Risk & Insurance back issues from September 2003:
New Bermuda leader vows to keep insurers.(up front)
Sep 01, 2003; ... The newly installed Bermuda premier vowed in an interview with Risk & Insurance just hours after he took office that his government was committed to the growth and viability of the insurance marketplace in Bermuda. Premier William Alexander Scott took office in July after the ...
Enhancing risk management.(Risk Stats)
Sep 01, 2003 ... <Pre> To protect their sources of profit, companies are likely to spend on the following: Develop, implement and maintain a business continuity plan 23% Invest in risk improvements 22% Purchase insurance17% Assign a person ...
Rumblings of insurance alternatives at AIRMIC.(up front)
Sep 01, 2003; ... Britain is going through another turbulent period with its continental neighbors in Europe. The war in Iraq triggered a serious rift with France and Germany. The government also decided the U.K. would retain the pound as its currency, eschewing the Euro for now. As if that ...
Worth repeating ...(up front)
Sep 01, 2003 ... "The insurance industry doesn't print money. Gary Karr, a spokesman for the American Insurance Association. "Over the past few years, we've had a plethora of investigations, rules, laws aimed at corporate governance. I don't think anyone can say the result of all this ...
From the editor.
Sep 01, 2003; ... Here's one for you risk executives: Try to get your insurance company, or your reinsurer to talk about their asbestos liabilities. Risk execs will discover soon enough that nobody's talking ... except, that is, for the numbers. Buried in the balance sheets of primary insurers is ...
Blowing smoke: mixed signals at IIS powwow.(up front)
Sep 01, 2003; ... Insurance industry CEOs at the annual meeting of the International Insurance Society Inc. found themselves pledging allegiance to two very different masters: The laws of profit and the restraints engendered by corporate governance rules. Pushing Compliance Trust and ...
The 12th Annual National Workers' Compensation and Disability Conference[R] & Exhibit: November 19-21, 2003: Lakeside Center at McCormick Place * Chicago.
Sep 01, 2003 ... <Pre> AGENDA Claims Disability and Time ManagementManaged CareKey Injuries Tuesday, November 188 a.m.-Registration for Pre-Conference Symposium and5 p.m. Conference9 ...
Hoping to boost sales, GM dealers take a risk and hand over the keys to prospective buyers.(up front)
Sep 01, 2003; ... A General Motors Corp.-backed program to allow prospective car buyers to test drive cars for 24 hours in hopes of getting them to buy the next morning has GM dealers staying awake at night. GM's big television advertising push features the memorable "Let me sleep on it," chorus ...
Willis Group Holdings Ltd., an insurance broker, has formed a joint venture with Bhaichand Amoluk Consultancy Services Pvt. Ltd. to provide insurance broking and risk management services in India.(News and Notes ...)
Sep 01, 2003 ... Willis Group Holdings Ltd., an insurance broker, has formed a joint venture with Bhaichand Amoluk Consultancy Services Pvt. Ltd. to provide insurance broking and ...
Italy's largest insurer, Assicurazioni Generali SpA, has increased its position in the French market with the acquisition of a 99.6 percent stake in Paris-based insurance group Continent Holding.(News and Notes ...)
Sep 01, 2003 ... Italy's largest insurer, Assicurazioni Generali SpA, has increased its position in the French market with the acquisition of a 99.6 percent stake in Paris-based insurance group Continent Holding. ...
The insurance industry should not be considered as a safety net for society unless people are willing to pay even higher premiums, Dennis Mahoney, the head of global insurance broker Aon, said at a recent meeting.(News and Notes ...)
Sep 01, 2003 ... The insurance industry should not be considered as a safety net for society unless people are willing to pay even higher premiums, Dennis Mahoney, the head of global insurance broker Aon, said at a recent meeting. Mahoney said premiums were going to have to keep increasing if ...
Standard & Poor's Risk Solutions has launched portfolio risk modeling for the banking industry, the ratings agency has announced.(News and Notes ...)
Sep 01, 2003 ... Standard & Poor's Risk Solutions has launched portfolio risk modeling for the banking industry, the ratings agency has announced. The software covers a broader range of ...
A London court has found in favour of Fairfax Financial in the case of Sphere Drake Insurance, a unit of Fairfax Financial's European run-off group.(News and Notes ...)
Sep 01, 2003 ... A London court has found in favour of Fairfax Financial in the case of Sphere Drake Insurance, a unit of Fairfax Financial's European run-off group. Fairfax had alleged that the underwriting agent, Euro International Underwriting, fraudulently obtained the authority to write reinsurance ...
ARC Excess and Surplus, LLC, established in 1986, has opened an office in Pasadena, Calif.(News and Notes ...)
Sep 01, 2003 ... ARC Excess and Surplus, LLC, established in 1986, has opened an office in Pasadena, Calif. ARC West Coast Excess & Surplus is a wholesale insurance broker focusing ...
Property insurer FM Global and Worcester Polytechnic Institute will increase their collaboration on fire research and fire protection engineering graduate education, FM Global has announced.(News and Notes ...)
Sep 01, 2003 ... Property insurer FM Global and Worcester Polytechnic Institute will increase their collaboration on fire research and fire protection engineering graduate education, FM Global has announced. As part of the agreement, FM Global will provide more than $570,000 in financial and ...
A.M. Best Co. has affirmed the financial strength rating of A- of Lloyd's of London.(News and Notes ...)
Sep 01, 2003 ... A.M. Best Co. has affirmed the financial strength rating of A- of Lloyd's of London. The outlook remains stable. The rating reflects Lloyd's excellent business profile and capitalization, its improving performance, ...
A Pennsylvania court has allowed policyholders.(News and Notes ...)
Sep 01, 2003 ... A Pennsylvania court has allowed policyholders who can demonstrate third-party beneficiary fights in ...
A post-industrial age turnaround.(Workers' Comp)
Sep 01, 2003; ... A new workers' compensation claims strategy is gaining momentum among employers and insurers. Some advocates say the strategy's success is a sign that conventional claims practices are deeply flawed and that we have misjudged what many injuries are all about. The new strategy ...
How not to spoil your case before going to court.(The Law)
Sep 01, 2003; ... Years ago, the term "spoliation"--the destruction or loss of evidence--was rarely used and little understood. But since then the number of spoliation disputes has grown exponentially. Today, anyone involved in potential litigation must be aware of the term and how the loss of evidence can ...
Ironic risk: world's insurance haven ... at risk.(Bermuda Angle)
Sep 01, 2003; ... The winning song in the 1994 Carnival King competition in St. Lucia was called "Alien." It began, "Like an alien/in we own land/I feel like a stranger/and I sensing danger." The cause of this alienation was "all-inclusive tax elusives/and truth is/they sucking up we juices." ...
Reputational risk: Marriott International Inc. hunts for alternatives to protect its brand.
Sep 01, 2003; ... At Marriott International Inc., nothing is more important to executives than managing the firm's reputation. For decades the company has been one of the most storied and copied in the hospitality industry. Its founder has become a legend and the firm's reputation speaks for itself, the ...
Worker's comp parties: beware of Medicare! A year after settling a claim for $600,000, Medicare came knocking on the carrier's door.(benefits)
Sep 01, 2003; ... It starts out innocently enough: A catastrophic workers' compensation claim is settled for $600,000 and that claim is finally off your back. End of story? Wrong! The nightmare's just begun. In a recent case involving a workers' compensation carrier, a settlement was finalized ...
A liability your data can't afford: a proponent of online backup systems urges agencies to ditch their tape-based infrastructure.(Technology For Agents)
Sep 01, 2003; ... An insurance agency works to preserve the financial stability of its customers in case the unthinkable should happen. But how well can an insurance agency do its job when its own customer data is at risk? If a disaster were to strike your agency today, are you confident all of your ...
Filling a P/C niche: in a world of analysts cranking out studies "a mile wide and an inch deep," one consulting firm opts to go a mile deep and an inch wide.(Technology For Property/Casualty Managers)
Sep 01, 2003; ... For property/casualty IT or risk managers unable to justify spending $30 million on an IT project based on an eight page report written by a 20-something consultant on the future of the property/casualty market, there is hope. A new consulting firm aims to fill the gap between ...
Higher yields: how subrogation managers use the Web to recover claims: a subrogation unit may not only experience an increase in recoveries, but also a jump in the speed with which they can recover claims.(Technology For Subrogation Managers)
Sep 01, 2003; ... Some have called subrogation the sleeping giant of the insurance industry that now has awakened. While the benefits of proper claims recovery have not always been readily acknowledged within the industry, companies have gradually recognized the economic boost that efficient recovery can ...
Safety and W.C. software.(Literature Reviews)
Sep 01, 2003 ... PerDatum's PROGNOS product line provides software tools for managing safety, workers' comp, occupational health, and disability programs. Single-user to enterprise solutions include quick and easy data entry features, sophisticated ...
Risk management software.(Literature Reviews)
Sep 01, 2003 ... ATS continues the tradition of innovative RMIS Solutions. True Internet-based and back-office Windows products define the standards that go to the heart of this tradition. In achieving certification as the first RMIS developer to transmit workers' ...
Integrated P&C solutions.(Literature Reviews)
Sep 01, 2003 ... CSC provides claims, risk and policy management information systems and services for carriers, self insureds, TPAs, health care providers and corporate counsel to help them control costs. CSC's products process, manage and analyze claims and policy data, assess ...
Powering claims management.(Literature Reviews)
Sep 01, 2003 ... iVOS[TM], browser-based claims management software from Valley Oak Systems, is designed for multiple lines of insurance. Built on solid, scalable Java architecture, iVOS can be installed on your network or hosted on ours. Features ...
Claims management.(Literature Reviews)
Sep 01, 2003 ... File Handler is an integrated, multiline claims management system. File Handler and File i2Iandler.com allow clients the flexibility of using the Internet, intranet and client/ server configurations, or a Combination of all ...
Risk & Insurance magazine.(Literature Reviews)
Sep 01, 2003 ... Risk & Insurance is a magazine for risk management executives and other buyers of business insurance. Each issue features news and analyses of such topics as reinsurance; self-insurance; workers' compensation; employee ...
The big split: insurers and reinsurers part ways over a 'malevolent mineral': insurers seem to believe reinsurers will pick up the tab for asbestos liabilities. Reinsurers aren't talking.(Special report: reinsurance)
Sep 01, 2003; ... One executive summarizes the dilemma laced by insurers as they grapple with determining their potential asbestos liabilities. "It's a crystal ball-type of question," says the executive, preferring to remain off-the-record citing antitrust concerns over hypothesizing about business ...
Assessing the state of the market: companies will be defined by the ability of the reinsurance market to handle future losses.(Special report: reinsurance)
Sep 01, 2003; ... In July, Risk & Insurance brought together a group of key players in the Bermuda reinsurance market to assess the state of the industry. They included W. David Brining, executive vice president of Max Re; James P. Bryce, president and CEO of IPC Re," Dwight R. Evans, president of Arch ...
Facing a fragile future: though profitable in 2002, reinsurers face long-term challenges.(Special report: reinsurance)
Sep 01, 2003; ... Financial strength, pricing discipline, asbestos, terrorism and collateral requirements are just a few of the tough issues facing the world's reinsurance industry as it tries to get back on firm ground after some of its worst years ever. Even before September 11, years of soft ...
How to manage the risk of punitive damages: companies that manage punitive damages as a separate category of risk are frequently better able to limit their exposures.(risk primer)
Sep 01, 2003; ... Despite a recent U.S. Supreme Court decision, punitive damage awards continue to make headlines as juries grant colossal amounts to plaintiffs. It's become so bad that companies need a clear-cut strategy to contain these runaway jury verdicts. With annual punitive awards now ...
A national strategy to fight cyber terrorism falls on risk managers: the federal mandate may well force the closure of the gap between the risk management and IT camps.(risk primer)
Sep 01, 2003; ... Of the dozens of measures, suggestions and guidelines embedded in the federal government's National Strategy to Secure Cyberspace risk managers should pay particular attention to one that hints at the importance of establishing security councils within their enterprise. The ...
Doing battle in this hard market: while risk managers can't do much about premium increases, they are doing something to ease the burden of lengthy applications.(technology)
Sep 01, 2003; ... Renewing a casualty policy in this hard market is not easy. Just ask Matt Jablonski, director of insurance for the New York-based media company Hearst Corp. Despite working for one of the most visible companies in the world, Jablonski's insurer has reason to believe that Hearst's employees ...
Rethinking 'sacred cows' in measuring comp claims: defining quality in terms of "process measures" simply won't do in this market.(workers' comp)
Sep 01, 2003; ... In an era of estimated reserve deficits of $75 billion, double-digit medical claim cost increases and combined ratios in excess of 110, the property/casualty industry is more focused than ever on improving the quality of claims handling to cut losses. Our recent survey of claims ...
How emerging technologies improve claims quality: time to drive a stake in retrospective file audits which impede the improvement in claims measurement.(workers' comp)
Sep 01, 2003; ... While many workers' compensation payers have begun to change how they define claims quality, new technology is beginning to facilitate a more revolutionary change in when they measure quality. A recent survey of workers' comp claims payers found that retrospective file audits ...
Risk management & benefits software.(Buyers' Guide)
Sep 01, 2003 ... Below is the 11th annual guide to specialty software packages for the risk management/employee benefits market. This guide is not intended to be a complete directory, but is an overview of some of the packages available. The software suppliers provided the data. For more information on any ...
Offshore protection.(Insurance Coverages)
Sep 01, 2003 ... Aon Trade Credit's Offshoring Protection Insurance covers the downside of offshore outsourcing. The product insures the extra costs and expenses incurred in the event these services close or face relocation due to political threats. "Offshoring is here to stay," says Aon Trade Credit ...
Business owners policy.(Insurance Coverages)
Sep 01, 2003 ... Victor O. Schinnerer Co. has changed its CNA/Schinnerer business owners policy for architects and engineers to provide broader coverage. The endorsement formerly provided coverage only for "ongoing operations." Once work on the project ceased, coverage ended. CNA/Schinnerer has amended ...
Grain elevator protection.(Insurance Coverages)
Sep 01, 2003 ... Archer Daniels Midland Co. and American International Group Inc. have developed a customized insurance program that offers a broad package of insurance coverage to ADM's grain elevator customers, the ...
Web-based underwriting.(Insurance Coverages)
Sep 01, 2003 ... ACE Casualty Risk, a division of ACE USA, has launched a new product called ACE Complete, a Web-based underwriting product which enables brokers to conduct underwriting transactions--from entry to issuance--in a ...
Employee benefits.(Software & Systems)
Sep 01, 2003 ... eBenX Inc. has released version 4.2 of ChoiceOne Link, its Web-based employee self-service benefits eligibility, enrollment and status change system. Enhancements include flexible communication capabilities that enable employers to create customized and personalized online messages to ...
Spill prevention.(Safety & Security)
Sep 01, 2003 ... UltraTech International has developed containment berms to help meet spill control measures outlined in the Federal ...
Safety handrails.(Safety & Security)
Sep 01, 2003 ... Vestil Manufacturing Co. has developed the steel pipe safety handrails for use as pedestrian barriers. Applications include loading docks, floor openings, walkways and ...
Willis North America.(Executive Moves)
Sep 01, 2003 ... Mario P. Vitale has been appointed CEO of Willis North America, Willis Group Holdings has announced. "Heading Willis North America, Mario will unify all our development efforts in a single, integrated expansion plan," said Joe Plumeri, chairman and CEO of Willis, in a statement ....
Calendar of upcoming events.
Sep 01, 2003 ... September 5-11 Rendez-Vous de Septembre 2003. Rendez-Vous do Septembre 2003. This year's annual meeting of insurers and reinsurers will feature a roundtable entitled "UK, Germany, Italy, France, USA: the Evolution and Trends of the Non-Life Markets." Rendez-Vous de ...
PricewaterhouseCoopers'.(Executive Moves)
Sep 01, 2003 ... Matt Duncan has joined Dallas-based PricewaterhouseCoopers' health care Practice. He recently served as research director and leader of Gartner Inc.'s health care strategy practice, a position ...
Fireman's Fund Insurance Co.(Executive Moves)
Sep 01, 2003 ... Peter W. Presperin has been named executive vice president and president of reinsurance and discontinued operations of the Fireman's Fund Insurance Co. in Novato, Calif. He was CFO of First Colony Life, a part of GE Financial Assurance. Presperin is a graduate of the University of ...
PartnerRe.(Executive Moves)
Sep 01, 2003 ... PartnerRe in Pembroke, Bermuda, has named Jean-Marie Nessi head of the property/casualty business. He succeeds Graham Dimmock, who has been appointed executive for client relations. Nessi is a ...
Mutual of America Capital Management Corp.(Executive Moves)
Sep 01, 2003 ... Robert Timothy Stidham has been named vice president of marketing for New York based Mutual of America Capital Management Corp. He brings 18 years of investment ...
Marsh Inc.(Executive Moves)
Sep 01, 2003 ... Marsh Inc., the risk and insurance services subsidiary of Marsh & McLennan Cos. Inc. in New York, has announced the appointment of Jerome H. Bailey as CFO ....
Exult Inc.(Executive Moves)
Sep 01, 2003 ... Karen Alien has been named vice president of risk management and compliance at Irvine, Calif.-based Exult Inc., a provider ...
ACORD.(Executive Moves)
Sep 01, 2003 ... The board of directors of Pearl River, N.Y.-based ACORD has appointed Marilyn Norman, the senior vice president of distribution ...
XL Capital.(Executive Moves)
Sep 01, 2003 ... XL Capital has appointed Robert L. Nason as group risk and underwriting of ricer of XL Re. Nason, ...
Fair, Isaac and Co. Inc.(Executive Moves)
Sep 01, 2003 ... Fair, Isaac and Co. Inc. in Minneapolis, has appointed William Nowacki to lead its professional services group ....
American International Group Trading.(Executive Moves)
Sep 01, 2003 ... Donald Lee has been named senior vice president for American International Group Trading. He will be AIG Trading's global head of foreign ...
Regional sales managers by territory.
Sep 01, 2003 ... ED BANIAK E-MAIL: ebaniak@lrp.com PHONE: (215) 784-0910, ext. 430 FAX: (215) 784-0870 New England/New York State New Jersey/Eastern Canada MATTHEW KAHN E-MAIL: mkahn@lrp.com PHONE: (212) 685-7629 ...
Why dot-net isn't 'dot-not': interoperability and operational stability give Microsoft's platform an edge.(point/counterpoint)
Sep 01, 2003; ... Ask any corporate risk manager, "What is Microsoft.NET?" and you're likely to get a blank stare. Ask them the same question about J2EE (Java 2nd Enterprise Edition) and they are likely to drool. However, ask that same risk manager about what they are doing to manage the ...
Waking up to Java: why risk managers need J2EE: integration, open standards and IBM's backing favor Sun Microsystems, platform.(point/counterpoint)
Sep 01, 2003; ... Because our company serves the property and casualty insurance marketplace exclusively, choosing J2EE as our new product strategy was a critical decision. The more we looked at J2EE, the more we liked what we saw. Survey the insurance industry's software solutions and you'll ...
Inadequate pricing blamed for workers' compensation's 'poor performance'.(up front)
Sep 15, 2003; ... Look for workers' compensation premiums to continue rising, at least in the immediate future. Fitch Ratings said recent price hikes have helped insurers turn the corner on profitability, but it's not enough. The New York-based international ratings agency's comments are outlined in a ...
Business continuity plan.(Risk Stats)
Sep 15, 2003 ... Changes Since Sept. 11, 2001 How would you say your business continuity plan has changed since Sept. 11, 2001? <Pre> Changed significantly15% Changed moderately ...
Medical cost tidal wave threatens RMs.(up front)
Sep 15, 2003; ... Gary Earl, vice president of benefits for Park Place Corp. in Las Vegas, exhorted the crowd at the end of the Disability Management Employer Coalition conference in July to warn senior management of a coming "Benefits Tsunami." Because of dramatically escalating costs of medical benefits ...