Positions available in the following locations: Florida, Colorado, New York, South Carolina, Texas, California, Utah, Oklahoma, Arizona, Illinois, Wisconsin, Kentucky, Tennessee, Mississippi, Virginia, Ohio, Indiana and DC.Because of growing opportunities to place voluntary life, health and disability insurance products through workplace marketing, Allstate Workplace Division is expanding its Field Sales Management team. Qualified candidates are insurance professionals who know the workplace market and have strong broker relationships. We are looking for a career driven individual with:
A College degree, CLU/ChFC designation desired. Travel required. Allstate Workplace Division is one of America’s fastest growing companies dedicated to developing quality life, health, and disability insurance products offered at the workplace. Our consistent managed growth has positioned us today for expansion in new markets and deeper penetration in existing markets. We are a company that takes great pride in the manner in which we operate. We deliver a solid financial foundation, competitive compensation packages and quality products that respond to market need and most of call; we deliver the integrity of a promised kept. Additional InformationPosition Type: Full Time, Employee Equal Opportunity Employer M/F/V/D; Pre-employment drug screening. Contact InformationIf these qualifications and benefits fit your career goals please FAX your resume to (904) 992-2732. Allstate Workplace Division, 1776 American Heritage Life Drive, Jacksonville, Florida 32224 Daily Quote: "Growth demands a temporary surrender of security." - - Gail Sheehy
1. Class Action Vs Great-West Can Proceed, Judge Says Tue Mar 4, 2008 1:03am EST VANCOUVER, British Columbia (Reuters) - A class action lawsuit, potentially worth several hundred million dollars, can proceed against Great-West Lifeco Inc. (GWO.TO: ), Canada's second biggest insurance company, an Ontario court judge has ruled. The suit, brought by two former actuaries of London Life Insurance Co, which was bought by Great-West in 1997, could involve up to 1.8 million policyholders, court documents dated Feb. 29, 2008, show. The plaintiffs allege C$220 million ($222 million) of London Life policyholder money was unlawfully used to help Great-West purchase the firm. They are demanding policyholders get the money back, with interest, in the form of a dividend. Great-West denies the allegations, the documents show, and it says its actions around the purchase of London Life were fair to policyholders. Shares in Great-West lost 67 Canadian cents, or 2 percent, to close at C$30.17 on the Toronto Stock Exchange on Monday. Other insurance stocks were also weaker. ($1=$0.99 Canadian) (Reporting by Nicole Mordant; Editing by Peter Galloway) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Why Florida Homeowners Insurance Continues to Outrage Consumers 43% Of Subscribers to Buyers Guide Report Having Insurance Cancelled 58% Are Dissatisfied with Their Florida Home Insurance Company Dissatisfaction Expected to Worsen as Florida Braces for 150,000 More Cancellations in 2008 LAKE WORTH, Fla.--(BUSINESS WIRE)--Home Insurance Buyers Guide, LLC today released an update on customer satisfaction with Florida homeowner insurance companies as reported by its subscribers. The company offers a searchable database at www.homeinsurancebuyers.org where homeowners can find private insurance companies still writing new Florida homeowners insurance. “We have been capturing overall customer satisfaction levels for Florida homeowner insurance companies since October 2007 as subscribers purchase the buyers guide,” said company President Michael Letcher. Satisfaction levels are measured on a “1-10” scale where (“1” is dissatisfied and “10” is delighted.) Since October, 2007, 58% of new subscribers to the Buyers Guide report being dissatisfied with their Florida home insurance company. The following provides a look at the sources of dissatisfaction: Florida Homeowner Insurance Cancellations Explain 60% of the Dissatisfaction Florida Home Insurance Company Satisfaction Levels: Dissatisfaction Reasons Reported: Delighted ("9 or 10 Rating") - 15% Policy Cancellations - 60% Satisfied ("6, 7 or 8 Rating") - 27% Cost - 20% Dissatisfied ("1-5 Rating") - 58% Customer Service - 20% National Companies Dominate Florida Home Insurance Policy Cancellations Reported Cancellations Reported By Company: State Farm Florida Insurance Company - 29 % Allstate Floridian Indemnity Company - 18 % Nationwide Insurance Company of Florida - 11 % Travelers - First Floridian Auto and Home Insurance Company - 9 % Metropolitan Property & Casualty Insurance Company - 7 % Hartford Insurance Company - 7 % Hanover Insurance Company - 7 % Other - 12 % Mr. Letcher continued, “Our growing subscriber base indicates that Brevard, Pinellas, Orange, Broward, and Palm Beach Counties are experiencing the largest percentage of cancellations. As Florida absorbs 150,000 more cancellations in 2008, we are pleased that consumers are using the Buyers Guide to find more Florida homeowner insurance companies and save money - while providing an alternative to Citizens Property Insurance Corporation.” Visit Florida Homeowner Insurance Alert to learn more about availability of homeowners insurance in Florida. Home Insurance Buyers Guide, LLC is an independent, unbiased organization helping homeowners locate affordable, private insurance in Florida. For more information visit: www.homeinsurancebuyers.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Fitch: Bermuda Insurance and (Re)Insurance Market Thriving Amid Turmoil NEW YORK--(BUSINESS WIRE)--Fitch Ratings stated in a Special Report today that Bermuda continues to develop as a thriving domicile for (re)insurance organizations, attributable to an attractive regulatory and tax environment, an accumulation of investment capital and underwriting talent, and innovative approaches to risk management. Fitch's report also delves into the agency's first discussion of a separate Rating Outlook for this market. The Special Report, 'Bermuda Market Overview,' is now available on the Fitch web site at www.fitchratings.com under Financial Institutions then Insurance then Special Reports. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Fitch Conf Call: Bermuda Insurance and (Re)Insurance Market, 3/5, 10am ET NEW YORK--(BUSINESS WIRE)--Fitch Ratings on Wednesday, March 5 will host a teleconference to discuss the Bermuda insurance and (Re)insurance markets and trends expected to affect this industry in 2008. Fitch's analysts will also delve into the agency's first discussion of a separate Rating Outlook for this market. The teleconference is set for 10 a.m. ET (1500 GMT) and is being held to coincide with the release of the Special Report of the same subject, 'Bermuda Market Overview,' now available on the Fitch web site under Financial Institutions then Insurance then Special Reports. Live Telephone Dial-Ins: -- Live US and North America: 866-529-2924 -- Live International: 706-634-4949 -- Conference ID # 37588146 -- Leader: Mark Rouck -- Title: Bermuda's Insurance Market As an added benefit, market participants also may listen to the conference call via the Web. For this listen-only mode, please use the below link. (Remove apostrophes before copying-and-pasting). http://audioevent.mshow.com/342573 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Rocky Markets Highlight Retirement Insecurity Mon Mar 3, 2008 9:10pm EST NEW YORK (Reuters) - With Americans relying more heavily than ever on the stock market to fund their retirements, Wall Street's slide has some starting to worry they will struggle financially in old age. Even worse, the housing crisis has reduced what employees are able to sock away, and some are even tapping their retirement money for everyday expenses like food and gasoline. All this has reopened a debate over 401(k) retirement plans offered by many employers in the United States, which give employees responsibility to save for their own retirements and also some control over their investments. "The 401(k) system today in the United States has been an acknowledged failure," said Alicia Munnell, director of the Center for Retirement Research at Boston College's Carroll School of Management. "It transferred all the risks and responsibilities from the employer to the individual." The decline in the market has highlighted those risks. Share indexes on Wall Street have lost 14 percent of their value since hitting a peak in October. For someone retiring now with say, $500,000 in savings, that would translate into a drop of around $70,000. Peter Mitchell, a 65-year old former mechanic, is the kind of person who normally wouldn't give two cents about the market's ups and downs. But, having retired to New York City from California late last year, he is stressing about the effect of market volatility on his nest egg. "You're going to see me out here on the street asking for change," he said. Millions of other Americans who are in or nearing retirement have similar concerns about their finances. "It's driving home to people that the market is volatile and it does move in erratic ways. You could be in a very different place six months from now than where you are today," said Dean Baker, chief economist at the Center for Economic and Policy Research, a think tank in Washington. Before 1980, workers relied on so called defined-benefit plans managed by their employers, in which the size of their pensions were independent of the performance of the investments in the funds. Those have been gradually overtaken by 401(k) plans, also called defined-contribution plans because employees define how much they want to contribute to their retirement. By 2005, 42 percent of employees were participating in defined-contribution plans, while participation in defined-benefit plans had fallen to 21 percent, according to the Bureau of Labor Statistics. (Reporting by Pedro Nicolaci da Costa; Additional reporting by Chris Reese, Theodore D'Afflisio and Diane Craft; Editing by Eddie Evans) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Insurers Support Strengthened Federal Regulation and Oversight for Marketing to Medicare Beneficiaries Measures to Provide Additional Consumer Protections WASHINGTON, March 4 /PRNewswire-USNewswire/ -- Yesterday, the Board of Directors of America's Health Insurance Plans (AHIP) issued a call for additional federal regulation and oversight of the Medicare Advantage and Medicare Part D plan marketing activities. In adopting this statement, the AHIP Board has indicated its strong commitment to serving seniors in Medicare and to advocate that more be done through this process to advance consumer protections. The proposal calls for a prohibition of door-to-door marketing, cross-selling, cold calls, and any inducements for beneficiaries to enroll. In addition, the statement calls for strengthening consumer disclosures, verifying that beneficiaries intended to enroll, additional agent and broker training and other protections. Karen Ignagni, President and CEO of AHIP, said that the AHIP Board wanted to send a strong message to Medicare beneficiaries that health insurance plans are calling for more government regulation to enhance consumer protections for every beneficiary who is considering Medicare Advantage or Medicare prescription drug plans. To review AHIP's proposal, Strengthening Oversight of Medicare Advantage and Part D Marketing, click here: http://www.ahip.org/content/pressrelease.aspx?docid=22559. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Citigroup May Need More Capital, Dubai Says Tue Mar 4, 2008 9:49am EST DUBAI/NEW YORK (Reuters) - Citigroup Inc (C.N: ), the largest U.S. bank, may need "a lot more money" from outside investors after billions of dollars of write-downs tied to subprime mortgages, the head of Gulf investment agency Dubai International Capital said. Shares of Citigroup, a Dow Jones industrial average .DJI component, fell 67 cents, or 2.9 percent, to $22.42 in pre-market electronic trading. The shares have not traded below $22.47 in regular trading since November 1998. Through Monday's close, they had fallen 53.1 percent in the last year. New York-based Citigroup in January slashed its dividend 41 percent, and has since November raised some $30 billion of capital from investors including Abu Dhabi, Kuwait and Saudi Prince Alwaleed bin Talal. But Sameer al-Ansari, chief executive of the investment agency owned by Dubai's ruler, said more would be necessary. "It's going to take more than that to rescue Citi," al-Ansari said at a private equity conference. Dubai International Capital manages about $13 billion of assets, and has invested in HSBC Holdings Plc (HSBA.L: ) and India's ICICI Bank Ltd (ICBK.BO: ). Separately, Merrill Lynch & Co analyst Guy Moszkowzki was said to have forecast a first-quarter loss at Citigroup of $1.66 per share, after $15 billion of mortgage-related write-downs. Meanwhile, CNBC television said the bank might need to eliminate up to 10 percent of its roughly 375,000-person work force, on top of 4,200 job cuts announced in January. The Abu Dhabi Investment Authority, a sovereign wealth fund owned by the world's fifth-largest oil exporter, in December bought a 4.9 percent stake in Citigroup. The following month, the Kuwait Investment Authority said it would invest $3 billion in the bank. Alwaleed, who was Citigroup's largest individual shareholder prior to the Abu Dhabi investment, also increased his stake, as did former Citigroup Chief Executive Sanford "Sandy" Weill. Citigroup suffered a record $9.83 billion fourth-quarter loss tied mainly to mortgage write-downs. (Reporting by James Cordahi and Jonathan Stempel; Editing by Jacqueline Wong and Dave Zimmerman) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Citigroup, Wachovia Face Hedge Fund Lawsuits: Report Tue Mar 4, 2008 9:54am EST NEW YORK (Reuters) - Citigroup Inc (C.N: ) and Wachovia Corp (WB.N: ) are facing separate lawsuits filed in a U.S. Federal court in New York by a small fund, the Wall Street Journal reported on Tuesday. The suit claims that the banks each improperly required the fund to pay out more money from insurance derivatives contracts known as credit default swaps amid a decline in the value of the mortgage-backed bonds, said the Journal. Both suits were filed last month by VCG Special Opportunities Master Fund Ltd, a Florida hedge fund with $58 million in capital. Citigroup and Wachovia were not immediately available for comment. (Reporting by Yinka Adegoke; Editing by Quentin Bryar) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Whitman holds firm on MBIA, Ambac bets Mon Mar 3, 2008 12:41pm EST NEW YORK (Reuters) - The credit crisis that has crushed the share price of bond insurers has not fazed Marty Whitman, regarded as one of Wall Street's savviest investors, who boosted his stakes in the sector through January. Whitman also belittled New York efforts to bail out the battered bond insurers, saying they did not need such help. And in effect he put his reputation up against William Ackman, a hedge fund manager whose big bets on share price plunges in the industry have received wide media attention. Whitman, founder and co-chief investment officer of Third Avenue Funds, increased his holdings in the two largest bond insurers -- MBIA Inc (MBI.N: ) and Ambac Financial Group Corp (ABK.N: ) -- during the fund's first quarter, which ended January 31. He also boosted stakes in mortgage insurers MGIC Investment Corp (MTG.N: ) and Radian Group (RDN.N: ). There is "much profit to be made in" the bond insurers, whether the companies continue as going concerns or write no new policies and sell off their existing business, in part or in whole, Whitman said in a letter to fund shareholders. The common stock of the four companies has been selling at discounts of about 70 percent from tangible book value, he said. (Reporting by Herbert Lash, Editing by Chizu Nomiyama) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Hana Bank Buys $50 Million Merrill Shares From Temasek SEOUL, March 4 (Reuters) - South Korea's Hana Bank bought $50 million worth of shares in Merrill Lynch (MER.N: ) from Singapore fund Temasek in February, Hana's parent group said on Tuesday. "The bank had made that investment last month," Hana Financial Group (086790.KS: ) spokesman Ahn Young-geun said by telephone, confirming a Yonhap News report that Hana Bank had signed the contract on Feb. 27. Ahn declined to give the per-share value of the deal. (Reporting by Kim Yeon-hee; Editing by Keiron Henderson) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Consumer-Directed Health Plans Continue to Grow as Popular Vehicle to Bring Choice, Flexibility and Access to Consumers AAPPO Releases Second Annual CDHP Study WASHINGTON, March 4 /PRNewswire-USNewswire/ -- Enrollment in Consumer-Directed Health Plans (CDHPs) continues to grow, spurring employers to offer more health care information tools to employees in order to leverage the true value of these products, according to a study commissioned by the American Association of Preferred Provider Organizations (AAPPO) from the consulting firm Mercer, Inc. In 2007, the number of Americans enrolled in a CDHP grew a staggering 25 percent, to 12.5 million from 10 million in 2006. Virtually all CDHPs -- 97 percent -- are built on a preferred provider organization (PPO) network, up 2 percent from 2006. "The hallmarks of PPOs -- choice, access and flexibility -- are clearly contributing factors enhancing the CDHP model and promoting the continued growth that is being seen in CDHP enrollments," said Karen Greenrose, president of AAPPO. "PPOs are the perfect platform to spur growth in CDHP enrollments due to the flexibility and choice inherent in the PPO delivery model." To view the entire study, please visit http://www.aappo.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. SHPS Survey Results on Best Benefits Practices for Self-Insured Employers Parallels Findings Reported in the New England Journal of Medicine LOUISVILLE, Ky.--(BUSINESS WIRE)--Results of the 2007 SHPS Health Practices Study released last year pointing to the importance of preventive care and direct employer involvement are comparable to the information reported by Susan Okie, MD in The New England Journal of Medicine (The Employer as Health Coach; 10/11/07). Dr. Okie states that large U.S. companies are trying to shift healthcare spending away from treatment and toward prevention by promoting wellness in the workforce, and advises that getting workers to adopt or maintain healthy behaviors can save money, reduce absenteeism and increase productivity. The 2007 SHPS Health Practices Study is available for download in PDF format at: www.shps.com/2007healthstudy. The New England Journal of Medicine article is available for download at www.nejm.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Projected Pet Health Insurance Market Revenues to Exceed $667 Million SANTA ANA, Calif.--(BUSINESS WIRE)--ensurApet, Inc. (OTCBB:EPTI), a leading provider of pet health insurance, is poised to become a leader in the largely untapped, yet rapidly growing US market for pet health insurance, through a network of veterinary hospitals and other pet related programs. ensurApet is among the few companies in an industry where the total market revenue growth, for insurance premiums, in five years rose 159% (source Package Facts). Market revenues for pet health insurance sales in the United States are among the fastest growing of any in the insurance industry. www.ensurapet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Hartville Group, Inc. Receives $2.25 Million in Funding Proceeds to Permit Further Expansion of Pet Policy Base Announces 10% Sequential and 101% Year-over-Year Increase in Pet Lives Covered for the Fourth Quarter of 2007 CANTON, Ohio--(BUSINESS WIRE)--Hartville Group, Inc. (OTCBB:HVLL), a provider of health insurance plans for domestic pets, today announced that it has successfully obtained $2.25 million in funding from existing investors. The funding provides Hartville with additional financial flexibility to continue to execute its strategic growth initiatives, with the goal of continuing to expand its pet policy base. Hartville also announced today that pet lives covered as of December 30, 2007 were 64,880, up 10% from 58,853 pet lives covered as of September 30, 2007, and up 101% from 32,352 pet lives covered as of December 31, 2006. http://www.hartvillegroup.com/ or http://www.petsmarketing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Private Equity Investors Increase Stake in Storm Exchange - Weather Risk Firm Secures $7.2 Million in Expansion Capital NEW YORK--(BUSINESS WIRE)--Storm Exchange, Inc., a company that helps businesses improve their performance in the face of increasingly volatile weather, today announced that a group of leading private equity firms, including its original backers – RRE Ventures and Venrock Associates – has invested an additional $7.2 million in expansion capital in the company. Launched in April of 2007, Storm Exchange was founded to expand the market for weather risk management solutions to the growing list of companies and industries that are being adversely impacted by day-to-day weather. The company has quickly established a leadership position in this fast-growing market through the development of over 500 proprietary benchmark weather indices, new weather risk analytics and tools, and innovative financial-based hedging solutions. www.stormexchange.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. New Jersey Paid Leave Makes Legislative Advances PHILADELPHIA--(BUSINESS WIRE)--Ballard Spahr Andrews & Ingersoll, LLP lawyers, Louis L. Chodoff, of counsel in the Litigation Department and a member of the Labor, Employment & Immigration Group, and Jordana L. Greenwald, associate in the Litigation Department and a member of the Labor, Employment & Immigration Group, have written the following alert. New Jersey is poised to become only the third state in the nation to offer paid family leave. If it becomes law, the bill approved on Feb. 28 by the Labor Committee of the General Assembly would affect employers statewide. The Labor Committee of the General Assembly voted 6-2 to move Bill A-873, sponsored by Assemblyman Nelson Albano (D-Gloucester), towards consideration by the full Assembly by referring it to the Appropriations Committee. www.ballardspahr.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Argo Group Acquires Massamont Insurance Agency Transaction Will Double Underwriting Capacity of a Public Entity Market Leader HAMILTON, Bermuda--(BUSINESS WIRE)--Argo Group International Holdings Ltd., (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products in niche areas of the property and casualty market, announced today that its Trident Insurance Services unit (“Trident”) has acquired Massamont Insurance Agency, Inc. This strategic combination immediately expands Argonaut’s public entity footprint into New England, a market previously underserved by Trident, positioning the company well ahead of competitors. Hilbert “Van” Schenck II, CPCU, will assume the role of president of Trident while continuing his leadership of Massamont. www.argolimited.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Exante Financial Services Becomes OptumHealth Financial Services Name Change Reflects Integration of Financial Services with Health Care Solutions GOLDEN VALLEY, Minn.--(BUSINESS WIRE)--OptumHealth today announced its financial services unit, Exante Financial Services, will now operate under the name OptumHealth Financial Services. The change is one of several steps being taken by OptumHealth to become the nation’s leading one-stop destination for individuals navigating the health system, financing their health care and seeking to improve their overall health and well-being. www.OptumHealth.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. S.Korea NPS to pump $300 million into TPG fund SEOUL, March 4 (Reuters) - South Korea's National Pension Service (NPS) said on Tuesday it will invest $300 million in U.S. private equity fund TPG's [TPG.UL] $7 billion fund-raising drive, looking outside Asia's fourth largest-economy for higher returns. "The NPS has decided to invest in financial institutions in the United States and Europe affected by the credit crisis that is sweeping the world," the fund said in a statement, stressing that TPG specialises in financial investments. Last week, a source told Reuters that the NPS, the world's fifth-largest pension fund, with more than $200 billion in assets, was looking to buy shares in top U.S. financial services firms in the wake of the subprime meltdown. (Additional reporting by Marie-France Han; Editing by Keiron Henderson & Ian Geoghegan) © 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:
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21. CPCU Society Center For Leadership Course Coming to Princeton, N.J. MALVERN, Pa., March 4 /PRNewswire/ -- On March 25, the CPCU Society and the Society's Central Jersey Chapter host a CPCU Center for Leadership course: "Leaders and Decisions - Meeting Ethical Dilemmas Head-On." This course is approved for three continuing education credits in Pennsylvania and New Jersey. The course is approved for four continuing education credits in New York. CPCUs will be awarded four continuing professional development (CPD) points for the course. http://www.cpcusociety.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. CJP Communications Selected by Swiss Re as North American Agency of Record Firm to support corporate image and business development NEW YORK, March 4 /PRNewswire/ -- CJP Communications (CJP), a leading independent full-service communications firm, announced that is has been selected as Swiss Re's North American agency of record to support its corporate image and business development objectives. CJP will be supporting Swiss Re's external communications in order to drive awareness of its brand, reinsurance group and other core capabilities domestically. The agency will be focused on providing thought leadership, executive positioning and visibility, and strategic media relations and counsel. http://www.cjpcom.com http://www.swissre.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. State Governments are Snookering Seniors Boomers Beware! ONTARIO, Calif., March 4 /PRNewswire/ -- Seniors have done their share. Millions stepped up and bought long-term care insurance policies. Unfortunately, big insurance and state government have failed to stop runaway premium increases. Those who bought and paid for rich coverage have been forced to lapse their policies. Now, long-term care insurance has your states' seal of approval and endorsement. Last week's Wall Street Journal cover story detailed how the State of California sent millions of "pitch letters, urging low and middle-income residents to buy long-term care insurance to cover future nursing home bills." States Draw Fire for Pitching Citizens On Private Long-Term Care Insurance, see wsj.com. "75 million Americans over 50, are aggressively being targeted for long-term care," says Frank N. Darras, the nation's leading disability and long-term care insurance lawyer. "Why hasn't State government stopped runaway premium rate increases? Seniors need to keep their coverage." Some insurance companies, greedy for market share, oversold and under priced long-term care. Why? Long-term care generates 10 million dollar a year in premiums. Policies were poorly underwritten, had generous contract language and paid big commissions. These same carriers are now succeeding with repeated rate increases. See http://www.darrasnews.com. The Journal went on to say, "Behind the plug: California, like many other states, is trying to curb the high costs of long-term care paid under Medicaid. Last year, Medicaid expenditures for nursing-facility and other long-term care bills hit $100 billion. Along with California, 14 other states are now endorsing long-term care policies under marketing partnerships with the insurance industry. More than a dozen others are getting started." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. AIA Urges Florida Legislature To Make Mid-Course Correction On Property Insurance ATLANTA, March 3, 2008 - With the Florida Legislature convening tomorrow, property insurance is again expected to be the top issue facing insurers, according to the American Insurance Association, presenting an opportunity for legislators to reconsider some of the problematic measures passed in 2007. “From a public policy standpoint, there was very little good news for the private insurance market during 2007,” said Cecil Pearce, AIA vice president, southeast region. “Although legislators did provide rate relief, it came at a high cost: imposing on policyholders a hurricane tax totaling potentially billions of dollars that must be paid in the event of a major storm. We hope that legislators will rethink that policy, and instead look to long term, market-based solutions that encourage additional private capital to enter the state’s property insurance market, instead of putting a fence around Florida and relying on the government and taxpayers to fund hurricane losses after the fact.” To that end, AIA is supporting CFO Alex Sink’s measure to reduce the amount of state reinsurance catastrophe fund coverage from $28 to $25 billion, and with it the amount of money the Cat Fund would have to raise through the issuance of bonds and subsequent assessments on policyholders. The bill has already won unanimous support in the House Jobs and Entrepreneurship Council, and is expected to move to the House floor early in the legislative session. AIA will also urge that legislators begin the process of returning Citizens Property Insurance Corporation to a true insurer of last resort, reversing the course taken last year that allowed Citizens to more directly compete with the private market. Removing commercial and auto policies from Citizens’ assessment base will also be a top priority. Although property insurance issues are expected to dominate, AIA will also push for legislation to renew the public records exemption for insurers’ use of credit scoring models. The current exemption expires this year. AIA will also fight any attempt to weaken or repeal any of the legal reforms enacted in 2006, most specifically the repeal of joint and several liability. Florida’s civil justice environment continues to pose challenges for insurers, and AIA will oppose any measures that attempt to make the state more litigation-friendly. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Firms Offering Direct Savings Accounts Fall Short in the Account Opening Process Says New Report from Corporate Insight New York, NY – March 4, 2008 – 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 aspects of the DSA experience. www.corporateinsight.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. NAIC Releases 2007 Annual Statement Data KANSAS CITY, Mo. (March 3, 2008) — The National Association of Insurance Commissioners (NAIC) is pleased to announce the release of 2007 annual statements in PDF file format. Companies submitting annual and quarterly statement filings to the NAIC and their respective state insurance departments are required to include PDF files representing the financial data electronically. The NAIC maintains these filings in one of the world's largest insurance regulatory databases. Through the NAIC’s Web site, the public can download up to five sets of PDF files at no charge for the data year of March 1, 2008, to Feb. 28, 2009. Additional downloads are available for $10 per set of PDF files for a particular company’s annual filing. Downloading key annual and quarterly statement data provides immediate access to information filed with the NAIC for thousands of insurance companies. The 2007 annual statements are available through the NAIC’s InsData application at the NAIC Store, www.naic.org/store_home. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. NAIC Releases Select 2007 Market Share Data Report Includes Information on Top 25 P&C Insurers KANSAS CITY, Mo. (March 3, 2008) — The National Association of Insurance Commissioners (NAIC) today released the 2007 market share premium data for the top 25 insurers of select property/casualty lines of business. This data helps to provide an indicator of the degree of market concentration in a line of business, as well as identify leading insurance writers. The report includes countrywide direct written premium for the top 25 groups and companies as reported on the State Page of the annual statement s of insurers that report to the NAIC. Cumulative market share data is shown for the personal auto, commercial auto, workers’ compensation, medical malpractice, homeowners and liability lines of business. Available free online, the report will be refreshed every day in the first week of March, and on each Monday thereafter through mid-April. Access the report at http://www.naic.org/documents/research_premium_by_LOB.pdf. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. 2008 LTC Insurance Sourcebook Published Single Source For Current Rates for Care, Insurance Company Rankings and Latest Statistics on Policy Buyers, Policy Usage and Claims The American Association for Long-Term Care Insurance has published the 2008 Long-Term Care Insurance Sourcebook, a valuable and effective resource for industry professionals. "The annual Sourcebook is the industry's most comprehensive guide and is invaluable to anyone who sells, markets or develops individual and group (employed-sponsored) LTC financial products," said Jesse Slome, executive director of the Association. "So much changes in long-term care from year to year that it's vital to have the latest and most relevant information." The 2008 LTCi Sourcebook is a 48-page compendium of industry data including rankings of Top 50 LTC Insurers (Covered Lives), State-By-State Policy Sales as well as summarized data from the latest research on utilization of long-term care services. The Sourcebook provides current cost averages for home care, assisted living and nursing home care in major metropolitan areas. "The 2008 LTCi Sourcebook is a simple-to-use resource that contains the most vital information any producer or LTCi professional needs," Slome notes. Copies of the 2008 LTCi Sourcebook are provided at no charge to members of the American Association for Long-Term Care Insurance. Non-members may order a copy by calling (818) 597-3227 or by mailing payment ($59) to AALTCI-Sourcebook, 3835 E. Thousand Oaks Blvd., Ste 336, Westlake Village, CA 91362. More information including sample pages are viewable online: http://www.aaltci.org/for_producers/sourcebook/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. 2008 Long-Term Care Insurance Marketing Excellence Awards Presented They are the Academy Awards of the long-term care insurance industry, recognizing those companies who have created the best brochures, advertisements and promotional contests during the prior year. The 2008 Long-Term Care Insurance Marketing Excellence Awards were presented by the American Association for Long-Term Care Insurance before over 500 attendees at the organization's National LTCi Producers Summit held at the Omni Hotel at CNN Center in Atlanta. www.AALTCI.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. InsurBanc Rolls Out Product Referral Program For Qualified Independent Agents Banking Product Referrals Create New Potential Revenue Stream FARMINGTON, CT (March 3, 2008)—Independent insurance agencies now can offer their clients access to four banking products through a product referral program that can help maximize agency revenues and leverage client relationships, announced InsurBanc, the bank founded by agents for agents. The new product referral program offers products suited for both business and personal needs: a business Visa card, an equipment lease-financing program, a personal Visa card, and student loans. The InsurBanc program is open to all independent insurance agencies who qualify for the program. Once qualified, agents can market the products via turnkey marketing programs provided by InsurBanc. Agents can promote the products best suited to their client base. Agencies do not process applications, but simply refer the client to InsurBanc to handle all processing, applications, and fulfillment. Qualified agencies earn a fee for each referral that results in a sale. www.insurbanc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Windstorm Emma Lashes Central Europe Boston, March 3, 2008-- On Saturday, March 1, a winter storm lashed central Europe with hurricane-force gales and intense rain. The storm disrupted highway, rail and air transportation, ripped roofs from hundreds of homes, and killed thirteen people. Dubbed “Emma,” it caused considerable damage in Western and Southern Germany, as well as Austria and the Czech Republic. Emma also caused minor damage in Belgium, the Netherlands, and the U.K. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. RMS commentary on Windstorm Emma Despite the widespread reporting of hurricane force winds in parts of Austria and Germany from Windstorm Emma, these were primarily in hilltop locations with little insured exposure. “There is little evidence of this becoming a major insurance catastrophe for the region,” commented Dr. Barbara Page, senior model manager for European windstorm at RMS. “We can expect moderate to low insured losses in most of the affected areas, mainly due to minor roof damage, falling trees and other wind-blown debris.” Damage is scattered across southern Germany, eastern Austria, the Czech Republic and Poland. Austria and the Czech Republic look set to experience the most serious impact, but Germany, because of its size, will see the majority of the overall insurance losses. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Magnitude 6.9 quake off Philippine coast MANILA, March 3 (Reuters) - A strong earthquake of 6.9 magnitude struck in the ocean off the east coast of the Philippines on Monday night, but so far there have been no reports of damage, officials said. The quake, which struck at 10:11 p.m. local time (1411 GMT), was centred about 175 km (110 miles) east-southeast of Pandan, Catanduanes in the central Philippines at a depth of 24.2 km (15 miles), according to the U.S. Geological Survey. Editing by Frances Kerry and Carmel Crimmins © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. PIMCO's Gross Buys $1.5 Bln Of U.S. Municipal Bonds Tue Mar 4, 2008 11:02am EST NEW YORK (Reuters) - Bond fund manager Bill Gross on Tuesday said he had bought $1.5 billion of municipal bonds on Friday at what he called "very attractive" prices that have risen "substantially" since then. The $2.6 trillion municipal bond market has become a bargain-hunter's delight because hedge funds and other players that use leverage were forced to sell billions of dollars of bonds last week. Gross, who manages the $120 billion Pimco Total Return Fund, responded to Reuters in an email. He declined to provide the average yields he paid. "We bought $1.5 billion on Friday at very attractive prices that have since improved substantially." (Reporting by Jennifer Ablan and Joan Gralla; Editing by Theodore d'Afflisio) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. UBS says wealth management belongs within bank Tue Mar 4, 2008 1:41pm EST GENEVA, March 4 (Reuters) - UBS (UBSN.VX: ) believes its investment banking and wealth management businesses should stay under one roof, its Chairman Marcel Ospel said on Tuesday. Ospel acknowledged there were risks from the current situation to the bank's wealth management, but pointed out UBS has received fresh moneys and there are synergies between the two businesses. (Reporting by Jonathan Lynn) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. Florida Office Of Insurance Regulation To Conduct Public Hearing On Proposed Rate Increase Tuesday, March 04, 2008 The Florida Office of Insurance Regulation (Office) will conduct a public hearing on the Foremost Insurance Group's proposed rate increases of up to 72.9 percent on mobile homeowners insurance rates. The companies have over 20,000 mobile homeowners policies in Polk County, constituting 68 percent of the market. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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