Business Insurance back issues from June 2007:
From the top; Industry leaders share their views at RIMS panel.(Feature: Gatherings)(Discussion)
Jun 01, 2007 ... Byline: Rodd Zolkos NEW ORLEANS-A group of top insurance industry executives shared their views on everything from catastrophe modeling to optional federal regulation of insurance during a Leadership Panel Luncheon last month at the annual conference of the Risk & Insurance ...
Willis Re executive recognized for professional development.(Industry News)(award)(Brief article)
Jun 01, 2007 ... PHILADELPHIA-The Insurance Education Institute and the Reinsurance Assn. of America have awarded the Lifetime Achievement Award to William H. Panning, executive vp and managing director at Willis Re Inc. Frank Nutter, RAA president, and Larry Forrester, IEI president, presented ...
Navigators launches specialty business program division.(Industry News)(Brief article)
Jun 01, 2007 ... NEW YORK-Navigators Management Co., the principal underwriting agency subsidiary of the New York-based Navigators Group Inc., has established a specialty program division. The new division will focus on developing portfolios of business in a variety of specialty industry niches ...
Hartford program eases return of injured workers.(Industry News)(Brief article)
Jun 01, 2007 ... SIMSBURY, Conn.-Hartford Financial Services Group Inc. has created a specialized team of clinical professionals to facilitate disabled employees' safe return to work. Through its Simsbury, Conn.-based group disability operation, Hartford also has created a return-to-work road ...
The right tech tools for the job.(Last Word)
Jun 01, 2007; ... Byline: Jim McCallion As a benefits team working within a property/casualty insurer, have you ever felt technologically like you've been given a hammer to tighten a bolt? You're not alone. Most benefits brokers use generic customer relationship management computer systems or ...
The quote.(Industry News)(Quotation)(Brief article)
Jun 01, 2007 ... `Microfinance has proven to be a successful tool to help people out of poverty. Microinsurance is an important tool to ...
Swiss Re to continue E&O coverage for Big I.(Industry News)(Brief article)
Jun 01, 2007 ... OVERLAND PARK, Kan.-Swiss Re's Commercial Insurance and the Independent Insurance Agents of America have entered into a five-year agreement under which Swiss Re will remain the endorsed errors and omissions insurer of the Big I. Under the agreement, Swiss Re's Commercial ...
S&P launches standardized capital model.(Industry News)(Standard & Poor's Corp.)(Brief article)
Jun 01, 2007 ... NEW YORK-Standard & Poor's Corp. has released an enhanced insurance risk-based capital model for life, annuity, property/casualty, health insurance and reinsurance companies worldwide. According to New York-based S&P, the globally consistent framework it developed for analyzing ...
Lilly appointed to Richmond Fed board.(Industry News)(Claude Lilly)(Brief article)
Jun 01, 2007 ... CHARLOTTE, N.C.-An academic whose background includes expertise in insurance and risk management has been appointed to a board post with the Federal Reserve Bank. Claude Lilly, dean of the University of North Carolina at Charlotte's Belk College of Business, was appointed last ...
Modeler, institute study China typhoons.(Industry News)(Brief article)
Jun 01, 2007 ... BOSTON-Risk modeling firm AIR Worldwide Corp. is collaborating with the Shanghai Typhoon Institute on research examining the atmospheric and hydrologic characteristics of typhoons making landfall in China. Boston-based AIR will use the findings of the research to enhance its new ...
In focus.
Jun 01, 2007 ... From cavemen to butterflies to rehabbing rabbits, insurance industry advertisers take a variety of routes as they look to connect with buyers, establish brand identity and set themselves apart from the competition. Some approaches are comic and some are serious, but all focus on driving ...
Shifting markets demand cutting-edge ideas.(Feature: Gatherings)
Jun 01, 2007; ... Byline: Meg Fletcher LAKE BUENA VISTA, Fla.-To prepare for market changes during the next several years, insurers need to assess future demands and make intelligent decisions about information technology, an expert said. The most technically innovative insurers ...
Lawmaker says frustrations no cause for law's repeal.(News)
Jun 01, 2007; ... Byline: Mark A. Hofmann WASHINGTON-Legislation to amend the McCarran-Ferguson Act is not on the "fast track,'' according to a key lawmaker. "You get frustrated'' with events such as the aftermath of Hurricane Katrina, said Rep. Earl Pomeroy, D-N.D., during a ...
On the move.(appointments)(briefs)
Jun 01, 2007 ... Robert Bentley has joined Newark, Calif.-based Risk Management Solutions Inc. as the company's first chief operating officer. Mr. Bentley previously was global COO at Guy Carpenter. Gary T. Huffman has been named president and chief executive officer of Lincoln, Neb.-based Union ...
Cost savings only the beginning of offshoring advantages.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2007; ... Byline: Rodd Zolkos As insurance industry companies look to maintain profitability in the face of softening market conditions in many lines, one concept they frequently are looking toward is offshoring certain business functions. The benefits of offshoring can go ...
Three questions.(Industry News)
Jun 01, 2007 ... Lloyd's of London, soon to celebrate its 319th birthday, is the world's oldest insurance marketplace and has seen a lot of change in how insurance is transacted. Wendy Baker, president of Lloyd's America Inc. in New York, offers her insights on how Lloyd's itself is changing to meet the ...
Few prepared to comply with `e-discovery' rules.(Tech Focus)
Jun 01, 2007 ... Byline: Rodd Zolkos In May's Industry Focus, Senior Editor Meg Fletcher wrote an interesting piece about the impending impact of new federal "e-discovery'' rules on insurance industry companies. The Federal Rules of Civil Procedure, amended in December, require ...
Guidewire expands European operations.(Tech Focus)(Guidewire Software )(Brief article)
Jun 01, 2007 ... PARIS-Guidewire Software has expanded its international operations with the opening of a Paris office. San Mateo, Calif.-based Guidewire's European presence already includes a London office and the company plans additional expansion in continental Europe. Guidewire ...
Storm season to deal cards.(First Word)
Jun 01, 2007; ... Byline: Rodd Zolkos As was made abundantly clear by last year's insurance industry profits, insurers, along with the inhabitants of windstorm-exposed coastal areas, caught a lot of good luck in 2006 by way of a relatively mild U.S. hurricane season. Now, with ...
Local knowledge.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2007 ... According to Russell J. Pass, a member of Chicago-based management consultant Bridge Strategy Group L.L.C., while there are many factors to consider in selecting an offshore location and each company's priorities are unique, there are a few factors that are almost always relevant: ...
Microclimate.(Cover Focus: Emerging Markets & Globalization)(Brief article)
Jun 01, 2007 ... Some 78 million policyholders are paying premiums to 246 insurers for 357 microinsurance products that are sold in the world's 100 poorest countries. Policyholders have sought ways to protect their lives and income by purchasing insurance-excluding social security-type coverage-according ...
A SPIRITUAL PATH INTO AN EMERGING MARKET.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2007; ... Byline: Meg Fletcher Insurers are converging on the Middle East because of the rising value of crude oil and natural gas buried under the desert sands that is fueling an emerging insurance market. At $65-plus per barrel, profits from oil revenues have raised per ...
Barriers to business.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2007; ... Byline: Meg Fletcher Some Middle Eastern countries have trade barriers against U.S. insurance services, although U.S. trade officials say some of the barriers are legal. This year, they identified several Middle Eastern countries with "significant" barriers that ...
Small business big benefits.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2007; ... Byline: Meg Fletcher Providing insurance for the working poor in developing countries is expanding rapidly, although the market faces social and economic challenges. Most often, policyholders are women such as an Indonesian seamstress who took out a loan to buy three ...
Keys to market success.(Feature: Gatherings)(Brief article)
Jun 01, 2007 ... Areas on which insurers need to focus to prepare for future demands. * Ensure the company's culture allows and encourages innovation. * Deploy business process management technologies to improve and automate core processes. * Align product development, ...
Database Solutions updates agent software.(Tech Focus)(version 4.0 of its Group Insurance Module )(Brief article)
Jun 01, 2007 ... TORONTO-Database Solutions Ltd. has released version 4.0 of its Group Insurance Module for its Agent Intelligence on-demand customer relationship management software. New features included in Agent Intelligence v4.0 are intended to increase agents' efficiency in tracking ...
10 best practices for boards overseeing insurers.(Perspective)
Jun 04, 2007 ... Byline: John S. Scheid As the insurance industry's ability to better fulfill its historical role of protecting its customers has been transformed by new risk management tools, ingenious financial models and innovative products, it has also faced unprecedented challenges ranging ...
Market moves.(briefs)
Jun 04, 2007 ... AmWINS opens Alabama office BIRMINGHAM, Ala.-American Wholesale Insurance Group Inc. has opened a Birmingham, Ala., office and hired Jeffrey McNatt as president of the unit, AmWINS Brokerage of Alabama L.L.C. Previously, Mr. McNatt was with Risk Placement Services ...
Telecom Risks facing coverage hang-ups: Value of business interruption cover debated; Risk managers seeking alternatives to respond more quickly, pay upfront.
Jun 04, 2007; ... Byline: RICHARD MILLER Telecommunication companies are questioning the value of business interruption cover, given the complexities in settling claims and backup systems to aid business continuity, experts say. In response, there is a move by risk managers-in some ...
Service interruption protections vary by nation.(Emily Freeman of Lockton Companies Inc. on regulations of telecommunications industry)(Brief article)
Jun 04, 2007; ... Byline: Stuart Collins Liabilities for service disruption related to telecommunications companies differ from country to country, according to Emily Freeman, London-based executive director of technology, media and cyber risks for Lockton International, a unit of Kansas City, ...
Insurers exclude risks associated with electromagnetic radiation; No consensus reached on EMR's effect on health.(electromagnetic radiofrequency)
Jun 04, 2007; ... Byline: ROSEANNE WHITE GEISEL It may take two more decades to know if electromagnetic radiofrequency energy is a significant liability issue for telecommunications companies, so, in the interim, insurers are treating the risk as cautiously as a downed power line after a storm. ...
AMRAE attempting to give legitimacy to captives in France.(publishes guide for risk managers)
Jun 04, 2007; ... Byline: RICK MITCHELL PARIS-Risk managers in France are being encouraged by their representative association to consider greater use of captive insurance as a risk management tool. And regulatory and fiscal changes in France and the European Union have given the ...
Risk managers seek greater involvement at top level.(Anja Antonsen, risk manager at TDC A/S)(Interview)
Jun 04, 2007; ... Byline: Richard Miller In the telecommunication's sector, the degree to which corporate risk managers have a voice in top management decisions is described by one expert as "inconsistent''-and, indeed, some risk managers are seeking a greater role. "I am not up ...
NY insurance superintendent tapped to head new financial commission; Modernizing laws key to promoting competition, growth.(News)(Brief article)
Jun 04, 2007; ... Byline: RUPAL PAREKH NEW YORK-New York is working to improve the state's financial services regime, and State Insurance Superintendent Eric Dinallo has been tapped to lead the effort. New York Gov. Eliot Spitzer last week signed an executive order creating a ...
In brief.(News in Brief)
Jun 04, 2007 ... CSU team forecasts busy storm season The hurricane forecasting team at Colorado State University continues to predict above-average tropical storm activity for the 2007 Atlantic hurricane season, which began last Friday. In its latest forecast, the team repeated the prediction ...
Caribbean cat pool now operating.(natural catastrophe insurance now available)(Brief article)
Jun 04, 2007; ... Byline: RUPAL PAREKH WASHINGTON-A multinational pool developed by the World Bank to provide Caribbean governments access to natural catastrophe insurance began offering coverage last week. The Caribbean Catastrophe Risk Insurance Facility officially launched last ...
Employers score a win with pay bias decision; Supreme Court puts firm limit on filing period.(Lilly Ledbetter vs. Goodyear Tire & Rubber Co.)
Jun 04, 2007; ... Byline: MARK A. HOFMANN WASHINGTON-Employers can breathe a bit easier as a result of the closely divided Supreme Court decision that plaintiffs alleging illegal pay discrimination under Title VII of the Civil Rights Act of 1964 must file a complaint within 180 days of the ...
BI extends deadline for 2007 benefit award.(2007 Benefit Manager of the Year)
Jun 04, 2007 ... Business Insurance has extended the deadline for nominations for the 2007 Benefit Manager of the Year(r). The competition seeks to recognize excellence and innovation in benefits management. Any full-time employee of a corporation, nonprofit organization or government entity who ...
Avoid surprises by understanding coverage.(News)(Brief article)
Jun 04, 2007; ... Byline: Rupal Parekh Policyholders can dodge potential problems arising from a coverage dispute with their Bermuda-based insurer by carefully reading and understanding policy provisions and maintaining communication with insurers. When buying insurance from a ...
Largest P/C insurers post profitable quarter; Despite pricing pressures, combined net income up 24.1.(News)(property and casualty )(Financial report)
Jun 04, 2007; ... Byline: JUDY GREENWALD Commercial property/casualty insurers continue to harvest the fruits of the past hard market, despite a softening market that eventually will affect results, observers say. First-quarter 2007 insurer results were "excellent,'' said Diane ...
RIMS toughens stance on contingents; Brokers told to reject insurer incentive payments; risk managers urged to make voices heard.(Risk & Insurance Management Society Inc.)
Jun 04, 2007; ... Byline: SALLY ROBERTS NEW YORK-The Risk & Insurance Management Society Inc. is taking its strongest stance yet on the issue of broker compensation, calling for a prohibition on all "placement fees'' paid to brokers by insurers and for risk managers to be more vocal about ...
Texas lawmakers opt to ignore government accounting standard; Rejecting GASB 45 could hurt state's bond rating, some say.(News)(Governmental Accounting Standards Board)
Jun 04, 2007; ... Byline: JOANNE WOJCIK AUSTIN, Texas-Legislation allowing Texas and public entities within the state to disregard an accounting standard that governments publish their retiree health liabilities on their financial statements is drawing a mixture of criticism and praise. ...
Errors & Omissions.(Correction notice)
Jun 04, 2007 ... Due to an editing error, a May 28 Late News brief incorrectly characterized a verdict involving former Brightpoint Inc. Director of Risk Management Timothy Harcharik. He was found liable on civil charges of aiding and ...
Medicare set-asides pay for future medical expenses.(News)(Brief article)
Jun 04, 2007; ... Byline: Roberto Ceniceros A Medicare set-aside is an allocation for future medical expenses that would be covered by Medicare if private insurance were not available. Under Medicare Second Payer laws, Medicare pays medical expenses only when all forms of private ...
Medicare workers comp settlement legislation introduced; Bill intends to ease administrative process for employers, insurers.(News)
Jun 04, 2007; ... Byline: ROBERTO CENICEROS New federal legislation would ease employer and insurer administrative frustrations and more quickly close workers compensation medical claims that require set-aside amounts to meet federal Medicare secondary payer laws, experts say. The ...
RIMS stands against contingent payments.(Risk & Insurance Management Society Inc.)(Brief article)
Jun 04, 2007 ... IT IS NOT SURPRISING that the Risk & Insurance Management Society Inc. has come out against broker contingent commission arrangements. What is baffling, though, is that it took RIMS so long to oppose an arrangement that is obviously against the best interests of its members. ...
LiLo back in rehab but producers of 'Poor Things' say they'll wait.(End Page)(Lindsay Lohan )(Brief article)
Jun 04, 2007 ... Lindsay Lohan's latest rehab stint apparently won't impact her work on a dark comedy film about two elderly female con artists who befriend homeless men they murder to collect life insurance payouts. The movie is based on true events that took place in Los Angeles. ...
Poland risk group urges businesses to adopt ERM; Others skeptical that companies can bypass traditional practices.(enterprise risk management)
Jun 04, 2007; ... Byline: RICHARD MILLER WARSAW, Poland-In Poland, where the practice of risk management is still a new discipline, the local risk management association believes it is realistic to encourage companies to jump straight into the gold-plated version: enterprise risk management. ...
Reinsurance placement necessary for catastrophe cover in Romania.(International News)
Jun 04, 2007; ... Byline: RICHARD MILLER SINAIA, Romania-After a recent setback, the Romanian government is once again moving forward with creation of a compulsory catastrophe insurance program for homeowners that could ultimately require a placement of E3 billion ($4.04 billion) on the global ...
Latest business interruption cover doesn't need a physical trigger.(Zurich Financial Services to launch a contingent business interruption product )
Jun 04, 2007; ... Byline: RICHARD MILLER Among the latest developments in business interruption insurance is coverage for nonphysical damage, which some experts believe could fill important gaps for the telecommunications sector. Zurich, Switzerland-based insurer Zurich Financial ...
Technology innovations boost risks for telecommunications companies; Security breaches increase exposure to privacy liability.
Jun 04, 2007; ... Byline: DAVE KAISER As communication links multiply around the world, companies that provide much of the infrastructure for that growth face some huge security and liability issues, insurance experts say. Telecommunications companies, many of which have long ceased to ...
Latest wrinkle in fight against lawsuit abuse.(dry cleaning case, implications of consumer protection law)
Jun 04, 2007; ... Byline: Mark A. Hofmann Perhaps the Age of Miracles is indeed upon us. Or, given the particulars of the tale that follows, perhaps at least the Age of Common Sense hasn't totally passed into the history books. For this tale, at least in the beginning, defies common ...
Presidential hopeful mines Mass. model; Obama's ideas include reinsurance backstop for employer plans.(Barack Obama)
Jun 04, 2007; ... Byline: JERRY GEISEL WASHINGTON-Massachusetts' landmark health care reform law, which already has helped to shape reform measures in other states, is being incorporated-at least in part-by a major presidential contender. During a campaign stop in Iowa City, Iowa, Sen ....
Industry will change when buyers demand it.
Jun 04, 2007; ... Byline: Myron M. Picoult I have long postulated that the property/casualty industry's business model is broken and has to be modified. Change does not come easily to this industry, and it appears to be an excruciating experience to conjure up change, no less implement it. ...
GOVERNMENT ACCOUNTING STANDARDS; Inside the acronyms.(News)(Brief article)
Jun 04, 2007 ... GASB: Governmental Accounting Standards Board, a private-sector organization in Norwalk, Conn., that establishes accounting standards for state and local governments. Although these standards are not legally enforced, GASB standards are considered generally accepted accounting principles ...
Hillary learned lesson from failed reform effort.(Hillary Rodham Clinton)(Brief article)
Jun 04, 2007 ... It took a while, but Sen. Hillary Rodham Clinton, D-N.Y., finally understands why her first attempt at comprehensive health care reform failed. To pass legislation, Sen. Clinton said last month, all the major players-providers, employers and employees-have to be involved. ...
Trial bar blitz tackles Miss. insurance race.(End Page)(George Dale targetted)(Brief article)
Jun 04, 2007 ... Primary races for insurance commissioners don't usually generate a lot of television ads. In fact, they usually don't generate much hoopla of any sort. But that's not the case in Mississippi, where Insurance Commissioner George Dale finds himself the target of an advertising ...
Re-Mission arms victims in battle against cancer.(CIGNA Healthcare Group Inc. partners with HopeLab to develop the video game, Re-Mission)(Brief article)
Jun 04, 2007 ... While some see video games as harmful to young minds, CIGNA HealthCare is encouraging young cancer patients to play one designed specifically to help them cope with their disease. CIGNA teamed up with nonprofit HopeLab to create Re-Mission, a video game described as a ...
Video captures deer hunter in workers comp fraud case.(Dennis Gillan of New York)(Brief article)
Jun 04, 2007 ... A onetime corrections officer who hunted deer found himself to be the hunted-by investigators tracking his movements in a workers compensation fraud probe. Dennis Gillan of Monroe, N.Y., was arrested on charges of insurance and workers comp fraud, grand larceny and "offering a ...
Tracing origins of a unique policy provision.(services of ACE Ltd. and XL Capital Ltd, interpretation of insurance law of New York)
Jun 04, 2007; ... Byline: RUPAL PAREKH The arbitration provision in the Bermuda insurance policy form dates back to the liability crisis of the mid-1980s and the creation of ACE Ltd. and XL Capital Ltd. Both companies were established to provide much needed capacity for large ...
Got a Bermuda policy? Check the fine print.(News)
Jun 04, 2007; ... Byline: RUPAL PAREKH As a growing number of insurers make Bermuda home, more policyholders may want to get acquainted with arbitration provisions in the policies issued by the insurers. Policyholder attorneys say the provisions-which generally require coverage ...
Obama's MASS.-IVE PLAN.(implications of Sen. Barack Obama's health care reform for health insurance industry)(Brief article)
Jun 04, 2007 ... What Sen. Barack Obama's health care reform plan would do * Employers would pay new payroll-related tax if they do not offer "meaningful" health care coverage * Federal reimbursement of health care claims that exceed a certain level * Federal ...
On the web.
Jun 04, 2007 ... READERS CHOICE AWARDS Your opinion counts for BI's Readers Choice Now in their third year, BI's Readers Choice Awards recognize the top-performing companies in 11 different categories relating to risk management, insurance and employee benefits. To view profiles of ...
Forty years of BI.(Business Insurance's anniversary)(Factory Insurance Association and Oil Insurance Association merger)(Marsh & McLennan Companies Inc. ranked largest broker)(Brief article)
Jun 04, 2007; ... On Oct. 8, 2007, Business Insurance will celebrate its 40th anniversary of publication. Each week until then, BI will offer a peek at news we reported during the past four decades. July 14, 1975 The Factory Insurance Assn. and the Oil Insurance Assn. announced plans to merge ...
Online Poll at www.businessinsurance.com.(World Trade Center coverage policy)(Brief article)(Statistical data)
Jun 04, 2007 ... Do you think the protracted coverage dispute arising from the destruction of the World Trade Center could have been avoided by more timely policy issuance? YES: 47.1% NO: 52.9% Next ...