Business Insurance back issues from February 2009:
Insurers, reinsurers must stay disciplined.(Opinion)(Financial report)(Brief article)
Feb 02, 2009 ... NOW IS A TERRIBLE time for insurance and reinsurance companies to report write-downs on investment portfolios, as Swiss Reinsurance Co. has learned recently. As we report on page 3, Swiss Re posted a net unrealized capital loss of 5.2 billion Swiss francs ($4.5 billion) as well ...
Medical house calls aim to mend high ER costs.(News)
Feb 02, 2009; ... Byline: JOANNE WOJCIK EVERETT, Wash.-With emergency room utilization on the rise, some Seattle-area employers have begun offering their employees a lower-cost and more convenient alternative: medical house calls. Microsoft Corp. rolled out its Mobile Medicine program ...
Buffett book reveals the man, less clear on investment secrets; 'The Snowball' delves into life, work of Oracle of Omaha.(News)(Warren Buffett )
Feb 02, 2009; ... Byline: KRISTIN GUNDERSON HUNT The life and personality of investor Warren Buffett are portrayed clearly in a more-than-800-page, expansive and thorough biography, "The Snowball: Warren Buffett and the Business of Life.'' Mr. Buffett permitted author and former ...
Financial crisis a 'call to action' for buyers.(News)
Feb 02, 2009; ... Byline: MARK A. HOFMANN NEW YORK-The 2008 financial crisis should serve as a "call to action'' for risk managers to demonstrate the value of enterprise risk management, the Risk & Insurance Management Society Inc. said in an executive report released last week. In ...
Investor fears pressure Swiss Re's stock price; Warren Buffett seen as possible source of additional capital.(News)(Swiss Reinsurance Co.)
Feb 02, 2009; ... Byline: JUDY GREENWALD and MICHAEL BRADFORD ZURICH, Switzerland-A major plunge in the price of Swiss Reinsurance Co. stock in January reflects investor fear of additional fourth-quarter write-downs stemming from the reinsurer's investment portfolio and the possible need for ...
Excess casualty MGA welcomed by buyers; Ironshore, C.V. Starr Bermuda venture adds needed capacity.(News)
Feb 02, 2009; ... Byline: SALLY ROBERTS HAMILTON, Bermuda-The joint venture managing general agency that was announced last week by Ironshore Inc. and C.V. Starr & Co. Inc. will be a welcome alternative for buyers in the excess casualty marketplace, observers say. The MGA not only ...
High court ruling in asbestos case a big win for Wis. policyholders.(News)
Feb 02, 2009; ... Byline: SALLY ROBERTS MADISON, Wis.-A Wisconsin Supreme Court ruling that an insurer should pay damages for individual asbestos claimants as separate occurrences and should cover injuries suffered outside of a policy period is a big victory for commercial general liability ...
Opportunity, challenges ahead for P/C insurers.(News)(dialogue with Leigh Ann Pusey )(Interview)
Feb 02, 2009 ... Leigh Ann Pusey became president and chief executive officer of the Washington-based American Insurance Assn. on Feb. 1. Ms. Pusey, who joined AIA as senior vp-public affairs in 1996, most recently served as the insurer group's chief operating officer and senior vp-government affairs. She ...
Mass. AG takes a bite out of crime spree.(End Page)(Brief article)
Feb 02, 2009 ... If it isn't exactly a case of a man biting off more than he could chew, the tale of Brookline, Mass., resident Tod Schaffer comes close to being so. According to the Massachusetts attorney general's office, Mr. Schaffer broke his tooth in 2002 when he bit into a piece of plastic ...
Separation of church and state...of undress?(End Page)(Brief article)
Feb 02, 2009 ... An information technology employee for the Ohio Bureau of Workers' Compensation allegedly spent a majority of his work days viewing Internet pornography sites and conducting church business. According to an investigation report from the State of Ohio Office of the Inspector ...
On the Web.(News)
Feb 02, 2009 ... BI Audio InSight podcasts: Buffett, City of Hope, AIA Warren Buffett biographer Alice Schroeder speaks to Business Insurance about the insights she gained into Mr. Buffett's business and investment strategy for insurance while writing her book "The Snowball: Warren ...
Gen Re fraud judge lenient with Milton; Four-year sentence may signal short terms for other defendants.(News)
Feb 02, 2009 ... Byline: COLLEEN McCARTHY HARTFORD, Conn.-A federal judge's decision to impose a prison term far below federal sentencing guidelines for American International Group Inc.'s former vp of reinsurance Christian M. Milton last week demonstrates a pattern that is likely to produce ...
Bush support for TRIA remains a lasting legacy.(News)
Feb 02, 2009; ... Byline: Mark A. Hofmann Presidential legacies are far from fixed in stone decades or even centuries after the incumbent hands over the keys to 1600 Pennsylvania Ave. to his successor and heads home. The reputations of some, like Dwight Eisenhower, have grown with the ...
Ruling in drownings case may spark more occurrence disputes: Experts; Illinois high court rules against insurer on cause of deaths.(News)
Feb 02, 2009; ... Byline: SALLY ROBERTS SPRINGFIELD, Ill.-The accidental deaths of two boys who fell into an excavation pit that was not properly secured and maintained constitutes two occurrences under the landowner's commercial general liability policy, the Illinois Supreme Court has ruled. ...
NEAL WOLIN.(News)
Feb 02, 2009 ... NEW JOB TITLE: Deputy counsel to President Barack Obama for economic policy and deputy assistant to the president. PREVIOUS POSITION: President and chief operating officer of property/casualty operations for Hartford, Conn.-based Hartford Financial Services Group Inc. ...
WellPoint program targets bipolar disorder.(Briefs)
Feb 02, 2009 ... INDIANAPOLIS-Indianapolis-based WellPoint Inc. has expanded its disease management program for members who suffer bipolar disorder. The Bipolar Condition Care Program aims to provide effective treatment and reduce medical costs by offering services that include education and ...
Extension provision unlikely to be in final legislation.(News)
Feb 02, 2009; ... Byline: Jerry Geisel WASHINGTON-When final agreement is reached on an economic stimulus package, a provision in the version cleared by the House of Representatives to extend COBRA eligibility for decades, in some cases, is unlikely to be included. That extension, ...
Employers may see rush for COBRA cover; Proposed legislation would burden firms that laid off workers.(News)
Feb 02, 2009; ... Byline: JERRY GEISEL WASHINGTON-Millions of U.S. residents who have been laid off would be eligible for subsidized COBRA health care coverage under legislation racing through Congress, with employers having little time to comply with the numerous and significant requirements ...
States look to dissolve monopolies in workers compensation insurance; Private insurers would be allowed to compete for business.(News)
Feb 02, 2009; ... Byline: ROBERTO CENICEROS Debates are under way in Ohio and North Dakota whether to eliminate state-established workers compensation insurance monopolies by allowing private insurers to compete for employers' business. The two states are among four states, including ...
401(k) investors need help to choose wisely.(Opinion)(Brief article)
Feb 02, 2009 ... WHAT IS HAPPENING to 401(k) plan participants' account balances is not good news. Last week, mutual fund provider and 401(k) plan administrator Fidelity Investments reported that the average account balance in 2008 dropped to $50,200, a 27% fall from 2007 and the biggest ...
Truck firms struggle to reverse sharp rise in cargo thefts; Insurers working with others to manage risks associated with thefts.(News)
Feb 02, 2009; ... Byline: ZACK PHILLIPS Truck cargo thefts, which cost the U.S. shipping industry tens of billions of dollars a year, have increased significantly in the past year, risk managers and insurers say. Shippers, trucking companies, insurers and law enforcement officials are ...
European storm losses could exceed $1 billion; Klaus destruction the worst since a trio of 1999 winter storms.(News)
Feb 02, 2009; ... Byline: SARAH VEYSEY Insured losses from winter storm Klaus, which ripped through parts of France and Spain late last month, could be in the billions of dollars, according to preliminary estimates. The strong extratropical cyclone came ashore in southwestern France ...
Court says cheer at your own risk.(End Page)(Brief article)
Feb 02, 2009 ... Cheerleading may seem to be a safe recreational activity, but in Wisconsin it's a contact sport-like hockey or football-that can cause serious injuries. The Wisconsin Supreme Court reached this conclusion in reviewing a 2006 lawsuit by a 14-year-old cheerleader who hit her head ...
IN BRIEF: Obama signs Fair Pay Act.
Feb 02, 2009 ... President Obama last week signed the Lilly Ledbetter Fair Pay Act of 2009, which eases time limits on wage discrimination claims. The Ledbetter Act provides that every paycheck resulting from an earlier discriminatory pay decision constitutes a violation of Title VII of the Civil Rights ...
Insurance industry helps build City of Hope.(News)(dialogue with Jerry Sullivan )(Interview)
Feb 02, 2009 ... Jerry Sullivan is chairman of Gerald J. Sullivan & Associates, the lead company of the Los Angeles-based Sullivan Group of insurance-related companies that specialize in a variety of coverages, particularly surplus lines. For decades, he has participated in the National Insurance Industry ...
Riff puts pop stars at odds with pioneer.(End Page)(Manu Dibango)(Brief article)
Feb 09, 2009 ... A French court is to decide later this month whether to allow Cameroonian singer and saxophone player Manu Dibango to be "Startin' Something.'' Mr. Dibango sued pop singers Michael Jackson and Rihanna in a Paris court, claiming they stole the hook from one of his songs, ...
Employers offering ID theft protection as voluntary benefit; Legal service plans also becoming more common choices.(Benefits Management)(Survey)
Feb 09, 2009; ... Byline: KAREN PALLARITO Reacting to national crime statistics and marketplace demand, many group life insurers and legal service plans are offering identity theft protection as a voluntary employee benefit, experts say. ID theft protection began turning up in ...
BRITTON GLISSON; Up Close: Comings & Goings.(News)(Brief article)
Feb 09, 2009 ... NEW JOB TITLE: Chief administrative officer with Richmond, Va.-based specialty insurer Markel Corp. PREVIOUS POSITION: President and chief operating officer of Markel Insurance Co. VITAL STATISTICS: I was a CPA before coming to Markel (19 years ago). ...
Buffett cancels biographer's dinner Q&A.(End Page)(dialogue with Warren Buffett and Alice Schroeder)(Interview)(Brief article)
Feb 09, 2009 ... Guess who's not coming to dinner? Warren Buffett and Alice Schroeder, author of the Buffett biography "The Snowball: Warren Buffett and the Business of Life,'' is who. For years, Ms. Schroeder has hosted a dinner at Berkshire Hathaway Inc.'s annual meeting in Omaha, ...
Employers eyeing voluntary benefits in tough economy; Cut Deeper.(Benefits Management)
Feb 09, 2009; ... Byline: LOUISE ESOLA While laying off workers and freezing salaries is a common way that businesses facing a tough economy are trying to control costs, they also are critically evaluating the voluntary benefits they offer, experts say. Experts say employers are ...
Market Moves: Citadel acquires runoff from Arthur J. Gallagher.(Briefs)(Citadel Risk Management Inc. acquired with Arthur J. Gallagher and Co.)(Allied World Assurance Co. Holdings Ltd. opens 2 California offices )(American Pinnacle Partners Inc. acquired with Commodore Insurance Services Inc. )
Feb 09, 2009 ... STAMFORD, Conn.-Citadel Risk Management Inc. said it has acquired substantially all of the reinsurance runoff processes from Itasca, Ill.-based broker Arthur J. Gallagher & Co. Citadel, an active and runoff insurance and reinsurance provider headquartered in Stamford, Conn., ...
Moves to cut systemic risk may have wide reach; Effect on insurance regulation will depend on structure of efforts to tighten financial system.(News)
Feb 09, 2009; ... Byline: MARK A. HOFMANN WASHINGTON-Growing debate about how to regulate systemic risk in the financial system is certain to affect the insurance industry as well, observers say. The implications could be positive or negative, depending on how the regulation of ...
Buffett bolsters Swiss Re capital; Speculation grows about outright takeover.(News)
Feb 09, 2009; ... Byline: JUDY GREENWALD and MICHAEL BRADFORD ZURICH, Switzerland-Warren Buffett's planned capital infusion into Swiss Reinsurance Co. may ultimately lead to a full takeover of the European reinsurance giant by Mr. Buffett's Berkshire Hathaway Inc., several observers agree. ...
'Midas well go to jail,' says anti-fraud group.(End Page)(Brief article)
Feb 09, 2009 ... "Knuckleheaded swindlers'' are the latest inductees to the Insurance Fraud Hall of Shame, the Washington-based Coalition Against Insurance Fraud says. Among those the coalition says it "dishonored'' in 2008 was Houston physician Ira Klein, who's serving an 11-year sentence for ...
'Terminator Salvation' tirade sparked filming disruption worries.(End Page)(Brief article)
Feb 09, 2009 ... In the upcoming movie "Terminator Salvation,'' actor Christian Bale is trying to save the world, but it appears producer Warner Bros. at one point was concerned about saving the film itself. Reports of Mr. Bale's blowup at Photography Director Shane Hurlbut made big news last ...
High court expands bias protection for employees; Civil Rights Act protects witnesses in workplace probes.(News)
Feb 09, 2009; ... Byline: JUDY GREENWALD WASHINGTON-A U.S. Supreme Court ruling that says civil rights law also protects employees who merely cooperate with an internal investigation of race or gender discrimination could increase litigation against employers, some observers say. ...
Workers comp success depends on quality analysis.(Opinion)
Feb 09, 2009; ... Byline: Rebecca A. Shafer Your workers compensation program requires a thorough and systematic assessment to avoid trying to implement solutions that are as misguided as the old joke of looking for a nickel where you didn't drop it, says Rebecca A. Shafer, a Storrs, Conn.-based ...
Former RenaissanceRe chief Stanard fined $100K over Inter-Ocean deal.(News)(Brief article)
Feb 09, 2009; ... Byline: JUDY GREENWALD NEW YORK-A judge has imposed a $100,000 civil fine on former RenaissanceRe Holdings Ltd. Chairman and Chief Executive Officer James N. Stanard for his role in orchestrating a two-part sham reinsurance deal with another reinsurer in 2001, according to the ...
Child health care law adds to employer costs; More enrollees, increased expenses expected.(News)
Feb 09, 2009; ... Byline: JERRY GEISEL WASHINGTON-Millions of additional children in lower-income families will be eligible for health insurance coverage under legislation signed last week by President Obama. But the new law will add new administrative burdens for employers and potentially add ...
Frequency, number of securities class action suits rises sharply; 2008 saw highest number of suits filed in five years: Study.(News)
Feb 09, 2009 ... Byline: JEFF CASALE WESTON, Fla.-If investors, insurers and banks were capable of predicting events like the Bernard Madoff scandal, toxic assets and a crumbling economy, they wouldn't need directors and officers coverage. But because crystal balls aren't available, ...
Book on D&O, E&O insightful, humorous.(Commentary)
Feb 09, 2009; ... Byline: Regis Coccia Anyone who has spent time in or knows people working in the commercial insurance industry is aware that the industry employs many talented and interesting souls. Chronicling their achievements and adventures would be a massive undertaking, but ...
Peanut firm's GL insurer seeks coverage ruling; Far-reaching recall may test programs of many companies.(News)(Peanut Corporation of America)(Hartford Casualty Insurance Co.)
Feb 09, 2009; ... Byline: MEG FLETCHER and JEFF CASALE LYNCHBURG, Va.-The insurer for the Georgia peanut processing plant at the heart of a nationwide salmonella outbreak has filed suit to limit its coverage for liability claims arising from the incident. But what coverage is in place ...
N.Y. transparency rule a start, not endgame.(Viewpoint essay)(Brief article)
Feb 09, 2009 ... We are encouraged but also somewhat disappointed by proposals from the New York Insurance Department that, if implemented, would require brokers in the state to disclose all compensation they receive for placing coverage with insurers. On the upside, rules that would compel ...
In Brief: Daschle won't seek HHS secretary role.(Briefs)(Ironshore Inc. has got the A- rating from A.M. Best Co. Inc.)(American International Group Inc's bailout study by Government Accountability Office)(Delphi Corp. is seeking permission to terminate health and life insurance coverage for retirees)
Feb 09, 2009 ... Former Senate Majority Leader Thomas A. Daschle has withdrawn his name for consideration as secretary of Health and Human Services. Mr. Daschle's withdrawal followed criticism for his failure to pay more than $100,000 in taxes. He apologized for his actions and met with the Senate Finance ...
Getting employees fit to work essential.(News)(return-to-work efforts )
Feb 09, 2009; ... Byline: Roberto Ceniceros Return-to-work efforts are vital even when layoffs mean employers don't have jobs for workers compensation claimants to return to, several observers said. Failure to help comp claimants get healthy enough to work may result in claims ...
Willis moves to coordinate cover placements; Placement strategy gives global support to local brokers.(News)(Willis Group Holdings Ltd.)
Feb 09, 2009; ... Byline: SALLY ROBERTS LONDON-Following the lead of its two main rivals, Willis Group Holdings Ltd. last week said it launched a global insurance placement strategy in an effort to bring clients more value from the insurance markets. The formation of Willis Global ...
Swiss exchange examines possible rules violation.(News)(Swiss Reinsurance Co.)(Brief article)
Feb 09, 2009; ... Byline: Michael Bradford ZURICH, Switzerland-SIX Swiss Exchange Ltd., a Zurich-based securities exchange, is investigating a possible violation of its rules by Swiss Reinsurance Co. The stock market said in a statement that the investigation is in connection with ...
Communication is key when it comes to benefit plans; Employers working harder to inform workers about choices.(Benefits Management)
Feb 09, 2009; ... Byline: LOUISE KERTESZ More employers are communicating employer-paid and voluntary benefits as part of a total rewards package that meets a range of employee needs, consultants say. Employers taking the total benefits approach are communicating voluntary benefits ...
On the Web.(News)
Feb 09, 2009 ... BI photo gallery Audio slide show features City of Hope Business Insurance features an audio slide show that demonstrates how the National Insurance Industry Council is helping the City of Hope raise funds to fight cancer. Go to www.BusinessInsurance.com/ gallery. ...
N.Y. plans to mandate broker pay disclosure.(News)
Feb 09, 2009; ... Byline: SALLY ROBERTS NEW YORK-Regulations proposed by the New York Insurance Department that would require insurance agents and brokers to disclose to clients all compensation drew mixed reactions from the industry last week. New York Superintendent of Insurance Eric ...
General plan gets cautiously optimistic reaction; details of the transaction awaited.(News)(impact of Berkshire Hathaway Inc. investment on Swiss Reinsurance Co.)
Feb 09, 2009; ... Byline: Judy Greenwald and Michael Bradford ZURICH, Switzerland-Market observers generally are cautiously optimistic about Swiss Reinsurance Co.'s prospects after Warren Buffett's decision to make a major investment in the reinsurer. The cash infusion was announced ...
Woman's struggle with ID theft aided by plan.(Benefits Management)(KPMG L.L.P new identity theft protection plan to benefit women)
Feb 09, 2009; ... Byline: Karen Pallarito Vicki Long's struggle to clear her blemished credit record began shortly after a box of checks went missing from her mailbox in September 2004. Later that year, the bank informed her that someone was using the stolen checks. By December, she began ...
Comp concerns rise with unemployment rates.(News)
Feb 09, 2009; ... Byline: ROBERTO CENICEROS Job reports released last week underscore a growing challenge risk managers face: managing workers compensation losses in the midst of layoffs that can exacerbate claim frequency and severity. Employees off the job due to a legitimate injury ...
325 attend Florida conference; 2010 heads to Naples.(News)(Brief article)
Feb 09, 2009 ... The American Bankers Assn. Insurance Risk Management Conference was held Jan. 25-28 at the Hyatt Regency Bonaventure in Weston, Fla. Approximately 325 attended the conference, including bank risk managers, brokers and insurers. Sessions included the regulatory and ...
Insurance bill smartly sets debate framework.(Opinion)(Brief article)
Feb 16, 2009 ... WE DON'T YET KNOW the details of the insurance regulatory reform bill that Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif., plan to introduce, but we nonetheless welcome the fact that they're going to drop it in the hopper sooner rather than later. Virtually everyone agrees ...
Speed of COBRA plan a model not to follow.(Opinion)(Consolidated Omnibus Budget Reconciliation Act of 1985)(Brief article)
Feb 16, 2009 ... WE HAVE MIXED FEELINGS about COBRA provisions that are part of the huge economic stimulus bill that was expected to receive final approval by Congress last week. On the positive side, Congress provided quick and appropriate help to employees who have lost their jobs and couldn't ...
Industry associations applaud surplus lines bill.(News)
Feb 16, 2009; ... Byline: Mark A. Hofmann WASHINGTON-Two lawmakers say they will reintroduce legislation soon to streamline regulation of surplus lines insurers. The Nonadmitted and Reinsurance Reform Act won House approval twice before but never reached the Senate floor. Reps. Dennis ...
Wells Fargo completes addition of ABD, turns to Wachovia; Brokerage reworks structure, exec teams in integration effort.(News)(ABD Insurance & Financial Services Inc.)(Wells Fargo Insurance Services Inc.)(Wachovia Insurance Services Inc.)
Feb 16, 2009; ... Byline: SALLY ROBERTS CHICAGO-After taking more than 15 months to integrate Redwood City, Calif.-based ABD Insurance & Financial Services Inc., Wells Fargo Insurance Services Inc. now is facing the task of integrating much larger Wachovia Insurance Services Inc. WFIS ...
Obama's changed, but is it enough?(End Page)(Barack Obama)(Brief article)
Feb 16, 2009 ... Was Shepard Fairey's abstract rendering of Barack Obama fair use of a photographer's work or merely a purloined pic? The Los Angeles visual artist, known for his cultural iconography, is suing the New York-based Associated Press to maintain his artistic rights. The suit asserts ...
On the Web.(News)
Feb 16, 2009 ... BI AUDIO Expanded Greg Case Q&A in online podcast Greg Case, president and chief executive officer of Chicago-based Aon Corp., received St. John's University's Insurance Leader of the Year award in January. An expanded version of his Page 4 interview with Business ...
Lawmakers ready regulatory changes; Bill would create national guaranty fund.(News)(National Insurance Consumer Protection and Regulatory Modernization Act )
Feb 16, 2009; ... Byline: MARK A. HOFMANN WASHINGTON-Supporters of an optional federal charter for insurers are praising the latest proposal for a system of federal regulation, but detractors are saying the "optional'' has been removed. Reps. Melissa Bean, D-Ill., and Ed Royce, ...
Few cover losses from dropped endorsements.(News)
Feb 16, 2009; ... Byline: ROBERTO CENICEROS Few corporations insure against the risk that sports stars and entertainers endorsing their brands could misbehave and disgrace an advertising campaign built around the celebrity's image. The coverage is expensive and an arduous underwriting ...
Fla. officials worried about cat fund; State's hurricane fund faces possible shortfall of $18B, governor says.(News)(Florida Hurricane Catastrophe Fund )
Feb 16, 2009; ... Byline: COLLEEN McCARTHY TALLAHASSEE, Fla.-Florida officials lobbied at the state and federal levels last week to shore up the Florida Hurricane Catastrophe Fund amid concerns about its ability to pay claims should there be a severe hurricane. The state-controlled ...
President should light the smoke-free path.(Commentary)(Viewpoint essay)
Feb 16, 2009; ... Byline: Joanne Wojcik It's hard for me to admit, but I'm prejudiced against a certain class of people: Smokers. If I am seated beside one on an airplane, I will ask to change seats to get away from their smell. When I'm stopped at an intersection and see a ...
Insurance plays starring role in management of stunt risks; Movie producers negotiate over scenes to lower cover costs.(Spotlight: Specialty Risks)
Feb 16, 2009; ... Byline: LOUISE ESOLA When it comes to insuring Hollywood's action-packed films, the bigger the boom, the higher the jump, the braver the stunt, the more expensive and detailed the insurance policy. "Insurers are all over films when there are stunts involved,'' said ...