Business Insurance back issues from February 2006:
Collateral issue packs global impact.
Feb 01, 2006; ... Byline: Meg Fletcher The pressure is on for U.S. state insurance regulators to finish laying the groundwork to evaluate a critical regulatory issue: Should they change collateral requirements for reinsurers? That pressure intensified recently when, after years of ...
Bowman CEO honored in Hall of Fame.(Chief Executive Officer)(.G. Bowman Co. Inc)(Brief Article)
Feb 01, 2006 ... NEW YORK-Ernesta G. Procope, president and chief executive officer of New York-based broker and loss-control firm E.G. Bowman Co. Inc., last month was named to the Minority Business Hall of Fame & Museum Inc. at a ceremony in New York. Ms. Procope founded E.G. Bowman in 1953 as ...
Disciplined plan key to meeting IT goals.
Feb 01, 2006; ... Byline: Bill Pieroni To create a value-creating, high-performing information technology organization, a company must implement a disciplined, business-driven approach. This approach should closely and consistently identify sources of value, capability dependencies ...
Comp insurers claim one victory in battle against premium fraud.
Feb 01, 2006; ... Byline: Meg Fletcher LEXINGTON, Ky.-When Gary Linsey Slater of Harrogate, Tenn., set out to scam three workers compensation insurers out of $6 million in premiums, he didn't count on an aggressive, coordinated response by fraud fighters from insurers as well as state and federal ...
In Focus.
Feb 01, 2006 ... For insurance industry executives concerned with how shareholders and potential shareholders view their companies, the opinions of the analysts who scrutinize the industry for various banks and investment firms are critically important. Here's a look at some of the top analysts covering ...
On the Move.(John P. Welch is appointed in XL Reinsurance America Inc)
Feb 01, 2006 ... John P. Welch has been named president and chief operating officer of XL Reinsurance America Inc., a Stamford, Conn.-based subsidiary of Hamilton, Bermuda-based XL Capital Ltd. Mr. Welch most recently was head of casualty and surety underwriting at XL Reinsurance America. Separately, XL ...
Trusted Choice launches 2006 campaign with multimedia downloads.(Industry News)(Brief Article)
Feb 01, 2006 ... ALEXANDRIA, Va.-The Trusted Choice independent agency brand program kicked off its 2006 national advertising earlier this month with an Internet ad campaign on www.homestore.com. In addition, this year's advertising activities will once again include a Trusted Choice Month ...
Lloyd's opts to pull plug on Kinnect risk data platform.
Feb 01, 2006; ... Byline: Rodd Zolkos On its surface, Lloyd's of London's announcement last month that it was abandoning its Kinnect Internet-based risk data platform seems an enormous setback for those hoping to see the industry fully embrace the efficiency of electronic exchange. ...
RAA president leads `a small community' in playing a big role.(Reinsurance Association of America)
Feb 01, 2006; ... Byline: Meg Fletcher WASHINGTON-As president of the Reinsurance Assn. of America, Frank Nutter's most widely recognized role is as the U.S. reinsurance market's chief lobbyist, but his and his organization's influence reaches far beyond the Beltway. Providing ...
Analysts predict profits, problems for P/C insurers.
Feb 01, 2006; ... Byline: Rodd Zolkos NEW YORK-A group of insurance industry analysts and observers see prospects for a profitable year for property/casualty insurers in 2006, though that doesn't mean the industry isn't facing significant issues. "In 2005, S&P issued more upgrades ...
CEOs share lessons from 2005 catastrophes.
Feb 01, 2006; ... Byline: Rodd Zolkos NEW YORK-The property/casualty insurance industry's experiences with the storm losses of the past two years have left the industry and the country with a number of questions to address going forward, according to one group of industry executives. ...
Three Questions.(Countrywide Financial Corp)
Feb 01, 2006 ... In 2004, Countrywide Financial Corp.-primarily known for its mortgage banking activities-embarked on an effort to create a commercial lines insurance brokerage unit through its Irvine, Calif.-based Countrywide Insurance Group insurance holding unit. Recently, David Kuhn, president of the ...
Life insurance M&A activity likely to rise: Swiss Re.(mergers and acquisitions)(Brief Article)
Feb 01, 2006 ... While not likely to reach the level of the late 1990s, consolidation in the global life insurance market will accelerate over the next several years, according to a new Swiss Reinsurance Co. sigma study. Swiss Re notes that global life insurance groups have been a major force ...
Integro establishes corporate Times Square headquarters.(Integro Ltd)(Brief Article)
Feb 01, 2006 ... NEW YORK-Insurance brokerage and risk management firm Integro Ltd. formally established its corporate headquarters at 3 Times Square in New York last month with an event attended by more than 300. Integro welcomed attendees with a message displayed on the NASDAQ MarketSite ...
XL opens Beijing office to tap into Chinese market.(Bermuda-XL Capital Ltd)(Brief Article)
Feb 01, 2006 ... HAMILTON, Bermuda-XL Capital Ltd. has opened a representative office in Beijing after receiving approval from the China Insurance Regulatory Commission. The office is permitted to act as a liaison, conduct research and perform other activities that do not generate income ....
CAMICO to cover CPAs who fail to file claims within policy period.(Camico Mutual Insurance Co)(Brief Article)
Feb 01, 2006 ... REDWOOD CITY, Calif.-A major provider of professional liability coverage for certified public accounts plans to provide limited coverage for policyholders who inadvertently fail to report a claim or a potential claim in a timely manner. Redwood City, Calif.-based CAMICO Mutual ...
Industry ahead of curve on hybrid cars.
Feb 01, 2006; ... Byline: Rodd Zolkos One of the most highly anticipated-and certainly most comprehensively analyzed-events of the American political year is the president's annual State of the Union address. Depending on the times and the president delivering the address, the speech ...
Groundhog Forecast: P/C premium growth.(Brief Article)
Feb 01, 2006 ... In its annual Groundhog Forecast, the Insurance Information Institute projects premium growth picking up for property/casualty insurers in 2006, with analysts expecting insurers' 2006 underwriting performance to produce a small underwriting profit. The average forecast of the ...
Zurich takes auto dealer insurer off the block.(Zurich Financial Services)(Brief Article)
Feb 01, 2006; ... Byline: Meg Fletcher SCHAUMBURG, Ill.-Zurich Financial Services Group plans to keep its U.S. auto-dealer insurance unit, after the unit's regulatory problems contributed to cancellation of its sale. Universal Underwriters Group in Overland Park, Kan., "is not for ...
Inoculating against loss; Insurers and reinsurers eye the impact of a flu pandemic.
Feb 01, 2006; ... Byline: Louise Kertesz Amid doomsday predictions about a potential avian flu pandemic on the scale of the 1918 Spanish flu outbreak, insurers and reinsurers are avoiding what one intermediary called "hysteria" and going about preparations in a disciplined manner. ...
Watson Wyatt, Quest join to analyze health plans.(Watson Wyatt Worldwide)(Quest Analytics L.L.C)(Brief Article)
Feb 01, 2006 ... ARLINGTON, Va.-Watson Wyatt Worldwide has entered into a strategic partnership with software firm Quest Analytics L.L.C. aimed at allowing Watson Wyatt to better help client companies make health care decisions involving provider quality. Appleton, Wis.-based Quest Analytics ...
Hartford offers online will service.(Hartford Financial Services Group Inc)(Brief Article)
Feb 01, 2006 ... HARTFORD, Conn.-The Hartford Financial Services Group Inc. is offering an online will preparation service to customers of its life insurance products. The new EstateGuidance online will preparation service is available to customers of The Hartford's group basic and supplemental ...
By the Numbers.(National Association of Insurance Commissioners)(Brief Article)
Feb 01, 2006 ... Byline: National Assn. of Insurance Commissioners The NAIC maintains a centralized electronic Complaint Database System (CDS), through which states voluntarily report 'closed' complaints. A closed complaint is a complaint that has been investigated and ...
THE QUOTE.
Feb 01, 2006 ... 'Interest level in pandemic reinsurance has been peaking recently, so we're working ...
Unknown may be the biggest risk; Ask a Risk Manager.(business insurance usage)
Feb 06, 2006; ... Byline: Christopher E. Mandel Q: The predictability of loss events seems to be decreasing. In light of this, how should risk managers respond? A: One of the hallmarks of traditional insurance-based risk management has been the ability to predict losses over the long ...
Texas court grants insurers right of reimbursement; In cover disputes, insurer can sue policyholder to recover settlements.(Perspectives)
Feb 06, 2006 ... Byline: John N. Ellison, Jocelyn A. Gabrynowicz and Jackie G. Taylor Granting insurance companies a right they did not have under most liability insurance policies, the Texas Supreme Court has fundamentally changed the dynamics in virtually every liability disagreement in which ...
Benefits experts to pick BMOY; Independent judges drawn from industry.(Benefit Manager of the Year)
Feb 06, 2006 ... CHICAGO-Business Insurance has assembled a panel of leading experts in employee benefits to judge the magazine's 2006 Benefit Manager of the Year award competition. The independent panelists represent top benefit consulting firms, insurance brokerages, managed health care ...
USG asbestos settlement hinges on passage of FAIR Act.(News)
Feb 06, 2006; ... Byline: MARK A. HOFMANN CHICAGO-USG Corp. has reached a nearly $4 billion settlement to resolve its current and future asbestos liability claims, but that amount would be slashed to $900 million if Congress approves a national, no-fault trust fund to compensate victims of ...
More than 400 attend conference on banking risk management.(News)(Brief Article)
Feb 06, 2006 ... INDIAN WELLS, Calif.-More than 400 people attended the American Bankers Assn. Insurance Risk Management Annual Conference & Meetings for the Financial Services Industry, held Jan. 29-Feb. 1 in Indian Wells, Calif. The conference program included several sessions on securities ...
Between the Lines; `Grandstandamendi' gets fired up.(News)
Feb 06, 2006; ... Byline: Compiled by Joanne Wojcik Given his penchant for self-promotion, it's certainly been no secret to the insurance industry that California Insurance Commissioner John "Grandstandamendi'' has had higher aspirations for quite some time. In his latest publicity ...
Business Insurance seeks nominees for benefit management honor.(Benefit Manager of the Year)
Feb 06, 2006 ... Business Insurance is pleased to announce its second annual Benefit Manager of the Year(r) award to recognize excellence and innovation in employee benefits management. The award competition in benefits, launched in 2005, follows in the tradition of the magazine's longstanding ...
Tax-free rollovers OK'd for Roth 401(k) distributions; IRS allows tax advantages via Roth IRA transfers.(News)(individual retirement accounts)(Internal Revenue Service)
Feb 06, 2006; ... Byline: JERRY GEISEL WASHINGTON-Employees whose Roth 401(k) plan contributions have not remained in the plan long enough to qualify for favorable tax treatment now have a simple but largely unpublicized way of taking tax-free distributions: setting up Roth individual retirement ...
Coverage denied for demolition in error; Ruling shows inconsistencies in GL interpretations.(News)
Feb 06, 2006; ... Byline: DAVE LENCKUS CHICAGO-A federal judge's ruling against a demolition contractor in a coverage dispute over a mistakenly razed building highlights general liability policies' and courts' inconsistent definitions of an insurable accident, attorneys say. ...
Roof collapse shows up 'inadequate' coverage.(World)(Allianz Polska)
Feb 06, 2006; ... Byline: RICK MILLER KATOWICE, Poland-A roof collapse at a convention center in southern Poland that left 63 people dead and 140 injured could raise awareness of the importance of liability coverage among Polish businesses, which generally tend to be underinsured for such ...
Greenberg fights AIG over Starr business in battle for control; Both sides head to court.(insurance cases)
Feb 06, 2006 ... Byline: JUDY GREENWALD NEW YORK-The bitter dispute between American International Group Inc. and its former chairman, Maurice R. Greenberg, continues to escalate, with both sides filing lawsuits that focus on the relationship between AIG and the C.V. Starr & Co. Inc. managing ...
Insurer seeks to avoid major league liability; Says team kept pollution study secret when buying stadium cover.(St. Louis Cardinals Major League Baseball team)
Feb 06, 2006; ... Byline: DAVE LENCKUS NEW YORK-The St. Louis Cardinals Major League Baseball team wants its environmental liability insurer to step up to the plate and cover $7.5 million of cleanup costs at its new ballpark as well as potential future liabilities at its former playing field ...
Bush proposes expansion of health savings accounts as funding tool for retirees.(News)
Feb 06, 2006; ... Byline: JERRY GEISEL WASHINGTON-Health savings accounts would be expanded to serve as a tax-effective retiree health care funding vehicle under a proposal unveiled last week by President Bush. The proposal would allow employees and employers to increase HSA ...
Lloyd's to sue Aon, Benfield over fund cover.(reinsurance cases)
Feb 06, 2006 ... Byline: SARAH VEYSEY LONDON-Lloyd's of London said it will pursue legal action against Aon Ltd. and Benfield Group Ltd., the brokers of a disputed reinsurance program for the market's Central Fund. Lloyd's in March 2005 settled a long-running dispute with the six ...
Hannover Re securitizes property, marine risks.(News)(Brief Article)
Feb 06, 2006; ... Byline: SARAH VEYSEY HANNOVER, Germany-Hannover Re Group has completed a $370 million securitization deal aimed at increasing the German reinsurer's capacity to underwrite property catastrophe, aviation and offshore marine coverage. The transaction was placed ...
Runoff D&O cover aids acquired firms.(News)
Feb 06, 2006; ... Byline: ROBERTO CENICEROS INDIAN WELLS, Calif.-Directors and officers liability insurance that covers the board directors of acquired companies is essential to protect those board members against the numerous exposures they can face after their companies have been absorbed, ...
Storm losses highlight need for detail on property values.(News)
Feb 06, 2006; ... Byline: ROBERTO CENICEROS INDIAN WELLS, Calif.-In light of recent hurricane losses, it is essential that banks with catastrophe-exposed loan portfolios better understand their borrowers' property values and insurance arrangements, brokers told the American Bankers Assn. ...
Comings & Goings - Industry.(News)(Peter Hall joins Alexander Forbes Risk Services Ltd)(Scott Allan joins Marsh Inc)(Eric Excoffier joins Guy Carpenter & Co. Inc)
Feb 06, 2006 ... Brokers: Atlanta-based Beecher Carlson Holdings Inc. has made several senior-level appointments in its recently expanded Boston office: * Richard J. DeVito has been named managing director of the Boston office. Previously, he was senior vp and head of the risk ...
Allow larger HSA contributions.(Editorial)(health savings accounts)
Feb 06, 2006 ... Should employers and employees be allowed to contribute more to health savings accounts? In a word, absolutely, and we welcome a Bush administration proposal that would do just that. As we report on page 1, the administration is recommending that Congress pass legislation that ...
Indictments hurt future of finite reinsurance.(Editorial)
Feb 06, 2006 ... The federal criminal indictment of three former executives of Gen Re and one from American International Group and a Securities and Exchange Commission civil suit against the same group last week may be yet more nails in the coffin of finite reinsurance. Named in the indictment ...
Accident insurance for workers in Iraq seen as vital cover.(News)
Feb 06, 2006 ... Byline: SARAH VEYSEY The injuries sustained by ABC News anchorman Bob Woodruff and cameraman Doug Vogt in a bomb attack in Iraq late last month highlight the risks posed to journalists reporting from war zones and the need for personal accident insurance to cover them while they ...
Are indictments on finite deals in the works for other insurers?(News)
Feb 06, 2006; ... Byline: JUDY GREENWALD Observers say the scope of the federal investigation of questionable accounting techniques related to finite insurance could expand to other companies. Criminal indictments were issued by a federal grand jury in Norfolk, Va., last week naming ...
Foreign insurers boost capacity for Canadian D&O.(World)
Feb 06, 2006; ... Byline: GLORIA GONZALEZ Growing interest by foreign insurers in the Canadian market has led to a significant influx of directors and officers insurance capacity for Canadian risks, which has resulted in stable pricing and broader policy terms for D&O buyers. ...
Securities law change could push up D&O rates.(World)
Feb 06, 2006; ... Byline: Gloria Gonzalez Canadian risk mangers have not seen the full impact of a change to the country's securities law last year, but many observers expect it will drive up the cost of directors and officers liability insurance. And Bill 198, which imposes civil ...
Winter Games covered against cancellation.(World)
Feb 06, 2006; ... Byline: CAROLYN ALDRED TURIN, Italy-As the world's best skiers, sledders and skaters steel their nerves ahead of this month's XX Winter Olympic Games, event cancellation insurance will help the organizers and other groups rest easy. For the first time, the ...
Late News; Congress OKs hike in PBGC premiums.(Pension Benefit Guaranty Corp)
Feb 06, 2006 ... Federal lawmakers last week gave final approval to budget legislation that boosts by more than 50% the base premium rate charged by the Pension Benefit Guaranty Corp. and imposes a surcharge on employers terminating plans during bankruptcy. Under S. 1932, retroactive to Jan. 1, the base ...
Legal Briefs: CGL policy covers defense of damage lawsuit.(Briefs)
Feb 06, 2006 ... A commercial general liability insurer had a duty to defend an insured general contractor in a lawsuit arising from water damage due to allegedly negligent work of subcontractors, according to the Texas Court of Appeals. In 1995, Dr. William Braden contracted with Archon ...
Updates; XL, Brazilian bank to form joint venture.(Ita[pounds sterling] Holding Financeira S.A.)
Feb 06, 2006 ... XL Capital Ltd. is setting up a joint venture insurance company in Brazil. Hamilton, Bermuda-based XL said its proposed joint venture with Sao Paulo, Brazil-based Banco Ita[pounds sterling] Holding Financeira S.A. would combine the Brazilian property/casualty and specialty insurance books ...
SEC suit details defendants' alleged roles in deal.(News)
Feb 06, 2006; ... Byline: Judy Greenwald The U.S. Securities and Exchange Commission complaint against four former General Re Corp. officials and a former American International Group Inc. executive focuses on a $500 million loss portfolio deal between AIG and Gen Re in 2000 that AIG admitted ...
FORMER GEN RE CHIEF, EXECS INDICTED; Criminal, civil charges filed over finite 'scheme'.(News)
Feb 06, 2006 ... Byline: JUDY GREENWALD NORFOLK, Va.-Are there bigger fish to fry? That is the question now looming after federal jury criminal indictments were handed down and a U.S. Securities and Exchange Commission suit was filed last week against former General Re Corp. and ...
President gives passing mention to malpractice liability reform.(News)(Brief Article)
Feb 06, 2006; ... Byline: Mark A. Hofmann Tort reform received short shrift in last week's State of the Union address. Rather than using the speech to reiterate his calls for passage of legislation such as the Lawsuit Abuse Reduction Act or asbestos reform, President Bush touched on ...
Legal Briefs: 'Special errand' covered by workers compensation.(rules in survivors benefits)
Feb 13, 2006 ... An employee who was fatally injured in an accident on his bicycle after dropping off his employer's van for servicing was on a special errand for his employer; therefore, his widow is entitled to survivor's benefits, according to the Washington Court of Appeals. Neil Mahoney ...
Shift to online promotions creating greater demand for prize indemnity cover.(sweepstakes service)
Feb 13, 2006; ... Byline: RUPAL PAREKH When Jean Irons-Dendy, a registered nurse and mother of two in Kirkland, Wash., pulled the $250,000 grand prize in a drawing sponsored by her gym last May, she wasn't the only one who won. "It created a lot of excitement among our members,'' ...
Tiered plan draws some skepticism.(News)
Feb 13, 2006; ... Byline: JOANNE WOJCIK Plans by Massachusetts' Group Insurance Commission to tie copayments to doctor rankings on quality and cost-effectiveness are drawing some skepticism from at least one employer that such an approach will ultimately lead to lower cost, higher-quality health ...
P&I outlook stable: S&P.(reports on ship owners)(Brief Article)
Feb 13, 2006; ... Byline: Sarah Veysey The outlook for protection and indemnity marine insurance clubs is stable, according to rating agency Standard & Poor's Corp., which has published a report on the sector ahead of the marine market's traditional Feb. 20 renewal date. The majority ...
New rules unlikely to reduce salaries.(Editorial)
Feb 13, 2006; ... Byline: Dave Lenckus, Senior Editor General Motors CEO Rick Wagoner announced last week that he'll be sharing the pain of the troubled automaker's workers and shareholders by taking a 50% cut in his multi-million dollar base salary. This disclosure didn't seemed to disturb ...
Lloyd's allowed access to buyer files; Documents already seen by underwriters are not confidential: U.K. court.(Lloyd's of London access to client placements)
Feb 13, 2006; ... Byline: SARAH VEYSEY LONDON-Underwriters at Lloyd's of London should be allowed access to clients' placement and claims files even if insurance buyers do not agree to disclose the documents, the U.K. Court of Appeal ruled last week. The ruling in the long-running ...
Who gets what.(American International Group Inc compensation)(Brief Article)
Feb 13, 2006 ... American International Group Inc. will pay $1.64 billion to settle fraud, bid-rigging and other charges. The settlement amount will be divided up among several parties: $800 million-investors deceived by false statements. ...
AIG reaches broad settlement; Pact brings end to key problems, but issues remain.(American International Group Inc)
Feb 13, 2006 ... Byline: RUPAL PAREKH NEW YORK-American International Group Inc.'s $1.64 billion settlement with state and federal authorities won't resolve all of the company's problems, but it does lift a dark legal cloud that for months has loomed over the insurer. The ...
With AIG's halt of contingent commissions, debate ensues.(American International Group Inc)
Feb 13, 2006 ... Byline: SALLY ROBERTS NEW YORK-Parts of American International Group Inc.'s $1.64 billion settlement agreement with state and federal regulators relating to contingent commissions-and a pledge by AIG to stop paying such incentives-are fueling more debate over the future of the ...
AIG's former chief, in his own words.(C.V. Starr & Co)(Interview)
Feb 13, 2006 ... NEW YORK-Maurice R. Greenberg, chairman and chief executive officer of C.V. Starr & Co., not only is looking forward to defending himself against charges of false accounting that led to his ouster at AIG last March, but also is eager to grow the managing general agency business of C.V ....