Business Insurance back issues from January 2008:
RMS launches RiskBrowser for wholesalers.(Industry News)(Risk Management Solutions Inc.)(Brief article)
Jan 01, 2008 ... NEWARK, Calif.-Risk modeling firm Risk Management Solutions Inc. has launched a new risk modeling platform specifically for wholesale brokers. According to Newark, Calif.-based RMS, the new Wholesale Broker RiskBrowser provides access to the firm's catastrophe risk models in a ...
Court ruling latest page in Integrity saga; Update.(Industry News)(cases of Integrity Insurance Company Inc.)(Brief article)
Jan 01, 2008; ... Byline: Meg Fletcher TRENTON, N.J.-In a 3-2 decision, the New Jersey Supreme Court ruled last month that allowing policyholders to present estimated claims for payment by Integrity Insurance Co., which is in liquidation, violates New Jersey law because the claims are not ...
Help execs grip the flying trapeze.(Last Word)(analysis of executive hirings)
Jan 01, 2008; ... Byline: Stacy Nathan One million dollars. It's not a policy claim-it's the cost to an insurance company to replace a newly hired executive who doesn't make the grade. Failure rates among new executives hired from outside the company are on the rise. As early as 1998, ...
Assurex names new chairman.(Industry News)(Bill Jeatran appointed at Assurex Global)(Brief article)
Jan 01, 2008 ... COLUMBUS, Ohio-Worldwide independent insurance broker network Assurex Global has named Bill Jeatran to be its new board chairman. Mr. Jeatran, chief executive officer of Minneapolis-based RJF Agencies Inc., succeeds Paul J ....
AAIS to study high-tech link to personal injury claims.(Industry News)(American Association of Insurance Services)(Brief article)
Jan 01, 2008 ... WHEATON, Ill.-The American Assn. of Insurance Services is inviting property/casualty insurers to participate in a special study examining the frequency and severity of personal injury claims such as libel, slander and violation of privacy. The Wheaton, Ill.-based AAIS is seeking ...
Insurance educators to join forces in 2008.(Industry News)(merger between Griffith Foundation for Insurance Education and Insurance Education Institute)(Brief article)
Jan 01, 2008 ... COLUMBUS, Ohio-Two insurance education organizations, the Insurance Education Institute and the Griffith Foundation for Insurance Education, have merged effective Jan. 1. The new Griffith Insurance Education Foundation will provide risk management and insurance education ...
Wells Fargo teams with Great American Custom in specialty business alliance.(Industry News)(Wells Fargo Special Risks Inc. and Great American Custom Insurance )(Brief article)
Jan 01, 2008 ... CHICAGO-The Wells Fargo Special Risks Inc. subsidiary of Wells Fargo Insurance Services Inc. has entered into a strategic alliance with the Great American Custom Insurance division of specialty property/casualty underwriter Great American Insurance Group. Under the agreement, ...
Flexibility key to retention.(Cover: Focus: Recruiting & Retention)(ITT Hartford Group Inc.)
Jan 01, 2008; ... Byline: Meg Fletcher A hard-working registered nurse with business acumen is the kind of baby boomer employee that the Hartford Insurance Group wants on the job, even while she battles breast cancer. That is why Barbara S. Campbell, now 51, of Maitland, Fla., was ...
Avoiding the boomer brain drain.(Cover: Focus: Recruiting & Retention)
Jan 01, 2008; ... Byline: Meg Fletcher Retaining and recruiting baby boomers is a strategy that some companies and consultants recommend to deal with the impending demographic shift that researchers say will create so-called brain drain in the industry. Keeping productive baby boomers ...
Markel offers new excess flood cover.(Industry News)(Markel American Insurance Co. )(Brief article)
Jan 01, 2008 ... PEWAUKEE, Wis.-Markel American Insurance Co. has launched an admitted excess flood program for residential and nonresidential properties. The program is available in Alabama, Arizona, California, Colorado, Mississippi, North Carolina, Oregon, Pennsylvania, South Carolina and ...
Better tools can be the nectar that attracts top performers.(Cover: Focus: Recruiting & Retention)(Hub International Ltd.)
Jan 01, 2008; ... Byline: Rodd Zolkos For many insurance agents and brokers looking to become an employer of choice, a focus on providing producers the best possible tools has enhanced their ability to attract and retain top-level talent. "People want to be part of a winning team,'' ...
Three questions.(Industry News)(analysis of product liability)
Jan 01, 2008; ... While recent highly publicized toy recalls raised awareness of product liability issues, for some, concern over the subject might fade as we move away from the holiday season. But according to A.V. Riswadkar, liability line of business director in the risk engineering department of ...
Max Capital forms managing general underwriter.(Industry News)(Max Capital Group Ltd. and Max Managers USA Ltd.)(Brief article)
Jan 01, 2008 ... HAMILTON, Bermuda-Specialty insurance and reinsurance provider Max Capital Group Ltd. has formed a managing general underwriter, Max Managers USA Ltd., that will underwrite policies written by Max Specialty Insurance Co. Max Specialty Insurance is Hamilton, Bermuda-based Max ...
Integrated IT systems redirect focus to product development.(Tech Focus)
Jan 01, 2008; ... Byline: Debbi Marquette The commercial insurance market is changing in ways that no one could have predicted. Five years ago, insurance related to climate change was practically unheard of. Today, it's being debated in Congress, and private insurers are introducing new climate ...
Hot topic; Industry leaders discuss strategies to address climate change risks.(Feature: Gatherings)
Jan 01, 2008; ... Byline: Meg Fletcher BOSTON-The insurance industry may be able to reduce losses from natural catastrophes in the long run by addressing climate change, but it can have a greater immediate impact by encouraging tougher building codes and better data about property risks, ...
Chance of workforce change: 100%.(First Word)(idustry forecasts of insurance industry)
Jan 01, 2008; ... Byline: Rodd Zolkos As new years begin, there's always a tendency to try to predict significant events of the next 12 months or identify key trends and issues that will mark the year. In the commercial insurance industry, according to most expert analysis, a soft ...
On the move.(John R. Strangfeld appointed at Prudential Financial Inc.)(Daniel S. Glaser appointed at Marsh & McLennan Companies Inc.)(Nick Frankland appointed at Guy Carpenter and Company Inc.)
Jan 01, 2008 ... Prudential Financial Inc.'s board has elected John R. Strangfeld CEO and chairman. Mr. Strangfeld, who had been vice chairman and headed all of the Newark, N.J.-based company's U.S. businesses, succeeds Arthur F. Ryan who is retiring. New York-based Marsh & McLennan Cos. Inc ....
Alternative risk transfer market growth continues despite soft market.(Feature: Gatherings)
Jan 01, 2008; ... Byline: Rodd Zolkos SCOTTSDALE, Ariz.-Even in the face of a softening traditional insurance market, the alternative risk transfer market continues to grow, with little to suggest that trend will change. Offering the keynote address at the 17th World Captive Forum ...
Catching the brightest; Keys to recruitment, retention are in the balance.(Cover: Focus: Recruiting & Retention)(Report)
Jan 01, 2008; ... Byline: Meg Fletcher Helping workers balance the demands of work and life is vital to recruiting and retaining young employees in the insurance industry, experts say. Some proactive insurers, agent/brokers and trade associations are already tailoring their internship ...
Travelers settles bid-rigging claims; Insurer agrees to $6 million fine, fully disclose broker compensation.(News)
Jan 07, 2008 ... Byline: SALLY ROBERTS ***** Correction: A story in the Jan. 7 issue, "Travelers Settles Bid-rigging Claims,'' mischaracterized a $6 million payment by Travelers Cos. Inc. as a fine. According to settlement documents, the payment, which will be allocated among the ...
Answers warranted on Gen Re dealmakers.(Opinions)(cases of General Re Corp.)(Brief article)
Jan 07, 2008 ... WHAT DID WARREN BUFFETT KNOW and when did he know it? That is a crucial question in the criminal fraud trial of four former General Re Corp. executives, which is scheduled to start today. Attorneys for defendants Ronald Ferguson and Elizabeth Monrad, Gen Re's former chief ...
Mass. raises fines for rejecting cover.(News)(laws and rules of health insurance)
Jan 07, 2008; ... Byline: JERRY GEISEL BOSTON-Massachusetts residents who can afford to buy health insurance coverage but do not would pay penalties of up to about $900 in 2008, under proposed regulations. Under the state's landmark 2006 law, intended to move Massachusetts close to ...
New Year's resolutions everyone can manage.(Commentary)
Jan 07, 2008; ... Byline: Paul Winston Every Jan. 1, millions of people engage in the tradition of making resolutions for the new year. This human drive to improve ourselves is admirable, but unfortunately most of these resolutions are doomed from the start. Common resolutions, such ...
END OF THE ERIE COUNTY LINE.(News)
Jan 07, 2008 ... The many twists and turns in the Erie County, Pa., retiree health care saga August 2000: The 3rd U.S. Circuit Court of Appeals rules that the Age Discrimination in Employment Act applies to retiree health care plans. The ruling, involving retiree health care plans provided by ...
Court rules for UPS in case over driver hearing tests; Decision overturns ruling that delivery company discriminated against hearing-impaired workers, applicants.(News)
Jan 07, 2008 ... Byline: ROBERTO CENICEROS SAN FRANCISCO-Employers using business necessity as a defense against discrimination lawsuits received a boost last month when a federal appeals court ruled in favor of United Parcel Service Inc. in a case filed by hearing-impaired applicants for ...
Canadian employers targeted as overtime suits migrate north; Employees in Canada seek compensation for longer workdays.(International News)
Jan 07, 2008; ... Byline: GLORIA GONZALEZ Taking a cue from their U.S. counterparts, Canadian plaintiffs lawyers have identified unpaid overtime as the next employment issue ripe for litigation, with several Canadian companies already accused of violating employment statutes by failing to pay ...
IRS proposes new rules for cash balance plans on vesting, pay credits.(News)(Internal Revenue Service)
Jan 07, 2008; ... Byline: JERRY GEISEL WASHINGTON-Slowly, the Internal Revenue Service is providing guidance to aid employers in complying with cash balance pension plan provisions contained in a sweeping 2006 pension funding reform law. In proposed rules issued late last month, the ...
Snow brings free vacations for Canadians.(End Page)(services of itravel2000.com )(Brief article)
Jan 07, 2008 ... Thousands of Canadians hoping for a white New Year got their wish, and a free vacation to boot. Online travel retailer itravel2000.com is giving away winter getaways to Montreal travelers who participated in the company's "Let it Snow'' promotion, which required five inches of ...
Marsh shakes up broker management; Realignment of North American and international business brings new faces, exits.(News)(Marsh Inc.)
Jan 07, 2008; ... Byline: SALLY ROBERTS NEW YORK-The revolving door within Marsh Inc.'s executive ranks continued to swing last week with news that Philip Moyles, Marsh's recently appointed chief executive officer of the Americas, and Mark Feuer, chief operating officer of U.S. operations, had ...
In brief.(News)(biopharmaceutical company asks permission from Department of Labor)(political activity of George.W.Bush)(Berkshire Hathaway Group acquires NRG N.V. )
Jan 07, 2008 ... Cephalon seeks to use captive to fund benefits A major biopharmaceutical company is asking the Labor Department for permission to fund employee benefit risks through the Vermont branch of its Bermuda-domiciled captive insurer. Cephalon Inc., which is based in Frazer, Pa., wants ...
Anthony Kuczinski.(Spotlight: People to Watch)(Munich Re America)(Brief article)
Jan 07, 2008; ... Anthony Kuczinski, Chief Executive Officer, Munich Re America, Princeton, N.J. His role: Promoted to CEO effective Jan. 1 to succeed John Phelan, who retired as head of the U.S. division of Germany's Munich Re Group. Mr. Kuczinski previously was president of Munich-American ...
San Francisco fights for 'play or pay' law; City scrambles to stop ban on health cover rule.(News)
Jan 07, 2008; ... Byline: JUDY GREENWALD PASADENA, Calif.-The city of San Francisco turned to a federal appeals court last week in defense of a law, intended to expand health care coverage for uninsured residents, that a lower court ruled violates federal law. San Francisco sought an ...
Greg Case.(Spotlight: People to Watch)(Aon Corp.)(Brief article)
Jan 07, 2008; ... Greg Case, Chief Executive Officer, Aon Corp., Chicago His role: In the two-and-a-half years since Greg Case became president and chief executive officer of Aon Corp., he has overseen one round of restructuring and now is beginning to implement a second, while steering the ...
Sen. Hillary Rodham Clinton.(Spotlight: People to Watch)(Brief article)
Jan 07, 2008; ... Sen. Hillary Rodham Clinton, Candidate for Democratic presidential nomination, D-New York Her role: As first lady in 1993, Hillary Clinton led a failed national health care reform task force that advocated dismantling the current system in favor of a government-run one. The plan ...
Gov. Arnold Schwarzenegger.(Spotlight: People to Watch)(Brief article)
Jan 07, 2008; ... Gov. Arnold Schwarzenegger, State of California, Sacramento, Calif. his role: Among other initiatives, California Gov. Arnold Schwarzenegger will continue efforts toward enactment of universal health care coverage legislation. The Republican governor vetoed health care reform ...
Richard Blumenthal.(Spotlight: People to Watch)(Brief article)
Jan 07, 2008; ... Richard Blumenthal, Attorney General, State of Connecticut, Hartford, Conn. His role: Connecticut Attorney General Richard Blumenthal not only kept industry investigations alive in 2007, he moved the focus away from insurers and brokers and to the reinsurance brokerage industry ....
People to watch.(Spotlight: People to Watch)
Jan 07, 2008 ... As part of our annual year-in-review features, Business Insurance looks back at the top stories and the people who made news during the prior 12 months. For 2008, we decided to add something new: We're also looking ahead to identify some of the people who we think are likely to make ...
Mitt Romney.(Spotlight: People to Watch)(Brief article)
Jan 07, 2008; ... Mitt Romney, Candidate for Republican presidential nomination, Boston His role: Of all the presidential candidates, Mitt Romney is the only one to successfully enact-as Massachusetts' governor in 2006-comprehensive health care reform legislation. As a presidential candidate, ...
Warren Buffett.(Spotlight: People to Watch)(Berkshire Hathaway Inc.)(Brief article)
Jan 07, 2008; ... Warren Buffett, Chairman, Berkshire Hathaway Inc., Omaha, Neb. His role: Warren Buffett is a world-renowned investor and head of Berkshire Hathaway, whose General Re Corp. unit engineered a pair of allegedly fraudulent reinsurance deals with American International Group Inc. in ...
Rep. George Miller.(Spotlight: People to Watch)(Brief article)
Jan 07, 2008; ... Rep. George Miller, Chairman, House Education and Labor Committee D-California His role: Rep. George Miller, the longtime ranking minority member of the Education and Labor Committee, became chairman in January 2007 after Democrats regained control of the House of ...
Rep. Patrick Kennedy.(Spotlight: People to Watch)(Brief article)
Jan 07, 2008; ... Rep. Patrick Kennedy, U.S. House of Representatives, D-Rhode Island His role: Rep. Patrick Kennedy is the chief sponsor of mental health care benefits parity legislation and its most outspoken advocate in the House of Representatives. What's ahead: The parity ...
Rise in securities class actions tied to market, subprime woes.(News)
Jan 07, 2008; ... Byline: DAVE LENCKUS Subprime mortgage problems and stock market volatility drove up securities class action lawsuit filings in the second half of 2007, but total filings last year remained below the 10-year average, according to a report released last week. With 100 ...
Illegal immigrant wins comp cover.(News)(South Carolina. Supreme Court)
Jan 07, 2008; ... Byline: ROBERTO CENICEROS COLUMBIA, S.C.-An illegal immigrant who falsified documents to gain employment is entitled to workers compensation benefits stemming from a workplace injury, South Carolina's Supreme Court ruled. The claimant's employer, Environmental ...
Mayor urges citywide diet.(End Page)(political activity of Mick Cornett )(Brief article)
Jan 07, 2008 ... Oklahoma City Mayor Mick Cornett is challenging residents to collectively lose 1 million pounds so the city can shed its image as one of America's fattest communities. The effort to combat fat is part of a larger campaign to transform the city into one that is "less sprawling, ...
'Flux babes' barely have it covered.(End Page)(Adrian Flux Insurance )(Brief article)
Jan 07, 2008 ... Well, sex sells, as they say, and Adrian Flux Insurance is hoping it might earn them a few more dollars. The U.K.-based specialty car brokerage launched a "girl-powered'' calendar for 2008. The colorful and provocative month-minder features actual Flux employees striking poses ...
Watchdog says Toyota ads promote insurance fraud.(End Page)(Toyota Motor Sales U.S.A. Inc.)(Brief article)
Jan 07, 2008 ... Burying your car under a pile of snow so a snowplow can "accidentally'' demolish it or pushing it off a cliff and reporting it stolen are ways to get a new car. They also could result in a trip to jail. Toyota Motor Sales U.S.A. Inc. features the former scheme in one of its ...
Eric Dinallo.(Spotlight: People to Watch)(New York. Department of Insurance)(Brief article)
Jan 07, 2008; ... Eric Dinallo, Superintendent, New York State Insurance Department, New York His role: Appointed to be the state's chief insurance regulator by Gov. Eliot Spitzer in December 2006; previous posts include general counsel for broker Willis Group Holdings Ltd., managing director ...
Maurice R. Greenberg.(Spotlight: People to Watch)(C.V. Starr & Co. Inc. and American International Group Inc.)
Jan 07, 2008; ... Maurice R. Greenberg, Chairman and Chief Executive Officer, C.V. Starr & Co. Inc., New York His role: Leader of managing general agent C.V. Starr; resigned as chairman and CEO of American International Group Inc. in 2005, amid investigations of AIG accounting practices and ...
Travelers settles bid-rigging claims; Insurer agrees to $6 million fine, fully disclose broker compensation.(News)(Travelers Corp.)
Jan 07, 2008; ... Byline: SALLY ROBERTS ST. PAUL, Minn.-The Travelers Cos. Inc. ended 2007 by settling a multistate investigation and a shareholder lawsuit involving its business practices, including the practice of paying brokers contingent commissions. The St. Paul, Minn.-based ...
Market moves.(HCC Insurance Holdings Inc. acquires MultiNational Underwriters L.L.C.)(Swett and Crawford Group acquires Risk Reducers L.L.C.)(Arthur J. Gallagher and Co. acquires Koster Insurance Agency Inc. )(Brief article)
Jan 07, 2008 ... HCC buys MultiNational, sets up Lloyd's syndicate INDIANAPOLIS-Houston-based HCC Insurance Holdings Inc. said it has purchased Indianapolis-based life, accident and health insurer MultiNational Underwriters L.L.C. and received Lloyd's of London approval to set up Syndicate 4141 ...
Retiree health saga ends with EEOC rule; Age bias exemption gives employers relief.(News)(Equal Employment Opportunity Commission)
Jan 07, 2008; ... Byline: JERRY GEISEL WASHINGTON-A legal controversy that threatened many retiree health care plans likely ended late last month with the publication of a final rule by the Equal Employment Opportunity Commission affirming the ability of employers to reduce health benefits when ...
LAWSUITS MOUNT.(International News)(cases of KPMG L.L.P.)(cases of Canadian Imperial Bank of Commerce)(cases of Bank of Nova Scotia )(Brief article)
Jan 07, 2008 ... Several Canadian companies are being sued by current or former employees for violating federal and provincial employment statutes by failing to pay their employees for working overtime: * Canadian Imperial Bank of Commerce was sued in June 2007 for an overtime policy that ...
Gen Re, AIG executives' trial to start today; Ronald Ferguson, others charged with conspiracy, fraud, lying to SEC.(News)
Jan 07, 2008 ... Byline: JEFF CASALE HARTFORD, Conn.-With pretrial motions out of the way, the stage is set for opening arguments as the trial of five former executives of General Re Corp. and American International Group Inc. begins today in U.S. District Court. Ronald Ferguson, Gen ...
Billionaire activist with history of success takes stake in MMC.(News)(Marsh & McLennan Companies Inc.)
Jan 07, 2008; ... Byline: SALLY ROBERTS More changes at Marsh & McLennan Cos. Inc. could soon come by way of a new shareholder. Billionaire activist investor Nelson Peltz last week bought an undisclosed stake in New York-based MMC. His firm, Trian Fund Management L.P., is known for ...
Andrew Cuomo.(Spotlight: People to Watch)(Brief article)
Jan 07, 2008; ... Andrew Cuomo, Attorney General, State of New York, Albany, N.Y. His role: Elected to the attorney general's post left open when Eliot Spitzer won election to the governor's mansion, Mr. Cuomo has vowed to pursue corruption and hasn't given any indication he will drop ...
Roger Egan.(Spotlight: People to Watch)(Integro Ltd.)(Brief article)
Jan 07, 2008; ... Roger Egan, Chief Executive Officer, Integro Ltd., New York His role: Roger Egan became CEO of Integro in 2005, which he launched with industry veterans Robert Clements and Peter F. Garvey and more than $300 million in a private securities placement. Prior to that, he was ...
Rep. Paul E. Kanjorski.(Spotlight: People to Watch)(Congress. House. Committee on Financial Services)(Brief article)
Jan 07, 2008; ... Rep. Paul E. Kanjorski, Chairman, House Financial Services Committee's Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, D-Pennsylvania His role: Rep. Paul Kanjorski was elected chairman of the House Financial Services Committee's Subcommittee on ...
Henry C.V. Keeling.(Spotlight: People to Watch)(XL Capital Ltd.)(Brief article)
Jan 07, 2008; ... Henry C.V. Keeling, Chief Operating Officer, XL Capital Ltd., Hamilton, Bermuda His role: As COO of Bermuda-based XL, Mr. Keeling oversees an insurer and reinsurer that is expanding globally. What's ahead: The recent announcement that XL Chief Executive Officer Brian ...
Chris McSwain.(Spotlight: People to Watch)(Whirlpool Corp. )(Brief article)
Jan 07, 2008; ... Chris McSwain, Director of Global Benefits, Whirlpool Corp., Benton Harbor, Mich. His role: Mr. McSwain became director of global benefits at Whirlpool Corp. in December 2007 after serving as director of benefits and compensation at Columbia, S.C.-based SCANA Corp. for just more ...
E&S reform proposal deserves fast action.(Opinions)(Brief article)
Jan 07, 2008 ... CONGRESS' LAST-MINUTE approval of a measure extending the federal terrorism insurance backstop for seven years was the most important piece of risk management-related legislative business concluded in 2007. That the program was extended-and extended for such a long period-is a significant ...
Caribbean cat pool pays islands' quake losses.(International News)
Jan 07, 2008; ... Byline: KRISTIN GUNDERSON HUNT WASHINGTON-For the first time since its inception, a multinational catastrophe insurance pool has come to the aid of two Caribbean countries in need of emergency cash following a recent earthquake. An undersea earthquake with a magnitude ...
Janice Ochenkowski.(Spotlight: People to Watch)(Risk and Insurance Management Society Inc.)(Brief article)
Jan 07, 2008; ... Janice Ochenkowski, President, Risk & Insurance Management Society Inc., New York Her role: Ms. Ochenkowski, a managing director at Chicago-based Jones Lang LaSalle Inc., became president of the Risk & Insurance Management Society Inc. on Aug. 31, 2007, with a term that lasts ...
David A. Sampson.(Spotlight: People to Watch)(Property Casualty Insurers Association)(Brief article)
Jan 07, 2008; ... David A. Sampson, President and CEO, Property Casualty Insurers Assn. of America, Des Plaines, Ill. His role: Mr. Sampson became president and CEO of the Property Casualty Insurers Assn. of America in September 2007. He previously served as U.S. deputy secretary of commerce and ...
Michael J. Sicard.(Spotlight: People to Watch)(USI Holdings Corp.)(Brief article)
Jan 07, 2008; ... Michael J. Sicard, Chairman, President and CEO, USI Holdings Corp., Briarcliff Manor, N.Y. his role: Took over the helm of USI Holdings Corp. in November 2007 following the departure of David L. Eslick. Mr. Sicard joined USI's board following the broker's $1.4 billion private ...
Daniel S. Glaser.(Spotlight: People to Watch)(Marsh Inc.)(Brief article)
Jan 07, 2008; ... Daniel S. Glaser, Chairman and Chief Executive Officer, Marsh Inc., New York His role: Named chairman and CEO in December 2007 to succeed Brian Storms, who was fired in September for what Marsh & McLennan Cos. Inc. attributed to poor execution of Marsh's long-term strategy. Mr ....