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Tuesday
05/13/08
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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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Former AIG
chief Greenberg urges AGM delay
Mon May 12, 2008 4:34pm EDT
NEW YORK (Reuters) - Former American International Group
CEO Maurice "Hank" Greenberg has said the insurer is in "crisis" and
urged a delay in its annual general meeting scheduled for Wednesday,
according to a letter he sent to the board of directors.
"Several top shareholders of AIG have called me expressing deep concern
about the persistent and seemingly endless destruction of value at AIG,"
Greenberg said in the May 11 letter, a copy of which was filed with the
U.S. Securities and Exchange Commission on Monday.
The letter followed AIG's announcement last Thursday of a $7.8 billion
first-quarter loss, its largest-ever, as a result of a large write-down
to the value of securities linked to subprime mortgages. The company, at
the time, said it would raise $12.5 billion to strengthen its balance
sheet.
"AIG is in crisis," Greenberg said.
AIG spokesman Chris Winans said the company received Greenberg's letter
on Monday, and had forwarded it to members of the board.
"The board will respond to Mr. Greenberg's request shortly," he added.
Greenberg's letter follows a lawsuit filed last week by Starr
International, a company that Greenberg controls, against AIG and its
chief executive, Martin Sullivan, as well as Steven Bensinger, who on
Thursday announced he would step aside as chief financial officer to
assume another post at AIG.
The suit, filed in New York State Supreme Court in Manhattan, alleges
fraud, claiming the insurer misrepresented its exposure to credit
default swaps, and seeks to recover at least $300 million in damages.
Greenberg, who parted ways with AIG in 2005 amid an accounting scandal,
is chairman of C.V. Starr and Starr International, entities that were
once affiliated with AIG, and continue to be the insurer's largest
shareholders.
Along with a personal stake, Greenberg controls roughly 12 percent of
AIG stock, according to Reuters data.
"The company's shareholders need to absorb the significance of the
company's first-quarter losses," wrote Greenberg in the letter this week
to AIG's board.
"They (investors) also need time to consider the board's response to the
crisis and the issues raised by this letter.
"For this reason and others, a postponement of this week's annual
meeting should be considered, so that all shareholders can give careful
thought to how best to move AIG forward," Greenberg added.
AIG shares closed down $1.91, or 4.74 percent to $38.87 on the New York
Stock Exchange, the lowest level since October 1998.
(Reporting by Lilla Zuill, editing by Richard Chang)
© Thomson Reuters 2008 All rights reserved
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1.
MBIA Posts Huge Loss On
Credit Derivatives |
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NEW YORK
(Reuters) - MBIA Inc (MBI.N:) said on Monday unrealized losses
on insured derivatives skyrocketed in the first quarter, pushing
the world's largest bond insurer into a sharp quarterly loss.
The company
posted a loss of $2.41 billion, or $13.03 per share, versus a
profit of $199 million, or $1.46 per share, in the year-earlier
quarter.
The 2008 figure
included unrealized losses on insured derivatives, such as
credit default swaps, of $3.58 billion. Factoring in the
unrealized losses, MBIA reported negative revenue of $2.95
billion, versus revenue of $729.9 million a year before.
Analysts polled
by Reuters Estimates had expected a quarterly loss of 11 cents
per share, according to Reuters Estimates. Excluding unrealized
losses, Reuters Estimates said MBIA earned 16 cents per share,
but it was not immediately clear how closely that figure matched
up with analysts' forecast.
In February,
MBIA warned investors it could face write-downs on its credit
derivative positions.
It recorded
$3.7 billion of losses from the change in credit derivatives'
value in all of 2007, which resulted in net losses for the year
of $1.9 billion.
MBIA has raised
more then $2.5 billion of capital from investors to help offset
those losses and has taken other measures to boost capital, such
as eliminating its dividend.
Earlier this
month, MBIA Chairman and Chief Executive Jay Brown wrote to
investors that he saw no need to "raise dilutive equity capital
to support our existing business plans."
(Reporting by
Christopher Kaufman; Editing by Derek Caney and Gerald E.
McCormick)
© Thomson
Reuters 2008 All rights reserved |
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2.
Joe Bastardi of
AccuWeather.com Releases Expanded 2008 Hurricane Season Forecast - Calls
for Increased Risk of A Destructive Storm From the Carolinas to New
England |
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STATE COLLEGE, PA, May 12, 2008—AccuWeather.com Hurricane Center
meteorologists, led by Chief Long-Range and Hurricane Forecaster Joe
Bastardi, have released an expanded hurricane season forecast for 2008.
The forecast calls for a near average overall number of named storms but
suggests a heightened risk for the eastern U.S. coastline.
“Although we are forecasting a total of 12 named storms in 2008, much
more important than the forecast storm number are the facts that a
relatively high percentage of tropical storms are expected to make
landfall and that the major threat area is farther north than normal.,”
said Bastardi. “We believe at least 40% of named storms will cause
tropical storm or hurricane conditions on the US coastline, which is
about 1.6 times the norm.”
The forecasts state that a weakening La Niña and near-normal or
below-normal water temperature in most of the tropical breeding grounds
of the Caribbean and south Atlantic will reduce the overall number of
storms. However, with warm waters near the north Atlantic coastline,
storms may form closer to the coast resulting in a higher than average
storm threat on the East Coast, from the Carolinas to New England.
“Our forecast is that two or three storms will bring at least tropical
storm force winds to the coastline between Florida and New England,
including one or two that bring hurricane force winds, and one major
hurricane,” said Bastardi. “And, the Gulf of Mexico will have a normal
distribution of tropical cyclone activity, with energy interests
experiencing at least 7 to 10 days with disruptions or threats of
disruptions. Specifically, the forecast is for two or three storms that
affect the energy infrastructure in and around the Gulf and bring at
least tropical storm force winds to the Gulf coast, including one or two
that bring hurricane force winds.”
Bastardi and the AccuWeather.com Hurricane Center have looked at 1985,
1989, 1996 and 1999 as years to compare to this season. In all of these
years, major storms hit from the Carolinas northward.
The best chance for early storm development is in the western or central
Gulf area, from 90W longitude westward. This is based primarily on very
warm water in the western and central Gulf, cool water in the western
Caribbean, the expected June steering currents in the central Gulf and a
drier than normal pattern in the northwest Caribbean lasting into July.
The primary period of hurricane threat will run from mid-August to
mid-October and will encompass the entire Gulf and Atlantic areas.
Bastardi presented his full forecast at the AccuWeather.com Hurricane
Summit in Houston, TX to an audience of leaders in industries most
impacted by tropical weather. Further details are available to
Bastardi’s AccuWeather.com EnergyPro® clients. To learn more about the
Bastardi based forecasting services, visit
www.AccuWeather.com/Bastardi. |
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3.
RMS Commentary On China
Earthquake |
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Please see the commentary below from Risk Management Solutions on
today’s earthquake in China. For more information, or to be put in
touch with an RMS spokesperson, please contact Jackie Barber, Global PR
Manager at RMS, on +44 20 7444 7723 or at
jackie.barber@rms.com.
A
strong moment magnitude 7.8 earthquake struck Eastern Sichuan Province,
China, today. It occurred in a mountainous region to the north-west of
Chengdu and at least eight aftershocks larger than magnitude 5.0 have
occurred, the largest of which was a magnitude 6.0. This part of China
has previously experienced destructive earthquakes including a magnitude
7.3 earthquake that occurred in 1933 which killed nearly 7,000 people.
At
16.00 BST, May 12th, over 7,000 casualties had been reported. More than
100 fatalities occurred from the collapse of a school in Dujiangyan
City, some 25 miles (40 km) from the epicentre, and four casualties were
reported from another school falling down in Liangping. Damage has been
reported from a very broad area, with a building collapsing over 190
miles (300km) away.
Domenico del Re, senior model manager at RMS in London, commented: “The
extent of the destruction at the epicentre is still unknown because of a
widespread communication black-out, which could either be due to
infrastructure damage from the earthquake or from over-use. Our
scientific partners in China, The Institute of Engineering Mechanics,
are sending over 20 people to the affected region to provide more
insight into the damage incurred.”
Most of the damage reports so far are from Chengdu, which is the 10th
largest city by GDP in the country, with some 4.5 million people.
Because of the rapid growth of the city in the last 30 years, the
majority of buildings were constructed after 1978, when buildings were
required to be made more resistant to earthquakes. “As the west coast
of China has become increasingly expensive, many domestic and
international companies have set up operations in Chengdu to take
advantage of the lower property and labor costs. Although many of the
commercial buildings will have been constructed to withstand some level
of ground-shaking from earthquakes, we can expect to see a large number
of insurance claims coming from this area,” said Mr. del Re. “This
event is a reminder for organizations considering moving into China that
business continuity insurance should be a risk management priority, due
to the country’s susceptibility to earthquakes.”
The closest town to the epicentral region is the town of Wenchuan
itself, which lies on the Minjiang River. Though 30 miles (50 km) away
from the epicentre, this town appears to be close to the fault structure
itself, so damage is expected to be significant. Wenchuan is reported to
have a population of 118,000.
The earthquake also caused shaking in Bangkok, Hong Kong and in
Shanghai, over 930 miles (1500km) away from the epicentre. A number of
high-rise office buildings were evacuated in Beijing and Shanghai, but
there are no immediate reports of damage or injuries in these cities.
About RMS
www.rms.com |
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4.
What Constitutes
Transfer Of Risk? Where Is The IRS Headed Now? |
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In
our 2005 Client Alert [“What Is Insurance For The Taxman?, July 13,
2005”], we observed that the question of what constitutes insurance for
federal income tax (“FIT”) purposes has been, and will continue to be,
the subject of controversy. We noted this affects the deductibility of
premiums and whether an entity qualifies for the generally more
favorable tax treatment accorded insurance companies under the Internal
Revenue Code (the “Code”). The question arises in connection with both
reinsurance and insurance transactions. This Client Alert discusses how
the IRS continues to fan the controversy.
IRS Standards
Although the Code does not define the term “insurance”, the U.S. Supreme
Court has held that two elements must be present: (1) risk shifting or
transfer of risk, and (2) risk distribution. Helvering v. Le Gierset,
312 U.S. 531 (1941). In addition, the risk transferred must be an
insurance risk, as opposed to simply a timing or investment risk.
The IRS has struggled with the application of these criteria. For
example, the IRS stood steadfast behind its discredited “economic
family” theory developed in 1977 in which it took the position that no
risk can be transferred between affiliates regardless of the number or
size of unrelated risks insured by the insurer. The theory was never
accepted by the courts and the IRS finally announced in 2001 in Rev. Rul.
2001-31 that it had abandoned the theory. [See LLBL January 2003 Client
Alert “Recent IRS Captive Insurance Company Rulings”].
more... |
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5.
Florida Office Of
Insurance Regulation Issues Order Alleging Inappropriate Business
Practices To 2 Life Insurance Companies, American Fidelity Life And
Trans World Assurance |
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Thursday, May 08, 2008
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today
announced that the Office of Insurance Regulation (Office) has issued an
Order to Show Cause to two life insurance companies related to their
solicitation of business from U.S. military personnel.
The Order requires American Fidelity Life Insurance Co. (American
Fidelity) of Pensacola, Fla., and Trans World Assurance Co. (Trans
World) of San Mateo, Calif., to show cause why the Office should not
enter a final order suspending or revoking their Certificates of
Authority pursuant to Sections 624.418(2) or 626.9581, Florida Statutes,
imposing appropriate penalties under the Florida Insurance Code and
Florida Administrative Code, or taking other administrative actions as
deemed appropriate by law.
“The Office will be vigilant to ensure that our dedicated military
personnel are protected from predatory sales practices,” said
Commissioner McCarty. “We will continue to vigorously enforce our
regulations to prevent unfair and deceptive practices from being
perpetrated on Florida residents.”
The following allegations against American Fidelity and/or Trans World
are included in the Order:
Sold insurance products to U.S. military personnel after providing free
prizes and gifts valued at over $25;
Employed a Corporal in the U.S. Marine Corps as a driver who used his
military identification to gain access to the military base to pick up
military personnel and take them to the companies’ offices;
Offered to pay referral fees to U.S. military personnel who purchased
their insurance products and introduced others who also purchased the
companies’ insurance products;
Did not provide complete contracts to U.S. military personnel who
purchased insurance products;
Misrepresented that they were affiliated with the U.S. military in the
sale of their insurance products; and
Required military personnel to grant access to their MyPay accounts to
set up allotments for insurance products.
The Order is tied to a Rule that was adopted last September by the
Florida Financial Services Commission that protects active duty service
members of the U.S. Armed Forces from dishonest and predatory insurance
sales practices in Florida.
The adoption of the Florida Rule followed the creation of a similar
Model Law adopted by the National Association of Insurance Commissioners
(NAIC) in June that states may adopt to prohibit the same behavior.
Florida's Rule, however, goes further than the NAIC Model Law in that it
applies to every active duty service member, regardless of rank and has
a broader definition of active duty than the NAIC model.
A
copy of the complete
Rule is available for your review.
If
the companies fail to respond within 21 days from the issuance of the
Order, the commissioner may seek one of the remedies noted in the second
paragraph of this release.
www.floir.com |
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6.
INSURANCE NEWSLINK
Articles |
|
Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic
concise intelligence database of over 30,000 articles including
interviews, uniquely analysed by company, market, research, regulatory,
and IT topics.
Please click here for a content overview and a 15-day
free review.
THE TIME EFFECTIVE WAY TO STAY AHEAD
Bad news from AIG
Premium income up at RSA
FSA to visit personal lines aggregators after mixed review
Margin model for the CCFE IFEX US Tropical Wind Event Linked futures
announced
Another acquisition for CCV
Operating income up at Allied World
Healthy return from Generali
Litle change at Unipol
Benfield opens in Puerto Rico
Final short list for Lloyd's pilot electronic messaging
Solvency II will affect insurers more than the credit crunch says S & P
Profit down 19% at Munich Re but on course
Asia Capital Re in retakaful venture
Two life reports from Research and Markets
Rising personal injury costs continue to dominate UK motor claims says
report
Net earnings down at HCC
Validus opens in Miami
Resolution directors in position at Pearl Group
Wider loss at Conseco
Big dip at Euler Hermes
Sampo earnings halved
Endsleigh to close branch network
Al
Fajer Re chooses Eurobase solution
Oval open to offers
Manulife blames equity markets for earnings drop
Aon Re Global acquires in Peru
Floods Bill required for UK says ABI
Disappointing UK sales for Old Mutual
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7.
Bank Insurance News In
Brief - May 12, 2008
|
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TODAY'S BANK INSURANCE
IN BRIEF" is provided each week courtesy of Michael White Associates @www.bankinsurance.com.
To read these stories , visit
http://www.bankinsurance.com/editorial/news/default.htm
OLD NATIONAL BANCORP DOUBLES INSURANCE CONTINGENCY FEE INCOME
FIRST COMMONWEALTH FINANCIAL BOASTS 75.3% HIKE IN INSURANCE BROKERAGE
EARNINGS
BANCFIRST CREDITS AGENCY ACQUISITION FOR 9.6% RISE IN NONINTEREST INCOME
BENEFICIAL MUTUAL BANCORP STARTS YEAR BY NEARLY TRIPLING INSURANCE
BROKERAGE FEE INCOME
S
& T BANCORP REPORTS 5.3% GROWTH IN INSURANCE BROKERAGE FEE INCOME
INSURANCE REVENUE UP 16%, COMPRISES 10.8% OF NONINTEREST INCOME AT FIRST
PLACE FINANCIAL
SANDY SPRING REPORTS DROP IN INSURANCE INCOME, POINTS TO TOUGH ECONOMY |
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8.
Insurance Matters -
What Women Need to Know Now |
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ONTARIO, Calif., May 12, 2008 /PRNewswire -- The role of women has
certainly changed in the past 50 years. Today, women hold top executive
positions, fight in Iraq and run for President. We rely on women to make
the toughest decisions, from managing profits and losses at
multi-national companies to selecting the very best schools for their
children.
"With so many of us depending on women, one would think they would have
insurance policies in place to protect themselves, their income and
their families," says Frank N. Darras, the nation's leading disability
and long term care insurance lawyer.
According to Darras, carving out the time to compare the features,
advantages and benefits of the right insurance often gets placed on the
back burner. See http://www.darrasnews.com.
Copyright (C) 2008 PR Newswire. All rights reserved |
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9.
BestWeek: Key 2008
Races Could Heavily Impact Insurance Legislation |
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OLDWICK, N.J.--(BUSINESS WIRE)--Although a legislative power shift is
unlikely, the 2008 congressional campaign is nevertheless full of story
lines for insurance industry observers. A number of races, including two
in Minnesota, could prove key to federal insurance legislation in the
111th Congress.
BestWeek U.S./Canada looks at eight key Senate and House races, and how
they may impact proposals such as the National Insurance Act —which
would create an optional federal charter system of regulation—or the
Homeowners Defense Act—which would create a federal catastrophe
backstop.
Also in BestWeek U.S./Canada:
New A.M. Best Co. research finds the medical malpractice market should
expect to see operating returns narrow, but remain profitable in 2008.
The special report, titled "U.S. Medical Malpractice 2007 Market
Review," notes while surplus expanded considerably in 2007, lower
premiums and diminished underwriting performance due to increased
competition is likely in 2008.
Also in BestWeek U.S./Canada:
GAAP results for health insurers in 2007 were good overall, but some
companies have already lowered their earnings guidance for 2008 as a
result of lower interest rates and high claims experience from the
winter's flu season, according to an A.M. Best special report excerpt.
And in both editions of BestWeek:
The Best's Global Insurance Composite Index finished the week of May 8
down 14.08% from a year ago. The composite index reflects the
performance of 168 insurance stocks. The week's top stocks were Tower
Group Inc., Korean Reinsurance Co., Gainsco Inc., Royal & Sun Alliance
Insurance Group and Scor.
The bottom five stocks were Kingsway Financial Services Inc., Phoenix
Cos. Inc., National Western Life Insurance Co., Euler Hermes and
Atlantic American Corp. www.ambest.com. |
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10.
ILFC considering
split-up from insurer AIG: report |
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NEW YORK (Reuters) - International Lease Finance Corp, a unit of
American International Group (AIG.N:), is worried by the insurer's
financial troubles and mulling a split from it, the Wall Street Journal
said on Monday, citing people familiar with the matter.
Officials at ILFC, a giant buyer of commercial aircraft which leases
planes to air carriers, are worried that AIG's financial issues could
make it tougher for ILFC to compete in the airplane leasing industry,
the Journal report said.
(Reporting by Aarthi Sivaraman; Editing by Quentin Bryar)
©
Thomson Reuters 2008 All rights reserved |
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11.
Merrill Lynch Sees
Wealth Unit Helping Company |
|
BOSTON, May 12 (Reuters) - Merrill Lynch & Co (MER.N:), one of the
world's leaders in managing money for wealthy investors, said on Monday
it would grow its global wealth management unit to help boost the
company's overall profit.
"We'll continue to increase it," Nelson Chai, Merrill's chief financial
officer, told analysts at a banking conference sponsored by UBS (UBSN.VX:).
He said the company is "pretty well positioned" in this increasingly
competitive market segment and that the wealth management unit is
working to improve return on equity, which measures how efficient a
company is in generating profit from its assets.
He
also said the company is trying to reduce illiquid assets, noting,
"We'll continue to trade down as we have opportunities." (Reporting
by Svea Herbst-Bayliss; editing by John Wallace)
©
Thomson Reuters 2008 All rights reserved |
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12.
California Man Losing
Nine Homes In Mortgage Mess |
|
By
Dan Whitcomb
LOS ANGELES (Reuters) - A California man who has defaulted on nine homes
and expects banks to foreclose on all of them, forcing him into
bankruptcy, says he now considers it a mistake to have invested in the
real estate market.
Shawn Forgaard, a 37-year-old software company project manager, bought
one home for his family to live in and nine more as investments. He
stands to lose all the investment houses in the mortgage meltdown but
says he has come away wiser from the experience.
"Everyone stumbles. I'm not going to hide or run or live in denial, or
with regrets," Forgaard told Reuters in an interview. "On the surface it
looks like total devastation but it's just the opposite. I'm confident
our lives will be much, much richer as a result."
Forgaard bought a house in Santa Cruz, about 60 miles (100 km) south of
San Francisco, in 2000. Four years later, using $800,000 in stock
options, he began snapping up investment properties, putting 10 percent
to 40 percent down on negative amortization loans -- in which payments
do not cover the interest so that a borrower's balance grows over time.
It
was those "neg-am" loans, which include triggers causing payments to
balloon if the debt reaches a certain percentage of the original
balance, that would come back to haunt him.
"I
knew I was sitting on time bombs," Forgaard said. "I knew the market was
going to go soft and I knew that property values would decline. But I
figured that I had enough equity to survive the storm and sell or take
the loss and refinance.
"I
didn't anticipate a downturn of epic proportions such that home values
are 40 percent less than they were," he said.
The mortgage market has melted down in the past two years in a crisis
that began in the subprime sector and has left millions of Americans
facing the possibility of foreclosure on their homes.
'(Editing by Xavier Briand)
©
Thomson Reuters 2008 All rights reserved |
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13.
Morgan Stanley Closes
$4.0 Billion Global Infrastructure Fund |
|
NEW YORK--(BUSINESS WIRE)--Morgan Stanley announced today that it has
successfully closed Morgan Stanley Infrastructure Partners (“MSIP” or
“the Fund”) with $4.0 billion of equity commitments, exceeding the
Firm’s initial target of $2.5 billion. James Gorman, Co-President of
Morgan Stanley, commented, “The successful fund-raising underscores the
particular demand for infrastructure investment, and broadly, for
alternative assets that generate long-term stable cashflows.”
The Fund raised its capital globally in North America, Europe,
Australia, the Middle East and Asia. Investors include major pension
funds, insurance companies, high net worth individuals as well as Morgan
Stanley and its employees. Mr. Gorman added, “Infrastructure is now an
important component of any asset allocation strategy; it offers
portfolio diversification and the ability to invest in ‘real’ assets,
with uncorrelated investment returns relative to other asset classes.”
www.morganstanley.com/infrastructure |
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14.
RESEARCH ALERT-Goldman
cuts Markel, upgrades Aspen |
|
May 12 (Reuters) - Goldman Sachs changed its ratings on several U.S.
property and casualty insurers, and said investors will continue to
avoid costly stocks in the face of weakening fundamentals and only buy
those trading at a discount to the sector.
The brokerage, which said valuation drives investment in the insurance
space, downgraded Markel Corp (MKL.N:) and Transatlantic Holdings Inc (TRH.N:)
to "sell" from "neutral" as it saw better opportunities within the
reinsurance segment for higher-return, lower-valuation stocks.
Goldman also cut HCC Insurance Holdings Inc (HCC.N:) to "neutral" from
"buy" on concerns over the company's professional liability and exposure
to the subprime fallout.
However, the brokerage added Aspen Insurance Holdings Ltd (AHL.N:) to
its Americas investment buy list and upgraded the stock to "buy" from
"neutral," and said the market is severely undervaluing Aspen's outlook
for at least the next two years.
Aspen's valuation is more reflective of a pure-play property catastrophe
writer instead of the solidly diversified, international reinsurer into
which the company has evolved over the past two years, Goldman added.
Goldman also raised Marsh & McLennan Cos (MMC.N:) to "neutral" from
"sell," and said the company's first-quarter earnings proved that
brokerage margins may be improving and the slowing economy may not hurt
consulting revenues as much as previously thought.
(Reporting by Aditi Samajpati in Bangalore; Editing by Pratish
Narayanan)
©
Thomson Reuters 2008 All rights reserved |
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15.
MetLife Bolsters
Universal Life Insurance Lineup
|
|
~
New Product Offers Flexibility, Customization ~
NEW YORK--(BUSINESS WIRE)--MetLife today announced the launch of a new
universal life insurance policy, Guarantee Advantage UL (2001 CSO), in
all 50 states, through the company’s sales force and independent
distribution channels. The new product offers enhanced flexibility with
guaranteed protection through customizable durations of coverage and
premium payments (including the ability to carry over a loan on 1035
exchanges), as well as design innovations that allow policyholders to
create a policy that best meets their needs.
www.metlife.com |
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16.
Colonial Life Sponsors
SHRM Employee Benefits Survey |
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COLUMBIA, S.C. (May 12, 2008) – Colonial Life is the exclusive sponsor
of the Society for Human Resource Management’s 2008 Employee Benefits
Survey.
The survey of nearly 1,000 employers in the United States gathers
information on the types of benefits employers offer their employees.
The survey results will be released in June at SHRM’s national
conference in Chicago.
Colonial Life is the first corporate sponsor of SHRM’s Employee Benefits
Survey since it began in 1996.
The survey is completed by a random sampling of human resource
professionals from small companies with fewer than 100 employees to
large companies with more than 500 employees. Employers are asked about
the employee benefits they offer, such as health insurance, paid
vacation, retirement plans, life insurance, child care assistance,
employee education programs and more than 250 other possible benefit
options.
The results will show the number of employers offering each benefit,
comparisons based on staff size, organization industry and sector, and
year-to-year trends.
“For 12 years, this survey has provided reliable data to employers so
they may make informed decisions about the benefits they offer
employees,” said Randall C. Horn, president and chief executive officer
of Colonial Life. “We’re proud that Colonial Life, through our
sponsorship of this survey, is able to contribute to those efforts.”
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in
providing insurance benefits for employees and their families through
their workplace, along with individual benefits education, advanced yet
simple-to-use enrollment technology and quality personal service.
Colonial Life offers disability, life and supplemental accident and
health insurance policies in 49 states and the District of Columbia.
Similar policies, if approved, are underwritten in New York by a
Colonial Life affiliate, The Paul Revere Life Insurance Company.
Colonial Life is based in Columbia, S.C., and is a subsidiary of Unum
Group.
For more information about Colonial Life’s products and services or
opportunities with the company, call (803) 798-7000 or visit
www.coloniallife.com. |
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17.
CIGNA Senior & Retiree
Services and the National Council on Aging Join Forces to Increase
Seniors' Access to Benefits |
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BLOOMFIELD, Conn. & WASHINGTON--(BUSINESS WIRE)----CIGNA Senior &
Retiree Services, a division of one of the nation's largest health
service companies, is joining forces with the National Council on Aging
(NCOA) to make available NCOA's BenefitsCheckUp(R) to CIGNA's Medicare
members. The program helps identify federal, state and local benefits
programs that can help enhance the quality of seniors' lives.
BenefitsCheckUp is the nation's most comprehensive Web-based service to
help individuals, primarily older Americans with limited income and
resources, find and get the benefits programs for which they qualify.
Launched by NCOA in 2001, the innovative program tracks over 1,550
benefits programs throughout all 50 states and the District of
Columbia.
This arrangement provides CIGNA with its own version of NCOA's
BenefitsCheckUp, and the potential to provide access to benefits
programs to thousands of its members nationwide.
www.cignamedicare.com |
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18.
INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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China quake kills nearly 9,000, toll likely to
soar. A collapsed school building is seen after an earthquake in
Chongqing municipality May 12, 2008. REUTERS/Stringer
Read Entire Story!!! |
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Tornadoes kill 21, injure hundreds in U.S. Houses
damaged and destroyed by a tornado over the weekend are seen in Picher,
Oklahoma, May 12, 2008. REUTERS/Mark Schiefelbein
Read Entire Story!!! |
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Putin in control as Russia names cabinet.
Russia's President Dmitry Medvedev (2nd R) shakes hands with Prime
Minister Vladimir Putin during a World War II victory parade in Moscow's
Red Square May 9, 2008. RUTERS/RIA Novosti/Pool
Read Entire Story!!! |
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Jenna Bush weds Virginia politician's son. U.S.
President George W. Bush poses with his daughter Jenna, prior to her
wedding to Henry Hager at Prairie Chapel Ranch in Crawford, Texas, May
10, 2008. Photo taken May 10, 2008. REUTERS/White House/Shealah
Craighead/Handout
Read Entire Story!!! |
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Actor Jimmy Fallon is shown with Lorne Michaels
(L) and Jeff Zucker (R), President and Chief Executive Officer,
NBC Universal, in New York City, May 12, 2008. Fallon has been
selected by NBC to take Conan O'Brien's place as host of "Late
Night" when O'Brien succeeds Jay Leno as host of "The Tonight
Show."
REUTERS/Chris Haston/NBC Universal, Inc./Handout |
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Supporters of the biggest ruling party VMRO wave
flags during the first election rally for the early parliamentary
elections, scheduled on June 1, in Ohrid, about 160km (99 miles) west of
the Macedonian capital Skopje, May 11, 2008. REUTERS/Ognen Teofilovski |
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Buddhists hang pieces of paper containing prayer
wishes on lanterns during a prayer meeting to celebrate the birth
anniversary of Lord Buddha at the Jogye temple in Seoul, South Korea,
May 12, 2008. REUTERS/Kim Kyung-hoon |
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A boat, covered in ash from the Chaiten volcano,
is seen at the bank of El Espolon lake near Futaleufu town, some 1450 km
(900 miles) south of Santiago, Chile, May 11, 2008. The government has
called for the evacuation of the ash-caked town of Futaleufu, 100 miles
(160 km) southeast of the Chaiten volcano, which began erupting eight
days ago. REUTERS/Ivan Alvarado |
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Competitor Wolf Keller chases down a calf during
the calf roping event at the Liberty Stampede Rodeo in Devon,
Pennsylvania, in this May 10, 2008 oicture. Philadelphia's gay community
sought to dispel some sexual stereotypes when it held the city's first
gay rodeo. About 50 contestants roped steers, cracked whips, and
wrestled cattle to the ground during the weekend in an attempt to prove
to themselves - and the rest of the world - that they are just as
capable of tackling a traditionally macho sport as their straight
counterparts. REUTERS/Tim Shaffer (UNITED STATES) |
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Sailing ship "MIR" on the Elbe river passes St.
Michaelis church tower during the closing parade of Hamburg Harbour
Birthday Festival in the northern German city of Hamburg May 12, 2008.
REUTERS/Morris Mac Matzen (GERMANY) |
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