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1. New Report Details State Efforts to Reform Health Care As Employer Coverage Crumbles and the Middle Class Grumbles, State Policymakers Nationwide Enact Innovative Reforms to Expand Coverage WASHINGTON, Jan. 17 /PRNewswire-USNewswire/ -- Fueled by a surge in the number of Americans lacking health insurance -- particularly among the middle class -- state policymakers nationwide have enacted innovative reforms to increase coverage according to State of the States 2007, Building Hope, Raising Expectations. The new report, published by State Coverage Initiatives, offers a unique national perspective on state-based reform efforts. State of the States 2007, Building Hope, Raising Expectations details a variety of factors motivating states to address this thorny problem, including the continued rise in the number of uninsured, steep declines in employer- sponsored health insurance, improved state economies with increased state revenues, and the lack of a national solution. The loss of coverage among the middle class is perhaps the most dramatic illustration of the growing problem of uninsurance. According to U.S. Census data, from 2002 to 2005, the number of uninsured Americans rose 7 percent to more than 46 million; among those with incomes of $50,000-$75,000, it rose 24 percent. Nearly 4 in 5 Americans that lost coverage during this time had annual incomes in excess of $50,000. "States are facing a 'perfect storm' with health care," said State Coverage Initiatives Acting Director Enrique Martinez-Vidal, "and that has provided governors and state legislators with the political will necessary to tackle the problem. States have been fertile testing grounds for new reforms and have proven that bipartisan compromise is possible." But, he cautioned, "they don't take the place of a national solution." Despite bleak statistics about the current state of uninsurance in America, State of the States provides a measure of hope. The report found that more than a dozen states have enacted innovative policies to expand coverage. These range from comprehensive health care reform (Massachusetts, Vermont, Maine) to public-private partnerships (Arkansas, Montana, New Mexico, Oklahoma, Rhode Island, Tennessee, Utah) and initiatives to cover all children (Illinois, Pennsylvania). Most importantly, State of the States 2007 offers a nationwide review of the state-based health care reform movement. "Several trends emerged as we analyzed this from a national perspective," said Martinez-Vidal. "We found that many successful reforms build off prior efforts; they seek to stem the erosion of employer-sponsored insurance with a number of approaches, including shared financial responsibility. They also rely on private insurers and often include a redesign of Medicaid benefits," he said. State of the States 2007 also assesses federal reforms, which often have considerable impact on state efforts. Medicaid, for example, is one of the most important programs for states to provide insurance. The Deficit Reduction Act of 2006 made some of the most significant changes in the program's 40-year history, many of which have implications for state programs. States are also struggling to cover projected shortfalls in the State Children's Health Insurance Program (SCHIP), which is scheduled for reauthorization by Congress in 2007. Looking forward, State of the States 2007 found that last year's reforms fueled a trend of more state movement on the uninsured, a development that seems likely to continue. Thirty-six new governors were elected in 2006, many with platforms that included significant goals to address the uninsured. How the new Congress will approach the problem, however, remains to be seen. According to Martinez-Vidal, "the real test will be in how these reforms perform and whether they are able to make meaningful progress to reduce the uninsured. It will take some time before we can fairly assess their impact," he said, "but in the short term, policy leaders are likely to look to these new coverage programs for guidance. It's all they have." State Coverage Initiatives (SCI) works with states to plan, execute, and maintain health insurance expansions, as well as to improve the availability and affordability of health care coverage. SCI is a national program of The Robert Wood Johnson Foundation administered by AcademyHealth. AcademyHealth is the professional home for health services researchers, policy analysts, and practitioners, and a leading, non-partisan resource for the best in health research and policy. AcademyHealth seeks to improve health and health care by generating new knowledge and moving knowledge into action. The full report is available at www.statecoverage.net/pdf/stateofstates2007.pdf www.academyhealth.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Former Google Team Members Launch Online Service for Managing Weather Risk SAN FRANCISCO, Jan. 17 /PRNewswire/ -- Former Google team members have turned their attention to empowering businesses to manage how weather affects their bottom line. WeatherBill provides an online platform which allows companies to purchase coverage that automatically pays for adverse weather conditions without any claims hassle. A retailer, golf course, or production company that might lose $20,000 in potential revenue during an unusually rainy weekend could be covered for as little as $1,000. WeatherBill also provides free tools to help businesses understand how weather impacts their financial performance. Weather-prone industries -- from construction to travel -- are all set to benefit. Weather has a staggering impact on the U.S. economy: up to 30% of the GDP, valued at several trillion dollars, is affected. Weather impacts consumer purchasing behavior, crop growth, fuel costs, transportation, and manufacturing production, though only recently has there been significant growth around weather analytics and risk management. Before WeatherBill, only the largest and most sophisticated corporations were positioned to address weather risk. WeatherBill demystifies weather risk management, and makes critical analytical tools and services accessible to all businesses, allowing them to quickly and easily correlate weather conditions with corresponding financial performance. Comprised of an experienced team of mathematicians and computer scientists, WeatherBill has developed state-of-the-art weather-forecasting algorithms; in addition, their risk-management relationships with large financial institutions ensures fast, competitive pricing of weather coverage and guaranteed payment to customers. WeatherBill uses data from 200 National Weather Service stations, which allows any user to effectively tailor a contract to their needs. "In the past, managing weather risk may have seemed impossible, or too good to be true," says David Friedberg, CEO of WeatherBill. "Now, however, it's quickly and easily managed with WeatherBill's comprehensive and easy-to-use service. Weather risk management is a necessity for a successful business interruption strategy. A 'weather-proof' plan offers competitive advantage by potentially reducing earnings volatility, freeing cash reserves, and reducing debt costs. Weather risk management is an integral component to sound business management." WeatherBill, Inc. ( www.weatherbill.com ) provides an online weather risk management service offering tools to help business assess how weather impacts financial performance, as well as customized coverage to offset financial risk. Founded by David Friedberg and several other former key members of the Google team, WeatherBill, Inc. is funded by New Enterprise Associates and Index Ventures. WeatherBill, Inc. is headquartered in San Francisco, California. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Provident Financial to auction car insurance arm LONDON, Jan 17 (Reuters) - British consumer lender Provident Financial Plc (PFG.L: ) will auction its car insurance business, Provident Insurance, following approaches for the unit, which analysts estimate could fetch over 200 million pounds ($392.7 million). Provident said on Wednesday that third party approaches had prompted it to consider whether a sale of the non-core unit would offer greater value for shareholders. Lexicon will conduct the auction. Shares in Provident, which is in the process of demerging its international business, jumped 3.3 percent to 775 pence by 1000 GMT, valuing the company at almost 2 billion pounds. "We believe the business could fetch around 225 million pounds, based on the net present value of the division's through-the-cycle earnings," Katrina Preston, analyst at Bridgewell, said in a research note. She said interest is most likely to come from private equity firms or small, intermediated insurers. The business, bought in 1978 and with about 478,000 customers, reported a record profit of 40 million pounds in 2005. But it has said 2006 profits will be below that after a dip to 19 million pounds in the six months to June, as tough competition pressured premiums. Provident Insurance reported gross written premiums of 155 million pounds in 2005 and specialises in non-comprehensive motor policies for women, drivers of older cars or a household's second car. It distributes its policies through a network of over 4,000 brokers and online through www.yesinsurance.co.uk. Merrill Lynch last week estimated the insurance business was worth about 188 million pounds in a research note. Provident said an update on the sale process, as well as the demerger of its international business, would be made at the time of its annual results on March 7. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Tax Analysts Launches New Federal Research Library: Tens of Thousands More Documents, Much Easier Research FALLS CHURCH, Va., Jan. 17 /PRNewswire-USNewswire/ -- Tax Analysts, the nonprofit publisher of Tax Notes magazine and other premier print and on-line tax publications, has launched an enhanced Federal Research Library, adding tens of thousands of documents and making comprehensive research much easier. Users can now search an expanded collection of source documents organized in nine distinctive categories: Code and Explanations, Regulations, IRS Documents, Internal Revenue Manual, IRS Written Determinations, Court Opinions, Tax Legislation, Quick Reference and Other Documents, and Archives. In the Federal Research Library's new home page, a "What's New" feature lists all new documents added for the last seven days (and also 30 days) by category with a scrolling list of the most significant recent documents added. Additions to the library include over 100,000 court opinions with parallel citations that date back to 1913; full legislative history that includes enrolled bills, House, Senate, and Conference Committee Reports, and Joint Committee on Taxation explanations dating back to 1981; IRS fact sheets; Congressional Research Service reports; and the Internal Revenue Manual. www.taxanalysts.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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5. Validus Holdings, Ltd. announced today that it filed a registration statement with the Securities and Exchange Commission for a proposed underwritten initial public offering of its common shares. HAMILTON, Bermuda - January 16, 2007 -- Validus Holdings, Ltd. announced today that it filed a registration statement with the Securities and Exchange Commission for a proposed underwritten initial public offering of its common shares. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Goldman, Sachs & Co. and Merrill Lynch & Co. will serve as joint book-running managers of the offering. A prospectus relating to the offering, when available, may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, fax: 212-902-9316 or email at prospectus-ny@ny.email.gs.com or from Merrill Lynch, Pierce, Fenner & Smith Incorporated at 4 World Financial Center, New York, New York 10080, phone: 212-449-1000. Validus Holdings, Ltd. is a specialized Bermuda-based provider of reinsurance, conducting its operations worldwide through its wholly-owned subsidiary Validus Reinsurance, Ltd. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. STRONG INSURANCE COMPANY FINANCES BENEFIT CONSUMERS, SAYS AIA Association president responds to unfounded attacks on property-casualty insurers Washington, DC, January 8, 2007 – “Insurance company profits are essential to providing insurance coverage relied upon daily by American families and businesses,” according to Gov. Marc Racicot, president of the American Insurance Association (AIA). Gov. Racicot today responded to new Consumer Federation of America (CFA) allegations and unfounded attacks on individual property-casualty insurance companies, as well as the industry in general. “Insurance is a business based on risk, and any risky business proposition must have a relatively high rate of return for investors from time to time, or the investors will take their capital elsewhere, and that business will cease to exist,” noted Racicot. “Fortunately for all Americans, the property-casualty industry had a much better year financially in 2006 than in 2005 or 2004, when we saw record losses from natural disasters. “Last year was a fortunate anomaly given that in virtually every year over the past two decades, insurers lost money on their core business operations. In fact, the U.S. property-casualty industry as a whole has had only two underwriting gains at year’s end during the past 27 years. After record losses in 2004 and 2005, the respite provided by 2006 has meant that insurers could replenish the capital that they must have on hand in order to stand behind the policies they sell. Healthy balance sheets better prepare insurers to face future catastrophes, and greatly benefit consumers.” Racicot also noted that, in fact, prices for auto insurance and other types of property-casualty insurance are falling around the country, with the major exception being coastal property insurance. “This makes sense, given that insurance rates are set according to the risk of loss in each state,” Racicot said. “Because insurance rates in each state must reflect the actual and expected loss experience within that one state, each line of insurance - such as homeowners - must stand on its own in terms of profitability.” Racicot also refuted CFA comments about industry public policy positions related to terrorism and natural catastrophe risks. “Unfortunately, CFA simply refuses to understand that terrorism risk today essentially is equivalent to war risk, making it wholly uninsurable by the private sector alone. A public-private partnership is needed to deal with terrorism losses that could be virtually infinite in scope, particularly if an attack involves chemical, nuclear, biological or radiological weapons,” Racicot stated. “There is broad, bipartisan agreement on Capitol Hill, and broad consensus among policyholders, that a long-term national terrorism insurance program is critical to the ongoing economic security of this country.” As for proposals to create a federal natural disaster reinsurance fund, Racicot noted that, while a couple of large property insurance companies support the idea, the great majority of property insurers oppose such a plan. “Government catastrophe funds do have some political appeal because they subsidize the high cost of living along the high-risk coasts,” Racicot acknowledged. “Unfortunately, such subsidies also encourage construction that knowingly puts people and property in harm’s way.” AIA members believe there is a better way to allow private markets to function and protect coastal communities; that approach includes fortifying property already in existence, enacting and enforcing strong building codes and smart land use policies in undeveloped areas, and implementing true risk-based pricing, along with other regulatory, legal and financial reforms. “It is extremely difficult to create and maintain robust financial security systems to deal with mega-catastrophes – whether natural or man-made,” concluded Racicot, “and the solutions also are multi-faceted, involving varied private and public mechanisms. Insurers are committed to working with policyholders, policymakers and other interested parties to tackle tough market issues and create real, lasting solutions. We hope that CFA will join in these conversations, which must be based on fact and real experience, rather than baseless accusations about individual companies or industry segments.” www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Travelers Named Preferred Provider by the Arkansas Community Bankers Association SAINT PAUL, Minn.--(BUSINESS WIRE)--Travelers today announced that the Arkansas Community Bankers Association has chosen the company as its preferred provider for bank insurance products. The Arkansas Community Bankers Association represents 161 community banks and thrifts throughout Arkansas. Travelers SelectOneSM for community banks product will provide the Arkansas Community Bankers Association with property-casualty coverages and directors and officers liability, fiduciary liability and bankers professional liability coverages. Travelers is now the insurance coverage partner for 11 affiliate members of the Independent Community Bankers of America (ICBA). www.travelers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. TransUnion’s TrueCredit.com Introduces Insurance Scores CHICAGO--(BUSINESS WIRE)--Empowering consumers to better understand how their credit information is viewed by insurers when determining monthly insurance premiums, TransUnion’s TrueCredit.com today launched Insurance Scores. Available online now to US consumers, Insurance Scores are delivered via one easy-to-read report that includes separate scores for both home and auto insurance. “Today, your credit behavior influences more than just your mortgage rate. It often plays a role in determining the monthly insurance premiums for your home and car,” says John Danaher, president of TransUnion’s TrueCredit.com. “If you’re getting ready to shop for insurance, TrueCredit.com Insurance Scores let you see, ahead of time, how you’ll be viewed, allowing you to take proactive steps to improve your own credit health that could result in lower premiums.” For $9.95, TransUnion’s TrueCredit.com bundles together Automotive and Property Scores in one straightforward report. Modeled on a range of 150-950 points, the Insurance Scores are tailored to meet the insurance standards of individual states. Each score includes a Population Comparison and Qualitative Analysis, indicating how consumers rate among the general population and what they can do to improve their own scores. “The bottom line is that most insurance companies view this information as highly predictive of a customer’s likelihood of filing insurance claims and set their premiums accordingly,” added Danaher. “So, as a consumer, it’s certainly in your best interest to understand how you’re being viewed and to do what you can do to improve your standing.” TrueCredit.com’s mission is to help consumers understand and manage their credit. Through online educational materials, free monthly newsletters and easy-to-use credit products, the company educates consumers about credit management and empowers them to achieve greater financial well-being. To learn more, please visit www.truecredit.com/insurance. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. The NCOA Makes Public Service Announcements (PSAs) Available For Local Agencies To Promote BenefitsCheckUp® Free Online Service Helps Seniors Find Benefits Programs That Help Them Pay For Prescription Drugs, Utilities, and Other Needs WASHINGTON, DC, -- January 16, 2007 -- The National Council on Aging (NCOA) has produced television Public Service Announcements to promote BenefitsCheckUp® and is distributing them in a number of ways. Research shows that seniors, especially those with limited means, get most of their information from television. Having and promoting the BenefitsCheckUp PSA can help more people access the benefits programs they may need to improve the quality of their lives. Developed and maintained by the NCOA, BenefitsCheckUp is the nation's most comprehensive Web-based service to screen for benefits programs for seniors with limited income and resources. It includes more than 1,350 public and private benefits programs from all 50 states and the District of Columbia that pay for prescription drugs, heating and cooling bills, rent, meal services and nutrition, legal matters, medical costs, and Alzheimer’s care. www.benefitscheckup.org www.ncoa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Life-Exchange CEO To Address Hedge Fund Conference in New York City MIAMI--(BUSINESS WIRE)--David Dorr, President and CEO of Life-Exchange, Inc., (Pink Sheets:LFXG), is engaged to speak at the Emerging Investment Strategies in the Secondary Life Market, Hedge Fund Conference in New York City on January 18th, 2007. Mr. Dorr will address the positive correlation of electronic trading platforms with the life settlement industry and how current technology can be leveraged to significantly increase the growth of this marketplace. Commenting on this announcement, Mr. Dorr stated, “This conference is an excellent opportunity for the hedge fund community to learn about the trends and opportunities facing the life settlement industry and I am honored to have been asked to address the conference.” Similar to NASDAQ in the securities market, Life-Exchange is not only a trading platform but also a complete exchange for the life-settlement industry. As President and CEO, Mr. Dorr is routinely asked to offer his comments and insights into the life settlement industry and has been asked to speak both in the U.S. and Europe at industry conferences, including the BVZL Conference in Dortmund, Germany, and the Life Insurance Settlement Association Conference in New York City. www.life-exchange.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Russell Launches Global Equity Indexes U.S. Leader Offers Global Coverage without Gaps, Overlaps TACOMA, Wash.--(BUSINESS WIRE)--Russell Investment Group, creators of the small-cap Russell 2000® Index and market-leading family of U.S. equity indexes, today launches a fully-integrated family of global stock indexes. The Russell Global Indexes provide investors worldwide with a comprehensive set of benchmarks that cover small-cap and large-cap companies in developed and emerging markets. Russell’s family of U.S. indexes was created more than 20 years ago to support the company’s core business of understanding and evaluating investment managers. Today, the Russell Global Index covers 98% of the investable global market, including more than 10,000 stocks, divided into a family of indexes that cover 22 regions and 63 countries. The Russell Global Index, which uses the broad-market Russell 3000® Index as its U.S. component, is divided into 300 core indexes that cover 22 regions, 63 countries, developed and emerging markets, capitalization tiers of small, mid and large, as well as sectors. For more information on Russell Global Indexes, including daily performance returns, please go to www.russell.com/indexes/global. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Siemens Financial Services and First Capital Announce Formation of Joint Venture ISELIN, N.J. & WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Siemens Financial Services, Inc. (SFS), the U.S. financial services arm of Siemens AG, today announced the recent formation of Siemens First Capital Commercial Finance, LLC (Siemens First Capital), a joint venture between SFS and First Capital, a leading financial services firm headquartered in West Palm Beach, Fla. The goal of the joint venture is to further develop both companies’ working capital and accounts receivable financing businesses by offering market-leading solutions to customers in the domestic and Asian markets. Siemens First Capital, with offices in New York and several other locations in the U.S., will focus on cross-border asset-based financing between $20 million and $200 million by managing the collections and non-payment risk for Asian clients shipping goods into the U.S. “The joint venture will enable us to strengthen our U.S. customer relationships by expanding our accounts receivable and working capital financing capabilities domestically while broadening our presence in the Asian market, namely China,” Roland Chalons-Browne, President and CEO of SFS, Inc. said. Peter Rek, Global Head of SFS’ Working Capital division, added, “Siemens First Capital will allow us to further develop our global commercial finance offering by leveraging First Capital’s proven track record of success in China.” www.siemens.com/sfs www.usa.siemens.com/financial Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. The Law Firm of Blumenthal & Markham Announces a Proposed Class Action Settlement Regarding a Vehicle Service Contract Class Action LA JOLLA, Calif.--(BUSINESS WIRE)--The Law firm of Blumenthal & Markham announces a Proposed Class Action Settlement regarding a Vehicle Service Contract Class Action. DISTRICT COURT - CLARK COUNTY, NEVADA - REUBEN J. ROCKER, et al., CASE NO. A-458551 Plaintiffs, A-470558 v.(Consolidated) SC&E ADMINISTRATIVE SERVICES, et al., Defendants SUMMARY NOTICE THIS NOTICE ADVISES YOU OF PROPOSED CLASS ACTION SETTLEMENT IN ROCKER et al. v. SC&E et al. THIS NOTICE MAY AFFECT YOUR LEGAL RIGHTS. PLEASE READ IT CAREFULLY. The parties have agreed on a proposed class action settlement (the "Settlement") of the class claims and assigned claims against Berkley Insurance Company, formerly known as Signet Star for $1,633,500, American Safety Insurance Services, Inc., American Safety Resources, Inc. and American Safety Reinsurance Ltd. for $1,050,000, Partner Reinsurance Company Ltd. for $291,667, Milliman, Inc. for $1,050,000, KPMG LLP for $408,380 plus any related interest to which the proposed Class (as defined below) might be entitled under the settlement agreement with KPMG LLP, and Don Erway, Pro Distributors, Inc., Randall Erway, the estate of Neva Erway and related entities for $436,500 (collectively "Settling Defendants"). The Settlement will resolve the pending suit in the Clark County, Nevada District Court in which plaintiffs allege that the Settling Defendants are liable. The class is defined as all persons who bought or possessed a Vehicle Service Contract ("VSC") for which the obligations of the issuer were insured by National Warranty Insurance Risk Retention Group ("NWIG") that was purchased directly or indirectly from SC&E Administrative Services, Inc. ("SC&E"), American Prime Asset ("APA"), or Triad Marketing, LLC ("Triad") prior to June 6, 2003 when NWIG filed for liquidation (a) pursuant to which there is an unreimbursed claim incurred during the term of the VSC or (b) for which there remained an unexpired term on June 6, 2003, or otherwise purchased their VSC from one of the Settling Car Dealers (the "Class"). The plaintiffs generally alleged that certain car dealers and retailers sold VSCs insured by NWIG that proved to be worthless as a result of a Ponzi scheme which led to NWIG’s inevitable, and foreseeable bankruptcy. The plaintiffs alleged that the Settling Defendants are accountable for participating in this scheme. The Settling Defendants deny any liability for these claims. In order to obtain the Class Notice, which explains the settlement terms and eligibility for a payment, and a Claim Form, please go to www.gilardi.com/rocker or go to www.bamlawca.com and click Current Class Notices and then view Rocker et al. v. SC&E et al., or write to "Rocker Class Claim" at 2255 Calle Clara, La Jolla, CA 92037. A hearing will be conducted on whether to finally approve the settlement and request for attorney’s fees on April 10, 2007 at 1:00 p.m. in Department 11 of the Clark County District Court, 200 Lewis Avenue, Las Vegas, NV 89101. Class Counsel will seek 25% of the settlement fund as fees plus costs. You can object to the settlement and/or the fee and costs request in advance of the hearing by following the procedure set forth in the Class Notice. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. AFL-CIO Employer Purchasing Coalition (AEPC) Endorses Aetna PPO and Joint Claim Administration Offerings SOUTHFIELD, Mich.--(BUSINESS WIRE)--The AFL-CIO Employer Purchasing Coalition (AEPC) announced today that it is endorsing Aetna (NYSE:AET) as its transparency vendor of choice, selecting the Aetna preferred provider organization (PPO) health plan, as well as Aetna Joint Claim Administration™ for AEPC members. AEPC also selected PPOM, an Aetna member company, for its health network lease offering. AEPC is a not-for-profit corporation that assists organized labor in the group purchasing of health care services for 25 member organizations. AEPC member organizations together cover more than 200,000 lives. Phillip Schloop, business manager for the International Union of Operating Engineers Local 547 and president of AEPC’s board, said, “AEPC’s decision to select Aetna as its transparency vendor of choice was based on Aetna’s demonstrated commitment to transparency of cost and quality data. With access to this type of information, our member organizations can make knowledgeable decisions when selecting the health benefits package that best serves their members and families.” AEPC is a not-for-profit corporation that was established in 1993 to assist organized labor in the group purchasing of health care services. AEPC has highly successful value-based purchasing programs for pharmacy, dental, vision, and disease management services. Today, AEPC members include 25 organizations’ health benefit plans covering more than 200,000 lives. PPOM is a regional preferred provider organization (PPO) based in Southfield, Michigan. www.ppom.com www.aetna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Fitch Concludes U.S. Beta-Testing Stage for Prism Insurance Capital Model CHICAGO--(BUSINESS WIRE)--Fitch Ratings today has identified the conclusion date for the 'beta-testing' period for Prism for U.S. insurers as March 31, 2007. Consequently, those companies who wish to provide commentary must submit their Prism survey by Feb. 28, 2007, for U.S. insurers. Shortly after the close of the beta-testing period, Prism results will be considered in the rating process and opinion for all U.S. insurers. For further information regarding Prism, please visit the free website, www.fitchratings.com/prism. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Jefferson National’s Monument Advisor Joins Commonwealth Financial Network’s Preferred Portfolio Services (PPS) Program 2nd Largest Privately Owned National Independent B/D Adds First Flat-Insurance Fee VA to Fee-Based Platform NEW YORK & LOUISVILLE, Ky.--(BUSINESS WIRE)--Jefferson National Life Insurance Company (Jefferson National) now offers Monument Advisor, the only variable annuity with a flat-insurance fee, through Commonwealth Financial Network’s Preferred Portfolio Services (PPS), a comprehensive program which provides the entire infrastructure needed to operate virtually any type of fee-based asset management practice. Now fee-based advisors with Commonwealth, the nation’s second-largest, privately-owned, national independent broker-dealer, can recommend Monument Advisor, the first no-load, no-commission, no-surrender charge variable annuity with a flat-insurance fee of $20 per month1 no matter how much clients invest.2 “With no commission and one of the lowest costs for tax-deferral, Jefferson National’s Monument Advisor can help Commonwealth reps provide greater value and unbiased advice,” Greenberg continued. According to Morningstar, Monument Advisor’s flat-insurance fee of $240 per year is lower than 91% of all other VAs on a contract of $25,000, and is the market’s absolute lowest on a contract of $100,000 or more.3 Monument Advisor also offers four times more tax-deferred investment options than the typical VA.4 www.jeffnat.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Symetra Financial Teams With Mesirow Financial to Improve Choice and Flexibility in Small Business 401(k) Plans Bellevue, Wash. — (January 16, 2007) — Symetra(SM) Financial and Mesirow Financial announced an agreement today to offer small businesses more choice and flexibility for employer-sponsored 401(k) plans. The partnership will greatly expand the number of mutual funds available in Symetra’s 401(k) platform, giving small businesses cost effective access to the type of plans typically available only to Fortune-500 sized companies. With the addition of Mesirow Financial, 80 mutual funds are now available in the Symetra platform, adding enhanced flexibility to respond to the diverse investment needs of America’s small businesses. Because there are no proprietary mutual funds, plan participants can choose from a broad set of funds from leading investment management firms, such as American Funds, Dreyfus Corporation, Fidelity Management & Research, AIM Investments and American Century Funds. www.symetra.com www.mesirowfinancial.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. The American College recently entered into an agreement that will allow courses completed at The College to be recognized for credit toward a bachelor’s degree at Webster University. As of January 1, anyone planning on becoming a CFP® certificant needs to have a bachelor’s degree. The American College entered into this agreement with Webster University in an effort to help American College students accelerate the designation completion process. In addition, this agreement will help students save money by reducing the number of credits necessary to complete an undergraduate degree through Webster University - an accredited, private, nonprofit institution of higher learning. www.TheAmericanCollege.edu The College's new Financial Planning Express(tm) program combines self-study and live classroom sessions in a highly effective,accelerated format from the nation's #1 CFP education provider. Call 1-888-263-7265 for more information! Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 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
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21. Infinisource Launches Innovative Website Coldwater, MI – Infinisource, Inc., one of the nation’s leading benefits administrators, announces the launch of its re-designed corporate website. The new site will have the same web address, www.benefitsolved.com, and continue to offer secure access for agents, brokers, employers and participants. “Our new website takes a quantum leap forward, by providing improved navigation with rich dynamic content,” said Cindy Tamke, VP of Sales and Marketing. “Visitors to the site will find information on all of our products and services, important industry updates and comprehensive news that will enhance their ability to solve their benefit challenges.” The website retains all of the calculators, forms and self-help attributes. Infinisource has added inventive features that will allow visitors to request on-line quotes 24 hours a day, register for upcoming seminars and webinars and view the latest News and Review articles on valuable industry specific information. Infinisource services include administration for COBRA, HIPAA, FSAs, HSAs, HRAs, Direct Billing and HR Benefitsolved. Founded in 1986 to ease the administrative complexity of COBRA compliance for employers, Infinisource serves more than 1 million insured in all 50 states, and has educated over 250,000 people in employee benefits administration compliance. For more information, please visit the Infinisource website at www.benefitsolved.com, call 800-779-6384 or e-mail solutions@benefitsolved.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Arranging Backup Care for Adult Loved Ones WESTPORT, Conn., January 16, 2007 -- Finding backup care for older adults is as important as finding backup care for children, yet many people neglect to make these crucial arrangements. Since breakdowns in regular care arrangements are sure to happen (due to holidays, vacations, unexpected closings, inclement weather, etc.), here are some options to explore when searching for backup care:
LifeCare's Fast Facts is an ongoing series of documents created for reporters who write about aging, adult caregiving and other challenges of mid-life. Reporters may reprint the information presented here in whole or in part, with attribution to LifeCare, Inc. www.lifecare.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Greenwich Alternative Investments Announces HEDGE FUNDS END 2006 UP +12.07% “Hedge funds have been a consistent source of returns with significantly lower risk than that typically associated with equities. They have outperformed equities over the last five years, with about one-third the volatility. During this period the Greenwich Global Hedge Fund Index had annualized returns of +9.23% with volatility of 4.6% versus the S&P’s annualized performance of +6.18% with volatility of 12.4%,” commented Ben Rossman, General Manager of the Database and Indexation Group. “The Greenwich Investable Index continues to be the only investable hedge fund index that successfully tracks a published broad hedge fund benchmark,” noted Ben Rossman, “That is extremely important as more and more investors realize it is hard to beat the ‘hedge fund market’ and look to allocate to ‘alternative beta’. With an annualized return difference of less than one percent, the Investable Index has performed the way we intended it to, closely tracking both the return and risk profile of the Greenwich Global Hedge Fund Index.” The December Greenwich Global Hedge Fund Index includes 1,007 funds. The Investable Index includes 51 funds and is reported monthly net of a 0.04% Index calculation fee. Greenwich Hedge Fund Indices construction rules are available on www.greenwichai.com. Final index results will be calculated and posted at the end of January. Past results are not indicative of future performance. Greenwich Alternative Investments (and its affiliates) manages one of the world's largest hedge fund databases and is among the oldest providers of hedge fund indices, research, and solutions for institutional investors worldwide. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Hewitt Survey Suggests U.S. Companies Could Be Losing Millions of Dollars by Not Effectively Managing Employee Time Off Creating Holistic Time-Off Programs Can Significantly Reduce Expenses; Enhance Engagement and Recruiting Efforts LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Despite efforts by U.S. companies to maximize the value of their employee benefits programs, a new survey by Hewitt Associates, a global human resources services company, suggests that companies are potentially losing millions of dollars in payroll expenses and employee productivity because they do not track and manage employees’ time away from work. In addition, while companies believe that time off is a critical retention and recruiting tool, most employers do not design their programs to effectively attract and retain employees. Hewitt’s survey of 421 companies found that only 11 percent of companies provided the same time-off programs across all employee groups, making them difficult to administer, track and manage. In fact, only 57 percent of companies formally tracked sick days for their exempt employees, and less than half (46 percent) tracked personal days. Further, most companies revealed they did not know the financial cost associated with their employees’ time away from work, even though they were allowed to provide an estimate. Three-quarters (75 percent) of companies could not provide an actual or estimated cost of their sick pay as a percentage of payroll. Those that did, however, estimated the potential cost to be between 1 percent and 3 percent of payroll. For a company with $450 million in payroll, the cost of sick time could potentially be between $4.5 million and $13.5 million a year. Expanding the example to include all types of time-off pay – sick time, vacation time and disability – overall costs could reach an estimated 9 percent of payroll, or $40.5 million in time-off expenses. “Time-off programs are important tools for attracting and retaining employees, but they’ve gotten so complex that the administration of the programs typically overshadows this,” said Kim Stattner, a principal in Hewitt’s Health Management Consulting practice. “It’s critical that companies design holistic time-off programs that enable them to better manage, track and quantify the amount of time off that their employees take, especially since these programs are just as expensive – if not more so – as health care benefits, particularly when you factor in indirect costs such as overtime, temporary labor and employee morale. Doing so can potentially save companies millions of dollars in payroll expenses and, at the same time, positively impact employee productivity and satisfaction with their benefits.” www.hewitt.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. A MasterCardâ for Utah and Colorado Uninsured Workers Date: January 1, 2007 - SALT LAKE CITY, UTAH -Circle-of-Benefits, a not-for-profit program for uninsured employees, announces a Utah and Colorado "Open Enrollment Campaign" for a new method of obtaining needed medical, prescriptions, dental and vision benefits. Sympathetic employers allow Circle-of-Benefits to enroll their lower income, uninsured employees interested in receiving a pre-funded debit, MasterCardâ. Circle-of-Benefits makes monthly deposits to the debit, MasterCardâ.which allow members to pay for healthcare services received from any licensed provider. Circle-of-Benefits serves forgotten working families who can not afford and/or are not eligible for group insurance, private insurance or Medicaid. The program is called a Healthcare Financing Account (HFA) and is partly funded by modest membership dues from participants. Circle-of-Benefits estimates that 141,200 uninsured employees are currently working in Salt Lake County and 186,960 in and around Denver County. During this annual campaign, Circle-of-Benefits plans to systematically enroll a minimum of 15,500 employees and/or dependents while spending up to $24.9 million for needed healthcare services (http://www.circleofbenefits.com/). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. The Penn Mutual Life Insurance Company Introduces New Offerings to Meet the Needs of Older Consumers HORSHAM, Pa.--(BUSINESS WIRE)--Consumers are living longer and their life expectancies continue to increase. For example, a 65-year-old woman has a 50 percent chance of living to age 88 and a 25 percent chance of reaching 94.* In addition, a married couple has a better than 50 percent chance that one of them will live well into their 90s.* As a result, they will need their life insurance and retirement income to last longer too. To help these consumers enjoy the prospect of living longer, The Penn Mutual Life Insurance Company recently added two new offerings to its product line. Estate Protection UL - The Estate Protection UL product is a flexible premium, fixed-interest guaranteed survivorship universal life policy that covers both spouses up to age 121. (All guarantees are based upon the claims-paying ability of the insurer). So no matter how long either spouse lives, he or she can relax, knowing that the estate has death benefit protection to help cover federal estate taxes, debts, legal fees and other final expenses. In other words, their children and grandchildren may be protected from the full responsibility of taxes and other final expenses. Growth & Income Protector Benefit - The enhanced Growth & Income Protector Benefit is a comprehensive optional rider that offers three guarantees designed to address lifelong retirement needs. It is available with Penn Mutual’s Penn Freedom, Pennant Select and Enhanced Credit Variable Annuities for an additional current annual charge of 0.65 percent of the contract value in the sub-account for a single contract and 0.85 percent for a joint contract. www.pennmutual.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Word & Brown General Agency Offers Section 125 Expertise and Free Premium Only Plans to California Employers ORANGE, Calif.--(BUSINESS WIRE)--The Word & Brown General Agency, the state’s leader in distributing health benefit plan models and solutions through insurance brokers, announced expanded efforts to simplify its programs and offerings for California businesses in the wake of Governor Schwarzenegger's recent health care proposals. The Governor’s proposals include affordable coverage for all Californians that contain costs, preventive health programs, health promotion and wellness. The Governor specifically suggested making Section 125 Plans mandatory for all employers. California brokers that work with Word & Brown have been distributing various Section 125 Plans to employers for many years, saving employers monthly premium and taxes and reducing employee taxes through their own pre-tax contributions. www.wordandbrowncompanies.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Protective Life Introduces New Multi-Year Guarantee Fixed Annuity BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Company (NYSE:PL) today announced the release of an innovative multi-year guarantee fixed annuity, the FutureSaver II. This new product allows buyers to allocate their funds to a variety of interest rate accounts with guarantee periods ranging from 2 to 10 years.1 These wide choices of guarantee periods and interest rates provide annuity owners flexibility to meet their individual needs for interest earnings, access to funds, and investment time horizons. Purchasers who deposit $100,000 or more will also benefit from a premium bonus feature which may provide a credit of up to 1% of their purchase payments. This bonus is added to the purchaser’s account at the time the payment is received and immediately starts earning interest, helping to accelerate the annuity’s growth.2 www.protective.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Agent Media to Partner with NAFA on 2nd Annual Annuity Study Survey to highlight producers’ needs, industry outlook CLEARWATER, FL (Jan. 16, 2007) – Agent Media, publisher of the Agent’s Sales Journal and Insurance Marketing magazine, and the National Association of Fixed Annuities (NAFA) are teaming up to conduct Agent Media’s second annual producer annuity study. Together, Agent Media and NAFA will survey annuity producers nationwide about their industry outlook, experiences, and needs. The results will be featured in the Agent’s Sales Journal’s April edition and Insurance Marketing’s June/July issue as a benchmark piece for agents and a means to educating MGAs, BGAs, wholesalers, and insurance company executives on how they can better serve their producers’ needs. The study results will be accompanied by expert tips on effectively selling annuities, cracking into the market, and generating more leads and qualified prospects. www.AgentMediaCorp.com www.NAFA.us Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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