firm in Louisville by consistently providing a high level of service, administrative support and advice for their clients. Thompson Associates, Inc. has over 1000 clients and over $300 million premium under management. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Arthur J. Gallagher & Co. Acquires Strategic Health Plans Corporation ITASCA, Ill., Aug. 1 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Strategic Health Plans Corporation of Carmel, Indiana. Terms of the transaction were not disclosed. Established in 1995, Strategic Health Plans Corporation offers a wide range of employee benefit consultation and brokerage services which include benefit planning design, report analysis, legislative compliance assistance and employee communication strategies to their clients in the Midwest. They specialize in both self-funded and fully insured benefit plans. Dane Hudson and his associates will continue to operate at their current location under the direction of William Ziebell, North Central Regional Manager and Executive Vice President of Gallagher Benefit Services, Inc., a subsidiary of Arthur J. Gallagher & Co. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Flagstone Re Announces Controlling Position in Island Heritage Group of Companies HAMILTON, Bermuda--(BUSINESS WIRE)--Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced today that they have taken a majority position in Island Heritage Holdings Ltd. The Island Heritage Group, domiciled in the Cayman Islands, specializes in insurance and insurance services in the Caribbean. Flagstone will assume control of the Island Heritage companies. Butterfield Bank and Ace Insurance will remain major shareholders of Island Heritage, with further participation by the local management of the companies. This change in control will not alter any of the existing products and services, but over time will enhance service and broaden product distribution. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Citi Completes Acquisition of The BISYS Group, Inc. Citi Completes Subsequent Sale of BISYS’ Retirement and Insurance Divisions to Affiliates of J.C. Flowers & Co. LLC NEW YORK--(BUSINESS WIRE)--Citi today completed its previously announced acquisition of The BISYS Group, Inc. for approximately $1.44 billion in an all-cash transaction. In the transaction BISYS shareholders will receive merger consideration of $11.85 per share, and a special dividend of $0.15 per share in cash. Immediately thereafter, Citi completed its sale of the Retirement and Insurance Services Divisions of BISYS to affiliates of J.C. Flowers & Co. LLC making the net cost of the transaction to Citi approximately $800 million. http://www.citigroup.com or http://www.citi.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Hilb Rogal & Hobbs Completes Acquisition of The Resource Group, L.C. RICHMOND, Va.--(BUSINESS WIRE)--Hilb Rogal & Hobbs Company (NYSE:HRH), one of the world's largest insurance and risk management intermediaries, announced that effective August 1, 2007, it has completed the previously announced acquisition of substantially all the assets of The Resource Group, L.C. (TRG). Terms of the transaction were not disclosed. Founded in 1985, TRG is primarily an employee benefits brokerage and consulting firm with annualized revenues of approximately $5.1 million in 2006. Located in Overland Park, Kansas, TRG specializes in group health insurance, ancillary benefits, retirement programs, executive insurance and financial services. TRG’s team of 37 professionals will continue to serve clients from their current branch under the leadership of President, Ames Stetzler. They will become part of HRH’s Central Region, led by Vice President and Central Regional Director, William L. Chaufty. www.hrh.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Susquehanna Bancshares Completes Acquisition of Widmann, Siff & Co., Inc. LITITZ, Pa.--(BUSINESS WIRE)--Susquehanna Bancshares, Inc. (Nasdaq:SUSQ), a regional financial services holding company, has completed the acquisition of Widmann, Siff & Co., Inc., an investment advisory firm in Radnor, Pa. “We are pleased to welcome this talented team of investment managers and their customers who are joining our company as part of this expansion,” said William J. Reuter, Chairman, President and Chief Executive Officer of Susquehanna Bancshares, Inc. “With the addition of Widmann, Siff & Co., our wealth management companies have a total of $5.7 billion in assets under management and administration. Growing our wealth management business – both through organic growth and acquisition opportunities – continues to be a high priority for us.” www.susquehanna.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. WellPoint Completes Acquisition of American Imaging Management INDIANAPOLIS and DEERFIELD, Ill., Aug. 1 /PRNewswire-FirstCall/ -- WellPoint, Inc. (NYSE: WLP), the nation's leading health benefits provider, today announced the completion of its acquisition of American Imaging Management (AIM), a leading radiology benefit management and technology company. AIM will remain headquartered in Deerfield, Illinois, as a wholly owned operating division of WellPoint and will continue to be led by its president, Dave Harrington. http://www.wellpoint.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Resolve Secures National Healthcare Plan CINCINNATI--(BUSINESS WIRE)--Resolve Staffing, Inc. (OTCBB:RSFF) announces today that the Company has secured a first dollar national indemnified healthcare plan with Humana. Ron Heineman, CEO stated: “Securing a first dollar national healthcare plan is an important milestone for Resolve. Under the Humana healthcare plan, Resolve can now expand in all 50 states. Moreover, this will help to minimize the Company’s healthcare insurance reserves, which have caused historical fluctuations in profitability due to the unpredictability of claims and our aggressive growth. Our historical growth has created substantial increases in our healthcare reserves causing us to take large write-offs to accommodate for the increases. With a first dollar fully indemnified national healthcare plan, we have much better risk control by eliminating most of this exposure.” www.resolvestaffing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. MetLife Resources and MetLife Securities Enter into New Alliance with ProManage, LLC ~ Agreement Offers Greater Client Base Asset Allocation Services and Assistance with Clients’ Increasing Fiduciary Responsibilities ~ NEW YORK--(BUSINESS WIRE)--MetLife Resources, a division of MetLife, and MetLife Securities, Inc., an investment adviser and broker-dealer affiliate of MetLife, announced today that they have entered into a new alliance with ProManage, LLC, a registered investment adviser that specializes in providing managed accounts services for 401(k), 403(b) and 457 plans. Through this alliance, ProManage will offer its managed accounts to qualified retirement and 403(b) plans sponsored by non-profit organizations and governed under the Employee Retirement Income Security Act (ERISA) for which MetLife Resources provides administrative services. www.promanageplan.com www.metlife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. Fiserv to acquire CheckFree for $4.4 billion Thu Aug 2, 2007 8:51am ET NEW YORK (Reuters) - Fiserv Inc., (FISV.O: ) which sells data processing technology and services to the financial industry, said on Thursday it was buying CheckFree Corp. (CKFR.O: ), an online check and bill-paying company, for $4.4 billion in cash. CheckFree shareholders would receive $48 per share, or 30 percent more than the August 1 closing level of $36.83. The deal is expected to close by December 31. (Reporting by Dan Wilchins) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. CIGNA HealthCare Acquires Sagamore Health Network BLOOMFIELD, Conn., Aug. 1, 2007 /PRNewswire-FirstCall/ -- CIGNA HealthCare announced today that it has acquired Sagamore Health Network, Inc., the largest leased health care provider network in Indiana. Sagamore provides access to an extensive preferred provider network consisting of 9,400 primary care physicians, 26,600 specialists, 1,100 ancillary providers and 210 hospitals. Sagamore also offers access to a broad range of utilization review and case management services. The company serves health claims payer organizations, self-insured employers and third-party administrators (TPAs) in Indiana and parts of Kentucky and Ohio. The terms of the purchase were not disclosed. http://www.cigna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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