Best's Review back issues from March 2008:
The green issue.(From the Editor's Desk)(green business opportunities)(Editorial)
Mar 01, 2008; ... Last August, Best's Review published its first article in our Climate Change series. Our March magazine features the second part of that series showcasing 10 stories that take a wide-ranging look at how insurers are responding to green initiatives. Our award-winning ...
A special thank-you to our subscribers.(Comments)
Mar 01, 2008 ... Best's Review would like to thank all of our eagle-eyed subscribers who notified us of the printing error in the February issue. We heard from you via phone calls and e-mail and appreciate the contact. Unfortunately, our printer inserted ...
It's all about money.(Comment)(Property and casualty insurance)(Brief article)
Mar 01, 2008; ... This letter was written in response to your November Property/Casualty article,"High Alert." We all recall the exchange between writers E Scott Fitzgerald and Ernest Hemingway where Fitzgerald stated the rich are different, to which Hemingway noted, yes, they have more money. ...
Quote/Unquote.(Comment)(Quotation)
Mar 01, 2008; ... Excerpted from BESTWEEK US./Canada and BESTWEEK Europe "I don't know any of our competitors who make an indication of how much premium they may write in the ...
Corrections.(Comment)(Correction notice)
Mar 01, 2008 ... * Please note that the copy in the Regulator Yearbook, February 2008 Best's Review, should read that the Ohio Department of Insurance Director Mary Jo Hudson has practiced law since 1989, which would be 19 years. * The brokerage firm DeWitt Stern was involved ...
Killer tornadoes strike in six Southern States.(Briefing)
Mar 01, 2008; ... Insurers in the Midsouth are continuing to process thousands of claims in the aftermath of one of the worst mid-winter tornado outbreaks in history. Dozens of twisters were reported to have roared through six states in the Mid-South on Feb. 5, killing almost 60 people and ...
Senator forecasts cloudy outlook for national cat fund.(Brief article)
Mar 01, 2008; ... The U.S. Senate Banking Committee will devote hearings late this spring to legislation that looks to streamline state regulation of the surplus lines and reinsurance markets, the bill's primary Republican sponsor told attendees of the 2008 Insurance Legislative Summit. ...
China staggered by costly winter storms.(Brief article)
Mar 01, 2008; ... The bad weather that has paralyzed parts of China could cause insurance claims of up to 3.5 billion yuan (about $487 million), according to Guy Carpenter. The worst ice and snow storms in China in more than 50 years have affected 21 provinces in the country, causing widespread ...
Sizable losses reduce profits.(100 YEARS AGO in Best's Review)
Mar 01, 2008; ... Companies should not write insurance for a single large fire or conflagration that is disproportionate to their income, according to Best's Review. The year 1907 was profitable for fire underwriters, yet many companies did not average above 15% profit on premiums. Statistics ...
California health reforms may come in pieces.(Brief article)
Mar 01, 2008; ... The failure of comprehensive health care reform legislation in California will set back major reforms by at least a year, but the door may remain open for consideration of smaller-scale efforts in 2008. In the aftermath of the Jan. 28 rejection by the Senate Health Committee of ...
Meetings.(Calendar)
Mar 01, 2008 ... March 4-6 America's Health Insurance Plans: National Policy Forum, Ritz-Carlton Washington, Washington, D.C. Phone: (202) 778-3200 Web site: www.ahip.org March 5-7 Self-Insurance Institute of America: 22nd Annual Legislative/Regulatory Conference, Washington Marriott, ...
Health insurers' financiai results will be tested as markets evolve.(By the Numbers)(Brief article)
Mar 01, 2008 ... Despite competitive pressures, health insurers and managed care companies have maintained strong earnings in recent years because of stable medical cost trends, improved case management and technology efficiencies. Insurers, though, will have to navigate a challenging operating ...
New USGS seismic hazard maps could affect industry.(U.S. Geological Survey )(Brief article)
Mar 01, 2008; ... Updates to the U.S. Geological Survey could change the way the insurance industry evaluates loss estimates for earthquakes. The USGS is finalizing an update of the national seismic hazard maps, which includes changes to the methodology and mathematical equations it uses to model ...
Credit default swaps discussed.(Brief article)
Mar 01, 2008; ... Regulatory reform of the financial guaranty insurance sector is likely to include new restrictions on the ability of bond insurers to underwrite complex structured products, several state insurance commissioners indicated in written comments to a key U.S. House subcommittee. ...
Duel in the sun.(Briefing)(case between Florida's Allstate Office of Insurance Regulation and Allstate Insurance Grou)(Calendar)
Mar 01, 2008; ... A timeline of the ongoing clash between Florida's Allstate Office of Insurance Regulation and Allstate Insurance Group: 2007 Oct. 16: Allstate companies doing business in Florida are subpoenaed by OIR for information and testimony related to the company's reinsurance ...
Lincoln, Ameriprise beat crisis crunch.(Briefing)(Brief article)
Mar 01, 2008; ... A new study by Lehman Bros. shows "significant differences" in the exposure of different U.S. life insurers to possible future upheaval in the subprime mortgage market. Among the study's major findings are that two companies seem to have "sensed" the problems in subprime before the ...
A.M. Best's stock indexes.(Briefing)(Statistical table)
Mar 01, 2008 ... <Pre> Percent ChangeIndexMonth/ Year toYear/ AMB vs DowCloseMonth Date Year AMB's Insurance Composite1,206.70 -8.74 -11.22 -10.56 (AMBG) Dow Jones ...
Berkshire Hathaway buys 3% stake, 20% of P/C exposure from Swiss Re.(Briefing)
Mar 01, 2008; ... Warren Buffett's Berkshire Hathaway bought a 3.03% stake in Swiss Re for an undisclosed sum, while also taking on 20% of Swiss Re's property and casualty reinsurance exposure through a quota share arrangement. Swiss Re said the Omaha-based company had contacted it on Jan. 22 to ...
Former U.K. Prime Minister to advise Zurich on climate change.(Brief article)
Mar 01, 2008; ... Former U.K. Prime Minister Tony Blair has agreed to serve as an adviser to Zurich Financial Services Group on international political developments, including climate change issues through Zurich's neve Climate Change Advisory Council. [ILLUSTRATION OMITTED] "There is ...
Heath Lambert Ltd.(Agent/Broker)(appointed Richard Cowling as chairman of its real estate division)(Brief article)
Mar 01, 2008 ... Independent U.K. broker HEATH LAMBERT LTD. has appointed RICHARD COWLING, former director of forensic insurance services at consultants KPMG, as chairman of its real estate division. ...
Guy Carpenter & Co.(Agent/Broker)(appointments of Nick Frankland, Andrew Marcell and Ryan Ogaard)(Brief article)
Mar 01, 2008 ... Reinsurance broker GUY CARPENTER & CO. appointed three executives, NICK FRANKLAND, ANDREW MARCELL and RYAN OGAARD, to its executive committee. The committee is responsible for developing the firm's strategic plan, setting budgets, prioritizing investments and interacting with ...
Batchelor to head operations in Europe, Africa and Middle East.(People in Insurance)(appointment of David Batchelor at Marsh Inc.)(Brief article)
Mar 01, 2008; ... David Batchelor will succeed Alex Moczarski as head of Marsh Inc.'s operations in Europe, the Middle East and Africa. [ILLUSTRATION OMITTED] Moczarski had been promoted to president of Marsh's international division, which includes the Asia-Pacific region, Latin ...
Captive Resources LLC.(Agent/Broker)(appointments)(Brief article)
Mar 01, 2008 ... CAPTIVE RESOURCES LLC has named MICHAEL KILBANE and JENNIFER BEARD, respectively, as its president and chief operating officer. GEORGE RUSU, the founder and former president of the Schaumburg, Ill.-based captive insurance consultancy, will stay on as chairman and chief executive. ...
Willis Group Holdings Ltd.(Agent/Broker)(appointment of Alena Watchorn)(Brief article)
Mar 01, 2008 ... London-based WILLIS GROUP HOLDINGS LTD. has named ALENA WATCHORN as an executive director of its mergers and acquisitions practice group. Watchorn comes to the insurance and risk holding company from HSBC Insurance Brokers, where she served as chief for the corporate finance ...
Wellpoint Inc.(Health/Employee Benefits)(appointment of Leslie Margolin)(Brief article)
Mar 01, 2008 ... WELLPOINT INC. has named LESLIE MARGOLIN to bccome president and general manager of its Blue Cross of California unit. She replaces BRIAN A. SASSI, whom WellPoint tapped as president and chief executive officer of its consumer business unit. Margolin, a former executive with ...
Amalgamated Life Insurance Co.(Life)(appointment of David J. Walsh )(Brief article)
Mar 01, 2008 ... DAVID J. WALSH was named president and chief executive officer of AMALGAMATED LIFE INSURANCE CO. RONALD MINIKES retired from the post on Jan. 21. Minikes, who served as CEO for 12 years, decided to retire last summer and the board sought and found Walsh as his successor, ...
Farmers Group Inc.(Life)(appointment of Scott Lindquist)(Brief article)
Mar 01, 2008 ... FARMERS GROUP INC. has named SCOTT LINDQUIST as its executive vice president and chief financial officer. Lindquist replaces PIERRE WAUTHIER, who since the fall of 2007 has served ...
Aegon.(Life)(retirement of Johan Van Der Werf )(Brief article)
Mar 01, 2008 ... Dutch insurer AEGON announced that JOHAN VAN DER WERF stepped down as chief executive officer of the company, effective Jan. 21. Van der Werf led the company since 2002 and worked for Aegon and its prede-cessors since 1982. Following ...
XL Capital Ltd.(Life)(appointment of David Duclos)(Brief article)
Mar 01, 2008 ... XL CAPITAL LTD. has named DAVID DUCLOS the company's new chief executive officer of insurance operations. Duclos, the current chief operating officer of insurance operations, will fill the post vacated by CEO CLIVE TOBIN, who will retire effective April 1, the company said in a ...
Flagstone Re Holdings.(Reinsurance/Capital Markets)(appointment of Migual Barrales)(Brief article)
Mar 01, 2008 ... Bermuda reinsurer FLAGSTONE RE HOLDINGS has hired MIGUEL BARRALES, a former Swiss Re executive, to lead Flagstone Underwriters LATIN AMERICA LTD. as chief executive officer. Barrales was vice president for client management within Swiss Re's property/casualty and life and health ...
Wellington Plc.(Reinsurance/Capital Markets)(appointment of John O' Neill)(Brief article)
Mar 01, 2008 ... JOHN O'NEILL, former group head of claims for WELLINGTON PLC, has been appointed chief operating officer of the U.K. insurance services division of runoff management specialist Randall & Quilter. [ILLUSTRATION OMITTED] O'Neill is a member of the Faculty of ...
Scottish Re Group Ltd.(Reinsurance/Capital Markets)(appointment of David Carrick)(Brief article)
Mar 01, 2008 ... SCOTTISH RE GROUP LTD. has named DAVID CARRICK to be the senior vice president and group controller of the Bermuda-based reinsurer. He reports to TERRY ELEFTHERIOU, Scottish Re's executive vice president and chief financial officer. ...
Swiss Re.(Reinsurance/Capital Markets)(appointment of Richard Schneider at Swiss Reinsurance Co.)(Brief article)
Mar 01, 2008 ... SWISS RE has named RICHARD SCHNEIDER as the head of its Mexico office in Mexico City. Schneider succeeds CARLOS BOELSTERLI as the office head of Swiss Brokers Mexico, and will manage operations and regional client operations for the Zurich, Switzerland-based reinsurer, the ...
CEO and president still all in the family at Lititz Mutual.(People in Insurance)(Lititz Mutual Insurance Company)(Henry H. Gibbel and Henry R. Gibbel are appointed)(Brief article)
Mar 01, 2008; ... Keeping with a tradition of family that has led Lititz Mutual Insurance Co. for more than a century, the company said Henry H. Gibbel was elected chairman and chief executive officer and Henry R. Gibbel was appointed president and chief operating officer. [ILLUSTRATIONS OMITTED] ...
Report shows withdrawal benefits value.(SPOTLIGHT)(Ibbotson Associates Inc.)(Brief article)
Mar 01, 2008 ... Ibbotson Associates, a wholly owned subsidiary of Morningstar Inc., has released a study showing that adding a lifetime guaranteed minimum withdrawal benefit to a traditional stock and bond retirement portfolio can increase income while decreasing income risk. The research, sponsored by ...
Program to help marine operators.(Property/Casualty)(Great American Insurance Co.)(Brief article)
Mar 01, 2008 ... The Ocean Marine Division of Great American Insurance Group has launched the TOPS program of specialized insurance coverages for marine terminal operators. It offers marine liability, property, equipment, vessel pollution and other basic coverages, all as a packaged product from one ...
Insurance covers collector vehicles.(Property/Casualty)(Markel Insurance Co.)(Brief article)
Mar 01, 2008 ... [ILLUSTRATION OMITTED] Markel American Insurance Co. has introduced a collector-vehicle insurance program to join its other specialty personal lines, including motorcycle and boat packages. The new program covers a variety of collector vehicles, including antique autos and ...
Hartford expands tech coverage.(Property/Casualty)(Hartford Financial Services Group Inc.)(Brief article)
Mar 01, 2008 ... The Hartford Financial Services Group Inc. introduced enhancements to its FailSafe Technology Errors & Omissions product suite. Designed to meet the specialized insurance needs of small-to large-size technology companies, the product suite offers three increasingly robust versions of ...
Guardian adds to lifetime rider.(Life)(Guardian Insurance and Annuity Co.)(Brief article)
Mar 01, 2008 ... The Guardian Insurance & Annuity Co., a wholly owned subsidiary of the Guardian Life Insurance Company of America, has improved its guaranteed minimum withdrawal benefit rider, Lifetime Focus. Guardian increased the minimum amount the guaranteed withdrawal balance will rise annually to 6% ...
Gray hair over the estate tax.(SNAPSHOT)(Table)
Mar 01, 2008 ... <Pre> Current law repeals the estate tax in 2010 and reinstates it in 2011 with the exemption limit reduced to $1 million. Here's how surveyed affluent have prepared: Written a will81% Worked with 74% an attorney Talked to family 68% ...
No-lapse feature in survivorship UL.(Life)(Nationwide Financial Services Inc.)(Brief article)
Mar 01, 2008 ... [ILLUSTRATION OMITTED] Nationwide Financial Services has launched YourLife SUL, a low-maintenance survivorship universal life product with a no-lapse guarantee. It is designed for couples or business partners, ages 50 to 70, with high or ultra-high net worth. The product is ...
CarInsurance.com adds new carriers.(Technology)(Brief article)
Mar 01, 2008 ... [ILLUSTRATION OMITTED] CarInsurance.com recently added more carriers to its current 28-state agency product offering. Throughout 2007, the Web site expanded its agency into 11 new states. At the site, consumers can do everything online that ...
Brokers form group with ACORD.(Technology)(Association for Cooperative Operations Research and Development)(London Market Insurance Brokers' Committee )(ACORD Brokers Committee)(Brief article)
Mar 01, 2008 ... ACORD and the London Market Insurance Brokers' Committee recently formed the ACORD Brokers Committee. The goals, as laid out by ACORD and LMBC, are to support and drive implementation of ACORD Standards among medium and small brokers in the London market; to coordinate the collective voice ...
U.S. tort costs down.(SPOTLIGHT)(Brief article)
Mar 01, 2008 ... U.S. tort costs fell by 5.5%, to $247 billion in 2006, according to a report by the Tillinghast insurance consulting practice of Towers Perrin. It's the first decrease in tort costs since 1997, but signs indicate the trend won't continue. The 5.5% decline in court costs was ...
Safest cars.(SNAPSHOT)(Brief article)
Mar 01, 2008 ... 2008 top safety picks by the Insurance Institute for Highway Safety. Large cars: Audi A6 Cadillac CTS Ford Taurus (with optional electronic stability control) Mercury Sable (with optional electronic stability control) ...
Chart topper.(ADVERTISING)(www.allstate.com/teen)(Brief article)
Mar 01, 2008; ... A song written for an ALLSTATE commercial cracked the 2007 Billboard Top 100 list. [ILLUSTRATION OMITTED] From Where You Are was written by Jason Wade, a singer in the band Lifehouse, for a 60-second spot promoting the insurer's safe driving program for teenagers ....
A home run.(BRANDING)(The Progressive Corp. change its name to Progressive Field)(Brief article)
Mar 01, 2008; ... [ILLUSTRATION OMITTED] Cleveland Indians fans soon will be cheering on their team in a newly-named facility. THE PROGRESSIVE GROUP OF INSURANCE COS. recently purchased the naming rights of the Cleveland ballpark formerly known as Jacobs Field, or The Jake. The new ...
Geico and the association of zoos and aquariums.(SPONSORSHIP)(GEICO General Insurance Co.)(Brief article)
Mar 01, 2008; ... is engaged in a nationwide tour featuring a live gecko exhibit, the popular Geico Gecko costume character and a series of animated television commercials. The three-year partnership between Geico and the association will take the traveling Geico Gecko exhibit to AZA-accredited zoos and ...
Rating actions.(Ratings)(Statistical table)
Mar 01, 2008 ... This edition reflects all rating actions--assignments, changes or placed under review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as international insurance companies, since this section last appeared in the February 2008 edition of ...
The green wave: insurers are rolling out new products that tap into the growing--and potentially profitable--environmental movement.(Property/Casualty: Green Markets)
Mar 01, 2008; ... [ILLUSTRATION OMITTED] Like an increasing number of Americans, Steve Bushnell is concerned about the environment. He recycles. He uses public transportation when he can. He keeps his home's thermostat at a reasonable level. As a commercial real estate product director ...
Why going green matters: an environmental expert says insurers see business opportunities in the environmental market and intolerable losses if climate change is ignored.(Property/Casualty: Environmental Issues)
Mar 01, 2008; ... Climate Change: Insurers Respond The Second Part of a Series Evan Mills is a staff scientist at the U.S. Department of Energy's Lawrence Berkeley National Laboratory. He has studied the implications of climate change for the insurance industry for more than a decade, and issues ...
The green agent: transforming your agency into a clean, green insurance machine can help save the planet and grow your bottom line.(Agent/Broker: Environment)
Mar 01, 2008; ... Climate Change: Insurers Respond The Second Part of a Series [ILLUSTRATION OMITTED] DeWitt Stern Group's dedication to the greening of its business began on a whim. "It's a funny story," said David H. Paige, chief operating officer of the Manhattan-based ...
Building business: agents and brokers have a role in making the government more energy efficient.(Agent/Broker: Selling Insight)
Mar 01, 2008; ... When the Energy Independence and Security Act of 2007 became law, headlines focused on the bill's higher automobile gas mileage standards. But tucked away was another "green" provision to reduce energy usage, while giving brokers and agents an opportunity to strengthen their relationships ...
Greening health care: a growing number of health plans are helping preserve the environment and create eco-friendly workplaces.(Health/Employee Benefits: Green Initiatives)
Mar 01, 2008; ... [ILLUSTRATION OMITTED] Climate Change: Insurers Respond The Second Part of a Series When Kaiser Permanente introduced various energy conservation strategies across the company, it recognized a $10 million annual savings. Since the company reduced its building's carbon ...
Saving their energy: large insurers have found energy conservation to be good for business.(Life: Energy Conservation)
Mar 01, 2008; ... Climate Change: Insurers Respond The Second Part of a Series One might not expect large life insurers to be in the energy-conservation business. If so, one would be wrong. Admittedly, it's not as though energy conservation is a product line. But it is very much a part ...
Unnatural disaster: insurers are taking climate solutions seriously, but so far it's a lonely job.(Regulatory/Law: Legal Trends)
Mar 01, 2008; ... Climate Change: Insurers Respond The Second Part of a Series The first insurance policy was written--on parchment, probably--after somebody Way Back When finally realized a great truth: Nature will always hold the winning hand. Property/casualty coverage was the only way to make ...
Clear skies: the dawn of carbon credit trading is opening the door for new insurance and capital products.(Reinsurance/Capital Markets: Carbon Trading)
Mar 01, 2008; ... [ILLUSTRATION OMITTED] Climate Change: Insurers Respond The Second Part of a Series The idea of trading carbon emissions that someone who produces less carbon could "trade" that credit to someone else--is fairly new, yet one that could be at $60 billion. ...
Backs to the wind: for prudent insurers, climate change means greater risks and bigger opportunities.(Property/Casualty: Business Strategy)
Mar 01, 2008; ... [ILLUSTRATION OMITTED] Climate Change: Insurers Respond The Second Party of a Series The climate change issue is converging upon the insurance industry like rapid fire. With so many new developments on the horizon, it's difficult for insurers or their executives to ...
A new commitment: insurers can cut operational costs with green computing.(Technology: Green Computing)(Penn National Insurance)(ImageRight)(Celent Insurance Group)
Mar 01, 2008; ... Climate Change: Insurers Respond The Second Part of a Series [ILLUSTRATION OMITTED] Bill Jenkins Vice President and Chief Information Officer Penn National Insurance, Harrisburg, Pa. "IT is traditionally looked at by a number of ...
Accustomed cycles: reinsurers feel the soft-market squeeze.(Reinsurance/Capital Markets: Renewals)
Mar 01, 2008; ... Looking back at 2007, it seems to have been a year of reunions,with the Spice Girls, Led Zeppelin and The Eagles all getting together again. The reinsurance market, on the other hand, had its own, darker reunion, in which it came face-to-face with the soft market again. According to the ...
Motivating the middle market: life insurers large and small have begun to crack the code on how to reach middle-income customers.(Life: Middle-Market Sales)
Mar 01, 2008; ... Middle-income Americans need more life insurance, and the industry is starting to figure out how to get it to them. Today, the proliferation of Internet technology and the enlistment of new distribution partners has helped insurers of all sizes to make a start. And the early ...
Think inside the distribution box: insurers are struggling to find their footing on a constantly changing field.(Life: Selling Insight)
Mar 01, 2008; ... Clearly the life insurance industry faces serious challenges. Increased competition within the financial services industry, the changing role that the life insurance industry will play in the retirement market and the need for new types of products to meet changing consumer needs are all ...
Rethinking portable group life benefits: insurers should be cautious about requests for higher benefit amounts and waived age-reduction schedules.(Life: Underwriting Insight)
Mar 01, 2008; ... Portability is an important benefit in a marketplace featuring more voluntary products and an aging and more fluid workforce. Employees want benefits they can take with them, and employers and group insurers have increased those types of products and have even liberalized certain ...
Quant loves data: Enterprise Risk Management works best when insurers look for information in all the right places.(Technology: Technology Insight)
Mar 01, 2008; ... As any good "quant" (quantitative analyst) or actuary will tell you, analyses of current risk positions and future estimation models are only as good as the data that are analyzed and used by the models. Quants also will tell you that data within the data warehouse are our friends, and not ...
Stable for now: the upcoming presidential election will bring some changes in the next few years, but 2008 should be quiet for medicare.(Health/Employee Benefits: Medicare)
Mar 01, 2008; ... Is Medicare on tap for another year of changes? Some industry experts believe it's unlikely. Rather, they see 2008 as a passive year of "stability" and a stepping stone for bigger changes to come. However, others see this as a year of significant momentum for Medicare Advantage ...