Insurance Weekly News back issues from March 2009:
Vendor and Venue Mishaps Top List of Wedding Insurance Claims in Faltering Economy.
Mar 06, 2009 ... More than 40 percent of all TravelersE wedding insurance claims filed during the past two years involved unforeseen problems with vendors and venues, some of which went bankrupt in the worsening economy, according to data released by The Travelers Companies (NYSE: TRV). ...
Fireman's Fund Insurance Company Announces Plans to Relocate Its Regional Office from Earth City to O'Fallon.
Mar 06, 2009 ... FiremanEs Fund Insurance Company will relocate its regional offices from Earth City to OEFallon at One Progress Point Parkway, a newly constructed building in St. Charles County. The companyEs 500 customer service and claims employees will move to the new facility, located off ...
Validus Holdings, Ltd. Announces Quarterly Dividend.
Mar 06, 2009 ... Validus Holdings, Ltd. (NYSE: VR) announced that its Board of Directors has declared a quarterly dividend of $0.20 per each common share and $0.20 per common share equivalent for which each outstanding warrant is then exercisable. The dividend is payable on March 31, 2009 to shareholders ...
Results for 4th Quarter Transportation Insurance Pricing Survey TIPS[TM] Released Today by NIP Group, Shows Fewer Rate Decreases.
Mar 06, 2009 ... Today NIP Group, Inc. published the results of the Transportation Insurance Pricing Survey (TIPSO), an index designed to benchmark changes in the availability and rates in the transportation insurance marketplace. The survey was issued last month to the nationEs leading transportation ...
Colonial Penn Life Insurance Company Introduces Innovative Approach to Shopping for Life Insurance With EZissuelife.com.
Mar 06, 2009 ... Colonial Penn Life Insurance Company today introduced a new website for consumers, EZissuelife.com, an easy-to-understand, do-it-yourself approach to buying term and permanent whole life insurance. The new site offers a simple and convenient way to apply for term or permanent ...
Pacific Life Expands Variable Investment Options with Mid-Cap Value Portfolio & American Funds[R] Asset Allocation Portfolio.
Mar 06, 2009 ... Pacific Life recently added two new investment options to its offerings for variable universal life insurance policyowners. The addition of the Mid-Cap Value Portfolio and the American Funds Asset Allocation Portfolio expands the breadth and depth of the investment options lineup and ...
PIA President Auerbach: Royce-Bean Bill is a Deregulation Bill, Not a Reform Measure.
Mar 06, 2009 ... The president of the National Association of Professional Insurance Agents (PIA) said a bill soon to be introduced in Congress is a proposal for greater deregulation, not reform, that threatens to dismantle the successful state insurance regulatory system. "This bill is just ...
Great American Insurance Group Announces New Diminishing Deductible Endorsement.
Mar 06, 2009 ... The Property & Inland Marine Division of Great American Insurance Group announced the introduction of its Motor Truck Cargo Diminishing Deductible Endorsement. This no-premium endorsement rewards our insureds with excellent loss experience. An insured receives a 25% reduction in the ...
A.M. Best Affirms the Main Street America Group's "A" Rating.
Mar 06, 2009 ... A.M. Best has affirmed the financial strength rating of oAo (Excellent) of super regional property-casualty insurance carrier The Main Street America Group and its five wholly owned subsidiaries: NGM Insurance Company, MSA Insurance Company, Main Street America Assurance Company, Old ...
CSC Ranks First in BPO Contract Volume for Life Insurance, Pensions and Annuities.(Report)
Mar 06, 2009 ... CSC (NYSE:CSC) announced that it holds the largest number of reported contracts in life, pensions and annuities business process outsourcing (BPO), according to a new report from Celent, a financial services technology research and advisory firm. CSC also was identified, in terms of ...
Michael Anselmo Joins Narragansett Bay Insurance Company as Chief Information Officer.
Mar 06, 2009 ... Narragansett Bay Insurance is happy to announce that Michael Anselmo has joined the company's leadership team as Chief Information Officer. An experienced senior technology executive with over 20 years of experience within the insurance industry, he has built technology organizations from ...
Farmers Insurance Kicks off 2009 March of Dimes Campaign at Home Office, Los Angeles.
Mar 06, 2009 ... Music will be in the air, hamburgers will be on the grill, as hundreds of Farmers Insurance Group of Companies[R] agents, District Managers and employees kick-off the 2009 March of Dimes fundraising campaign at the companiesE headquarters, 4700 Wilshire Boulevard, on Tuesday, February 17, ...
OneBeacon Insurance Expands Specialty Focus with OneBeacon Services.
Mar 06, 2009 ... OneBeacon Insurance Group (NYSE:OB) announced the addition of OneBeacon Services(R) to its growing line of specialty businesses. Launched as an extension of OneBeacon Accident and Health, OneBeacon Services provides critical resources that help organizations and individuals better protect ...
Car Insurance Shopping Trends - the Web vs. Agent.
Mar 06, 2009 ... A recent study performed by AutoInsuranceQuotes.com found that out of 264 respondents who visited the site while shopping for auto insurance, 94 percent claimed to prefer shopping via email as opposed to other shopping methods including online; in person with a local agent; or over the ...
BestWeek: State Farm Florida Customers Dipping Toes in Property Insurance Market.
Mar 06, 2009 ... State Farm FloridaEs departure from the property insurance marketplace leaves about 40 domestic insurers to vie for the 1.2 million policies it plans to leave behind, according to this weekEs BestWeek U.S./Canada. These companies, many of which have formed since 2006, are ...
International Arbitration and Insurance Law Expert Mitchell Lathrop Joins Mintz Levin.
Mar 06, 2009 ... Continuing its successful growth in California, Mintz Levin Cohn Ferris Glovsky and Popeo, P.C. announced that Mitchell Lathrop has joined the firmEs San Diego office as a Member. The move expands Mintz LevinEs national insurance and reinsurance practice, and adds depth of experience in ...
CEO of Aspen Insurance Holdings to Participate in 2009 Merrill Lynch Insurance Investor Conference.(Conference news)
Mar 06, 2009 ... Aspen Insurance Holdings Limited (NYSE:AHL) announced that Chris OEKane, Chief Executive Officer, is scheduled to present at the 2009 Merrill Lynch Insurance Investor Conference on Wednesday, February 25, 2009 at 3:45 p.m. (ET). During the presentation Mr. OEKane will provide an ...
A.M. Best Downgrades Ratings of United Equitable Insurance Company and American Heartland Insurance Company.
Mar 06, 2009 ... A.M. Best Co. has downgraded the financial strength rating (FSR) to C+ (Marginal) from C++ (Marginal) and issuer credit rating (ICR) to ob-o from ob+o of United Equitable Insurance Company. In addition, A.M. Best has downgraded the FSR to C- (Weak) from C++ (Marginal) and ICR to ...
AFR Board Appoints New Leadership.
Mar 06, 2009 ... Ray L. Wulf has resigned his position as President and Chief Executive Officer of American Farmers & Ranchers Mutual Insurance Company and the Oklahoma State Union of the Farmers Educational and Cooperative Union of America, Inc., (Oklahoma Farmers Union) a position he has held since 2000 ....
Ted Mathas Named as Next Chairman of New York Life, Effective June 1.
Mar 06, 2009 ... President and CEO Ted Mathas has been named Chairman of the Board by the Board of Directors of New York Life Insurance Company, effective June 1, 2009. He will succeed Sy Sternberg, 65, New York LifeEs chairman since April 1, 1997, who completes the longest tenure of any New York Life ...
Travelers SelectOne[R] Offers Insurance Companies Broad Coverage in Tough Economic Times.
Mar 06, 2009 ... As mounting economic uncertainty leads to new and increasingly complex business challenges for executives, Travelers (NYSE: TRV) Bond & Financial Products has unveiled new program enhancements and a Private/Mutual Insurance Company endorsement as part of its Travelers SelectOne[R] for ...
Florida Home Laws and Insurance Coverage Change: Homeowners May Be Caught Unaware!!
Mar 06, 2009 ... If you live in Dade, Broward or Palm Beach County ....LISTEN UP! The laws governing Citizen's Insurance policies that cover homes with a replacement value of $750,000 or more have changed and consumers need to know how and why. Simply; effective now and as of January 1st, 2009, ...
Home Burglaries Climb 4% in Texas.
Mar 06, 2009 ... The number of home theft incidents for Allstate Insurance Company customers in Texas rose close to 4 percent in 2008. Police say the sagging economy is a factor driving home theft numbers and big ticket items like computers and flat-screen televisions are top targets for Texas thieves. ...
Russell R. Oliver to Retire as President of Texas Mutual Insurance Company.
Mar 06, 2009 ... Russell R. Oliver, president of Texas Mutual Insurance Company since 1995, is retiring from the company at the end of August 2009, Texas Mutual announced Feb. 19 (today). "I am very proud of Texas Mutual and our accomplishments, but it is time for me to move on to a new phase of ...
Scott Umstot Joins Target Insurance Services.
Mar 06, 2009 ... Target Insurance Services has announced that Scott Umstot has joined the company as a Senior Production Underwriter in their Avon office. Scott most recently handled the Technology E&O program at Darwin Professional Underwriters. Prior to that, he spent several years with the ...
Harleysville Group Inc. Announces Capital Management Actions.
Mar 06, 2009 ... The Board of Directors of Harleysville Group Inc. (NASDAQ:HGIC) today authorized the company to repurchase up to an additional 800,000 shares, or approximately $25 million or about 3 percent, of its outstanding common stock through an open market purchase program. At the same ...
RenaissanceRe to Participate in the Merrill Lynch Insurance Investor Conference.(Conference news)
Mar 06, 2009 ... RenaissanceRe Holdings Ltd. (NYSE: RNR) announced that Neill A. Currie, President and Chief Executive Officer, and Fred R. Donner, Executive Vice President and Chief Financial Officer, will participate in the Merrill Lynch Insurance Investor Conference at 4 World Financial Center in New ...
AXA Equitable Announces Three Senior Vice President Appointments.
Mar 06, 2009 ... AXA Equitable Life Insurance Company announced that Vincent Cohan, David Kahal and Suzanne van Staveren each have been elected to the position of senior vice president. The appointments were confirmed during a Board of Directors meeting held yesterday afternoon. "Now more than ...
SunGard Receives 'Positive' Rating in Leading Analyst Firm's Insurance Incentive Compensation Management Applications MarketScope Report.(Report)
Mar 06, 2009 ... SunGard's iWorks Enterprise Incentive Management (EIM) solution received a "Positive" rating in Gartner's MarketScope for Insurance Incentive Compensation Management Applications." SunGard (http://www.sungard.com/) was one of eight vendors evaluated for the report and received the highest ...
ArthroCare Announces Review of Insurance Billing Practices; CEO Departure and Management Changes; Investigations by SEC and US Attorney Offices in Florida and North Carolina.
Mar 06, 2009 ... ArthroCare Corp. (PINK SHEETS: ARTC) announced that a review being conducted by the Audit Committee has identified certain improper practices in the insurance billing and healthcare compliance practices associated with the Company's Spine Business Unit. While the review, which ...
Arch Capital Group Ltd. to Present at Merrill Lynch Insurance Investor Conference.(Conference news)
Mar 06, 2009 ... Arch Capital Group Ltd. (Nasdaq: ACGL) announced that Constantine (Dinos) Iordanou, President and Chief Executive Officer of Arch Capital Group Ltd., is scheduled to present at the Merrill Lynch Insurance Investor Conference in New York. The presentation will take place on February 24, ...
Concentra Introduces Two New Programs to Lower Patient, Employer Health Care Costs.
Mar 06, 2009 ... Concentra announced it is introducing two new national programs that will help save patients and employers money, while improving access to its quality and experienced health care services. Posted Pricing The company's new Posted-Pricing program is a unique approach to health care that ...
EMSI Realigns Internal Divisions for More Effective Focus on Customers.
Mar 06, 2009 ... Examination Management Services, Inc. (EMSI) is pleased to announce a realignment of the company to capitalize on their leadership position in the business segments they serve and to take advantage of the significant growth opportunities in new markets. Effective April 1, 2009, the company ...
Forrester Cites se2 as One of the Most Innovative Technology Companies to Watch in 2009.
Mar 06, 2009 ... se2 (service.end2end), a provider of business technology and processing solutions for the financial services and retirement planning sector, has been identified by Forrester Research as one of the "Hot Insurance Tech Companies To Watch In 2009." Forrester, a technology and ...
Wavecom and Celevoke Team for Stolen-Vehicle Recovery, Reduced Insurance Rates.
Mar 06, 2009 ... Wavecom and Celevoke announce the signing of a Memorandum of Understanding outlining plans to work together in the development and marketing of Celevoke automotive and motorbike tracking products using the Wavecom Q2687 Wireless CPU(R) and related services. The Celevoke ...
ACE USA Appoints Robert G. Purdy as Senior Vice President, Workers Compensation.
Mar 06, 2009 ... ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, announced the appointment of Robert G. Purdy to the position of Senior Vice President, Workers Compensation, as part of the ACE Casualty Risk Division. Based in Philadelphia, Mr. Purdy will be responsible for ...
MetLife Announces First Quarter 2009 Preferred Stock Dividend Actions, Subject to Final Confirmation.
Mar 06, 2009 ... MetLife, Inc. (NYSE: MET) announced that it has declared first quarter 2009 dividends of $0.2500000 per share on the companyEs floating rate non-cumulative preferred stock, Series A (NYSE: METPrA), and $0.4062500 per share on the companyEs 6.50% non-cumulative preferred stock, Series B ...
Radian Reaffirms Capital Position; Comments on Moody's Rating Action.
Mar 06, 2009 ... Radian Group Inc. (NYSE: RDN) confirmed its expectation that its mortgage insurance business will have sufficient capital and liquidity to pay all anticipated claims, maintain a strong market position and continue to write new mortgage insurance business throughout 2009. Noting ...
TrueCredit.com Helps Consumers Navigate Smart Auto Purchases.
Mar 06, 2009 ... January marked the worst month for auto sales in more than 25 years and now, auto manufacturers and the U.S. government are doing their best to entice consumers to help the ailing industry by purchasing a car. Many manufactures are offering zero percent interest rate loans, while the ...
Retirement Webinar Helps Investors Manage Through the Economic Crises.
Mar 06, 2009 ... Facing increasingly turbulent markets and mounting losses in retirement portfolios, American investors are scrambling for information to help get their retirement plans back on track and rebuild their personal savings. Prudential Financial's webinar, Conversations About Retirement: What Do ...
The Hanover Theatre to Host Swan Lake.
Mar 06, 2009 ... Music Worcester, Inc., the largest, non-profit concert presenter in Central Massachusetts, announced that it will proudly present The Russian National Ballet Theatre of Moscow, as it performs Tchaikovsky's classic ballet, Swan Lake. The performance is made possible through a sponsorship by ...
Triple-S Management Corporation Reschedules Fourth Quarter and 2008 Earnings Release and Webcast.
Mar 06, 2009 ... Triple-S Management Corporation (NYSE:GTS) announced that it has rescheduled its fourth quarter and 2008 earnings release and conference call. The Company plans to release financial results for the three- and twelve-month periods ended December 31, 2008, before the market opens on February ...
Travelers Risk Control Launches Improved Web Site.(Website overview)
Mar 06, 2009 ... Today, Travelers (NYSE: TRV) launches an enhanced Risk Control Web site offering customers and agents easier access to industry-specific risk management tools. New Web site features include Web-based Industry TravSourcesSM and improved search functionality, among others. With ...
CONEXIS Goes Perfect 4-for-4 in 2008.
Mar 06, 2009 ... CONEXIS, a division of The Word & Brown Companies, announced another perfect quarter of performance results, meeting or exceeding all 71 performance standards for the quarter and all 284 performance standards for 2008. CONEXIS, a national leader in quality benefits ...
Odyssey Re Holdings Corp. Reports Full Year and Fourth Quarter 2008 Results.(Financial report)
Mar 06, 2009 ... Odyssey Re Holdings Corp. (NYSE: ORH) reported net income available to common shareholders of $107.4 million, or $1.80 per diluted share, for the quarter ended December 31, 2008, compared to $243.0 million, or $3.48 per diluted share, for the quarter ended December 31, 2007. Operating ...
Analysis of ACE Limited - Available Now.
Mar 06, 2009 ... Research and Markets (http://www.researchandmarkets.com/research/e759c2/analysis_of_ace_li) has announced the addition of the "Analysis of ACE Limited" company profile to their offering. We present Analysis of ACE Limited. A complete and comprehensive analysis of ACE Limited, ...
New health reform strategy would insure everyone, improve health and slow spending growth.(Report)
Mar 06, 2009 ... A comprehensive set of insurance, payment, and system reforms could guarantee affordable health insurance coverage, improve health outcomes, and slow the growth of health spending by $3 trillion by the end of the next decade, according to a new report released by the Commonwealth Fund ...
Miami University publishes research in risk analysis.
Mar 06, 2009 ... "With the increased availability of toxicological hazard information arising from multiple experimental sources, risk assessors are often confronted with the challenge of synthesizing all available scientific information into an analysis. This analysis is further complicated because ...
Studies in the area of risk analysis reported from L.A. Cox and co-researchers.
Mar 06, 2009 ... According to a study from the United States, "Students of risk analysis are often taught that ''risk is frequency times consequence'' or, more generally, that risk is determined by the frequency and severity of adverse consequences. But is it ? This expository note reviews the concepts of ...
RenaissanceRe Promotes Ian D. Branagan to Chief Risk Officer.
Mar 06, 2009 ... RenaissanceRe Holdings Ltd. (NYSE: RNR) announced that Senior Vice President Ian D. Branagan has been promoted to the position of Chief Risk Officer, effective immediately. In his new role, Mr. Branagan will also join the companyEs Executive Management Committee. Neill Currie, ...
A.M. Best Assigns Ratings to Companion, Inc.
Mar 06, 2009 ... A.M. Best Co. has assigned a financial strength rating of B+ (Good) and an issuer credit rating of obbb-o to Companion, Inc. (Companion) (United States Virgin Islands). The outlook assigned to both ratings is stable. These rating actions reflect CompanionEs favorable ...
Research from Wayne State University has provided new information about risk analysis.
Mar 06, 2009 ... According to recent research published in the journal Risk Analysis, "A wireless device embedded in the vehicle allowed the user to engage in a personal hands-free conversation (HFC), and automatically placed an emergency notification call to an OnStar call center if the vehicle was ...
New risk analysis study findings recently were published by V.H.M. Visschers and co-researchers.
Mar 06, 2009 ... According to recent research from Zurich, Switzerland, "Communicating probability information about risks to the public is more difficult than might be expected. Many studies have examined this subject, so that their resulting recommendations are scattered over various publications, ...
Study results from State University of New York provide new insights into risk analysis.
Mar 06, 2009 ... According to recent research from the United States, "In this article, we consider a model for an airport security system in which the declaration of a threat is based on the joint responses of inspection devices. This is in contrast to the typical system in which each check station ...
Research on risk analysis published by scientists at Johns Hopkins University.
Mar 06, 2009 ... According to a study from the United States, "The risk of cyber attacks on process control networks (PCN) is receiving significant attention due to the potentially catastrophic extent to which PCN failures can damage the infrastructures and commodity flows that they support. Risk ...
OdysseyRe Declares Dividends on Common Stock, and Series a and Series B Preferred Stock.
Mar 06, 2009 ... Odyssey Re Holdings Corp. (NYSE: ORH) announced that its Board of Directors declared a quarterly cash dividend of $0.075 per common share, payable on March 31, 2009 to common shareholders of record on March 17, 2009. In addition, the Board of Directors declared cash dividends of ...
Investigators at University of Zurich zero in on risk analysis.(Report)
Mar 06, 2009 ... "Pesticide application is increasing and despite extensive educational programs farmers continue to take high health and environmental risks when applying pesticides. The structured mental model approach (SMMA) is a new method for risk perception analysis," investigators in Zurich, ...
Research from K.J. Holmes and colleagues has provided new data on risk analysis.
Mar 06, 2009 ... "Computational models support environmental regulatory activities by providing the regulator an ability to evaluate available knowledge, assess alternative regulations, and provide a framework to assess compliance. But all models face inherent uncertainties because human and natural ...
Findings from University of Sheffield provide new insights into risk analysis.
Mar 06, 2009 ... "Previous authors have argued that trust may be based on the extent to which risk communicators are seen as good at discriminating safety from danger, are unbiased in their assessments, and share their audience's values," researchers in Sheffield, the United Kingdom report. ...
A.M. Best Withdraws Ratings of American Reserve Life Insurance Company Due to Legal Entity Merger.
Mar 13, 2009 ... A.M. Best Co. has withdrawn the financial strength rating (FSR) of B (Fair) and issuer credit rating (ICR) of obbo of American Reserve Life Insurance Company (ARLIC) (Edmond, OK). Concurrently, A.M. Best has assigned a category NR-5 (Not Formally Followed) to the FSR and an onro to the ICR ...
IIABA Commends BancInsure.
Mar 13, 2009 ... BancInsure recently made a number of positive enhancements to its Independent Insurance Agency Agreement based on its work with the Independent Insurance Agents & Brokers of America, Inc. (the Big oIo or IIABA), announced Rodney N. Sargent, President and CEO of BancInsure, Inc. The new ...
Fitch Withdraws Q-IFS Rating on Shenandoah Life Insurance Company.
Mar 13, 2009 ... Fitch Ratings has withdrawn its Quantitative Insurer Financial Strength (Q-IFS) rating on Shenandoah Life Insurance Company. The rating has been withdrawn as the company no longer meets Fitch's criteria to be eligible to receive a Q-IFS rating. More information on Fitch's Q-IFS ...
JacksonSM Reports Total Sales and Deposits of $14 Billion in 2008.(Financial report)
Mar 13, 2009 ... Jackson National Life Insurance Company[R] (Jackson) generated more than $14.0 billion in total sales and deposits1 during 2008, representing the second-best sales year in the company's history. Total sales and deposits fell 3 percent from 2007, which was a record sales year for Jackson ....
Scottish Re Finalizes Sale of its ING Individual Life Reinsurance Business to Hannover Re.
Mar 13, 2009 ... Scottish Re Group Limited (Pink Sheets:SKRRF) oScottish Reo or the oCompanyo, announced it had concluded the sale of its ING individual life reinsurance business to Hannover Ruckversicherung AG (oHannover Reo). The transaction received all necessary regulatory approvals. Paul ...
CSE Insurance Group Honors Three Agents with Lifetime Achievement Awards.
Mar 13, 2009 ... CSE Insurance Group (www.cseinsurance.com), a leader in providing civil service employees with quality protection at affordable rates, has honored three of its longest-tenured agents with Lifetime Achievement Awards. Loyd Adams of Vanderlip and Adams Insurance Services (Folsom, ...