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Your Insurance News "Strategic
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Friday
04/25/08
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Daily Quote:
"Let a joy keep
you. Reach out your hands and take it when it runs by." - - Carl
Sandburg
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1.
Insurance Agent Charged With Defrauding Business Owners Out Of More Than
$2.5 Million In Insurance Premiums |
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Defendant also
charged with failing to file $230,000 in tax returns
SANTA ANA – An
insurance agent was arrested today for defrauding 18 business
owners by stealing more than $2.5 million in money they had paid
him to take out insurance policies for their businesses. Anthony
David Medina, 36, was charged yesterday with 153 felony counts
including 86 counts of forgery, 33 counts of transacting as an
insurance company without a certificate of authority, 19 counts
of grand theft, five counts of filing false tax returns, four
counts of willfully failing to file a tax return, four counts of
identity theft, two counts of insurance fraud, and sentencing
enhancement allegations for excessive taking over $50,000 and
$150,000. Medina was arrested today at a business in Oxnard and
is being held on $2,936,000 bail. In order to post bond he must
prove that the money is from a legitimate source. Medina faces a
maximum sentence of 54 years and four months in state prison if
convicted on all counts.
Medina’s wife,
Vanessa Chaverri, 36, arrested today at a Ladera Ranch home, is
charged with five felony counts of filing a false return. She is
being held on $436,000 and must prove the money is from a
legitimate source before posting bail. Chaverri faces a maximum
sentence of six years in state prison if convicted.
Medina and Chaverri are expected to be arraigned Thursday, April
24, 2008 at the Central Justice Center, Santa Ana.
Between June
2003 and November 2007, Medina is accused of operating Prompt
Insurance Agency in Newport Beach. The defendant is accused of
collecting more than $2.5 million from 18 business owners,
including restaurants, plumbing and painting businesses, and
other service oriented businesses. Medina is accused of taking
money from the businesses under the pretense of securing workers
compensation and general liability insurance policies for them.
Medina is
accused of failing to take out insurance policies for many of
the businesses and charging the victims more than the stated
premiums. In some instances he is accused of forging documents
to finance insurance policy premiums instead of paying the full
amount up front to the insurance company, despite the fact that
the victims had paid him the total cost of the policy premium.
Medina is
accused of issuing false certificates of insurance to some of
his victims. The defendant is accused of creating false policy
numbers or giving companies policy numbers that actually
belonged to other businesses.
As a result of
Medina’s failure to take out insurance policies for some of the
businesses, several business owners and employees suffered
losses that should have been covered by insurance. In some
cases, employees who had been injured at work did not receive
the workers compensation benefits they were due because their
employer did not have the workers compensation insurance they
had paid Medina to secure. Many of the business owners had to
pay for employee workers compensation care that should have been
covered by insurance.
Between 2003
and 2006, Medina is accused of failing to file any tax returns
for Prompt Insurance Agency. Chaverri and Medina are accused of
failing to report the income from the stolen monies on their
personal tax returns. They are accused of failing to pay more
than $230,000 in taxes, and passing that loss of revenue on to
California taxpayers. The defendant was using the stolen money
for personal use on his expensive lifestyle, including cars,
homes, and a boat.
The Department
of Insurance (DOI) began investigating this case when an
insurance company filed a report after finding a discrepancy in
a financed policy taken out through Prompt Insurance Agency.
"The victimized
business owners were trying to make an honest living and take
out insurance to protect themselves, their employees, and their
customers," said Orange County District Attorney Tony Rackauckas.
"Insurance agents hold a fiduciary duty of trust to their
customers that they will be there to cover the loss when things
go bad. This case shows how much damage a single dishonest agent
can cause, not only to hard working business owners, but to
taxpayers who are forced to absorb the cost of fraud."
“It is
unconscionable to expose employers and potentially injured
workers to severe liability,” said Insurance Commissioner Steve
Poizner. “Insurance fraud cannot be tolerated and we will
continue working with our local law enforcement partners to
bring these alleged perpetrators to justice.”
This case was
jointly investigated by the California Franchise Tax Board, DOI,
and Orange County District Attorney’s Office. Deputy District
Attorney Andrea Burke of the Insurance Fraud Unit is prosecuting
this case. |
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2.
Peachtree LBP®
Introduces Certification Program
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NORCROSS, Ga.--(BUSINESS WIRE)--Peachtree LBP, the Administrator for LBP
401(k) Plus®, has introduced the LBP 401(k) Plus Certification Program
for producers marketing Peachtree’s innovative LBP 401(k) Plus program.
Designed to help producers build substantial deal pipelines within 30
days, the Certification Program kicks off with a full-day, onsite
interactive training session and continues with specific milestones that
need to be completed by the 15th and 30th days. Peachtree LBP support
staff will assist producers with every aspect of the process.
The Certification Program is an outgrowth and expansion of the “Best
Practices” training that was introduced last fall. According to Robert
Gaspard, Vice President and Director of LBP®, “Producers who adopted
LBP’s ‘Best Practices’ closed business at a rate seven times that of
producers who did not. We believe that the Certification Program will
help producers rapidly develop their pipelines and increase their
conversion ratios.”
Certification is by "invitation only" and each Certification candidate
must be sponsored by an insurance carrier, BGA/IMO, MGA or similar
organization. Candidates also may be sponsored by an existing Certified
producer. A key to success in the LBP 401(k) Plus Certification Program
is the identification of five prospective business clients at the Day 1
session. Accordingly, only those producers who make a commitment to
contact at least five prospective business clients and who also commit
to follow the entire LBP 401(k) Plus Certification Program will be
invited to participate.
Producers who complete the 30-day program, including successful
completion of the Day 15 and Day 30 performance requirements, will earn
the designation of "LBP 401(k) Plus® Certified."
About Peachtree LBP
Peachtree LBP Finance Company, LLC (“Peachtree LBP”) is the
Administrator of LBP 401(k) Plus and a subsidiary of Peach Holdings,
Inc. LBP 401(k) Plus is a turnkey, individually owned retirement program
that emulates a traditional 401(k) plan for highly compensated
employee-participants, while permanently eliminating top-heavy,
non-discrimination testing issues for employer/sponsors. For further
information about Peachtree LBP or LBP 401(k) Plus, please visit our
website at www.PeachtreeLBP.com
or call Barry Vose at 1-800-370-6368.
About Peach Holdings, Inc.
Peach Holdings, Inc., a Florida corporation, is the parent (holding)
company of the Peach group of companies, including, among others,
Peachtree Settlement Funding, Peachtree Attorney Finance, LLC, Peachtree
Pre-Settlement Funding, LLC and Peachtree LBP Finance Company, LLC
(together, "Peachtree"). Peachtree is a group of specialty finance
companies that purchase high-quality deferred payment obligations.
Through its group of affiliated companies, Peachtree caters to people
seeking to sell structured legal settlement payments, annuity payments,
lottery prize payments, sweepstakes awards and sports contract payments.
In addition, Peachtree provides cash advances to people with pending
personal injury claims. Peachtree has purchased over $4 billion of
specialty receivables and continues to expand into new areas by bringing
institutional financing and professionalism to bear on underserved
markets. Peachtree’s corporate website address is
www.peachholdings.com.
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3.
The Hartford is First
to Offer Life Insurance at Standard Rates to Prostate Cancer Survivors
with the Most Common Form of the Disease
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With more men surviving prostate cancer, cost of life insurance becomes
affordable for men successfully treated with radiation
SIMSBURY, Conn.--(BUSINESS WIRE)--Almost 186,000 American men will be
diagnosed with prostate cancer this year. While it’s a diagnosis no one
wants to hear, the chances of surviving prostate cancer and living a
full life are far better than they used to be. Thanks to early detection
and improved treatment options, 93 percent of men diagnosed with
prostate cancer today will live at least ten years. That compares with
just 50 percent in the 1980s, according to the National Cancer
Institute.
In
response to the improved prognosis, The Hartford has become the first
insurer in the nation to offer life insurance at standard rates to men
who have been successfully treated with radiation for moderate levels of
prostate cancer. In the past, these survivors often had to wait several
years to become eligible to buy life insurance and even then had to pay
significantly more for their coverage for up to five years.
“We identified prostate cancer as a disease that has become far more
treatable in recent years and concluded that we can begin offering life
insurance to more men who want it," said Brian Murphy, executive vice
president and director of The Hartford's individual life division.
Under The Hartford’s new underwriting guidelines, standard rates are
available to men 70 and older who have been treated with radiation for
moderately aggressive prostate cancer. The cancer must be confined to
the prostate and the man must have a strong prognosis for survival based
on the level of a prostate-specific antigen (PSA) in the blood of 0.5 or
less after treatment. Standard rates, which are in effect for insurance
policies issued by Hartford Life Insurance Co. and Hartford Life and
Annuity Insurance Co., subsidiaries of The Hartford, are the same rates
offered to most healthy men of the same age.
www.thehartford.com.
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4.
ACE USA Extends its
Multinational Travel Accident Coverage to Include Political Evacuation
Support, Kidnap and Extortion Package
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PHILADELPHIA--(BUSINESS WIRE)--Adding a new dimension of security and
risk management to its already comprehensive Multinational Travel
Accident (MTA) Program, ACE USA, the U.S.-based retail operating
division of the ACE Group of Companies, extends its MTA coverages to
include Political Evacuation Coverage and Kidnap & Extortion. The latest
MTA program enhancements are designed to help multinational
organizations protect their employees living and working overseas during
times when political unrest and other events threaten their safety.
ACE USA's integrated Political Evacuation Support coverage delivers a
full range of support through all four phases of a political evacuation
-- warning, preparation, assembly and evacuation -- and, when political
or military events escalate to a potential crisis point, covers the cost
of securely withdrawing employees and transporting them to safety or
returning them home. Designed to help corporate travel clients deal with
the reality of global security risks, ACE USA's Kidnap & Extortion
Package includes benefits for ransom money paid (as a result of
kidnapping) and the loss of ransom or extortion monies (due to
confiscation or seizure). In addition, the Kidnap & Extortion Package
covers the cost for a designated security consultant to respond to
kidnap & extortion incidents.
The ACE USA Multinational Travel Accident Coverage product is
underwritten by the ACE USA Accident & Health division. For more
information or to submit an account, contact Frank D’Ancona at (302)
476-6335 or
Frank.D’ancona@ace-ina.com or visit
www.aceaccidentandhealth.com.
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5.
Statement By Insurance Commissioner Poizner On
Nearly $250 Million Court Victory For Allstate Customers |
SACRAMENTO ― Insurance
Commissioner Steve Poizner today issued the following statement on
the Superior Court’s decision to deny Allstate’s request to stay a
rate order to decrease Allstate auto insurance rates by 15.9
percent:
“Today’s court ruling is
a $250 million victory for consumers in California and for Allstate
customers. The court rejected Allstate‘s efforts to delay immediate
savings to consumers pending the court action Allstate brought
challenging the Department’s determination after a hearing that
Allstate’s existing passenger automobile rates are 15.9 percent in
excess of what the law permits.
“I will continue to
fight to ensure that insurance rates in California are not excessive
and when rates are found to be excessive, I will work aggressively
to ensure that those rates are lowered.”
In March, Insurance
Commissioner Poizner announced a 15.9 percent decrease in auto
insurance rates for customers of Allstate Insurance Company and
Allstate Indemnity Company. This $244,672,212 reduction was the
result of months of negotiations and an administrative hearing,
which began with Allstate requesting no change to their auto
insurance rates, and mirrors reductions made by other major auto
insurers. Allstate’s request was denied
Allstate's customers
will save on average approximately $124 per year.
The administrative law
judge agreed with the California Department of Insurance (CDI) claim
that Allstate's rates should be reduced significantly because they
were overly excessive to begin with. Many insurers in California
have significantly lowered auto insurance rates for their
policyholders. In 2007, Californians saved more than $700 million
through reduced auto insurance rates.
CDI maintains that
Allstate should be held to the same standard as other auto insurers,
based on data submitted to the department. In October 2007,
Commissioner Poizner approved $100 million in reduced auto insurance
rates for AAA of Northern California. In July 2007, he approved a
$65.8 million reduction for GEICO customers.
Allstate Indemnity
Company is the fifth largest auto insurer in California; Allstate
Insurance Company is ranked ninth. Collectively, they earned $1.7
billion in auto premiums for insuring approximately 2 million
vehicles in 2007. Allstate has nearly 9 percent of California's auto
insurance market.
www.insurance.ca.gov |
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6.
Financial Companies
Underestimate ID Fraud |
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By
Jennifer Hill
LONDON (Reuters) - Financial services companies must change their
attitude to security to curb the rise in identity fraud, the Financial
Services Authority says.
The FSA issued the warning following a review of data security systems
and controls at 39 firms including banks, building societies, insurance
companies and financial advisers.
Although it found examples of good practice across the industry, it said
firms underestimated the risk of data loss and fraud to their businesses
-- especially to their customers.
©
Thomson Reuters 2008 All rights reserved |
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7.
A.D.A.M. Hands Premier
Resorts the Apple
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Award honors executives for their promotion of health and wellness among
employees
ATLANTA--(BUSINESS WIRE)--A.D.A.M., Inc. (NASDAQ: ADAM) today announced
the presentation of the first-ever A.D.A.M. Apple Award to Premier
Resorts International President and CEO Barbara Zimonja and COO Brad
Goulding. The award, which was presented at Premier Resorts’ semi-annual
General Managers meeting on April 22 in Maui, Hawaii, recognizes these
leaders for actively inspiring employees to live healthy.
A.D.A.M. initiated a “Health from the Top Down” contest among employers
who use Benergy, A.D.A.M.’s portal for health and benefits
communication. In the contest, employees were asked to nominate
organization leaders who did something positive to promote health and
wellness among workers. Premier Resorts, a property management company
based in Utah, stood out as an organization that promoted an exceptional
culture of wellness.
“A.D.A.M. believes that the impetus for individuals to take care of
themselves comes from many facets of their lives, and employers should
do what they can to support them and set a great example,” said Greg
Juhn, senior vice president of product development at A.D.A.M., Inc.
“Leaders who recognize this and institute wellness initiatives, such as
offering online health tools, deserve to be recognized so that other
employers can be inspired to take similar steps. A healthy attitude is
contagious, both within a company and across companies.”
A.D.A.M.’s Benergy is an employee health, benefits and human resources
portal. It powers a website where employees can find facts, education,
decision tools, links, forms and just about anything else related to
their benefits and human resources programs. Benergy also guides
employees through benefits decisions during open enrollment and new hire
orientation. To learn more about Benergy visit
http://www.adam.com/.
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8.
Intellectual Property
Analysis: Dissects and Analyzes Lincoln National Life Insurance
Company’s Patents |
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Lincoln National Life Insurance Company is asserting its Guaranteed
Minimum Withdrawal Benefit (GMWB) patent rights by suing competitors for
patent infringement.
RIDGWAY, CO, April 23, 2008 --- Lincoln National currently has lawsuits
pending against Transamerica Life Insurance Company and Jackson National
Life Insurance Company for allegedly infringing two of its patents:
US6,611,815 and US7,089,201. Lincoln is claiming that these two patents
give it certain rights with respect to features of a guaranteed minimum
withdrawal benefit (GMWB) and that Transamerica and Jackson National are
infringing those rights.
GMWBs are very popular benefits associated with variable annuity
products offered by many insurers and considered critical to the success
of variable annuities. Lincoln’s actions to assert its patent rights
can have a very disturbing impact on the variable annuity marketplace.
Tom Bakos (Tom Bakos Consulting, Inc.) has produced an Intellectual
Property Analysis report on the three Lincoln patents and two pending
patent applications. This analysis explains the claims made by Lincoln
in their patents and addresses the effectiveness and strength of those
claims. The report points out potential defects in the claims and
points to prior art not considered in the USPTO examination process and
suggests alternative methods that may be work arounds to the claimed
inventions.
Information on the Intellectual Property Analysis can be found at:
http://BakosEnterprises.com/IPA. |
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9.
LIDP Announces The 2008
Release Of The Administrator
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Group/Worksite Processing, Living Benefits and Combination Product
Support Highlight the Business Functionality offered with the 2008
Release of The Administrator, from LIDP Consulting, Inc.
LIDP Consulting Services, Inc. announces the availability of the 2008
release of The Administrator. The Administrator is the insurance
industry’s first and only truly 24x7 online real-time policy
administration, claim administration and agency management system with
support for all life, health and annuity products.
Business Enhancements
• Worksite/Group Processing
• Living Benefits
• Combination Products
The 2008 release of The Administrator, like previous releases, includes
enhancements that will enable LIDP customers to maximize sales.
Industry experts predict that Group/Worksite marketing will continue to
grow at a tremendous rate. LIDP support for the Group/Worksite
marketplace continues to grow as well.
• Information about the employer and the enroller
• Customized products pertaining to an enrollment
• Products, benefit limits and underwriting offers varied by
employer-defined relationships
• Efficient enrollment process
• Automated underwriting process
• All-inclusive and real-time certificate management process
• A wide range of product support
• Employer level billing including all employees or segregate
employee groups on an employer-defined basis
http://www.lidp.com |
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10.
Keep Eye On Long-Term
Retirement Planning Despite Short-Term Fluctuations |
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Stock market’s ups and downs can distract you from long-term retirement
planning. When the Dow jumps or plummets 400 points, it’s easy to feel
that it will have a real impact on your financial future and either get
giddy with optimism or get fearful and depressed.
Short-term fluctuations moves aren’t important, but if you take your eye
off the ball and make sudden moves, you can do real damage, says Lyn
Dippel, CFP, a senior advisor with Financial Advantage, a fee-only
planning firm in Columbia, Md., that specializes in retirement
planning.
“You need to find the right course and hold to it no matter which way
the winds blow on Wall Street,” she says.
Dippel offers some planning basics:
· How much money do you need to retire? There’s no “magic
number.” It’s different for everyone. The only way to tell how much
you need is to crunch the numbers and come up with detailed projections
· Guidelines like “you’ll need 70 to 80% percent of your
preretirement income” are simplistic. Instead, ask how much you will
spend when retired. “It’s easy to underestimate expenses. Spending
habits don’t change much,” Dippel says. “And many retirees like to
travel and hence spend more than ever during the early years of
retirement.”
· Leave a cushion for unexpected expenses. Many people in their
60s are now supporting elderly parents who’ve run out of money. Many
are spending around $1,000 a month on care for a relative. “Few people
plan for this,” she says.
· It’s not how much you make. It’s how much you save. Dippel
often sees people who made lots of money and have little to show for it.
She also counsels people like schoolteachers who had more modest
incomes, lived within their means and saved up $1 million or more.
· Take a strategic look at all your assets and sources of
income—taxable funds, tax-deferred plans, pensions, Social Security,
real estate. “Taking a global view that considers taxes, liquidity and
everything else is the only way you can make intelligent investment and
planning decisions, including which accounts to draw from first,” she
says.
Financial Advantage provides personal financial planning and
investment-management services to retirees and aspiring retirees on a
fee-only basis. Wealth Manager magazine has named Financial Advantage
as one of the top 200 independent financial advisory firms in the
country for the past five years. Web:
www.financialadvantageinc.com |
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11.
Life Brokerage Partners
Strengthens Premium Finance Programs
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OLDSMAR, Fla., April 24 /PRNewswire/ -- Life Brokerage Partners
announces three additional carrier approved premium finance programs
with Peach Holdings, Inc. ("Peachtree"), Polaris and United National
Finance, Inc. ("UNF"). These premium finance programs are particularly
valuable relationships for agents because they provide new methods for
transacting business.
The benefits of these new relationships with Peachtree, Polaris and UNF
do not end with the agents, but extend to their clients who will benefit
by receiving the best product fit due to access to more carrier approved
premium finance programs.
http://www.lifebrokeragepartners.com. |
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12.
Long-Term Care
Insurance Association Launches Campaign To Secure Presidential
Proclamation |
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Goal To Have November Declared National Long-Term Care Awareness Month
April 23, 2008 - Washington, D.C. - The American Association for
Long-Term Care Insurance (AALTCI), the national trade organization for
professionals dedicated to serving the long-term care planning needs of
individuals, has launched a national campaign to secure a Presidential
proclamation declaring November as Long-Term Care Awareness Month.
“Last year, the U.S. House of Representatives and several Governors
issued resolutions supporting Long-Term Care Awareness Week," explains
Jesse Slome, the Association's executive director. "With the expansion
of the program to a full month (November), we are going to leave no
stone unturned to secure Presidential-level support for this year's
effort."
The goal of Long-Term Care Awareness Month is educating Americans to the
risk of needing long-term care as a result of an accident, illness or
aging. "We will work together with leading associations that serve
insurance and financial professionals as well as those organizations
that support home care providers, assisted living communities, nursing
homes and individuals," Slome notes. "Everyone has a stake in creating
heightened awareness of this important issue."
For more information on becoming involved in the Awareness Month
campaign, contact the American Association for Long-Term Care Insurance,
Jesse Slome, Executive Director at (818) 597-3227 or via E-mail,
jslome@aaltci.org.
Contact: American Association for Long-Term Care Insurance
(818) 597-3227 E-mail:
jslome@AALTCI.org |
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13.
TheStreet.com Expands
Further Into the Money Category With Strategic Investment in Social
Finance Site Geezeo
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NEW YORK--(BUSINESS WIRE)--TheStreet.com, Inc. (NASDAQ: TSCM), a leading
financial media company, today announced that it has made a strategic
investment in Geezeo, a leader in Web-based personal finance, as it
continues its expansion within the money category.
Geezeo combines free, easy-to-use online personal finance tools with the
power of social networking to provide the resources and motivation
consumers need to achieve their financial goals. Geezeo allows users to
instantly and automatically track bank accounts and credit card
balances, as well as investments, mortgages, student loans and auto
loans. The Geezeo platform connects to more than 6,000 financial
institutions and boasts bank-level security precautions to ensure the
safety of user data.
In
addition to giving users a single platform to access all of their
financial information, Geezeo offers a tagging functionality that makes
it easy to create budgets, track spending, set financial goals and
interact with a community dedicated to improving financial habits.
www.geezeo.com |
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14.
Remarks by the
President on National Small Business Week
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WASHINGTON--(BUSINESS WIRE)--
East Room
3:50 P.M. EDT
THE PRESIDENT: Welcome. I'm glad you're here. Thanks for coming. Nothing
better, being in the East Room of the White House with successful
entrepreneurs, small business owners -- dreamers and doers who really
add such richness to our country. So I welcome you here. I'm glad you're
here. It's exciting to be here, isn't it? After seven and a half years,
it's still exciting for me, too. (Laughter.) And I'm really glad you're
here.
I
want to thank Steve Preston. He's done a fantastic job as the head of
the SBA -- so good that I named him to be the Secretary of Housing and
Urban Development. And I congratulate you, Steve, for taking the job.
(Applause.) I'm looking forward to getting the Senate to take up your
nomination quickly and get you approved.
So, Small Business Week. The truth of the matter is, every day ought to
be Small Business Day in America, because -- (applause.) People say,
why? Well, first of all, small businesses create over two-thirds of all
new jobs in America. And if you want your economy to grow, and if you
want the country to be hopeful, it seems like you ought to be
celebrating the talent and the energy of our small business owners --
daily. But we've decided to do it yearly -- Small Business Week. I
presume that's one week out of the year. (Laughter.)
And so the first thing I've got to do is congratulate all the award
winners who are here. Thanks. It's -- owning a small business is hard.
It's not an easy experience. (Applause.) I've had the pleasure of
getting to meet a lot of small business owners during my time as, first,
governor of Texas, and then President of the country. And you'll be
amazed at how many times people have said, well, you know, it all
started around the kitchen table. You'll also be amazed at how many
family members are involved in the creation and the operation of a small
business. And our fellow citizens wouldn't be amazed to know that the
number of hours required to make sure the business is going is a lot.
But the thing that struck me the most, besides the fact that people are
willing to dream and work hard, is how proud the small business owner is
of the employees with whom the person works, and how caring the owner is
to make sure that those who've helped the business succeed are treated
well. |
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16.
NY Insurance Regulator
Says Ambac May Need Capital |
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WASHINGTON, April 24 (Reuters) - New York state's top insurance
regulator said on Thursday that bond insurer Ambac Financial Group Inc (ABK.N:
) may need more capital.
"I
think it's possible that they may need to raise additional capital,"
Insurance Superintendent Eric Dinallo said on Bloomberg Television. "I
think we should take a step back and observe one thing, which is in the
wake of the (earnings) numbers that Ambac came out with, you see the
market, the across-the-board market response was calm."
(Reporting by Lisa Lambert; editing by
Gary Crosse)
©
Thomson Reuters 2008. All rights reserved. |
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17.
U.S. Insurer Travelers Eyeing India Opportunities |
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April 24 (Reuters) - Travelers Cos Inc (TRV.N: ), a large U.S. insurer, told investors Thursday it sees
"enormous opportunity" in India, and is looking at getting a foothold in
the country through a potential joint venture.
The comments were made on an earnings conference call after the insurer
posted an 11 percent drop in net income. Operating results beat Wall
Street expectations. (Reporting by Lilla Zuill; editing by Jeffrey
Benkoe)
©
Thomson Reuters 2008 All rights reserved |
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18.
Private Equity Property
Funds Raise $25 Bln In Q1 |
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LONDON, April 24 (Reuters) - Private equity property funds could be set
for another record year, having defied tough market conditions by
raising $25 billion in the first quarter, research firm Private Equity
Intelligence (Preqin) said on Thursday.
Blackstone's (BX.N: ) global opportunistic fund,
Blackstone Real Estate Partners VI, led the way with a record final
closing of $10.9 billion.
Preqin said the total amount raised globally in the first quarter was
bettered only once last year -- in the second quarter, just before the
start of a global credit crunch -- and left the market on track to break
above $100 billion in 2008 for the first time.
"Investors view private equity real estate funds as a long term
investment prospect, and despite credit conditions many are increasing
their allocation to the asset class," Preqin spokesman Ignatius Fogarty
said in a statement.
Preqin said a third of 307 private equity real estate funds currently
trying to raise capital had already reached their interim closings and
were targeting an aggregate $53.8 billion.
(Reporting by William Kemble-Diaz; Editing by Rory Channing)
©
Thomson Reuters 2008 All rights reserved |
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19.
MRSA fears boosting
private medical insurance |
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Thu Apr 24, 2008 7:45am BST
LONDON (Reuters) - Private medical insurance is growing in popularity,
with surveys showing fear of dirty NHS hospitals and quicker treatment
as the main reasons.
The number of people covered by private medical insurance (PMI) has
broken the six million mark for the first time in five years, according
to the Association of British Insurers (ABI).
Just over six million people were covered by either personal or
corporate PMI in 2007, with a further 1.1 million covered through
healthcare trust arrangements -- meaning 7.14 million Britons now have
some form of private health cover.
Insurer BUPA said it has seen a 20 percent increase in sales in the
first three months of 2008, despite the economic downturn.
A
BUPA survey of 1,049 people shows that the top reasons for taking out
PMI are clean hospitals, no waiting lists, faster access to specialists,
better quality treatment and advice, and the ability to chose the time
and location of hospital appointments.
Fergus Kee, managing director of Bupa UK Health Insurance, said: "For 65
percent of Britons, access to clean hospitals is the most important
reason for taking out PMI. MRSA and general hospital hygiene are clearly
top concerns for people.
"People also tell us that they value the fact that PMI gives them access
to drugs and treatments not widely available on the NHS."
©
Thomson Reuters 2008 All rights reserved. |
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20.
INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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Hungarian journalists have lunch at a new event
venue which offers dinners "in the sky", for guests seated around a
table lifted by a crane above Heroes Square in Budapest, April 23, 2008.
REUTERS/Karoly Arvai |
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Carter says Secretary Rice "not telling truth".
Former U.S. President Jimmy Carter pauses during a speech in Jerusalem
April 21, 2008, after talks in Syria and Egypt with Hamas leaders.
REUTERS/Ronen Zvulun
Read Entire Story!!! |
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American arrested as nuclear spy for Israel.
Ben-Ami Kadish (C) walks out of federal court, in New York April 22,
2008, after being arrested on charges related to giving Israel secrets
on nuclear weapons, fighter jets and missiles. REUTERS/Chip East
Read Entire Story!!! |
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U.S. gasoline theft on the rise along with
prices. A resident looks at the price of gasoline at a gas station in
Miami's South Beach, Florida April 23, 2008. REUTERS/Carlos Barria
Read Entire Story!!! |
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A Beijing Organising Committee for the Olympic
Games (BOCOG) flame attendant watches as the flame is passed between
torches during the Olympic torch relay in Canberra April 24, 2008.
REUTERS/Tim Wimborne |
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Staff Sergeant Federico Hudson from Brooklyn
brushes a C-47 aircraft during restoration works at the Berlin Airlift
Memorial at Frankfurt airport April 23, 2008. U.S. soldiers and
Lufthansa technicians overhaul the C-41 and C-54 aircrafts that
commemorate the 1948/49 airlift ('Luftbruecke') where the western Allies
supplied West Berlin with food, fuel and medicine during a Soviet Union
imposed blockade of all surface transportation. REUTERS/Alex Grimm |
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U.S. President George W. Bush hugs St. Ann's
Academy student Aysia Mayo-Gray of Washington after she introduced him
to speak at the White House Summit on Inner-City Children and Faith
Based Schools at the Ronald Reagan Building and International Trade
Center in Washington, April 24, 2008. REUTERS/Larry Downing (UNITED
STATES) |
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Workers sort artificially cultivated freshwater
pearls at a pearl production factory in Zhuji, Zhejiang province April
23, 2008. Zhuji aims to become an international production and
distribution hub for artificially cultivated freshwater pearls. Zhuji
began cultivating pearl clams from the 1970s, and it now supplies 70% of
the overall Chinese market with pearl products, local media reported.
REUTERS/Aly Song |
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A visitor takes a picture of sea nettle jellyfish
at an exhibit at the Monterey Bay Aquarium in Monterey, California,
April 23, 2008. REUTERS/Darrin Zammit Lupi |
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