Risk & Insurance articles from December 2004

Risk & Insurance archives from December 2004

Practicing what they preach.
December 1, 2004... Despite the "shock and awe" that seems to have characterized Eliot Spitzer's attack on the insurance industry and Marsh Inc. in particular, the world's largest insurance broker looks like it will emerge from this crisis. That might not...

South Carolina reaches milestone.(News & Notes)
December 1, 2004... South Carolina has licensed its 100th captive insurance company, the state Department of Insurance has announced. Since the legislature established South Carolina as a domestic domicile for captive insurance companies in 2000, the domicile has...

Ace embarks on reforms.(News & Notes)
December 1, 2004... ACE Ltd. has announced new steps to monitor and improve its compliance, the company has announced. The announcement comes after New York Attorney General Eliot Spitzer accused the company of participating in bid-rigging with broker Marsh Inc....

Willis acquires insurance brokers.(News & Notes)
December 1, 2004... Willis Group Holdings has purchased the business portfolio off Hong Kong-based Grande Insurance Broker Ltd., the company has announced. Terms of the deal were not disclosed. The purchase "reflects our commitment to expanding in Asia," said...

Marsh completes vendor purchase.(News & Notes)
December 1, 2004... Marsh Inc. has completed the purchase of technology vendor Corporate Systems Inc., the broker has announced. Corporate Systems provides property/ casualty risk management information, claims lifecycle management and medical bill management...

CPCU Society issues claims tips.(News & Notes)
December 1, 2004... In light of the effects of hurricanes and floods in Florida, the CPCU Society is offering consumers simple tips for filing insurance claims, the trade group has announced. These tips focus on what homeowners should do when a hurricane or flood...

Vendor enters health care market.(News & Notes)
December 1, 2004... Docucorp International has acquired the assets of Newbridge Corp., a manufacturer and distributor of directories, ID cards and health insurance policy kits, Docucorp has announced.

Fireman's Fund signs deal with Accenture.(News & Notes)
December 1, 2004... Fireman's Fund has agreed to use insurance software from Accenture in its personal and commercial lines businesses, Fireman's Fund has announced. The technology is built on the Microsoft .NET platform and will allow Fireman's to conduct...

RIMS "shocked" by Spitzer allegations.(News & Notes)
December 1, 2004... "RIMS is shocked by the allegations of illegal activities and their effects on our members," RIMS said, in an open letter signed by president Nancy L. Chambers, in reference to the New York Attorney General Eliot Spitzer's complaint against...

Lloyd's raises nearly $1b in debt markets.(News & Notes)
December 1, 2004... Lloyd's will raise nearly $1 billion in long-term subordinated debt, Lloyd's has announced. The company has also applied to list the debt on the London Stock Exchange.

RIMS survey: soft market continues.(News & Notes)
December 1, 2004... The commercial insurance industry experienced its third consecutive quarter off declining prices, according to the RIMS Benchmark Survey. The declines were across most major lines, the survey found. The survey also found that in the third...

New risk management rules turn into a test of European integration.(Upfront: news, updates and other emerging strategies from around the world)
December 1, 2004... In a debate that has turned "Solvency II," a regulatory risk management proposal, into a test case for European integration, insurance industry executives squared off against European regulators in October over the merits of new capital...

Summit spat: Converium fires back at agencies: S&P downgrades "harmed our franchise," says Converium CFO.(Upfront: news, updates and other emerging strategies from around the world)
December 1, 2004... Martin A. Kauer, CFO of Converium, the Swiss reinsurer still licking its financial wounds from credit rating downgrades delivered this summer, took the blame but shot back at the ratings agencies, saying they rely on different capital risk...

Surety: the end of a shrinking trend: future brightens for remaining serf-insured companies.(Upfront: news, updates and other emerging strategies from around the world)
December 1, 2004... Self-insured buyers of surety securities, faced with shrinking capacity in the bond market, face a world with fewer insurance options yet are being forced to post more collateral, according to surety market experts. Some companies are...

Protecting the homeland: AIG unit does its part with the launch of a new terrorism risk product.(Upfront: news, updates and other emerging strategies from around the world)
December 1, 2004... The AIG Cos., intent on maintaining a leadership position in addressing terrorism risk and coverage, has launched LexHomeland Protector, a comprehensive terrorism insurance portfolio. The portfolio introduces LexBioChem Shield, which rounds...

Worth repeating.(Upfront: news, updates and other emerging strategies from around the world)
December 1, 2004... "It's (reinsurance) a little bit like the roach motel. It's very easy to get in. It's very difficult to get out." Patrick Thiele President and CEO PartnerRe "Without wishing to offend any regulators here today--I do enough...

More regulation be damned.(Alternative Risk)
December 1, 2004... A statement made during the earliest stages of prosecutor Eliot Spitzer's dance truly confounded me. It was this, from The Daily Telegraph in London: "Analysts note that the scandal is likely to lead to increased regulation." Whatever is...

Tax freedoms may trim benefits.(Benefits)
December 1, 2004... Brimming with confidence a week before the election, President George W. Bush signed into law the American Job Creation Act of 2004, another round of huge tax cuts, this time focused on the treatment of repatriation of foreign income. The Bush...

The inside-outside story.(Workers' Comp)
December 1, 2004... In many states one or a few insurers serve as market leaders for the guaranteed premium business, the type of policy the majority of American businesses buy. A tale of two states reveals how critically important premium pricing by leading...

Marsh's new CEO opens up: infected with hubris and blinded by a cozy, insular world, Harsh suffered a stinging blow in October when it was accused of collusion and bid-rigging. Now the firm's new CEO, Michael G. Cherkasky, wants to restore the firm's tarnished image with the polish of transparency and a culture of openness.(Cover Story)
December 1, 2004... New York Attorney General Eliot Spitzer's stinging civil complaint against Marsh Inc. alleges that the world's largest insurance broker cheated its corporate clients by rigging the process of placing insurance though accepting huge back-end...

A test case is for 'go for launch': a critical issue in the changes to California's workers' compensation law is whether medical provider networks will provide better care at a lower price.(Workers' Compensation)
December 1, 2004... Lots of things are tested in California. Movies are screen tested, products are market tested, and laws of all kinds often face stiff" legal challenges. This time, the changes in the state's broken workers' compensation system are about to find...

The safest cities in the United States.(The 10 Safest Cities)
December 1, 2004... Where's the safest city in the United States? Well, you can be sure it's not in Florida. You can also bet that it's not a sprawling A-list metropolitan area like Washington D.C. No, the safest cities in the nation are in places where...

Go, go, go ... to Sacramento: risk executives looking to minimize their property and casualty exposures might want to consider setting up shop in the California capital--so long as they don't mind the risk of paying through the nose for workers' compensation premiums.(The 10 Safest Cities)
December 1, 2004... Several victims of last summer's Hurricane Charley said they had moved from Miami to Florida's west coast to get away from hurricanes. They had suffered through the effects of Hurricane Andrew in 1992 and the other side of the peninsula looked...

Protecting property in the 'hot' zones: some of the most desirable locations to live and work in the United States--Miami or San Francisco, for example--are also exposed to natural and man-made catastrophes. But that has not stopped them from growing.(The 10 Safest Cities)
December 1, 2004... Few places are exempt from the threat of catastrophes, though our study of the 10 safest cities shows a number of big U.S. cities are at relatively low risk from extreme events. Nevertheless, the fact remains that some of the hottest locations...

Closing the Gulf: Middle Eastern financial leaders, who for years watched as capital fled the region, are doing more to keep the money where it belongs--at home. The liberalization of insurance laws and new coverage mandates are expected to contribute. Firms looking to do business in the region will seriously want to consider captives.(Special report: alt. risk)
December 1, 2004... News flash. News flash. News flash. The Middle East is a part of the world where radicalism bubbles to the surface more easily than oil. Consider, for instance, the following: * In Saudi Arabia, car insurance is now obligatory. * In...

A day in the life of Mr. Bryce: Jim Bryce, the CEO of IPC Re Holdings follows the "party" line at the annual September Rendezvous in Monte Carlo. Though the following year's renewals are typically sealed in October in Baden Baden, insurance and reinsurance bigwigs show up just to be sure they don't get left behind.(Special report: alt. risk)
December 1, 2004... Jim Bryce emerges from the elevator at the Meridien Beach Plaza Hotel on Monte Carlo's waterfront, and looks at his watch. It reads 7:55 a.m. Wearing slacks and an open-necked shirt, in contrast to his more traditional buttoned-down style, he...

Listening to the signals: the decibels that ring loudest in the ears of risk executives in the electronics industries have to do with privacy and business interruption.(Industry risk report: electronics mfg.)
December 1, 2004... If you ask risk managers in most any industry what their significant risks are, the majority will be able to rattle off half a dozen or more in rapid succession. However, ask risk managers in the electronics industry and, due to the nature...

Directory: the buyers' guide.
December 1, 2004... DIRECTORY TPA BUYER'S GUIDE Below is a guide to third-party administrators (TPAs) according to the types of claims they handle: health care; disability; workers' comp; managed care automation; software automation; pensions/401(k)/...