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Monday
05/12/08
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Your Insurance News "Strategic
Relationship" |
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Read online at
www.insurancebroadcasting.com.
Read daily by
over 450,000 insurance industry
subscribers.
Walt Podgurski, CLU, CES, Publisher & Editor
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VOLUNTARY BENEFIT EXPERTS
There’s no such thing as a turnkey voluntary benefit program. That’s why
Unum has a dedicated team of experts — experienced professionals who
collaborate with you to help make voluntary benefits easy. From plan
design and account setup to employee education, enrollment and claims
support — we’re with you every step of the way. To learn more, visit
unum.com/voluntary.
| © 2008 Unum Group. All rights
reserved. Unum is a registered trademark and marketing brand of
Unum Group and its insuring subsidiaries. Insurance products
underwritten and services offered by the subsidiaries of Unum.
NS08-108 (4-08) |
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Daily Quote:
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all the brains that I have, but all that I can borrow." - - Woodrow
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© 2008 Patriot Health Inc. |
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Workplace Benefits Mania
2008
July 28, 29 & 30 - Caesars Palace, Las Vegas, NV
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Industry "Movers & Shakers" Attendees |
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1.
Banks That Sold
Insurance Were More Profitable In 2007 |
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Mamaroneck,
NY—May 8 2008: Banks that sell insurance make more money than
banks that don’t.
That’s one
conclusion from an examination of 2007 bank data by the Bank
Insurance Market Research Group (www.singerpubs.com).
Examining FDIC
call report data, the Mamaroneck, New York-based research group
found that banks with some insurance activity had 44 percent
higher (median) net income in 2007.
Moreover, this
trend toward higher (median) net income persisted in all
asset-size groups. Among banks with $10 billion or more in
assets, for instance, banks with some insurance activity in 2007
scored 15 percent higher in (median) net income (see table
below).
“The data
suggests that pursuing a diversification strategy—of which
insurance brokerage is often a key part—may have paid off for
banks in 2007,” said Andrew Singer, Managing Director of the
Bank Insurance Market Research Group, “particularly at a time
when banks’ traditional income sources are under pressure. An
insurance agency business can help smooth out earnings and act
as a hedge against interest-rate volatility.”
Overall, the
median net income at 7,787 operating banks and savings banks was
$1,071,000 in 2007. The median at 3,596 banks and savings banks
that reported some insurance activity—less than half (44%) of
the total number of banks—was $1,543,000.
The largest
discrepancy was in the smallest banks. Median net income at
5,533 banks with assets less than $250 million was $655,000 in
2007. (That is, the middle ranking bank in this asset-size group
reported $655,000 in profits.) Among the 2,377 with some
insurance activity, however, the median was $919,000—40 percent
higher.
The ratio of
noninterest income to total bank revenues among all 7,787 banks
was 14 percent. At banks with some insurance activity, this
closely watched ratio was 17 percent.
A fuller
analysis will be presented in BIMRG’s upcoming Who’s Who in Bank
Insurance. |
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2.
Citigroup Aims To Sell
$400 Billion Of Assets |
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PHILADELPHIA (Reuters) - Citigroup Inc, the largest U.S. bank, said on
Friday it aims to shed $400 billion of assets -- nearly 20 percent of
its total -- over the next two to three years to become more efficient
and profitable.
Citi's newly installed chief executive, Vikram Pandit, has faced demands
from investors that he slash costs, shed poorly performing businesses
and even split up the bank.
Some investors view Citi, built over two decades by Sanford "Sandy"
Weill, as too big to govern, a charge that Pandit's predecessor, Charles
Prince, routinely rejected.
Citi, hit hard by the subprime mortgage meltdown and ensuing turmoil,
said it has about $500 billion of "legacy assets," and it expects to
pare those to less than $100 billion within two to three years.
Pandit, at a presentation to investors and analysts, said he sees three
stages for Citi: getting fit, restructuring, and maximizing the company.
These stages, though, will take time, he cautioned.
"It's a net positive for Citi just to shrink. It's too big for
management to get their hands around. No one could possibly go into that
situation and quickly and completely understand all the nuances of such
a sprawling business," said Henry Asher, president of Northstar Group, a
New York-based money manager.
"There's no shortage of brain power, but how good is the decision
making? The banks that are doing the best today are run by bankers. Look
at Jamie Dimon and JPMorgan -- that shows that it's possible to be done
and done well," Asher said.
The restructuring could improve the bank's results early, but the
overall program will require patience, Pandit said.
Since late last year, Citi has recorded more than $45 billion of
write-downs and credit losses, raised more than $40 billion of new
capital including $2 billion of preferred shares this week, and slashed
its dividend 41 percent.
Investors have in recent weeks grown increasingly hopeful that the U.S.
financial sector is nearing the end of its difficulties after being
slammed over the past year by the U.S. subprime mortgage market meltdown
and ensuing turmoil in global financial markets.
"In the best of all possible worlds, you buy low and sell high. Here,
they are selling when they have to," Asher said. "I'm sure they will do
their best to create interest in each asset sale, but I don't see them
having the strong hand. Whatever buyers are out there have more
negotiating power."
The company also said it planned to add private bankers and offices for
high net worth clients around the world.
(Reporting by Jonathan Stempel, Herb Lash and Kristina Cooke in New
York, Doris Frankel in Chicago, and Jessica Hall in Philadelphia;
Editing by Steve Orlofsky)
©
Thomson Reuters 2008 All rights reserved |
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3.
Insurer AIG Has $7.8
Bln Q1 Loss, To Raise Capital |
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By
Lilla Zuill
NEW YORK (Reuters) - American International Group Inc (AIG.N:), the
world's largest insurer, posted its largest ever quarterly loss on
Thursday after writing down assets linked to subprime mortgages, and
said it would raise $12.5 billion to strengthen its balance sheet.
The weaker-than-expected results marked the second consecutive quarter
AIG posted record losses, and sent AIG shares down nearly 8 percent in
post-market trading.
The company said it was replacing its chief financial officer, as
operating income weakened across much of the company.
AIG is the latest in a procession of companies to write down bad assets
and raise more capital. Analysts estimate companies globally have
recorded more than $300 billion of write-downs and raised more than $200
billion of fresh capital.
Amid the losses and write-downs, AIG's shareholders' equity, an
accounting measure of the company's net worth, dropped 17 percent to
$79.7 billion from the end of 2007 through the end of March.
The shares dropped 7.7 percent in after-market electronic trading to
$40.75, after closing down 2 percent in the regular session to $44.15.
(Additional reporting by Dan Wilchins; Editing by Andre Grenon)
©
Thomson Reuters 2008 All rights reserved |
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4.
AIG See No Rebound Yet
For Subprime Securities |
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NEW YORK (Reuters) - American International Group (AIG.N:) on Friday
told investors that the structured credit market for residential
mortgage securities, including subprime, does not appear to have
rebounded.
"We don't see any precise evidence to date that those markets have
rebounded," said Steve Bensinger, who it was announced yesterday will
step aside as chief financial officer to assume a new post.
Late on Thursday, the world's largest insurer reported a record loss of
$7.8 billion, largely as a result of writing down assets that have links
to subprime mortgages.
The company has said it expects much of the costly revaluation of these
securities to "reverse" over time, as market conditions improve.
(Reporting by Lilla Zuill, editing by Gerald E. McCormick)
©
Thomson Reuters 2008 All rights reserved |
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5.
AIG Says Rating Cuts To
Raise Costs |
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Fri May 9, 2008 10:55am EDT
NEW YORK (Reuters) - American International Group said on Friday two
rating agency downgrades will likely increase funding costs for some of
its businesses, and has required it to post $1.6 billion more in
collateral.
The one-notch downgrades by Standard & Poor's and Fitch followed AIG's
report on Thursday that it suffered a record first-quarter net loss of
$7.8 billion, driven by a costly write-down in the market value of
assets linked to subprime mortgages.
The earnings report came after the stock market close and sent AIG
shares down $3.06, or nearly 7 percent, to $41.09 in Friday morning
trade on the New York Stock Exchange.
"A
one-notch downgrade of the holding company is very manageable for us,"
AIG Chief Executive Martin Sullivan told investors on a conference call.
"Importantly, both agencies kept the financial strength ratings of our
insurance company subsidiaries at the "AA-plus" level, which is most
important to us"
AIG, the world's largest insurer, announced plans on Thursday to raise
$12.5 billion to boost its balance sheet.
(Reporting by Lilla Zuill, editing by Dave Zimmerman and John Wallace)
©
Thomson Reuters 2008 All rights reserved |
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WHY ATTEND?
This year’s topics include:
• Beltway
insiders’ views on the post-election legislative landscape for
healthcare
• Carrier / Product Showcase
• Consumers & Branding
• Agency CEOs-Only Forum
• Networking events throughout
KEYNOTE SPEAKERS
• Karen Ignagni, President & CEO, AHIP
• George Olsen, JD, Lobbyist at Williams & Jensen
(Washington, DC)
• Frank Abagnale, Identity Theft (subject of the movie “Catch Me If You Can”)
WHO ATTENDS?
The leading Agents/TPAs/Brokers and Companies in the
affinity and direct marketing arenas
SHOULDN’T YOU BE THERE TOO?
Register today. Early Bird Discount -
Save $100 by registering before June 9, 2008
For information: pima@pima-assn.org • 817-569-PIMA (7462) •
www.pima-assn.org
|
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For more than 30 years the Professional Insurance Marketing Association
(PIMA) has been the premier networking, educational and resource forum
for leaders in the insurance direct marketing industry - serving
associations, employers, financial
institutions and other groups. |
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6.
Greenspan Says Worst Of
Credit Crisis Over: Sources |
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Thu May 8, 2008 3:48pm EDT
NEW YORK (Reuters) - Former Federal Reserve Chairman Alan Greenspan
said on Thursday that the worst of the credit crisis is over, according
to sources who attended a speech he delivered in New York.
Greenspan also said house prices still had a long way to fall and that
it was unlikely they would stabilize by year-end, according to meeting
attendees who provided Reuters details of the speech at the Alternative
Public Strategies Conference.
Conference organizers said Greenspan had requested that members of the
media intending to cover his speech could only do so in their personal
capacity and would not be allowed to report on whatever he said.
As
chairman of the Fed, Greenspan oversaw the reduction of interest rates
to as low as 1 percent, which some critics charge provided fuel for the
real estate bubble. Greenspan has vehemently rejected assertions that he
is the cause of the problem.
The attendees, who declined to be identified by name, said Greenspan
mentioned that U.S. growth was likely to be sluggish for an extended
period of time and that a so-called doomsday scenario was unlikely to
materialize.
The U.S economy is reeling from a housing-led slowdown, with some
analysts convinced it is already in a recession despite a 0.6 percent
growth rate in the first quarter.
(Reporting by Lucia Mutikani; Editing by Jonathan Oatis)
©
Thomson Reuters 2008 All rights reserved |
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7.
Bear Stearns says new
suit seeks to block merger |
|
Thu May 8, 2008 3:33pm EDT
NEW YORK (Reuters) - Bear Stearns Cos Inc (BSC.N:) disclosed on Thursday that some shareholders want a federal
judge to block the troubled investment bank's impending takeover by JPMorgan Chase & Co (JPM.N:).
According to a filing with the Securities and Exchange Commission, Cohen
v. The Bear Stearns Coswas filed in Manhattan Federal Court. Plaintiffs
seek permission to file a motion that would stop the merger.
This suit is separate from a shareholder lawsuit filed in New York State
court that also wanted to stop the controversial bank merger.
On
Wednesday, the state suit plaintiffs withdrew a motion to prevent
JPMorgan from voting a large block of shares it acquired on April 8
during the May 29 special shareholder meeting.
The state suit will still go forward, although it is now focused on
winning as much as $2.8 billion of damages for Bear investors.
(Reporting by Joseph A. Giannone; Editing by Andre Grenon)
©
Thomson Reuters 2008 All rights reserved |
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8.
Prime Brokers Will
Generate Over US$11 Billion in Revenues from Hedge Funds in 2008, a 15%
Increase over 2006, Says TABB Group in its Fourth Annual Benchmark
Industry Research Study |
|
International Research Firm Estimates that Industry Revenue from
Financing, Stock Loans and Other Prime Services to Surpass Other
Institutional Business Lines by 2010
Although 44% of Funds Cite Volatility’s Negative Impact, Hedge Funs Plan
to Open as Many as 800 Offices around the Globe, Launch New Funds and
Trade New Markets
NEW YORK--(BUSINESS WIRE)--Growing enthusiasm for hedge funds to the
tune of $1.8 trillion in the US alone, paired with a profitable fee
structure and positive returns, has given the hedge fund industry the
capital to extend its influence. As the snowball effect of assets and
profits turns into an avalanche, competition for hedge funds’ business
continues to grow fiercer. According to TABB Group in its fourth annual
benchmark industry research study published today, “Hedge Funds 2008:
Perspectives on Prime Brokerage, Volatility and Expansion,” prime
brokerage units “will reel in more than $11 billion revenues from hedge
funds in 2008, a 15% increase over 2006.”
Matthew Simon and Monica Schulz, research analysts and co-authors of the
study, add “TABB Group estimates industry revenues generated from
financing, stock loan, custody and other prime services will surpass
other institutional business lines by 2010, in particular the cash
equity business, which is hovering around $12 billion a year.”
While the current credit crisis has already exposed the Achilles’ heel
of many companies while simultaneously enriching the few, hedge funds
have proven to be fashionably client-oriented, pro-actively calling
clients and arranging face-to-face meetings to diffuse concerns and
avoid panic. In fact, write Simon and Schulz, although “more than 40%
reported that volatility negatively impacted returns,” the majority of
funds plan to reduce or maintain near-term exposure. In addition, they
are planning on a continued expansion of their business, including
opening up offices around the globe, as many as 800 depending on market
conditions, launching new funds and trading new markets.
The research can be downloaded by TABB Group Research Alliance Equity
clients and qualified media at
https://www.tabbgroup.com/Login.aspx. To request an executive
summary or to purchase the report, please visit
http://www.tabbgroup.com or write
to info@tabbgroup.com.
|
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9.
Hedge Funds Continue To
Outperform Equities For The Year |
|
Greenwich, CT, USA, May 9, 2008 – The Greenwich Global Hedge Fund Index
(“GGHFI”) returned +1.68% in April, rebounding from a -2.05% loss in
March. Year-to-date, the GGHFI has posted a return of -1.40%,
outperforming the S&P 500, MSCI World Equity, and FTSE 100 indices which
have year-to-date returns of -5.03%, -5.03%, and -5.72%, respectively.
74% of constituent funds in the GGHFI ended the month with gains.
“Rebounding global credit and equity markets are evident in the returns
of hedge fund managers this month,” notes Margaret Gilbert, Managing
Director. “Seven of the Greenwich sub-strategy index groups now exhibit
positive year-to-date performance.”
The April Index currently includes 1048 constituent funds. Final April
results will be posted at
www.greenwichai.com in early May, once additional funds have
submitted returns.
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10.
Workers’ Compensation
Costs Per Claim in Louisiana Higher Than Most Other Study States, Finds
New WCRI Study |
|
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Workers’ compensation costs per claim
in Louisiana were 28 percent higher than the median of 14 study states
for a similar set of 2003/2006 claims, according to a new study by the
Cambridge, Mass.-based Workers Compensation Research Institute (WCRI).
All components of overall costs per claim were higher in Louisiana than
in the other study states – medical payments per claim, indemnity
benefits per claim with more than seven days of lost time, and benefit
delivery expenses per claim.
The average medical payment per claim in Louisiana was 44 percent higher
than the 14-state median for claims arising in 2003 with experience
through the first quarter of 2006. This was largely due to higher-than
typical prices for nonsurgical physician services and for hospital
outpatient services, as well as more-frequent physician office visits
and diagnostic tests, and more visits to physical/occupational
therapists, according to another WCRI study, The Anatomy of Workers’
Compensation Medical Costs and Utilization in Louisiana, 6th Edition.
The report can be ordered on the WCRI web site:
www.wcrinet.org.
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11.
Willis Opens New
Captive Operation in Malta |
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London, UK, May 9, 2008 – Willis Group Holdings (NYSE: WSH), the
global insurance broker, has announced the opening of a new captive
management operation, Willis Management (Malta) Ltd. This expansion is
in response to growing captive insurer and third party writer
opportunities, as Malta establishes itself as a leading financial
centre. Headed up by Mark Bromell, Managing Director, the new Malta
company has already won its first client, Biffa.
www.willis.com |
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12.
Assurant Specialty
Property Launches New Web Site to Support Renters Insurance Program |
|
ATLANTA, GA -- Assurant Specialty Property, a leading provider of
lender-placed property insurance, collateral protection programs and
renters insurance, has launched an enhanced Web site –
www.assurantrentersinsurance.com – to provide increased support to
property managers and residents who participate in its renters insurance
program.
The new Web site features detailed information about the company and the
renters insurance program as well as interactive tools for existing
property management clients and renters insurance customers.
For more information on this program, please contact Assurant Specialty
Property at 800.852.2244, ext. 36009, or visit,
www.assurantrentersinsurance.com. |
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13.
Benefit Enrollers Find
Employment With ENROLLMENT LINK |
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Niche Specialists Access 50 Potential Assignments A Year
Cleveland, OH - - 05/10/08 - - The Workplace Benefits Association is
pleased to announce that it is on pace to provide their members with
over 50 potential enrollment assignments in 2008.
Many enrollers join the Workplace Benefits Association for this one
service!
For a small one-time fee, when an insurance company, vendor, or broker
has a case that requires enrollment assistance, a private communication
is sent to the 6,000+ members. The information is distributed via
e-mail, so the opportunity is communicated almost immediately.
The enrollers and enrollment firms who think they match the criteria
established and may be interested in pursuing the opportunity contact
the insurance company, vendor, or broker directly. The Workplace
Benefits Association is not a licensed entity and is not involved in the
revenue stream in any way, does not receive an override, etc.
Does it work? Absolutely! It connects organizations that want
experienced and qualified enrollment assistance with experienced and
qualified enrollers.
More information can be found at
http://www.workplacebenefits.org/el.htm, or you may call the
Workplace Benefits Association at 888-282-1765. |
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14.
Mt. Washington Expands Home Insurance Choices for New Hampshire
Homeowners |
|
New discounts and more coverage options bring great values.
Concord, N.H.--May 8, 2008 -- Mt. Washington Assurance Corporation
introduced its newest home insurance programs this week in a series of
meetings with independent insurance agents who represent the company for
home and auto insurance.
“New Hampshire consumers asked for broader coverage for identity-theft
resolution, credit-card fraud, and personal property protection, and
we’ve responded with the Mt. Washington Peak Protection Program, which
also includes guaranteed replacement cost on the home,” said Rich
Middleton, New Hampshire General Manager. “The Peak Protection Program
offers a comprehensive level of protection that is very competitively
priced for homes valued up to a million dollars.”
www.mwac.com |
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|
15.
Benfield Opens Office
in Puerto Rico
|
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The first reinsurance intermediary to open an office on the island
Benfield, the world’s leading independent reinsurance and risk
intermediary, today announced the opening of an office in San Juan,
Puerto Rico (Benfield Puerto Rico) to service its growing customer base
on the island.
Benfield has been serving the island’s insurers, reinsurers, independent
insurance brokers and Managing General Agents for over 30 years and is
recognized as one of the leading reinsurance intermediaries in Puerto
Rico. Andres Piccinoni has been appointed as the Chief Executive
Officer of Benfield Puerto Rico.
www.benfieldgroup.com/media
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16.
Stability In Workers’
Compensation Insurance Market Forecasted
|
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No
Interim Pure Premium Rate Advisory for First Time in More Than
Half-Decade
SACRAMENTO - Today Insurance Commissioner Steve Poizner announced that,
for the first time in six years, an interim pure premium rate advisory
will not be issued by the California insurance commissioner because of
market strength. In the past, the insurance commissioner issued the
advisory after receiving a recommendation by the Workers’ Compensation
Insurance Rating Bureau (WCIRB). However, the California Department of
Insurance (CDI) did not hold its pure premium rate advisory hearing this
week because the WCIRB did not file an interim pure premium rate earlier
this year.
The pure premium rate advisory is a recommendation used by the workers’
compensation insurance industry as a benchmark for filing its rates.
|
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|
17.
Aon Re Global Acquires
Peruvian Reinsurance Intermediary Cosegur Re |
|
CHICAGO, May 8, 2008 /PRNewswire -- Aon Re Global,
the world's largest provider of reinsurance brokerage and capital
solutions and a unit of Aon Corporation (AOC) , today announced it has
acquired Peruvian reinsurance intermediary Cosegur Re, offering clients
in Peru greater access to worldwide reinsurance markets and Aon Re
Global's industry-leading catastrophe modeling and servicing
capabilities.
The acquisition of Cosegur Re, the largest reinsurance intermediary in
Peru, offers Aon Re Global and its clients in Central and South America
additional expertise, particularly in the areas of life and marine
reinsurance.
Terms of the agreement, which closed May 2, were not disclosed.
http://www.aon.com/ |
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|
18.
StanChart, ING Win
S.Korea Brokerage Rights |
|
SEOUL, May 9 (Reuters) - Standard Chartered (STAN.L:) (2888.HK:) and the
Industrial Bank of Korea (IBK) (024110.KS:) have won preliminary
approval to offer full-scale brokerage services in South Korea, the
country's regulator said on Friday.
ING Bank of the Dutch group ING Groep NV (ING.AS:) (ING.N:) also
obtained the green light for stock trading, a lower level than
full-scale broking, the Financial Services Commission said in a
statement.
(Reporting by Kim Yeon-hee; Editing by Jonathan Thatcher
©
Thomson Reuters 2008 All rights reserved |
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19.
INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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Lightning bolts appear above and around the
Chaiten volcano as seen from Chana, some 30 kms (19 miles) north
of the volcano, as it began its first eruption in thousands of
years, in southern Chile May 2, 2008. Cases of electrical storms
breaking out directly above erupting volcanoes are well
documented, although scientists differ on what causes them.
REUTERS/Carlos Gutierrez |
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A street vendor holds a recently
issued Zimbabwe $250-million note in the capital Harare May 10,
2008. The Zimbabwe's central bank released the new Z$100-million
and Z$250-million notes this week in its latest attempt to ease
the effects of hyperinflation.
REUTERS/Philimon Bulawayo
|
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Hezbollah imposes control on Beirut. Smoke rises
from the Future TV studios after it was set ablaze by opposition gunmen
from the Syrian Socialist Nationalist Party in the coastal Raoushe in
Beirut May 9, 2008. REUTERS/Khalil Hassan
Read Entire Story!!! |
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Fireworks explode over the Yennisei River marking
World War II victory day in the Siberian city of Krasnoyarsk May 9,
2008. President Dmitry Medvedev warned on Friday against "irresponsible
ambitions" that lead to war as tanks and missile launchers rumbled over
Red Square in a show of Russian fire-power not seen since the fall of
the Soviet Union. REUTERS/Ilya Naymushin (RUSSIA) |
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World War II veterans rest after a commemoration
ceremony 30 km (18.6 miles) from Russia's southern city of Stavropol,
Russia, May 8, 2008. REUTERS/Eduard Korniyenko |
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Bullfighter Anton Cortes is tackled by a bull
during a bullfight at the Ventas bullring in Madrid, Spain, May 8, 2008.
REUTERS/Andrea Comas |
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Balloonists prepare their balloons during a
'Night Glow' hot-air balloon event in front of the the Federal palace in
Bern, Switzerland, May 8, 2008. REUTERS/Stefan Wermuth |
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Women in bridal outfits march during a protest
against domestic violence in downtown Bucharest, Romania, May 8, 2008.
The placards read, "Nightmare starts with the first slap", "Stop
violence in the family". REUTERS/Bogdan Cristel |
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Shareholders of Adidas Group are silhouetted in
front of the company logo before the annual shareholder meeting in
Fuerth near Nuremberg May 8, 2008. REUTERS/Michaela Rehle |
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A girl sits on a World War II monument showing
names of the fallen in Barnaul in the Altai region May 9, 2008.
President Dmitry Medvedev warned on Friday against "irresponsible
ambitions" that lead to war as tanks and missile launchers rumbled over
Red Square in a show of Russian fire-power not seen since the fall of
the Soviet Union. REUTERS/Andrei Kasprishin (RUSSIA) |
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Britain's Prince William plays soccer during a
visit to a Football Association skills programme at a primary school in
Blackburn, northern England May 9, 2008. REUTERS/Phil Noble (BRITAIN) |
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Residents relax at Rio de Janeiro's beach
district of Leme with the Chapeu Mangueira slum in the background May 7,
2008. Picture taken on May 7, 2008. REUTERS/Sergio Moraes (BRAZIL) |
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