Risk & Insurance back issues from April 2007:
Show who's boss.
Apr 01, 2007; ... Look, U.S. insurance industry. I feel for you. Florida just passed a law that's one big thumbed nose at you. Other states are considering ramrodding you into writing coastal coverage at cheap rates. And U.S. congressmen want to repeal your antitrust exemption and investigate you for ...
State Farm out of Miss.(NEWS & NOTES)
Apr 01, 2007 ... State Farm Insurance Cos. announced it is suspending sales of new commercial and homeowner policies in Mississippi because of its business and ...
Insurers aim at climate.(NEWS & NOTES)
Apr 01, 2007 ... Swiss Reinsurance Co., Munich Reinsurance Co. and Allianz S.E. joined 100 other companies to endorse a statement on climate change from the Global Roundtable on Climate Change. The ...
More terror cover.(NEWS & NOTES)
Apr 01, 2007 ... Lexington Insurance Co., a member company of American International Group Inc., increased capacity for commercial domestic property terrorism cover. It will ...
Kyrill's results.(NEWS & NOTES)
Apr 01, 2007 ... XL Capital Ltd. estimated that its pretax net loss from European windstorm Kyrill could be in the range of $60 million to $75 million--most from its ...
Latest health reform.(NEWS & NOTES)
Apr 01, 2007 ... The Federation of American Hospitals, a group that represents about 20 percent of all U.S. hospitals, offered a health-care reform plan that would ...
Health costs sky-high.(NEWS & NOTES)
Apr 01, 2007 ... Spending on health services in the United States could increase to $4.1 trillion in the next decade, according to a report from the National Health Statistics ...
N.Y. workers' comp plan.(NEWS & NOTES)
Apr 01, 2007 ... New York state announced a deal among Gov. Eliot Spitzer, business, labor and legislators to reform the state workers' comp system. Weekly benefits for injured ...
CAT-active legislators.(NEWS & NOTES)
Apr 01, 2007 ... According to the National Association of Mutual Insurance Cos., 10 U.S. states passed 17 CAT-related laws in 2006. In the previous year, three ...
Upcoming events.(Calendar)
Apr 01, 2007 ... APRIL 5 AIG Environmental AIG Environmental will host a webcast for brokers about its EAGLE product. EAGLE provides a tailored policy including primary casualty and value-added environmental liability coverage. For more information: AIG, ...
Compensating for reforms: state workers' comp systems to ride the seesaw of reform in 2007.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
Apr 01, 2007; ... Workers' compensation reforms appear possible in states where rhetoric, not action, had been the norm. On the flipside, experts predict a continued push from labor and industry groups in 2007 to undue reforms in other states. One such, not surprisingly, is California. "We ...
Preparing a workplace for pandemic: OSHA's newest recommendations categorize workplaces by four levels of risk.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
Apr 01, 2007; ... With bird-flu outbreaks spreading to British turkey farms, now seems like the perfect time to release new workplace safety guidance for flu pandemic preparedness. The Occupational Safety and Health Administration obliged, releasing its "Guidance on Preparing Workplaces for an Influenza ...
Not vanishing into thin air: a modeling leader moving up in, not out of, the industry.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
Apr 01, 2007; ... As of April 15, 2007, Karen Clark will step down as president and CEO of AIR Worldwide Inc., the Boston-based modeling vendor. She's not planning a long vacation. "A lot of people think I'm retiring or something, but that's actually not the case," she said. "The knowledge and ...
ERM for the DHS? Report suggests Homeland Security needs more risk management.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
Apr 01, 2007; ... The U.S. Department of Homeland Security has not fully adopted risk management to help it identify, prioritize and fund national security risks, according to a recent report from the U.S. Government Accountability Office. The report, titled "Applying Risk Management Principles ...
Report: safety culture lacking at BP: causes of refinery accident lesson for all.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
Apr 01, 2007; ... BP PLC ignored its own safety guidelines, and senior managers did little to heed warning signs until it was too late, according to the report on the Texas City, Texas, explosion in 2005, which killed 15 people and injured 170. The report, issued by a panel headed by former U.S ....
A crystal-clear message: private broker credits its uncommon client-centric approach with growing its position in the commercial insurance sector.(BROKERS: People, Ideas and Trends shaping the Brokerage Community)(Company overview)
Apr 01, 2007; ... Every business desires growth, but chances are that, when plans for growth are executed, some of the company's character gets lost in the shuffle. Following a five-year run during which Frank Crystal & Co. tripled its revenues, its employees and its offices, the privately owned insurance ...
Hub to be acquired.(BROKER NEWS & NOTES)
Apr 01, 2007 ... Chicago-based insurance brokerage Hub International ltd, entered into an agreement to be acquired by international private equity group Apax Partners and Morgan Stanley Principal Investments ....
Aon restructuring.(BROKER NEWS & NOTES)
Apr 01, 2007 ... Aon/Albert G. Ruben, a 120-employee firm managing risks in the film and entertainment sector, has become part of Aon's Entertainment Group. George Walden has been named Aon/Albert G. Ruben's new ...
Gallagher acquires.(BROKER NEWS & NOTES)
Apr 01, 2007 ... Arthur J. Gallagher & Co. completed its acquisition of Lowndes Lambert Group Canada Ltd. in February, and an acquisition of InterNational Insurance Group Ltd. in January. LLG is a Canadian property/casualty retail insurance broker specializing in the ...
Beecher expands.(BROKER NEWS & NOTES)
Apr 01, 2007 ... Beecher Carlson has joined forces with Florida-based T.R. Jones & Co. and its affiliate Kraft Insurance Agency. The transaction expands Beecher ...
HRH revenues up.(BROKER NEWS & NOTES)(Financial report)
Apr 01, 2007 ... Hilb Regal & Hobbs Co.'s net income for 2006 was estimated at $87 million, a 54.8 percent increase over the previous year, the brokerage firm reported. Total revenues last year for HRH rose 5.5 percent to $710.8 million, with fees and commissions increasing 5.8 percent to $696 million ....
Finances restated.(BROKER NEWS & NOTES)
Apr 01, 2007 ... In a March 1 filing with the Securities and Exchange Commission, Aon Corp. said it plans to restate its financial results for 2003, 2004, 2005 and for the first three quarters of 2006 after a review of its ...
New E&S broker.(BROKER NEWS & NOTES)
Apr 01, 2007 ... Camford National Insurance Brokers announced it has opened as a wholesale insurance brokerage serving property/casualty agents and brokers. The Lebanon, N.J.-based company ...
The pandemic in your plans.(WORKERS' COMP)
Apr 01, 2007; ... I'm a catastrophe alarmist with an ulterior motive. No, I'm not trying to extract a consultant contract. And in truth I see risk of flu pandemic to be very low and risk of a terrorist disaster as, well, miniscule. But if you plan for extreme scenarios, your company and your community will ...
Fla. governor's expensive trip.(ROGER ON RISK)
Apr 01, 2007; ... I've never taken LSD. In the years when I could have had access to the mind-altering drug, I was studying to be an accountant. "First you qualify, then there'll be time for acid," my parents might not have said, had they known about LSD. There was another, more compelling, ...
Risk: a term ill-defined.(RISK MANAGEMENT)
Apr 01, 2007; ... What exactly does "risk" mean? It is a question that, in its simplicity, conceals a devilishly complex problem. There is no consensus definition. For reasons not wholly understood, most believe that there must be one. As a result, there is something of a grassroots campaign afoot that aims ...
Stop outrageous awards.(THE LAW)
Apr 01, 2007; ... A recent United States Supreme Court ruling involving Philip Morris may have blown a chance to erode arbitrary state court punitive damages awards and created inevitable confusion for trial judges and juries. The history of the Supreme Court's treatment of excessive punitive ...
Our industry in black and white.(BROKERAGE)
Apr 01, 2007; ... In this space in February, in a column titled "Gender Gap Still Too Wide," I talked, among other things, about a New York Times article adorned with cameo pictures of all 43 presidents of the United States identified only as "white male." I focused on the "male" side of that equation and ...
Finding faults: if insurers were disillusioned with catastrophe models after Hurricane Katrina, just wait until the earthquake hits. How and why earthquake models fall short.(Cover story)
Apr 01, 2007; ... Today's forecast from the U.S. Geological Survey: 100 percent chance of an earthquake. Actually, thousands of them. Luckily for property owners and their insurers, chances are today's earthquakes will be so mild as to not even rattle a window or so remote as to not unsettle the daily ...
The changing face of reinsurance relationships: the bonds among cedents, reinsurers and reinsurance brokers are changing as brokers become more like advisors and less like old-fashioned deal-makers.(SPECIAL REPORT: REINSURANCE BROKERS)
Apr 01, 2007; ... It's not enough to just be a reinsurance broker anymore. The head of one of the largest reinsurance brokerage operations said that, as long as a decade ago, if a large firm had 150 brokers, then it might have about another 20 experts assisting with analytics and more ...
Property.(REINSURANCE POWER BROKERS)
Apr 01, 2007 ... * David Cameron Executive VP Benfield Group Minneapolis * Scott Clark Executive VP Aon Re New York * David Duffy Managing Director Guy Carpenter New York * Thomas Johnson Managing Director Guy Carpenter Morristown, N.J. * Christopher Royse ...
Casualty.(REINSURANCE POWER BROKERS)
Apr 01, 2007 ... * John Aquino Executive VP Benfield Group Chicago * Michael Amatrudo Senior VP Aon Re Stamford, Conn. * James Bradshaw Executive VP Willis Re New York * Aaron Bueler Managing Director Guy Carpenter Seattle * Wade Gulbransen Senior VP Benfield ...
Retrocession.(REINSURANCE POWER BROKERS)
Apr 01, 2007 ... Retrocession * Steve Binet Executive VP Aon Re Stamford, Conn. * Bob Bisset Senior VP Benfield Group Bermuda * John Demeusy Senior VP Aon Re New York * John Edwards Leader, Retro Benfield Group London * Colin Kidde Managing Director ...
Facultative.(REINSURANCE POWER BROKERS)
Apr 01, 2007 ... * George Caricich Senior VP Guy Carpenter New York * Steven Giannone Managing Director Willis Re Chicago * John O'Reilly Principal Guy Carpenter New York * Bill Kasbeer CEO Aon Specialty Re Chicago * Joseph Vitale Senior VP Benfield Group New ...
Marine.(REINSURANCE POWER BROKERS)
Apr 01, 2007 ... * Ronald Collins Senior VP Benfield Group New York * Joseph Drucker Managing Director Guy Carpenter New York * Don Magee Marine Leader Benfield Group London * Leo McGrath Executive VP Willis Re New York * Graeme Moore CEO, Marine & Energy Aon Re ...
Professional liability.(REINSURANCE POWER BROKERS)
Apr 01, 2007 ... Professional Liability * Nicholas Durant Managing Director Guy Carpenter Philadelphia * Wayne de Nazarie Executive VP Aon Re Chicago * Daniel Dolan Executive VP Aon Re Stamford, Conn. * James Kent Executive VP Willis Re Bermuda Bermuda ...
Rigging rigs for safety: trucking is still reeling from federal regulation changes in 2003 and 2005, a process one risk manager called a "nightmare." The government is poised to overhaul fleet technology next.(INLAND MARINE)(Company overview)
Apr 01, 2007; ... Summary * Revisions to hours-of-service rules changed the way truckers operated, not once but twice--in 2003 and 2005. * Truckers and their brokers feared an increase in hours-of-service violations would affect cover and pricing, especially because such data is ...
Dealing with employees at the (roulette) wheel: companies are sometimes liable if an employee has an accident in a personal or company vehicle, but a sound risk management strategy can steer employers clear of the million-dollar verdicts of negligent-entrustment lawsuits.(COMMERCIAL AUTO/FLEET)(Company overview)
Apr 01, 2007; ... "Negligent entrustment"--now those are two words that can (and should) strike fear into a risk manager's heart. Why? Because her company could be liable for punitive damages if an employee has a collision while driving for work purposes in either his own or a company-supplied ...
Receiving reform: the way insolvencies are done just doesn't work in today's complex insurance universe. While the "how" of reform can be debated, the "why" is all too apparent.(INSOLVENCIES)
Apr 01, 2007; ... The time has passed to put a few Band-Aids on the property/casualty insurance insolvency system. It's time to fix this relic that is inefficient, expensive, slow and unfair. Property/casualty insurers, risk managers and insurance buyers deserve far better. The states must fix it ...
Slamming the brakes on drug spending: specialty drug spending is up, way up, and specialty benefits managers are ideally suited to help companies manage the new challenge of keeping costs in check.(HEALTH CARE)
Apr 01, 2007; ... Cholesterol-reducing drugs have, in the past, been the largest driver of overall drug spending growth, given that they treat an extremely widespread condition, but specialty drugs--relatively expensive medications that treat much rarer diseases and require a high level of patient ...
An architecture to deliver the missing link: a service-oriented architecture provides a roadmap to meeting a corporation's tactical and strategic business objectives, as it links the past with the future.(TECHNOLOGY)
Apr 01, 2007; ... Success in today's dynamic insurance market hinges on a carrier's ability to move quickly and adeptly in bringing innovative products and services to market. Carriers are being pushed--by economies and by customers--to explore new business models and delivery channels to remain ...
Cranking up your mental wheels: how to protect your fleet from risk through business intelligence. Here's the good news: you're not as beholden to insurance carrier data as you think.(INDUSTRY RISK REPORT: TRUCKING)
Apr 01, 2007; ... Many of the current risk management strategies employed in the commercial transportation industry are either directly derived from the insurance industry, or are hybrids developed through industry consultation. The type of risk management strategies employed or required of ...
Industry risk report: trucking.
Apr 01, 2007; ... <Pre> INDUSTRY RISK REPORT TRUCKING The trucking industry might be made up of mostly middle-market companies, but being smaller does not mean these companies are less attractive risks. Trucking firms steer their major exposures, such as third-party liability, cargo cover and workers' ...
Directory: third-party administrators.(Directory)
Apr 01, 2007 ... <Pre> DIRECTORY THIRD-PARTY ADMINISTRATORS Below are paid listings of third-party administrators (TPAs) according to the types of claims they handle: health care; disability; workers' comp; managed care automation; software automation; property; marine/ aviation; professional ...
Powerful praise.(LETTERS TO THE EDITOR)(Letter to the editor)
Apr 01, 2007; ... Dear Editor, Your Power Brokers feature (Risk & Insurance[R], Feb. 2007) is outstanding and in my opinion illustrates truly innovative journalism for our field. The distribution side of our business is not always perceived in the best of lights on so many levels, which creates a ...
In memory of.(LETTERS TO THE EDITOR)(Obituary)(Letter to the editor)
Apr 01, 2007; ... Dear Editor, A while ago I found myself up late, restless and bored. I then took it upon myself to "Google" my late father's name, Eugene F. Wolters. This late-hour introduction comes after finding your footnote of an article posting Gene's passing and his professional life as an editor ...
Great minds think alike.(LETTERS TO THE EDITOR)(Letter to the editor)
Apr 01, 2007; ... Dear Editor, I enjoyed reading Beaumont Vance's column in the recent e-version of Risk & Insurance[R] ("The Deception of Risk Perception," in the Feb. 2007 issue, p. 18). I got a small chuckle, because the Dec. 4, 2006, issue of Time that contains the article it referenced sits on a table ...
Move on up.(LETTERS TO THE EDITOR)(Letter to the editor)
Apr 01, 2007; ... Dear Editor, Thank you for printing Tom Slattery's article "Gender Gap Still Too Wide" (Risk & Insurance[R], Feb. 2007, p. 19). That was brave of you. It always cheers me to see men speaking to this issue since they are rarely perceived as "whiners," as women often are if they point out ...
American International Group Inc.(EXECUTIVE MOVES)
Apr 01, 2007 ... American International Group Inc. has appointed its first chief diversity officer, TERRI D. AUSTIN. In this new position based in New York, Austin will be responsible for expanding and implementing AIG's diversity ...
Jimcor Agencies.(EXECUTIVE MOVES)
Apr 01, 2007 ... Jimcor Agencies, an excess and surplus lines wholesaler, has ...
Strategic Risk Solutions.(EXECUTIVE MOVES)
Apr 01, 2007 ... Strategic Risk Solutions, a provider of captive management and consulting services, has hired PATRICK POLLARD as ...
Pharmaceutical Strategies Group.(EXECUTIVE MOVES)
Apr 01, 2007 ... Pharmaceutical Strategies Group, a pharmacy-benefits consultancy, announced the addition of five new employees. JOHN HINES will serve as director, tools and client automation, based in Scottsdale, Ariz. MARYBETH OCHOA is the new ...
CRM Holdings Ltd.(EXECUTIVE MOVES)
Apr 01, 2007 ... CRM Holdings Ltd. has announced top-level management changes following the completion of its acquisition of Majestic Insurance Co. DANIEL G. HICKEY JR. transitioned from co-CEO ...
Guy Carpenter & Co. LLC announced the appointment of AJAY JUNNARKAR as chief financial officer.(EXECUTIVE MOVES)
Apr 01, 2007 ... Guy Carpenter & Co. LLC announced the appointment of AJAY JUNNARKAR as chief financial officer. He will lead the firm's finance and corporate services departments, and will help to shape the reinsurance intermediary's ...
Guy Carpenter also announced that DAVID PRIEBE has been named head of global specialty operations.(EXECUTIVE MOVES)
Apr 01, 2007 ... Guy Carpenter also announced that DAVID PRIEBE has been named head of global specialty operations. Based in New York, he will oversee the firm's 16 specialty practices, as well as the Instrat modeling and actuarial unit and the business development unit. Previously, Priebe was president ...
Continental Europe.(EXECUTIVE MOVES)
Apr 01, 2007 ... MICHAEL HANDLER has been appointed nonexecutive chairman for Continental Europe. He previously was regional manager of Guy Carpenter's operations in Continental Europe. The firm also announced that KEVIN GRIFFITHS will replace Marcell as head of its global casualty specialty ...
EPL.(INSURANCE)
Apr 01, 2007 ... The Chubb Group of Insurance Cos. released an early claims reporting incentive endorsement for its employment practices liability policies. The optional endorsement offers a 10 percent deductible ...
Weather derivatives.(INSURANCE)
Apr 01, 2007 ... The Chicago Mercantile Exchange expanded its weather derivatives product line with CME-Carvill Hurricane Index futures and options on futures contracts. The indexes will be calculated by Carvill, an independent ...
Identity fraud.(INSURANCE)
Apr 01, 2007 ... Travelers Select Accounts has added identity fraud expense reimbursement coverage to its small commercial policies. The coverage is meant to help the principals of small businesses with the lost time and ...
Small Business.(INSURANCE)
Apr 01, 2007 ... AIG Small Business, a division of the property/casualty insurance companies of American International Group Inc., released The AIG Edge. This compilation of insurance and ...
E-mail security.(TECHNOLOGY)
Apr 01, 2007 ... RPost US Inc., an outbound messaging management service provider, offers RPost Registered E-Mail messages to the brokerage community. RPost can act as the platform for business-critical outbound e-mail communications ....
Underwriting.(TECHNOLOGY)
Apr 01, 2007 ... Group 1 Software Inc. has introduced an underwriting automation solution for property/casualty insurers. The software could enable carriers to automate their manual underwriting ...
Modeling.(TECHNOLOGY)
Apr 01, 2007 ... Risk Management Solutions Inc., the Newark, Calif.-based modeling vendor, has released a probabilistic model to assess influenza pandemic risk. Called the RMS Infectious Disease Model, the technology includes nearly 2,000 potential pandemic ...
Claims adjusting.(EDUCATION)
Apr 01, 2007 ... York Claims Service, a subsidiary of York Insurance Services Group Inc., is now approved to be a claims adjusting educator in four states: ...
Brokerage oligarchs: may they reign forever: four brokers control the lion's share of the commercial insurance distribution market. Let's keep it that way.(POINT)
Apr 01, 2007; ... Oh, how buyers ought to love their insurance brokerage oligarchs. For now land in the future, may this small, elite group of brokers reign forever, whether they're known as Marsh, Aon, Willis and Gallagher, or even perhaps one of their as-yet-unnamed successors. The four titans ...