Business Insurance back issues from February 2007:
SOA, lean manufacturing, lead IT trends on CIO radar.(Tech Focus)(service-oriented architecture)(chief information officers)
Feb 01, 2007; ... Byline: Rodd Zolkos A migration to service-oriented architecture and the introduction of lean manufacturing principles to data center operations are the two trends that will occupy much of the attention of chief information officers in 2007, a survey shows. The ...
Outsiders looking in; Industry observers see the year ahead as one of stability after 2006's low cat losses.(Feature: Gatherings)(Industry overview)
Feb 01, 2007; ... Byline: Rodd Zolkos NEW YORK-While insurance industry returns this year likely won't reach last year's levels, there is reason to be optimistic about industry performance in the near term, according to some industry "outsiders'' who gathered to discuss industry issues last ...
On the move.(appointments)
Feb 01, 2007 ... David Margrett, chief executive officer of Willis Group Holdings Ltd.'s Global Specialties unit, will take on the additional roles of chairman and CEO of the broker's London-based U.K. unit, Willis Ltd., upon the retirement of Richard Bucknall at the end of March. Mr. Bucknall, who also ...
The quote.(Industry News)(Quotation)
Feb 01, 2007 ... `What we see are captives being used a lot better, as a complement to the existing ...
Deadline approaching for ACORD nominees.(Tech Focus)
Feb 01, 2007 ... PEARL RIVER, N.Y.-Applications are available for submissions for consideration for the 2007 ACORD Awards, sponsored by the Pearl River, N.Y.-based Assn. for Cooperative Operations Research and Development. The 2007 ACORD Awards cover accomplishments from June 2006 through April ...
In focus.
Feb 01, 2007 ... For many captive insurance and other alternative risk transfer arrangements, fronting insurance is an essential ingredient in making the program work. Some ART program parents sometimes find it difficult to find the necessary fronting coverage, however. Here's a look at some of the key ...
Insiders looking out; Industry CEOs see shared responsibility, discipline as keys to building on last year's gains.(Feature: Gatherings)
Feb 01, 2007; ... Byline: Rodd Zolkos NEW YORK-The insurance industry has the capital to deal with natural catastrophe exposures, but a sense of "shared responsibility'' is required for markets to function most effectively in cat-prone areas, according to a panel of industry executives. ...
National Union e-tool offers form functionality.(Industry News)(National Union Fire Insurance Company of Pittsburgh, Pennsylvania)
Feb 01, 2007 ... NEW YORK-The National Union Fire Insurance Co. of Pittsburgh, Pa., has released a Web-based application for its PrivateRisk Protector portfolio of coverages that allows brokers to more easily process applications. Using the interactive application for PrivateRisk Protector, ...
Venture launches Vertibrands marketing spin-off.(Industry News)(Venture Insurance Programs)(Vertibrands Inc)(Brief article)
Feb 01, 2007 ... WEST CHESTER, Pa.-Program administrator Venture Insurance Programs has launched an independent marketing communications firm to support program administrators and retail agencies. The spin-off firm, Vertibrands Inc., is a full service marketing communications firm that will ...
Three questions.(Industry News)
Feb 01, 2007; ... With captive insurance having become a commonplace risk financing tool and captive formations continuing regardless of traditional market conditions, some suggest that the alternative risk transfer market is no longer alternative. Recently, Nancy Gray, Burlington, Vt.-based executive ...
Institutes unveil new course offerings on P/C developments.(Industry News)(Chartered Property and Casualty Underwriter)(Brief article)
Feb 01, 2007 ... MALVERN, Pa.-The American Institute for CPCU and the Insurance Institute of America have launched a series of professional development courses designed to provide the most recent information on trends and developments in the property/casualty insurance market. The Institutes' ...
Dispute resolution protocol available.(Industry News)(Brief article)
Feb 01, 2007 ... NEW YORK-A nonprofit alliance of global corporations, law firms, scholars and public institutions has released a tool to help manage the cost of disputes between insurers and reinsurers. The new procedural protocol from the International Institute for Conflict Prevention & ...
Courts unsympathetic to insurers that fail to properly reserve rights.(Last Word)(Olin Corp. vs. Insurance Co. North America et al)
Feb 01, 2007; ... Byline: Bennett Katz and Blaise Chow The District Court for the Southern District of New York last year granted partial summary judgment in Olin Corp. vs. Insurance Co. North America et al., reaffirming the rule that the insurers must state with specificity all grounds upon ...
Emerging markets offer strong industry growth.(Industry News)(Brief article)
Feb 01, 2007 ... Insurance business in emerging market countries continues to grow, according to a new sigma study from Zurich, Switzerland-based Swiss Reinsurance Co., with indications that growth will remain strong in coming years. The study examined insurance industry trends in emerging ...
Hartford hits the road with Vault training.(Industry News)(Brief article)
Feb 01, 2007 ... SIMSBURY, Conn.-The Hartford Financial Services Group Inc. is taking its Vault group disability insurance training program on the road to provide easier access for group benefits professionals across the country. Hartford's Vault program covers group short- and long-term ...
When marketing misses the mark.(First Word)
Feb 01, 2007; ... Byline: Rodd Zolkos Over the course of the past few weeks, I've run across a couple of marketing-related stories that struck me as particularly interesting. One was kind of poignant in a way, the other more of a head scratcher. The first item is about a once-beloved ...
Setting the standard for an industry; Integrity, innovation and a team approach define the style of Vermont's Len Crouse.(Cover Focus: Alternative Risk Markets)(Interview)
Feb 01, 2007; ... Byline: Meg Fletcher MONTPELIER, Vt.-In the captive insurance world, Len Crouse and Vermont are synonymous. As deputy commissioner of captive insurance in the Vermont Department of Banking, Insurance, Securities and Health Care Administration, Mr. Crouse is an ...
Fermat fund taps ALERT, CATRADER to assess risk.(Industry News)(Fermat Capital Management L.L.C.)(AIR Worldwide Corp.)(Brief article)
Feb 01, 2007 ... BOSTON-Hedge fund manager Fermat Capital Management L.L.C. has chosen AIR Worldwide Corp.'s catastrophe risk management systems for use in managing Fermat's catastrophe bond investment portfolio. Fermat is one of the largest investors in catastrophe bonds. The Westport, ...
NAMIC launches climate impact Web site.(Industry News)(National Association of Mutual Insurance Companies)(Brief article)
Feb 01, 2007 ... INDIANAPOLIS-The National Assn. of Mutual Insurance Cos. has introduced a new Web site focusing on climate change and its impact on the property/casualty insurance industry. The site, www.climateandinsurance.org, was launched in response to the growing discussion about climate ...
Gallagher to buy Toronto-based broker.(Industry News)(Arthur J. Gallagher and Co. acquires Lowndes Lambert Group Canada Ltd.)(Brief article)
Feb 01, 2007 ... ITASCA, Ill.-Arthur J. Gallagher & Co. has entered into an agreement to acquire Toronto-based Lowndes Lambert Group Canada Ltd. Terms of the transaction, which was expected to close this month, were not disclosed. Lowndes Lambert has offered risk management, ...
Shand Morahan launches retooled attorney program.(Industry News)(Shand, Morahan and Company)(Brief article)
Feb 01, 2007 ... DEERFIELD, Ill.-Shand Morahan & Co. Inc., the underwriting manager of Evanston Insurance Co., has launched a revamped lawyers professional liability program. Designed Protection for Law Firms is aimed at hard-to-place attorneys and law firms. Deerfield, Ill.-based Shand said the ...
By the numbers.(Industry News)(replacing insurance personnel)(Brief article)(Statistical data)
Feb 01, 2007 ... Insurance industry employers are expected to face difficulties replacing seasoned insurance professionals as Baby Boomers retire, according to most CPCU Society members surveyed. Expected ease of replacing experienced insurance industry professionals Easily replaced ...
Slow, steady, stable growth ahead; Busy year expected in captive market.(Cover: Focus Alternative Risk Markets)
Feb 01, 2007; ... Byline: Meg Fletcher Despite a general softening of the insurance marketplace, captive service providers and regulators still expect 2007 to be a busy year. Providers will be helping buyers find more affordable coverage for a few lines, including medical malpractice ...
Risk-linked bond market poised for rapid growth.(Cover: Focus Alternative Risk Markets)(Industry overview)(Cover story)
Feb 01, 2007; ... Byline: Meg Fletcher ZURICH, Switzerland- The worldwide market for risk-linked securities is expected to grow rapidly over the next decade, with the volume of life bonds leading the way, followed by property/casualty catastrophe bonds, according to a study. Swiss ...
A higher standard; NAIC's proposed RRG governance package would raise the bar for disclosure requirements.(Cover: Focus Alternative Risk Markets)
Feb 01, 2007; ... Byline: Meg Fletcher Drafters of tougher uniform financial and corporate governance standards for U.S. risk retention groups are debating a controversial issue concerning the capital requirements of reinsurers. At issue is whether to require a reinsurer to have at ...
P/C technology blog promises open forum.(Tech Focus)(Property and casualty insurance)(Brief article)
Feb 01, 2007 ... AUSTIN, Texas-A new property/ casualty insurance industry information technology blog is intended to offer the P/C industry a forum for opinion, conversation and experience sharing. The P/C Technology Blog (http://insurancetechnology.typepad.com) was started by George Grieve, ...
Fatality raises likelihood of radio contest limits.(News)
Feb 05, 2007; ... Byline: DAVE LENCKUS The audience-pulling power of wacky listener contests and other irreverent stunts may no longer be enough to keep risk management out of the broadcast booth after last month's death of a contestant in a radio station's water-drinking contest. The ...
Giving consumers more choice in dental cover.(Perspective)
Feb 05, 2007; ... Byline: Thomas Dolatowski The face of dental benefits is changing as market trends spur evolution in employer-sponsored dental plans. The employer-sponsored model has been dominant for more than 50 years and some view current market influences, such as the rising cost ...
French government minister vows to reintroduce class action measure.(Thierry Breton)(Brief article)
Feb 05, 2007; ... Byline: RICK MITCHELL PARIS-The French government has withdrawn a bill that would have introduced class-action-style lawsuits in France. In early February, Parliament had been set to consider the bill promised by President Jacques Chirac and championed by Minister of ...
Washington court upholds duty to warn of asbestos.(Joseph A. Simonetta vs. Viad Corp.)(Brief article)
Feb 05, 2007; ... Byline: ROBERTO CENICEROS SEATTLE-A manufacturer had a duty to warn a plaintiff of potential asbestos exposure even though the manufacturer's water evaporator used on U.S. Navy ships did not contain asbestos, a Washington state appeals court has ruled. Last week's ...
First captive forms in Alabama.(Chantilly Risk Management Inc.)(Brief article)
Feb 05, 2007; ... Byline: JERRY GEISEL MONTGOMERY, Ala.-The first captive insurance company formed under Alabama's 2006 captive statute is now writing business. The new captive, Chantilly Risk Management Inc., owned by Automotive Aftermarket Assn. Southeast, is writing reinsurance for ...
ARE CASH BALANCE PLANS AGE DISCRIMINATORY?(News)
Feb 05, 2007 ... How courts have ruled since the IBM decision Date: September 2006 Employer: PricewaterhouseCoopers L.L.P. Judge: Michael Mukasey Court: U.S. District Court for the Southern District of New York Decision: No Date: September ...
Stock Index [1/29- 2/2].(Stock Index)(Brief article)
Feb 05, 2007 ... Up-to-the-minute data for all 82 companies that comprise the BI Stock Index can be found at www.BusinessInsurance.com. ...
CGL policy to cover damages.(Entercom Communications Corp. contracts with Chubb Corp.)
Feb 05, 2007; ... Byline: Dave Lenckus SACRAMENTO, Calif.-Entercom Communications Corp.'s commercial general liability coverage, which was written by Chubb Corp., may respond to any damages the company must pay the family of a woman who died after participating in a water-drinking radio contest, ...
AMERICAN BANKERS ASSN. DRAWS 400 TO ANNUAL GATHERING.(News)
Feb 05, 2007 ... Byline: Louise Esola More than 400 bankers, brokers and insurers attended the 2007 American Bankers Assn. Insurance Risk Management Annual Conference in Naples, Fla., from Jan. 21-24. The conference featured workshops for both large and small banks, offering risk ...
Trade is a powerful weapon in the war on terror.(Perspective)
Feb 05, 2007; ... Byline: Stephen Patrick Cain What role can business-particularly within the insurance industry-and we, as individuals, play in the war on terror? There are two primary fronts to this war, and they are distinct yet intertwined. Before we can begin to eradicate ...
Companies not disclosing climate liabilities: Survey.(News)
Feb 05, 2007; ... Byline: Sally Roberts BOSTON-Despite the financial risks associated with climate change, more than half of the nation's 500 largest publicly held companies are doing a poor job of disclosing those risks to investors, according to a new report. Not only are companies ...
Mooninites put Boston in a panic.(News)(Brief article)
Feb 05, 2007 ... A guerrilla marketing campaign for an upcoming film based on the Cartoon Network show "Aqua Teen Hunger Force'' sparked terrorism fears-and significant transportation disruptions-in Boston last week when citizens reported suspicious devices attached to bridges and other structures. ...
Buck owner sues execs over attempted sale; Parent ACS charges former managers tried secret deal.(Affiliated Computer Services Inc.)
Feb 05, 2007; ... Byline: JERRY GEISEL NEW YORK-Unhappy with the ownership of Buck Consultants L.L.C., two recently departed top Buck executives-without authorization from the benefit consulting firm's parent-allegedly pursued deals with venture capitalists to sell Buck, according to a lawsuit. ...
Cash balance plans nondiscriminatory: Court; Other circuits likely to follow suit after second favorable ruling.(News)
Feb 05, 2007 ... Byline: JERRY GEISEL Back-to-back appeals court decisions that cash balance pension plans do not discriminate against older employees significantly increase the likelihood that other appeals courts will follow suit, legal experts say. Last week, a unanimous ...
Online Poll at www.businessinsurance.com.(Opinions)(Survey)(Brief article)
Feb 05, 2007 ... What impact would President BushAEs proposal to make all health care premiums tax deductible have on the number of uninsured? 47.2% - No impact at all 33.3% - ...
Schools, not city, liable for complying with ADA; Responsibility to pay rests only on violators of disability legislation.(Americans with Disabilities Act)
Feb 05, 2007; ... Byline: DAVE LENCKUS RICHMOND, Va.-A city cannot be ordered to pay for a court-mandated retrofit of public schools to bring them into compliance with the Americans with Disabilities Act if the city has not been found liable for discriminating against the disabled, a federal ...
New accounting rules may affect balance sheet; Ask a Benefit Actuary.(Perspective)
Feb 05, 2007; ... Byline: William J. Miner Q: As a controller of a large, publicly traded manufacturing organization that sponsors both defined benefit pension plans and retiree medical plans, I'm seeking to understand the implications of the Financial Accounting Standards Board-issued Statement ...
Controlled master program includes best of both worlds.(News)
Feb 05, 2007; ... Byline: LOUISE ESOLA NAPLES, Fla.-Directors and officers insurance coverage is gaining popularity overseas as more countries begin zeroing in on corporate governance and fraud, an industry expert told the American Bankers Assn. during its annual conference. Carol ...
58% of employers to add automatic 401(k) enrollment this year: Study.(News)
Feb 05, 2007; ... Byline: JOANNE WOJCIK Employers are re-examining their retirement programs this year in response to recent changes in the financial and legislative environment and out of concern that employees aren't saving enough, a study concludes. To address these issues, 58% of ...
In brief.(News)(appointment)
Feb 05, 2007 ... Mich. court rejects same-sex benefits Michigan's 2004 marriage amendment prohibits public employers in the state from offering health benefits to employees' same-sex domestic partners, the Michigan Court of Appeals says. In a unanimous opinion issued last week in National Pride ...
MBIA pays $75 million to settle finite charges; Consultant to review other suspect deals as part of pact.(News)
Feb 05, 2007; ... Byline: RUPAL PAREKH ARMONK, N.Y.-Another round of finite reinsurance probes came to a close last week with MBIA Inc.'s $75 million settlement of securities fraud and finite risk-related charges leveled by state and federal regulators. The settlements end ...
Ex-Broncos star settles insurer suit.(End Page)(Former Denver Broncos)(cases)(Brief article)
Feb 05, 2007 ... Former Denver Broncos running back Terrell Davis has settled a lawsuit he brought against his homeowner insurer, Liberty Mutual Fire Insurance Co., which refused to defend him in a 2005 scuffle at an exclusive post-Emmy Awards party in Hollywood. The 1998 Super Bowl MVP says a ...
Comings & Goings.(appointments)
Feb 05, 2007 ... Insurers: ACE Ltd. has named Roberto Hidalgo as president and chief executive officer of ACE Argentina and ACE Chile. He formerly was president and CEO of ACE Puerto Rico and will be based in Buenos Aires, Argentina. Also at ACE, Judith Hernandez-Tate, regional vp, ...
Make time to act against potential flu pandemic.(Opinions)(Brief article)
Feb 05, 2007 ... THE NEW REPORT on planning for an influenza pandemic from the Centers for Disease Control and Prevention makes for sobering reading indeed. While the United States has been fortunate in not having to deal with a major flu pandemic for nearly 90 years, the CDC report underscores ...
Marsh reaps $3.9B with Putnam deal; Investment firm sale will sharpen focus, boosts war chest.(Marsh & McLennan Companies Inc., Putnam Investments Inc.)
Feb 05, 2007; ... Byline: SALLY ROBERTS NEW YORK-Marsh & McLennan Cos. Inc.'s sale of Putnam Investments, its investment management unit tarnished by trading scandals, will make the brokerage stronger and more focused, analysts say. Great-West Lifeco Inc., a Winnipeg, Manitoba-based ...
U.N. climate report stirs liability fears; Scientific testimony may fuel lawsuits on global warming.(News)
Feb 05, 2007; ... Byline: ROBERTO CENICEROS The publication of a U.N. report last week linking human activity to global warming won't be enough to cause immediate liability problems for industrial companies, but it does increase the chances of more claims filtering through to insurance policies ...
Long-term impact.(News)(property insurance)(Brief article)
Feb 05, 2007; ... Byline: Roberto Ceniceros The impact of climate change detailed by United Nation's Intergovernmental Panel on Climate Change will occur over the long term and won't immediately impact property insurance rates, Swiss Reinsurance Co. says. But without taking measures ...
Rising temperatures may boost liabilities.(Opinions)(Brief article)
Feb 05, 2007 ... ANY LINGERING NOTIONS that global warming is not a risk management issue should be dispelled by last week's U.N. report that closely linked increases in rising temperatures with human activity. Whether you buy the notion that greenhouse gases cause global warming, the earth is ...
Virtual world could pack real-life biz.(End Page)(Brief article)
Feb 05, 2007 ... One intriguing aspect of the Internet has been the creation of so-called "metaverses''-interactive virtual worlds where real people assume virtual identities and carry out parallel lives. The name derives from Neal Stephenson's 1992 science fiction novel "Snow Crash,'' in which ...
Deal drugs, lose workers comp.(End Page)(Brief article)
Feb 05, 2007 ... Dealing cocaine may be illegal, but it is a form of employment just like working in a department store, Ohio's 10th District Court of Appeals has ruled. The court last month determined that someone who is employed-even in an illegal endeavor-may not collect workers compensation ...
PPF not required to increase compensation to 100%: Court; Britain's High Court to determine retirees' level of compensation.(International News)(Pension Protection Fund)
Feb 05, 2007 ... Byline: JONATHAN GARDNER British pension plans dodged a bullet when the European Court of Justice ruled that an industry-financed reserve fund for employees of bankrupt companies is not required to pay benefits equaling 100% of expected pensions. Even so, industry ...
THE HISTORY.(News)(Brief article)
Feb 05, 2007 ... How New York-based Buck Consultants has evolved 1916: Founded by George B. Buck. 1994: Buck Consultants offers to acquire much larger rival Towers Perrin. Offer is rejected. 1996: Buck Consultants buys W.F. Corroon benefit consulting unit from broker ...
Errors & Omissions.(Corrections)
Feb 05, 2007 ... A Products & Services item in the Jan. 29 issue, "USRisk Brokers Covers Parking Operations,'' listed an ...
New E.U. members face huge increase in liability exposures; Brokers say clients in Bulgaria, Romania need far higher limits.(International News)
Feb 05, 2007; ... Byline: RICHARD MILLER The recent accession of Bulgaria and Romania into the European Union means companies in those countries are now facing an increased threat of liability claims-a risk some companies may find financially difficult to fully manage, experts said. ...
FERMA urges insurers to speed development of environmental cover; Report queries ability of market to meet E.U. requirements.(Federation of European Risk Management Association)
Feb 05, 2007; ... Byline: RICHARD MILLER The Federation of European Risk Management Assns. is calling on insurers to be less "risk averse'' and develop products that will allow businesses to protect themselves against new environmental liability exposures they could face as of the end of April. ...
Data protection, pandemic planning among top banker concerns at ABA conference.(News)
Feb 05, 2007 ... Byline: LOUISE ESOLA NAPLES, Fla.-Identity theft and the possibility of a pandemic are among the major evolving risks facing banks, experts say. Michael Flanagan, Chicago-based managing director with the Gallagher CyberRisk Services unit of Arthur J. Gallagher & Co., ...
Banking industry faces huge risk in major disasters, insurers tell ABA; Lack of preparedness cited as issue 'nobody wants to talk about'.(News)
Feb 05, 2007 ... Byline: LOUISE ESOLA NAPLES, Fla.-The U.S. banking sector faces one of the biggest exposures of any industry in the event of a major disaster in an affluent, major metropolitan area, but banks do little to protect themselves from such catastrophes, a reinsurance broker says. ...
Congress set to reconsider surplus lines reform bill; Measure would give some risk managers easier access to market.(News)
Feb 05, 2007; ... Byline: MARK A. HOFMANN WASHINGTON-Supporters of a measure that would streamline surplus lines and reinsurance regulation are optimistic that the bill could receive approval sooner rather than later in the new Congress. In part, that's because the measure, which was ...
Why wait until my day to issue climate report?(Commentary)
Feb 05, 2007 ... Byline: Punxsutawney Phil I think it no coincidence that on Groundhog Day, a plot was hatched by a cabal of international scientists to undermine my influence and prestige earned from more than a century of weather forecasting-nay, weather manipulation (after all, any idiot can ...