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1. US Identity Fraud $45.3 Billion In 2007, But Declining NEW YORK, Feb 11 (Reuters) - Identity theft remains a major problem, with Americans losing $45.3 billion in 2007, but a drop in fraud cases suggests that more consumers and businesses are winning the battle against criminals, a new report shows. Losses declined 11 percent from about $51 billion in 2006, according to the fourth annual study by Javelin Strategy & Research, released on Monday. The average loss fell 6 percent to $5,574 from $5,920. The study also said that as banks and retailers beef up their in-store and online security systems, frauds are resorting more to the phone and the mail to prowl for victims. "The good news is we're seeing something of a leveling off," said James Van Dyke, president and founder of Javelin, in an interview. "Criminals are playing the old cat-and-mouse game. There has been some strengthening of protections against Internet identity fraud, and they have to find other channels." Last year saw one of the largest breaches, a theft of data from 45.7 million credit and debit cards reported by discount retailer TJX Cos (TJX.N: ), which owns T.J. Maxx and Marshalls. According to Pleasanton, California-based Javelin, 8.1 million adult Americans, or one in 28, learned last year that criminals committed fraud with personal data such as credit card or Social Security numbers. That's down from 8.4 million in 2006 and 10.1 million in 2003. But it still means many people were at risk of having their accounts drained, or credit card bills soar, without knowing it was happening. (Editing by Derek Caney) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. AIG says auditors find internal control weakness Mon Feb 11, 2008 11:21am EST NEW YORK (Reuters) - American International Group Inc (AIG.N: ), the world's largest insurer, on Monday said difficulties in valuing a credit derivatives portfolio had triggered auditor questions over its internal controls, sending its shares down more than 11 percent. The disclosure cast doubt on AIG's past contention that it did not face major problems stemming from the credit crisis that has slammed other financial institutions. PricewaterhouseCoopers, the company's outside auditors, concluded that the company had a material weakness in its internal control over financial reporting relating to the fair valuation of credit default swap portfolio obligations of AIG Financial Products Corp (AIGFP), the company disclosed in a regulatory filing. AIG has not yet determined how much the value of AIG Financial's super senior credit default swap (CDS) portfolio had declined as of December 31, 2007, it said. Earlier estimates had included a benefit from a spread differential, however, AIG said difficult market conditions mean it cannot reliably quantify the differential between spreads implied from cash CDO prices and credit spreads implied from the pricing of credit default swaps on the CDOs. As a result it will not include the spread differential adjustment in its valuation of AIGFP's super senior credit default swap portfolio as of December 31. Stripping out the benefit puts the cumulative unrealized valuation loss on AIGFP's CDS portfolio at nearly $4.9 billion through the first two months of the fourth quarter, compared with $1.6 billion if the benefit was factored in. The company has not yet disclosed what additional valuation declines may have occurred in December. AIG is expected to report its fourth quarter earnings later this month. (Reporting by Lilla Zuill and Dan Wilchins; editing by Mark Porter and Maureen Bavdek) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Are Retirees without a Road Map for Retirement? National Thrivent Financial survey uncovers uncertainty about spending in retirement MINNEAPOLIS--(BUSINESS WIRE)--The familiar adage “older and wiser” appears to not apply when it comes to managing money in retirement. A new nationwide Thrivent Financial survey of 800 retired and non-retired Americans ages 60-74 revealed that most are naive about how much money they will need in retirement, and many are off base with their actual spending in retirement. The survey found that 55 percent of seniors are unsure of how much money they will need to last throughout retirement. The majority (56 percent) are off target for their monthly spending in retirement, with 29 percent spending more and 27 percent spending less than expected. In addition, retirement tends to lead more people to a “do it yourself” mentality in financial planning. Just one in five retirees (22 percent) have worked with a financial advisor during his or her first two years of retirement to discuss spending and drawing down one’s savings. Of those who did work with an advisor, however, 95 percent found it valuable. The Thrivent Financial survey set out to measure the attitudes and readiness of Americans as they approach, and live in, retirement. It revealed that despite being at the threshold of retirement — if not already across it — most are without a road map in the form of a financial plan. “This generation has taken a hands-off approach to saving and spending planning when in retirement,” said Mark Anema, vice president of accumulation and retirement income solutions for Thrivent Financial. “But the reality is that this generation can’t afford to take chances because they often don’t have the pension plan or other secure income their parents may have had to ensure they are not destitute in old age. The financial planning process doesn’t end at 65.” No plan = no worries? Even with the seeming lack of knowledge and preparation, those surveyed revealed a surprisingly carefree attitude toward their financial future. Sixty-one percent don’t worry or think about having enough money in retirement and 62 percent are not at all anxious about the performance of their investments. However, their attitudes don’t necessarily match up with their actions. While they claim to not be worried about having enough money, two-thirds are taking steps to reduce their spending in retirement, including traveling less (37 percent), giving fewer or smaller gifts to family members (37 percent), shopping with coupons or at sales more often (35 percent) and eating out less often (32 percent). Anecdotally, others mentioned cutting down on entertaining, both at home and out of the home with friends, reducing household costs by growing food in the garden and using less electricity and gas, and giving less to charitable organizations as ways they are saving money in retirement. Additionally, of those that are not yet retired, nearly one-third (32 percent) had hoped to be at this point. “Retirement should be a time to take advantage of everything life has to offer,” said Anema. “While it’s good to see that they aren’t overly stressed by financial matters, the fact is that some may have a false sense of confidence in the longevity of their savings, while others may be pinching pennies when they could be spending more time or money on the activities they enjoy.” Phase two of the retirement journey – spending While simply reaching retirement often feels like the destination, the reality is that the journey is just beginning. With the arrival of retirement comes the shift from saving for retirement to spending in retirement. While one might assume this to be the easy side of the equation, the survey shows that is not the case. In fact, of those that are retired, the majority have miscalculated their monthly spending in retirement, with 29 percent spending more and 27 percent spending less than expected. “It’s understandable that most people overlook the importance of the second phase of retirement planning and naturally assume that they will be able to manage their income in retirement,” said Anema. “But, with unknown factors like market performance, life expectancy, health issues or changing personal needs and wants, a holistic plan for spending in retirement can help ensure that retirees are living their retirement vision to the fullest.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Longevity of U.S. Population Increases Need for Mortality Information at Older Ages Towers Perrin Releases Second Tillinghast Study on Older Age Mortality, Which Provides Experience Data, New Insights STAMFORD, Conn.--(BUSINESS WIRE)--The demographics of consumers who buy life insurance have shifted considerably, with purchases at older ages now surpassing overall demand for life insurance in the U.S. This shift has prompted insurers to seek more information about the aging population. Thus, in the second Tillinghast Older Age Mortality Study (TOAMS 2), released today, the Tillinghast insurance consulting practice of Towers Perrin addresses the need for experience data based on older ages and provides new insights for insurers. The study includes data from 29 life insurance companies from 2003 to 2005. “After we released TOAMS in 2005, which was the industry’s most comprehensive study to date, we found an overwhelming market need for further study about older-age mortality,” said Mike Taht, Principal at Towers Perrin. “Recent research by the MIB Group, Inc. reported that 2007 life insurance sales were up 4.3% over 2006 for ages 60 and older, while sales among the 45 to 59 age group declined.” The MIB Life Index is the life insurance industry’s timeliest measure of application activity across the U.S. and Canada. According to Mr. Taht: “From 2000 to 2005, there has been a $6.6 billion increase in exposures in the TOAMS studies at issue ages 75 and above, which reflects an overwhelming increase in sales activity at the very high issue ages. In fact, for some companies, sales at issue ages over 70 represent 30% of all universal life premiums sold -- a statistic unheard of five years ago.” TOAMS 2 includes data and analysis that give insurers the tools they need to appropriately address trends in life expectancy, changes in underwriting and adjustments in product offering, pricing and expansion. The study’s findings can also provide guidance on common challenges facing the insurance industry, such as determining mortality levels, gender assumptions, mortality at higher face amounts, preferred risk discounts, cause of death indicators and product-type variation. Said Mr. Taht: “We now know there are significant implications for insurance companies that misestimate mortality at older ages, and our research is helping insurers by better informing the decision-making process so costly mistakes can be avoided.” To purchase a copy of the study, you can download the order form at: www.towersperrin.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. CIGNA’s Sperling: Health Coverage Gap Looms for Early Retirees BLOOMFIELD, Conn.--(BUSINESS WIRE)--Ensuring the availability of health care coverage for baby boomers who retire before they are eligible for Medicare is an emerging challenge for America, according to a newly published white paper by Kenneth Sperling, senior vice president, CIGNA HealthCare Senior & Retiree Services. In the white paper “The New HealthCare Gap: Sustaining the Continuum of HealthCare for Early Retirees,” Sperling describes the emerging issue of healthcare gaps for early retirees and how the looming crisis may be addressed by the creation of integrated health and financial services vehicles that meet the needs of both employers and pre- and post-Medicare eligible retirees. The document is available online at no charge at: http://newsroom.cigna.com/section_display.cfm?section_id=30 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. BestWeek: Insurance Futures Take Flight in Turbulent Cat Risk Market OLDWICK, N.J.--(BUSINESS WIRE)--With four months to go until the start of the hurricane season, insurers are taking a harder look at a new tool in the eternal battle to protect themselves from substantial windstorm losses: exchange traded futures contracts, according to a story in BestWeek Europe. Such contracts are called event linked futures, and have been traded on the Chicago Climate Futures Exchange since September 2007 by an equally new company called Insurance Futures Exchange Services Ltd. Based in London, IFEX is offering what it describes as a family of exchange traded futures contracts linked to industry insured losses from specified natural catastrophe events. According to IFEX, over the past 10 years the insurance and capital markets have been converging. As a result, the market has seen new instruments such as catastrophe bonds and alternative risk transfer vehicles. IFEX regards ELFs as being the logical next step, said Neil Eckert, IFEX chairman and chief executive of Climate Exchange plc, which owns it. “If you take global risk transfer, the whole of the rest of the world trades, transfers and hedges risk via contracts of difference,” he said. “The insurance market trades contracts of indemnity, which is an open-ended promise to pay. Contracts of difference allow you to evaluate your exposure to mark to market, you get overnight settlement, and not wait 45 days for your premiums and potentially years for your claims. “The financial community are used to it, it’s electronic, there is a standard contract and not eight different policy wordings for each type of policy,” he said. “It’s more capital efficient because you have overnight settlement and you post margin then the clearing corporation and clearing members can account, on a daily basis and keep track of people’s positions.” Also, in BestWeek U.S./Canada: -- It’s been a year since Bermuda based specialty insurer Ironshore burst on the insurance scene with $1 billion of capital in its pockets and a determination to patch a hole in the U.S. property catastrophe market. -- The failure of comprehensive health-care reform legislation in California will set back major reforms by at least a year, but the door may remain open for consideration of smaller scale efforts in 2008. And in both editions of BestWeek: The Best’s Global Insurance Composite Index finished the week of Febuary 7 down 10.56% from a year ago. The composite index reflects the performance of 172 insurance stocks. The week’s top stocks were National Interstate Corp., Independence Holding Co., Omega Insurance Holdings, National Atlantic Holdings, and First Mercury Financial Corp. The bottom five stocks were Prudential Financial, Aviva, Unitrin, Humana, and Zenith National Insurance Co. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Milliman Expert Addresses Practical Applications of Lifestyle-Based Analytics in Risk Selection SEATTLE, Feb. 11 /PRNewswire/ -- In recent years, increasing attention has been paid to the role of Lifestyle-Based Analytics (LBA) in health insurance underwriting. In some instances, proponents of LBA made overly-optimistic claims about the use of consumer data as a predictor in the underwriting process. Milliman expert Jonathan Shreve, FSA, offers a fresh perspective on the appropriate and effective use of Lifestyle-Based Analytics as an advance in risk selection and classification. Medical studies have shown that lifestyle characteristics and habits have a clear impact on disease prevalence. LBA uses information about lifestyle to enhance the risk classification system for relevant conditions. This information comes from data aggregators, which collect information from a variety of sources. Statistics, when properly interpreted, can enable underwriters to identify relationships between lifestyle information and prevalence of various diseases, which may result in a strong correlation with expected claims. Hence, LBA can help to differentiate high cost and low cost insurance plan members. According to Jon Shreve, "For some of the correlations we have found, we believe there is a clear cause and effect - people who exercise more have fewer cardiovascular problems, and people who live alone have greater rates of depression. Sometimes, the lifestyle data may reflect the condition, rather than the other way around. People who are obese may be more apt to indicate that they are "walking for health" - not that walking causes obesity!" LBA is increasingly viewed as a high-quality advance in the art of risk selection. It does not pick out specific individuals in a group who definitely have a condition, thus limiting its application in individual and disease management applications. Nonetheless, LBA does identify meaningful differences from one person to another and from one group to another in the likelihood of experiencing or developing adverse conditions. It now appears likely that LBA could be used in conjunction with other risk classification tools to produce underwriting results with a higher degree of accuracy. Milliman's most recent white paper entitled "Lifestyle-Based Analytics: A Practical Guide" addresses what LBA can do and describes in concrete terms how companies can implement LBA for underwriting. Insights of the white paper include: -- Details of integrating LBA with traditional underwriting -- Conceptual evaluation of the methodology involved in building LBA models -- Further advances in risk selection To request a copy of this informative white paper, please contact Jon Shreve at (303) 299-9400 or via email at jon.shreve@milliman.com. http://www.milliman.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. HLTH CEO takes leave; WebMD lowers 2008 outlook CHICAGO, Feb 11 (Reuters) - HLTH Corp (HLTH.O: ) on Monday said it sold the remaining stake in a business services unit, announced its chief executive would take a medical leave and lowered its 2008 financial outlook for its WebMD business. HLTH said Chief Executive Kevin Cameron would begin an immediate medical leave and Chairman Martin Wygod would become acting CEO. The company also said it sold its remaining 48 percent stake in its Emdeon Business Services subsidiary for $575 million to General Atlantic LLC and Hellman & Friedman LLC, which had acquired the other 52 percent from HLTH in November 2006. HLTH said it received a total of $1.775 billion in cash for Emdeon. © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Pay-For-Performance Not Getting a Red-Carpet Reception in Arizona National Insurers Bring Programs to the State, While Market Leader Remains Out of the Mix, According to a New Report from HealthLeaders-InterStudy NASHVILLE, Tenn., Feb. 11 /PRNewswire/ -- HealthLeaders-InterStudy, a leading provider of managed care market intelligence, reports that pay-for- performance programs have yet to take hold in Arizona. According to the latest Arizona Health Plan Analysis, the state's local major insurer, BlueCross Blue Shield of Arizona, does not currently offer pay-for-performance programs, however several of the plan's major competitors have recently brought their programs to the market. UnitedHealthcare launched its pay-for-performance program, UnitedHealth Practice Rewards, in Arizona last fall. Arizona was one of 40 markets to see this program in 2007. The physician incentive program offers an enhanced fee schedule to physicians who meet defined criteria. Having only been in place for several months, it's too soon to provide data from the program. Aetna's pay-for-performance foray will be through Bridges to Excellence, a multi- state, multi-employer coalition founded in 2002. To be eligible for the program, physicians must be in Aetna's Arizona network and have NCQA certification for the two tracks of the program, the Diabetes Care Link and the Cardiac Care Link. As part of the program, physicians must meet clinical guidelines for treating diabetes, hypertension and cholesterol. "Without the backing of the Arizona Blue plan, such programs will continue to be a tough sell in this market," states Heather Wicks, analyst for HealthLeaders-InterStudy and author of the report. "Support from area physicians has also been minimal as some do not see how pay-for-performance improves patient care." While pay-for-performance programs have evolved since their introduction five years ago, it's difficult to determine their overall worth. For many programs, financial incentives were offered at the same time as other changes to improve quality, making it difficult to know if the extra money made a difference. http://www.HealthLeaders-InterStudy.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Bush Budget Cuts Federal Health Programs Vital to the Health of All Children Nearly $19 Billion in Medicaid and Discretionary Spending Cuts ALEXANDRIA, Va., Feb. 8 /PRNewswire-USNewswire/ -- President Bush's Fiscal Year 2009 budget cuts federal health programs vital to the future of health and health care for all children. On top of an $18.2 billion cut in Medicaid, the nation's single largest payer of children's health care for working families, the President's budget also cuts $700 million from discretionary health programs that children depend on, ranging from poison control hotlines to funding for training children's doctors. "This is a tragedy, because 2009 marks yet another year where the President has failed to make children a priority in his federal budget," said First Focus President Bruce Lesley. "This is unquestionably a threat to the long-term health and future productivity of the nation, the exact opposite of the kind of investment-oriented budget the nation needs." The National Association of Children's Hospitals (N.A.C.H.) represents more than 135 children's hospitals across the country, including independent acute care children's hospitals, children's specialty hospitals, and children's hospitals that operate within larger institutions. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Republic Companies, Inc. Acquires Four Corners Insurance Services, Inc. Dallas, Feb. 8 /PRNewswire/ -- Republic Companies, Inc. (Republic) announced that it has acquired Four Corners Insurance Services, Inc. (Four Corners), a general agency based in Phoenix, Arizona. Four Corners specializes in non-standard auto insurance coverages produced through independent insurance agents in Arizona, Oklahoma, Oregon, Utah and Washington, D.C. Philo Smith Capital Corp. served as Four Corners' broker in this transaction. http://www.RepublicGroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 30,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. TODAY'S BANK INSURANCE NEWS IN BRIEF - FEBRUARY 11, 2008 "TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates@www.bankinsurance.com
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Prudential Retirement Partners with the Newport Group to Offer Prudential IncomeFlex® NEWARK, N.J.--(BUSINESS WIRE)--Prudential Retirement announced today that it has entered into an external partner distribution agreement with The Newport Group to offer Prudential IncomeFlex®, Prudential’s 401k retirement income solution. Under the terms of the agreement, Newport, a leading retirement services and investment advisory firm, will provide fully integrated access to IncomeFlex to its new and existing clients. Prudential Retirement is a business of Prudential Financial Inc. (NYSE: PRU). www.newportgroup.com www.prudential.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. AIG Small Business Introduces EPL Defense Shield to Cover Defense Costs Associated with Employment Practice Liability Insurance Coverage Tailored to Companies With 25 or Fewer Employees NEW YORK--(BUSINESS WIRE)--AIG Small Business®, a division of the property-casualty insurance companies of American International Group, Inc. (AIG), today announced EPL Defense ShieldSM, a new insurance product designed to cover the defense costs of employment practices liability (EPL)-related lawsuits brought against companies with 25 or fewer employees. EPL Defense Shield provides legal expense coverage for the wide variety of claims commonly brought by employees, such as lawsuits alleging wrongful dismissal, termination, retaliation, sexual harassment, libel, slander, humiliation, defamation, and wrongful failure to employ or promote. The policy covers the company and the individuals typically named in these suits, including directors and officers, full- and part-time employees, temporary and seasonal workers, and past, present and future employees. For more information on EPL Defense Shield, contact Tom Fioretti, Executive Vice President, AIG Small Business Field Operations & Distribution, at 908-679-3234 or e-mail us at aigsbinfo@aig.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Three Firms Score High in Corporate Insight’s Evaluation of Direct Savings Accounts NEW YORK--(BUSINESS WIRE)--Corporate Insight, the leader in competitive intelligence research for the financial services industry, recently concluded a comprehensive review of best practices in the competitive Direct Savings Accounts (DSA) space. The offerings of eleven leading firms offering DSAs were analyzed, focusing on the following aspects of the DSA experience: Account Attributes Account-Opening Process Private Site Account Information Transfer Capabilities Customer Service Options ” In this 85 page report entitled, “Direct Savings Accounts: A Best Practices Review” (www.corporateinsight.com/directsavingsreport) the New York-based firm evaluated each firm using a set of over 90 specific attributes. The report also contains detailed findings, a summary, and 7 specific recommendations on what firms can do to improve their DSA customer experience. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Progressive Claims President "Separated" From Company NEW YORK, Feb 11 (Reuters) - Progressive Corp (PGR.N: ), the third-largest auto insurer in the United States, said on Monday its claims group president had been "separated" from the company. Brian Passell had served as claims group president since 1999. His separation became effective Feb. 10, the company said in a statement. Progressive said it had launched an internal search for a successor. The company declined to provide additional details. (Reporting by Lilla Zuill; editing by John Wallace) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Ethical Values Help Financial Professionals Weather Economic Uncertainty, Says the National Ethics Bureau Membership Organization of Background-Checked Financial Professionals Urges Insurance Agents, Financial Planners, and Real Estate Agents to Take the NEB Ethics Pledge SAN DIEGO--(BUSINESS WIRE)--With the current economic uncertainty, financial professionals should recommit themselves to high standards of ethics and integrity. According to the National Ethics Bureau (NEB), a membership organization of background-checked financial professionals, this requires upholding the following key principles of the NEB Ethics Pledge (http://www.ethicscheck.com/advisors/pledge.htm). Key Principle #1. Always protect and promote your client’s best interests, even to your own financial detriment. Key Principle #2. Be totally honest in explaining your education and business background, including your licenses and designations. Key Principle #3. Always disclose the important features of your products or services, including potential risks that may affect future performance or value. Key Principle #4. Be totally truthful about the realistic returns or future values a prospect or client can expect to receive. Key Principle #5. Thoroughly probe a client’s current and future needs in order to make suitable recommendations. Key Principle #6. Respect client confidentiality even under third-party pressure to disclose information. Key Principle #7. Always use advertising and presentation materials that are completely accurate and legally compliant. Key Principle #8. Always provide clients with copies of required documents relating to the products they have purchased. Key Principle #9. Always refer your clients to an outside professional for expertise that is beyond your training and current license. Key Principle #10. Stay up to date on all industry practices, including emerging trends, new government regulations, and the latest product innovations. To take the NEB Ethics Pledge, go here (http://www.ethicscheck.com/advisors/neb_pledge.htm). Or to learn more about the benefits of doing business ethically, visit the NEB web site (http://www.ethicscheck.com/). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Hungary's OTP To Sell Insurance Arm To Groupama BUDAPEST, Feb 11 (Reuters) - Hungary's OTP Bank OTPB.BU is to sell its insurance arm to France's Groupama for 164 billion forints ($897.2 million), more than analysts had expected, to free up cash to finance expansion in the east. In addition to the purchase price, Groupama has agreed to build an 8 percent stake in OTP, one of the few independent banks in eastern Europe, in two stages, with five percent when the deal closes and a further 3 percent within 12 months. (Reporting by Balazs Koranyi; Editing by Paul Bolding) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day"
21. Transamerica Offers New, Easy-to-Use Fiduciary Management Program Featuring a Fiduciary Warranty One-of-a-kind “Fiduciary Management Program” designed for advisers to help plan sponsors clearly define, execute, and document investment selection and monitoring LOS ANGELES--(BUSINESS WIRE)--In order to help alleviate some of the pressure plan sponsors face with fiduciary responsibilities, Transamerica Retirement Services (“Transamerica”) introduces its Fiduciary Management Program; a rigorous program designed to help advisers better address the fiduciary process. This program provides the best of both worlds to plan sponsors — the protection of a fiduciary warranty along with a proactive turn-key fiduciary program. www.TA-Retirement.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. H. Beck Partners with FundQuest to Launch Advisor Platform, Giving Clients Access to UMAs, SMAs, and Mutual Fund Models ROCKVILLE, Md. & BOSTON--(BUSINESS WIRE)--Capital Financial Group/H.Beck Inc. announced that it will launch an open architecture platform through a strategic partnership with FundQuest Incorporated, a leading provider of turnkey managed account solutions for financial institutions and advisors. The platform offers a comprehensive investment selection and management program that will provide H. Beck clients with an expanded array of services and products, including mutual funds, separate accounts, and unified managed accounts (UMAs). It will be available to H. Beck’s advisory representatives and is scheduled to launch this month. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. European Insurers Expect Modest Cost for Solvency II Compliance, Accenture Survey Finds 43 percent expect compliance to cost them less than €5 million Nearly all expect compliance to increase stakeholder confidence in risk control and management LONDON--(BUSINESS WIRE)--More than three-quarters of large European insurers expect to spend less than €25 million through 2012 on Solvency II compliance, with more than half of those expecting to spend less than €5 million, according to results of a survey released today by Accenture (NYSE: ACN). Specifically, one-third of the insurers surveyed said they expect to spend between €5 million and €25 millions on such compliance, with an even greater amount – 43 percent – saying they expect to spend less than €5 million. The European Union’s Solvency II directive calls for a common set of solvency regulations for insurers across Europe by 2012, including the enactment of new rules regarding the levels of capital that EU insurers must set aside to cover their combined risks and liabilities. www.accenture.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. The Professional Insurance Agents of New York State Inc. will host its 23rd annual Long Island Regional Awareness Program 2/11/2008 CALENDAR ANNOUNCEMENT WHAT: The Professional Insurance Agents of New York State Inc. will host its 23rd annual Long Island Regional Awareness Program. Last year more than 450 insurance industry professionals attended the event. Long Island RAP will host an awards luncheon, featuring a keynote address by Daniel W. King, director of agency development—personal lines, Travelers Insurance. The 2008 Long Island RAP Executive of the Year and the Louis A. Morelli Memorial awards will also be presented. Long Island RAP promises the highest-caliber continuing education sessions and networking opportunities throughout the day. Participants will have access to a sold-out trade show. WHEN: Thursday, April 10, 2008 7 a.m.–5:45 p.m. WHERE: Leonard’s of Great Neck, Great Neck, N.Y. www.pia.org/NY Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. GAO Reports about Financial Institutions - Financial Services Industry: Overall Trends in Management-Level Diversity and Diversity Initiatives
Financial
Services Industry: Overall Trends in Management-Level Diversity and
Diversity Initiatives, 1993-2006. GAO-08-445T, February 7 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Norway To Tighten Rules On Structured Products OSLO, Feb 11 (Reuters) - Stung by the fallout of the U.S. subprime crisis, Norway will this week heavily tighten rules on marketing and selling complex financial instruments, such as structured products, Norwegian officials said on Monday. Finance Minister Kristin Halvorsen said the new regulations would effectively make it illegal to sell structured bonds and other complex instruments to retail investors because in her view such customers often fail to understand the risks involved. Analysts said the change could be a precedent in limiting investment options in an increasingly global financial industry that may put the Norwegian financial sector at a disadvantage to foreign rivals and weaken its earnings. (Additional reporting by Richard Solem; editing by Stephen Nisbet) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. TheStreet.com Reaches Beyond Wall Street, Launches MainStreet.com NEW YORK--(BUSINESS WIRE)--TheStreet.com, Inc. (NASDAQ: TSCM), a leading financial media company, today announced the launch of MainStreet (www.mainstreet.com), a Web site devoted to making personal finance entertaining. Geared to the everyday reader, MainStreet offers free personal finance information and advice with an editorial twist - directly linking current events and celebrity news to a range of money-oriented topics. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Preferred Club Program Broadens Club Coverage Industry leading golf and country club program enhances Property and other package coverages West Chester, Pa. – February 11, 2008 –Venture Insurance Programs (www.ventureprograms.com), a national program administrator and leader in the design and underwriting of select industry-focused insurance packages, today announced that it has broadened the Property, General Liability and Automobile coverages of its Preferred Club Program®. www.PreferredClub.com www.ventureprograms.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Peerless Insurance Introduces CUSTOM PROTECTOR and The Peerless Package Series New commercial product line delivers greater speed and flexibility to agents Keene, N.H. (February 4, 2008) – Peerless Insurance, a member of Liberty Mutual Group, today announced the introduction of CUSTOM PROTECTOR, a comprehensive array of property and liability coverages that can be customized for nearly 400 eligible classes. In addition to expanded eligibility, CUSTOM PROTECTOR offers optional market segment endorsements for the following twelve industries: condominiums, contractors, food processors, garages, hotels/motels, manufacturers, office/lessors, religious organizations, restaurants, retailers, service providers, and wholesalers. Split-rated property and liability coverages allow for price adjustments to match a customer’s specific exposure. CUSTOM PROTECTOR is available to small to mid-sized businesses with receipts up to $15 million per location. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Survey: Advisors Value Credentials; Want Market to Do the Same February 8, 2008 -- A survey conducted by the Society of Financial Service Professionals (FSP) shows that the nation’s top financial advisors place a high value on the credibility afforded by their professional designations. In fact, 61 percent are willing to submit their designations to regulation by an “outside body” in order to preserve that value. According to FSP President Jim Tyrpak, CLU, ChFC, MSFS, AEP, “The results clearly show that our members – the country’s leading advisors -- are sensitive to the commoditization of financial credentials, and believe that steps should be taken to protect the value of their hard-earned designations.” He also noted that “the findings reflect our member’s concern with so-called “motel credentials,” the current regulatory actions being taken to prevent use of designations to perpetrate scams, and the sensitivity of many brokers and compliance departments to the use of any credentials on stationery or business cards.” www.financialpro.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Author, insurance communication specialist, tackles bad business text in new book on effective writing Monroe, NY, Feb. 9, The lifeblood of today’s connected and networked world is written communication. Yet, surprisingly business writing is not a skill most people possess. Award-winning writing expert Jack E. Appleman, an insurance communication specialist, points out this business reality and offers practical advice for improvement in his new book, 10 Steps to Successful Business Writing, published by the American Society for Training & Development (www.store.astd.org), the world’s largest association dedicated to workplace learning and performance professionals. Many of the examples in the book are drawn from Appleman’s experience as a writing instructor and PR professional in the insurance/financial services industry. Appleman, a business writing instructor and president of the Monroe, NY-based SG Communications (www.sgwriting.com), asserts that business writing is a learned skill based on fundamental principles like clarity, conciseness, and organization. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. IBA West Service Corporation Offers Chubb Masterpiece® Insurance To Member Brokers & Agents PLEASANTON, CA – IBA West Service Corporation has entered into an agreement with the Chubb Group of Insurance Companies to offer IBA West member independent insurance agents and brokers Chubb Masterpiece personal insurance. “Chubb Group has the reputation as one of the world's preeminent insurers - providing innovative coverage and unrivaled service for owners of fine homes and possessions,” said IBA West Service Corp. President Clark Payan, AAI, AIM. “Chubb personal insurance offers innovative, intelligent solutions designed exclusively for people with above-average needs, who need more than conventional, mass-market insurance.” www.ibawest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. PIANJ CEO/Agency Conference points out ways to grow business TRENTON, N.J.—Growth in today’s soft insurance market takes work, plus the right attitude and proven systems, according to a panel of sales consultants who coached participants at a recent conference hosted by the Professional Insurance Agents of New Jersey, Inc. Seeking ways to “Grow your top line,” more than 120 people attended the 2008 PIANJ CEO/Agency Conference. The session brought together agents, company executives and a panel specializing in various aspects of insurance sales, including: David Schuppler, President and CEO of David Schuppler & Assocs.; Michael Beck, the “Insurance & Advisor Coach” and Kevin Shulman, President of Shulman & Assocs. “A number of current measurements suggest a prolonged soft market,” warned Nicholas SanFilippo, a member of the PIANJ Board of Directors, who introduced the program. “To grow, agencies need support from their companies; that will help them invest in tools to sell more business.” www.pia.org/NJ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Professional Insurance Communicators of America, Inc. Announces Annual Workshop Indianapolis, IN/February 7, 2008 – Registration is open for the Professional Insurance Communicators of America Inc. annual workshop to be held at the Mayflower Park Hotel in Seattle, Wash., April 14-16, 2008. This year’s workshop will provide attendees with a unique program designed to enhance the skills that are essential to any communicator in the insurance industry. Whether your audience includes agents, policyholders, investors, members of the community, employees or any combination of these audiences, PICA’s annual workshop will help enhance the skills you use everyday to effectively convey your messages. For cost, registration and hotel information, visit www.pro-ins-coa.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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