The Paul Revere Life Insurance Company currently has an opening for a Territory Sales Manager in a major market. We are seeking an experienced agency building leader to manage the sale of Colonial Voluntary Benefits products in the territory headquartered in New York City. You will be expected to:
Applicants must have demonstrated a track record of success as a Territory Sales Manager with Worksite/Supplemental Insurance or Manager for Group Insurance Sales. Compensation and benefits package includes:
This key position reports directly to Mike Martocci, the Vice President of Sales for the Northeast Region. Reply with resume emailed to: Judy Proteau, Regional Development Manager Phone: 508.817.6043 - E-mail: jkproteau@coloniallife.com Daily Quote: "No man ever achieved worth-while success who did not, at one time or another, find himself with at least one foot hanging well over the brink of failure." - - Napoleon Hill
1. Florida Office Of Insurance Regulation Files Formal Complaint To Suspend Allstate Companies' Licenses Tuesday, February 19, 2008 TALLAHASSEE, Fla. - Florida Insurance Commissioner Kevin McCarty today announced that the Office of Insurance Regulation (Office) has filed an administrative complaint on a non-emergency basis seeking to suspend the certificates of authority of the Allstate Companies (Allstate) to write new insurance policies in Florida. The complaint is based in part on Allstate's failure to provide witnesses and documents as subpoenaed by the Office; falsely labeling subpoenaed documents as trade secret and falsely certifying its rate filings. "Seeking to suspend a company's license is not something we take lightly," said General Counsel Steve Parton. "However, in light of their defiance of the Florida Insurance Code, we think it is necessary to make the point that actions such as we have seen by Allstate will not be tolerated." Allstate was to have provided all appropriate company documents related to the Office's investigation at or before the Jan. 15 hearing. Instead, in late November, Allstate filed 51 pages of objections to the subpoenas. Allstate has been delivering documents to the Office since the Jan. 15 hearing, but has not delivered all documents requested by the subpoenas and is maintaining claims of privilege to some of the documents. The Office has been asking for documents about Allstate's reinsurance program, its relationships with risk modeling companies, insurance rating organizations and insurance trade associations. The subpoenas also required appropriate witnesses to appear at the January hearing to be able to discuss issues that were subjects of the subpoenas. The complaint also alleges that Allstate has violated Florida law by not properly certifying its rate filings as required by House Bill 1A, which passed in January 2007. Filing the complaint is required under Florida law as part of the process that began when Commissioner McCarty issued the Immediate Final Order (IFO) Jan. 17, suspending Allstate from writing any new business in Florida. Allstate is expected to request an administrative hearing on the Office’s complaint. If requested, a hearing would be held at the Division of Administrative Hearings (DOAH). An administrative law judge will hear the evidence and then make findings of fact. Commissioner McCarty could then issue a Final Order, which may include a suspension of Allstate's certificates of authority. Allstate could then appeal to the First District Court of Appeal. The DOAH hearing is separate from the ongoing matter that Allstate initiated in the First District Court of Appeal (DCA) by filing its Jan. 17 notice of appeal of the commissioner’s IFO. That matter is still proceeding in the DCA. The Allstate suspension was the first time the Office had suspended a company for failure to "freely" provide documents as required by Florida law. The Order would apply to all Allstate companies on which the subpoenas were served: Allstate Floridian Insurance Co. Allstate Indemnity Co. Allstate Property & Casualty Insurance Co. Allstate Insurance Co. Allstate Floridian Indemnity Co. Allstate Fire and Casualty Insurance Co. Encompass Insurance Co. of America Encompass Indemnity Co. Encompass Floridian Insurance Co. Encompass Floridian Indemnity Co. A copy of the subpoena is available to review. For more information about the Office, please visit www.floir.com. If you would like to review and compare homeowners insurance rates in Florida, go to www.shopandcomparerates.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Travelers Asbestos Settlement Decision Overturned NEW YORK, Feb 19 (Reuters) - Travelers Companies Inc (TRV.N: ), one of the largest U.S. property and casualty insurers, on Tuesday said an appeals court overturned a March 2006 New York district court's approval of the company's settlement of asbestos-related litigation. The Saint Paul, Minnesota-based insurer said it does not intend to boost its asbestos reserves, as a result of the appeals court decision. And it does not expect the development to impact earnings. The appeals court found that the court originally issuing the order did not have the jurisdiction to do so, Travelers said in a statement. The insurer is analyzing the decision to determine whether to pursue further appellate review of the ruling, it added. Travelers shares were about 1 percent higher at $48.39 in early trading on the New York Stock Exchange. (Reporting by Lilla Zuill, editing by Maureen Bavdek) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Banks "Quietly" Borrow $50 Billion From Fed: Report Tue Feb 19, 2008 5:47am EST NEW YORK (Reuters) - Banks in the United States have been quietly borrowing "massive amounts" from the U.S. Federal Reserve in recent weeks, using a new measure the Fed introduced two months ago to help ease the credit crunch, according to a report on the web site of The Financial Times. The newspaper said the use of the Fed's Term Auction Facility (TAF), which allows banks to borrow at relatively attractive rates against a wide range of their assets, saw borrowing of nearly $50 billion of one-month funds from the Fed by mid-February. The Financial Times said the move has sparked unease among some analysts about the stress developing in opaque corners of the U.S. banking system and the banks' growing reliance on indirect forms of government support. (Reporting by Mark McSherry; Editing by Valerie Lee) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Credit Suisse Reveals $2.85 Billion Write-Downs Tue Feb 19, 2008 6:16am EST ZURICH (Reuters) - Credit Suisse has written $2.85 billion off the value of its asset-backed investments and found mismarking and pricing errors on its books, it revealed on Tuesday, sending its shares plummeting. The bank said the write-downs would wipe $1 billion from its first-quarter net income, after taking into account tax credits and cancelling some staff bonuses, but it still expected to stay in profit in the quarter, despite the charge. The write-down and mismarking errors are the latest in a string of shock announcements by global banks and follow revelations of huge new subprime-related exposures at rival UBS and a trading scandal exposed last month at Societe Generale. "This is a disaster," said Helvea analyst Peter Thorne. "This could be the tip of the iceberg." Unlike UBS, which has been hit by $18 billion of charges, and some major U.S. banks such as Citigroup and Merrill Lynch, Credit Suisse had until now been relatively unscathed by the credit crisis. "Those who thought that certain banks such as Credit Suisse were 'out of the woods' should exercise caution," said Bear Stears banking analyst Chris Wheeler in a note. Credit Suisse said the charges reflected "significant adverse first-quarter 2008 market developments". A spokesman for Credit Suisse said he was unable to quantify the impact of the errors and mismarkings on the size of the write-downs. Credit Suisse shares fell over 10 percent in early trading and were down 8.46 percent at 51.95 Swiss francs at 6 a.m. EST. WRITEDOWNS ON RANGE OF EXPOSURES The write-downs were across the range of Credit Suisse's exposures to commercial mortgage-backed securities (CMBS), retail mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs), the spokesman said. CDOs are repackaged securities with substantial exposure to subprime mortgages, which have suffered a collapse in their value as borrowers have reneged on loans in record numbers. Credit Suisse said it would hold a conference call with analysts and reporters at 9 a.m. EST. "It looks like the decline in market indices is accelerating in the first quarter, and that worries me more than the mistakes," said Simon Maughan, an analyst at MF Global. "If they reveal on the conference call that things are getting worse in the first quarter, that is bad for them and other like Barclays and Deutsche Bank." Credit Suisse said last week that its gross exposure to CMBSs was 25.9 billion Swiss francs ($23.48 billion), its exposure to residential mortgages was 8.7 billion francs and to CDOs 2.7 billion francs. The internal review that identified mismarkings and pricing errors by a small number of traders in its Structured Credit Trading business was continuing, said the bank. "The spooky bit is the mismarking, and the impression that the company is not on top of things," said another analyst at a U.S. bank in London. Credit Suisse also said it was assessing whether any portion of the write-downs could affect its 2007 results. Only last week the bank unveiled fourth-quarter net profit of 1.329 billion francs, and trimmed its subprime-linked write-downs for last year to 2 billion Swiss francs. BOND ISSUE TRIGGERS DISCLOSURE The latest announcement was triggered by disclosure requirements relating to the listing of a $2 billion bond by Credit Suisse which closes on February 19. Bear Stearns's Chris Wheeler said in a note that Credit Suisse's auditor, KPMG, discovered the mismarkings and errors during an audit that it was conducting for the bond issue and subsequently refused to sign off on the review. "In order to close the debt issuance today (Tuesday), Credit Suisse was required to make this disclosure," said the note. "The traders involved in this situation have been suspended by the bank on full pay while the investigation continues." Credit Suisse declined to comment on the Bear Stearns note but confirmed that KPMG is the bank's auditor. The bank estimates it remained profitable in the first quarter to date, and the final determination of the reductions will depend on further results from its review and on market conditions. (Additional reporting by Katie Reid and Sam Cage; Editing by Will Waterman) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Credit Suisse Has Found No Falsified Documents To Date ZURICH, Feb 19 (Reuters) - Credit Suisse (CSGN.VX: ) has not found any falsified documents to date as part of its internal review, bank executives said on Tuesday. "We have been doing a number of reviews to check that...but to date those have checked out," Chief Risk Officer Wilson Ervin said on a conference call. (Reporting by Sam Cage) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article
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For more information or to have a media kit e-mailed to you, call Tedd Isham at 888.282.1765, send an e-mail to tedd@insurancebroadcasting.com, or visit www.insurancebroadcasting.com. 6. AIG Shares Up On Barron's Story Tue Feb 19, 2008 7:43am EST NEW YORK (Reuters) - Shares of American International Group Inc (AIG.N: ) rose before the bell on Tuesday after Barron's reported the world's largest insurance company's recent share drop may only be temporary. AIG shares were up 2.5 percent to $47.26 before the start of trading. © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Spiraling Health Care Costs Cause Sharp Rise In National Retirement Risk Index COLUMBUS, Ohio--(BUSINESS WIRE)--A dramatic increase in the number of working Americans who likely won’t be financially prepared to retire is largely due to the escalating cost of health care, according to the most recent findings by the Center for Retirement Research (CRR) at Boston College. The National Retirement Risk Index, released today by the CRR, shows that 61 percent of today’s workers will be at risk for not being financially prepared to retire. The 17-point increase from the previous Index number of 44 percent – released in July 2007 – demonstrates how the surging cost of health care is having a significant effect on retirement savings. “Boston College’s findings add another arrow to the quiver of pessimism – but not hopelessness – regarding the retirement savings and spending habits of Americans, especially as health care costs escalate and company- and government-sponsored retirement plans trail off,” said Paul Ballew, senior vice president of customer insights and analytics for Nationwide. “Additional research continues to provide substantial evidence that most consumers are less prepared today for their retirement years compared to five, 10 or 20 years ago,” Ballew said. “For example, medical expenses have increased 43 percent in the last five years and will likely increase at a higher rate compared to overall consumer spending. And, health care now accounts for more than 20 percent of all personal spending; double what it was in 1970.” Ballew said most Americans are not only uncertain about their financial situations; they have not done any specific planning to deal with it. “The personal savings rate in the U.S. today is essentially zero,” he said. “And a recent survey by the Employee Benefits Research Institute shows that 44 percent of those respondents said they were ‘guessing’ as to how much money they’ll need to save to live comfortably in retirement. They aren’t seeking professional advice; they’re not even using available tools or other resources. Fortunately there are countless resources – many of them free – that consumers can turn to for help.” Changes to Index reflect state of health care costs in the U.S. The original NRRI did not explicitly identify health care consumption, but rather incorporated it as a component of total household consumption in the process of calculating the target replacement rates. When these rapidly rising costs are included explicitly, the percentage of households ‘at risk’ increases dramatically. “We’ve said in previous Index updates that factors like declining Social Security replacement rates, the shift from traditional employer pension plans to 401(k)s, lower interest rates, and rising life expectancy all underscore the need for more retirement income,” said Alicia H. Munnell, CRR director. “The wild card was the cost of health care and, not surprising to us, it made the Index soar by 17 percentage points. “What that means is that 61 percent of households are not on track to maintain their pre-retirement, non-health care level of consumption in retirement. The Index also shows that risk will rise for younger workers and low-income households. The number could be considerably higher once long-term care costs are taken into account, and if households do not plan rationally. “Our research continues to demonstrate that the retirement crisis is very real, and workers must plan now for their retirement years if they want to maintain their current standard of living,” Munnell said. The full report is available at the Center for Retirement Research at Boston College. "There are countless resources available to help, from investment professionals to online planning aides, like Nationwide Financial’s free, online RetirAbility Check,” he said. RetirAbility CheckSM (www.nationwide.com/retirabilitycheck) is an interactive resource that provides people with a basic score – called an R-ScoreSM – to illustrate how financially prepared they are for retirement. It was developed to help take the guesswork out of planning. RetirAbility CheckSM builds on the Index findings through R-ScoreSM, which is based on data derived from the Index. The most important people in your life sometimes can be the most difficult to talk with when it comes to discussing things that really matter. That’s why Nationwide partnered with Harvard communications expert Sheila Heen to develop the Have The TalkSM program and a supporting Web site, www.HaveTheTalkAmerica.com. The site provides tips, tools and a bit of humor to help people get past the barriers keeping them from actually having important discussions. Tips for Healthy Lives and Wealthy Retirements -- Quit smoking: According to the Surgeon General, tobacco smoking remains the No. 1 cause of preventable disease and death in the United States. Quitting smoking reduces the likelihood of certain types of cancer and heart disease, so quitting today can add years to your life and dollars to your bank account. -- Stay active: Small changes to incorporate exercise into your routine can often lead to big payouts. Taking up jogging as a hobby and buying a treadmill are becoming as credible investment strategies as putting away additional funds in your 401(k). -- Eat healthy: Improving diet can reduce the likelihood of injury or developing heart disease, diabetes or osteoporosis; all of these conditions put strain on your health and retirement savings, especially as they progressively become more serious. -- Take advantage of health and wellness benefits: Employer-sponsored health coaches are not only instrumental for keeping health, but are valuable resources for saving money with their focus on the long-term help of their patients. If your company offers programs, take advantage of them! Often companies provide additional incentives such as deposits to a health savings account or a cash payout for enrolling. -- Have the Health and Wealth Talk: Discuss finances and health with your loved ones and work with your financial planner to ensure health care costs are accounted for in your savings strategy. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Vienna Insurance To Launch Own CEE Reinsurance VIENNA, Feb 19 (Reuters) - Austrian insurer Vienna Insurance Group VIGR.VI said on Tuesday it would launch its own central and eastern European reinsurance with an equity capital of 100 million euros ($147 million). The Prague-based subsidiary is expected to reap premiums of around 300 million euros within the next two to three years, Vienna Insurance said in a statement. "We want to offer Vienna Insurance Group companies and other insurers in this region a reinsurance facility," Vienna Insurance Chief Executive Guenter Geyer said in the statement. Eastern Europe's second-biggest insurer said it also hoped to facilitate access to alternative forms of risk coverage in the capital market, which it saw as increasingly important given the expected long-term rise in the risk of natural disasters. Vienna Insurance VIGRsp.PR listed at the Prague stock exchange earlier this month. (Reporting by Karin Strohecker) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Efficiency, Effectiveness, Employee Self Service: Visual Enrollments Version 8.1 Released Today Wayne, PA – (February 20, 2008) – Falcon Technologies today launched version 8.1 of its proprietary enrollment software, Visual Enrollments. Benefits brokers and enrollment firms can now build and implement cases more quickly, with improved data continuity, and more tools than ever before. Visual Enrollments 8.1 includes several significant enhancements from previous versions, including a multi-user case setup feature that allows more than one individual, from different domiciled locations – such as a home office user and a field user – to securely build a case using the same database. The newly launched version of Visual Enrollments also introduces a re-enrollment module that allows a renewal underwriting offer to be integrated with the case data from the prior enrollment cycle, thereby identifying the most receptive prospects for coverage increases and new product eligibility. The launch of Visual Enrollments 8.1 also substantially upgrades the web enrollment system which enables employees to enroll, on a self service basis, for their core and voluntary benefits offerings over the Internet. “Falcon Technologies is known for industry-leading innovation and Visual Enrollments 8.1 continues to set the standard for benefits enrollment technology.” states Jordan Nadel, President of Falcon Technologies. “Users of Visual Enrollments will find version 8.1 anticipates their needs and delivers proven functionality that will increase case production and effectiveness.” Visual Enrollments has enrolled over 1,000 cases, has written over $400 Million in premium, and is the mission-critical enrollment engine for the country’s leading worksite insurance carriers, including KMG America. “KMG partnered with Falcon Technologies more than five years ago, and since has been impressed by Falcon’s systems and people. Falcon provides a superior enrollment engine with unbelievable customer service. That’s why more than 70% of KMG’s electronic business is submitted via Falcon’s Visual Enrollment system. Falcon Technologies continues to be a critical partner in the future growth of our enrollment solution strategy.” states Cory J. Gardner, Director of Enrollment Solutions, KMG America. The new features of Visual Enrollments will be available for hands-on demonstration during the Workplace Benefits Renaissance 2008 conference in Orlando, FL from February 25th- 27th. Stop by Falcon Technologies at Booth #1109 for more information. Visual Enrollments software is available to worksite-industry insurance carriers for the enrollment and communication of their core and voluntary benefits offerings. About Falcon Technologies Falcon Technologies is the leading software developer in the worksite marketing industry, specializing in enrollment and communication software for core and voluntary employee benefits. For additional information, please see our website www.falctech.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Wachovia, JPMorgan, Bank Of America Top Bank Annuity List In 2007 Mamaroneck, NY—February 19, 2008: Wachovia Corporation earned more commissions from annuity sales than any U.S. bank holding company (BHC) in 2007. The North Carolina bank reported $483.00 million in fees and commissions from annuity sales. It was followed by JPMorgan Chase & Co. ($163.00 million), Bank of America Corp. ($125.53 million), Wells Fargo & Company ($116.00 million), and Suntrust Banks, Inc. ($114.90 million), the Bank Insurance Market Research Group reported today (see table below). Source: Singer’s Annuity & Funds Report This is the first year that bank holding companies and operating banks have reported annuity fees and commissions to the government. Nearly 400 BHCs reported some annuity income. The rankings here are based on an examination of recent Federal Reserve Board Y-9 filings. (One BHC likely to be included in the top ten, HSBC North America, had not yet filed its report.) A more comprehensive list will appear in an upcoming issue of Singer’s Annuity & Funds Report. www.singerpubs.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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Copyright © 2008. Cost Containment Group. 11. Is Your Business Properly Insured? Ask Your Insurer The Four Most Important Questions I.I.I. Provides Tips to Make Sure Your Business is not Underinsured NEW YORK, February 19, 2008 — Today, businesses face greater risks than ever before. In addition to such typical risks as theft and fire, there are a host of other risks that are unique to each particular type of business. That’s why it is essential that businessowners make sure they buy the right type and amount of insurance and update their policies annually to include improvements, major purchases and increased rebuilding costs as well as any liability risks, according to the Insurance Information Institute (I.I.I.). “One of the biggest mistakes businessowners make is that they don’t buy the right type of insurance and often have gaps in their coverage, “ said Loretta Worters, vice president, I.I.I. “Businessowners should contact their insurance agent or company representative annually to make sure that their insurance is adequate.” A Businessowner's Policy (BOP) is recommended for most small businesses (usually 100 employees or less), as it is often the most affordable way to obtain broad coverage. Combining both property and liability insurance, a BOP will cover your business in the event of property damage, suspended operations, lawsuits resulting from bodily injury or property damage to others, etc. BOPs do NOT cover professional liability, auto insurance, workers compensation or health and disability insurance, however. You'll need separate insurance policies to cover professional services, vehicles and your employees. For medium and larger businesses, there are more comprehensive commercial policies. To properly insure your business, the I.I.I. suggests that you ask your agent or company representative these four important questions: 1. Do I have enough insurance to rebuild my business property and replace all of my merchandise and possessions? 2. Do I have enough insurance to protect the personal property of my employees? 3. Do I have enough insurance to keep my business open? 4. Do I have enough insurance to protect my assets from a lawsuit? For more information on how to properly insure your business, access the Insurance Information Institute’s Web site at www.iii.org. For related audio, go to I.I.I. Provides Tips to Make Sure Your Business is not Underinsured. The I.I.I. is a nonprofit, communications organization supported by the insurance industry. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Kuwait's State Fund Eyes US, European Financials KUWAIT, Feb 19 (Reuters) - Kuwait's $225 billion sovereign wealth fund said it was interested in investing in financial services and real estate companies in the United States and Europe to benefit from lower asset prices. The Kuwait Investment Authority (KIA), which last month agreed to invest $5 billion in Merrill Lynch & Co (MER.N: ) and Citigroup Inc (C.N: ), at one point looked at France's Societe Generale (SOGN.PA: ), Managing Director Bader al-Saad told Reuters on the sidelines of a seminar in Kuwait on Tuesday. He was not more specific. "We're interested in financial and real estate," Saad said. "In Europe, there are a lot of opportunities with the prices falling down ... in the U.S., prices are falling and the market has penalised some of the sectors which were involved heavily in the subprime." Saad said he was not looking any specific company at the moment. The KIA said last month it would invest $3 billion in Citigroup and $2 billion in Merrill Lynch. [ID:nL16401685] "At one point, we were looking into Societe Generale but the rights issue is for existing shareholders," Saad said. On the KIA stake in German automaker Daimler (DAIGn.DE: ), Saad said: "We are happy with Daimler ... at the moment, there is no intention to increase or decrease." The Qatar Investment Authority bought between 1 percent and 2 percent of Credit Suisse (CSGN.VX: ) at a cost of no more than $500 million, the Financial Times reported on Tuesday, without citing anyone. [ID:nL19209858] (Editing by Paul Bolding) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Israel Discount Bank Gets Pension Advisory License JERUSALEM, Feb 19 (Reuters) - Israel Discount Bank DSCT.TA has received a Finance Ministry licence to offer pension advisory services, Israel's third-largest lender said on Tuesday. "Discount...is becoming the largest banking group in the system in the area of pension advice," Giora Ofer, the bank's chief executive, said in a statement. Banks see pension advice as a way to replace revenue lost by being forced to divest their asset management businesses as part of capital market and banking reforms aimed at increasing financial services competition. Banks may only advise customers on pension investments once they have sold off their brokerage and mutual fund units. Discount is the fourth Israeli bank to receive a pension advisory licence after smaller banks Union Bank of Israel UNON.TA, Mizrahi-Tefahot MZTF.TA and First International Bank of Israel FTIN5.TA previously received government approval. Hapoalim POLI.TA, Israel's largest bank, has received a licence to start offering pension advice on a limited basis. In 2010 it may offer advice to anyone. (Reporting by Steven Scheer; editing by Sue Thomas) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Aetna’s Disease Management Program Goes Global HARTFORD, Conn.--(BUSINESS WIRE)--As part of its continued commitment to total employee health and wellness, Aetna (NYSE:AET) announced today that its disease management program services will now be made available to international members. Aetna is the first expatriate benefit carrier to offer a comprehensive disease management program, providing members with tools and resources to manage their chronic conditions and engage in achieving their optimal health. “Aetna Global Benefits’ international disease management program leverages the strengths of Aetna’s robust disease management capabilities,” said Martha Temple, president, Aetna Global Benefits. “We have achieved a leadership position in the disease management arena domestically, and are excited to export our knowledge and proficiency to members living temporarily in other countries.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. UK's Pension Watchdog Wants New Life Assumptions By Simon Challis LONDON, Feb 18 (Reuters) - Britain's pensions watchdog has proposed companies use more realistic projections of how long employees will live after they retire, which would force firms to pour billions of pounds into their pension schemes. If the Pension Regulator's proposed recommendations were to be introduced, 99 percent of firms would have to strengthen their assumptions, which would add at least 75 billion pounds ($146.2 billion) to the UK's reported scheme liabilities, according to pension advisory firm Aon Consulting. The proposals, which go out to consultation until May 12, follow hard on the heels of radical new accounting standards being recommended for pension funds by the Accounting Standards Board (ASB) and could force many firms to close final-salary schemes, warned critics. The cumulative cost of the proposals put forward by the Pensions Regulator and ASB could increase corporate pension liabilities by as much as 150 billion pounds, said pensions consultancy Punter Southall. The regulator assumes the average 65-year-old retiring today will survive until the age of 90, five years longer than assumed by most companies, Aon said. Firms that do not use the most conservative current assumption for the life expectancy of workers, known as "the long cohort", or do not assume improvement in life expectancy is likely when calculating their pension liabilities will have to justify their stance to the Pensions Regulator, the body said on Monday. "It is the regulator's view that some projections that have been in common use can no longer be considered reasonable assumptions," the regulator's Chief Executive, Tony Hobman, said. The regulator, which has the power to force companies to put more money into their schemes, is worried they have ignored growing evidence that people are living longer and are not putting aside enough money to pay workers' pensions. "Scheme members living longer adds to the cost of pensions and it is right that schemes recognise this in their funding," Hobman said. UK firms' life expectancy projections after retirement vary by up to seven years, according to a survey by accounting firm KPMG last year. (Editing by Paul Bolding, Quentin Bryar and David Hulmes) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Natixis Global Asset Management Acquires Gateway Investment Advisers, L.P. Expands Offerings for Risk-Conscious Investors to Include Gateway Fund BOSTON--(BUSINESS WIRE)--Natixis Global Asset Management announced today that it has acquired Gateway Investment Advisers, a Cincinnati-based investment manager with $7.9 billion in assets under management (as of December 31, 2007), including the $4.3 billion Gateway Fund (GATEX), as well as a variety of subadvised mandates and private accounts. Transaction terms were not disclosed. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Giving Money Still Easier Than Giving Time Thrivent survey finds age, income, education and employment affect attitudes MINNEAPOLIS--(BUSINESS WIRE)--For the third consecutive year, Americans say that giving one’s money to a charitable cause is easier than giving one’s time. According to a Thrivent Financial for Lutherans’ national survey of 1,000 adults, 52 percent of Americans said it is easier to give money, while 30 percent said it is easier to give time. Sixteen percent said both are equally easy to give. The survey showed that age, income, education and employment status affect attitudes about giving. Fifty-eight percent of seniors (age 65+) and 53 percent of pre-retirees (age 55 to 64) favor giving money over time versus 44 percent for young adults (age 18 to 24). Young adults are also three times more likely than seniors (age 65+) to say giving one’s time is easier than giving money (49 percent versus 15 percent). They are also twice as likely as pre-retirees (49 percent versus 24 percent) to find giving time easier. While a plurality of all income groups favor giving money, 56 percent of those earning $75,000 or more said giving money is easier versus 45 percent for those earning less than $25,000. Conversely, 58 percent of those with a high school education or less said giving money to a charitable cause is easier than giving time. This compares to 49 percent of those with a college degree or some college and 47 percent of those with a post-graduate degree. For complete survey results, visit Thrivent Financial’s newsroom at: http://news.thrivent.com/newsroom/news/index.phtml. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Dogged Devotion: Britons Dig Deep For Pets' Health Tue Feb 19, 2008 7:51am EST LONDON (Reuters) - Forget worming pills and a flea collar -- a trip to the vet in Britain these days could be about heart surgery, joint replacement, chemotherapy or a host of other cutting-edge procedures. Britain is one of the few countries in Europe to offer many of these complex treatments: devoted British pet-owners have fuelled a fast-growing insurance market that helps fund care which would otherwise take a big bite out of a bank account. Research firm Datamonitor has forecast the country's pet insurance market will grow to almost 600 million pounds ($1.18 billion) in 2011 from nearly 380 million pounds in 2006. "It wasn't that big a market a few years ago but now it is growing," said Kelly Ostler-Coyle, a spokeswoman for the Association of British Insurers. "It is a combination of how much people value their pets and (the fact) that there are more providers in the market." (Reporting by Michael Kahn, Editing by Sara Ledwith) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Catalyst Rx Launches Generic Advantage Plan Acquisition Pricing at Mail Saves Clients Up to 15% ROCKVILLE, Md.--(BUSINESS WIRE)--Catalyst Rx, the pharmacy benefit management (PBM) subsidiary of HealthExtras, Inc. (NASDAQ:HLEX) announces its Generic Advantage Plan. Developed after more than a year of consultation with Catalyst Rx’s clients, the new plan offers the absolute lowest generic drug prices through mail and eliminates the significant markup traditional PBMs add to their client mail pricing. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. Ambac Considering Option To Split Itself: Report Mon Feb 18, 2008 1:55pm EST NEW YORK (Reuters) - Bond insurer Ambac Financial Group Inc (ABK.N: ) is in discussions to split itself up in a move aimed at ensuring that municipal bonds backed by the company retain high credit ratings, the Wall Street Journal said on its Web site on Monday. A deal could fall apart because of the complexities in such a move, said the report, quoting a source familiar with the situation. A halving of Ambac would create one unit to insure municipal debt and one that would cover rapidly diminishing securities tied to mortgages in a structure that effectively would create a so-called "good bank" and "bad bank," the report said. A spokesman for Ambac was not immediately available to comment. Last week, FGIC Corp, a bond insurer that has lost its top credit ratings, told New York regulators it wants to split into two companies. U.S. bond insurers, which guarantee more than $2.4 trillion of debt, have been hit hard by the sub-prime lending crisis and are struggling to keep the top ratings that are crucial for them to win new business. (Reporting by Euan Rocha and Dan © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Max Specialty Insurance Company Adds Louisiana, Is Now An Eligible Surplus Lines Insurer In 46 States RICHMOND, Va.--(BUSINESS WIRE)--Stephen J. Vaccaro, Jr., President and Chief Executive Officer of Max Specialty Insurance Company, an excess and surplus lines company headquartered in Richmond, Virginia, today announced that, with the addition of Louisiana, Max Specialty is now an eligible surplus lines insurer in a total of 46 states. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. World’s Best Outsourcing Service Provider List Unveiled ORLANDO, Fla.--(BUSINESS WIRE)--The 2008 Global Outsourcing 100, the annual ranking of the world’s best outsourcing service providers, was released today by the International Association of Outsourcing Professionals (IAOP). The names of the top companies were unveiled at the opening day of the association’s annual conference, the Outsourcing World Summit®, attended by hundreds of outsourcing professionals from around the globe. This year’s list included 25 new additions to the list who took part in the rigorously judged application process for the first time, showing the heightened level of interest by providers in being named to the list. IAOP Chairman Michael Corbett called the Global Outsourcing 100, now in its third year, the “definitive go-to resource that companies use to make better informed outsourcing decisions and comparisons of providers.” The full list of honorees is now available at IAOP’s Web site, www.outsourcingprofessional.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. NICB, ISO, And NER Form Industry Alliance To Combat Equipment Theft DES PLAINES, Ill., and JERSEY CITY, N.J., February 19, 2008 — The National Insurance Crime Bureau (NICB) and ISO today announced a strategic alliance to significantly increase the insurance industry’s impact on equipment theft. Through the alliance, the databases of National Equipment Register (NER), a member of the ISO family of companies, will be made more widely available to law enforcement through NICB’s network of agents working with law enforcement agencies throughout the country. www.nicb.org www.nerusa.com www.iso.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Amedisys To Buy TLC Health Care Services Tue Feb 19, 2008 8:53am EST Home-healthcare provider Amedisys Inc (AMED.O: ) said it agreed to acquire TLC Health Care Services Inc, which provides home nursing and hospice services, from private equity investment firm Arcapita Inc and its affiliates for $395 million in cash. (Reporting by Manish Gupta in Bangalore; Editing by Deepak Kannan) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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