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Tel: 800-328-4667 - e-mail: tmwilliams@securitylife.com - web: www.securitylife.com 1. New Swiss Re Sigma Study: Catastrophe Losses In 2007 Were Highest In Europe Zurich, 11 March 2008 – Catastrophe-related economic losses from natural and man-made catastrophes around the world exceeded USD 70bn in 2007. More than 20,000 people lost their lives. In the aftermath, property insurers were hit by claims totalling USD 28bn. Although 2007 was not an exceptional year in terms of either fatalities or losses, statistics confirm a trend towards an increase in the number – and cost – of natural catastrophes and man-made disasters. According to Swiss Re’s latest sigma study, “Natural Catastrophes and man-made disasters in 2007”, 142 natural catastrophes and 193 man-made disasters occurred in 2007. Rudolf Enz, one of the authors of the study, states “Catastrophes claimed the most lives in Bangladesh, India, China and Pakistan in 2007. In terms of insured property losses, Europe was the worst hit last year. However, losses in the US, which are usually at the top of the loss tables, were minor in comparison to previous years.” Property insurers paid out losses in excess of USD 23bn for natural catastrophes… In 2007, Europe was unusually hard-hit by natural catastrophes. In January, winter storm Kyrill caused insured losses of USD 6.1bn across Germany, the UK, Belgium and the Netherlands. During the summer, the UK was also hit twice by heavy rains and flooding, causing USD 4.8bn in insured losses.In April, the most expensive event in the US occurred, a storm with high winds, hail and floods, which resulted in insured losses of USD 1.6bn. In October, forest fires in California led to insured losses of just over USD 1bn. ... and more than USD 4bn for man-made catastrophes Major man-made disasters caused insured losses in excess of USD 4bn in 2007, with major industrial fires, explosions and aviation and spacecraft losses at the top of the list. Man-made catastrophes resulted in 6 900 deaths in 2007; shipping and boating accidents as well as bombings and social unrest caused the most casualties. Higher losses expected going forward Rudolf Enz also noted, “Long-term figures indicate a steep upward trend, particularly in flood losses. Since 1970, losses have risen annually by an average of 12% (7% when adjusted for inflation). This translates into a doubling of the nominal burden in just over six years.” Over the past few years, insurers have been working to adapt their models to the new data and findings, especially since their flood loss models are flawed. Most flood models rely heavily on data from the 1960s to the1980s, when the incidence of flooding in Europe was below the norm. As a result, the current event frequency is under-weighted in most flood models. The insurers’ other focus is on the transfer of catastrophe risks to the capital markets. An important aspect of this is the development of transparent indices outside the US. Under the guidance of the CRO Forum (Chief Risk Officer Forum of the Geneva Organisation), the insurance industry in Europe has launched an initiative aimed at developing loss-based indices for Europe. Table: The industry’s 5 most costly insured losses in 2007
Source: Swiss Re Table: The 5 worst catastrophes in terms of victims in 2007
Source: Swiss Re Insured losses 1970-2007 (Property and business interruption losses) Source: Swiss Re, sigma No 1/2008
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Wellpoint Warning May Long Haunt HMO Stocks Tue Mar 11, 2008 8:49am EDT NEW YORK, March 11 (Reuters) - WellPoint Inc (WLP.N: ) may have just shot down any investor hopes that U.S. health insurers could be a safe place to put their money in a troubled economy. WellPoint, the largest U.S. health insurer by membership, slashed its 2008 profit forecast after U.S. markets closed on Monday, sending shares of it and rival insurers reeling in late trading. WellPoint shares tumbled 21 percent in Tuesday premarket trading from Monday's closing price, as Goldman Sachs and Stifel Nicolaus were among the brokerages cutting ratings on WellPoint stock. Aetna (AET.N: ) shares were off almost 9 percent in premarket trading despite reaffirming its outlook on Tuesday. UnitedHealth Group (UNH.N: ) shares were down 11 percent, while Humana (HUM.N: ) shares fell 13 percent. The worsening economy was one of three factors -- along with high medical costs and weak enrollment -- that WellPoint cited in reducing its forecast. Seven weeks ago, WellPoint's chief financial officer had told Reuters in an interview the health insurance industry has historically performed well in down economic times and had been a pretty good defensive play. Other executives and analysts also touted the industry's defensive properties. But analysts said on Tuesday that WellPoint's problems would leave health-insurer stocks in the doldrums. "We do not view current weakness in the group as a buying opportunity," JP Morgan analyst William Georges said in a research note. In fact, Georges said WellPoint's view of higher medical costs is "likely systemic." "We expect other managed-care plans to report similar issues," Georges said. "Indeed, with fundamentals now at risk, we see prolonged negative sentiment and believe the stocks are unlikely to perform for much of the year heading into the November elections." Goldman Sachs analyst Matthew Borsch cut his view of managed-care stocks to "neutral" from "attractive," saying this was more than a company specific issue. WellPoint's problems "reflect industry-wide pricing pressures that are now combined with upward pressure on underlying medical cost trends, substantially increasing the risk that the current cyclical slowdown in managed care becomes an outright downturn," Borsch said in a research note. (Editing by Maureen Bavdek) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Aetna Affirms Outlook After WellPoint Cut Tue Mar 11, 2008 7:24am EDT NEW YORK (Reuters) - Aetna Inc (AET.N: ) affirmed its 2008 profit outlook on Tuesday, the day after rival WellPoint Inc (WLP.N: ) cut its forecast, sending its shares and those of other health insurers reeling. Aetna, the No. 3 U.S. health insurer, said it expected full-year 2008 operating earnings of $4 per share, with health care membership growth of 800,000 to 850,000 people. Aetna shares had fallen almost 11 percent late on Monday after WellPoint made its announcement after the markets closed. WellPoint, the largest U.S. health insurer by membership, cited unexpectedly high costs, disappointing enrollment and worsening economic conditions in cutting its 2008 earnings forecast. WellPoint said it expected to earn $5.76 to $6.01 a share for the year, down from its previous forecast of $6.41. The revised outlook would reflect profit growth of 4 percent to 8 percent over net income of $5.56 per share reported for 2007. The company's stock fell nearly 17 percent in after-hours trading on Monday. (Reporting by Lewis Krauskopf; Editing by Lisa Von Ahn) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Study by Phoenix Life Solutions, Milliman Explores Impact of Underwriting Assumptions on Life Settlement Assets Critical variables can skew investment performance HARTFORD, Conn.--(BUSINESS WIRE)--Investors in settled life insurance policies need to thoroughly understand the impact of underwriting and mortality assumptions on investment performance, according to a new analysis issued today by Phoenix Life Solutions, a subsidiary of The Phoenix Companies, Inc. (NYSE: PNX). The study observes that the mortality assumptions underlying life expectancy estimates are a key factor in determining the economic value of life insurance policies. These assumptions are the result of traditional life insurance underwriting techniques applied to older age groups that comprise the target market for life settlements, say the study’s co-authors, Ed Mohoric, consulting actuary, Milliman USA, and Robert O. Kinney, M.D., vice president and medical director, Phoenix Life Solutions. “Life settlements portfolios are a relatively new asset class, so their short-term results are not necessarily predictive of their long-term experience,” said John K. Hillman, president and chief executive officer of Phoenix Life Solutions. “Investors who don’t fully understand the factors that were used to determine the life expectancy estimates of life settlement portfolios could face significantly different returns on their investments than anticipated.” A copy of the study is available at www.phoenixwm.com/public/products/pls/index.jsp and at www.milliman.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Ernst & Young Roundtable Reveals Heightened Stress As Insurers Prepare For Shift In Financial Reporting Requirements Industry Facing Uncertainty Of Principles-Based Regulations And Global Convergence NEW YORK, March 11, 2008 – The Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young LLP today announced highlights from its “Moving Forward in a Principles-based World” roundtable which addressed the number of upcoming regulatory changes set to alter the existing financial reporting terrain. Participants, including Chief Financial Officers and senior life insurance executives, discussed new developments and implementation issues surrounding statutory principles-based reserve and capital regulations (PBR) as well as the convergence of the US Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and Solvency II. The group acknowledged the challenges ahead, and there was an over-riding consensus that the industry is struggling to understand and prepare for the impact on the business. Despite the fact that the regulations are still in flux, participants agreed that companies who seek to understand the ramifications of the coming changes in advance of their adoption will be in a better future position and that the time is right to begin mapping out a plan for meeting the new requirements. “Impacting pricing and risk management, the transition to principles-based reserving and capital, coupled with pending regulatory convergence, will require significant changes in processes and systems,” explains Tara Hansen, senior actuarial advisor with Ernst & Young LLP. “The onus is on the actuarial team to grab the reins and take action so they can proactively lead their companies through the extensive changes to come and ultimately improve risk management and enhance profitability.” www.ey.com/us/actuarial www.ey.com/perspectives Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
An affordable high-deductible health plan that
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For additional information please contact The American Worker Plans at 866-215-9300 or email us at info@theamericanworker.com. web: www.theamericanworker.comFor agent use only. Not for public distribution. Form AWP-3-7-08 6. Flagstone Re Announces Purchase of Majority Stake in Imperial Reinsurance Company Limited HAMILTON, Bermuda--(BUSINESS WIRE)--Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced today that it has signed an agreement to invest, via a subsidiary, in the capital stock of Imperial Reinsurance Company Limited and thereby acquire 65% of the company. The transaction, subject to regulatory approvals and closing conditions, is expected to close in the second quarter of 2008. Imperial Re, domiciled in South Africa, writes multiple lines of reinsurance in sub-Saharan Africa. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. AIG Private Client Group Expands Its Hurricane Protection Unit® To Serve Additional Policyholders in New York, New Jersey and Florida NEW YORK--(BUSINESS WIRE)--AIG Private Client Group, a division of the personal lines property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced the expansion of its Hurricane Protection Unit® to serve its policyholders in Hillsborough County, Florida; Nassau County, New York; and Atlantic, Cape May, Monmouth and Ocean Counties in New Jersey. Launched in July 2006 and already available throughout coastal Florida and Suffolk County, New York, the Hurricane Protection Unit provides clients with pre-season disaster planning and post-storm response. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Conning Research: Shifting Risk Profile in Nonstandard Auto Insurance Market HARTFORD, Conn., March 11 /PRNewswire/ -- The nonstandard auto insurance market is being redefined by the influence of technology and other external forces, according to a new study by Conning Research and Consulting. "As predictive modeling has become more prevalent in auto insurance underwriting, the standard auto market has expanded to include and price risks that would once have been thought of as nonstandard," said Alan Dobbins, analyst at Conning Research & Consulting. "As a result, the new nonstandard market is undergoing a dramatic shift in risk profile." The Conning Research study, "The Nonstandard Auto Insurance Market: Evolutionary Challenges" reviews the recent history and performance of this market, and explores the forces shaping change in the segment. "In addition to the effect of predictive modeling use in both standard and nonstandard markets, our analysis indicates increased competitive pressures in nonstandard auto and likely significant near-term consolidation," said Stephan Christiansen, director of research at Conning. "Management focus and experience has always been critical in the nonstandard auto insurance market due to the higher risk profile inherent in the business. Now, however, management will need a new set of tools to aid in risk management." "The Nonstandard Auto Insurance Market: Evolutionary Challenges" is available for purchase from Conning Research & Consulting, by calling (888) 707-1177 or by visiting the company's web site at http://www.conningresearch.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. ACE Launches Comprehensive Cover for PFI Contracts LONDON--(BUSINESS WIRE)--ACE has today launched ACE PFI (Private Finance Initiative), a fully integrated insurance solution providing comprehensive cover and risk management advice for all aspects of a PFI project, from construction through to commissioning, handover and the resultant operational risks. ACE PFI combines the company’s existing expertise in key PFI areas, such as construction, with other key lines including marine and environmental liability. This offers brokers and Project Managers the option of using a single insurance provider. ACE believes that the combination of these covers, particularly environmental impairment/pollution and marine, fills current gaps in provision and is of increasing importance to protect both the insured and the broker. www.acelimited.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Citigroup To Shore Up 6 Funds With $1 Billion: Report NEW YORK (Reuters) - Citigroup Inc (C.N: ) has committed to injecting $1 billion across six highly leveraged municipal bond funds with $15 billion in assets, the New York Times reported on Tuesday, citing people briefed on the situation. The bonds, which were sold to wealthy customers under the names ASTA and MAT, have so far received about $600 million as of last week after lenders issued a margin call in response to falling securities values, according to the Times. Citigroup was not immediately available to comment. (Reporting by Yinka Adegoke, editing by Elizabeth Fullerton) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Hewitt Strengthens Health Care Benefit Capabilities for Mid-Size Companies New Solutions Demonstrate Company’s Growing Commitment to Serving U.S. Clients with Fewer Than 15,000 Employees LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Hewitt Associates, a global human resources services company, today announced it is expanding its suite of health care solutions targeted at the unique needs of U.S. companies with fewer than 15,000 employees. Building on the early success of its expanded benefits administration capabilities, Hewitt’s new offers, coupled with its deep HR expertise, enable mid-size companies to manage their most complex and pressing health care challenges — including controlling costs, managing health risks and seamlessly delivering benefits to employees — with greater efficiency and effectiveness. www.hewitt.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Philadelphia Consolidated Holding Corp. Announces Acquisition of Gillingham & Associates, Inc. BALA CYNWYD, Pa., March 11 /PRNewswire-FirstCall/ -- Philadelphia Consolidated Holding Corp. (Nasdaq: PHLY) today announced that it has acquired Gillingham & Associates, Inc. ("Gillingham") a program manager specializing in commercial property and casualty insurance for the outdoor recreation and hospitality industries. www.phly.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Extensis PEO Expands its Independent Agent & Broker Program and Payroll Plus Product Featuring HR and Benefit Administration WOODBRIDGE, N.J.--(BUSINESS WIRE)--Extensis was founded ten years ago with the concept of providing PEO (Professional Employer Organization) services to the small and midsized business community in the NJ-NY metropolitan area with a strong commitment to work closely with Independent Insurance Agents & Brokers to distribute its products. By focusing on delivering high customer satisfaction and actively guiding our clients through the challenges of growing a business in this region, Extensis has delivered year over year growth since its inception. Now, it stands alone as the largest New Jersey based PEO providing Outsourced Human Resources, Administration, Benefits and Risk Management Solutions. www.extensisgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Allianz Life Donates $300,000 to Minnesota Charities MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life) today announced that its employees selected the American Cancer Society, Big Brothers Big Sisters of the Greater Twin Cities, Greater Minneapolis Crisis Nursery, and Helping Paws, Inc. as its primary corporate giving partners for 2008. In addition to making a cash donation of approximately $75,000 to each organization, Allianz Life is also committed to working with each organization on key community development initiatives throughout the year. http://www.allianzlife.com/CorporateCommitment Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. AXA Equitable Ranks #1 in Variable Annuity New Sales for 2007 NEW YORK, March 11 /PRNewswire-FirstCall/ -- AXA Equitable announced today that it ranked first in variable annuity new sales for the full year 2007, with a 20.2% increase in sales and 4.1% improvement in market share over 2006.* AXA Equitable is a sponsor of the Variable Annuities Knowledge Center (http://www.variableannuityfacts.org), an online resource aimed at helping consumers understand the facts surrounding variable annuities. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. GEICO launches iHeartCavemen.com site WASHINGTON--(BUSINESS WIRE)--To make good use of its creative approach to technology and to advance its popular Cavemen branding, GEICO has launched a new interactive mock dating portal, www.iheartcavemen.com. 301-986-3271 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Antares Management Solutions Selects Hyland Software's OnBase Antares' parent company, Medical Mutual of Ohio to benefit from streamlined processes, reduced costs, improved customer service CLEVELAND, March 11 /PRNewswire/ -- Hyland Software, developer of the OnBase document and process management software solution, has been selected by Westlake, OH-based Antares Management Solutions as the new provider of enterprise document management for Antares' parent company Medical Mutual of Ohio (MMO). http://www.AntaresSolutions.com http://www.onbase.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. China Life to Optimize Business Processes With SAP to Enable Growth Largest Life Insurer in China Selects SAP(R) for Insurance Solutions BEIJING, March 11 /PRNewswire-FirstCall/ -- Demonstrating ongoing leadership in providing innovative solutions to insurers worldwide, SAP AG (NYSE: SAP), today announced the largest life insurer in China, China Life Insurance Company Limited ("China Life") has selected SAP(R) for Insurance solutions to help the company quickly respond to the changing insurance market and create a stable platform for future growth and evolving business needs. With SAP's flagship enterprise resource planning (ERP) application, China Life aims to optimize its financial and human resource management processes, provide reliable support for its future operations and apply tools for better strategic decision-making on a unified, efficient and information-based platform. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. ILOG Enables Leading Insurer, Hiscox, to Support Business Growth and New Product Development Hiscox Implements ILOG JRules as Part of Its SOA Infrastructure BRACKNELL, England, March 11 /PRNewswire-FirstCall/ -- ILOG(R) (Nasdaq: ILOG; Euronext: ILO, ISIN: FR0004042364) today announced that Hiscox, a UK-based leading global insurer, is using ILOG JRules(R), a key offering in ILOG's business rule management system (BRMS) product line, to better support part of the company's growth objectives. ILOG JRules is used as part of its service-oriented architecture (SOA) initiative for a wide range of insurance processes, one of which is new product development. In using ILOG BRMS, Hiscox will be able to easily test and create new insurance products, rates and risk classification tiers much faster. http://www.ilog.com 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’s March CPCU eJournal Examines Mandatory Flood Coverage Solution MALVERN, PA, MARCH 11, 2008—The CPCU Society’s March CPCU eJournal, “Mandatory Flood Coverage: Including the Excluded,” examines a solution that would provide the proper coverage for most properties affected by flood perils so that every standard property insurance policy would include flood coverage. “Flooding is one of the major causes of catastrophes in the United States. However, flood insurance is not usually available from standard insurance carriers,” writes Greg Nelson, CPCU, AIM, of the CPCU Society’s Orange Empire Chapter, author of the March issue. “Flood events can be so destructive and involve so many properties that typical insurance companies can not provide coverage without threatening their solvency,” he continues. A past president of the Society’s Orange Empire Chapter, Nelson has served as the research committee chairperson for the last 11 years. He has written a number of research papers that have been published in the Journal of CPCU, CPCU eJournal, the Journal of Reinsurance, and CPCU Society Interest Group newsletters. He is a first vice president and reinsurance manager for the capital markets division of Washington Mutual Bank. “Flood events can occur virtually anywhere in the country. There is no area of the country that is not subject to a potential flood loss. Few property owners have bought insurance for flooding, and very few insurance companies even offer coverage for flooding. As a result, the government has become the primary source of “coverage” for flood losses. Taxpayers, instead of property owners, end up paying for a good portion of the costs of floods after the event has occurred,” writes Nelson. The CPCU eJournal, a monthly electronic publication available to CPCU Society members, provides a medium for the expression of opinion and the presentation of pertinent articles on subjects of interest to financial services and property and casualty insurance professionals. For more information, please contact Dawn Budetto at the CPCU Society at (800) 932-2728, Ext. 2739. Copies of the March issue of the CPCU eJournal can be downloaded from the CPCU Society’s web site at www.cpcusociety.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Beacon’s Fixed Annuity Premium Study Reports Fourth Quarter’s Fixed Annuity Sales Allianz Life Reclaims Sales Leader Status Evanston, IL, March 10, 2008—U.S. sales of fixed annuities were an estimated $17.4 billion in fourth quarter, 2007 according to new data from the Beacon Research Fixed Annuity Premium Study based on sales of 49 insurance companies representing an estimated 88% of the market. Overall sales were 4.1% above those of fourth quarter, 2006 but down 2.0% from the previous quarter. Estimated sales for calendar year 2007were $65.1 billion, a decrease of 9.0% from 2006. By product type, estimated sales in fourth quarter, 2007 were: book value - $6.9 billion; indexed - $6.3 billion; market value-adjusted (MVA) - $2.1 billion, and; immediate - $2.1 billion. These estimates reflect increases from the prior quarter in all product types except MVA annuities. Relative to fourth quarter, 2006, sales of immediate annuities were up 27.6%. There also were increases in indexed and book value sales of 10.5% and 2.5%, respectively. MVAs dropped 20.1%. www.annuitynexus.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Fed Again Takes Steps To Boost Market Liquidity Tue Mar 11, 2008 9:46am EDT WASHINGTON (Reuters) - The U.S. Federal Reserve said on Tuesday that with pressure mounting again in financial markets, it was expanding a securities lending program and will accept a broader range of securities as collateral. "Under this new Term Securities Lending Facility (TSLF), the Federal Reserve will lend up to $200 billion of Treasury securities to primary dealers secured for a term of 28 days...by a pledge of other securities, including federal agency debt, federal agency residential-mortgage-backed securities (MBS), and non-agency AAA/Aaa-rated private-label residential MBS," the Fed said in a statement. (Reporting by Glenn Somerville, Editing by Chizu Nomiyama) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Carlyle Capital shares dive as trade restarts Tue Mar 11, 2008 4:59am EDT AMSTERDAM (Reuters) - Shares in Carlyle Capital Corp Ltd fell almost 15 percent on Tuesday after trading resumed following their suspension last week. Shares in the affiliate of private equity firm Carlyle Group were suspended by Dutch regulator AFM last week after it lost more than half of its value when it warned its cash could run out. Carlyle Capital, or CCC, said late on Monday it has had "constructive" talks with its lenders as it seeks a standstill agreement. "Although the company has not received executed standstill agreements from its lenders, the company remains in active discussions with lenders who hold approximately $16 billion in securities," it said, adding that discussions "progressed throughout the day in a constructive manner." (Reporting by Reed Stevenson; Additional reporting by Ritsuko Ando in New York; Editing by Quentin Bryar) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Citigroup To Merge Japan Brokerage, Banking Units Tue Mar 11, 2008 7:21am EDT TOKYO (Reuters) - Citigroup said on Tuesday it would merge its brokerage and investment banking units in Japan, as the faltering U.S. bank looks to bulk up in the world's second-largest economy, despite cutbacks elsewhere. Citigroup, which lost $9.8 billion in the fourth quarter due to soured U.S. subprime loans, said it still planned an initial public offering of its fund management unit Nikko Asset Management, but no timing has been set. Even as the U.S. firm continues to falter under massive losses from subprime investments, Citigroup's chief executive in Japan, Douglas Peterson, said it would not alter its plan to build a united banking and securities group in Japan. (Editing by Elaine Hardcastle) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Countrywide Falls to 13-Yr Low on FBI Probe Reports Mon Mar 10, 2008 6:00pm EDT Learn to Trade with a FREE Guide.NEW YORK (Reuters) - Countrywide Financial Corp (CFC.N: ) shares dropped 14 percent to a 13-year low on Monday following reports the largest U.S. mortgage lender was being investigated by the FBI for possible securities fraud. The decline in the stock came even as Bank of America Corp (BAC.N: ), the No. 2 U.S. bank, indicated it will move ahead with its roughly $3.7 billion acquisition of Countrywide. (Reporting by Jonathan Stempel, editing by Maureen Bavdek/Jeffrey Benkoe) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. HSBC's South Korea Insurer JV Sees Double-Digit Growth Tue Mar 11, 2008 4:25am EDT powered by SphereSEOUL (Reuters) - HSBC's (HSBA.L: ) new South Korean insurance joint venture aims to grow net profit and assets by a double-digit figure within the next five years, aided by pension products and banking channels, its executives said on Tuesday. HSBC Holdings Plc (0005.HK: ) gained a toehold in the world's seventh-largest insurance market after it bought a 50 percent stake minus one share in the insurance unit of Hana Financial Group (086790.KS: ) for $58.4 million last year. ($1=972.4 Won) (Reporting by Kim Yeon-hee; Editing by Keiron Henderson © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. MBIA CEO--Credit Markets Are Wrong About Company Tue Mar 11, 2008 3:01am EDT NEW YORK (Reuters) - Some credit traders are betting that MBIA Inc (MBI.N: ) will default over the next year, but the company's chief executive said anyone believing the world's largest bond insurer is close to missing a payment on its own debt is wrong. The cost of protecting MBIA debt against default for a year in the credit derivatives market has surged, though some spreads have declined since January as MBIA has raised more than $2.6 billion of capital and preserved the top ratings at its main insurance unit. (Reporting by Dan Wilchins, editing by Gerald E. McCormick) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Gaps Seen By Education Level In U.S. Life Expectancy Tue Mar 11, 2008 9:37am EDT WASHINGTON (Reuters) - People are living longer in the United States but those with no more than a high school education are not sharing in the trend, researchers said on Tuesday. The education gap in expected lifespan dramatically widened in the 1980s and 1990s, in part because of smoking, according to the study by Harvard University researchers. From 1990 to 2000, life expectancy for people with at least some college education rose 1.6 years while remaining static for less-educated people. In 2000, those in the less-educated group could be expected at age 25 to live to about age 75 while those in the more-educated group could be expected to reach 82. (Editing by Maggie Fox and Bill Trott) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. New Legislation Reinforces The Need For Medicare Set-Asides In Bodily Injury Liability Claims Group Health Plans and Liability Insurers to be Held Responsible Tampa, Florida (March 11, 2008) – PMSI MSA Services, a unit of the nation’s largest provider of pharmacy and specialty products and services for workers’ compensation, commented today that through new legislation, Congress has reinforced the need to consider Medicare in all bodily injury liability cases. On December 29, 2007, the President signed into law the Medicare, Medicaid and SCHIP Extension Act of 2007. Section 111 (f) stipulates that bodily injury liability, No-Fault, and workers’ compensation insurance claims in which Medicare is the secondary payer must be reported to the Secretary of Health and Human Services. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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