Best's Review back issues from July 2008:
Success stories.(From the Editor's Desk)(Editorial)
Jul 01, 2008; ... Major accomplishments should be viewed in perspective. Our cover story, "Standing the Test of Time," recognizes those property/casualty and life companies that have maintained a Best's Financial Strength Rating of A or higher since the turn of the 20th century. This distinguished group is ...
Streamlining ITV processes.(Comment)(Internet television)
Jul 01, 2008 ... In reference to your "Coming Up Short" article (Bests Review, May 2008) a few key points seem to need further review. The percentage of insured-to-value and percentage of homes referred to in the article are mentioned without presenting verification of the information or vetting as to how ...
Willis Group spends $1.7b, buys Hilb Rogal & Hobbs.(Briefing)(Willis Group Holdings Ltd.)(Brief article)
Jul 01, 2008; ... Willis Group Holdings Ltd. has agreed to acquire Virginia-based broker Hilb Rogal & Hobbs Co. in a cash and stock purchase valued at approximately $1.7 billion, the two brokers said. [ILLUSTRATION OMITTED] Including assumption of $400 million in HRH debt, Willis said ...
Worth repeating.(Brief article)
Jul 01, 2008; ... "Market rates are below pre-Hurricane Katrina level." --Robert F. Howe, global leader of Property Operations for Marsh ...
Midwest slammed.(Tornado Devastation)(Report)(Brief article)
Jul 01, 2008; ... [ILLUSTRATION OMITTED] MIDWEST SLAMMED: Iowa is among several states hit hard by recent storms causing tornado damage and flooding. During Memorial Day weekend, an EF-5 tornado that hit one neighborhood in Parkersburg, ...
NAIC may support 'insurance expert' Bill.(National Association of Insurance Commissioners)(Brief article)
Jul 01, 2008; ... The National Association of Insurance Commissioners told Congress last month it would offer "conditional" support for plans to create a federal repository of insurance expertise and an executive branch authority on international insurance issues. [ILLUSTRATION OMITTED] ...
Connecticut is taken 'captive'.(Brief article)
Jul 01, 2008; ... Connecticut has become the latest state to sign up as a domestic captive domicile. State Senate Bill 281, signed by Gov. Jodi Rell June 2, is modeled after captive legislation in Vermont, which has the largest concentration of captive insurance companies in the country--800, according to ...
Well-known risk modeler Karen Clark has received a special award certificate from the Intergovernmental Panel on Climate Change for her work with IPCC that led to the agency sharing the 2007 Nobel Peace Prize with former Vice President Al Gore.(Risk Modeling)(Brief article)
Jul 01, 2008 ... WELL-KNOWN risk modeler Karen Clark has received a special award certificate from the Intergovernmental Panel on Climate Change for her work with IPCC that led to the agency sharing the 2007 Nobel Peace Prize with former Vice President ...
The 16 original member governments of the Caribbean Catastrophe Risk Insurance Facility renewed their 2008 policies in time for hurricane season.(Reinsurance)(Brief article)
Jul 01, 2008 ... THE 16 ORIGINAL member governments of the Caribbean Catastrophe Risk Insurance Facility renewed their 2008 policies in time for hurricane season. They also successfully ...
Aetna Inc.(Health)(Brief article)
Jul 01, 2008 ... AETNA INC. (AMB #58700) agreed in May to settle a federal class-action lawsuit alleging denial of coverage for the treatment of eating disorders. Aetna will reimburse $250,000 to about 100 class members for eating-disorder claims that it denied over the past seven ...
Hurricane season: additional threats.(By the Numbers: Recently published Special Reports from A.M. Best Company)(Brief article)
Jul 01, 2008 ... Credit market turmoil may leave policyholders in limbo if a big hurricane strikes this year. Investors are cool toward capital-market offerings that raise cash to pay claims. And there are questions ...
Med-mal profits continue to impress.(By the Numbers: Recently published Special Reports from A.M. Best Company)(Report)(Brief article)
Jul 01, 2008 ... Medical malpractice insurers again posted very strong underwriting results in 2007. A.M. Best expects medmal's operating returns to narrow, but ...
Health insurers turn cautious.(By the Numbers: Recently published Special Reports from A.M. Best Company)(Brief article)
Jul 01, 2008 ... Across the board, health insurers' GAAP results were good in 2007--many companies saw larger revenue portions from government programs. But some companies have already ...
Meetings.(Briefing)(Calendar)
Jul 01, 2008 ... July 13-16 International Insurance Society: 44th Annual Seminar, Taipei, Taiwan Web site: www.//Sonline.org July 17-20 Professional Insurance Marketing Association: Summer Conference, Newport, R.I. Web site: www.pima-assn.org Aug. 3-6 American Risk & Insurance ...
Best refutes criticism.(100 YEARS AGO in Best's Review)(Best's Review)(A.M. Best Company Inc.)(Brief article)
Jul 01, 2008; ... An adverse report was never published unless A.M. Best had accurate proof of its statements, according to Best's Review. [ILLUSTRATION OMITTED] Insurance institutions and the press continually attacked and criticized Best, although subscribers knew that Best's Review ...
Aviva outlines plans for expansion.(WORLD BRIEFS)
Jul 01, 2008; ... LONDON-BASED AVIVA PLC wants to expand its presence in many emerging markets around the world, while also instituting a complex rebranding plan designed to simplify its international image. Philip Scott, Aviva's group finance director, explains: On Aviva's Growth: "We now ...
Auto claims drop on gas hikes.(Briefing)(Report)(Brief article)
Jul 01, 2008; ... With average U.S. gas prices more than $4 per gallon, drivers appear to be driving less. As a result, the automobile insurance industry might expect the frequency of claims to drop. Fewer miles driven equal fewer claims, and recent data suggests the industry can expect just ...
Questions over impact of Solvency II.(Briefing)(Brief article)
Jul 01, 2008; ... Solvency II is emerging as a big question mark hanging on the regulatory horizon, worrying European insurers even as it promises a clearer regulatory framework. As the countdown to the arrival of uniform solvency standards for insurers continues, insurers must decide how best to ...
Insurance jobs.(Briefing)(Brief article)
Jul 01, 2008 ... U.S. insurance industry payrolls added 3,200 positions from April to May, marking the third consecutive monthly increase. But overall, U.S. unemployment surged to 5.5% and total U.S. non-farm payrolls continued to shrink, according to seasonally adjusted data released June 6 by the U.S ....
Career wise.
Jul 01, 2008; ... Question: What kind of talent management does a leading insurance company need today? Today's competitive business environment is a reminder to insurance company leaders that talent management is a critical task. Identifying and developing executives who have leadership ...
Assurant Inc.(Life)
Jul 01, 2008 ... ASSURANT INC. has named BART SCHWARTZ executive vice ...
Schwartz succeeds Jerome Atkinson, the New York-based insurance company's executive vice president who retires July 1.(Life)
Jul 01, 2008 ... Schwartz succeeds JEROME ATKINSON, the NewYork-based insurance company's executive vice president who retires July 1, and departing general counsel KATHERINE GREENZANG in Assurant's chief ...
Paul Sampson has resigned as president and chief executive officer of AXA Life Japan and AXA Japan Holding.(Life)(Brief article)
Jul 01, 2008 ... PAUL SAMPSON has resigned as president and chief executive officer of AXA LIFE JAPAN and AXA JAPAN HOLDING. He will be replaced by MARK PEARSON, who is currently chief executive officer of AXA ASIA LIFE. According to Axa, ...
Prudential Financial Inc.'s chief executive officer, John Strangfeld, has succeeded Arthur F. Ryan as company chairman.(Life)(Brief article)
Jul 01, 2008 ... PRUDENTIAL FINANCIAL INC.'s chief executive officer, JOHN STRANGFELD, has succeeded ARTHUR F. RYAN as company chairman. Strangfeld assumed the role of chairman after the company's annual shareholders meeting, Prudential said. Strangfeld, formerly vice ...
Marsh.(Agent/Broker)
Jul 01, 2008 ... MARTIN STUBBS has been named senior vice president for construction professional ...
Robert Willumstad replaces Martin Sullivan as AIG's CEO.(People in Insurance)(American International Group Inc.)(chief executive officer)(Brief article)
Jul 01, 2008; ... American International Group Inc. named Robert B. Willumstad chief executive officer in addition to his position as chairman of the board of directors. He replaces Martin J. Sullivan, who also gives up his position on the board. Sullivan has been with AIG for 35 years. ...
Jardine Lloyd Thompson.(Agent/Broker)(Brief article)
Jul 01, 2008 ... Stubbs, who previously headed the design and construction professional indemnity operation at ...
Marsh & McLennan Cos.(Agent/Broker)
Jul 01, 2008 ... MARSH & MCLENNAN COS. has named DAVID FREDIANI senior vice ...
Brian Duperreault.(Agent/Broker)(Brief article)
Jul 01, 2008 ... Frediani will report to BRIAN DUPERREAULT, president and chief executive of the New York-based global financial firm. A ...
American International Group Inc.(Reinsurance/Capital Markets)(Brief article)
Jul 01, 2008 ... AMERICAN INTERNATIONAL GROUP INC. has named STEVEN J. BENSINGER its vice chairman of financial services. [ILLUSTRATION OMITTED] Bensinger, the chief financial officer for the New York-based multiline insurer since 2005, ...
Aon Re Global.(Reinsurance/Capital Markets)(Jan-Oliver Thofern appointed)(Brief article)
Jul 01, 2008 ... AON RE GLOBAL has announced that JAN-OLIVER THOFERN will become the new chief executive officer and chairman at German reinsurance broker Aon Ruck on July 1. Thofern was previously a member of the executive committee. He replaces the ...
Benfield Group.(Reinsurance/Capital Markets)(Andres Plcclnoni appointed)(Brief article)
Jul 01, 2008 ... London-based reinsurance broker BENFIELD GROUP has appointed ANDRES PlCClNONI chief executive officer to run its growing operations ...
General Reinsurance Corp.(Reinsurance/Capital Markets)
Jul 01, 2008 ... GENERAL REINSURANCE CORP. named I. JOHN CHOLNOKY president, succeeding FRANKLIN "TAD" MONTROSS, who recently was named to the chairman and chief executive officer posts. Choinoky, who will serve as manager of Gen ...
Folks America Re Solutions, a unit of White Mountains Re Ltd.(Reinsurance/Capital Markets)(Neal Wasserman appointed)(Brief article)
Jul 01, 2008 ... FOLKS AMERICA RE SOLUTIONS, a unit of WHITE MOUNTAINS RE LTD., has appointed NEAL WASSERMAN, a senior vice president and a founding member of the organization, to the position of president. Wasserman will succeed JOHN D. LIBERATOR, who is leaving Folks ...
Amerisure Mutual Insurance Co.(Property/Casualty)(Gregory J. Crabb appointed)(Brief article)
Jul 01, 2008 ... AMERISURE MUTUAL INSURANCE CO. has named GREGORY J. CRABB chief administrative officer. Crabb will take responsibility for much of the Farmington Hills, Mich.-based property/casualty insurer's ...
Arch Worldwide Insurance Group.(Property/Casualty)(Mark Lyons appointed)(Brief article)
Jul 01, 2008 ... MARK LYONS, the chief operating officer of ARCH CAPITAL's U.S. based insurance group will take over as chairman and chief executive officer of ARCH WORLDWIDE INSURANCE GROUP, effective July 2. He will succeed ...
Brit Insurance Holdings Plc.(Property/Casualty)(Jonathan Nunes-Carvalho appointed)(Brief article)
Jul 01, 2008 ... U.K.-based nonlife insurer BRIT INSURANCE HOLDINGS PLC has appointed JONATHAN NUNES-CARVALHO divisional underwriting director for property and space in its Global Markets division. Since 2003, Nunes-Carvalho has been class underwriter for U.S. and Canadian commercial and ...
Maxum Specialty Insurance Group.(Property/Casualty)(F. Marshall Turner II appointed)(Brief article)
Jul 01, 2008 ... MAXUM SPECIALTY INSURANCE GROUP appointed F. MARSHALL TURNER II president and chief executive of two subsidiaries and to overall management responsibility for Maxum. Turner will serve as a director at Maxum Indemnity Co. and Maxum Casualty Insurance Co., and at their parent ...
Golden Eagle Insurance.(Property/Casualty)(Pete McPartland appointed)(Brief article)
Jul 01, 2008 ... PETE MCPARTLAND, chief operating officer of QBE REGIONAL INSURANCE GROUP, will leave the company to become president and chief executive officer of GOLDEN EAGLE INSURANCE, a Liberty Mutual Agency Markets regional company. McPartland became the chief operating officer for the Sun ...
Catlin Insurance Co. (U.K.) LTD.(Property/Casualty)(David Ibeson appointed)(Brief article)
Jul 01, 2008 ... DAVID IBESON, chief executive of the CATLIN SYNDICATE at LLOYD'S, has been appointed chief executive of CATLIN INSURANCE CO. (U.K.) LTD. Ibeson succeeds Andreas Loucaides, who has left the group. The announcement was made by the parent, ...
Thomas F. Motamed leaving Chubb to head CNA financial.(People in Insurance)(Brief article)
Jul 01, 2008; ... Chubb Corp. Vice Chairman and Chief Operating Officer Thomas F. Motamed is resigning from the New Jersey-based property/casualty insurer to become chairman and chief executive of CNA Financial Corp. next year, both companies said. [ILLUSTRATION OMITTED] Motamed's ...
Aflac for business.(BUSINESS-TO-BUSINESS)(Brief article)
Jul 01, 2008; ... AFLAC RECENTLY LAUNCHED a new integrated advertising campaign aimed at engaging business owners and benefits decision-makers. The new business-to-business campaign, called "Aflac for Business," features TV, print, online and radio components. It's part of the insurer's continued ...
Re-opening the (Red) umbrella.(ADVERTISING)(Brief article)
Jul 01, 2008 ... [ILLUSTRATION OMITTED] TRAVELERS' BIG RED UMBRELLA is back--and in a big way. In the new ad, a man in a bowler hat and vested suit is walking around carrying a 35-foot red umbrella, helping people in distress that he encounters along the way. The closing line says: "There when ...
Pemco Insurance recently broke out its Chainsaw.(SPONSORSHIP)(George Kenny School of Chainsaw Carving )(Brief article)
Jul 01, 2008 ... PEMCO INSURANCE RECENTLY BROKE OUT ITS CHAINSAW to help replace a community icon. In 2007, an 8-foot statue of Bigfoot was stolen from outside a chiropractic office in Federal Way, Wash. This past spring, Pemco Insurance teamed up with the George Kenny School of Chainsaw Carving to help ...
RMS unveils cat operation.(SPOTLIGHT)(Risk Management Solutions)(Brief article)
Jul 01, 2008 ... Risk Management Solutions has rolled out a new operation to help insurers and reinsurers use cat management more efficiently. Through its Risk Analytics program, RMS provides firms with a team of analysts to perform core cat modeling activities, such as identifying and quantifying risks, ...
Hanover offers commercial policy.(Property/Casualty)(Hanover Insurance Co.)(Brief article)
Jul 01, 2008 ... [ILLUSTRATION OMITTED] Hanover Insurance Group Inc. has developed Real Estate Advantage, a specialty insurance program for commercial real estate owners and managers. The product covers commercial property, general liability, commercial crime, commercial auto, commercial ...
Data-breach losses returned.(Property/Casualty)(Brief article)
Jul 01, 2008 ... Firms that suffer repurational damage after data breaches caused by highly publicized hacker attacks are covered under a new product from broker Lockton and Lloyd's underwriter Kiln Syndicate 510. Data Breach Reputation Guard, part of the companies' Business Resiliency Insurance ...
New AIG platform works with AMS.(Technology)(American International Group Inc.)(AMS Services Inc.)(Brief article)
Jul 01, 2008 ... AIG Small Business, a division of the property/casualty insurance subsidiaries of American International Group Inc., announced that its AIG e-Excess platform now seamlessly integrates with AMS Services' AMS TransactNOW.AIG e-Excess is a Web-based system for rates, quotes and binding excess ...
Phoenix debuts flat-fee VA.(Life)(variable annuities )(Brief article)
Jul 01, 2008 ... The Phoenix Companies inc. has entered the field of flat-fee variable annuities with the introduction of Phoenix Portfolio Advisor Variable Annuity, developed through a strategic alliance with Jefferson National Life Insurance Co. Like Jefferson National's Monument ...
Rating actions.(Ratings)
Jul 01, 2008 ... This edition reflects all financial strength rating changes--assignments, changes or placed under review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as non-U.S, insurance companies, since this section last appeared in the June 2008 ...
Standing the test of time: forty-eight property/casualty insurers and 15 life/health insurers have maintained a Best's Financial Strength Rating of A or higher for at least 75 years.(Cover story)
Jul 01, 2008 ... Since 1906, A.M. Best Co. has been issuing financial strength ratings--opinions on the ability of individual insurance companies to pay claims on the coverage they have underwritten. These financial strength ratings evolved over the decades as the insurance industry grew more ...
Top 200 property/casualty writers.(Property/Casualty)(Statistical table)
Jul 01, 2008 ... <Pre> Top 200 Property/Casualty Writers Travelers' rank rises to No. 4. U.S. Property/Casualty Groups Rank is based on 2007 net premiums written. ($ Thousands)% Rank Company/Group AMB# ...
Top 200 life/health writers: admitted assets for the total life/health industry cross $5 billion mark.(Life)(Statistical table)
Jul 01, 2008 ... <Pre> U.S. Life/Health Groups Rank is based on 2007 admitted assets. * ($ Thousands) Total Adm.% Rank Company/Group AMB# Assets Change 1 Metropolitan Life & Affiliated Cos ...
Life preservers: financial advisers should take another look at guaranteed no-lapse products.(Life)
Jul 01, 2008; ... No-lapse guarantee life insurance evolved in reaction to adverse consumer experiences with policies plagued by inadequate funding, mortality increases or premium insufficiency to carry the coverage to normal life expectancy. Class-action lawsuits and customer complaints of ...
Recipe for disaster: with a global supply chain, the U.S. food industry faces higher risks of contamination, interference and costly litigation.(Regulatory/Law)
Jul 01, 2008; ... [ILLUSTRATION OMITTED] Propelled by globalization, outsourcing and offshoring by American companies, the global food network has morphed into a complex, complicated system--ripe for food contamination claims of epic proportions, with insurers bearing the ultimate financial ...
Staying dry amid a torrent of claims: insurers must consider practical measures now to prepare for the coming storm related to the subprime crisis.(Regulatory/Law)(Column)
Jul 01, 2008; ... My April column noted some of the coverage issues arising from the subprime crisis, and predicted significant claims activity. That was the rare accurate weather forecast. Each week--sometimes each day--we see new reports of subprime problems. We already have seen hundreds of suits filed. ...
A blurry line: health insurers say their wellness programs help keep people healthy. Critics call it practicing medicine.(Health/Employee Benefits)
Jul 01, 2008; ... [ILLUSTRATION OMITTED] U.S. health insurers have evolved into well-oiled machines. They offer wellness programs, health coaching and cost-and-quality information about doctors and hospitals on their Web sites to help members become better health care shoppers. No ...
On the record: Health insurance leaders explain why they're offering employers and members integrated packages of services.(Health/Employee Benefits)
Jul 01, 2008 ... [ILLUSTRATION OMITTED] David Cordani, president, Cigna HealthCare: From our point of view, healthy people are more productive people and more productive people have a better quality of life; better quality of life lowers total cost for the employers and their employees ....
Gone tomorrow: as broker consolidation accelerates smaller offices are disappearing.(Agent/Broker)
Jul 01, 2008; ... [ILLUSTRATION OMITTED] A decades-long trend toward insurance distribution consolidation is accelerating, with the heaviest impact being felt by the smallest agents and brokers as they struggle to grow, or are bought out or forced out of business. "Consolidation on ...
Best's review's: top global insurance brokers.(Agent/Broker)
Jul 01, 2008 ... [ILLUSTRATION OMITTED] The multibillion dollar global insurance brokerage business chugged on to ever-greater volume last year. As Best's Review presents its third annual ranking of the major players in that marketplace, there is a difference. This time it's based on 2007 ...
Experience required: by keeping it real, agents can outperform those faceless insurance marketers on the Web.(Agent/Broker)
Jul 01, 2008; ... The impact of a good customer experience is more valuable than ever, especially in today's world where feedback and comments can be immediately posted on blogs or Web sites that reach millions of people. More than just good service, it's an opportunity to interact with ...
Falling stars: a string of launch failures has brought the high-flying satellite insurance market back to Earth.(Property/Casualty)
Jul 01, 2008; ... Subscribers to satellite television suffered a temporary setback in March when a Russian Proton rocket failed to launch the AMC-14 communications satellite into geostationary orbit. Had the satellite reached proper orbit, it would have improved Dish Network's ability to deriver ...
Numbers and risk: the subprime crisis shows enterprise risk management only works as well as the managers who apply it.(Property/Casualty)
Jul 01, 2008; ... What does the subprime crisis tell us about the effectiveness of enterprise risk management? Haven't investment banks spent millions on sophisticated risk management systems and talented chief risk officers? So what went wrong, and what lessons can we learn? First, having a ...
What floats their boat? Marine insurance needs to evolve to lure aboard Generation Y.(Property/Casualty)
Jul 01, 2008; ... As the work force ages, the insurance industry as a whole is grappling with a personnel conundrum, and in few corners of the business is the problem more acute than the marine specialty area. There, the brain drain is rapidly drawing away talent with the tide. To remain strong ...
Growth factors: U.S. work-site sales have increased 150% in the past 10 years.(Health/Employee Benefits)
Jul 01, 2008; ... [ILLUSTRATION OMITTED] Voluntary/work-site insurance carriers recorded another year of healthy growth in 2007, according to a recently released study, U.S. Worksite Sales, by Eastbridge Consulting Group Inc. This year's study includes data from 1997 through 2007 and tracks, in ...