Daily Quote: "There are no rules here--we're trying to accomplish something" - - Thomas Edison
Colonial Life is seeking to fill an excellent territory building opportunity for a Territory Sales Manager in a major market area. We are seeking an exceptional agency building leader for the territory headquartered in Indianapolis, IN. A leader in the supplemental insurance industry for more than 60 years, Colonial pioneered worksite marketing of supplemental insurance in 1955. Headquartered in Columbia, South Carolina, our company supports more than 50,000 businesses, government organizations and associations in managing their benefits programs - helping to meet their needs and the needs of their employees. This represents over two million policyholders nationwide.
Applicants must have demonstrated success as a Territory Sales Manager with Worksite/Supplemental Insurance or Manager for Group Insurance Sales.
This key position reports directly to the VP of Sales for the Midwest
Region, Tim McGill. 1. Florida Insurance Commissioner Suspends Allstate Insurance Co. Wednesday, January 16, 2008 TALLAHASSEE, Fla. - Florida Insurance Commissioner Kevin McCarty today announced that he is suspending the certificate of authority of Allstate Companies to write new insurance in Florida until they fully comply with the subpoenas served Oct. 16 by the Office of Insurance Regulation (Office). Today's decision by the commissioner follows Tuesday's action when he abruptly halted the scheduled two-day hearing into the Allstate Companies’ reinsurance program, their relationships with risk modeling companies, insurance rating organizations and insurance trade associations. "In view of Allstate's ongoing, blatant disregard of our subpoenas, I have little choice but to take an action that will send a clear message about how seriously I am taking this issue," said Commissioner McCarty. "Suspending their certificate of authority to write new business in our state should make my point. "If Allstate is willing to pay $25,000 per day in fines to a Missouri court for its ongoing failure to provide similar documents, it's obvious to me that it will take more than a monetary sanction to get them to comply with our subpoenas." Allstate was to have provided all appropriate company documents related to the above topics at or before Tuesday’s hearing, but failed to do so. Instead, the Office received 51 pages of objections to the subpoenas. The suspension applies to Allstate Insurance Co., Allstate Indemnity Co. and Allstate Property and Casualty Co., and it only suspends the companies from writing new business in Florida. Existing policyholders will not be affected. Allstate must continue to service them and the companies must make all required statutory filings including, but not limited to, audited annual financial statements, quarterly financial statements and rate filings. "The duration of the suspension is up to them," added McCarty. "It will be lifted when I am satisfied that we have received each and every document we need to properly investigate the important issues before us. "It continues to trouble me that Allstate has not complied with our subpoenas and is not willing to explain to us their relationships with rating agencies, modeling companies and trade groups and how these relationships might have influenced the huge rate increases they have requested. This clearly cannot be in the best interests of Florida consumers." This is the first time the Office has suspended a company for failure to "freely" provide documents as required by Florida law. A copy of the subpoena is available to review. A copy of Allstate's response is also available to review. Allstate Floridian Indemnity and Allstate Floridian Insurance Company have requested rate increases of 28.3 percent and 41.9 percent respectively. Encompass Floridian Indemnity requested a 38.4 percent increase, and Encompass Floridian Insurance Company requested a 39.7 percent increase. www.floir.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Allstate Issues Statement Regarding Florida Office of Insurance Regulation Actions ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Allstate today released the following statement: Allstate is committed to working diligently with the Office of Insurance Regulation (OIR) to create solutions and ensure there is a healthy insurance market for Florida consumers. We were surprised at the OIR’s actions yesterday and today based on our dealings with them over the course of several months and dozens of phone conversations. Since receiving the subpoenas, Allstate has produced nearly 40,000 pages of information and will continue to produce responsive documents to the OIR on a rolling basis. We have not yet received an order and are evaluating our options. At this time, it is not clear how this action will affect Allstate or the more than 1,100 Allstate agents in Florida who are small business owners and employers. Allstate remains committed to providing service to our nearly two million customers in Florida. www.allstate.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Bernanke says ready to take action WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke on Thursday threw his support behind efforts to craft a fiscal stimulus package and repeated the U.S. central bank was ready to act aggressively to counter recession risks. "Fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary actions alone," Bernanke said in remarks prepared for delivery to the U.S. House of Representatives Budget Committee. However, he specified it was "critically important" that any fiscal measures be designed to kick in quickly and deliver their maximum impact within the next 12 months. Any other effect could do more harm than good, Bernanke warned. The Fed chief echoed a bleak assessment on the economy's health he delivered last week, which was widely seen as a signal the U.S. central bank would slash interest rates by a hefty half-percentage point at month's end. "Recently, incoming information has suggested that the baseline outlook for real activity in 2008 has worsened and that the downside risks to growth have become more pronounced," Bernanke warned. "We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks," he said. (Reporting by Glenn Somerville and Alister © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. National Auto Insurance Report Shows Insurance Rates Fall 5.2% in 2007 Average premium is $1,868 down from $1,965 in 2006, according to Insurance.com CLEVELAND--(BUSINESS WIRE)--Insurance.com, the largest online auto insurance agency in the United States, reports that car insurance rates in 2007 were at their lowest in three years. The company’s "2007 Auto Insurance Pricing Report" found that the average premium nationwide fell 5.2 percent in 2007 from 2006. “With the auto insurance marketplace becoming increasingly competitive, this represents a chance for consumers to get better insurance rates in 2008,” said David Roush, CEO of Insurance.com. “We are delighted to be able to provide buyers recent data on insurance rates and to help them make informed choices when comparison shopping.” The “2007 Auto Insurance Pricing Report” is a compilation of the lowest car insurance rate quotes given to the 1.4 million consumers who visited Insurance.com in 2007. Other notable survey findings include: * States seeing the sharpest decline in car insurance rates in 2007 are North Carolina (24.5%), Arizona (14.5%) and North Dakota (13.3%). * States seeing the sharpest decline in insurance rates since 2004 are Minnesota (36.9%), Colorado (34.7%), and Texas (31.1%). * North Carolina, Washington DC, Delaware and Maine saw the first fall in prices since 2004. Learn more by viewing the Insurance.com's 2007 Auto Insurance Pricing Report or by visiting www.insurance.com/quotes/Article.aspx/ 2007_Auto_Insurance_Pricing_Report/artid/587. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Ibbotson Study Finds Living Benefits Can Help Increase Retirement Income While Reducing Income Risk CHICAGO, Jan. 16 /PRNewswire/ -- Ibbotson Associates, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today released a study finding that adding a variable annuity with a lifetime guaranteed minimum withdrawal benefit (GMWB) to a traditional stock and bond retirement portfolio can increase income while decreasing income risk. The study examined two types of income risk, both the risk of a portfolio's income stream declining from one year to the next and the risk of a shortfall. The research paper, titled "Retirement Portfolio and Variable Annuity with Guaranteed Minimum Withdrawal Benefit," was sponsored by Nationwide Financial Services, and can be found at http://corporate.morningstar.com/ibbotsonresearch. “Americans are becoming increasingly dependent on their own savings to finance longer retirement horizons, and they need advice, tools, and products to help them and their advisors develop portfolios that mitigate both market risk and retirement income shortfall risk," said Peng Chen, president and chief investment officer of Ibbotson Associates. "This study is a continuation of our work to provide guidance on how best to combine traditional investment vehicles with annuities to enhance and help secure income over an investor's life span." A GMWB rider for life gives investors the ability to withdraw a fixed percentage (e.g. 5%) of the benefit base each year until death. The benefit base can rise annually when the market has performed well, but will not fall. So, investors are protected against any nominal investment losses in a down market without losing the benefit of upside gain in a strong market. In exchange for this benefit, the investor pays a fee each year, and the remaining contract value at death is paid to beneficiaries. Investors should keep in mind that the guarantees are subject to the claims paying ability of the insurance company issuing the variable annuity product. To test the costs and benefits of adding these to traditional retirement income portfolios, the Ibbotson authors ran a series of simulation analyses across three investment scenarios: 1) a diversified asset allocation variable annuity with a GMWB, 2) a diversified traditional non-annuity portfolio, such as mutual funds, and 3) a combination of a variable annuity with a GMWB and traditional non-annuity products. Empirical results using historical returns and Monte Carlo simulations showed that the combined portfolios had higher average total income return and total income withdrawals as well as lower negative income return over a 30-year retirement period. These results make sense intuitively, because a variable annuity with a GMWB has no income risk -- the income benefit base will not decrease, even if the market goes down. This guaranteed income protection allows the investor to allocate assets to a more aggressive variable annuity, leaving the overall portfolio with a higher equity allocation. More equity contributes to an increase in total income while the guaranteed income from the withdrawal benefit rider helps lower the overall income risk for the combined portfolio. "This is about enhancing income within an existing portfolio. Variable annuities provide guaranteed lifetime income, but as this research demonstrates they can also help increase and stabilize that income while decreasing risk," said Eric Henderson, senior vice president of the Individual Investments Group at Nationwide Financial. "We're not talking about re-creating one's retirement portfolio, just enhancing it. It's simply replacing a segment of their portfolio with a variable annuity with a lifetime GMWB to help increase income." http://www.nationwide.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
The validation of voluntary benefits as a mainstream distribution system has been proven in the marketplace.Year after year of impressive growth and increased acceptance by both employers and employees has created an environment for carriers and producers to capitalize on this expanding market. www.workplacebenefits.org 6. Aon Study Finds Elevated Risk in Some of the World's Largest Economies CHICAGO, Jan. 16 /PRNewswire-FirstCall/ -- In 25 of the 50 largest global economies*, multinational organizations face elevated political and economic risks -- including business interruption caused by war, terror attacks and political interference, according to an analysis released today by Aon Trade Credit Global, a unit of Aon Corporation (NYSE: AOC). Among the top 50 economies, the analysis found political and economic risk is at its highest in the oil-rich nations of Iran, Nigeria and Venezuela, where businesses face civil unrest, war, terrorism and nonpayment by governments for services rendered. While the likelihood of terror attacks, crippling regulatory changes or strikes and civil unrest is relatively low in most of the world's wealthiest nations, such risks are very real in the nations whose economies are among the fastest growing. For example, companies doing business in Russia face an increased degree of state control in the natural resources sector. Additionally, the global risk management community is increasingly concerned about supply chain risks in Asia. "I have noted a significant increase in the number of CEOs, CFOs and chief risk officers who are seeking a greater understanding of how their businesses are at risk in an increasingly complex global environment versus their primary risk concerns 10 years ago," said Bryan Squibb, managing director of Aon Trade Credit Global. "Risk is one of the fundamental drivers of the global economy, and misunderstanding it can be fatal to a business. As the global business landscape is constantly changing, the Political and Economic Risk Map provides our clients with the proper analytical tools to assess these contingencies and determine how they may impact their sustainable growth, continuity and profitability." The Global Credit Crunch Slowed global economic growth -- particularly in the United States, where falling home values and rising unemployment are contributing to fears the world's largest economy will sink into recession this year – will directly impact the credit quality of companies, increasing their risk of nonpayment of receivables. Some countries, particularly the newer entrants to the global economy, are more likely to be impacted by a global credit crunch. Some examples are Turkey, Hungary and Romania. Aon's Global Credit Crunch Index -- a new feature in the analysis measuring emerging markets' exposure to international financial turmoil -- lists 25 nations for which exposure to the global credit crunch is other than Low (i.e. Medium-Low, Medium, Medium-High or High). The Largest and Fastest Growing Economies While political and economic risks to companies doing business in the United States, Germany and the United Kingdom -- the world's largest, third largest and fifth largest economies, respectively -- are comparatively low, companies doing business in those countries are potentially more vulnerable to business interruption due to terror attacks than those doing business in Japan, the world's second largest economy. Risk in Brazil, Russia, India, China, South Korea and Mexico is characterized as Medium-Low or Medium. They are the only nations in the top 15 for which risk is not characterized as Low. Observations for each follow: -- Drilling in an oil field off of Brazil's southeast coast could lead to greater economic growth in the next five years and position the nation as one of the leading oil exporters in South America. -- In Russia, the economic and political situation is forecast to remain steady through the presidential elections in March 2008 and beyond. -- Discussion of the nationalization of certain industries in regions of India should not contribute to a widening of political and economic risk in 2008. -- In China, continued economic growth could lead to a widening of the economic disparity between rich and poor, which in turn could lead to a slight rise in political unrest in 2008. -- Continued stable relations between Seoul, Tokyo and Washington are expected as new President Lee Myung Bak takes office in February 2008. -- Despite record revenues of US$100 billion in 2007, Mexico's state owned oil company recently reported a decline in output, exports and proven reserves. Oil Most of the world's oil reserves are held by government-controlled oil companies. As the global demand for oil continues to grow in 2008, most of the demand will continue to be met by state-owned companies in nations with elevated levels of political and economic risk. About the 2008 Political & Economic Risk Map Aon ranked the political and economic risk of 209 countries and territories, measuring risk of currency inconvertibility and transfer; strikes, riots and civil commotion; war; terrorism; sovereign non-payment; political interference; supply chain interruption; legal and regulatory risk. The risk in each country was ranked as Low, Medium-Low, Medium, Medium-High or High. A country with an "elevated" risk is defined as any country with a risk ranked at Medium-Low, Medium, Medium-High or High. The results of the analysis are detailed on the 2008 Political & Economic Risk Map, produced by Aon Trade Credit in partnership with Oxford Analytica, an international consulting firm. Oxford Analytica draws its analysis from a global network of more than 1,000 experts – including senior faculty members at Oxford University and at major research institutions worldwide -- to make independent judgments about geopolitical risk. The Political & Economic Risk Map is published annually by Aon Trade Credit Global, a unit of Aon Corporation. With more than 400 specialists in 60 offices around the world, Aon has been providing political risk and trade credit insurance and consulting services such as country audits, since 1912. http://www.aon.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Towers Perrin Commercial Insurance Pricing Study Reports Modest Price Decreases from 2006 to 2007 Quarterly Pricing Survey Uses Data Directly From Insurers; Show Price Declines Dramatically Less Than Reported in Other Studies STAMFORD, Conn.--(BUSINESS WIRE)--Towers Perrin’s quarterly survey of commercial lines insurance pricing and profitability trends (CLIPS) reports that average prices for all lines of coverage combined decreased 4% to 5% between 2006 and 2007. More specifically, survey data for the third quarter of 2007 indicated an average price decrease of approximately 5%, with large accounts and specialty insureds experiencing the largest decreases of nearly 9% on average. While prices fell in all surveyed lines, both the Directors & Officers Liability and Employment Practices Liability lines realized the most the greatest year-over-year price declines. Additionally, the survey findings suggest that insurance carriers expect loss ratios for accident-year 2007 to be higher than those in accident-year 2006, as price reductions were not matched by reductions in the expected costs of claims. Launched in the summer of 2005, the data in CLIPS reflect information compiled by commercial lines insurance companies based on their price monitoring systems, distinguishing the study from commercial lines pricing reports that are based solely on agent/broker perceptions. CLIPS participants represent a cross section of U.S. property/casualty insurers that include the majority of both the top 10 commercial lines companies and the top 25 insurance groups in the U.S. CLIPS’ measurement of both pricing changes and loss ratios changes also sets it apart from other studies. “The CLIPS results have consistently indicated a less dramatic decrease in commercial insurance prices than other industry pricing surveys,” said Jeanne Hollister, Managing Principal and Practice Leader, Property/Casualty Insurance, Americas. “For example, several agent/broker surveys quoted decreases in prices in excess of 10% in the third quarter of 2007, compared with the CLIPS findings of 5%. “Given the insurance industry’s aggregate reported premiums for the first nine months of 2007, it seems unlikely that price decreases were as dramatic as those reported in other surveys,” said Ms. Hollister. Pricing data are a critical component of the information insurers use to develop business plans and anticipate changes in product profitability. Likewise, investors and regulators closely monitor insurance pricing trends and use this information to analyze insurance company performance and financial security. Thus, it is critical that these audiences have access to accurate data. Said Ms. Hollister: “We have confidence in CLIPS results because they reflect price change information captured in companies’ price monitoring systems. In our view, this data are the most reliable, as compared to data coming from second hand sources.” www.towersperrin.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. California’s Self Insured Solutions-Sponsored Study Finds Guarded Optimism, Focused Concern About 2008 California Economy ONTARIO, Calif.--(BUSINESS WIRE)--In the largest survey of its kind, fewer than half of California’s 10,000 business insurance agents see California’s business economy improving – either for themselves or for their clients – in 2008. This study was conducted on behalf of Self Insured Solutions, a California workers’ compensation insurance administrator specializing in private self-insured groups for high-risk professions. This study also found that, in spite of recent California government statements, more than three quarters of these agents expect workers’ comp rates to rise significantly later in 2008 – and 77 percent see the state government as a significant contributor to this problem. “We wanted to know what these insurance agents see for 2008, and the results were more than a little startling,” according to SIS Vice-President Joe Wheeler. Participants in this sophisticated three-part benchmark survey typically serve more than 200 distinct business clients per agent. “This level of participation is well above the threshold of significance,” explained Daryl Toor, CEO of Mercury Messages. “These on-line surveys generated statistically-significant response rates ranging from 2.5 to 0.75 percent,” he said. These agents were generally pessimistic. “Just 34 percent think the state’s business economy will improve in 2008,” Wheeler said, “while only 26 percent see the state’s overall economy improving. Thirty percent see California’s economy getting better for their clients, while 46 percent see their own businesses getting stronger in 2008.” There’s a strong perception that workers’ comp rates will rise in 2008. “Eighty percent of the agents polled expect a rate increase in the next six to twelve months,” Wheeler reported, “and 64 percent believe this will become a problem for their clients. While 72 percent see the state government as part of the problem, 68 percent believe that the private sector will develop rate increase solutions.” www.ccnsig.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Merrill Takes About $16 Billion In Writedowns Thu Jan 17, 2008 11:55am By Tim McLaughlin NEW YORK (Reuters) - Merrill Lynch & Co Inc on Thursday posted a quarterly loss of nearly $10 billion after writedowns and adjustments totaling about $16 billion as bad subprime mortgage bets forced the brokerage to sell stakes in the company to foreign investors to raise capital. Recently named Chief Executive John Thain said in a conference call the world's largest brokerage will ease risk-taking but that it has enough capital to move forward after $12.8 billion in capital infusions from U.S. and foreign investors. Merrill shares were down 2.7 percent in premarket electronic trading in what analysts said was uncertainty about whether there could be still more writedowns ahead in coming quarters. "The loss seems higher-than-expected," said Peter Boockvar, an equity strategist at Miller Tabak & Co in New York. "The writedown, I guess was large, about in line. But we knew that it was going to be bad." Analysts expected Merrill's write-down to land anywhere from $10 billion to $15 billion. For the year, Merrill's subprime mortgage-related losses totaled nearly $23 billion. Asked if the latest writedowns meant the company was wiping the slate clean, Boockvar said: "Prices (on mortgage related securities) continue to drop. So yeah, the slate is clean for today, but prices continue to drop. It's just marking to market." Merrill reported a fourth-quarter net loss of $9.8 billion, or $12.01 a share, the largest in the company's history. It turned a profit of $2.3 billion, or $2.41 a share, in the year-ago period. The results eclipse the $2.3 billion loss in the third quarter when Merrill recorded an $8.4 billion write-down. In a statement, Thain called the results "clearly unacceptable." But in the past month, Merrill has fortified its balance sheet with nearly $13 billion in capital infusions from U.S. and Asian investors. (Additional reporting by Ellis Mnyandu, editing by Mark Porter and Dave Zimmerman) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Ambac Shares Plunge on Dividend Cut, Capital Plan Thu Jan 17, 2008 1:01am EST Email By Joseph A. Giannone and Dan Wilchins NEW YORK (Reuters) - Ambac Financial Inc (ABK.N: ) said on Wednesday it was recording a $3.5 billion write-down, equivalent to nearly two-thirds of its net worth, and plans to raise $1 billion in new capital as the bond insurer scrambles to maintain its top credit ratings. The company, hard hit by the continuing turmoil in credit markets, also said it would cut its dividend and that its chief had retired after 20 years at the company, in part because of a disagreement over the capital-raising plan. Ambac's shares plummeted 27 percent to $15.34 on the New York Stock Exchange, reaching their lowest level intraday since 1996. The expected losses, new capital needs and dividend cut are the latest blow for bond insurers, which have been struggling as market players have braced for higher losses on bonds the companies have insured. Investors are particularly concerned about repackaged debt known as collateralized debt obligations. Banks including Citigroup (C.N: ) and Merrill Lynch & Co Inc (MER.N: ) have been marking down their CDO positions much more aggressively than bond insurers. Bond insurers and banks both have relatively low amounts of capital supporting their assets. (Editing by John Wallace and Dave Zimmerman) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Reinsurers with MBIA ties to record Q4 charges Wed Jan 16, 2008 8:43pm By Lilla Zuill NEW YORK, Jan 16 (Reuters) - Bermuda reinsurers RenaissanceRe Holdings Ltd (RNR.N: ) and PartnerRe Ltd (PRE.N: ) said on Wednesday they will write off 3-year-old investments in Channel Re, a reinsurer formed solely to do business with MBIA Inc (MBI.N: ), the world's largest bond insurer. The announcement comes after Channel Re notified the companies that fourth-quarter losses stemming from its business with MBIA are expected to exceed its shareholders equity. RenRe said its investment in Channel Re carried a value of $126.7 million at the end of September. PartnerRe said it would take a $74 million fourth-quarter charge, equal to about $1.31 per share, to write down its investment. Reinsurers effectively insure other insurers, spreading the risk of losses among more than one party. (Editing by Jeffrey Benkoe, Richard Chang) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. PartnerRe Ltd. Announces $74 Million Write-Down of ChannelRe Investment PEMBROKE, Bermuda, Jan. 16 /PRNewswire-FirstCall/ -- PartnerRe Ltd. (NYSE: PRE) today announced that it expects to record a non-operating charge of $74 million to write-down its total investment in ChannelRe. PartnerRe owns a 20% equity interest in ChannelRe, a privately-owned financial guaranty reinsurer which provides reinsurance services exclusively to MBIA. At September 30, 2007, the carrying value of the Company's investment in ChannelRe was $74 million. Based on discussions with ChannelRe, PartnerRe expects that the most recent announcement made by MBIA that it will record a fourth quarter 2007 mark-to-market charge of $3.3 billion, including approximately $200 million in credit impairments, will lead to mark-to-market write-downs at ChannelRe in excess of its GAAP shareholders' equity. As a result of this development, PartnerRe will write down its total investment in ChannelRe. This write-down will have no impact on operating income, but will impactnet income and GAAP book value. The fourth quarter 2007 impact to GAAP book value will be $1.31 per diluted share. Notwithstanding this, PartnerRe management expects to report year-end 2007 GAAP book value of approximately $68.00 per diluted share, representing in excess of 20% growth year-over-year. PartnerRe's fourth quarter and full year 2007 results are scheduled to be released after the market close on February 4, 2008. http://www.partnerre.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Credit Suisse to expand private bank worldwide Thu Jan 17, 2008 4:46am EST By Thomas Atkins ZURICH (Reuters) - Credit Suisse Group (CSGN.VX: ) bucked a financial sector trend on Thursday, announcing a worldwide expansion plan for its flagship private banking arm. In sharp contrast to layoffs elsewhere in a financial sector hard-hit by the credit crisis, Credit Suisse said the division was "well-positioned to excel in the current market conditions." It aims to add 1,000 new bankers to serve wealthy clients by 2010, taking the total to around 4,100. (Reporting by Thomas Atkins; Editing by Paul Bolding and Andrew Callus) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Aviva buys majority stake in Italy insurer UBI Vita Thu Jan 17, 2008 9:14am LONDON, Jan 17 (Reuters) - Britain's biggest insurer Aviva (AV.L: ) has agreed to buy a majority stake in Italian life insurer UBI Vita for 65 million euros ($95.3 million), the latest in a string of small European acquisitions. Aviva said on Thursday it was buying 50 percent plus 1 share of UBI Assicurazioni Vita SpA from UBI Banca (UBI.MI: ), which had wholly owned the business. UBI Vita distributes life insurance products through a bancassurance agreement with Banca Popolare di Ancona and other channels and will report life insurance gross written premiums of at least 310 million euros for 2007, Aviva said. (Reporting by Steve Slater; Editing by Quentin Bryar) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. California settles insurance case with LandAmerica Wed Jan 16, 2008 6:18pm EST NEW YORK, Jan 16 (Reuters) - The California Department of Insurance said on Wednesday that units of LandAmerica Financial Corporation Group Inc (LFG.N: ) had agreed to halt unfair practices in underwriting title insurance and pay $3.5 million in penalties and refunds to consumers. Insurance Commissioner Steve Poizner said in a statement that LandAmerica had failed to follow its own rates, resulting in overcharges for many consumers purchasing residential title insurance policies. LandAmerica officials could not be reached immediately for comment. Title insurance protects the owner of a property from claims following the purchase. In addition to the accusation of failing to comply with their own rates, LandAmerica's units failed to apply applicable discounts, which resulted in overcharges to consumers, the department said. The accusation followed an examination covering early 2005. Under the settlement, LandAmerica will issue refunds to overcharged consumers for up to $2 million, the department said. © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. BB&T Subsidiary To Acquire Connecticut-Based Reinsurer WINSTON-SALEM, N.C., Jan. 16 /PRNewswire-FirstCall/ -- AmRisc LP, a BB&T managing general insurance underwriter, today said it plans to purchase reinsurance broker Savannah Reinsurance Underwriting Management LLC (Savannah Re) of Stamford, Conn., from Glencoe U.S. Holdings Inc., an indirect wholly owned subsidiary of RenaissanceRe Holding Ltd. (NYSE: RNR) Savannah Re provides property facultative reinsurance underwriting and related risk transfer services, including catastrophe modeling and claims management. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. New Poll: Only 16% of Californians Support Mandatory Purchase of Private Health Insurance; 71% Behind Regulation of Premium Increases Potential Costs To Consumers Key Factor In Voter Opposition Compared To Other Polls SANTA MONICA, Calif., Jan. 16 /PRNewswire-USNewswire/ -- Less than one in five California voters (16%) support legislation, backed by Governor Arnold Schwarzenegger and Assembly Speaker Fabian Nunez, that requires proof of private health insurance when they are told they might have to pay some of the premium costs, according to a new poll. Overall, nearly two-thirds (63%) were opposed to the legislation whentold insurers had no limit on how much they could charge. Only one-in-three (32%) supported the mandatory purchase plan even if insurers' premiums were regulated by the state. The results demonstrate that majority support expressed by Californiansin other polls for "requiring nearly all Californians to have insurance" collapses when voters are told that they would have to pay premium costs if their employer does not fully pay or they are not eligible for government subsidies. Read the full results of the poll at http://www.consumerwatchdog.org/resources/hcpoll.pdf. "When confronted with the unmistakable reality that they may have to pay health insurers for premiums, voters strongly oppose mandatory private health insurance," said Jamie Court, a director of the Campaign For Consumer Rights, which paid for the poll. "Cost to the consumer is the key detail that the Governor and Speaker have failed to be forthcoming about. Voters view having insurance very differently from having to buy it from private health insurers." Consumer advocates recently wrote to legislators explaining how the costs to consumers under the Nunez/Schwarzenegger proposal. Read the letter at http://www.consumerwatchdog.org/resources/KuehlLetterOpposeABX1_1.pdf. Voters surveyed overwhelmingly support measures that require greater accountability for health insurers, such as limiting the amount patients must pay out of pocket when sick (75%) and requiring insurers to get approval from state regulators for rate increases (71%). These provisions are not included in the Nunez/Schwarzenegger legislation scheduled to bevoted on by the California Senate Health Committee on January 23, 2008. The most popular idea with voters was allowing any Californian to buy the same health coverage available to the governor and other elected officials (81%). The Campaign for Consumer Rights is the sister 501(c) 4 ballot measurecampaign organization of the Foundation for Taxpayer and Consumer Rights. Grove Insights Ltd. conducted the poll of 600 likely voters between January 10 and 12. "Voters believe the state is putting the cart before the horse with these mandatory purchase proposals," said pollsters Lisa Grove and Ben Patinkin. "When asked which should come first, greater accountability in how private health insurance companies set their rates or a mandatory requirement that every Californian purchase insurance, regardless of cost, nearly three-quarters (72%) believe greater accountability should come first. Only one in 10 (12%) say they believe the mandatory purchase of health insurance is a higher priority for those in charge of solving the state's health care woes."Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Uninsured Massachusetts Consumer Who Cannot Afford Mandatory Purchase of Health Insurance Flies 3,000 Miles to Speak Out; Is Thrown Out Of Capitol By Speaker Nunez Consumer Advocates Reported For Misdemeanors in Clear Case of Selective Enforcement SACRAMENTO, Calif., Jan. 16 /PRNewswire-USNewswire/ -- Speaker Fabian Nunez directed the California Highway Patrol to prevent an uninsured patient who traveled 3,000 miles to speak out against mandatory insurance from telling his story in the Capitol rotunda Wednesday. The Massachusetts consumer, Ron Norton, cannot afford to buy health insurance under his home-state law requiring all residents to purchase private insurance policies or face financial penalties. He flew out for a hearing that was cancelled, then was prevented by Nunez from speaking inside the Capitol to press and forced to speak in the 38 degree weather outside. Consumer advocates accompanying Norton, and releasing poll results critical of Nunez's mandatory health purchase plan, were told they were being reported for a misdemeanor for talking to the press inside the Capitol, though it is a common practice by lobbyists, and though they complied with the California Highway Patrol's order to leave the building. CHP officers said they had been notified of the news conference and directed to act by the Speaker's office. "Speaker Nunez obviously thinks so little of the uninsured that he is willing to throw them out in the cold rather than have their voices heard in the Capitol," said consumer advocate Jerry Flanagan, who was cited with the misdemeanor. "Being ejected from the Capitol for speaking out about the problems with health care is emblematic of a debate that has occurred behind closed doors with campaign contributors. When it's a crime for the uninsured to speak out in the Capitol about health care, it's a sorry sign of a leadership afraid of any criticism." Read the new poll from consumer advocates http://www.consumerwatchdog.org/resources/hcpoll.pdf ABX1 1, backed by Governor Arnold Schwarzenegger and Assembly Speaker Fabian Nunez, requires that consumers prove they have private healthinsurance but does not limit what insurers can charge for coverage. The bill is scheduled for a vote in the Senate Health Committee on January 23.Consumer advocates at the Foundation for Taxpayer and Consumer Rights (FTCR) recently wrote to legislators explaining how the costs to consumers under the Nunez/Schwarzenegger proposal. Read the letter at http://www.consumerwatchdog.org/resources/KuehlLetterOpposeABX1_1.pdf The Foundation for Taxpayer and Consumer Rights (FTCR) is California's leading public interest watchdog. For more information, visit us on the web at http://www.ConsumerWatchdog.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. The Insurance Industry’s Newest Magazine for Life, Annuity and Health Agents Launches March 2008 InsuranceNewsNet Magazine Will Go Nationally to 50,000 Producers HARRISBURG, Pa.--(BUSINESS WIRE)--In March 2008, InsuranceNewsNet.com, a leading online news provider for insurance professionals, will publish a new, free monthly magazine for life, annuity and health producers. InsuranceNewsNet Magazine will feature original content, including sales insights from product experts, fresh marketing research and exclusive perspectives from industry associations like Million Dollar Roundtable (MDRT), LIMRA, National Association of Health Underwriters (NAHU) and the Society of Financial Services Professionals (SFSP). For more information, and to subscribe free, please visit www.insurancenewsnetmagazine.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
|
