Best's Review back issues from December 2008:
Staying on track.(Editor's Desk)(Editorial)
Dec 01, 2008; ... Freight railroads in the United States transport more than 40% of the nation's goods, according to the Association of American Railroads. Our cover story, "Risk on the Rails," page 28, reports that out of the 33 million total carloads of freight moved each year, railroads carry about 1.8 ...
Quote/unquote.(Comment)(Quotation)
Dec 01, 2008; ... "This financial cat is, a new kind of event for our industry. We have tended to think that a physical event would be the thing that impairs our industry." David Priebe Chairman of Global Client Development Guy Carpenter & Co. "[Major elections ...
Greenberg's task-trying to save AIG.(Briefing)(American International Group Inc.)(Maurice Greenberg)
Dec 01, 2008; ... When the final chapter is written on how the world's largest and most powerful, insurance company fell from glory, Maurice "Hank" Greenberg, who led American International Group Inc. for more than 35 years, will be featured prominently--a deposed leader trying to rally to save the company ...
There were adults looking after it.(WORTH REPEATING)(American International Group Inc.)(Brief article)
Dec 01, 2008 ... Former AIG Chairman Maurice "Hank" Greenberg, explaining how AIG's financial services subsidiary, AIGFP, was kept from investing too heavily ...
Lloyd's models Thames super-flood.(Highlights From BestWeek)(Brief article)
Dec 01, 2008; ... Lloyd's has added a major flood in the United Kingdom's Thames Valley to its set of "realistic disaster scenarios," also called RDS, for 2009. RDS is used to stress-test individual syndicates, and the total market, to see how they endure accumulated exposures in very extreme ...
North Carolina's Insurance Underwriting Association, or Beach Plan, "is unprepared to weather even one severe storm," according to a report by actuarial analyst Milliman Inc.(Property/Casualty)(Brief article)
Dec 01, 2008 ... NORTH CAROLINA'S Insurance Underwriting Association, or Beach Plan," is unprepared to weather even one severe storm," according to a report by actuarial analyst Milliman Inc. The plan insures $70 billion in property but ...
Ruling 6 to 1.(Property/Casualty)(Brief article)
Dec 01, 2008 ... RULING 6 TO 1, Ohio's Supreme Court upheld reforms requiring plaintiffs to meet specific medical criteria before bringing asbestos exposure claims. The justices also applied the reforms to thousands of ...
An Optional Federal Charter is urgently needed.(Life/Health)(American Council of Life Insurance)(Brief article)
Dec 01, 2008 ... AN OPTIONAL FEDERAL CHARTER is urgently needed, the president of the American Council of Life Insurers, Frank Keating, told ACLI's annual conference in Boston in October. "The nation cannot afford a regulatory ...
Democrats go 4 for 5.(Statistical table)(Brief article)
Dec 01, 2008 ... <Pre> Democrats Go 4 for 5 Only North Dakota Republican Adam Hamm emerged victorious as Democrats won the rest of the commissioners' contests held in five states. Commissioner ResultsWashington Office: Insurance Commissioner John ...
Sticky fingers. (Best's Review's STATS & NUMBERS.(Statistical table)(Brief article)
Dec 01, 2008 ... <Pre> Sticky Fingers Cargo theft is a multibillion dollar headache for shippers and insurers. Scene of the Crime Warehouse burglaries 6% Unsecured locations (modal yards, lots, etc.)25% Trains/ships 27% Trucks stops/ rest ...
Hospitals invest for short term.(By the Numbers: Recently published Special Reports from A.M. Best company)(Brief article)(Statistical data)
Dec 01, 2008 ... <Pre> Hospitals Invest For Short Term U.S. nonprofit hospitals and health care systems, pressured to support costly programs and provide more care, are moving assets into short-term investments. (Investments Move to Cash and Short Term as ...
Delta dental: strong growth.(By the Numbers: Recently published Special Reports from A.M. Best company)(Delta Dental Insurance Co.)(Brief article)
Dec 01, 2008 ... Through 2007, Delta Dental Plans said it had more than 51 million members in some 93,000 groups generating 76 million claims and ...
Title insurers: no relief seen.(By the Numbers: Recently published Special Reports from A.M. Best company)(Brief article)
Dec 01, 2008 ... Revenues and profits for the title industry have likely deteriorated further in the second half of 2008 as the housing ...
Meltdown may help insurance industry, speakers assert.(Briefing)(Brief article)(Conference notes)
Dec 01, 2008; ... With balance sheets decimated and some companies on the brink of extinction, many insurers have had to take a hard look at themselves, speakers at Reactions Magazine's Insurance Conference in New York said last month. As the crisis worsens, insurers are debating serious issues ...
Tracking the stocks of global insurers and brokers.(Briefing: Stock Watch)(Statistical table)
Dec 01, 2008 ... As of the U.S. market close on Thursday, Nov. 6, the A.M. Best Global Insurance Composite Index stood at 685.20, down -49.59% year to date. A.M. Best stock indexes cover 179 publicly traded insurance companies and brokers. Year-over-year the indexes comprised of U.S. brokers and the global ...
Dodd says financial reform might require federal regulator.(Briefing: Stock Watch)(Chris Dodd)
Dec 01, 2008; ... As President-elect Barack Obama begins crafting one of his first initiatives--a new regulatory framework for financial services--he will do so with Senate Banking Committee Chairman Chris Dodd, D-Conn., as a linchpin to the plan's success or failure. [ILLUSTRATION OMITTED] ...
Insurance Jobs.(Briefing: Employment)(Statistical table)
Dec 01, 2008 ... Bucking a national trend that saw the national unemployment rate spike to a 14-year high, U.S. insurance industry payrolls gained 2,500 positions from September to October, according to seasonally adjusted data released Nov. 7 by the U.S. Bureau of Labor Statistics. For the month, the ...
Career wise.(Briefing: Employment)
Dec 01, 2008; ... Question: What can the industry do to raise its profile in order to compete for talent? Positioning insurance as an industry of choice is a long-term challenge that requires effort and commitment industrywide. We are fighting an uphill battle against the media and some ...
Ace Group.(Property/Casualty)(Brief article)
Dec 01, 2008 ... ACE GROUP has reshuffled management within its U.S.-and Canada-based operating divisions and has appointed DAVID BROSNAN, most recently president of Ace Casualty Risk, to run Ace Canada as chief executive officer. [ILLUSTRATION OMITTED] KAREN BARKLEY, who held the ...
Assurant Inc.(Property/Casualty)(appointment of Stephen Gauster)(Brief article)
Dec 01, 2008 ... ASSURANT INC. has named STEPHEN GAUSTER senior vice president and chief corporate counsel. He assumes top oversight of Assurant's public company, risk management and corporate law practice offices. Most recently ...
Seabright Insurance Holdings Inc.(Property/Casualty)(appointment of Robert Cuthbert)(Brief article)
Dec 01, 2008 ... SEABRIGHT INSURANCE HOLDINGS INC. has named ROBERT CUTHBERT senior vice president and chief financial officer. Cuthbert takes up his new posts with the Seattle-based parent company of SeaBright Insurance Co., after the ...
Ambac names Wallis president; Callen returns to chairman role.(People in Insurance)(AMBAC Financial Group Inc. promoted David W. Wallis and Michael A. Callen )(Brief article)
Dec 01, 2008; ... Ambac Financial Group Inc. has elevated Chief Risk Officer David W. Wallis to the posts of president and chief executive officer, as interim CEO Michael A. Callen returns to his role as executive chairman of the financial guaranty insurer. [ILLUSTRATION OMITTED] With ...
Torus Insurance Holdings Ltd.(Property/Casualty)(appointment of Clive Tobin)(Brief article)
Dec 01, 2008 ... Specialty insurer TORUS INSURANCE HOLDINGS LTD. said CLIVE TOBIN will be its chief executive officer starting Jan. 1, 2009. He succeeds interim CEO DAVID HOPE, who will continue as chief underwriting officer. [ILLUSTRATION OMITTED] Tobin most recently was chief ...
American International Group Inc.(Property/Casualty)(appointment of Anthony J. Desantis)(Brief article)
Dec 01, 2008 ... ANTHONY J. DESANTIS has been named president and chief executive officer of AMERICAN INTERNATIONAL GROUP INC.'s personal auto group. [ILLUSTRATION OMITTED] DeSantis, who joined AIG in 1986, was chief ...
Insurance Australia Group Ltd.(Property/Casualty)(appointment of Andy Cornish)(Brief article)
Dec 01, 2008 ... INSURANCE AUSTRALIA GROUP LTD. has appointed ANDY CORNISH as chief executive officer of its direct insurance division. He takes change of the group's direct distribution networks. [ILLUSTRATION OMITTED] Cornish will start his new position at IAG in late January 2009. ...
Aon Ltd.(Agent/Broker)(appointment of Pauline Colvin)(Brief article)
Dec 01, 2008 ... PAULINE COLVIN, a veteran risk specialist, has been named chief risk officer by U.K. broker AON LTD. Colvin has worked as chief risk ...
Hartford Financial Services Group Inc.(Life)(appointment of Robert Paiano)(Brief article)
Dec 01, 2008 ... HARTFORD FINANCIAL SERVICES GROUP INC. has named ROBERT PAIANO as senior vice president and enterprise chief risk officer. [ILLUSTRATION OMITTED] Paiano's duties in his new post with the Hartford, Conn.-based insurer include overseeing risk management strategy for ...
Conseco Inc.(Life)(appointment of Grace Cowan)(Brief article)
Dec 01, 2008 ... CONSECO INC. named GRACE COWAN senior vice president for operations. In her new post, she will direct policyholder services, consumer relations and claims for the Carmel, Ind.-based life and health insurer. Cowan comes most recently from ...
Swiss Life Group.(Life)(appointment of Klaus G. Leyh)(Brief article)
Dec 01, 2008 ... SWISS LIFE GROUP announced the appointment of KLAUS G. LEYH as its new chief executive in Germany and a member of the group's corporate executive board. Leyh, formerly chief market officer of Swiss Life in Germany, assumed ...
Max New York Life Insurance Ltd.(Life)(promotions of Rajesh Sud and Rajit Mehta)(New York Life International L.L.C. appointed Gary Bennett)(Brief article)
Dec 01, 2008 ... MAX NEW YORK LIFE INSURANCE LTD. promoted deputy managing director RAJESH SUD to the position of chief executive officer and managing director in India. GARY BENNETT, who served as CEO and managing director since July 2005, was appointed executive vice president and Greater ...
Zurich Financial Services Group.(Life)(appointment of Philip Wilson)(Brief article)
Dec 01, 2008 ... ZURICH FINANCIAL SERVICES GROUP has named PHILIP WILSON chief underwriting officer for its global life unit. Wilson takes responsibility for the Swiss insurer's global life underwriting strategies, standards and processes within its global ...
New York Life Insurance.(Life)(appointments of )(Brief article)
Dec 01, 2008 ... NEW YORK LIFE INSURANCE CO. has named three individuals to first vice president posts, including Chief Diversity Officer KATHERINE O'BRIEN. In addition, the New York-based mutual life insurer has named DOROTHEA RODD as first vice president for human resources, and GAYLE YEOMANS ...
Chet Culver.(Regulatory/Law)(appointment of Angel Robinson)(Brief article)
Dec 01, 2008 ... Iowa Gov. CHET CULVER said he has appointed the state's first consumer advocate for insurance, making the state one of few to establish such a position. ANGEL ROBINSON, currently on the staff of the Iowa Coalition Against Domestic Violence, will lead a new bureau at the Iowa ...
Ex-Lincoln National CEO Boscia will direct Sun Life's U.S. units.(People in Insurance)(Sun Life Financial of Canada appointed Jon A. Boscia )(Brief article)
Dec 01, 2008; ... Canada's Sun Life Financial Inc. is making changes to its U.S. executive management team, including naming the former chief executive officer of Lincoln National Corp. to oversee most of its businesses in the United States. [ILLUSTRATION OMITTED] Jon A. Boscia now is ...
Selfless Gifts.(ADVERTISING)
Dec 01, 2008 ... As part of its "Selfless Gift" advertising campaign, NEW YORK LIFE INSURANCE CO. recently announced The New York Life Blue Box Challenge, an online contest that invited visitors to create advertisements using the company's blue box logos. More than 300 people submitted ideas to ...
Home improvement.(MARKETING)(Hanover Insurance Co. participated in American Broadcasting Companies Inc. ABC Broadcast Group's television show)(Brief article)
Dec 01, 2008 ... [ILLUSTRATION OMITTED] THIS FALL, THE HANOVER INSURANCE GROUP participated in its seventh partnership with ABC's reality TV show Extreme Makeover: Home Edition. In one of its latest efforts, Hanover and local agency Meadors, Adams & Lee offered to provide insurance ...
Aarp recently implemented a new annuities policy for companies trying to reach the organization's 40 million members through AARP The Magazine, AARP Bulletin, AARP Sequnda Juventud and its online properties.(BRANDING)(American Association of Retired Persons )(Brief article)
Dec 01, 2008 ... AARP RECENTLY IMPLEMENTED a new annuities policy for companies trying to reach the organization's 40 million members through AARP The Magazine, AARP Bulletin, AARP Sequnda Juventud and its online properties. For the first time, AARP now requires that advertisers of indexed and variable ...
Firms offer campground combo cover.(SPOTLIGHT)(Fund Insurance Co. partnerd with Leavitt Recreation & Hospitality Insurance)(Brief article)
Dec 01, 2008 ... Fireman's Fund Insurance Co. has teamed with Leavitt Recreation & Hospitality Insurance of Novato, Calif., to offer comprehensive risk management and coverage for campground owners. Coverages include onsite buildings, restrooms, community centers, outbuildings, camping cabins, laundry ...
Travelers' policies turning greener.(Property/Casualty)(Brief article)
Dec 01, 2008 ... [ILLUSTRATION OMITTED] Travelers now offers up to 10% discounts for owners of hybrid vessels in response, it said, to changing consumer habits. In July, Travelers announced similar discounts to owners of electric boats. In 2006, the insurer offered discounts to drivers of hybrid ...
Insurers team up for small business.(Property/Casualty)(Business Risk Partners Inc. joint ventures with QBE Insurance Group Ltd.)(Brief article)
Dec 01, 2008 ... Business Risk Partners Inc. and QBE the Americas have jointly launched Private Accord, offering directors and officers, employment practices liability insurance and fiduciary liability coverage to small to midsize businesses. Features include nonrescindable A-, B- and C-side D&O coverage; ...
300% guarantee on benefit rider.(Life)(Guardian Life Insurance Company of America)(Brief article)
Dec 01, 2008 ... The Guardian Life Insurance Co. has introduced Guardian Target 300, a lifetime withdrawal benefit rider that guarantees the benefit base will grow by 300% after 15 years, assuming no withdrawals. A similar option guarantees 200% after 10 years. Both offer the potential for ...
Colonial features plan 'Harmony'.(Technology)(Colonial Life and Accident Insurance Co.)(Brief article)
Dec 01, 2008 ... Colonial Life & Accident Insurance Co., a Unum subsidiary, has introduced its Web-based Harmony enrollment system. Harmony helps businesses communicate employee health plans benefits, and helps understaffed human resource departments conduct enrollment. Colonial's benefits ...
Top causes of fatal injuries at work.(SNAPSHOT)(Statistical table)(Brief article)
Dec 01, 2008 ... 2007 had the lowest number for U.S. work-related fatalities since 1992. Major causes: <Pre> Total work-related fatalities, 2007: 5,488* Transportation incidents 2,234 Falls835 Workplace ...
Learn More.(SNAPSHOT)(Brief article)
Dec 01, 2008 ... Fireman's Fund Insurance Co. A.M. Best Company # 02179 Distribution: Career agents and brokers Travelers Group A.M. Best Company # 18674 Distribution: Independent agencies and brokers, affinity marketing, Internet QBE ...
Rating actions.(Ratings)
Dec 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 November 2008 ...
Risk on the rails: America's railroads are required to transport hazardous materials--but liability insurance is expensive and limited.(Railroad Liability: Property/Casualty)(Cover story)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] Early on Jan. 6, 2005, a Norfolk Southern freight train with 42 cars slammed into another train parked on a side track next to a textile mill in Graniteville, S.C. Three locomotives and 17 cars derailed, including three pressurized tank cars. One of the ...
U.S. Inland Marine--2007 top writers.(Statistical table)(Company rankings)
Dec 01, 2008 ... <Pre> U.S. Inland Marine--2007 Top Writers Rank is based on 2007 direct premiums written. ($ 000) 2007 Direct %PremiumsChange in Rank Company/Group AMB #...
U.S. Inland Marine--2007 Top Writers by state.(Property/Casualty)(Statistical table)(Company rankings)
Dec 01, 2008 ... <Pre> U.S. Inland Marine--2007 Top Writers by State Rank is based on 2007 direct premiums written. ($000) No.Direct% of Premium of PremiumsU.S. % StateRank Cos. (1) Written ...
U.S. Fire & Allied Lines--2007 Top Writers.(Property/Casualty)(Statistical table)(Company rankings)
Dec 01, 2008 ... <Pre> U.S. Fire & Allied Lines--2007 Top Writers Rank is based on 2007 direct premiums written. ($ 000) 2007 Direct %PremiumsChange in Rank Company/GroupAMB # ...
U.S. Ocean Marine--2007 Top Writers.(Property/Casualty)(Statistical table)(Company rankings)
Dec 01, 2008 ... <Pre> U.S. Ocean Marine--2007 Top Writers Rank is based on 2007 direct premiums written. ($ 000) 2007 Direct %PremiumsChange in Rank Company/Group AMB #...
U.S. Fire & Allied Lines--2007 Top Writers by state.(Property/Casualty)(Statistical table)
Dec 01, 2008 ... <Pre> U.S. Fire & Allied Lines--2007 Top Writers by State Rank is based on 2007 direct premiums written. ($ 000) No. Direct % of Premium of Premiums U.S.% StateRank Cos. (1) ...
U.S. Ocean Marine--2007 Top Writers by state.(Property/Casualty)(Statistical table)(Company rankings)
Dec 01, 2008 ... <Pre> U.S. Ocean Marine--2007 Top Writers by State Rank is based on 2007 direct premiums written. ($ 000) No.Direct% ofPremium of PremiumsU.S. % State Rank Cost (1) Written ...
The long run: perpetuating your agency takes a plan, financing and most of all, time.(Agency Perpetuation: Agent/Broker)(Young Agents Council of the Florida Association)(Conference notes)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] To be, or not to be? William Shakespeare's words take on new meaning in today's tight economy, as independent agencies ponder whether to perpetuate or to merge. As the worldwide credit crunch stalls lending and cools acquisition fever, more ...
Back-up plan: reverse mortgages can help folks afford retirement, but are they a good offering for insurers with banks?(Life: Reverse Mortgages)(Statistical table)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] Insurers that own banks are dabbling in reverse mortgages, a fast-growing but still small business in the United States. Less than 1% of eligible Americans have bought one. Some evidence suggests, however, that reverse mortgages may become more ...
One life to live: employers extend retirees' wellness programs and benefits in order to trim rising health care costs.(Health/Employee Benefits: Wellness Programs)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] Healthy lifestyles equal healthy seniors. That's an equation Johnson & Johnson is banking on. The pharmaceutical, medical devices and consumer packaged-goods manufacturer offers both its active employees and retirees a myriad of healthy lifestyle ...
Great expectations: good news: people are living longer. Bad news: many may outlive their nest eggs. Is longevity insurance the solution?(Life: Longevity Insurance)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] Life expectancy is at an all-time high of 78.1 years. However, economic trouble is brewing: Many people may run out of money in retirement. While longevity is increasing, the overall U.S. population is also skewing older. The first wave of an ...
Youth movement: insurers split over whether medical spa coverage is good for their financial health.(Property/Casualty: Medical Spas)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] There's a new wrinkle to the anti-aging movement: More carriers are willing to underwrite coverage for those who perform cosmetic procedures in nontraditional settings such as medical spas. While some insurers' initial uneasiness over medi-spas ...
Separation anxiety: a tech-savvy distribution system can sharpen a market edge.(Technology: Distribution Systems)(Tapco Underwriters)(Tapley Johnson III)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] Talk about a tough sell. In 1987, Tapley Johnson III had to convince his dad that paying $75,000 for an IBM System/36 computer and the software would help grow the family's small underwriting business. "Six months later, the software vendor ...
A refreshing start: pre-issue process visioning, both strategic and tactical, is critical to the policy lifecyle.(Technology: Technology Insight)
Dec 01, 2008; ... Maximizing document capture, indexing and categorization efficiencies during the pre-issue stage of an insurance policy lifecycle is something insurers have been striving toward for years. Insurers have long been heavy imaging systems users, with significant cost savings achieved through ...
Agents' secret: independent producers have their own wish lists for improving carriers' distribution systems.(Agent/Broker: Distribution)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] Just as a child carefully crafts a holiday wish list complete with the latest toys and gadgets, independent agents have wish lists of their own when it comes to distribution systems. And electronic distribution--either through real-time transactions or ...
ID thieves might ruin your day, too: insurers have new products to help businesses contain data breaches.(Agent/Broker: Selling Insight)(Identity theft)(Survey)
Dec 01, 2008; ... The number of data breaches continues to rise, adding more people to the list of millions who have been exposed to identity theft and fraud. As a result, at least 44 states, plus the District of Columbia and Puerto Rico, have passed laws that require notification of security ...
Clearing after the storm: with reinsurance renewals looming, the industry prepares for the return of a firmer market.(Reinsurance/Capital Markets: 2009 Renewals)
Dec 01, 2008; ... [ILLUSTRATION OMITTED] In a grim reminder of 2005's destructiveness, the 2008 Atlantic hurricane season caused insured losses up to $25 billion--$13 billion for Hurricane Ike alone--and could affect 2009 reinsurance renewal rates. But the just-concluded season may ...
Choose indexed life: indexed universal life plans define performance's floor.(Life: Selling Insight)
Dec 01, 2008; ... Do you have clients who might feel variable life insurance is too risky, but traditional fixed insurance doesn't have enough growth potential? Perhaps they should consider indexed universal life insurance products, a fairly recent addition to the marketplace. By definition, ...
Good news in the fight against AIDS: from both medical and underwriting standpoints, HIV/AIDS has become a manageable disease.(Life: Underwriting Insight)(acquired immune deficiency syndrome )(human immunodeficiency virus)
Dec 01, 2008; ... Almost three decades have passed since the mysterious illness that would eventually become known as AIDS was first noted in a report from the U.S. Centers for Disease Control and Prevention. The five cases were the very beginning of a disease that would kill more than a half-million ...
Face off: two industry leaders debate H.R. 6969, a bill to limit how foreign insurers account for premiums ceded offshore.(Reinsurance/Capital Markets: Offshore Ceding)
Dec 01, 2008 ... A Congressional committee is considering a bill that would cap the deductible amount of reinsurance premiums that foreign insurers and reinsurers cede from U.S. units to offshore affiliates. The legislation, H.R. 6969, would address concerns raised in the past year by the ...