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1. AIR Worldwide Estimates Insured Losses from West Coast Storm Could Reach As High As $600 Million BOSTON, Jan. 9, 2008 -- Catastrophe risk modeling firm AIR Worldwide estimates insured losses from the recent west coast winter storm could reach as high as $600 Million, with the vast majority of those losses in California. The estimate reflects losses to property, contents, and direct business interruption and additional living expenses for residential, mobile home, commercial, and auto exposures. They do not include crop losses. The storm flooded towns, downed power lines, and dropped extraordinary amounts of snow from Washington State to Southern California over the weekend. The Sierra Mountains near Lake Tahoe were hardest hit; eleven feet of snow fell on the popular resort area in just 72 hours. Nearby, at Ward Mountain, the highest winds were recorded on Friday—sustained at 110 mph, gusting up to 163 mph. According to Dr. Peter Dailey, director of research in atmospheric science at AIR Worldwide, “The storm was unlike classic Pacific Northwest winter storms, which tend to concentrate damaging winds along the coasts of Washington and Oregon. The track of this large system was fairly unusual in that some of the strongest winds and heaviest snows were over the northern half of California.” Spokespeople from California’s Pacific Gas & Electric say they have restored power to nearly all of the residents who lost electricity as a result of the fierce winter storm, which brought hurricane force winds to parts of the west coast. California bore the brunt of the storm. Yet even as residents dig out and clean up from last weekend’s event, another system is moving in from the Pacific. The latest round, however, is likely to be both less intense and further north, over Washington and Oregon. For more information, contact: Kevin Long, 617-267-6645, klong@air-worldwide.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Buffett Makes 1st Foray in Muni Bond Insuring-Sources Wed Jan 9, 2008 8:01am By Joan Gralla NEW YORK (Reuters) - Billionaire investor Warren Buffett's new insurer on Tuesday made its first foray into guaranteeing tax-free bonds, beginning with $10 million of outstanding New York City debt that matures in 2012, according to market sources. The insurance was purchased by Goldman Sachs & Co., which paid an unusually costly premium of 26 basis points, according to one of the sources. Spokesmen for New York City and Goldman Sachs were not immediately available. A spokeswoman for Berkshire Hathaway Inc. directed all questions regarding the new insurer to Ajit Jain, who runs Berkshire Hathaway Assurance Corp. Jain did not immediately return calls seeking comment. Berkshire Hathaway's new venture won its license from New York state in late December, and he also has applied to Puerto Rico. Buffett is known for his astute value-investing, and his decision to start insuring tax-free bonds follows the hammering several insurers have taken from subprime-mortgage plays. Insurance industry leaders AMBAC Financial Group (ABK.N: ) and MBIA Inc. (MBI.N: ) took yet another pummeling on Tuesday, with Ambac's shares sinking 17.3 percent to $19.42 and MBIA shedding 20.8 percent to $13.85. Like many states and cities, New York City faces yawning budget gaps, and the insurance from Berkshire Hathaway (BRKa.N: )'s new company should help stabilize prices of the city's general obligation bonds, said the sources, who requested anonymity. Spreads for the city's debt have recently widened as much as 20 basis points to around 40 basis points more than the yields commanded by tax-free bonds rated "AAA." New York City is rated four notches below, at "Aa3" by Moody's Investors Service, and three notches below the highest rating by Standard & Poor's at "AA." (Reporting by Anastasija Johnson and Joan Gralla; Editing by Diane Craft) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. INTERVIEW-Hannover Re sees record 2008 cat bond market issues Wed Jan 9, 2008 9:27am By Jonathan Gould and Arno Schuetze FRANKFURT, Jan 9 (Reuters) - Insurers are likely to transfer a record amount of risk to financial markets this year, with investors still hungry for "catastrophe" bonds in face of indigestion elsewhere in the credit markets, Hannover Re (HNRGn.DE: ) said on Wednesday. "The offering of capacity from the capital market is at an all-time high," Hannover Re executive board member Ulrich Wallin, responsible for specialty transactions at the world's fourth-biggest reinsurer, told Reuters. Insurance companies and the reinsurers that help shoulder their risks are estimated to have issued some $5.9 billion in catastrophe-linked bonds in 2007, up from $4.7 billion in 2006, and conditions are ripe for a further record in 2008. "We may see an increase of 20 percent in the market this year. I don't think we will see a doubling," Wallin said. While banks and investors struggle with the fallout from the subprime mortgage woes in the United States, similarly structured insurance-linked securities (ILS) are in short supply relative to investor demand. Investors like the diversification they get from insurance bonds and are putting more cash on the table, Wallin said. A bond covering Japanese earthquake risk is completely uncorrelated with one covering European windstorms, for example. "The subprime crisis has shown that there is not much diversification in the credit market, it all goes the same way at the same time. It's very different with ILS," Wallin said. While capital markets could absorb a lot more risk than is being sought by potential sponsors, there are still bottlenecks at the risk-modelling and rating agencies that structure and vet the bonds, he said. Wallin predicted that 2008 would see more catastrophe bonds and rated-ILS placed in tranches where the probability of loss is relatively remote, leading to more "A"-rated catastrophe bond issuance than in the past. He also predicted greater issuance in non-correlated areas of the world, such as Australia and Mexico, this year. © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Insurer, backed by Berkshire, offers asbestos cover NEW YORK, Jan 9 (Reuters) - New Bermuda-based insurer St. George Re said on Wednesday it would begin operations as the first company dedicated solely to offering U.S. companies protection against asbestos claims. St. George said it had arranged with Berkshire Hathaway Inc (BRKa.N: ) (BRKb.N: ), one of the world's largest insurers, for capital that would let it underwrite the largest of coverages, according to St. George Chief Executive Colin Barnes. "We are currently in the underwriting process for over $5 billion of coverage," Barnes said in an interview. Barnes said the insurance was designed "to remove uncertainty and provide resolution to historical corporate asbestos risk." Asbestos, a fibrous material widely used in industry and construction until the 1980s, is known to cause lung cancer and other respiratory diseases, and can take as long as 40 years to be diagnosed. It has cost companies an estimated $70 billion and forced more than 70 firms into bankruptcy. St. George Re said it would offer insurance coverage to protect against risk of loss from future asbestos claims and the costs of defending against those claims. Founding investors of St. George Re are funds managed by Context Capital Management LLC, Plainfield Asset Management LLC, and Silver Creek Capital Management LLC. Berkshire's investment in St. George Re is not the first time the Omaha, Nebraska-based insurer has been willing to take asbestos exposure. In March a Lloyd's of London insurer transferred billions of dollars of liabilities to Berkshire Hathaway. Insurance executives have said recently that asbestos claims are beginning to decline due to court decisions that limit the number of filers. Berkshire, which is run by Warren Buffett, one of the world's richest men, owns more than 70 businesses, including auto insurer Geico Corp and reinsurer General Re Corp. It ended September with more than $47 billion in cash. (Reporting by Ed Leefeldt, editing by Dave Zimmerman) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Professional Employer Organizations, a Boon to Small Business, Boom as More Companies Discover Benefits ALEXANDRIA, Va.--(BUSINESS WIRE)--Gross revenues for the professional employer organization industry shot up in 2007 to $61 billion. That estimate was a 15-percent jump from 2006, says the trade association for the industry, the National Association of Professional Employer Organizations. The business is only about 20 years old, which means there are still hundreds of thousands of small businesses that haven’t yet hired a PEO – and plenty of room for this boom to continue. Small businesses outsource cumbersome and time-consuming human resources chores to PEOs, such as administering payroll or making workers comp payments. PEOs generally charge a percentage of the client’s payroll for these services. “A lot of small businesses owners have seen that outsourcing human resources chores and employee benefits is more efficient than trying to do it themselves,” says Milan P. Yager, executive vice president of the National Association of Professional Employer Organizations, the trade association. “But there are still lots of small businesses struggling with payrolls and workplace regulations that could be spending the time on making a profit and growing the business.” The average NAPEO member’s client has 19 employees, but increasingly, larger companies are signing up, ranging from accounting firms and high-tech companies to manufacturers and government. The trade association estimates gross revenues rose from $53 billion to $61 billion this year. (It defines gross revenues as total receipts, which can include billings for payroll and employment related taxes and insurance.) PEOs cover around 2 million workers, NAPEO estimates. The trade association has 400 PEO members operating in all 50 states, accounting for an astounding 90 percent of the industry’s revenues, Yager said. In this slowing economy, PEOs are a bargain; they can help companies hang on to valued employees, for instance, by helping owners achieve better benefits. “The numbers make it very clear that PEOs have come into their own,” says Greg Slamowitz, co-chief executive officer of Ambrose Employer Group, a New York City PEO. “There’s no end in sight to the growth, because we offer the services that more and more small businesses can’t live without.” For more information: www.napeo.org. NAPEO has nearly 400 PEO members operating in all 50 states, representing 90 percent of the revenues of the $61 billion industry. PEOs enable clients to cost-effectively outsource the management of human resources, employee benefits, payroll and workers' compensation. PEO clients focus on their core competencies to maintain and grow their bottom line. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. 2007: Year of the Soft Market 2007 finished much the same way it began with rates on a downward trend. Rates for the December property and casualty market index fell 16%, furthering a softening market stretching over 34 months. Steeper rate reductions in the latter part of the year contributed to a mean average rate reduction of 13.25% for the calendar year of 2007. Despite these rate decreases, all indications are insurers will reap $27 billion in profits. Estimates of combined ratios for 2007 range from 91 to 95. We feel anything under 100 is good. The findings of MarketScout’s barometer are further supported by surveys conducted by The National Alliance for Insurance Education and Research. These surveys were conducted during CIC and CRM institutes held across the United States in December 2007. The barometer is compiled by MarketScout, a Dallas, Texas based electronic insurance exchange which underwrites and distributes hundreds of product lines to its 60,000-member agency network across the United States. Over 40 "A" Rated carriers participate in the MarketScout exchange platform at http://www.marketscout.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Wellness Works, When It’s Available Workers express interest in financial incentive-based wellness to combat rising health care costs DES MOINES, Iowa--(BUSINESS WIRE)--Although American workers believe wellness programs are helping to lower health care costs, a surprising number do not yet have access to wellness at their workplace, according to the Principal Financial Well-Being IndexSM. The survey shows the majority of American workers with access to wellness are not only using the programs, but indicate wellness benefits offered by their employer can be successful in reducing their own health care costs (53 percent). Beyond cost, a number of factors encourage workers to participate in wellness benefit programs ranging from better overall health (54 percent) to a chance to live a longer life (40 percent). Workers are seeing the value of wellness programs, yet employers have been slow to fully embrace them. Just one in seven workers (14 percent) has access to educational tools and fitness center discounts and even fewer (10 percent) have on-site health screenings available through work. The index, which surveys American workers at growing businesses with 10-1,000 employees is released by the Principal Financial Group® and conducted by Harris Interactive®. These findings focusing specifically on wellness attitudes and behaviors among American workers were taken from the fourth quarter 2007 Index. www.principal.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. CalPERS buys minority stake in Silver Lake Wed Jan 9, 2008 11:06am EST PHILADELPHIA (Reuters) - Pension fund CalPERS said on Wednesday it acquired a 9.9 percent stake in Silver Lake, giving the technology-focused private equity firm money to expand globally and develop new investment funds. The moved adds to other private equity investments by CalPERS, the California Public Employees' Retirement System, which owns a 10 percent stake in Apollo Management and a 5.5 percent stake in Carlyle Group. CalPERS, which had been one of the limited partners in Silver Lake's first fund in 1999, also committed to making additional investments in Silver Lake. A representative from CalPERS, the biggest U.S. pension fund, will join Silver Lake's management advisory board. (Reporting by Swagata Gupta in Bangalore and Jessica Hall in Philadelphia; Editing by Steve Orlofsky and Dave Zimmerman) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Goldman Sachs sees recession in 2008 Wed Jan 9, 2008 8:44am EST NEW YORK (Reuters) - Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter. In a note to clients, Goldman said real gross domestic product would contract by 1 percent on an annualized basis in both the second and third quarters. For all of 2008, the investment bank said GDP would rise by 0.8 percent. The unemployment rate will rise to 6.5 percent in 2009 from the current 5 percent, it said. The weakening economy will force the Fed to lower policy rates by an additional 1.75 percentage points from the current 4.25 percent. Starting in September, the Fed cut rates at the last three meetings of the Federal Open Market Committee, reducing the target rate on loans between banks by 1 percentage point from 5.25 percent. (Reporting by Daniel Burns and Nick Olivari; Editing by Tom Hals) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Fed's Poole: too soon to say if recession looms Wed Jan 9, 2008 9:51am EST ST. LOUIS (Reuters) - The Federal Reserve is monitoring growth and inflation risks and it is too soon to tell if housing troubles will push the economy into recession, one of its top policy-makers said on Wednesday. "The Federal Open Market Committee (FOMC) is watching both recession and inflation risks. Recession risks are primarily a consequence of financial turmoil, which has threatened to spread housing industry woes to the broader economy," said St. Louis Federal Reserve President William Poole. Poole, not a voting member of the FOMC this year, was speaking to the Financial Planning Association of Missouri and Southern Illinois. (Reporting by Alister Bull, Editing by Andrea Ricci) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. Wall St's early bruising spells trouble ahead in 2008 Tue Jan 8, 2008 5:52pm EST By Ellis Mnyandu -Analysis NEW YORK (Reuters) - If Wall Street's dismal start to 2008 is any indication, there is growing unease among stock investors that this year could be one of scanty returns, or worse. The first five days of any year are considered an "early warning system" according to the Stock Trader's Almanac, whose highly accurate "January Barometer" states that as the S&P goes in January, so goes the year. It's been very bad so far. The Standard & Poor's 500 index's .SPX 5.32 percent drop in the first five days of 2008 through Tuesday marks the worst start to a year ever for the benchmark U.S. equity index. (Reporting by Ellis Mnyandu; editing by Clive McKeef) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 30,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Kohlberg Buys Scott's Cove Asset Manager Wed Jan 9, 2008 10:45am EST NEW YORK (Reuters) - Kohlberg Capital Corp. (KCAP.O: ), a business development firm, on Wednesday said its asset manager Katonah Debt Advisors LLC bought Scott's Cove Capital Management, an investment manager focused on credit strategies. The move gives Katonah, which manages some $2.1 billion, "greater expertise in high yield bonds, distressed debt and equities which will strongly complement our leveraged loan capabilities," said Kohlberg. Terms of the acquisition weren't disclosed. Phillip Schaeffer will remain portfolio manager of Scott's Cove, which currently has about $60 million in assets under management. (Reporting by Dane Hamilton. Editing by Derek Caney) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Beecher Carlson Acquires Alliance Insurance Group ATLANTA & PHOENIX--(BUSINESS WIRE)--Beecher Carlson, the fastest growing commercial insurance brokerage in the country, announced today the acquisition of Alliance Insurance Group. The acquisition supports Beecher Carlson’s plan to partner with firms where there is strategic alignment in specialization and expansion of geographic reach in high-growth areas of the country. Alliance Insurance Group’s long-term presence in the Southwest region and their commitment to delivering highly specialized products and services aligns with Beecher Carlson’s industry and product resource model. www.beechercarlson.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. St. George Re Limited Commences Operation as First Dedicated Asbestos Liability Insurance Facility HAMILTON, Bermuda--(BUSINESS WIRE)--For the first time since the 1980s, corporate America will be able to purchase insurance to protect against legacy asbestos risk which, according to the US Chamber of Commerce, has cost companies an estimated $70 billion and forced more than 70 companies into bankruptcy. Based in Bermuda, St. George Re Limited (St. George Re) announced today that it has commenced operations to write insurance designed specifically to remove uncertainty and provide resolution to historical corporate asbestos risk. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
16. Great American Announces New Program for Marine Terminal Operators CINCINNATI--(BUSINESS WIRE)--The Ocean Marine Division of Great American Insurance Group has created a package of specialized insurance coverages for Marine Terminal Operators, nicknamed the TOPS program. The new program offers marine liability, property, equipment, vessel pollution and other basic coverages as a packaged product that provides comprehensive protection from a single insurance carrier. Terminal Operators must often place different risks with different carriers, since few offer coverage broad enough to include them all. The TOPS program combines the convenience of “one stop shopping” with the financial strength and depth of niche expertise that Great American is well known for. www.GreatAmericanOcean.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Great American Insurance Group Creates New Environmental Division CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group is pleased to announce its entrance into the environmental liability insurance business. Great American’s newly created Environmental Division will be led by an experienced and very capable management team, headed by John W. Reynolds, Divisional President. Mr. Reynolds recently served as Chief Executive Officer (CEO) of the Willis Environmental Practice and has also held senior positions with Kemper Environmental and American Reinsurance Company’s environmental business. www.GreatAmericanInsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. AEGIS Selects DFA Capital Management for Risk Management Software Solution PURCHASE, N.Y.--(BUSINESS WIRE)--DFA Capital Management Inc. (DFA), the leading provider of Enterprise Risk Management solutions to the insurance industry, announced today that Associated Electric & Gas Insurance Services Limited (AEGIS), a non-assessable mutual insurance company, has agreed to purchase its modeling and analysis software, ADVISE™ 4.0., as well as its economic scenario generator, GEMS™. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Life Settlement NumberCruncher V2008.1 Released BRYN MAWR, Pa.--(BUSINESS WIRE)--Leimberg & LeClair, Inc. and The Weinberg Group, Inc. announced the availability of Life Settlement NumberCruncher™ (LSNC), software designed to assist professionals and their clients in the difficult decision of whether to retain or sell an existing life insurance policy. This is the first (and currently only) commercially available professional software to run economic “hold” (retain) or “fold” (sell) numbers, an essential factor in the decision-making process. This easy-to-use and quickly-learned software was designed for life settlement professionals, life insurance agents, attorneys, CPAs, financial planners, and trust officers. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. Nationwide Financial Unveils YourLifeSM Survivorship Universal Life Insurance New Product Helps Financial Professionals Deliver Estate, Business and Charitable Planning Solutions to Clients COLUMBUS, Ohio--(BUSINESS WIRE)--Providing solutions to complex problems is the hallmark of life insurance products from Nationwide Financial Services, Inc. (NYSE: NFS). Following its recently updated Whole and Term Life products, the company today unveiled Nationwide YourLifeSM SUL, a lower-cost, low-maintenance, life insurance product that offers death benefit protection, a no-lapse guarantee and unique legacy, estate and business planning solutions. Protections and guarantees are subject to the claims-paying ability of the issuing life insurance company. www.nationwide.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Sun Life Financial Introduces Customized Version of its Masters Variable Annuity Suite Exclusively for Huntington Bank WELLESLEY, MA (January 8, 2008) – The U.S. division of Sun Life Financial, Inc. (NYSE:SLF, TSX:SLF) today introduced a customized version of its Masters variable annuities suite available exclusively through Huntington Bank, a $55 billion regional bank holding company in the Midwest. The proprietary products include 10 Huntington Bank VA Funds as additional investment options to appeal to Huntington Bank’s customers when choosing asset allocations. www.sunlife-usa.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Banks Can Now Grow More Profitably by Attracting and Retaining Larger Dollar Deposits - Coverage For Amounts up to $15 Million Now Available from Progressive MAYFIELD VILLAGE, Ohio--(BUSINESS WIRE)--Banks purchase Excess Deposit Bond coverage to insure individual depositors – including private customers, non-profit organizations and, in most states, public funds – for amounts exceeding the Federal Deposit Insurance Corporation (FDIC) maximum of $100,000 per depositor per insured bank or $250,000 for self-directed retirement accounts. Now, they can purchase coverage for up to $15 million in deposits from Progressive’s Professional Liability Group; Progressive Casualty Insurance Company, an A+ rated carrier, underwrites the policy. “In the highly competitive banking industry, attracting large dollar deposits helps banks to grow and having coverage available to protect those deposits is crucial,” said John Wells, director of Progressive’s Professional Liability Group. For more information about Excess Deposit Bond, call Tom Hruby at (800) 274-5222 or visit www.excessdepositbond.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Third Annual Midwest Health Care Venture Survey Findings: Investment Interest in Midwest Health Care Companies Continues to Increase Medical Devices viewed as Primary Sector of Interest, though Biotechnology Leads in Investments; Minneapolis, Cleveland & Pittsburgh Seen as Most Active Regions CLEVELAND--(BUSINESS WIRE)--The Midwest continues to grow in reputation as a source of quality health care investment deals, according to the results of the third annual survey of national health care venture capital firms by BioEnterprise. The survey gathers venture firms’ perspectives on the Midwest health care start-up environment and sources of Midwest opportunities. Minneapolis, Cleveland and Pittsburgh continue to enjoy the highest reputations among venture investors for the quality of health care deals. Compared to the 2006 survey, Cleveland, Indianapolis, Cincinnati and Columbus showed notable gains in reputation (see table). Chicago and St. Louis suffered significant losses in reputation. A full presentation of the survey results can be viewed at www.bioenterprise.com/reports. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. XL Insurance Opens Branch Office for the Asian Region in Singapore ZURICH, Switzerland, Jan. 9 /PRNewswire- -- XL Insurance, the global insurance operations of XL Capital Ltd (NYSE: XL), today announced the establishment of a new branch office in Singapore. The XL Insurance Company Limited Singapore branch will act as the management and underwriting hub for the Asian region, with an initial focus on Directors and Officers Liability, Fine Art and Specie, Casualty, Energy and Construction insurance. The office will be headed by Andrew Vigar, XL Insurance's Regional Manager for Asia. http://www.xlinsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. XL Re Enters Into Quota Share Agreement with Newly-Formed Cyrus Re II Limited HAMILTON, Bermuda, Jan 07, 2008 /PRNewswire-FirstCall -- XL Capital Ltd's (XL) ("XL") reinsurance operations ("XL Re") announced today that certain of XL's operating companies ("Ceding Companies") have entered into a quota share reinsurance treaty (the "Treaty") with a newly-formed Bermuda reinsurance company, Cyrus Reinsurance II Limited ("Cyrus Re II"). www.xlre.com www.xlcapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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