Business Insurance back issues from October 2008:
Crisis: The Aftermath; Insurance giant's rescue and financial market woes leave industry weighing challenges, opportunities.(Cover Extra)(Industry overview)(Cover story)
Oct 01, 2008; ... Byline: Rodd Zolkos The insurance industry will surely experience fallout from the effects of global economic turmoil and the collapse and federal rescue of American International Group Inc., though the current climate likely offers opportunity for some as well. ...
The quote.(Industry News)(Quotation)
Oct 01, 2008 ... "I don't lie awake at night worrying about the property/casualty industry. I lie awake at night worrying about my own portfolio, ...
CPCU Society offers insurance information and tips for buyers.(Industry News)(Brief article)
Oct 01, 2008 ... MALVERN, Pa.-The CPCU Society has launched a Web site offering consumers unbiased professional information about insurance for autos, homes and small businesses. The site, insurancehelp.cpcusociety.org, is a public service of the Malvern, Pa.-based society, the professional ...
ISO and IVOX join to assess driver risks.(Industry News)(Insurance Services Office Inc.)(IVOX Inc.)(Brief article)
Oct 01, 2008 ... JERSEY CITY, N.J.-The Insurance Services Office Inc. has entered into a strategic alliance with Atlanta-based predictive driver risk management data tool provider IVOX Inc. to gather and analyze data collected by devices installed in passenger vehicles and commercial fleets. ...
In focus.(insurance services offered by investment banks)
Oct 01, 2008 ... 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, several investment banks have developed active insurance industry practices ....
Chubb sets up one stop for multinational clients.(Industry News)(Chubb Group of Insurance Cos.)(Brief article)
Oct 01, 2008 ... WARREN, N.J.-Responding to what it sees as growing multinational exposures, the Chubb Group of Insurance Cos. has expanded its Multinational Risk Group to encompass both the insurer's standard property/casualty products and specialty insurance such as directors and officers liability. ...
AMS updates broker, benefit tool.(Industry News)(AMS Services Inc.)(Brief article)
Oct 01, 2008 ... BOTHELL, Wash.-Automation solution provider AMS Services has updated its BenefitPoint Web-based benefit management and procurement solution for brokers and benefit consultants. BenefitPoint's approach is designed to allow integration between property/ casualty and benefits ...
For a price, physicians offer personal health care.(Cover Focus: Benefits & Financial Services)
Oct 01, 2008; ... Byline: Meg Fletcher A small but growing niche health care delivery system has many names-retainer practices, proactive preventive care, concierge medicine and executive health programs-but the underlying idea is the same: intensive time with the doctor at an additional cost to ...
Subprime mortgage fallout seen boosting D&O losses.(Feature: Gatherings)
Oct 01, 2008; ... Byline: Rodd Zolkos PHILADELPHIA-The subprime mortgage crisis is affecting the professional liability market for the real estate and financial institutions sectors, though the problem thus far seems confined to those two areas of the market. In the real estate and ...
SEC's indexed annuity plan riles the industry.(Cover Focus: Benefits & Financial Services)(Securities and Exchange Commission)
Oct 01, 2008; ... Byline: Meg Fletcher WASHINGTON-Major life insurers, insurance agents and state insurance regulators are challenging a Securities and Exchange Commission proposal that would redefine most indexed annuities as securities rather than insurance, significantly changing regulations ...
In the midst of turmoil, opportunity.(First Word)(Column)
Oct 01, 2008; ... Byline: Rodd Zolkos Writing this, I find myself facing a particularly challenging situation as a columnist. I know that given the magnitude of recent events, I really can't write about anything else. Yet, the nature of those events-and, more strikingly, the pace at ...
Mutual Boiler rolls out `green' coverage.(Industry News)(Mutual Boiler Re )(Brief article)
Oct 01, 2008 ... MALVERN, Pa.-Equipment breakdown reinsurer Mutual Boiler Re has introduced a "green'' equipment breakdown coverage intended to help insurers' policyholders establish and maintain sustainable and environmentally-friendly properties in the event of a loss. The reinsurer said the ...
Three questions.(Industry News)(Discussion)
Oct 01, 2008; ... While there might be debate over how the recent financial market rescue plan and bailout of American International Group Inc. might influence future insurance regulation, there's little doubt that the measures will be factors in future regulatory changes. Francine L. Semaya is a member of ...
ERRORS & OMISSIONS.(Industry News)
Oct 01, 2008 ... In a September Industry Focus article about boosting productivity, "Technology Options Enhance Efficiency,'' the market share of the Connecticut Interlocal Risk Management Agency was stated ...
P/C insurers' tech spending slows: Study.(Industry News)(Survey)(Brief article)
Oct 01, 2008 ... DES PLAINES, Ill.-The growth of property/casualty insurers' information technology spending is slowing, according to a survey by the Property Casualty Insurers Assn. of America and Gartner Inc. The third annual joint IT spending survey by the PCI and Gartner showed that the ...
Big I guide helps agents increase profitability.(Industry News)(Independent Insurance Agents & Brokers of America )(Brief article)
Oct 01, 2008 ... ALEXANDRIA, Va.-The Independent Insurance Agents & Brokers of America has published a guide to help agents enhance their profitability. The new guide is focused on helping agents move to advanced workflows and eliminating paper, freeing up staff time for sales activities and ...
On the move.(Industry News)(board of American International Group Inc. appoints Edward M. Liddy)(Integro Ltd. appoints Peter F. Garvey)(Allied World Assurance Holdings Ltd. appoints David Bell)
Oct 01, 2008 ... The board of New York-based American International Group Inc. elected Edward M. Liddy chairman and chief executive officer. Mr. Liddy, who had been with the Clayton, Dubilier & Rice Inc. private equity firm after serving in various capacities at Allstate Corp., including chairman and CEO ...
Value can be found in turmoil.(Feature: Gatherings)(Willis Group Holdings Ltd.)
Oct 01, 2008; ... Byline: Meg Fletcher At a time of economic turmoil in the financial services industry, the best innovations come from creating new value in core services, said Joe Plumeri, chairman and chief executive officer of Willis Group Holdings Ltd. The Willis leader's message ...
Banking on a deal.(News)(Wachovia Insurance Services)(Wells Fargo Insurance Brokerage Inc.)(Brief article)
Oct 06, 2008 ... If Wells Fargo buys Wachovia, it would boost the bank's insurance brokerage business Wells Fargo Insurance Services Inc. Headquarters: Chicago 2007 brokerage revenue: $1.28B Employees: 7,273 Offices: 171 ...
On the web.(News)(briefs)(Interview)(Brief article)
Oct 06, 2008 ... QUESTIONS & ANSWERS Zlatkus, Schmitt interviews online Business Insurance adds to its series of in-depth interviews of industry leaders with discussions with Lizabeth H. Zlatkus of Hartford Financial Services Group Inc. and Karen Schmitt of GMAC Re. For Ms. Zlatkus' ...
WRITE.(Opinions)
Oct 06, 2008 ... Business Insurance welcomes letters to the editor. The section is intended to be a forum for readers' opinions and comments. We reserve the right to edit letters for clarity or space. We will not publish unsigned letters. ...
VOTE in the BI Online Poll at www.businessinsurance.com; This week's results.(Opinions)(Survey)(Brief article)
Oct 06, 2008 ... Q. In light of the financial crisis, should there be federal regulation of insurers? Yes: 59% No: 41% Next week's question: Q: Has your company ...
Comings & Goings online.(Comings & Goings)
Oct 06, 2008 ... Visit www.BusinessInsurance.com/ComingsandGoings for a full list of this week's personnel moves and promotions. Check our Web site daily for additional postings. To Submit Items Business Insurance would like to report on senior-level changes at commercial insurance ...
AIR estimates that Typhoon Jangmi damage could reach $120 million.(International News)(AIR Worldwide Corp.)(Brief article)
Oct 06, 2008; ... Byline: Mark A. Hofmann BOSTON-Typhoon Jangmi may have caused as much as $120 million in insured damage in Taiwan, catastrophe modeler AIR Worldwide Corp. estimates. The storm made landfall in northeastern Taiwan on the afternoon of Sept. 28 with sustained winds ...
Court ruling ignores clear intent of ERISA.(Employee Retirement Income Security Act of 1974)(United States. Court of Appeals for the 9th Circuit)(Viewpoint essay)(Brief article)
Oct 06, 2008 ... A 9TH U.S. CIRCUIT COURT of Appeals decision last week that San Francisco's health care spending law is not pre-empted by the Employee Retirement Income Security Act is another example of how the court got its reputation of being the most overturned of the nation's appeals courts. ...
Bank deal would boost Wells Fargo broker unit; But Citigroup vows to fight rival for Wachovia.(News)(Brokerage Wachovia Insurance Services Inc.)
Oct 06, 2008; ... Byline: SALLY ROBERTS CHARLOTTE, N.C.-Brokerage Wachovia Insurance Services Inc. is likely to come under new ownership after its bank parent last week became the latest victim of the ongoing financial crisis. The exact identity of that owner, though, is not clear. ...
In brief.(News)
Oct 06, 2008 ... Best sees gloomier forecast for P/C A.M. Best Co. Inc., in a revision of its forecast for the U.S. property/casualty industry's underwriting results, last week estimated the industry's overall combined ratio will rise to 103.2% due to continued price softening, challenging ...
Rating agencies start to embrace economic capital modeling; Evaluations of insurers begin to move toward a European-style review of each organization's unique set of risks.(Spotlight: Solvency & Security)
Oct 06, 2008; ... Byline: DAVE LENCKUS Rating agencies are working on the next stages in the evolution of their processes for evaluating insurers' financial strength, which theoretically would result in major advances of their analyses, agency officials and insurer consultants say. ...
Little industry consensus about natural catastrophe policy; Ability of insurers to build tax-free catastrophe reserves unlikely to be part of any federal legislation.(Spotlight: Solvency & Security)
Oct 06, 2008; ... Byline: MARK A. HOFMANN There may only be two sure bets concerning insurance for national natural catastrophes. No. 1, the next Congress will discuss natural catastrophe insurance issues. Both major political parties have addressed natural catastrophe insurance in ...
Proposals to ensure coverage availability, enhance mitigation efforts enjoy support.(Spotlight: Solvency & Security)
Oct 06, 2008; ... Byline: MARK A. HOFMANN There's been no dearth of proposals but also no agreement on natural catastrophe insurance policy both inside and outside the U.S. property/casualty insurance industry. At least three major proposals-one of which has been incorporated into ...
Products & services.(U.S. Preventive Medicine)(www.thepreventionplan.com)
Oct 06, 2008 ... U.S. Preventive Medicine rolls out online tool DALLAS-U.S. Preventive Medicine is offering an online wellness program for employers to help their employees manage chronic conditions and focus on preventive health care. The Prevention Plan, available at ...
'Unprecedented times'; Questions & answers.(Spotlight: Solvency & Security)(appointment of Lizabeth H. Zlatkus in Hartford Financial Services Group Inc.)(Interview)
Oct 06, 2008; ... Byline: Sally Roberts Lizabeth H. Zlatkus was named executive vp and chief financial officer of The Hartford Financial Services Group Inc. in May. She has responsibility for corporate strategy, finance, capital and enterprise risk management, investor relations, real estate, ...
Risk managers look beyond insurer ratings; With long history of unexpected failures, multiple tools needed to assess financial security.(Spotlight: Solvency & Security)
Oct 06, 2008; ... Byline: DAVE LENCKUS The quick and unexpected failures of Reliance Insurance Co. and Kemper Insurance Cos. earlier this decade convinced many sophisticated risk managers that they could not rely solely on rating agencies' analyses of insurers' claims-paying ability. ...
Schwarzenegger vetoes comp bills; Governor says one measure too expensive, the other unnecessary.(News)(Arnold Schwarzenegger)(Brief article)
Oct 06, 2008; ... Byline: SALLY ROBERTS SACRAMENTO, Calif.-California Gov. Arnold Schwarzenegger last week vetoed two bills that opponents said would have rolled back workers compensation reforms in California and increased costs. The two California Senate bills would have changed two ...
Deal reached in Colorado ballot fight; Unions agree to pull labor-friendly initiatives that businesses opposed.(News)(Brief article)
Oct 06, 2008; ... Byline: JUDY GREENWALD DENVER-Four proposed state constitutional amendments that organizations representing Colorado employers said would have had a devastating impact on businesses in the state have been withdrawn from November's ballot, following a deal worked out with labor ...
GMAC Re utilizes trust; Questions & answers.(Spotlight: Solvency & Security)(dialogue with Karen Schmitt)(Interview)
Oct 06, 2008 ... Amid the economic turmoil, insurers' and reinsurers' ability to communicate their financial security is more important than ever. Since July 2005, GMAC Re has offered an unusual option for its ceding clients: a fully funded trust to pay reinsurance claims. Chief Operating Officer Karen ...
NTSB pushes for action to detect driver fatigue; Tools available to reduce accidents, says agency.(News)(United States. National Transportation Safety Board)
Oct 06, 2008; ... Byline: JEFF CASALE WASHINGTON-The National Transportation Safety Board has called for installing technology aboard new commercial vehicles such as buses and trucks to help detect driver fatigue and avoid collisions. In mid-September, the NTSB called on the National ...
IRS clarifies FSA rules for reservists; Agency outlines rules allowing called-up workers to tap unused funds.(News)(United States. Internal Revenue Service)(flexible spending accounts)(Heroes Earnings Assistance and Relief Tax Act of 2008)
Oct 06, 2008 ... Byline: JERRY GEISEL WASHINGTON-Internal Revenue Service guidance released last week answers many employer questions about a new law that allows reservists called for military service to take the balances in their health care flexible spending accounts as cash distributions. ...
Mass. eases health assessment rules; State pulls back from tougher, two-prong coverage test for employers.(News)
Oct 06, 2008; ... Byline: JERRY GEISEL BOSTON-Massachusetts health care regulators last week agreed to ease and delay proposed regulations that would have subjected more employers to large financial assessments to help fund coverage for uninsured state residents. Under the current ...
AIA Hong Kong cries phooey over fake letter.(End Page)(American Institute of Architects)(Brief article)
Oct 06, 2008 ... Insurers may be experts on their clients' reputational risks, but a Hong Kong-based subsidiary of American International Group Inc. had to deal with issues surrounding its own reputation, which was put at risk reportedly at the hands of a competitor's employees. It seems that ...
Financial crisis shows real need for ERM.(enterprise risk management)(Viewpoint essay)
Oct 06, 2008; ... Byline: Rodd Zolkos As I write this, the U.S. House of Representatives has just joined the Senate in passing a $700 billion U.S. financial system rescue plan, with President Bush quickly signing the measure into law. Of course, last Monday, the House had prompted a ...
Up Close CRAIG NELSON.(Comings & Goings)(Beecher Carlson Holdings Inc.)(Brief article)
Oct 06, 2008 ... NEW JOB TITLE: Senior vp of Beecher Carlson Holdings Inc.'s Denver office PREVIOUS POSITION: Executive vp of business development for Denver-based Van Gilder Insurance Corp. VITAL STATISTICS: Professional designations include Chartered Property Casualty Underwriter, ...
Easier credit helps insurers; But reputations could suffer for firms who tap funds.(News)(United States. Congress. House)
Oct 06, 2008; ... Byline: MARK A. HOFMANN WASHINGTON-The $700 billion economic bailout passed by Congress late last week will likely benefit property/casualty insurers by freeing up credit, but any insurers that make use of the government funds to clean up their balance sheets will likely suffer ...
Appeals court OKs San Francisco health mandate; 9th Circuit says spending law not pre-empted by ERISA; fight likely headed to Supreme Court.(News)(Employee Retirement Income Security Act of 1974)
Oct 06, 2008; ... Byline: JERRY GEISEL SAN FRANCISCO-The 9th U.S. Circuit Court of Appeals' ruling last week that San Francisco's health care spending mandate is not pre-empted by the Employee Retirement Income Security Act could set the stage for Supreme Court review and perhaps finally resolve ...
Bailout can mark start of regulatory overhaul.(Viewpoint essay)(Brief article)
Oct 06, 2008 ... ENACTMENT OF A $700 BILLION federal bailout of the financial services industry raises the questions, "Now what?'' and "Is $700 billion enough?'' Proponents of the legislation argued that doing nothing would have catastrophic consequences for the world economy in general and the ...
AIG plans focus on P/C business; Difficult credit market may challenge efforts to repay loan through asset sales, analysts say.(News)(American International Group Inc.)(property and casualty business)
Oct 06, 2008; ... Byline: JUDY GREENWALD NEW YORK-American International Group Inc. last week formally announced plans to slim down to an insurer focused largely on core property/casualty insurance businesses, although questions remain as to how easily its earmarked assets will be sold. ...
Mental parity becomes law as part of bill; Cost expected to be modest.(News)
Oct 06, 2008; ... Byline: JERRY GEISEL WASHINGTON-Group health plans soon will have to provide the same coverage for mental disorders as they do for other medical illnesses, under a new benefits parity law. President Bush last Friday signed the parity legislation as part of a massive ...
Solvency II poses a tough challenge for insurers doing business in Europe; Some owners of captives 'worried' about new capital requirements.(Spotlight: Solvency & Security)(solvency rules)
Oct 06, 2008; ... Byline: MICHAEL BRADFORD As insurance companies grapple with the complex requirements of proposed solvency rules in Europe, policyholders are set to benefit from insurers' hard work. Solvency II, the risk-based capital regime proposed for implementation in 2012, ...
Solvency II packs global influence; Bermuda moves toward standards similar to European Union plan.(Spotlight: Solvency & Security)(Bermuda's insurance regulations with Solvency II)
Oct 06, 2008; ... Byline: MICHAEL BRADFORD The security and standardization that Solvency II promises to insurance policyholders will extend beyond the European Union. As the risk-based capital regulatory framework grinds toward implementation in 2012, jurisdictions outside the ...
ADA changes spark concerns over employment practices; Amendment expands number of workers listed as disabled.(News)(Americans with Disabilities Act of 1990)
Oct 06, 2008; ... Byline: MARK A. HOFMANN WASHINGTON-Employers should review their employment practices to ensure they comply with a business-backed law that expands protections of the Americans with Disabilities Act, employment law experts say. The measure signed into law last month ...
Filmmakers keep 'Ring' royalties in their pocketses.(End Page)(Tolkien Trust)(New Line Cinema Corp.)(Brief article)
Oct 06, 2008 ... Royalties from "The Lord of the Rings'' film trilogy were their own, their love, their ...preciousssss. But Los Angeles Superior Court Judge Ann Jones ruled that the London-based Tolkien Trust, established by the heirs of late author J.R.R. Tolkien as a British charity, cannot ...
Ontario court dismisses class action lawsuits.(International News)(Dow Corning Corp. vs. Canada Health)(Brief article)
Oct 06, 2008 ... Byline: COLLEEN McCARTHY TORONTO-The Ontario Court of Appeals has rejected a class action lawsuit against the Canadian government by thousands of women who suffered injuries after their silicone breast implants ruptured. Ontario's highest court last week also ...
European risk management 'matures'; FERMA finds that environmental risks top managers' concerns.(International News)(Federation of European Risk Management Association)(Survey)
Oct 06, 2008; ... Byline: RICHARD MILLER Although risk management has "matured'' in Europe, risk managers there say there is still much work to do embed risk management processes in their operations, according to research from the Federation of European Risk Management Assns. In ...
Insurers scoff at reality dieter's fattened claims.(End Page)(Brief article)
Oct 06, 2008 ... A contestant on reality weight-loss show "The Biggest Loser'' may have lost some pounds fair and square, but he was a little less honest when he tried to gain some dollars, according to authorities in Massachusetts. In an indictment filed last week, the state's attorney ...
RIMS salary survey shows CROs on top; Role of risk managers grows more complex.(News)(Risk and Insurance Management Society Inc.)(chief risk officers)
Oct 06, 2008; ... Byline: KRISTIN GUNDERSON HUNT The average total compensation of chief risk officers and vps of risk management is $220,200, according to the Risk & Insurance Management Society Inc.'s annual compensation survey. The 2008 Risk Management Compensation Survey released ...
N.Y. judge won't bite on broker's corny suit.(End Page)(New York)(Brief article)
Oct 06, 2008 ... Life's all about taking risks-even when it comes to eating popcorn, a New York judge ruled. On Sept. 17, 2007, insurance broker Steve Kaplan seated himself at the AMC-Lincoln Square Cinema in New York, armed with a freshly popped bag of popcorn, to watch "Superbad.'' All was ...
On the web.(News)(Brief article)
Oct 13, 2008 ... BI VIDEO Two additions to Issues in Risk Management In the latest Issues in Risk Management video segment, "Staying Current," a trio of leading risk managers discusses how they keep their knowledge current and build the skills they need to manage risks effectively ....
WRITE.(Opinions)
Oct 13, 2008 ... Business Insurance welcomes letters to the editor. The section is intended to be a forum for readers' opinions and comments. We reserve the right to edit letters for clarity or space. We will not publish unsigned letters. ...
READ Perspectives and expert analysis online at www.businessinsurance.com/knowledgecenter.(Opinions)(Brief article)
Oct 13, 2008; ... "Green' energy needs a boost from insurers As industry strives to develop ways to produce cleaner energy, the insurance industry must play a role in supporting those efforts, says Philip J. Edmundson, chairman and chief executive officer of brokerage William Gallagher Associates ...
VOTE in the BI Online Poll at www.businessinsurance.com; This week's results.(Opinions)(job descriptions)(Survey)
Oct 13, 2008 ... Q. Has your company begun reviewing its job descriptions and reasonable accommodation protocols to assure compliance with the new ADA Amendments Act? Yes: 18% No: 82% ...
Comings & goings online.(Comings & Goings)(executive recruiting)(Website overview)(Brief article)
Oct 13, 2008 ... Visit www.businessinsurance.com/ComingsandGoings for a full list of this week's personnel moves and promotions. Check our Web site daily for additional postings. To Submit Items Business Insurance would like to report o* senior-level changes at commercial insurance ...
Supreme Court to hear risk management-related cases; Punitive damages, federal pre-emption among those on docket.(News)(Shell Oil Co. vs. United States)(Noreen Hulteen et al. vs. AT&T Corp.)
Oct 13, 2008; ... Byline: MARK A. HOFMANN WASHINGTON-The U.S. Supreme Court opened its new term last week with relatively few risk management-related cases on its docket. The docket in general "is a little light in blockbuster cases,'' former U.S. Attorney General Richard Thornburgh ...
Most brokers, buyers remain confident in AIG: Surveys.(News)(American International Group Inc.)(Report)
Oct 13, 2008; ... Byline: MARK A. HOFMANN Most brokers remain confident in the financial strength of American International Group Inc.'s insurance subsidiaries, according to a survey released last week by Advisen Ltd. Advisen, a New York-based insurance industry analyst, found that ...
Grannies, gramps can be highway stars.(End Page)(Allstate Corp. launching a computer-based cognitive training program)(Brief article)
Oct 13, 2008; ... Byline: Contributing: Jeff Casale, Mike Tsikoudakis Allstate Corp. apparently believes you can teach old dogs new tricks. The Northbrook, Ill.-based insurer is launching a computer-based cognitive training program, starting in Pennsylvania, aimed at sharpening the ...
The latest in roadway hazards: 'Podestrians'.(End Page)(traffic accidents)(Report)(Brief article)
Oct 13, 2008 ... It's been just a decade since the first MP3 music player was introduced to the world, but a Manchester, England, brokerage is blaming it and its competitors for a 10% jump in car crashes. Pedestrians who listen to MP3s or iPods, which were introduced seven years ago this month, ...