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 Daily Quote: "How monotonous the sounds of the forest would be if the music came only from the Top Ten birds." - - Dan Bennett
1. Allstate says Fla lifts order against new policies Fri Jan 18, 2008 5:22pm EST NEW YORK (Reuters) - A Florida court stayed an order on Friday from the state's insurance commissioner, clearing the way for Allstate Corp ALL.N to once again write new auto and other policies in the state. Insurance Commissioner Kevin McCarthy had suspended Allstate on Wednesday from writing new policies because it had not fully complied with a subpoena to testify about its property insurance business. The 10-day stay by the Florida First District Court of Appeal allows Allstate's more than 1,100 Florida agents to continue doing business, the insurer said in a statement. In addition to car insurance, Allstate provides home insurance in Florida through Allstate Floridian Insurance and Allstate Floridian Indemnity, two independent subsidiaries of the parent company. Allstate officials had appeared before state regulators earlier this week to testify on proposed rate increases of up to 41 percent in Allstate's property insurance business. But state officials called off the hearing when Allstate officials refused to answer questions and to provide specific documents. State investigators have been trying to determine if Allstate and other companies colluded to prevent property insurance rates from dropping despite legislative action last year to reduce premiums. The issue is a major one in Florida, which has been reeling from a deteriorating real estate market and huge increases in premiums after eight hurricanes in 2004 and 2005, when insurers paid out about $35 billion in claims. The suspension mainly affected new auto policies, since Allstate had said previously it planned to reduce its homeowner policy exposure in Florida while increasing its 14 percent share of the state's auto insurance business. (Reporting by Ed Leefeldt; Editing by Brian Moss, Toni Reinhold) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Greenberg Hires Adviser on AIG Stake Fri Jan 18, 2008 1:02pm EST NEW YORK (Reuters) - C.V. Starr, a company controlled by former American International Group (AIG.N: ) Chief Executive Maurice "Hank" Greenberg, said on Friday it had hired investment bank Perella Weinberg Partners to advise it on its stake in AIG. Shares of AIG fell as much as 6.5 percent. In a regulatory filing, C.V. Starr said Perella would advise it on "the business, operations, financial condition and underlying value" of AIG, the world's largest insurer. Greenberg has been at war with AIG since February 2005, when he was ousted as CEO in the midst of a scandal over fraudulent accounting. The group led by Greenberg owns about 12 percent of AIG shares, according to recent federal filings. A spokesman for Greenberg declined to comment. AIG shares were down $3.30, or 6.1 percent, at $50.97 in morning New York Stock Exchange trade after falling to $50.75, their lowest level since May 2005. (Reporting by Ed Leefeldt and Mark McSherry; Editing by Lisa Von Ahn, Derek Caney and John Wallace) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Insurance shares sag on bond portfolio concerns Fri Jan 18, 2008 11:50am EST ZURICH (Reuters) - Insurance stocks across Europe sagged towards the close on Friday, with market participants quoting concerns over bond exposure after bond insurer Ambac Financial Group Inc (ABK.N: ) scrapped plans for new equity. By 1616 GMT, the Dow Jones Stoxx insurance index was 4.3 percent lower. "A trigger now is the story about the U.S. monoliners," said Rene Locher, insurance analyst at Sal. Oppenheim. "The market is a bit nervous that insurers might suffer some further value adjustment on bond portfolios," he said. Ambac said on Friday it had scrapped plans to issue $1 billion of new equity, in a move that may result in the bond insurer's top debt ratings getting cut. The planned equity issuance was meant to shore up Ambac's balance sheet as securities linked to mortgages and other consumer debt suffer from unexpectedly high losses. Markets now feared Ambac's warning note was a signal other insurers could also be hurt on their massive bond portfolios. Zurich Financial (ZURN.VX: ) stock was down 6.2 percent, Swiss Re was 4.6 percent lower, France's Axa (AXAF.PA: ) was 3.2 percent weaker, Generali (GASI.MI: ) was 3.2 percent off. Earlier in the day, Allianz (ALVG.DE: ) shares were off amid rumors the insurer could issue a profit warning. (Reporting by Douwe Miedema; Editing by Quentin Bryar) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Willis Approaches Marsh for Takeover Talks-CNBC Fri Jan 18, 2008 3:02am EST NEW YORK (Reuters) - Insurance broker Willis Group Holdings Ltd (WSH.N: ) has approached bigger rival Marsh & McLennan Cos (MMC.N: ) with a view to starting talks about a possible takeover of Marsh & McLennan, according to a report on CNBC television on Thursday afternoon. Willis, the world's third-largest insurance broker, and Marsh & McLennan both declined to comment. Marsh & McLennan shares closed 3.14 percent higher at $27.28, giving the broker a market value of roughly $14.2 billion. Willis has a market value of roughly $5.2 billion, according to Reuters Estimates. In December, Marsh & McLennan said it would replace CEO Michael Cherkasky following a year of disappointing results and noted it would evaluate strategies to boost shareholder value, which is often considered code for a possible sale of assets. Cherkasky had been under pressure since October 2004, when he took over in the middle of a bid-rigging scandal in which the company faced charges from then-New York Attorney General Eliot Spitzer. Marsh & McLennan also faces challenges from investors who might want the company broken up. Companies controlled by activist billionaire Nelson Peltz recently received approval from the U.S. Federal Trade Commission to take a stake in Marsh & McLennan. In August, Marsh & McLennan sold its Putnam asset management unit to Canada's Great-West Lifeco Inc (GWO.TO: ) for $3.9 billion, and a Toronto investment firm is trying to force Marsh & McLennan to spin off its Kroll security consulting unit and Mercer human resources business. TIRED James Harrison, chief executive of Toronto-based investment firm K.J. Harrison & Partners, said on Thursday that Marsh is definitely in play, given its recent moves to oust the CEO, review businesses and now, the apparent interest from Willis. "They have the wherewithal to take it all on," Harrison said of Willis. Shareholders would be "thrilled" if Marsh could get an auction going and generate a higher share price immediately, Harrison said. Then any investors who are patient enough to wait for a turnaround at Marsh could own shares in the acquirer, Harrison said. Harrison's firm owned 1.1 million Marsh shares at the end of December. It bought the stake around three years ago in the belief that the company was worth more than the sum of its parts, Harrison said. "I think shareholders are very tired of this company," Harrison told Reuters. "It's been a terrible investment." In November, K.J. Harrison & Partners filed a shareholder resolution with Marsh, seeking a spinoff of its Kroll security consulting unit and its Mercer human resources business. (Reporting by Mark McSherry in New York and Lynne Olver in Toronto; Editing by Brian Moss, Richard Chang) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Further Rate Cuts Quite Possible: Fed's Lacker (Reuters) - Weaker U.S. growth means that more interest rate cuts are "quite possible" but inflation is also still a risk, Federal Reserve Bank of Richmond President Jeffrey Lacker said on Friday. A slowing economy requires lower real interest rates because it means a softer relative demand for resources now compared to the future," he told the Risk Management Association of Richmond in prepared remarks. A copy of his speech was made available to the media prior to delivery. "And the current downside risks mean that further slowing, and thus further easing, is quite possible. But inflation also presents risks," he said. (Reporting by Alister Bull; editing by Neil Stempleman) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. Ambac Chooses Not to Raise Equity Capital under Current Market Conditions NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK) (“Ambac”), stated today that it has determined that as a result of market conditions and other factors, including the recent actions of certain ratings agencies, raising equity capital is not an attractive option at this time. The Company is continuing to evaluate its alternatives. Ambac remains confident in its insured portfolio and will communicate further on these matters in its previously scheduled conference call on Tuesday, January 22, 2008 at 10 a.m. (ET). The call in number to listen in is 877-407-0778 (U.S.) and 201-689-8565 (outside the U.S.). The conference call will also be webcast live at www.ambac.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Internet Comes to Rescue of 14 Million Uninsured in U.S.; Providing Access to Gov. Health Programs They're Not Aware of Pioneering Nonprofit Simplifies Enrollment Process SAN JOSE, Calif., Jan 16, 2008 /PRNewswire-USNewswire via COMTEX/ -- Citing studies indicating that nearly 33% of the 47 million uninsured in America are eligible for government-sponsored health insurance but aren't signed up, the Foundation for Health Coverage Education (FHCE) has captured, on a single website database, more than 144 government-sponsored programs to help people in need of health coverage. Combined with the service capabilities of the nonprofit's 24/7 live U.S. Uninsured Help Line (1-800-234-1317), the goal is to add Internet support in an effort to reduce the bureaucratic steps needed to apply for government-paid health coverage. The move to an Internet-based application process is an effort to help solve a serious problem that experts believe factors into why such a high percentage of the country's uninsured are not availing themselves of the current government assistance programs. "In Los Angeles County, for example, it usually requires two scheduled appointments at a social services agency and the time and ability of an applicant to answer a 100-question document as a first step to getting enrolled in California's Medi-Cal program. This arduous process in addition to possible transportation issues and literacy challenges keep thousands of people from enrolling," said Phil Lebherz, founder and executive director of FHCE. Providing access to online applications for every state in the country is the latest advancement in the nonprofit's services which offer practical, easy-to-access tools to educate those who are eligible about their coverage options. Visitors can go to the FHCE website and click on the State by State application link where they can identify government health coverage offerings for the three federal programs (Medicaid, Medicare and Veterans) in addition to each state's individual program applications. Some programs have applications that can be printed out and others have links to the correct municipal program. Website visitors can first take the simple 5-Question Eligibility Quiz online at http://www.coverageforall.org or phone the U.S. Uninsured Help Line at 800-234-1317 and talk with a live counselor to learn about their health coverage options. The series of questions is a starting point for the Fresno, California-based call center's staff who guide each caller through their options and to the appropriate state-sponsored program. The U.S. Uninsured Help Line was launched two years ago initially to help the estimated 6.8 million uninsured Californians get coverage. Getting the word out has been primarily through radio and newspaper public service announcements, articles and word of mouth through the health care, social services and insurance broker communities. The organization's "Coverage For All" campaign tools include the following: -- The free U.S. Uninsured Help Line (1-800-234-1317) provides live, one-on-one assistance and is staffed 24/7 with friendly information specialists and interpreters who speak multiple languages, provide basic screening for both public and private health coverage, help callers identify their potential options and connect them to health coverage representatives to sign-up for coverage. -- The 5-Question Eligibility Quiz online tool at http://www.coverageforall.org provides visitors with a customized profile of all public and private health coverage options in the U.S. for which family members may qualify. -- The Health Care Options Matrix (available for all 50 states), outlines public and private health coverage options, including type of coverage, eligibility, and monthly costs. The brochure is also useful for front-line workers helping the uninsured find coverage, such as social workers or health care professionals, and can be downloaded by going to http://www.coverageforall.org. Through a sustained partnership with Blue Cross of California Foundation, FHCE has become a resource in making quality health care accessible to all. "Creating greater access to public health insurance programs that are already in place will help us reduce the ranks of the uninsured," said Lebherz. Copyright (C) 2008 PR Newswire. All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. UniCredit denies report of interest in Merrill MILAN (Reuters) - European banking giant UniCredit (CRDI.MI: ) on Friday denied a report in Italy's leading business daily that it might be interested in buying the $47 billion U.S. investment bank Merrill Lynch (MER.N: ). "Categorically," a spokesman said when asked whether the bank denied the unsourced article in Il Sole 24 Ore, which said UniCredit CEO Alessandro Profumo could see this as the right time for a deal, given the weak dollar and falls in Merrill Lynch's share price. Investors and analysts were skeptical, given UniCredit is still digesting Capitalia -- the Italian lender it bought last year which propelled it into Europe's top banks and pushed its market value to around 74 billion euros ($108.5 billion). (additional reporting by Andrew Hurst in Zurich) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Greenlight's Einhorn faults rating agencies on MBIA NEW YORK (Reuters) - David Einhorn, the widely followed hedge-fund manager at Greenlight Capital, said the credit agencies are losing credibility with investors because of their failure to cut flailing bond insurer MBIA Inc's (MBI.N: ) triple-A rating. Shares of MBIA, the largest U.S. bond insurer, plunged by 31.2 percent to $9.22 on Thursday and are down from $76 last January, amid speculation the company won't have enough capital to cover losses on bonds it insures. The sell-off has reaped Einhorn significant gains because he sold MBIA shares short, a bet they would decline, for the last five years. "The question today isn't what is going to happen to MBIA and Ambac, because I think everybody knows," Einhorn said in an interview on Thursday. "The question today is, 'What happens to the brand values of the rating agencies?'" Investors who bought notes issued last week by MBIA that were blessed with relatively strong ratings by Moody's and S&P have already suffered steep losses. After the markets closed on Thursday, Moody's Investors Service said it may cut MBIA's ratings. Ambac Financial Group Inc (ABK.N: ) is a rival bond insurer that replaced its chief executive and projected a $5.4 billion pretax write-down in the fourth quarter on Wednesday. Negative news on both MBIA and Ambac has been piling up as well. Just last week MBIA revealed it had guaranteed $9 billion of some of the riskiest mortgage-related securities, $900 million more than it disclosed three weeks earlier. Meanwhile, Ambac has slashed its common stock dividend by two-thirds and announced plans to raise $1 billion of capital to preserve the prized "triple-A" financial strength ratings it needs to operate normally. Losing those ratings from Moody's Investors Service (MCO.N: ), Standard & Poors or Fitch Ratings would force Ambac or MBIA to insure fewer bonds, and likely cause prices of bonds they insure to fall, further upsetting financial markets already on edge. MBIA did not immediately return a call seeking comment. Ambac spokesman Peter Poillon declined to comment. RATING THE RATING AGENCIES Einhorn, who oversees $5 billion, said major rating agencies need to be held accountable for their actions in the current credit crisis. He pointed out that Moody's and S&P just last week rated $1 billion of surplus notes issued by MBIA "Aa2" and "AA," respectively, despite the company's problems. MBIA sold the notes to raise enough capital to maintain its triple-A credit ratings. The two ratings are different because the triple-A measures MBIA's ability to guarantee bond payments on bonds it insures while the surplus notes rating measures MBIA's ability to repay its own debt. Ratings in the "double-A" category typically go to corporations believed to have a very strong capacity to meet their obligations. Einhorn finds it perplexing that MBIA could belong to that group. "They blessed MBIA to issue surplus notes at a double-A rating that priced at a 14 percent yield, which is worse than a triple-C rating," he said. "Now the investors in those notes have big losses because they are trading down a lot. Those MBIA surplus notes, sold Friday at 100 cents on the dollar with a 14 percent coupon fixed for five years, were trading late Thursday at about 80 cents on the dollar, yielding at about 20 percent. S&P spokeswoman Mimi Barker responded: "It is important to understand that an S&P rating is an independent, impartial opinion on the credit-worthiness of a security. Ratings are not recommendations to buy, sell or hold a particular security, nor do they speak to market performance of a security." Standard & Poor's is owned by McGraw-Hill Cos Inc. (MHP.N: ). Moody's did not immediately return calls seeking comment. Einhorn has said it is a "horrendous idea" to delegate most responsibility for assessing credit risk to credit rating agencies paid for by the issuers, rather than by buyers of bonds they rate. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Bond insurer ACA to ask for more time: report NEW YORK (Reuters) - Struggling bond insurer ACA Financial Guaranty Corp is set to ask trading partners for more time to unwind its insurance contracts, The Wall Street Journal reported on Friday. Standard & Poor's in December cut ACA Financial Guaranty's credit rating to junk. That move could have triggered a cash shortage by forcing it to post collateral, but parent company ACA Capital Holdings ACAH.PK had said it would not have to do so until January 18 thanks to a forbearance agreement with counterparties. ACA had nearly $70-billion of exposure to collateralized debt obligations as of the end of September. Friday's report, quoting people familiar with the matter, said ACA is likely to announce an extension to give it more time to work out arrangements. One possible solution would be a rescue plan giving the counterparties stakes in a restructured bond-insurance company, while another was a capital infusion, it said. ACA officials were not immediately available for comment. Banks and brokers could suffer billions of dollars of losses from credit protection they bought from ACA, if the insurer collapses. The New York Times reported last month that Merrill Lynch & Co Inc (MER.N: ), Bear Stearns Co Inc (BSC.N: ), and other large banks were in talks to bail out ACA. Maryland state regulators are now in charge of significant business decisions for the ACA bond insurance unit, according to a regulatory filing in late December. (Reporting by Ritsuko Ando; Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Emerging market M&A -- the next market bubble? Fri Jan 18, 2008 11:27am EST By Mathieu Robbins - Analysis LONDON (Reuters) - Companies are trying to escape the credit crunch and economic slowdown in Europe and North America by seeking growth through acquisitions in emerging markets, but they could be piling into the next bubble. Investment banks keen to keep companies engaged in mergers and acquisitions are pushing assets in emerging markets to clients seeking to boost sales growth and hedge against economic downturns in their home markets. But rising company valuations, already higher than those in mature markets, have prompted fears the market could be overheating. "We could be seeing the beginning of an emerging market bubble," said Ludovic de Montille, CEO for France-based bank BNP Paribas in Britain. "There is competition for assets and also some valuations are reached on the basis of predicting continuous growth, whereas emerging markets are actually cyclical." Companies are investing in economies such as China and India as well as eastern Europe and Turkey on the expectation of faster growth. Typically in such deals the assets are valued relative to a cashflow forecast and some bankers are concerned that such valuations sometimes ignore geopolitical risks and the possibility of recession. Yet intense competition is driving prices to record levels as already evident, particularly in the banking sector. European banks typically are valued in M&A deals around one and a half times book value. But banks in countries such as Poland, Turkey and Ukraine commonly trade around three to four times book value. One reason these values are high is the additional scope for growth these countries have, but such growth attracts a high level of interest, pushing up prices. LEADING BANKS Banking auctions in Turkey or eastern Europe regularly attract a who's who of leading global and European banks. The auction of Denizbank in 2006, for example, attracted interest from the likes of Citigroup (C.N: ), Intesa (ISP.MI: ), Societe Generale (SOGN.PA: ) and BNP (BNPP.PA: ) as well as the eventual buyer Dexia (DEXI.PA: ). And a similar list of banks turns up at almost every eastern European or Turkish auction. Denizbank ended up being sold for almost four times book value. In July last year, Saudi National Commercial Bank agreed to buy a 60 percent stake in Turkish Islamic lender Turkiye Finans at a whopping 5.8 times book value, setting a new valuation record for Turkey. Italy's Banca Intesa had also, in 2006, agreed to pay $1.4 billion or about five times book value for Ukraine's Ukrsotsbank before pulling the plans. Rival UniCredit (CRDI.MI: ) agreed in July to pay more than $2 billion for Ukrsotsbank. "In a time of uncertainty around growth rates in developed markets there is a huge level of interest to look at these high growth markets," said a senior European M&A banker who has advised on such deals. (Editing by David Holmes and Elaine Hardcastle/Quentin Bryar) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Washington Mutual posts $1.87 bln Q4 loss Thu Jan 17, 2008 6:08pm EST By Jonathan Stempel NEW YORK (Reuters) - Washington Mutual Inc (WM.N: ), the largest U.S. savings and loan, suffered a larger-than-expected $1.87 billion fourth-quarter loss on Thursday, battered by mortgage defaults and write-downs. The net loss equaled $2.19 per share, the thrift's first quarterly loss since 1997, in what Chief Executive Kerry Killinger called a period of "extreme stress." A year earlier, it posted a profit of $1.06 billion, or $1.10 per share. Revenue fell 5 percent to $3.41 billion. Analysts, on average, expected a loss of $2.04 per share on revenue of $3.67 billion, according to Reuters Estimates. Washington Mutual quadrupled the amount it set aside for loan losses to $1.53 billion. "It was not an easy quarter. I'm certainly disappointed in the overall level of performance," Killinger said in an interview. "Credit costs are elevated, and are likely to remain elevated for some time." The Seattle-based thrift recorded a $1.96 billion loss in its mortgage unit, reflecting an increase in bad loans, a write-off for goodwill, the costs of eliminating 2,600 jobs and shutting about 200 offices. Loan volume plummeted 49 percent to $19.1 billion. WaMu, as the thrift calls itself, is one of several large lenders to suffer heavy losses in the mortgage crisis, which has left hundreds of thousands of homeowners unable to keep up with their bills. The thrift has gradually reduced lending risk, and last month halted subprime mortgage lending, but many of its actions came too late to avoid the brunt of the crisis. It was also stuck holding billions of dollars of home loans that lost value as risk-wary investors stopped buying them. (Editing by Jeffrey Benkoe, Phil Berlowitz) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Willis Review Reveals That Superheated Commodity Prices are Causing Apprehension in the Energy Insurance Market London, UK, January 17, 2008 – Sharp increases in the price of oil, steel, building materials and contractor day rates have resulted in significantly increased exposures to energy insurers. Despite loss levels in the energy insurance sector remaining low for a second successive year, there is now real apprehension in the market as rating levels continue to soften significantly. This is the key finding of the latest Energy Market Review from Willis Group Holdings (NYSE: WSH), the global insurance broker. The Willis Energy Market Review revealed that the “superheated” commodity prices have resulted in increased replacement cost valuations and have provided extra scope for longer and costlier delays in the event of an accident. The potential for more severe losses in the energy industry has therefore been enhanced, at a time when many asset values remain unrevised for insurance purposes, says Willis. Phillip Ellis, Chairman of Willis Energy, believes that this is a dangerous situation as more expensive losses are bound to arise at some stage in the future. “While some companies are operating their assets in ways that are far superior to the past, for others the run of good luck is just that. It is very hard for us to accept that this run of low loss activity will continue indefinitely. Ultimately, something will break.” Mr. Ellis encouraged clients to continue to re-examine their risk exposures and asset valuations, in order to ensure that they remain in a position to be properly indemnified by insurers in the event of more severe losses in the future. He also urged brokers and underwriters to “innovate and improve our offerings to such an extent that our clients’ appetite for them continues to grow.” The comprehensive Willis review also examines developments in energy-related sectors and issues including: Reinsurance, Upstream, Downstream, OIL membership, Construction, International Liabilities, US Excess Liabilities, Terrorism and Directors and Officers Liability. www.willis.com. The full Willis Energy Market Review can be found at www.willis.com/Extras/Publications.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. HOPE NOW: Number of Homeowners Helped Rapidly Rising - 370,000 homeowners assisted in second half of 2007. Washington, D.C. – January 18, 2008 – A significantly higher percentage of homeowners are being helped than had been previously believed based on the preliminary data on repayment plans and loan modifications. Nine of the largest servicers handling 4.1 million loans, or approximately 58% of the outstanding subprime loans as of September 2007 provided the data. This preliminary data on the subprime loan modifications and repayment plans indicates: The industry assisted 370,000 homeowners during the second half of 2007. This includes 250,000 formal repayment plans and 120,000 modifications. Mortgage servicers were modifying subprime loans during the fourth quarter at triple the rate of the third quarter. On an annualized basis, 10.4% of subprime borrowers were helped. 39% of delinquent borrowers were assisted in the second half of 2007. “The number of borrowers being helped is accelerating rapidly,” said Faith Schwartz, Executive Director of HOPE NOW. “Our job is to get homeowners the help they need and we are doing that. HOPE NOW, which leverages the work already being done by servicers, is a program that yields significant results.” www.HOPENOW.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. New Edition Of LOMA Insurance Administration Text Available Atlanta, Georgia, United States January 10, 2008 ¨C LOMA announces the release of the third edition of Insurance Administration. The textbook provides a detailed discussion of the activities of insurance administration for individual and group life and health coverages, focusing on underwriting, reinsurance, claims, and customer service. The text incorporates feedback from industry experts to reflect current industry practices and standards in life, medical expense, disability income, long-term care, and critical illness insurance. The third edition updates the text, expands the health insurance information, and adds content on quality control and the new business area Kathy Milligan, FLMI, ACS, ALHC, Vice President of LOMA¡¯s Education and Training Division, observed, ¡°Every LOMA textbook undergoes an extensive review process by industry experts. This text had an especially large panel of industry reviewers given the diversity of the text¡¯s subject matter. Thirty-seven experts specializing in one or more of the fields of underwriting, reinsurance, claims, and customer service volunteered their time to review the text. www.loma.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Frank Crystal & Company is celebrating its 75th anniversary Headquartered in the Wall Street district, Frank Crystal & Company, founded in 1933, is celebrating its 75th anniversary this year. Led by three generations of the Crystal family, this award winning company has defied the odds and has successfully competed against the giants in the industry, earning distinctions such as the Robert P. Ashlock Quality Award, a prestigious honor in which the company was the first in five years to recently receive. How this privately-owned family business has grown to where it is today can offer a resourceful and entertaining story that readers would appreciate. The company has nearly 400 employees and regional offices in Miami, Houston, Palm Beach, Philadelphia, Portland, San Francisco and Seattle. The firm’s team of veteran experts can be a go-to source for editors and writers providing them with insight, data, opinion and analysis on a wide range of issues in the industry ranging from aviation and financial services to real estate and technology. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Morris, Manning & Martin Co-Hosts Beijing Summit to Help Chinese Businesses Handle Product Recalls and Liability Claims on U.S.-Bound Exports Atlanta-Based Law Firm Partners with People’s Republic of China to Promote Product Quality and Safety ATLANTA--(BUSINESS WIRE)--Morris, Manning & Martin, LLP is co-hosting the 2008 China Summit for International Trade Standards, Environmental Protection, Packaging, Safety, Quality Inspection, Quarantine, Certification, Technical Barrier and Related Product Liability Issues Involved in Export Trade beginning today in Beijing, China. Along with the Ministry of Commerce of the People’s Republic of China, Morris, Manning & Martin is hosting the event to help Chinese businesses understand and work within the American legal system to export products to the United States and manage compliance with U.S. standards of product safety. “Following recent headline-grabbing recalls and rejections of Chinese goods, we proposed this Summit to help Chinese businesses seeking to do business in the United States better understand our laws,” said Jeffrey L. Schulte, a senior partner in the firm’s corporate practice. “Through this unique forum, we hope to bridge cultural gaps between American and Chinese business practices, as we believe there is much to be gained from trade between the two nations.” Topics are expected to include: * Earning a reputation for quality * Understanding American consumer protection * Using contracts to manage and allocate risk * Risk transfer through insurance * Legal defense strategies Morris, Manning & Martin is the only American law firm participating in the first-of-its-kind Summit and is uniquely qualified to do so, given the strength of the firm’s China practice, which is headed by the firm's international practice leader, Tim Tingkang Xia, who was born in China and will speak at the Summit. Morris, Manning & Martin has seven Mandarin-speaking professionals and recently won a landmark patent infringement case for China-based General Protecht Group. Presenters from the firm expected to speak at the Summit include Tim Tingkang Xia, Jeffrey L. Schulte, Robert Alpert and Seslee S. Mattson, whose expertise encompasses intellectual property, corporate practice and product liability, respectively. Also in attendance will be firm co-founders John G. (“Sonny”) Morris and Joseph R. Manning. The Summit’s guest list includes several Chinese Ministers and Deputy Ministers, as well as a Supreme Court Justice. Speaking as part of the U.S. delegation will be Judge John Walker, the recently retired Chief Judge of the United States Court of Appeals for the Second Circuit, who also serves as the China Liaison for the International Relations Committee of the Judicial Conference of the United States. The Honorable Kenneth C. Stewart and Gretchen Corbin of the Georgia Department of Economic Development, another co-sponsor of the Summit, will also speak at the event. Among the over 400 Chinese companies committed to attend are three of the nation’s largest vehicle manufacturers: Chery Automobile Co., Ltd., Shanghai Automotive Industry Corporation (Group) and the Nanjing Automobile (Group) Corporation. The Summit will run January 18-20 in Beijing, China. It is expected to be the first in a series of annual events. Morris, Manning & Martin, LLP, (www.mmmlaw.com) enjoys national prominence for its corporate finance, securities, mergers and acquisitions, litigation, technology, intellectual property, real estate and real estate capital markets, environmental, insurance and healthcare practices. The firm has offices in Atlanta, Washington, D.C., Charlotte, Raleigh-Durham and Princeton. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Insurance Department Reminds Consumers to Give Insurance Needs an Annual Check-Up HARRISBURG, Pa., Jan. 15 /PRNewswire-USNewswire/ -- The beginning of the year is an ideal time for consumers to review the adequacy of their insurance coverage, acting Insurance Commissioner Joel Ario said today. "Many changes can take place in our lives over the course of a year, so now is the perfect time to take such changes under consideration, get your policies in order and do some comparison shopping," Ario said. "Shopping around can also help consumers save money." "For consumers, the bottom line is: ask questions, do your homework and remember that the Insurance Department is here to help with that process," Ario said. For more information about the various kinds of insurance policies available to consumers, as well as contact information for the insurance companies that are licensed to sell in Pennsylvania, visit http://www.insurance.state.pa.us. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. ‘Who Knew a Life Insurance Company Would Help Me Buy a Car?’ Royal Neighbors of America Gives Back Through Its Quarter-Million-Dollar ‘Nation of Neighbors’SM Program ROCK ISLAND, Ill.--(BUSINESS WIRE)--Shirley Umporowicz, Colona, IL, had her prayers answered by Royal Neighbors of America, a fraternal life insurance organization. She needed a car to get to work and she now has the money to make that purchase thanks to Royal Neighbors’ “Nation of Neighbors” Program. It is through this nationwide program, launched in December, 2007, that Royal Neighbors gave a total of $250,000 to more than 180 families and individuals in need, demonstrating that it is more than just a life insurance company. www.royalneighbors.org 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. Financial Trends Fund, Inc. Changes Name to 'Diamond Hill Financial Trends Fund, Inc.' COLUMBUS, Ohio, Jan. 18 /PRNewswire-FirstCall/ -- The Board of directors of Financial Trends Fund, Inc. (Nasdaq: DHFT) (the "Fund") approved a change in the Fund's name to "Diamond Hill Financial Trends Fund, Inc." These changes are effective beginning today on Nasdaq. As previously announced, Diamond Hill Capital Management, Inc. assumed the duties of the investment adviser and administrator of the Fund on December 1, 2007. About the Fund: Financial Trends Fund, Inc. is a diversified, closed-end fund. The Fund seeks long-term capital appreciation with current income as a secondary objective by investing at least 80% of its assets in stocks of U.S. financial services companies of any size. www.diamond-hill.com SOURCE Diamond Hill Financial Trends Fund, Inc. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Genstar Capital Teams With Insurance Executives and Westline Corporation to Establish Confie Seguros New Platform Investment Expected to Create First National Insurance Brokerage Dedicated to Hispanic Consumers SAN FRANCISCO, Jan. 15 /PRNewswire/ -- Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the life sciences and healthcare services, industrial technology, business services and software services, today announced that it has partnered with experienced insurance industry executives and Westline Corporation to establish Confie Seguros, a platform company to consolidate insurance brokerages primarily focused on the Hispanic consumer. Concurrent with the formation of this new entity, Confie Seguros announced that it has completed its first investment in Westline, an insurance brokerage firm serving California. In the next three years, Genstar and the Confie Seguros management team, led by experienced insurance brokerage CEO John Addeo, look to build a national distribution company with revenues exceeding $300 million, focusing on key markets including, but not limited to, California, Arizona, Florida, Texas, Georgia, and Nevada. Funding for future acquisitions will be provided by a commitment from Genstar and management of $75 million anda bank facility with expected capacity in excess of $200 million. http://www.gencap.com SOURCE Genstar Capital, LLC Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Citigroup sets swap ratio to complete Nikko buyout Fri Jan 18, 2008 7:21am EST TOKYO, Jan 18 (Reuters) - Citigroup Inc (C.N: ) announced the share swap ratio for its buyout of Japanese brokerage Nikko Cordial (8603.T: ) on Friday, having been forced to offer much more of its own stock than it had planned due to a sharp fall in its share price. (Reporting by Nathan Layne; Editing by Quentin Bryar) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Standard Life says UK property fund liquidity ok Jan 18 (Reuters) - UK insurer Standard Life (SL.L: ) said on Friday it had not prevented retail investors from withdrawing cash from its flagship UK property fund, as liquidity in the fund remains sufficient. "The situation is the same as in December. There's sufficient liquidity and there are no queues in place," to exit the firm's pooled pension property fund, said a Standard Life spokesman. The fund had 3.2 billion pounds ($6.28 billion) in assets, according to quarterly figures from the Association of Real Estate Funds. Insurance rival Aegon (AEGN.AS: ) said on Friday that it was invoking time clauses preventing investors from taking out their money from its 2 billion pound Scottish Equitable property fund, following a surge in demand from people wishing to withdraw cash. (Reporting by Simon Challis; Editing by Erica Billingham) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. UBS Reshapes Investment Bank Unit to Reduce Risk-FT Fri Jan 18, 2008 3:01am EST ZURICH (Reuters) - UBS (UBSN.VX: ), the biggest European casualty of the U.S. subprime disaster, has launched a shake-up of its investment banking division to cut back on proprietary risk-taking, the Financial Times reported. The newspaper reported from London that UBS CEO Marcel Rohner said in a memo to staff the bank would halve the number of employees in its real estate and securitisation units and move mortgage investments into a separate restructuring unit. UBS also plans to pull out of fixed-income proprietary trading -- trading on the bank's own account -- in the United States and combine its equity and debt underwriting operations. (Editing by David Cowell) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Prudential sells investment-linked product in Vietnam Fri Jan 18, 2008 5:06am HANOI, Jan 18 (Reuters) - U.K. insurer Prudential Plc (PRU.L: ) said on Friday it would offer investment-linked insurance in Vietnam to catch opportunities in the strengthening financial markets of the fast-expanding economy. Prudential Vietnam Assurance won a licence from the Finance Ministry on Tuesday for the product, the first in the country that offers life insurance and savings and investment at the same time, it said in a statement. Investment-linked products, popular in Europe, North America and elsewhere in Asia, allows customers to choose the premium and the sum assured as well as from different investment funds. (Reporting by Ho Binh Minh; Editing by Michael Urquhart) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Allianz to squeeze out life unit minority shares Fri Jan 18, 2008 1:59pm EST FRANKFURT, Jan 18 (Reuters) - Allianz (ALVG.DE: ) on Friday moved to gain complete control of its life insurance subsidiary Allianz Leben ALLG.SG, one year to the day after launching its previous attempt, which was thwarted. Europe's biggest insurer said it had struck a deal with an investment management company to buy further shares in Leben, taking its stake in the unit to above 95 percent and opening the door to a forced acquisition of the remaining minority shares. (Reporting by Jonathan Gould; Editing by David Holmes) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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