Daily Quote: "The heights by great men reached and kept were not attained by sudden flight, but they, while their companions slept, were toiling upward in the night." - - Henry Wadsworth Longfellow
1. Scottish Re Group Limited Receives NYSE Notice Related to Non-Compliance with Price Criteria for Common Stock HAMILTON, Bermuda--(BUSINESS WIRE)--Scottish Re Group Limited (NYSE:SCT), or the “Company,” announces that on January 2, 2008 it was notified by the NYSE Regulation, Inc. (“NYSE Regulation”) that the Company had fallen below one of the quantitative criteria of the New York Stock Exchange’s (“NYSE”) continued listing standards related to maintaining a consecutive thirty trading-day average closing stock price of over $1.00 per ordinary share, as required by paragraph 802.01C of the NYSE Listed Company Manual. On December 31, 2007, the Company’s thirty trading-day average closing stock price was $0.95 per ordinary share and its absolute closing price was $0.73 per ordinary share. The Company has notified the NYSE that it intends to submit plans to address the price deficiency within the required ten business day period following the receipt of the notification. www.scottishre.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Deloitte Studies Find Significant Opportunity for Cost Containment and Efficiency in Life and Annuities Industries NEW YORK--(BUSINESS WIRE)--Deloitte today announced the results of its 12th annual life and annuity back-office operations benchmarking studies, LIONS 2007 and ACES 2007, which provide comparative analysis widely used by top insurance companies to benchmark expenses for operations and information technology. The analysis covers a variety of topics including efficiency, effectiveness, key trends, use of technology and business performance. “Given the increasingly competitive and slow growth environment for life insurance products, cost containment through operational efficiency is considered a top priority for executives,” said Joe Guastella, national leader for Deloitte’s insurance consulting group. “But it is vital executives recognize that success depends not just on committing to increase efficiencies – it also requires focusing on the ones that have the most impact.” The studies found that while the life insurance industry has made some progress with respect to cost cutting and increased efficiencies, there is still opportunity for further change: Life line expenses per $1,000 of total annual premiums have declined 9 percent per annum. New business and customer service operations and related IT expenses are a significant part, roughly one-third, of overall baseline costs. Because expenses are evenly divided among new business operations, customer service operations, and related IT, insurers need to manage the entire business process model, not just one area. There is continued opportunity to improve service standards, especially in call centers. “Annuity sales have experienced explosive growth over the short term, which may be masking underlying efficiency issues,” said Richard Roth, practice leader for Deloitte’s global benchmarking group. “While it can be challenging to try to determine where a system can be made more efficient right when it’s being taxed the most, that is exactly the time to seek out the disconnects and redundancies because they are magnified.” The studies revealed several areas that offer annuity providers the opportunity to improve efficiency:
Webcast of Benchmarking Study Results For those not able to attend the Insurance Benchmarking Forum, an annual benchmarking client meeting held in Dallas at the end of 2007, where the LIONS 2007 and ACES 2007 results were announced, a one hour summary web cast will be hosted on January 8, 2008 at 2:00 PM. Those wishing to attend should contact Bonnie Reagan at breagan@deloitte.com, 615-872-7183, or sign up at www.deloitte.com/us/insurance under dBrief registration. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. End in Sight for Generali Holocaust Claims Case Tue Jan 8, 2008 1:02pm EST By Lisa Jucca MILAN (Reuters) - Claims by thousands of Holocaust victims and their heirs against Italy's No. 1 insurer Generali (GASI.MI: ) that could result in a total $50 million payout have neared final settlement with a U.S. judge's ruling this week. U.S. District Judge George B. Daniels reaffirmed in New York on Monday that last year's settlement between Generali and victims of the Nazis and their relatives was "fair, reasonable and adequate," Generali said on Tuesday. Daniels also found that Generali, Europe's third-largest insurer, had overcome an appeals' court objection by sending out individual notices to more than 50,000 potential class members. "I believe this settlement is the best opportunity, and probably the last opportunity, for Holocaust survivors and heirs to be compensated for unpaid Generali insurance policies during the Holocaust Era," said Robert Swift, a lawyer with Kohn Swift & Graf and one of the victims' lawyers. Generali was one of the biggest insurers in eastern Europe before World War II and its insurance policies were popular with Jews. It faced a class-action lawsuit over claims that it failed to honor policies held by victims of the Nazis. An appeals court in October had annulled an initial settlement between the insurer and the victims as it questioned whether adequate notice had been given to people with potential interest in the class-action suit. Daniels' decision now goes back to the appeals court in what is expected to be the final step of the long-running case. A decision is expected by the end of March, Swift said. Generali said it already paid claims for a total of $35 million. Swift said a further 35,000 claims had been submitted and could result in a payout of over $15 million based on a conservative estimate or more than $50 million in total. Potential class members had up until Dec. 26 to file a claim, an extension on a previous deadline. The filing date can be extended to 2009 if new documents proving the existence of insurance policies emerge from the German archive of Bad Arolsen, which holds millions of Holocaust-related files, Generali said. (Editing by Sami Aboudi) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
COLUMBIA, S.C. (Jan. 9, 2008) — One of the employee benefits industry’s biggest hitters has a new look — and a clearer message. Colonial Life & Accident Insurance Company today launched a new brand, logo and tagline designed to better communicate who the company is and what it does. The new brand name “Colonial Life” along with the tagline “Making benefits count” reflect the company’s strengths in one-to-one benefit communications and enrollment services alongside its personal insurance coverages. “Our new brand says a lot more about what makes us stand out
from the competition,” explains Tom Gilligan, senior vice president of
marketing and branding. “Colonial Life still offers valuable, affordable
protection for workers and their families through insurance benefits
like life, disability, accident, hospital confinement indemnity and
limited benefit medical plan coverage. But the personal, straightforward
approach of our benefits education and enrollment services goes beyond
that to help increase employee satisfaction and enhance the value of an
employer’s benefits package. We help make benefits count for employers
and employees alike.” Colonial Life is the nation’s second largest provider of voluntary benefits at the workplace, based on annual sales.* Skyrocketing health insurance costs are forcing many employers to cut back benefits or ask employees to pay higher deductibles, copayments and premiums. That leaves a big gap between the benefits employers would like to offer and those they can afford — and an equally big gap in employees’ understanding of the changes, what their choices are and how to make the most of their benefits. But many employers don’t have the time, resources or in-house expertise to help their employees understand what they have and what else they need. Colonial Life does it for them, and at no fee. “A comprehensive, consistent benefit communications plan can have as much or more to do with employee satisfaction as what’s actually in the benefits package,” Gilligan says. www.coloniallife.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. A.M. Best Special Report: Awareness Grows That Moderate Quakes Could Devastate Europe OLDWICK, N.J., Jan. 7, 2008—Lurking beneath Central Europe are numerous faults that rarely break the ground surface but that still could lead to large scale catastrophe losses for insurers and reinsurers. Indeed, European insurers and reinsurers are in various stages of gauging their exposure to these potential quake events as part of new solvency guidelines set to take effect in 2012, according to a special report by A.M. Best Co. This study provides historical perspective on European earthquakes and the insurance industry, as well as an examination of the ability of the insurance industry and the public to absorb losses from a “major” or “great” earthquake. To assess the impact of such earthquakes in Central Europe, Greece and Turkey, A.M. Best asked three catastrophe modelers to provide examples of major earthquake activity in these regions. Appendix A of this report also updates A.M. Best ’s previous studies on U.S. earthquake risk. -- A quake in Central Europe would not have to be as powerful as the 1906 San Francisco earthquake or the 6.7 magnitude Northridge, California quake in 1994 to generate at least $10 billion in total losses. This is due primarily to the growing concentration of property values exposed, the quality of existing building stock and the tendency of the soil in some regions to liquefy. -- Despite these risks, penetration rates for earthquake insurance remain low. In countries such as Italy and Turkey, less than 30% of the total expected losses from earthquakes likely to happen once every 200 years would be insured. -- As awareness of the peril has grown among the European population, some countries that previously had excluded earthquake from standard insurance policies now include it. Others are considering doing so. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Meeting Info &
Online Registration:
www.icmg.org/annual_meeting
6. Harleysville Group, Harleysville Mutual Implement Change to Intercompany Pooling Agreement Following Regulatory Approvals HARLEYSVILLE, Pa.--(BUSINESS WIRE)--Harleysville Group Inc. (NASDAQ:HGIC) and Harleysville Mutual Insurance Company have received all necessary approvals from various state departments of insurance and have amended their intercompany pooling agreement, effective January 1, 2008. The amendment, which was approved and jointly announced by each company’s board of directors on November 26, 2007, adjusts the aggregate share of the pool for the insurance subsidiaries of Harleysville Group to 80 percent. All Harleysville property/casualty subsidiaries participate in an underwriting pooling arrangement whereby all premiums, losses and expenses for each individual company’s business are shared in a pool. The arrangement, which was established in 1986, is designed to produce more consistent underwriting results over the long term by spreading financial risk among the broad base of pool members. www.harleysvillegroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. New Podcast from ACE USA and ESIS Provides Dual Perspectives on Best Practice Approaches: Planning for a Disaster Before Catastrophic Events Strike PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, joined together with ESIS, Inc., (“ESIS®”), its risk management services arm, to launch an audio podcast, or Internet-distributed program, on the risk management service solutions and applicable insurance coverages that are available to businesses and organizations seeking to proactively prepare for catastrophes and manage potential reputation threats. The podcast features a topical discussion by Lori Brassell-Cicchini, Assistant Vice President, ESIS Catastrophe Services, and Connie Germano, Senior Vice President, ACE Excess Casualty, on the ongoing risk management challenges faced by companies seeking to mitigate the detrimental effect of catastrophe, and the insurance solutions available that can help clients in managing threats to their organizations. To access the ACE USA/ESIS Inc. Catastrophe Management podcast audio program (approximately 14 minutes in length), please visit www.ace-ina.com/podcasts. The material presented in the podcast is not intended to provide legal or other expert advice. It is presented for general information only. Listeners of this podcast should consult knowledgeable legal counsel or other experts with any questions. The above is only a summary; please see actual policies for terms and conditions. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. ICMG Announces Over 200 Insurance Executives Headed to February Meeting in Scottsdale The Inter-Company Marketing Group (ICMG) announces that over 200 insurance & financial services executives are pre-registered to attend “Advantages of New Ideas & Alliances,” ICMG’s 24th Annual Meeting, February 5-7 in Scottsdale, Az. The registrants, posted at www.icmg.org, represent life & health insurance carriers, brokerage firms and agencies, reinsurance companies, fraternals, TPAs, and other companies involved in insurance manufacture, distribution, or business processes. Known as the best strategic alliance networking meeting in the industry, ICMG brings decision-makers together to develop business relationships, learn what other companies are doing, meet potential strategic alliance partners, and connect with current partners. “Advantages of New Ideas & Alliances” will focus on opportunities and challenges in the changing marketplace and ways of capitalizing on company strengths by forming alliances with complementary businesses. General sessions include:
Registration and more information can be found at www.icmg.org or by contacting ICMG Executive Director Audrey Wittenburg at 703-729-7701 January 7, 2008 FOR IMMEDIATE RELEASE Contact: Audrey Wittenburg Phone: 703-729-7701 Email: awittenburg@icmg.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. IBM, Humana MarketPOINT, and ARAG Join Gold Sponsors of Inter-Company Marketing Group The Inter-Company Marketing Group (ICMG) is pleased to announce that IBM, Humana MarketPOINT, and ARAG have signed on as 2008 Corporate Gold Sponsors. A nonprofit national trade association, ICMG has served the industry for nearly a quarter century by bringing together top executives to form business relationships and strategic alliances. The support of these major contributors enables ICMG to expand its network throughout the industry, with decision-makers from life & health insurance carriers, brokerage firms and agencies, reinsurance companies, fraternals, TPAs, and other companies involved in insurance manufacture, distribution, or business processes. The latest three join ICMG’s continuing Gold Sponsors:
For more information visit www.icmg.org or contact ICMG Executive Director Audrey Wittenburg at 703-729-7701. January 7, 2008 FOR IMMEDIATE RELEASE Contact: Audrey Wittenburg Phone: 703-729-7701 Email: awittenburg@icmg.orgReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Bear Stearns’s Cayne To Give Up CEO Post: Tue Jan 8, 2008 8:10am EST By Tim McLaughlin NEW YORK (Reuters) - Bear Stearns Cos Inc (BSC.N: ) leader James Cayne will relinquish his title as chief executive, but remain chairman, the Wall Street Journal reported on Monday, citing people familiar with the matter. Reached by phone at his residence in Manhattan, Cayne declined to comment. Bear Stearns shares have dropped 52 percent over the past year. (Reporting by Christopher Kaufman, additional reporting by Tim McLaughlin in New York; Editing by David Gregorio, Gary Hill and Carol Bishopric) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. Latest ThirdAge/JWT BOOM Survey Busts Myths About Boomer Health Status Baby Boomers Dispute Perspective That They Are Unhealthier Than Previous Generations NEW YORK--(BUSINESS WIRE)--An online research study by ThirdAge Inc. and JWT BOOM was unveiled today, and reveals new findings contradicting major studies that say Boomers are unhealthier than any generation before them. The Boomers, Healthcare and Interactive Media Study was conducted online by ThirdAge at www.thirdage.com with over 1,300 respondents 40+ years of age. Results of the survey reveal surprising new data, according to Sharon Whiteley, CEO, ThirdAge Inc., and Lori Bitter, President at JWT BOOM (www.jwtboom.com). Research findings further indicate that future health solutions will include alternative or integrative medicine protocols. Over 83% of all ThirdAge respondents -- not just those on the younger end of the spectrum -- said they are somewhat or very interested in complementary and alternative approaches. www.thirdage.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. AmeriChoice to Acquire Unison Health Plans Combined Companies Will Serve More Than Two Million People Across 20 States; Combination Extends AmeriChoice Existing Service Area, Creating New Market Growth Opportunities MINNEAPOLIS--(BUSINESS WIRE)--AmeriChoice, a UnitedHealth Group (NYSE:UNH) company, today announced it has signed a definitive agreement to acquire Unison Health Plans, an organization exclusively dedicated to serving public sector health programs. On a combined basis, AmeriChoice and Unison would serve more than two million people across 20 states, including Unison’s operations in Pennsylvania, Ohio, Tennessee, Delaware and South Carolina. Unison facilitates access to high-quality, cost-effective health care for traditionally underserved populations through its participation in state Medicaid, State Children’s Health Insurance Programs (SCHIP), Adult Basic Programs and Medicare Special Needs Plans. This transaction will strengthen and enhance the scale and scope of AmeriChoice’s government-sponsored plan offerings. Unison will complement AmeriChoice’s services in Pennsylvania and Tennessee, while expanding AmeriChoice’s offerings to Delaware, Ohio and South Carolina. www.americhoice.com www.unisonhealthplan.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Hilb Rogal & Hobbs Acquires Integrated Group Benefits RICHMOND, Va.--(BUSINESS WIRE)--Hilb Rogal & Hobbs Company (NYSE:HRH), one of the world's largest insurance and risk management intermediaries, announced that it has acquired substantially all of the assets of Integrated Group Benefits (IGB). Terms of the transaction were not disclosed. Founded in 2002 by Rod S. Trump, Baltimore-based IGB is an employee benefits brokerage and consulting firm specializing in group health, life and disability insurance, and in coordinating progressive employee benefit solutions with the overall business objectives of their clients. With over $1.2 million in annual revenue, IGB serves more than 100 local, regional and national firms of all sizes. IGB will merge into HRH’s existing Baltimore location, joining HRH’s Mid-Atlantic Region under the leadership of Vice President and Mid-Atlantic Regional Director, Steven C. Deal. www.hrh.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Pennsylvania Banking Secretary Says Financial Education Can Pay Off for Businesses: Invites Business to Participate in Survey of Financial Education in PA Workplaces HARRISBURG, Pa., Jan. 7 /PRNewswire-USNewswire/ -- Pennsylvania businesses could achieve higher productivity, lower health care costs and reduce absenteeism by providing financial education for their employees, Secretary of Banking Steve Kaplan said today. “Money problems at home can have a negative affect on an employee’s work performance and that affects the company’s bottom line,” said Kaplan. “By investing in financial education, businesses can help foster a healthier and more productive workforce.” Nearly 30 million working adults—one in four—are suffering serious financial distress, according to research by E. Thomas Garman, professor emeritus and fellow at Virginia Tech University and leading expert in the field of workplace financial education. Up to 80 percent of them spend time dealing with financial issues instead of working and half say their financial worries are having a negative effect their health. These health problems can result in higher insurance premiums for companies and more sick days used by workers. The Office of Financial Education is conducting a survey of nearly 7,000 business leaders and human resource managers to gain information about financial education in Pennsylvania workplaces. The survey is available at http://www.moneysbestfriend.com until March 14. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Commissioner Betts Approves 13 Companies to Self-Insure for Workers’ Compensation Claims January 7, 2008 AUSTIN, TX –Thirteen companies with approximately 183,200 employees in Texas recently were approved to self-insure for workers’ compensation claims for a one-year period under the Texas Department of Insurance (TDI), Division of Workers’ Compensation Self-Insurance Program. Commissioner of Workers’ Compensation Albert Betts approved initial applications for Certificates of Authority to Self-Insure for Bronco Drilling Company, Inc., headquartered in Edmond, OK, and Wal-Mart Associates, Inc., headquartered in Bentonville, AR. Under Texas law, certain large, private companies can self-insure for workers’ compensation claims, while retaining the protection of the Texas Workers’ Compensation Act for the company and for its employees. To qualify, a company must have a minimum workers’ compensation insurance unmodified manual premium of $500,000 and meet other requirements subject to annual review. http://www.tdi.state.tx.us/wc/si/index.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
For more information or to register, please visit http://www.workplacebenefits.org/doubleschedule.htm, or call 888-282-1765. 16. Britt/Paulk Insurance Agency Announces Acquisition of Magnum OPUS CARROLLTON, Ga.--(BUSINESS WIRE)--Britt/Paulk Insurance Agency, Inc., a privately-held Program Administrator, announced today that effective January 1, 2008, agriculture insurance specialist, Magnum OPUS and all of its assets have been acquired by Britt/Paulk and will begin operating as the Britt/Paulk Boise, Idaho branch office. Financial details of the transaction were not disclosed. Magnum OPUS was founded in 2005 and provides specialized package insurance products to the agriculture and food processing industry through unique vertical insurance integration. With the addition of Magnum Opus and their expert team, Britt/Paulk will be offering an exclusive, nationwide Commercial Agriculture Package Program. www.brittpaulk.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. HUB International Acquires Lenhardt Insurance Agency, Inc Fold-in Operation Further Expands HUB’s Montana Presence and Adds to Trucking Specialty CHICAGO--(BUSINESS WIRE)--Hub International Limited announced today that Hub International Transportation Insurance Services Inc. (HUB Transportation) has acquired all of the assets of Billings, Montana-based Lenhardt Insurance Agency, Inc. (Lenhardt), an insurance broker specializing in commercial trucking insurance services. Terms of the transaction were not disclosed. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Empyrean Benefit Solutions Announces Relationship with Aetna HOUSTON--(BUSINESS WIRE)--Empyrean Benefit Solutions, Inc., an emerging leader in the benefit solution market, today announced a relationship with Aetna to distribute Aetna’s health benefits plans for individuals under the age of 65 through Empyrean’s integrated technology and services platform. Through the relationship Empyrean will act as a national online distributor for Aetna’s individual products, providing consumers with one more convenient option to purchase these plans. www.empyreanbenefits.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Generali CEO Defends Company, Management - Report MILAN, Jan 8 (Reuters) - Italy’s biggest insurer, Generali (GASI.MI: ), will not change its executives or governance and aims to expand in the United States, Chief Executive Giovanni Perissinotto said in an interview published on Tuesday.In the interview with Corriere della Sera, he dismissed criticism of the company’s governance and rumours that Chairman Antoine Bernheim may quit before his mandate ends in 2010 as “gossip and nothing else”. Perissinotto also reiterated the Trieste, Italy-based group had 3 billion euros ($4.41billion) available to invest in English-speaking countries, particularly the United States. (Reporting by Mathias Wildt; Editing by Paul Bolding) © Reuters 2007. All rights reserved. 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. National Health Partners Announces Agreement with Union Group HORSHAM, Pa.--(BUSINESS WIRE)--National Health Partners, Inc. (OTCBB:NHPR), a leading provider of unique discount healthcare membership programs, announced today that a 200-member union group has purchased the company’s CARExpress Plus Gold membership programs for each of its members effective January 1, 2008. This purchase represents yet another example of the success the company has been experiencing since first making its CARExpress Plus membership programs available to the public. www.nationalhealthpartners.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Intellectual Property Protection: Key to Entrepreneur Success CLEVELAND, Jan. 7 /PRNewswire/ -- Ensuring your intellectual property is safeguarded against theft is one of the first steps every entrepreneur should take. From processes to ideas to inventions, intellectual property is often more valuable than physical assets and its theft costs U.S. companies roughly $300 billion annually. Types of intellectual property There are four legally defined categories of intellectual property: Patents, trademarks, copyrights and trade secrets. Each category offers entrepreneurs special protections and violators on state and federal levels are subject to prosecution. Think like a competitor. If you were a competitor and wanted to steal secrets from your company, how would you do it? Use your own insights as an entrepreneur to further identify what intellectual property needs protection as you refine your plan for doing so. Links: https://www.ideacrossing.org/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. American Stock Exchange Reports an Increase in Short Interest NEW YORK, Jan. 7 /PRNewswire/ -- The American Stock Exchange® (Amex®) member and non-member organizations today reported short interest of 1,098,769,309 shares as of the December 31, 2007 settlement date, an increase of 15,264,381 from the 1,083,504,928 (adjusted) shares reported on December 14, 2007. The figure represents trades through December 26, 2007. In the year ago period, short interest totaled 771,894,136 (adjusted). The December short interest position reflects short interest reported by all broker-dealers (not only Amex member firms) in Amex-listed stocks. A short position of 5,000 or more shares existed in 858 issues. Some short position was shown in 1,383 issues. Please be advised that there is a new way of accessing short interest information for the Amex through http://www.amexdata.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Coventry Health Care Selected by the Pennsylvania Employee Benefit Trust Fund to Provide Retiree Health Benefits BETHESDA, Md.--(BUSINESS WIRE)--Coventry Health Care, Inc. (NYSE:CVH) today announced that it was selected by the Pennsylvania Employee Benefit Trust Fund (PEBTF) to provide health insurance to approximately 50,000 of its retirees through a Medicare Advantage Private-Fee-for-Service plan effective April 1, 2008. www.cvty.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Buffett’s Insurer Seeks License in Puerto Rico Tue Jan 8, 2008 8:01am EST SAN JUAN, Puerto Rico (Reuters) - Warren Buffett’s new bond insurer has applied for an insurance license in Puerto Rico and was registering to do business in the commonwealth, the president of the Government Development Bank, said on Monday. Government officials hope to approve the bid by a new unit of Berkshire Hathaway Inc. (BRKa.N: ) by month’s end, Jorge Irizarry, president of the development bank, said. The new insurer, Berkshire Hathaway Assurance Corp., received a license to operate in New York on Dec. 28. In addition to Puerto Rico, it also expected to expand into California, Florida, Texas and Illinois, which are among the 10 largest issuers of municipal bonds. Bond insurance is important for Puerto Rico because the commonwealth’s general obligation debt is rated “Baa3” by Moody’s Investors Service, a notch above junkInsurance would allow Puerto Rico to reduce the perceived risk of owning its debt and cut borrowing costs because Buffett’s insurer is expected to get the top “triple-A” rating. (Reporting by John Marino and Anastasija Johnson; Editing by Leslie Adler) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. UMB Healthcare Services Reaches $100 Million in HSA Assets And More Than 750,000 Healthcare Spending Card Accounts KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Healthcare Services, a division of UMB Financial Corporation (NASDAQ: UMBF), announced a company milestone by exceeding $100 million in Health Savings Account (HSA) assets. This represents a 52 percent increase over the last 12 months, making UMB one of the top custodians in the country. UMB’s health-related payment cards for Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as HSAs, surpassed 750,000 at the end of 2007. The company attributes its growth to high-touch, individualized client services as well as a team of seasoned, industry experts. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Study Published in Health Affairs Finds Value-Based Insurance Design Effective ActiveHealth Management’s CareEngine System Identifies Patients Who Would Benefit Most From Lower Co-pays NEW YORK--(BUSINESS WIRE)--ActiveHealth Management (ActiveHealth®) announced today the publication of a study designed to determine the medication compliance impact of selectively lowering co-pays for certain classes of drugs used in the treatment of chronic medical conditions. The study results showed a significant increase in compliance with four of five drug classes studied. ActiveHealth's patented clinical decision support technology, CareEngine® System, reviewed data for two large employer groups and identified clinically appropriate members in the group that would benefit from reduced co-pays for the five drug classes. The study, available today in Health Affairs, is believed to be the first rigorous, controlled trial of a concept called value-based insurance design (VBID). http://www.activehealth.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Island Insurance First in the Nation to Launch ''Life Stages'' Identity Management Program HONOLULU--(BUSINESS WIRE)--Island Insurance Company, Ltd., Hawaii’s largest locally owned and managed property and casualty insurance carrier, is the first carrier in the nation to offer a comprehensive “Life Stages” Identity Management Program. Island Insurance homeowner policyholders now have free access to identity management services as a measure against the growing threat of identity theft. Island Insurance has collaborated with Identity Theft 911®, a leading provider of identity theft management, education, and resolution services. www.islandinsurance-idtheft.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. American Medical Directors Association Foundation to Initiate Study of VeriMed Patient Identification System DELRAY BEACH, Fla.--(BUSINESS WIRE)--VeriChip Corporation (“VeriChip” or the “Company”) (Nasdaq:CHIP), a provider of RFID systems for healthcare and patient-related needs, announced today that the American Medical Directors Association (AMDA) will initiate a study of the Company’s VeriMed™ Patient Identification System. The Institutional Review Board (IRB)-approved study is expected to begin February 1. www.amdafoundation.org http://www.verichipcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Foster Wheeler Shareholders Approve Increase in Authorized Common Shares - Company to Proceed with 2-for-1 Stock Split HAMILTON, Bermuda--(BUSINESS WIRE)--Foster Wheeler Ltd. (Nasdaq: FWLT) announced that at a special general meeting of common shareholders held today its common shareholders approved an increase in the company’s authorized share capital to double the number of its authorized common shares to approximately 296 million shares. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Inventive Training Program Introduced by Independent Insurance Agents & Brokers of NY (DeWitt, New York, Jan. 7, 2008)—The Independent Insurance Agents & Brokers of New York, Inc. now offers a solution to one of the biggest challenges facing agencies and brokerages. The IIABNY Essentials for CSRs is a learning and development education program that helps create job-ready customer service representatives by assessing the individual strengths and weaknesses of each participating agency personnel. An initial no-cost “Knowledge Check” will analyze association members’ employees to determine their business skills and technical aptitude for personal and commercial lines. Knowledge Check results are then evaluated by an IIABNY education counselor and passed along to the CSR’s manager for review. The counselor will personally make recommendations for specific training, if necessary. www.iiabny.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Investigation Confirms Integrity Of NAIC Model Law Process KANSAS CITY, Mo. (Jan. 7, 2008) — The National Association of Insurance Commissioners (NAIC) announced today that it has completed an internal investigation of the approval process related to the Viatical Settlements Model Act, concluding that the model was accorded open debate and unbiased consideration and that the adoption of the model act by the NAIC’s Life Insurance and Annuities (A) Committee was unbiased and not subject to undue or improper influence. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
