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CPCU e-LINK 		Conferment & IDay Nov 08
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Insurance News



 Hourly News Updates . . .

Florida Sweep Nabs 19 Suspects in Staged Accident Fraud
Florida officials say a statewide sweep of staged accident scammers last week resulted in the arrest of 19 suspects, including arrests in Ft. Myers, Miami, Orlando, Pensacola, Tampa and West Palm ...
South Carolina Asked to Extend Immunity for Planned Fires
Nearly a year after the state's worst wildfire, forest managers and landowners have asked legislators to give them more protection from lawsuits when they intentionally set fires to reduce debris ...
West Virginia Lawmakers Approve Insurance Liens for Cities
Lawmakers have signed off on allowing West Virginia's cities and towns to tap insurance proceeds when clearing away buildings destroyed by fire. The Senate has sent Gov. Joe Manchin his proposal ...
Lonmar Global Risks Launches in London
Lonmar Global Risks was officially launched at the end of last week, as a new and independent broker operating globally from its London base. The company formerly traded as SBJ Global Risks. Its ...
PartnerRe Prices $500 Million Sr. Notes: S&P Assigns 'A' Rating
Bermuda-based PartnerRe Ltd. announced that it has priced, through its indirectly wholly-owned subsidiary PartnerRe Finance B LLC, $500 million of 10-year fixed rate 5.50 percent Senior Notes, ...
Rivaz to Take Over from Kramer as Ariel Holdings CEO
Bermuda-based Ariel Holdings Ltd. has announced the appointment of George Rivaz as Chief Executive Officer. He "succeeds Don Kramer, the long-time insurance deal-maker who was instrumental in ...
West Virginia to Create Electronic Auto Insurance Verification System
West Virginia lawmakers want to give police and the courts an easy way to verify whether a driver has required liability insurance. The House has approved a measure previously backed by the Senate ...
Windstorm Xynthia Losses Near $2 Billion: EQECAT Update
Catastrophe risk modeling firm EQECAT announced that it has developed an "event footprint for wind storm Xynthia", which caused considerable damage along the western coast of Europe from 26 to 28 ...
Strong Quake Rocks Central Japan
A strong earthquake hit off the eastern coast of central Japan on Sunday, rattling buildings across a broad swath of the country, including the crowded Tokyo capital. There were no immediate ...
Massachusetts Warns Car Dealers over Insurance Advice
Auto dealers in the Bay State must be careful of what they tell car-buyers about purchasing insurance, the Massachusetts Division of Insurance warns dealers in a newly issued bulletin. State law ...
Forecasters Predict Active Hurricane Season
Meteorologists are predicting an active 2010 hurricane season with above-normal threats on the U.S. coastline. Hurricane Forecaster Joe Bastardi, with the AccuWeather.com Hurricane Center, said ...
FERMA Concerned about 'Excessive' Solvency II Capital Proposals
A bulletin from the Federation of European Risk Management Associations (FERMA) notes that while it "supports the goal of the Solvency II European insurance regulatory regime, which is to enhance ...
Top 10 Internet Frauds and Top 10 States for Fraud Complaints
Online crime complaints increased substantially once again last year, with the number of fraud complaints jumping 22.3 percent and total losses linked to online fraud reaching almost $560 ...
Ebert Named VP of Program Business at REM
New Jersey-based Risk Enterprise Management Ltd. (REM) has named Michael Ebert as vice president of programs. Ebert has more than 20 years of insurer and producer sales, marketing, account ...
Arkansas Suspends License of 2 New York-based Insurers
Arkansas Insurance Commissioner Jay Bradford on March 11 suspended the certificates of authority to conduct insurance business of two New York domiciled property and casualty insurance companies: ...

 Business Insurance Breaking News

Max Capital projects quake, windstorm losses
HAMILTON, Bermuda—Max Capital Group Ltd. said Monday that its preliminary estimate of combined claims for the Chilean earthquake and Windstorm Xynthia ranges from $10 million to $20 million.
AIG holds back $21M from Financial Products unit payout
NEW YORK (Reuters)—American International Group Inc. is holding back $21 million from retention bonuses due by Monday to current and former employees of its Financial Products unit, a source familiar with the matter said.
Ariel chief Don Kramer steps down
HAMILTON, Bermuda—Ariel Holdings Ltd. Chairman and CEO Don Kramer has stepped down, the Bermuda-based reinsurer said Friday.
Validus estimates quake losses at $170M to $270M
HAMILTON, Bermuda—Validus Holdings Ltd. said Friday its initial estimates on losses from the earthquake in Chile range between $170 million and $270 million.
Illinois gubernatorial hopeful wants shift to DC plans
SPRINGFIELD, Ill.—Illinois' five state defined benefit plans would be closed to new state employees who would be put into new defined contribution plans under a bill by state Sen. Bill Brady, Republican nominee for governor.
Fed: U.S. corporate plan assets up 3.8% in 4th quarter
U.S. corporate defined benefit and defined contribution plans had combined assets of $5.457 trillion as of Dec. 31, 2009, up 3.8% from three months earlier, according to the Federal Reserve's Flow of Funds report issued Thursday.
SCOR projects catastrophe losses from quakes, windstorm
PARIS—French reinsurer SCOR S.E. said Friday that despite several natural catastrophes during the first quarter, none is expected to have a “material impact” on its financial strength or solvency position.
Geithner still optimistic about financial reform
WASHINGTON (Reuters)—A day after U.S. Senate bipartisan talks on financial reform collapsed, Treasury Secretary Timothy Geithner sought to revive hope that Congress can still complete a bill to overhaul financial rules.
Solvency II could shrink number of insurers: FERMA president
BRUSSELS—European risk managers are concerned Solvency II would impose capital requirements so stringent that the number of nonlife insurers and captive insurers available to write coverage for commercial risks would shrink, the president of the...
House panel to consider health care bill Monday
WASHINGTON (Reuters)—The House of Representatives Budget Committee on Monday will consider a reconciliation bill that Democrats hope will clear the way for final congressional approval of an overhaul of U.S.
 Business Insurance Current Issue
WTC Captive settles with 10,000 cleanup workers
NEW YORK—WTC Captive Insurance Co. last week reached a multimillion-dollar settlement with more than 10,000 workers claiming illness or injury stemming from the rescue and recovery efforts after the Sept.
Veteran wholesaler plans new brokerage
DALLAS—Fresh off his two-year noncompete agreement with Crump Group Inc., former CEO Glenn Hargrove is embarking on a new wholesale brokerage venture he says will offer retail brokerages an alternative to traditional wholesale relationships.
Technology rings up vulnerabilities
Cyber attacks are lurking around nearly every virtual corner, and the growing use of Internet phone technology could be exposing systems to yet another threat.
VoIP resaler, hacker plead guilty
NEWARK, N.J.—In what is thought to be the first conviction associated with reselling hacked VoIP services, Edwin Pena in February pleaded guilty before a U.S.
Congressman outlines reform prospects
NEW YORK—Dozens of senior risk managers gathered last Monday in New York for the first Risk Management Summit, a two-day networking and educational event that featured expert speakers and executives from leading insurance industry companies.
Quake and storm estimates range from $3B to $12B
Catastrophe modelers last week said insured losses from last month's Windstorm Xynthia in Europe will range from roughly $1 billion to $4 billion, and major reinsurers began estimating their exposure to the storm and to the massive earthquake that...
Buyers can win defense costs fights
Insurers may assert that they have a right to be reimbursed by their policyholders for defense fees if a court later rules that the insurer had no such duty to defend, says Linda D. Kornfeld, the managing partner of Dickstein Shapiro L.L.P.'
Economy sets pricing: NAPSLO panel
SCOTTSDALE, Ariz.—The prolonged soft pricing environment is not expected to turn in 2010, but at least one specialty underwriter said he hopes buyers are spared triple-digit increases when it does turn.
Marsh restarts effort to offload Kroll
NEW YORK—Analysts reacted positively to a report last week that Marsh & McLennan Cos. Inc. has put its risk consulting and technology unit Kroll Inc. up for sale for about $1.3 billion.
Kroll history
Major events in Marsh & McLennan Cos. Inc.'s ownership of risk management and technology consultant Kroll Inc.
Kemper runoff saga nearing conclusion
LONG GROVE, Ill.—Six years after it entered runoff, Kemper Insurance Cos. may be close to the next stage of its windup—liquidation.
Kemper insureds reconsider negotiation tactics
Liquidation of Kemper Insurance Co. would cease the insurer's runoff operations, leaving commercial policyholders fewer options for recovering money from their insurance contracts, experts say.
Conditions limit appeal of pension funding relief plan
WASHINGTON—Provisions in a tax bill approved by the U.S. Senate last week would give employers more time to fund pension plan shortfalls, but conditions attached to the relief could reduce its appeal, experts say.
Management gets peek at workers' problems
Until I started watching “Undercover Boss,” I don't think I ever fully appreciated the frustration many benefit and human resource professionals feel in trying to persuade upper management to add or expand health and productivity management...
Greenberg testifies on sham deal with Gen Re
NEW YORK—Former American International Group Inc. Chairman and CEO Maurice R. Greenberg testified last week about a sham 2001 reinsurance deal between AIG and General Re Corp.
Hollywood treatment of financial near-meltdown
It looks like American International Group Inc.'s troubles may make it to the small screen.
Scientist: Give hurricanes a chilly reception
A scientist suggests that something akin to a colossal seagoing game of ring toss might be a way to reduce the strength of hurricanes and the death and destruction they cause.
Man's best friend or just the latest U.K. liability?
The British government is proposing mandatory microchips and third-party pet insurance for dog owners to make sure Fido isn't a threat to the public.
Copyright blues beset box office hit
Critically acclaimed director James Cameron may not have walked off with an Oscar for “Avatar,” but he is walking away from a Chinese plagiarism lawsuit, only to be faced by another one in Canada.
Cat risk fund would raise commercial insurance rates
RISK MANAGERS can be forgiven for not paying much attention to recent congressional maneuvering on the Homeowners' Defense Act.
RRGs more than ready to cover property risks
WE WELCOME and enthusiastically endorse legislation introduced in the House of Representatives last week that would allow the nation's risk retention groups to provide property insurance to member-owners.
Senate approves another extension of COBRA subsidy
WASHINGTON—Employers will be dealing with COBRA premium subsidy issues for a lot longer if a newly-passed Senate bill receives final congressional approval.
COBRA subsidy
Congressional actions to establish and extend the federal subsidy of COBRA health insurance premiums for laid-off employees
In Brief
A bipartisan group of federal legislators introduced legislation last week that would allow risk retention groups to write commercial property coverage.
AIG to raise $15.5 billion from sale of life insurer
NEW YORK—American International Group Inc. will be better able to focus on its core businesses, including its property/casualty operations, with the sale of two major noncore assets behind it, observers say.
Aircraft leasing unit at top of sell sheet as AIG raises cash to repay government
LOS ANGELES—International Lease Finance Corp., American International Group Inc.'s aircraft leasing unit, is likely to be the next, and last, major asset to be sold by the insurer, observers say.
Schillerstrom
Web Exclusive: Value-based model can apply across benefit plans
Some employers have taken value-based insurance design well beyond the model set by the City of Asheville, N.C., and Pitney Bowes, which began waiving prescription drug copays for chronic conditions and providing pharmacist coaching a decade ago.
Health care effectiveness, costs drive plan designs
As more employers embrace the concept of value-based insurance design to improve medication adherence, Dr. A.
Health care value rests on design
Ever since Pitney Bowes Inc. slashed copayments on prescription drugs for chronic conditions, benefit managers have taken notice of and mostly self-insured employers have adopted what is known as value-based insurance design.
Fully insured market has yet to embrace value-based design
Value-based insurance design, which many large, self-insured employers have embraced, has yet to make significant inroads in the fully insured market.
Asheville, N.C., spawns a movement while improving the health of residents
Pharmacists are qualified to do much more than just fill prescriptions; they can counsel patients and keep them on track.
Modelers learn from experience
Two catastrophe modeling firms are set to release comprehensive updated versions of their hurricane models this year as catastrophe models continue to incorporate the latest technology and scientific data.
Market Moves
SEATTLE—Brown & Brown of Washington Inc., a unit of broker Brown & Brown Inc., has acquired various assets of a Seattle-based insurance agency.
Flood models still rare in Europe
Flood models have improved since catastrophic losses struck Europe in 2002 and 2007, but detailed models are available for only a handful of countries, and a pan-European flood model is still several years away.
Brain Storm: Insurers, reinsurers strive to make better use of catastrophe models
Despite technical and scientific advances in catastrophe models during the past 20 years, observers say the most significant developments appear to be in the form of human capabilities.
Casualty cat remains tough risk to model
Casualty catastrophe models, the younger siblings of models that help insurers and reinsurers underwrite property catastrophe exposures, need more development before they are widely embraced by reinsurers.
 Business Insurance Industry Focus

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