INSURANCE NEWSCAST can be read o

Thursday
2/14/08

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Walt Podgurski, CLU, CES, Publisher & Editor

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INSURANCE NEWSCAST HEADLINES

1) Health Insurers Probed Over Reimbursement

2) U.S. Financial Companies Cut 52,500 Jobs In 6 Months

3) Ross Says Buffett Insurer Plan Unlikely To Succeed

4) NY insurance chief has several remedies for insurers

5) Combimatrix Awarded $31.4 Million Damages In Lawsuit Against Insurer

6) Fitch Report Discusses Recent Auto Insurer Results

7) Reinsurer Scor January Renewals Edge Lower

8) IRC Reports Claimed Medical Expenses For Auto Injury Claimants Far Outpace Inflation

9) Southern California Hospital System Sues Kaiser Permanente For Managing Bills Rather Than Managing Care

10) Nationwide Strike Over Pensions Cripples Greece

11) New Eastbridge Study Addresses Whether Voluntary Carriers Offer The Online Capabilities Brokers And Customers Expect And Want

12) Metlife Resources Publishes White Paper As Part Of Continuing Efforts To Help Employers Prepare For New 403(B) Regulations

13) Axa Acquires Leading Mexican Insurer Ing Seguros

14) Zurich North America Commercial Introduces Zurich Side A Executive Asset Protection™

15) Aetna Requires CAQH Core Rules Certification For Vendors

16) INSURANCE NEWSLINK Articles

17) Healthways Questions CMS’ Conclusions With Regard To Company’s MHS Phase I Pilot

19) Metlife Recommends Rejection Of Mini-Tender Offer By TRC Capital Corporation

20) INSURANCE NEWSCAST "Pictures Of The Day"

21) TIAA-CREF Offers Tips For Investors On Making The Most Of Federal Stimulus Plan Tax Rebates

22) Staples Identifies Top At-Risk Behaviors For Security Threats

23) More Americans Are Using More Prescription Drugs

24) Pacific Life Creates Innovative Income Option for Near-retirees

25) CVS Caremark And Universal American Will End Medicare Part D Strategic Alliance At Year-End 2008

26) Protective Announces Share Repurchase

27) Sun Life Financial Expands Dental Network Through New Agreement With Cofinity

28) Delta Dental Promotes Preventive Dental Care With Additional Benefit Available To AARP Members

29) Bryn Mawr Bank Corporation Announces Plan To Freeze Pension Plan

30) New Century Financial Corporation Retains IP Recovery To Sell Its Intellectual Property Portfolio

31) Sen. Susan Collins To Address Big “I”

32) XTF To Provide ETF Investment Options For New Old Mutual “Beacon Advisor” Variable Annuity

33) Exceptional Risk Advisors, LLC Announces The Launch Of “Physician’s Edge365”, Providing Physicians And Surgeons With Increased Disability Income Protection Limits To $150,000 Per Month, Filling A Deep Market Void.

34) Ohio Mutual Insurance Group Is Newest Trusted Choice® Company Partner

35) AIA Opposes Bill To Eliminate Nebraska’s Balanced Credit Law

36) Ratings Releases

37)	This Week's Insurance TechWeek Issue 9 Insurance Tech Stories

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1. Health Insurers Probed Over Reimbursement

New York Attorney General Andrew Cuomo in a file photo. Cuomo said on Wednesday he is conducting an industry- wide probe of health insurers into an alleged scheme to defraud consumers by manipulating reimbursement rates. REUTERS/Gary Hershorn

Wed Feb 13, 2008 2:59pm EST Email

By Paritosh Bansal and Lewis Krauskopf

NEW YORK (Reuters) - New York Attorney General Andrew Cuomo said on Wednesday he is conducting an industry-wide probe of health insurers into an alleged scheme to defraud consumers by manipulating reimbursement rates.

The scheme centers on Ingenix, the nation's largest provider of health care billing information, which serves as a conduit for rate data to the largest insurers in the country, Cuomo said in a statement.

Cuomo intends to sue Ingenix; its parent, UnitedHealth Group Inc; and three additional subsidiaries.

UnitedHealth said it was in ongoing talks with Cuomo's office and would continue to cooperate fully.

The attorney general also issued 16 subpoenas to the nation's largest health insurance companies, including Aetna Inc, Cigna Corp and Empire Blue Cross Blue Shield, a unit of WellPoint Inc.

The subpoenas to insurers request documents on how they compute reasonable and customary rates, as well as communications between Ingenix and the insurers on the issue, among other information, Cuomo said.

A six-month probe found that Ingenix operates a "defective and manipulative" database that most major health insurance companies use to set reimbursement rates for out-of-network medical expenses, Cuomo said.

The probe found that two other UnitedHealth subsidiaries used data provided by Ingenix to keep reimbursement rates artificially low and thereby force patients to assume more of the costs.

"Getting insurance companies to keep their promises and cover medical costs can be hard enough as it is," Cuomo said. "But when insurers like United create convoluted and dishonest systems for determining the rate of reimbursement, real people get stuck with excessive bills and are less likely to seek the care they need."

According to Cuomo's office, Ingenix used insurers' billing information to calculate a "reasonable and customary" rate for individual claims, generally taking into account the type of service, physician, and geographical location.

But the investigation found such rates produced by Ingenix were lower than the actual cost of typical medical expenses.

UnitedHealth's insurance plans also hid their connection to Ingenix from plan members, Cuomo said.

In a statement, UnitedHealth said: "UnitedHealth Group recognizes the excellent health care delivered to patients by the physicians of New York and is committed to fair and appropriate payment for physicians, the state's other health care providers and consumers."

Spokespeople for Aetna, Cigna and Empire Blue Cross said they would cooperate with Cuomo's office.

Several physician and patient advocacy groups applauded the attorney general's probe.

The investigation "calls into question the validity of a system that health insurers have used for years to reimburse physicians and their enrolled members," Nancy Nielsen, president elect of the American Medical Association, said in a statement.

UnitedHealth shares were off $1.76, or 3.7 percent, to $46.51 in afternoon trade on the New York Stock Exchange. Shares of most other health insurers were down less sharply.

Wachovia analyst Matt Perry said historically that large-scale managed care industry probes have taken years to play out and any resulting fines have tended to be minor.

"If insurers are forced to reimburse out-of-network providers at a higher rate, they will likely expand their networks to include more doctors and/or raise premium rates to their customers to offset higher costs," Perry said in a research note.

For UnitedHealth, the New York probe comes only a few weeks after California regulators said they were seeking to fine a different UnitedHealth unit up to $1.3 billion for alleged claims violations.

"UnitedHealth is fighting to stem attrition of customers and can ill-afford this latest salvo of negative headlines," Goldman Sachs analyst Matthew Borsch said in a research note.

(Reporting by Paritosh Bansal and Lewis Krauskopf; Editing by Dave Zimmerman and Gerald E. McCormick)

© Reuters 2008 All rights reserved

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2. U.S. Financial Companies Cut 52,500 Jobs In 6 Months

NEW YORK, Feb 13 (Reuters) - U.S. financial companies slashed 52,500 jobs from July to December 2007, revealing how badly the subprime debacle has hurt these employers, but New York City-based financial companies hired 1,900 people in that period, a new report said on Wednesday.

However, the securities industry is just one sector of the overall financial arena that includes mortgage brokers and real estate credit companies. And the city's securities companies sliced 3,700 jobs in just the last three months of last year, New York City Comptroller William Thompson said in a quarterly economic report. (Reporting by Joan Gralla; Editing by Theodore d'Afflisio)

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3. Ross Says Buffett Insurer Plan Unlikely To Succeed

Wed Feb 13, 2008 8:02am EST

NEW YORK (Reuters) - Turnaround specialist Wilbur Ross said in a television interview on Wednesday that he did not expect billionaire investor Warren Buffett's proposal to reinsure top bond insurer's portfolios to go forward.

"I don't think it will happen," Ross said on CNBC television, referring to the Buffett plan, which CNBC on Tuesday reported that Ambac Financial Group Inc (ABK.N: ), the No. 2 bond insurer, had rejected.

Still, he said the offer by Berkshire Hathaway Inc's (BRKa.N: ) chief executive to reinsure $800 billion of municipal debt guaranteed by bond insurers could put pressure on regulators and others to find another solution for the troubled industry.

"I do think Mr. Buffett's speech yesterday will intensify the pressures so it hopefully will let this whole thing get resolved quickly," Ross said.

He reiterated that he expected his own plan, which he said would offer the bond insurers better economics than Buffett's, to come together in "a few weeks."

"We're making progress. We're getting through the due diligence," he said. "Municipal bondholders need a solution, and they will get a solution."

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4. NY Officials To Testify On Bond Insurers

NY insurance chief has several remedies for insurers

Wed Feb 13, 2008 2:36pm EST

By Joan Gralla

NEW YORK (Reuters) - New York's insurance regulator has lots of artillery he can turn on money-losing bond insurers, which means they risk shunning his rescue proposals at their peril, legal and industry experts say.

Remedies Insurance Superintendent Eric Dinallo can apply range from monitoring the companies or attempting a behind-the-scene solution to asking a court to put a company in receivership -- the insurance world's version of bankruptcy.

New York's Dinallo since January has been trying to devise a solution for the insurers -- MBIA Inc (MBI.N: ), Ambac Financial Group (ABK.N: ) and Financial Guaranty Insurance Co (BX.N: ) (PMI.N: ). Their expansion into the snake-bitten subprime sector from the much safer world of muni bonds could cost them their "AAA" ratings -- unless they can raise capital.

There is at least one precedent for state regulators seizing a bond insurer: This happened to New Jersey-based Mutual Benefit Life Insurance Co. The company had backed tax-free housing bonds for several states but was put into rehabilitation, a process to see if it can be returned to health or be liquidated, in the early 1990s after it lost its top "AAA" rating.

New York's insurance chiefs have more than a century old tradition of leading other states in regulating and dealing with troubled insurers, financial experts said.

"Sometimes you take them over," said Bob Hunter, a former Texas insurance commissioner who now is the insurance director for the Consumer Federation of America in Washington, D.C.

"Otherwise, you do other kinds of interventions, depending on how bad it is, ranging from monitoring to declaring the carcass is dead to liquidating," Hunter continued.

Dinallo is talking with the banks which bought the insurers' guarantees for their subprime mortgage instruments. Banks fear that the prices of their insured subprime vehicles will fall even more if the insurers lose their "AAA" ratings.

Unlike property or life insurers, New York bond insurers do not contribute to a common fund and are not covered by a security fund that can be drawn upon if a company is liquidated, noted Francine Semaya, the New York-based president of the International Association of Insurance Receivers.

Dinallo could opt for much less radical approaches than receivership, such as conservation, which would preserve an insurer's assets for the policyholders, or rehabilitation, she said. In rehab, the regulator decides which claims can be paid, and whether the company can be put back on the market.

Both conservation and rehab require court orders -- and put a company under the control of the state Liquidation Bureau that Dinallo runs.

A less onerous option is called run-off, which is voluntary for an insurer. The company would still be viable, said Semaya. Though it could not write any new business, it would not be run by the insurance regulator, she explained.

Dinallo is not the lead regulator for all the insurers -- Ambac is overseen by Wisconsin. But states can either act in concert or separately, though tackling an insurer based in another state imposes extra legal burdens, Hunter noted.

A bid Warren Buffett made on Tuesday to wring money out of the three bond insurers by reinsuring $800 billion of their muni bonds gives the New York regulator another weapon.

"If the insurance commissioner gets control (through receivership), then he's ready and willing to do the deal," explained George Strickland, managing director at Thornburg Investment Management in Santa Fe, New Mexico. Dinallo in a statement said only that he was pleased to have this option.

Buffett's current offer is seen as not attractive for the insurers because he would charge 50 percent more than the premiums they now collect for taking over their muni book, which is their safest asset, analysts explained.

That would leave the bond insurers with their most toxic asset -- subprime investments -- and none of the clout they now have because of their far-reaching impact on municipalities.

Buffett's plan might offer regulators an appealing alternative to bailing out insurers and banks, a possibility that has outraged critics, including short-sellers and fiscal conservatives, who say failing companies should not be saved.

Carving out the insurers' muni portfolio could reassure tax-free investors. Prices of munis backed by the three insurers have tumbled because the debt is seen as tainted, though tax-free bonds have a less than 1 percent default rate.

This aspect of Buffett's overture might be one of the hardest for insurers to ignore. At a minimum, the insurers may seek a higher price, though one already rejected Buffett.

"If you're starting to think what is the best thing for the policyholders rather than the shareholders of the public company, than the (Buffett) deal makes more sense," said Strickland.

(Reporting by Joan Gralla)

© Reuters 2008 All rights reserved

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5. Combimatrix Awarded $31.4 Million Damages In Lawsuit Against Insurer

Feb 13 (Reuters) - CombiMatrix Corp (CBMX.O: ) said a U.S. district court awarded it and its former parent company $31.4 million in damages in a lawsuit against their insurance carrier, National Union Fire Ins Co.

National Union had refused to defend and indemnify the company under its director and officer's insurance policy, the biotechnology company said in a statement.

Under an agreement with its former parent company, all proceeds from the lawsuit will be paid to CombiMatrix. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Himani Sarkar)

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6. Fitch Report Discusses Recent Auto Insurer Results

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has published a new report commenting on recent personal auto insurance financial results. The report notes that although U.S. personal auto insurers have enjoyed a strong run of operating success and underwriting profitability over the past four years, market fundamentals have deteriorated recently, as revealed in fourth-quarter 2007 auto insurer financial results.

Fitch believes that auto-market profitability will worsen in the near term, and the personal auto line will produce a modest statutory underwriting loss in 2008 as loss costs are expected to continue to increase faster than premiums, and earnings benefits from favorable prior period loss reserve development are likely to decline.

One element working in auto insurers favor is that changes in emerging auto losses can be spotted more quickly given the short-tail nature of the business. Auto insurers' highly touted, sophisticated pricing models will face a significant test in the near term to react to these trends. The key question is whether the market will collectively respond with appropriate pricing and underwriting remedies, or if market share pressures will prevail, inhibiting corrective actions and fostering further profit reductions.

The full report titled 'Personal Auto Underwriting Results: Fourth-Quarter Results Foreshadow Challenges Ahead' is now available on the Fitch Ratings web site at www.fitchratings.com under Financial Institutions then Insurance then Special Reports.

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7. Reinsurer Scor January Renewals Edge Lower

Wed Feb 13, 2008 8:01am EST

PARIS (Reuters) - French reinsurer Scor (SCOR.PA: ) said on Wednesday that it had a strong performance in important January contract renewals, despite a dip in volumes.

Scor said it had renewed 1.742 billion euros' ($2.53 billion) worth of non-life treaty business against 1.755 billion up for renewal at constant exchange rates.

The January renewals are a crucial time for reinsurers, as many annual risk contracts with their insurance clients come up for renegotiation.

(Reporting by Sudip Kar-Gupta; Additional reporting by Simon Challis in London; Editing by Quentin Bryar)

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8. IRC Reports Claimed Medical Expenses For Auto Injury Claimants Far Outpace Inflation

MALVERN, Pa., Feb. 13 /PRNewswire-USNewswire/ -- A new study by the Insurance Research Council (IRC) has found that medical expenses reported by auto injury claimants continue to rise faster than the rate of inflation. Average claimed economic losses (which include expenses for medical care, lost wages and other out-of-pocket expenditures) for bodily injury (BI) claimants grew 9 percent annualized, from $5,520 in 2002 to $8,522 in 2007. Among personal injury protection (PIP) claimants, claimed losses increased 8 percent annualized, from $6,711 in 2002 to $9,662 in 2007. In comparison, the annualized rate of overall inflation as measured by the Consumer Price Index (CPI) was only 3 percent over the same period; the CPI inflation rate for medical care was 4 percent.

The driving force behind these gains is growth in medical care expenses, which have continued to escalate despite the fact that injuries from auto accidents are becoming less serious on average. The study cites two factors as likely explanations for the faster growth in medical care expenses for auto injury claimants than that of medical care prices generally: more frequent use of more expensive treatment alternatives and increased unit cost for claimed treatment.

For more detailed information on the study's methodology and findings, contact Elizabeth Sprinkel by phone at (610) 644-2212, ext. 7568; by fax at (610) 640-5388; or by e-mail at irc@cpcuiia.org. Or visit IRC's Web site at http://www.ircweb.org. Copies of the study are available at $250 each in the U.S. ($265 elsewhere) postpaid from the IRC, 718 Providence Road, Malvern, Pa. 19355-0715. Phone: (610) 644-2212, ext. 7569; Fax: (610) 640-5388.

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9. Southern California Hospital System Sues Kaiser Permanente For Managing Bills Rather Than Managing Care

CHINO, Calif., Feb. 13 /PRNewswire/ -- Prime Healthcare Services announced today that eight of its hospitals have filed lawsuits in four different Southern California counties against Kaiser Permanente seeking more than $25 Million for Kaiser's failure to properly pay thousands of claims for emergency medical services provided to Kaiser's HMO members.

Under both federal and California law, each of these hospitals were required to provide medical screening examinations to each patient who sought emergency care and such further stabilizing care as was necessary to stabilize the patient's emergency medical condition regardless of the patient's insurance status. Kaiser, as well as other HMOs, is required to reimburse the hospitals for the reasonable and customary value of the emergency services provided. Although Prime Healthcare's hospitals provided emergency care to thousands of Kaiser's enrollees, Kaiser failed to properly reimburse Prime Healthcare's hospitals for the emergency services provided to its membesr. Instead, Kaiser has routinely denied claims in their entirety, paid only small portions of the claims, and/or reimbursed the hospitals at rates which are far below the reasonable and customary value of the emergency services. For example, Kaiser has failed to pay any portion of Sherman Oaks Hospital's $1.6 Million claim for emergency burn services provided to a critically-injured Kaiser member at the world-renowned Grossman Burn Center who was hospitalized for more than thirty days.

Given the rising costs of providing healthcare and the dramatic increase in the number of uninsured and underinsured patients, many hospitals have been forced to close, file bankruptcy, or limit services. Since 2001 more than 17 hospitals throughout Southern California have closed due to financial constraints and several others were forced to file bankruptcy. As noted by Roger Krissman, Chief Financial Officer of Prime Healthcare Services, "it is especially important that HMOs like Kaiser fairly and properly reimburse providers of emergency medical services because otherwise more hospitals may be forced to close". Mr. Krissman commented further that "Prime Healthcare had no choice but to file lawsuits against Kaiser in order to ensure continued access to healthcare for the members of the communities in which its hospitals are located."

For further information about Prime Healthcare Services, please contact Jana Retes at (760) 241-8222. For further information about the lawsuits filed by Prime Healthcare Services, please contact Michael J. Sarrao, Prime Healthcare's General Counsel, or Radha A. Savitala, Prime Healthcare's Assistant General Counsel, at (909) 464-8896.

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10. Nationwide Strike Over Pensions Cripples Greece

ATHENS, Feb 13 (Reuters) - A 24-hour nationwide strike against the Greek government's economic and pension reforms crippled transport on Wednesday and shut down public services.

Thousands of people also gathered in Athens to protest against reforms the ruling conservatives say will make Greece's economy more competitive and rescue the ailing pension system, expected to collapse within 15 years. Unions oppose the reforms.

Two days before Prime Minister Costas Karamanlis unveils his reforms in parliament, flights to and from airports were scrapped, public transport ground to a halt and ships were tied at ports as heavy traffic clogged the streets of Athens.

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11. New Eastbridge Study Addresses Whether Voluntary Carriers Offer The Online Capabilities Brokers And Customers Expect And Want

AVON, Conn.--(BUSINESS WIRE)--The web is an important tool for many companies today. Use of websites for customer service, marketing, and sales is rising as more and more consumers become accustomed to online resources. But are voluntary insurance carriers staying up to date? Do we offer the online capabilities the market needs and wants?

The objective of the newest Eastbridge study is to answer these questions and more. The report, Online or Not? Voluntary Carriers’ Use of the Web, reviews the web capabilities of voluntary insurance carriers. The report looks at the functionality (for voluntary products) that 16 different voluntary carriers offer to:

Brokers

Employers

Employees

In addition, the study provides input from brokers as to what they believe is important when it comes to online capabilities. With this information, carriers can assess whether their own web capabilities are in line with the market, ahead of the market, or need some improvement.

The report is available for purchase for $2,000. More information and a table of contents for the report are available on the company’s website. Or for more information or to order the report, call the company at (860) 676-9633 or email info@eastbridge.com.

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12. Metlife Resources Publishes White Paper As Part Of Continuing Efforts To Help Employers Prepare For New 403(B) Regulations

NEW YORK, February 12, 2008 – MetLife Resources, a division of MetLife (Metropolitan Life Insurance Company), today announced the availability of its white paper “The New World of 403(b) Plan Administration,” as part of its continuing efforts to help employers prepare for the new 403(b) plan regulations. The white paper presents an overview of new requirements and analyzes new guidance recently released by the Internal Revenue Service in Revenue Procedure 2007-71.

In conjunction with the white paper, MetLife Resources will be offering a webcast about information sharing agreements on Wednesday, February 20 at 2:00 p.m. ET. The webcast will be moderated by PLAN SPONSOR magazine and offers further insight about changes to the rules governing contract exchanges and transfers, as well as how information sharing agreements may impact employers’ 403(b) plan design. For more information about the webcast, please visit www.plansponsor.com/MetLifeWebcast.

www.metlife.com/mlr

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13. Axa Acquires Leading Mexican Insurer Ing Seguros

PARIS, Feb. 13 /PRNewswire-FirstCall/ -- AXA announced today it has reached an agreement with ING for the acquisition of 100% of the share capital of its Mexican insurance subsidiary ING Seguros, for a consideration of USD 1.5 billion (ca. Euro 1.0 billion).

ING Seguros is the third largest Mexican insurer (12% total market share, 5.5 million clients), with leading positions in key markets such as Motor (2nd largest player with a 17% market share) and Health (2nd largest player with a 19% market share). ING Seguros is also active on the Life market with a 6% market share. ING Seguros' franchise is supported by an extensive proprietary distribution network of 7,500 agents, of which 1,500 specialized life agents. http://www.axa.com

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14. Zurich North America Commercial Introduces Zurich Side A Executive Asset Protection™

NEW YORK--(BUSINESS WIRE)--Zurich, one of the world’s largest property-casualty insurance companies, announced yesterday the introduction of a new executive liability policy called Zurich Side A Executive Asset Protection.™ The policy provides coverage for directors and officers (D&O) and others with fiduciary responsibilities whose personal assets may be at risk due to litigation against an organization. The announcement occurred during the Zurich International D&O Conference for CEOs, CFOs and other senior-ranking business executives. www.zurichna.com

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15. Aetna Requires CAQH Core Rules Certification For Vendors

Insurance Leader Urges Healthcare Industry to Follow Suit

WASHINGTON, Feb. 13 /PRNewswire-USNewswire/ -- Aetna is the first national healthcare organization to require all of its administrative data-exchange vendors to be certified in compliance with rules created by the Committee on Operating Rules for Information Exchange (CORE), CAQH announced today.

"CORE represents the future of electronic administrative data exchange," said Ronald A. Williams, CAQH chairman of the board and chairman and chief executive officer of Aetna. "We are proud to be the first to take this important step and call on organizations throughout the industry to improve healthcare by requiring CORE certification for their vendors."

According to Aetna, CORE rules generate a robust eligibility transaction that reduces costs and administrative hassles for providers and health plans, and improves healthcare delivery for patients.

CAQH, a nonprofit alliance of health plans and trade associations working to streamline healthcare administration, launched CORE to create an all-payer solution that gives providers access to insurance information before or at the time of service using the electronic system of their choice for any patient or health plan.

The organization has brought together more than 100 industry stakeholders < http://www.caqh.org/ben_participating.php > to collaborate on a set of uniform business rules to achieve that goal. Built upon national standards, such as HIPAA, the CORE rules make electronic administrative data communications seamless, streamlined and predictable, regardless of the technology -- in many cases eliminating the need for time-consuming phone calls and paperwork.

CORE participants collectively cover more than 130 million lives or more than 75 percent of the commercially insured, plus Medicare and state-based Medicaid beneficiaries.

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16. INSURANCE NEWSLINK Articles

Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 30,000 articles including interviews, uniquely analyzed 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

CNA disappoints
Duperreault vows to ensure recovery as Marsh Mac dips 62%
AXA moves for ING's Mexican insurance book
Better quarter from Storebrand
BUPA fails in risk equalisation challenge
Buffet's reinsurance offer to monolines buoys markets
Validus premiums and net income soar
Lloyd's to open in Brazil
European insurers to spend less than E25m on Solvency II says survey
First domestic reinsurer opens in Oman
FSA looking at Resolution/Pearl deal
Arch Capital net income up for year but down slightly in fourth quarter
North American individual life appications up in December
EU tones down London Market stance says AIRMIC
Michigan to be captive domicile
ARIG dips
Snapshots Singapore Insurance 2007
Penn selects Insurance Technologies to drive new variable annuity business
Wood back to Prudential?
Fitch publishes ILS rating methodology
Net income up at Brown & Brown
American Financial earnings down
W.R.Berkley fourth quarter net income reduces
AIG sub-prime losses balloon to $5bn
Groupama wins Hungarian bidding battle
Liberty Mutual net income down 7%

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17. Healthways Questions CMS’ Conclusions With Regard To Company’s MHS Phase I Pilot

NASHVILLE, Tenn.--(BUSINESS WIRE)--Healthways, Inc. (NASDAQ: HWAY) president and CEO Ben R. Leedle, Jr. announced today that the Company has delivered a letter to Kerry Weems, Acting Administrator of the Centers for Medicare and Medicaid Services (CMS) with respect to the Company’s performance in its Medicare Health Support (MHS) Phase I Pilot in Maryland and the District of Columbia. In the letter, Healthways calls into question both the content and the conclusions, as they relate to Healthways, of several CMS documents distributed by CMS on January 29th to Congress, the press and the financial community. www.healthways.com

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19. Metlife Recommends Rejection Of Mini-Tender Offer By TRC Capital Corporation

NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) has received notification of an unsolicited mini-tender offer by TRC Capital Corporation of Toronto (TRC). TRC is offering to purchase up to two million shares, or approximately 0.27%, of the outstanding MetLife common stock, at a price of $55 net per share, which represents a 2.99% discount to the $56.70 closing price on the New York Stock Exchange on February 5, 2008, the day prior to the date the offer commenced.

MetLife does not endorse this offer and recommends that stockholders not tender their shares in response to the mini-tender offer. MetLife has no affiliation whatsoever with TRC, its offer or the offer documentation. www.metlife.com

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20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:

	Valentine's Day: It's not so much about love, actually. A woman arranges red heart-shaped pillows at a Valentine's Day fair in Bucharest February 13, 2008. REUTERS/Mihai Barbu Read Entire Story!!!
	Hollywood writers vote to lift 14-week strike. Copies of the proxy ballot that Writers Guild of America members can use to vote on lifting a restraining order and ending the strike against the Alliance of Motion Picture and Television Producers, are pictured in Los Angeles, February 12, 2008. REUTERS/Fred Prouser Read Entire Story!!!
	Small airport big problem for Las Vegas. The baggage carousel area at McCarran International Airport in Las Vegas, Nevada , September 14, 2004. Las Vegas's chance for a new boom may be limited by its airport, which is busting at the seams even before the addition over the next four years of around 40,000 new hotel rooms on the Las Vegas Strip, Deutsche Bank analyst Bill Lerner said on Tuesday. REUTERS/Ethan Miller/Las Vegas Read Entire Story!!!
	Shock horror for would-be power cable thief. Electrical lines in a file photo. Police in central England are hunting for a badly scorched would-be copper power cable thief after finding a hacksaw embedded in an 11,000 volt power cable Saturday night. REUTERS/File Read Entire Story!!!
	Climate change may kill thousands in UK by 2017. Protesters carry banners past Big Ben during a demonstration against climate change in central London December 8, 2007. REUTERS/Alessia Pierdomenico Read Entire Story!!!
	Clemens denies he ever used steroids. Former New York Yankee Major League Baseball pitcher Roger Clemens is sworn in to testify before the House of Representatives Committee on Oversight and Government Reform hearing on "The Mitchell Report: The Illegal Use of Steroids in Major League Baseball" on Capitol Hill in Washington, February 13, 2008. REUTERS/Jonathan Ernst Read Entire Story!!!
	George Lucas brings new "Star Wars" to theaters. Director George Lucas and girlfriend Mellody Hobson, president of Ariel Capital Management, arrive at the American Film Institute's 40th anniversary event featuring screenings of classic films in Hollywood, California October 3, 2007. He said "Revenge of the Sith" would be his final "Star Wars" film, but creator Lucas is taking another shot at silver screens with the animated "Star Wars: The Clone Wars" in movie theaters in August. REUTERS/Fred Prouser Read Entire Story!!!
	Crested "beach bum" dinosaur found in Mexico. The reconstructed skull of the newly discovered dinosaur Velafrons coahuilensis. REUTERS/Gaston Design Inc./Handout Read Entire Story!!!
	An aerial view of the flooded city of Trinidad, some 500 km (310 miles) northeast of La Paz, Bolivia February 12, 2008. REUTERS/David Mercado

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21. TIAA-CREF Offers Tips For Investors On Making The Most Of Federal Stimulus Plan Tax Rebates

NEW YORK--(BUSINESS WIRE)--Many individual investors and families will receive one-time tax rebates under an economic stimulus plan approved by Congress and signed into law today by President Bush. TIAA-CREF, the financial services organization and leading provider of financial services in the academic, medical and cultural fields, offers the following tips for investors looking to use the tax rebates to help achieve future financial goals.

The $168 billion stimulus plan would offer tax rebates of at least $600 to many individuals and $1,200 to couples filing jointly, with families with children receiving an additional $300 per child. 1

The rebates can be directed to investments that can potentially provide dividends in the future. While we understand and appreciate that Washington policymakers intend middle class taxpayers to spend these rebates to stimulate the economy, we have a responsibility to encourage Americans to save. www.tiaa-cref.org

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22. Staples Identifies Top At-Risk Behaviors For Security Threats

A few simple steps can significantly reduce identity theft, data loss and Web threats

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Cars without seat belts, lead paint, and bike riding without a helmet have become obsolete over the past few decades, thanks to education and behavioral changes. With each generation, new challenges arise, and information security tops the list of modern-day threats. Luckily, a few simple steps can increase a business and individuals’ data and personal information security.

“Identity theft is the fastest growing crime in the United States, and with 70 percent of the American public having had some piece of personal data stolen, we have an epidemic on our hands,” said Frank W. Abagnale, world-renowned expert on identity theft and fraud, and subject of Steven Spielberg's movie “Catch Me if You Can.” “Many of the incidents of identity theft and data loss from individuals and businesses come from the most unexpected places and can be avoided with simple common sense. When you look at the time and financial costs incurred by ignoring these safeguarding behaviors, it is staggering.”

The first step in prevention is understanding that every-day behaviors have become the equivalent of driving without a seat belt on the data-theft highway. The risk for identity theft and data loss can easily occur when…

Personal information or financial documents are carelessly thrown away

Opening e-mails from strangers or clicking on links to unfamiliar Web sites

Computer files have rarely or never been backed up

Bills are left in the mailbox at the end of the driveway with the flag up

Personal information is left lying around

Forgetting to check credit reports and scores

“While risks exist everywhere, most people are unaware of how their behavior can affect their personal-or businesses-security vulnerability,” said Peter Scala, senior vice president of Staples technology merchandise. “Staples, through our Security by Staples initiative, has a mission to raise awareness about identity theft and data loss, and offer leading products and services that make it easy and affordable for customers to reduce their risk.” www.staples.com/securitybystaples.

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23. More Americans Are Using More Prescription Drugs

New State-by-State Data Correlates Increase with Rising State Obesity Rates

ST. LOUIS--(BUSINESS WIRE)--More U.S. adults are taking prescription drugs than ever before, fueling $12 billion in additional spending during 2006 alone. The number of people with at least one prescription increased from 67% to 74% between 2000 and 2006, according to a new Geographic Variation in Prescription Utilization study by pharmacy benefit manager Express Scripts. The number of prescriptions per person rose to 14.3 from 10.8 in 2000 – a 32 percent jump.

The study correlates the climb in increased spending for antidiabetic and antihypertensive prescription drugs with rising obesity rates. The top five states (West Virginia, Kentucky, Alabama, Mississippi, Louisiana and Arkansas) in the study’s ranking of per capita spending increases for drug classes linked to obesity were also the states with the top five obesity rates, according to the U.S. Centers for Disease Control and Prevention.

“The $12 billion in additional spending in 2006 would have been much greater had the nation not increased its use of lower cost generic drugs from 40% to 58% over the intervening years,” explains Emily Cox, senior director of research for Express Scripts. “In fact, greater use of generic drugs still has significant potential for managing prescription drug costs. The key will be using an advanced understanding of the consumer to get more people to choose generics.”

The complete study with state by state tables is available at:

http://www.express-scripts.com/ourcompany/news/outcomesresearch/onlinepublications/

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24. Pacific Life Creates Innovative Income Option for Near-retirees

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Pacific Life Insurance Company has added a new optional benefit to its suite of variable annuities. Foundation10, a guaranteed minimum withdrawal benefit for life, provides an annual 10% credit for up to 10 years, increasing the protected amount available for future withdrawals. It can be ideal for clients who are within 10 years of retiring, in a hurry to meet retirement income goals, and need additional resources for lifetime income. www.PacificLife.com

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25. CVS Caremark And Universal American Will End Medicare Part D Strategic Alliance At Year-End 2008

Economics Will Be Preserved For Each Company in Amicable Split

WOONSOCKET, R.I. & RYE BROOK, N.Y.--(BUSINESS WIRE)--CVS Caremark (NYSE: CVS) and Universal American Corp. (NYSE: UAM) announced today that their strategic alliance covering the Prescription PathwaySM Medicare Part D prescription drug plan (PDP) program will end as of December 31, 2008, subject to regulatory approvals.

Since the inception of the program in 2006, Universal American has offered Medicare Part D prescription drug plans through its Prescription PathwaySM products in conjunction with Caremark Pharmacy Services, a subsidiary of CVS Caremark.

Upon dissolving the strategic alliance, SilverScript Insurance Company, which is CVS Caremark’s Medicare Part D PDP, and Universal American will each assume responsibility for the drug benefit of specified Prescription PathwaySM plan members to achieve an approximately equal distribution of the value of business that has been generated by the strategic alliance. www.universalamerican.com

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26. Protective Announces Share Repurchase

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Corporation (NYSE:PL) today commenced execution of its previously authorized share repurchase program. On May 7, 2007, Protective Life Corporation’s Board of Directors extended its previously authorized $100 million share repurchase program. The current authorization extends through May 6, 2010. Today’s share repurchase was the first activity under the authorization. Future repurchase activity will be dependent on many factors, including market conditions, capital adequacy and the relative attractiveness of alternative uses of capital.

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27. Sun Life Financial Expands Dental Network Through New Agreement With Cofinity

WELLESLEY, Mass. & HARTFORD, Conn.--(BUSINESS WIRE)--Sun Life Financial (NYSE: SLF, TSX:SLF) and Aetna (NYSE:AET) announced today an agreement that will expand Sun Life Financial’s dental network for its group insurance customers. Through this partnership, Sun Life Financial will offer the Aetna Dental Access® network in 13 key states* and Washington, D.C.

This agreement is between Sun Life and Health Insurance Company (U.S.) and CofinitySM, the division of Aetna that provides health-related services and products to other insurance companies, third-party administrators, health plans and other customers. www.sunlife-usa.com www.cofinity.net www.aetna.com

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28. Delta Dental Promotes Preventive Dental Care With Additional Benefit Available To AARP Members

AARP-branded Delta Dental Plans Now Include a Third Annual Cleaning as a Covered Benefit

WASHINGTON--(BUSINESS WIRE)--AARP Services Inc. and Delta Dental Insurance Company today announced that the AARP Dental Insurance Plans administered by Delta Dental now include a third annual cleaning as a covered benefit.

“Our members continue to cite dental benefits as one of their most pressing needs and areas of concern,” said John Wider, vice president of Health Products and Services, AARP Services Inc. “Expanding the program to deliver additional preventive services adds value for our members and supports a holistic strategy to promote overall health.” www.deltadentalins.com/aarp

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29. Bryn Mawr Bank Corporation Announces Plan To Freeze Pension Plan

BRYN MAWR, Pa.--(BUSINESS WIRE)--Bryn Mawr Bank Corporation, (NASDAQ:BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced that its board of directors has approved amending and freezing the Bryn Mawr Bank Corporation Pension Plan as of March 31, 2008.

The amendment closes the plan to future employees and discontinues future benefit accruals for current employees. No employees will lose their previously earned pension benefit. Benefits will continue to be paid according to the rules of the Plan. Concurrent with this change, the company announced that in addition to the existing dollar for dollar company match on the first 3% of base salary, the Bank will make an additional, fully vested discretionary contribution of 3% of employees’ base salary into their 401(k) accounts without regard to the employee deferral contributions.

“We found ourselves to be one of the few remaining Banks our size in our market with a defined benefit pension plan. We decided to move to a benefit structure and retirement plan that provides more predictable retirement costs,” said Ted Peters, Chairman and Chief Executive Officer.

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30. New Century Financial Corporation Retains IP Recovery To Sell Its Intellectual Property Portfolio

Trademarks, Domain Names and Other Intangible Assets To Be Sold

IRVINE, Calif.--(BUSINESS WIRE)--IP Recovery, Inc., a full-service intellectual property asset disposition and advisory services company, today announced that it has been retained by New Century Financial Corporation to manage the sale of New Century’s intellectual property and intangible assets portfolio. IP Recovery’s retention has been approved by the US Bankruptcy Court for the District of Delaware.

The assets for sale include New Century Mortgage Corporation and Home123 Corporation’s registered trademarks, registered internet domain names, and other intellectual property assets. A complete list of New Century’s intellectual property assets can be found at www.iprecovery.com.

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31. Sen. Susan Collins To Address Big “I”

Senator Will Speak to Agents on April 3

WASHINGTON, D.C., Feb. 12, 2008—Sen. Susan Collins (R-Maine) will speak to members of the Independent Insurance Agents & Brokers (the Big “I”) during its Legislative Conference & Convention in April.

With more than 1,200 independent agents and brokers from across the country in attendance, Collins will be a featured speaker at a breakfast on April 3. Participants will also include agent and broker leaders from Collins’ home state of Maine. www.independentagent.com

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32. XTF To Provide ETF Investment Options For New Old Mutual “Beacon Advisor” Variable Annuity

NEW YORK, February 12, 2008 – XTF Global Asset Management, an asset manager that manages portfolios of Exchanged Traded Funds (ETFs), today announced that Old Mutual Financial Network will feature two XTF portfolios as part of its recently-introduced Beacon Advisor variable annuity. XTF’s ETF 60 and ETF 80 portfolios will allow investors to take advantage of the price efficiencies, diversification and transparency that ETFs seek to deliver. www.xtf.com

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33. Exceptional Risk Advisors, LLC Announces The Launch Of “Physician’s Edge365”, Providing Physicians And Surgeons With Increased Disability Income Protection Limits To $150,000 Per Month, Filling A Deep Market Void.

MAHWAH, N.J., February 7, 2008 -- Exceptional Risk Advisors, LLC announces the development of Physician’s Edge365 to provide elite advisors access to more appropriate disability income limits for their high income surgeon and physician clients. Underwritten by Exceptional Risk Advisors and backed by Lloyd’s of London security, Physician’s Edge365 delivers disability income benefits in excess of $150,000 per month, more adequately insuring the world’s most elite physicians and surgeons. www.exceptionalriskadvisors.com

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34. Ohio Mutual Insurance Group Is Newest Trusted Choice® Company Partner

ALEXANDRIA, Va., Feb.12, 2008— Trusted Choice® welcomes the newest independent agency system insurance company – Ohio Mutual Insurance Group – to the branding program. Ohio Mutual is based in Bucyrus, Ohio and began insuring farms in 1901 as the Ohio Mutual Tornado, Cyclone and Windstorm Insurance Association.

Trusted Choice® was launched in 2001 by the Independent Insurance Agents & Brokers of America (the Big “I”) and several independent agency companies to highlight the benefits independent agencies and brokerage firms offer consumers—choice of companies, customization of policies and advocacy support. www.omig.com www.TrustedChoice.com

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35. AIA Opposes Bill To Eliminate Nebraska’s Balanced Credit Law

LINCOLN, NE, February 12, 2008 – The American Insurance Association (AIA) testified today against a bill to abolish the state’s balanced law regulating credit-based insurance scoring, saying the practice benefits a majority of Nebraska consumers.

“According to numerous studies, a vast majority of consumers receive a discount due to insurer use of credit,” said David Snyder, AIA vice president and assistant general counsel. “Using credit information as part of the rating or underwriting process helps insurers more accurately assess, and price, for an individual’s risk, thereby reducing subsidization of bad risks by good ones, making the system fairer for everyone.” www.aiadc.org

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