Experienced Enrollment Manager
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Benefit Solutions in all shapes and styles. AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG American General is a leading employee benefit insurance company that deals with employer-funded, voluntary and supplemental products. Eligible candidates will have 3 to 5 years experience in new and renewal group enrollments, in a coordinator or leadership capacity. They should be comfortable with the set-up and details of laptop worksite product enrollments and have a current resident state Life and Health insurance license. This is a salary based position with additional incentive compensation. Expectations include: approximately 75% travel; recruiting and training new enrollers; projecting and meeting participation goals. For further consideration, please submit your resume to resumes@aigag.com with the position name in the subject line or fax to 732-922-7149. For more information about AIG, please visit the AIG Corporate Website at: http://aignet.aig.com/hr/careers.
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Life. 1. Subprime Writedowns Could Hit $285 Billion: S&P Thu Mar 13, 2008 12:04pm EDT NEW YORK (Reuters) - Subprime mortgage write-downs could reach $285 billion but an end to the write-downs is now in sight for large financial institutions, Standard & Poor's said in a report on Thursday. S&P's estimate of subprime write-downs is up from a $265 billion forecast it published in January. The rating agency said some subprime mortgage write-downs also are larger than any reasonable estimate of actual losses. "We believe that the largest players, such as Merrill Lynch & Co Inc (MER.N: ) and Citigroup Inc (C.N: ), have rigorously and conservatively valued their exposures to subprime asset-backed securities such that most of the damage should be behind them," S&P said in a statement. It noted, however, that the positive impact of subprime disclosures and write-downs is offset by worsening U.S. housing and credit markets. (Reporting by Nancy Leinfuss; additional reporting by Dena Aubin; Editing by Walker Simon) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. AIG Shares Fall Sharply On New Credit Jitters Thu Mar 13, 2008 11:22am EDT NEW YORK (Reuters) - Shares of American International Group (AIG.N: ) fell as much as 8 percent on Thursday on concern the world's largest insurer could face larger-than-expected losses from a credit derivatives portfolio that has already led it to $11 billion in write-downs. "AIG believes economic losses from its (credit default swap) exposures are unlikely to exceed $900 million. However, our analysis suggests losses of $3 billion, with downside to more than $13 billion if the fixed income crisis deepens," wrote Morgan Stanley analyst Nigel Dally in a research note. Default swaps are akin to an insurance policy on underlying securities, including collateralized debt that have exposure to the subprime mortgage crisis. Morgan Stanley's analysis of likely economic losses at AIG was related to a CDS portfolio managed by AIG Financial Products, which led the insurer to record its greatest-ever loss in the fourth quarter. On a quarterly earnings call with investors last month, AIG said by current estimates of a worst-case scenario, it could record losses on the swap portfolio of up to $900 million. "If the fixed income crisis deepens, these losses, coupled with escalating credit losses and lower earnings from segments exposed to the residential housing crisis, could lead to a capital shortfall at the company," Dally added, in the note. An AIG spokesman said he had no comment on Thursday's Morgan Stanley report. Morgan Stanley cut its AIG rating to "equal weight" from "overweight," and reduced its 12-month price target for the stock to $50, indicating a "meaningful risk of the stock trading down to book value ($38 at year end) or below in the short term if the crisis deepens." AIG shares were down $2.77, or 6.4 percent, at $40.88 on the New York Stock Exchange, after earlier touching $40.13. The stock is a component of the Dow Jones industrial average DJI. (Reporting by Lilla Zuill; Editing by Steve Orlofsky) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Towers Perrin Study Shows Business Leaders Appeared Confident in Ability to Manage Risk as Credit Crisis Loomed Study Sheds Light on Attitudes Toward Risk/Opportunity at Critical Juncture STAMFORD, Conn.--(BUSINESS WIRE)--Just as the current credit crisis and related economic issues began to emerge in the third quarter of last year, senior executives felt very confident about their ability to manage risk and opportunity, according to a newly released Towers Perrin study conducted at the time, in conjunction with the Economist Intelligence Unit. Given the current economic downturn, the study is a striking snapshot of attitudes among senior executive officers and chief financial officers at a decisive moment. “The findings and timing of this study -- especially in the context of the problems in today’s credit markets and within the broader economy -- underscore the challenges business leaders face in managing risk and opportunity,” said Mark V. Mactas, Towers Perrin’s chairman and chief executive officer. “With the benefit of hindsight we can say that many organizations underestimated risks or completely missed emerging risks, and that the levels of optimism and confidence the study revealed in the third quarter of 2007, when economic times were relatively good, were not justified.” While companies are roughly equally divided in whether they believe they are risk averse versus risk aggressive, the study shows that nine out of 10 executives believe they are as good as or better than their industry peers in managing risk and opportunity. The banking industry is the most confident about managing operational and strategic risk, and second only to the insurance industry about managing financial risk. “The most telling lesson of the study is that business leaders must maintain a consistent approach to risk and opportunity management through the inevitable shifts in business and economic cycles,” says Mactas. “This doesn’t mean rigid processes and compliance programs. It does mean a dynamic, long-term and tailored approach that pays attention to risks when times are good and to opportunities when times are bad, and that maintains a balance between seizing opportunity and managing risk every day. The ultimate goal of business, after all, is to thrive, not just to comply.” Among the 1,452 respondents to the global Web study were CEOs, CFOs, board members, presidents, managing directors and other senior executives of midsize and large companies across a range of industries, including insurance, banking, energy, health care, manufacturing, technology, retail, entertainment and professional services. The study sought to learn what senior business managers consider the greatest threats to the achievement of their business goals, the most significant opportunities, and how confident they are in their ability to manage the risks and exploit the opportunities. Participating executives were asked to rate each of 27 issues separately as to the extent they saw the issue as both a risk and an opportunity. For example, supply chain is a risk when disrupted and an opportunity to gain a competitive advantage when managed effectively. The 27 issues were divided into four categories: Strategic issues, including business model, strategy and execution Financial issues, including cost of capital, interest rates and credit Operational issues, including business processes and infrastructure People/workforce issues, including skills, attraction and engagement. In addition to the high degree of overall executive confidence, the study’s other insights included the following: CEO vs. CFO There are significant differences not only in how CEOs and CFOs view business forces as risks and opportunities, but also in how well they believe these risks and opportunities are being managed. In addition, they generally see the issues relevant to the other executive’s area of expertise as the riskiest. For CEOs, for example, the top two risks are financial -- cost of labor and credit risk. For, CFOs the two most important risks are strategic -- customers and business development. CEOs are far more confident about managing opportunities in the strategic (21 percentage point difference) and operational (17 percentage point difference) areas than CFOs, but less confident than CFOs in managing financial opportunities. But in all areas of managing risk, CFOs are more confident than CEOs, including wide margins in the financial (28 percentage point difference) and strategic (18 percentage point difference) areas. “This diversity of perspectives between CEOs and CFOs can actually be seen as quite healthy and should be exploited to ensure the organization has the necessary balance between risk and opportunity,” said Mactas. People/Workforce Issues Among the four business issue categories, people/workforce issues are seen as representing both the greatest risk to the achievement of business goals ( four percentage points more than financial issues) as well as affording the greatest opportunity (tied with strategic issues) for enabling business success. Specifically, the degree of employee engagement is seen as the leading overall people/workforce risk factor and the number two opportunity factor (behind only skills and experience). On a short-term basis, engagement ranks ahead of skills and experience as both a risk factor (nine percentage point difference) and an opportunity driver (12 percentage point difference). Despite their significance as a business success factor, people/workforce issues as a category are considered more poorly managed than financial, operational or strategic business forces, ranking last in both exploiting opportunities and managing risks -- the latter 10 percentage points below its closest competing force. “These findings are not surprising and square with Towers Perrin’s 2007 Global Workforce Study, which found that there is a definitive connection between how engaged employees are on the job and the financial performance of the company,” Mactas said. “That study also found that employees’ perceptions of senior management’s concern for their well-being was a major factor in driving employee engagement levels.” Global Consistency, Industry Diversity Senior leaders’ perspectives on risks and opportunities vary by industry and by how the firms differentiate themselves from competitors. On a global, cross-industry basis there is almost total consistency in the top five risks and the top five opportunities. Operational (business continuity) and strategic (customer demand, business development and competition) elements represent four of the top five risks and opportunities. Skills and experience round out the opportunity list; technology completes the risk factors. However, on the basis of industry orientation and competitive differentiation, some key differences emerged: The banking industry is most highly impacted by financial forces such as credit risk and interest rates. The top insurance industry risks are primarily strategic: competition, customer demand and business development. Manufacturing industries found their greatest risks to be financial (cost of commodities and labor) and operational (supply chain). Companies that compete on brand recognition were most concerned about operational (channels) and people/workforce (attraction and retention of key skills) factors. Businesses competing on customer service or on operational excellence saw their top risks as financial (cost of labor). “This reinforces the notion that there is no ‘one size fits all’ approach to risk management,” Mactas said. “Risk and opportunity management needs to be tailored to the company’s industry, its business strategy and its tolerance for risk.” Insurance Companies and Enterprise Risk Management Insurance companies that have the strongest enterprise risk management ratings (ERM) from Standard & Poor’s tend to be the least overconfident in their ability to manage risk and the most conservative in their willingness to accept risk. The study included 69 insurance industry participants, all of whom were rated by S&P in terms of the firm’s ERM capability -- weak, adequate, strong or excellent. As part of the study, the firm’s responses were correlated against its S&P ERM rating. Companies with “excellent” S&P ERM ratings tended to be more risk conservative. For example, only 14% of the “excellent” firms were more willing to accept risk than their industry peers versus 31% of other companies. These “excellent” companies also tended to be less confident about their ability to manage all risks and opportunities. “It’s especially instructive that the best-managed insurance firms temper their optimism and confidence with a structured approach to enterprise risk management challenges,” Mactas said. “This is a road map that business leaders in every industry, not just financial services, would do well to follow to achieve the optimal balance between risk and opportunity.” www.towersperrin.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. UnitedHealth Group Comments on Recent Market Activity MINNEAPOLIS--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) today issued the following commentary regarding recent market announcements and investor questions: UnitedHealth Group management is continuing to actively monitor a variety of trends affecting the sector. Factors the Company is assessing include: Membership trends in risk-based commercial markets and Medicare Advantage product offerings, including Special Needs Plans which serve higher acuity seniors; Benefit buy-downs and continued local pricing dynamics in commercial markets; U.S. Government data showing influenza and influenza-like illness running at high levels across all populations through the first two months of 2008; Medicare Part D plan performance; and, The impact of the Federal Reserve decision to reduce interest rates in the first quarter of 2008. Based on data from the first two months of 2008, the Company’s estimates of medical costs incurred in 2007 appear to have been accurate. Through the first two months of 2008, the commercial medical cost trend has performed consistent with the Company’s expectations, with the exception of a higher than expected impact from influenza. The Company also noted that the net unrealized capital gain position in its investment portfolio has continued to strengthen in 2008. The Company’s Enhanced Medicare Part D program performance is consistent with the Company’s plan for the approximately 100,000 participants in these offerings at UnitedHealth Group. As evidenced by recent market commentary, there may be pressure on first quarter and full year 2008 results. However, given that it is still early in the year, management believes it is premature to draw adverse conclusions. The Company expects to provide a full update at the time of the first quarter 2008 earnings release, which will be scheduled for Tuesday, April 22, 2008. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Florida Insurance Commissioner Mccarty Amends Citizens' Take-Out Procedures And Requires Policyholder Notification Of Offers From Private Insurance Companies Wednesday, March 12, 2008 Companies to Remove More Policies from Citizens TALLAHASSEE, Fla. - Florida Insurance Commissioner Kevin McCarty today signed an Order approving Citizens' take-out plans for the year and requiring Citizens Property Insurance Corp. (Citizens) to notify policyholders whose agents have refused to allow their policies to be removed from Citizens. The plans also provide for the first take-outs of commercial-residential or condominium association policies. Under current Florida law, companies approved to remove policyholders from Citizens, known as take-out companies, must first get permission from the policyholder's agent. If the agent is unable or unwilling to transfer the Citizens' policy to the take-out company, the policy stays in Citizens. As a time-saving measure, Citizens notifies take-out companies of agencies that will not agree to take-outs. Because take-out companies have been instructed to avoid selecting policies from these agencies that do not consent to take-outs, the policyholders may never know that a take-out offer was received. "Without requiring policyholders to be informed that they could be moved into the private market at or below their current premium, the take-out process fails to provide real consumer choice and is contrary to state objectives to reduce the exposure of Citizens," said Commissioner McCarty. "Thousands of Citizens' policyholders who may have been kept in the dark under the old process now will have the opportunity to decide for themselves if they wish to be removed from Citizens and placed with a private insurer." Beginning May 1, the Order requires Citizens to send all qualified policies to take-out companies for selection without instructing them not to choose qualified policies from a list of agents and agencies that have refused in the past. If the agent refuses the take-out, Citizens must notify the policyholder of their agent's refusal and provide the take-out company's contact information should the policyholder wish to be removed from Citizens. Commissioner McCarty also announced today that the Office of Insurance Regulation (Office) has approved the plans of 10 insurance companies to remove policies from Citizens over the next year. Some of the companies already have begun removing policies, and others will begin in April. Taken as a whole, the approved plans will remove over 400,000 policies from the state-run insurance company and place them in the private market. Florida law allows Citizens' policyholders, to refuse the offer and stay in Citizens. All of the take-out companies have agreed to offer the same or better coverage than the policyholder had with Citizens, and at the same or lower price. "Many of these companies are among the more than 20, licensed in Florida since 2006, that have brought over $3.4 billion in new capital into the marketplace," said Commissioner McCarty. "The fact that they are standing in line to remove hundreds of thousands of policies from Citizens is a testament to an increasingly competitive market." The 10 companies that have been approved to remove Citizens policies are: American Integrity Insurance Co. of Florida: 75,000 policies total; 34,812 removed to date. First Home Insurance Co.: 30,000 policies total; 10,788 removed to date. Landmark One Insurance Co.: 50,000 policies total; 10,995 removed to date. Florida Peninsula Insurance Co.: 80,000 policies total; 16,272 removed to date. HomeWise Preferred Insurance Co.: 62,000 policies total; 11,789 removed to date. Southern Oak Insurance Co.: 75,000 policies total; 6,678 removed to date. Homeowners Choice Property & Casualty Insurance Co.: 30,000 policies total; 9,548 removed to date. Northern Capital Insurance Co.: 20,000 policies total; 4,023 removed to date. Sunshine State Insurance Co.: 23,607 policies total; 4,412 removed to date. Argus Fire & Casualty Insurance Co. : 18,000 policies total. Policyholders receive a letter from the take-out company letting them know that their policy has been selected for removal from Citizens. The policyholders are requested to send an e-mail or return a portion of the letter if they want to refuse the offer and stay in Citizens. Non-homestead policyholders particularly have a higher assessment risk with Citizens than in the voluntary market. Therefore, most policyholders who receive such an offer will accept it. "The letter explains the policy removal process, so policyholders should read the letter carefully," added McCarty, "and, if they have any questions, they should work with their agent or contact the take-out company directly." www.floir.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. N.Y. Regulator Provides Update On Action To Stabilize Bond Insurance Market WASHINGTON, D.C. (March 13, 2008) — New York State Insurance Superintendent Eric Dinallo testified before the U.S. House Financial Services Committee on efforts to stabilize the bond insurance market and protect insurance consumers. “The best way to protect policyholders is to preserve the triple-A ratings of the bond insurers where that is possible,” Dinallo said. “So we have been facilitating additions to the capital strength of the bond insurers, not for their own sake, but to protect policyholders and help stabilize the broader economy.” The New York State Insurance Department, along with fellow state insurance regulators, has worked with insurers and interested stakeholders to bring additional capital and capacity to the market. The department is also working to address the needs of distressed companies and is considering regulatory changes to mitigate the issues raised by the recent insurer downgrades. Dinallo’s testimony highlighted these efforts and noted the entry of new, healthy guarantors that can provide market depth and should help the municipal bond market stabilize over time. “We continue to work with all parties, including the insurers, banks, financial advisors, private equity investors, rating agencies and federal officials,” Dinallo said, “to support efforts to strengthen the bond insurance market for all of its policyholders.” Click HERE to view the full text of Dinallo’s testimony. www.naic.org/press_home.htm. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Paulson: Time to toughen rules on mortgage brokers Thu Mar 13, 2008 9:53am EDT WASHINGTON (Reuters) - Treasury Secretary Henry Paulson on Thursday issued a call for U.S. financial institutions to raise capital quickly so they can keep lending and pledged tougher rules for the mortgage industry. "We are encouraging financial institutions to continue to strengthen balance sheets by raising capital and revisiting dividend policies; we need those institutions to continue to lend and facilitate economic growth," he said in remarks prepared for delivery at the National Press Club. Among recommendations from a top-level Presidential Working group that he heads, Paulson said he wanted "strong nationwide licensing standards" for mortgage brokers as part of a bid to ward off future housing crises and reassure investors. (Reporting by Glenn Somerville, Editing by Chizu Nomiyama,) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Carlyle Capital In Default, On Brink Of Collapse Thu Mar 13, 2008 7:14am EDT AMSTERDAM (Reuters) - An affiliate of U.S.-based buyout firm Carlyle Group has defaulted on about $16.6 billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors. Carlyle Capital Corp (CARC.AS: ), a fund listed in Amsterdam, said in New York on Wednesday that negotiations with lenders deteriorated late in the day after a drop in the value of its mortgage investments which it said would result in margin calls of $97.5 million on top of the $400 million it was already facing. A "successful refinancing is not possible," Carlyle Capital said, after trying for the past week to work out a deal with lenders to stave off bankruptcy. One of the world's largest private equity firms, The Carlyle Group owns a range of companies including TV ratings firm Nielsen, doughnut seller Dunkin' Brands and former General Motors unit Allison Transmission. According to CCC's annual report, counterparties for its repurchasing agreements as of the end of 2007 were Bank of America, Bear Stearns, BNP Paribas, Calyon, Citigroup, Credit Suisse, Deutsche Bank, ING, JP Morgan, Lehman Brothers, Merrill Lynch and UBS. (Additional reporting by Yinka Adegoke in New York, Umesh Desai in Hong Kong and Natalie Harrison in London; Editing by Quentin Bryar) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Goldman Cuts 20 From Quantitative Investment Team Thu Mar 13, 2008 11:39am EDT NEW YORK, March 13 (Reuters) - Goldman Sachs Group Inc (GS.N: ), where several of its quantitative funds plunged last year, says it has cut 20 out of 125 members of its quantitative investment team in New York. Among those pushed out were Vice Presidents Constantin Filitti, Bernd Hanke and Christopher Li in research; Max Belenitsky and Patrick McDonough, who helped implement trading strategies; trader Eric Tsang; and Michelle Bahk, portfolio coordination. Managing director Takahiro Komatsu will be moved elsewhere within Goldman. A Goldman spokeswoman confirmed the departures but declined further comment. Recently Goldman folded its long-only quant equity team, led by Bob Jones, into a hedge fund team led by Mark Carhart, manager of the bank's multi-strategy Global Alpha fund. Global Alpha's fell 40 percent last year, while the several computer-driven stock funds plummeted last summer amid unprecedented market turbulence. Goldman at one point orchestrated a $3 billion cash infusion to bolster Global Equity Opportunities. High turnover, and poor performance last year, has driven some customers away. Last month led the Massachusetts state pension fund to end a $1.2 billion contract with Goldman. (Reporting by Joseph A. Giannone, editing by Dave Zimmerman) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Buffett Succession Plan At Berkshire Gets A Twist Wed Mar 12, 2008 3:52pm EDT NEW YORK (Reuters) - There is a job change coming for an executive whom investors say could become the next Warren Buffett. David Sokol, widely considered among the top candidates to eventually replace Buffett as chief executive of Berkshire Hathaway Inc (BRKa.N: ) (BRKb.N: ), announced on Tuesday that he plans to step down as chief of Berkshire's utility unit MidAmerican Energy Holdings Co. He will remain chairman. Many investors consider Sokol and Ajit Jain, a top Berkshire insurance executive, candidates to eventually succeed the 77-year-old Buffett, whose $62 billion net worth according to Forbes magazine makes him the world's richest person. Buffett has said Berkshire has three internal candidates, including one who could step in immediately, and would like any successor to be young enough to stay on for 15 years. Buffett's son Howard would likely become chairman. Four other candidates are in the running to become chief investment officer. (Additional reporting by Dena Aubin and Patrick Rucker; Editing by Tim Dobbyn © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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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 11. National Atlantic Agrees To Be Taken Private For $6.25/Share Thu Mar 13, 2008 10:07am EDT (Reuters) - National Atlantic Holdings Corp (NAHC.O: ) said it agreed to be taken private by a New Jersey-based licensed insurance exchange, Palisades Safety and Insurance Association, for about $70 million in cash. Under terms of the agreement, each common share of National Atlantic will be canceled and converted into the right to receive $6.25 in cash per share, the property and casualty insurer said in a statement. As of November, 2007 the company had 11.03 million shares outstanding. The purchase price was at a premium of about 14 percent over Wednesday's closing price of the company's shares of $5.46. "The acquisition of National Atlantic by Palisades represents an outstanding opportunity to combine two of the leading New Jersey property-casualty insurers into a cohesive, highly competitive and efficient organization," Chief Executive James Gorman said in a statement. The company said it expects the merger to close in the third quarter of 2008. Shares of the company were trading up about 11 percent at $6.05 in morning trade on Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Benard Orr) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. New Study Debunks Old Myth; Coping With Change Eases With Age ... Boomers Confident They Can Handle Retirement Transition - Uncovers Key Driver Differentiating Pre-Retirees into Four Segments; Venturers, Adapters, Anchoreds and Pursuers - ST. PAUL, Minn., March 13 /PRNewswire/ -- The majority (65%) of working Americans aged 50+ are becoming more comfortable with change and uncertainty as they grow older according to a national study released today by SecurePath(SM) by Transamerica, a service of Transamerica Retirement Management, Inc. In fact, half (50%) say they are at their best during times of change and many say that change is exciting (50%). The study further finds that attitudes towards change in general can serve as a way of differentiating pre-retirees and identifies four key segments based on their "change profiles," Venturers, Adapters, Anchoreds and Pursuers. The new retirement study was commissioned by SecurePath by Transamerica and was conducted by GfK Roper Public Affairs & Media. The study explores the views of working Americans in their 50s about change, uncertainty, risk and retirement expectations as they prepare for and enter the next stage of their life. "The study certainly contradicts many long-held beliefs that as we grow older, we become more reluctant to change," said Will Prest, chief marketing officer of Transamerica Retirement Management, Inc. "The findings are encouraging particularly in an uncertain economic environment as they indicate that many pre-retirees are confident in their ability to cope even in challenging times." http://www.securepathbytransamerica.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Bermuda Market faces pricing pressure Senior figures in the Bermuda market have said the current round of softening rates will provide the first real test of the underwriting strategies of all but the most established of the island's entities. It is the first significant pricing pressure faced by the classes of 2001 and 2005 and while the strategies for dealing with declining rates have been drawn up for some time the January renewals and the next 12 months are seen as the acid test for many. "It will separate the underwriters from the cash flow companies," said one CEO in the special report which appears in the latest edition of Global Broker & Underwriter magazine which is published today. To read the magazine (no registration/password required) go to http://www.globalbrokermagazine.com/feb_march.html Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Massachusetts Workers’ Compensation Costs Per Claim Typical but Grew Rapidly, WCRI Study Reports CAMBRIDGE, Mass.--(BUSINESS WIRE)--Workers’ compensation costs per claim in Massachusetts were typical among 14 study states, but grew rapidly in four out of five study years, including a nearly 10 percent increase in 2005 claims evaluated in 2006. The study by Cambridge, Mass.-based Workers Compensation Research Institute (WCRI) found that the rapid growth in total costs per claim in Massachusetts in 2005/2006 was driven by rapid increases in medical costs per claim, as well as two new cost drivers in the most recent study year: indemnity benefits per claim with more than seven days of lost time and benefit delivery expenses per claim. Over the five-year study period, the average medical cost per claim with more than seven days of lost time increased, on average, nearly 11 percent annually, including a 12 percent increase in the latest year. Indemnity benefits per claim with more than seven days of lost time in Massachusetts increased 10 percent in 2005/2006, after little change in the prior two years. In addition to wage growth of 3 percent, a nearly one week increase in the average duration of temporary disability was the main contributor to the increase. The study can be purchased from the WCRI web site: www.wcrinet.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Zywave® Announces Expanded Agency Management System Options for Benefits Agencies Designed to offer insurance-specific prospecting and benefits account management, Zywave now offers BrokerageBuilder Express™, an application specifically tailored to address the needs of smaller agencies that want a shorter implementation time and require fewer users on the system. BrokerageBuilder™ and BrokerageBuilder Express™ offer a range of services for any size agency Milwaukee, WI, March 10, 2008. Zywave®, a leading technology provider of products and services for insurance brokers, announced today a new addition to BrokerageBuilder™, its Web-based, agency management system. Designed to offer insurance-specific prospecting and benefits account management, Zywave now offers BrokerageBuilder Express™, an application specifically tailored to address the needs of smaller agencies that want a shorter implementation time and require fewer users on the system. www.zywave.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
The Workplace Benefits Association has released the national schedule of their training and educational campaign for 2008 built around the concept of “doubling your voluntary benefits revenue stream.” There is no cost to attend these seminars for attendees who pre-register. “The concept is for a broker to be able to walk out of the meeting room and have in hand everything they need to immediately start the process of doubling their voluntary benefits income when they return to their office (product sources, scripts, & forms).
For more information or to register, please visit our website, or call 888-282-1765. 16. Phoenix Companies and Lockwood Capital Management Introduce First Income Guarantee on Retirement Assets Product provides lifetime income, regardless of market performance HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX), an innovative provider of life insurance and annuities, and Lockwood Capital Management, Inc. (LCM), an affiliate of Pershing LLC, today introduced a groundbreaking financial product that for the first time wraps a lifetime income guarantee around an investor’s managed account assets held in an LCM account. The insurance product will be available through LCM, a pioneer in asset allocation strategies for managed accounts. Lockwood Capital Management is a component of Pershing Managed Account Solutions. The product, known as Guaranteed Retirement Income Solutionssm (or GRISsm), guarantees predictable lifetime income payments regardless of the actual performance or value of an investor’s LCM account. It is available only for managed accounts that are invested in LCM’s Lockwood Investment Strategies Longevity Income Solutions (LIS2) asset allocation models. www.pershing.com www.bnymellon.com www.phoenixwm.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Allianz Germany pins hope on life sales in 2008 MUNICH, March 13 (Reuters) - Allianz (ALVG.DE: ) is banking on higher life insurance sales to bolster its domestic earnings this year in an intensely competitive market. Allianz Deutschland AG, the German subsidiary that generated about a quarter of the group's record 8 billion euro ($12.5 billion) net profit last year, has been slashing jobs and reorganising to boost profitability amid falling premiums for property and casualty insurance. "In 2008, we will buck industry expectations and try to raise premium income in life insurance even further," Allianz Deutschland Chief Executive Gerhard Rupprecht said in a statement. Allianz said the changes should make it better able to weather big claims, such as those from winter storm Emma which struck Europe at the start of the month. It expects a claims burden of more than 200 million euros before tax from the storm, with about 100-200 million euros from Germany alone. This month, the world's second-biggest reinsurer, Munich Re (MUVGn.DE: ), estimated the insured market loss from the storm would be around 1 billion euros. (Writing by Jonathan Gould; Editing by David Hulmes) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Report sparks debate over UK motor insurer profit LONDON, March 13 (Reuters) - Britain's motor insurers are set to make a small profit in 2009, reversing 14 years of unprofitable business, an independent report showed on Thursday, fuelling a fresh debate over the state of the UK market. Private motor insurers have long seen UK premiums kept under pressure by cut-throat competition, despite the escalating cost of claims as car repairs, health and legal fees rise. Market experts, however, differ on their forecasts for the future. Royal Bank of Scotland (RBS.L: ), the country's biggest motor insurer, and others have indicated they see the tide turning, but rivals like Admiral (ADML.L: ) warn the pace of change is still very slow, with competition from price comparison websites eating into insurers' profits. Thursday's report by independent market analysts at Datamonitor -- which forecast a 30 million pound ($60.4 million) underwriting profit for the sector in 2009 -- was immediately contested by AA Insurance, which said it saw no sign of claim costs slowing. To reach a profit by 2009, the AA said, the industry would have to raise premiums by at least 20 percent over the next two years. (Reporting by Clara Ferreira-Marques; editing by Elaine Hardcastle) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. 2008 Non-U.S. Edition of Best’s Insurance Reports Released OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has released the 2008 edition of Best’s Insurance Reports® – Life & Non-Life, Non-US. This update is the first of two yearly data flows that provide subscribers with the latest ratings and reports on insurers in more than 80 nations. www.ambest.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. Mission Critical: Symetra Now Offers Critical Illness Payouts with Select Benefits Medical Package BELLEVUE, Wash.--(BUSINESS WIRE)--Symetra Life Insurance Co. announced today the expansion of its limited benefit medical package to include payments for certain types of critical illnesses. Under the enhanced offering, insureds can receive a lump sum payment from Symetra when they are first diagnosed with a covered serious condition. This makes Select Benefits one of the only limited benefit medical coverages available with a critical illness feature in addition to the policy’s standard benefits. Symetra expanded the benefits package in response to the growing need for a critical illness component to a limited benefit medical policy. www.symetra.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. The Bank of New York Mellon's Pershing Unit Introduces Income Guarantee on Retirement Assets Revolutionary Solution from Lockwood Capital Management, Inc. and Phoenix Subsidiary Provides Lifetime Income Regardless of Underlying Account Performance MALVERN, Pa., March 13 /PRNewswire-FirstCall/ -- Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has introduced Lockwood Investment Strategies Longevity Income Solutions (LIS(2)), a groundbreaking financial solution that wraps a lifetime income guarantee from the PHL Variable Insurance Company, a subsidiary of The Phoenix Companies, Inc. (NYSE: PNX), around an investor's managed account assets. This new offering is a component of Pershing Managed Account Solutions and is offered through Pershing's affiliate, Lockwood Capital Management, Inc. (LCM). The Securities and Exchange Commission declared the registration statement of the income guarantee offered by Phoenix effective March 12, 2008. www.phoenixwm.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Austin Mutual Insurance Co. Joins Trusted Choice® Austin Mutual is 48th Trusted Choice® Company Partner ALEXANDRIA, Va., March 12, 2008— Austin Mutual Insurance Company is the latest independent agency system insurance group to join the Trusted Choice® consumer brand movement. Headquartered in Minneapolis, Minn., Austin Mutual has been providing personal and commercial lines insurance coverage for more than 110 years. Austin Mutual currently writes in nine states, including Arizona, Idaho, Minnesota, Montana, Oregon, South Dakota, Utah, Washington and Wisconsin. Austin Mutual has built an excellent reputation through competent management and diligent customer service and stands by their mission to build value and security for the lives of their policyholders by sustaining a profitable growth oriented organization. More information can be found on the company's web site at www.austinmutual.com/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Markel American Insurance Company Announces Enhancement of Markel High Performance Program on MAGIC System Waukesha, WI, March 12, 2008 - Markel American Insurance Company today announced the enhancement of their Markel High Performance Insurance program that provides coverage for boats with speeds up to 120 mph. This program, the longest-running program for insuring high performance boats, joins their other Specialty Personal Lines, such as motorcycle and various boat products, providing essential coverage to enthusiasts. www.markelmarine.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. New York Life Launches New Web Section Focused On Women And Finance Company Offers Kit to Help Organize Finances, Site Provides Guidance for Families NEW YORK, N.Y., March 12, 2008 — New York Life Insurance Company today announced it has launched a site for women consumers, www.newyorklife.com/womenandfinance that provides easy access to detailed information and organizational tools for helping meet financial goals. The site focuses on the top concerns for women including planning for retirement, creating financial protection for their families, saving for their children’s education, and dealing with life’s major financial challenges. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Free Tip Sheet Offers Pros and Cons of Five Different Ways of Teaching Claims Writing at Insurance Companies MARCH 17th. PORT WASHINGTON, NY-- Almost every claims executive will agree that claims correspondence across America could be a lot better. Few executive agree, though, on the one best method in which to impart words of wisdom to the harried -- and often writing-challenged -- claims professionals who spend their lives writing denial letters, reservation of rights letters, summaries of conversations, letters to attorneys and countless other documents. Help is on the way. The Communication Workshop has just published a free tip sheet that reviews the pros and cons of each of the most common claims writing training options. These include online classes, internal or in-house training, classes led by outside vendors, and classes at local colleges. It even gives the pros and cons of no claims writing training at all. Since major insurers are constantly being rated on the quality of their departments' communications, this tip sheet can help people make informed decisions about spending those precious training dollars. This brief tip sheet looks at costs, benefits, return on investment, and effectiveness of each method. It also solicits reader input for a larger report to be published in the Fall. For your FREE tip sheet, call Gary Blake, Director of The Communication Workshop, at 516-767-9590 or e-mail: garyblake@aol.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Zurich Services Corporation collaborates with OSHA Fast Fix Schaumburg, Ill., March 12, 2008 – Zurich Services Corporation’s risk engineering division is collaborating with OSHA Fast Fix to help Zurich customers improve workplace safety, address the causes of accidents and reduce workers’ compensation claims. Under this arrangement, Zurich in North America offers customers a private labeled “Zurich Safety Plans” solution with industry-specific safety plans tailored to individual business’ needs. These plans provide a foundation for the business to implement their own effective workplace safety program. www.oshafastfix.com Zurich co-branded link: www.zurich.oshafastfix.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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