Business Insurance back issues from October 2007:
Microsoft lures workers with high-end benefits; Despite initial costs, company sees savings from better care.(Microsoft Corp.)
Oct 01, 2007; ... Byline: ROBERTO CENICEROS SEATTLE-To attract and retain talent and to achieve greater cost savings, Microsoft Corp. has developed an innovative benefit program that includes a therapy program for children with autism and a "high-end'' health examination program. The ...
Surplus lines reform closer to passage; But several hurdles could hamper bill's progress.(political aspects of insurance law)
Oct 01, 2007; ... Byline: MARK A. HOFMANN This Congress could approve a measure that would streamline the regulation of surplus lines insurers, say supporters of the measure. In late June, the House of Representatives approved by voice vote the Nonadmitted and Reinsurance Reform Act, ...
House panel passes mental health parity; Measure more expansive than Senate version.(Congress. House. Committee on Ways and Means)
Oct 01, 2007; ... Byline: MARK A. HOFMANN WASHINGTON-As far as employer groups are concerned, the House Ways and Means Committee did nothing to make a bad mental health parity bill any better when it approved the measure last week. Employers greatly prefer a mental parity measure that ...
Supreme Court shift favors employers; Bush appointees make pro-business rulings more likely in workplace rights cases.(analysis of labor law)
Oct 01, 2007; ... Byline: Gerald L. Maatman Jr. The Supreme Court's 2006/2007 term has enhanced expectations for employers and employment practices liability insurers looking for a leveling of the EPLI playing field. Plaintiffs took it on the chin in workplace rights cases, and ...
Intel clinics chip away worker health delusions; Expert advice used to boost employee wellness.(Intel Corp.)
Oct 01, 2007; ... Byline: ROBERTO CENICEROS SEATTLE-To help its employees better understand and maintain their health, Intel Corp. opened onsite clinics last year as part of a broadening of its health assessment and wellness efforts. The Santa Clara, Calif.-based technology ...
Rehab, consulting services important for recall recovery.(Aon Corp.)(Brief article)
Oct 01, 2007; ... Byline: Dave Lenckus While the limits available from stand-alone product recall underwriters in the nonadmitted market far outstrips what is available from general liability underwriters, brokers talk more about the importance of product rehabilitation coverage and the ...
Stamping office data indicates slow growth.
Oct 01, 2007; ... Byline: ROBERTO CENICEROS Data from the 14 stamping offices across the United States shows growth during the first half of 2007 but at a slower rate than recent years. Under recent market conditions, premium generation has varied significantly, with some lines up and ...
Wendy's finger food scammer tries to get sentence reduced.(cases of Wendy's International Inc.)(Brief article)
Oct 01, 2007 ... The woman who claimed she bit into a fingertip while eating a bowl of chili has received a largely thumbs-down ruling from a California appellate court. Anna Ayala gained "national notoriety,'' the Sixth District Court of Appeal stated, for her March 2005 claim that she bit ...
High court agrees to hear product liability dispute; Drugmaker claims constitutional protection.
Oct 01, 2007; ... Byline: DAVE LENCKUS WASHINGTON-When the U.S. Supreme Court hands down its decision in a product liability lawsuit against a pharmaceutical company that maintains it is constitutionally protected against such claims, all companies selling federally regulated products could share ...
Assessments, response plans crucial for global supply chain exposures; Risk managers need to examine suppliers' planning.(analysis of product safety)
Oct 01, 2007; ... Byline: GLORIA GONZALEZ HALIFAX, Nova Scotia-The globalization of supply chains creates new exposures that risk managers should anticipate and for which they should build a response plan, experts say. Several North American companies have encountered product safety ...
Wholesalers diversify operations to grow during difficult market; Brokers try new lines, expand MGA business as rating levels fall.(growth of property and casualty insurance industry)
Oct 01, 2007; ... Byline: SALLY ROBERTS With the soft property/casualty insurance market stymieing growth opportunities among the nation's largest wholesale brokers, diversification has become a key strategy. After capitalizing on the difficult property catastrophe market through last ...
Private equity moves to sidelines.(BISYS Group Inc. and JC Flowers & Company L.L.C.)
Oct 01, 2007; ... Byline: SALLY ROBERTS With the exception of J.C. Flowers & Co. L.L.C.'s acquisition of BISYS Group Inc.'s wholesale brokerage operations in May and resulting merger with Crump Insurance Group, the infusion of private equity capital into the wholesale insurance business has died ...
Ex-funeral director deceives the living.(Brief article)
Oct 01, 2007 ... A former funeral home director said he reported live people as dead to try to save his ailing business. Kent Kellogg, 51, pleaded guilty to four counts of insurance fraud for cashing in pre-needs insurance policies totaling an estimated $100,000 on 27 people who were still ...
Virginia Tech gets grant for threat assessment.(Virginia Polytechnic Institute and State University)(Brief article)
Oct 01, 2007; ... Byline: DAVE LENCKUS BLACKSBURG, Va.-Virginia Polytechnic Institute and State University-the scene of the nation's most deadly campus shooting-has been awarded a federal government grant of nearly $1 million to develop a model for assessing and responding to troubling student ...
District court orders Chubb unit to pay $24M to D&O policyholder.(Executive Risk Indemnity Inc. and AFC Enterprises Inc.)(Brief article)
Oct 01, 2007; ... Byline: JEFF CASALE ATLANTA-A judge has ordered Chubb Corp. unit Executive Risk Indemnity Inc. to pay $24 million to directors and officers liability policyholder AFC Enterprises Inc. over a claim related to AFC's settlement of shareholder litigation. The unit of ...
Ignoring safety rules doesn't bar comp: Court.(analysis of safety regulations)(Brief article)
Oct 01, 2007; ... Byline: JEFF CASALE COLUMBUS, Ohio-The Supreme Court of Ohio has reversed its 2006 decision denying workers compensation benefits to a former fast-food worker who broke safety rules and caused his own injury. In a divided 5-2 opinion, justices for the state high court ...
Marsh executive revamp seeks 'focus and clarity'; Changes follow Brian Storms' recent departure.(Marsh Inc.)(Brief article)
Oct 01, 2007; ... Byline: SALLY ROBERTS NEW YORK-Philip Moyles, executive vp of Marsh Inc., has been named chief executive officer of the Americas in a realignment of Marsh's senior management following the departure last month of former CEO Brian Storms. Mr. Moyles succeeds Timothy ...
Court rules against former NFL player in disability case; Earlier decision on nature of injuries doesn't force rehearing.(Court of Appeals for the 9th Circuit)(Brief article)
Oct 01, 2007; ... Byline: JUDY GREENWALD SAN FRANCISCO-A former National Football League player cannot seek a rehearing of his disability benefits case even though he was unaware of case law that might have helped him obtain a better settlement during the original negotiations, says a federal ...
ISCEBS draws 450 to Seattle.(ISCEBS Symposium)
Oct 01, 2007 ... Byline: Roberto Ceniceros SEATTLE-About 450 people attended the International Society of Certified Benefit Specialists' Employee Benefits Symposium 2007, which was held Sept. 16-19 in Seattle. Benefit managers and providers presented case studies and delivered ...
RIMS Canada draws 650 to Halifax.(RIMS Canada Conference)(Conference news)
Oct 01, 2007; ... Byline: Gloria Gonzalez HALIFAX, Nova Scotia-More than 650 people attended the 32nd RIMS Canada Conference Sept. 17-19 in Halifax, Nova Scotia. The conference, which was sponsored by the Canadian arm of the Risk & Insurance Management Society Inc., ...
14 U.S. insurers decry Bermuda 'loophole'.(News)(taxation of insurance industry)
Oct 01, 2007; ... Byline: MARK A. HOFMANN WASHINGTON-The U.S. domestic insurance industry may be forced offshore unless the tax treatment of foreign-domiciled reinsurers changes, the head of a U.S. reinsurer told the Senate Finance Committee last Wednesday. William R. Berkley, ...
BI adds to staff in Chicago office.(News)(officials and employees of Business Insurance Corp.)(officials and employees of Interactive. )(Brief article)
Oct 01, 2007 ... CHICAGO-Business Insurance has added to its editorial staff in Chicago. Kristin Gunderson Hunt has joined the magazine as an associate editor. She previously was managing editor of the Journal of Property Management, which is a publication of the Chicago-based ...
Computer crime losses double.(News)(reports of Computer Security Institute about computer crimes)
Oct 01, 2007; ... Byline: SUSAN KELLY Corporate losses from computer crime more than doubled last year, reversing a five-year declining trend. The Computer Security Institute's survey of 494 computer security professionals found that the average reported loss due to cyber crime jumped ...
INTERNATIONAL DIPLOMA.(International News)
Oct 01, 2007 ... The International Diploma in Risk Management is made up of three levels. Level One consists of five core modules that must be taken by all students. Those modules are: * Principles of risk: an introduction to the concept of risk management * ...
IRM launches international diploma; Qualification encourages broad view of risk management discipline.(International News)(Institute of Risk Management)
Oct 01, 2007; ... Byline: TONY DOWDING HATFIELD, England-The London-based Institute of Risk Management has launched a new professional development qualification designed to reflect a much broader view of risk and risk management. Unveiling the new International Diploma in Risk ...
Many French retirees worked with asbestos; But small percentage of craftsmen suffered serious health problems.(International News)
Oct 01, 2007; ... Byline: RICK MITCHELL Half of retired French artisanal workers-craftsmen-have been exposed to asbestos during their careers, according to early results from a French government study. From September 2005 to February 2007, researchers for the pilot phase of the ...
Competition heats up among admitted, surplus lines insurers.(Spotlight: Surplus Lines)(prices and rates of insurance)
Oct 01, 2007; ... Byline: STEVEN TUCKEY As insurance rates continue to fall, more and more insurers in the admitted market are competing for business that they had left to surplus lines insurers in the hard market. Previously hard-to-place catastrophe coverages, for example, are ...
Lloyd's reports first-half profits.(International News)(Lloyd's of London)(Financial report)(Brief article)
Oct 01, 2007; ... Byline: MATT SCROGGINS LONDON-Lloyd's of London posted a pretax profit of 1.81 billion pounds ($3.65 billion) for the first half of 2007, up 33.8% over its marketwide profit for the prior-year period. Lloyd's attributed the increase to profitable underwriting ...
Clinton reform plan shows softer touch.(Opinions)(political aspects of health care reform)(Brief article)
Oct 01, 2007 ... HAS HILLARY CLINTON CHANGED her tune on health care reform? That's an appropriate question to ask in the wake of the New York Democratic senator's release of a health care reform plan last month. Sen. Clinton's plan has attracted much interest. That's not surprising ...
D&O claims to increase in Canada after changes to securities laws; Frequency, severity expected to rise for many firms.(RIMS Canada Conference)
Oct 01, 2007; ... Byline: GLORIA GONZALEZ HALIFAX, Nova Scotia-Companies with shares traded only on Canadian stock exchanges face a rising number of directors and officers liability claims due to amended securities laws and investor losses, insurance experts say. Historically, ...
Increase in D&O claims expected.(RIMS Canada Conference)(Imax Corp. faces class action lawsuits)
Oct 01, 2007; ... Byline: Gloria Gonzalez Directors and officers liability insurers in Canada are preparing for increased claims under Ontario's amended securities law amid the recent filing of several lawsuits. A sharp rise in securities claims was expected after the law, known as ...
Few states shield drugs from liability.(News)(legal liability of pharmaceutical industry)(Brief article)
Oct 01, 2007; ... Byline: Dave Lenckus Aside from Michigan, states with pharmaceutical product liability shields are Arizona, New Jersey, Ohio, Oregon, Texas and Utah, according to corporate attorney Cary Silverman, an associate at Shook, Hardy & Bacon L.L.P. in Washington. Unlike ...
Tide turning for surplus lines: Market softens for hard-to-place exposures; Even catastrophe-prone property risks catch a break from insurers eager to write business.(Spotlight: Surplus Lines)
Oct 01, 2007; ... Byline: ROBERTO CENICEROS Surplus lines insurers say they expect moderate growth for the rest of 2007 as they introduce measures to maintain U.S. business despite softening prices. Even pricing for property coverage in catastrophe-prone regions began easing during ...
GM puts brakes on retiree health benefits; Automaker, union embrace VEBA enabling GM to offload $50 billion in obligations.(News )(agreements between General Motors Corp. and United Auto Workers Federal Credit Union)
Oct 01, 2007; ... Byline: JERRY GEISEL DETROIT-A tentative contract agreement between General Motors Corp. and the United Auto Workers union that will allow GM to offload its more than $50 billion retiree health obligation is likely to increase the interest of other financially distressed ...
Weight-loss contest motivates workers to improve health; Spirit of fun, prizes used by employer to encourage wellness.(ISCEBS Symposium)(management of welness programs)
Oct 01, 2007; ... Byline: ROBERTO CENICEROS SEATTLE-BGF Industries Inc. employees who joined the company's weight loss contest called their teams the Jelly Bellies, Phat Chance, Pudgie Bunch, Transformers and other names. They picked the monikers in the spirit of fun, said Paula ...
In brief.(News)(industry sales and revenue of property and casualty insurance industry)(reports of European Union. European Commission)(analysis of food safety)(Financial report)
Oct 01, 2007 ... P/C income rises but premiums flat The U.S. property/casualty insurers reported a 10.7% increase in profits, to $32.6 billion, for the first half of 2007, according to the Insurance Services Office Inc. and the Property Casualty Insurers Assn. of America. The increase over the ...
Care quality, expenses key to reform efforts.(Commentary)(political aspects of health care reform)
Oct 01, 2007; ... Byline: Regis Coccia I'm no political strategist, but it doesn't take a genius to grasp that health care is going to be a defining issue of the 2008 presidential election. Other than withdrawing troops from Iraq, health care questions already seem to be occupying a ...
Products & services.(services of Darwin Professional Underwriters Inc.)(services of Hanover Insurance Co.)(services of drugstore.com Inc.)
Oct 01, 2007 ... Darwin introduces media liability coverage FARMINGTON, Conn.-Darwin Professional Underwriters Inc. has introduced new professional liability coverage for media entities. Darwin's media product incorporates features that include governmental claim coverage; declaratory ...
More workers get the e-boot as employers downsize.(End Page)(reports of employee layoffs)(Brief article)
Oct 01, 2007 ... Employees have a lot more to worry about than just spam when opening their work e-mail, according to a survey. About 10% of U.S. workers say their company has used e-mail as a virtual pink slip to fire or lay off employees, and 17% say their boss has used e-mail to avoid other ...
Capacity not available for megacatastrophes.(RIMS Canada Conference)(influence of hurricanes on insurance industry)
Oct 01, 2007; ... Byline: GLORIA GONZALEZ HALIFAX, Nova Scotia-The insurance industry has withstood catastrophic events such as the hurricanes of 2004 and 2005, but it does not have sufficient capacity to withstand a megacatastrophe, such as a tsunami hitting a major U.S. city. ...
Overtime suit puts canine cop in the dog house.(End Page)(cases of detection dog)(Brief article)
Oct 01, 2007 ... Police in McAlester, Okla., undoubtedly will continue trying to sniff out illegal drugs, but officials have decided to do so without the aid of Bosco, the department's sole drug dog. Police Chief Jim Lyles suspended the department's canine program following a federal lawsuit by ...
Increased interest in recall coverage linked to recent high-profile events; Brokers see rise in demand, but most companies still go uncovered.(Spotlight: Surplus Lines)
Oct 01, 2007; ... Byline: DAVE LENCKUS A string of high-profile recalls of tainted and defective goods over the past year has heightened interest in product recall insurance but not to the extent that brokers see it as the next sure runaway success for the surplus lines market. ...
Don't let fight for taxes cloud Bermuda's value.(Opinions)(taxation of insurance industry)(Brief article)
Oct 01, 2007 ... SIX YEARS on from an attempt to close the so-called Bermuda tax loophole, several U.S. insurers are once again urging Congress to find a way to increase tax revenue from Bermuda-based insurers and reinsurers. Then, as now, the rhetoric used in the debate has muddied the issues ....
RICO charges against industry dismissed.(News)(Racketeer Influenced and Corrupt Organizations Act)
Oct 01, 2007; ... Byline: SALLY ROBERTS TRENTON, N.J.-A New Jersey federal judge on Friday threw out the remaining racketeering claims pending against several dozen insurers and brokers in a class action lawsuit stemming from industrywide investigations into bid-rigging and client-steering ...
Forty years of BI.(Business Insurance Corp.)(International Business Machines Corp.)(reports of Department of the Treasury)(Brief article)
Oct 01, 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. Aug. 14, 2006: A federal appeals court ruling that IBM Corp.'s cash balance plan does not ...
On the web.
Oct 01, 2007 ... ONLINE EXECUTIVE FORUM tm Comp webinar focuses on terrorism risk Business Insurance presents "Workers Compensation: Protecting People in the Age of Terrorism Risk," a live online discussion, at 11 a.m. EST Nov. 14. Join BI Senior Editor Roberto Ceniceros and a panel ...
Online Poll at www.businessinsurance.com.(Opinions)
Oct 01, 2007 ... What do you think will be the impact on your group health care plan costs if Congress passes legislation mandating that employers cover mental health care expenses the same as other medical expenses? 0%: Will lower costs 75%: Not much ...
How to submit a Perspective article to Business Insurance.(Perspective)
Oct 01, 2007 ... Business Insurance accepts articles from experts in commercial insurance, risk management and employee benefits management for publication in its Perspectives section. The section is intended to be a forum for readers' opinions and a forum for the discussion of technical topics ...
Regulatory fines at the heart of New Mexico corruption case.(cases of Joseph Ruiz)
Oct 01, 2007; ... Byline: Meg Fletcher ALBUQUERQUE, N.M.-Eleven insurance-related companies say they are cooperating with authorities in New Mexico to investigate and prosecute an alleged extortion scam involving a former state insurance department official. Joseph Ruiz, a former ...
Data communication requires standards.
Oct 01, 2007; ... Byline: Gregory A. Maciag Think back to those great old Westerns with John Wayne or Gary Cooper and how dangerous it was to get the mail through. A Pony Express rider ran the risk of being killed by bandits trying to deliver a message. Fortunately for us, ...
Three questions.(officials and employees of Marsh USA Inc.)
Oct 01, 2007; ... As forces ranging from imminent baby boomer retirements to the Internet bring change to the insurance industry, one of the industry's premier professional organizations, the CPCU Society, is recognizing the need to change with it. During the society's annual meeting last month in Honolulu, ...
ChoicePoint enhances fraud identification tool.(product introduction of ChoicePoint Inc.)(Brief article)
Oct 01, 2007 ... ALPHARETTA, Ga.-Through its Claims Solutions group, ChoicePoint Inc. has introduced FraudFocus INTERCEPT, a new version of the company's FraudFocus predictive modeling system based on standard industry claims submissions. Alpharetta, Ga.-based ChoicePoint said FraudFocus ...
Chubb, Vietnamese insurer to offer specialty lines.(partnership between Chubb Corp. and Bao Minh)(Brief article)
Oct 01, 2007 ... WARREN, N.J.-Through its Federal Insurance Co. (Labuan) subsidiary, the Chubb Corp. is partnering with Vietnamese insurer Bao Minh to offer specialty liability insurance products. As Bao Minh looks to provide a variety of specialty insurance products, the agreement with the ...
Zurich's new offering aimed toward midsize technology companies.(Zurich North America Insurance Co.)(Brief article)
Oct 01, 2007 ... SCHAUMBURG, Ill.-Zurich North America is targeting the needs of technology customers with a range of coverage designed specifically for midsize businesses creating and building technology products. Zurich is offering new coverages that are aimed at electronics manufacturing, ...
Moody's Outlook finds Bermuda insurance market `generally robust'.(Brief article)
Oct 01, 2007 ... NEW YORK-The outlook for the Bermuda insurance market is stable, reflecting insurers' and reinsurers' "generally robust balance sheets, strong operating profits generated over the past 18 months and enhanced risk management practices,'' according to Moody's Investors Service Inc. ...
Rebranded Mercer L.L.C. touts expanded range of services.(Mercer Human Resource Consulting L.L.C.)(Brief article)
Oct 01, 2007 ... NEW YORK-Mercer Human Resource Consulting will now operate under the simplified brand name of Mercer L.L.C. The New York-based subsidiary of Marsh & McLennan Cos. Inc. said the global brand initiative addresses the fact that-with the company providing such services as ...
EQECAT updates storm modeling software.(product introduction of EQECAT Inc.)(Brief article)
Oct 01, 2007 ... OAKLAND, Calif.-Risk modeling firm EQECAT Inc. has released a new version of its EQECAT catastrophe management software that includes the firm's next-generation model for Atlantic basin hurricanes. The new 3.10 release provides optional detailed modeling of storm surge risks ...
In focus.(management of insurance industry)
Oct 01, 2007 ... When they need financial advice, help with a merger or acquisition or capital to fund business expansion, insurance industry companies frequently employ the services of investment bankers. With that in mind, a number of investment banks have developed active insurance industry practices ....
Carvill and TFS Energy set up insurance derivatives brokerage.(Carvill Group Ltd. and Tradition Financial Services Energy L.L.C.)(Brief article)
Oct 01, 2007 ... STAMFORD, Conn.-Specialty reinsurance intermediary Carvill Group Ltd. has entered into an agreement with Tradition Financial Services Energy L.L.C. to form an insurance derivatives brokerage company. With offices around the world, TFS Energy specializes in the inter-dealer ...
FirstBest, Valen joint venture aims to enhance accuracy of underwriting.(FirstBest Systems Inc. and Valen Technologies)(Brief article)
Oct 01, 2007 ... LEXINGTON, Mass.-Underwriting management systems provider FirstBest Systems Inc. has entered a strategic technology alliance with Valen Technologies, a Denver-based firm specializing in predictive analytics for the insurance industry. Through the arrangement, the companies say, ...
Ethical practices are key to industry's success.(ethical aspects of CPCU Society)
Oct 01, 2007; ... Byline: Rodd Zolkos The CPCU Society held its annual meeting in Honolulu last month, drawing approximately 7,000 holders of the Chartered Property Casualty Underwriter designation. HONOLULU-With the insurance industry based on trust and promises, ethics would seem to ...
Plan now for successful perpetuation.
Oct 01, 2007; ... Byline: Curt Anderson Are you a baby boomer-someone who was born between 1946 and 1964? Then you need to begin thinking about the perpetuation of your independent agency right now. The aging of America's baby boomers means there will be many more retirees in the coming 10 to 20 ...
Industry support needed for bills to pass Congress.(political aspects of insurance industry)
Oct 01, 2007; ... Byline: Mark A. Hofmann WASHINGTON-The insurance industry needs to "cherry pick'' among congressional initiatives impacting insurance if it wants to have any success on Capitol Hill this session, an Alabama state representative told a group of bankers engaged in the business of ...
E-insurance makes a comeback.(Conference notes)
Oct 01, 2007; ... Byline: Rodd Zolkos It was almost as though you could hear the sound of a giant page turning for the insurance industry last month in Dallas. The event was the first eInsurance Symposium, and among the approximately 350 attendees gathered for the conference, presented ...
On the move.(Benjamin Gentsch appointed as CEO of SCOR Global P&C)(Craig A. Merdian appointed as vice president and chief financial officer of New York Life Insurance Co.)(Michael Miller appointed as chief underwriting officer of Max Specialty Insurance Co)
Oct 01, 2007 ... Benjamin Gentsch, deputy chief executive officer of SCOR Global P&C, has been named to the additional post of CEO and chairman of the executive committee of SCOR Holding (Switzerland) Ltd., the former Converium Holding Ltd. operation. The move came as Paris-based SCOR S.E. established its ...