Risk & Insurance articles from February 2003

Risk & Insurance archives from February 2003

Report from Europe: the road ahead.
February 1, 2003... Europe's risk managers, if wished a Happy New Year, could be forgiven for retorting, "Are you kidding?" The past 12 months provided no letup From the harsher conditions that First began with the bursting of the technology bubble less than...

Government releases good news for workers, WC insurers. (Up Front).
February 1, 2003... The Bureau of Labor Statistics reports that the workplace injury and illness rate for 2001 was the lowest since the government began keeping track of this data in the early 1970s. The BLS said the 5.2 million occupational incidents equate to a...

Proposed cash-balance rules fail to sway critics. (Retirement Plans Ahead).
February 1, 2003... The Bush Administration's proposed regulations concerning cash-balance retirement plans do not appear to have silenced critics of the controversial plans, nor have they answered all the questions surrounding cash-balance and similar types of...

Worth repeating.
February 1, 2003... "The most likely scenario is that 2003 will start weakly and then get stronger, but if the war in Iraq goes badly or if we have another terrorist attack, then we could be back in a recession pretty quickly." Mark Zandi, chief economist...

Smallpox vaccine program creates dilemma for WC insurers. (Up Front).
February 1, 2003... Nearly half a million U.S. health care workers are expected to be vaccinated against smallpox early in 2003. While the vaccine historically has been 95 percent effective in preventing smallpox infection, its protection comes at a cost. The...

ABD Insurance and Financial Services. (News and Notes).
February 1, 2003... The Employee Benefits division of ABD Insurance and Financial Services, Torrance, Calif., has acquired two employee benefits firms: Rothman Marks Inc. of Los Angeles and Peter Haft Insurance of Sacramento, Calif. The addition expands the size...

UnionBanCal Corp. (News and Notes).
February 1, 2003... UnionBanCal Corp. announced that its Union Bank of California subsidiary has signed a definitive agreement to acquire San Diego-based John Burnham & Co., a privately held commercial insurance brokerage. Terms of the transaction were not...

RAND and Risk Management Solutions have formed a partnership to create a research center at RAND to study the risk of terrorism and how to compensate victims of terrorism. (News and Notes).
February 1, 2003... RAND of Santa Monica, Calif., and Risk Management Solutions of Newark, Calif., have formed a partnership to create a research center at RAND to study the risk of terrorism and how to compensate victims of terrorism. The center's goal will be to...

HCC Insurance Holdings Inc. (News and Notes).
February 1, 2003... Houston-based HCC Insurance Holdings Inc. has reached agreement to acquire Dickson Manchester & Co. Ltd., a Lloyd's broker headquartered in London. Dickson Manchester underwrites and places U.K. professional indemnity insurance on behalf of...

Endurance Specialty Holdings Ltd. (News and Notes).
February 1, 2003... Endurance Specialty Holdings Ltd. formed a wholly owned U.K. subsidiary, Endurance Worldwide Insurance Ltd., which has been authorized by the Financial Services Authority to begin writing commercial insurance and reinsurance in the U.K.

Morris, Manning & Martin. (News and Notes).
February 1, 2003... In a move designed to help closely monitor and advise clients on the implementation of the Terrorism Risk Insurance Act of 2002, Atlanta-based Morris, Manning & Martin has established a new practice group focusing on terrorism's impact on the...

The allure of the alternatives. (Risk Primer).
February 1, 2003... Your insurance costs have been increasing; your insurance company services have been declining. Commercial insurers will tell you that long-term relationships are important, yet those same insurers seem to be in the market one day, and out the...

Concierge benefits. (Benefits).
February 1, 2003... Corporate retirement and health plans pay big dividends for employees during serious life transitions. Satisfaction surveys indicate that workers appreciate these traditional tax-advantaged benefits. However, employees have other needs that...

Some things adjusters do ought to be a crime. (Property).
February 1, 2003... Disputes between policyholders and insurance company claims departments are nothing new, but sometimes the only thing you can say about the position an adjuster takes is, "There oughta be a law." Take, for example, an employee dishonesty...

The 'flood' fallacy. (Bermuda Angle).
February 1, 2003... As Christmas approached, strenuous efforts were being made to penalize Bermuda-based companies for being Bermuda-based. The attempt to have some of the majors delisted from the S&P 500 index as a penalty for being registered offshore extended...

The brave new world of EPLI. (Special Report: Employment Practices).
February 1, 2003... Make no mistake, employment practices liability insurance is available, but risk managers are facing a tightening marketplace in which premiums and deductibles are significantly higher and limits are significantly lower. As insurers look...

Broken commitments. (Special Report: Employment Practices).
February 1, 2003... Aon research suggests the need for soul-searching in the wake of a post-9/11 drop in employee commitment, loyalty, confidence and trust. The risk management implications are serious, but practical solutions are close at hand. A cross...

The predictive defense. (Loss Control).
February 1, 2003... With boilers and machinery being push to their limits, businesses are more likely to face instances of downtime ant business interruption. Predictive maintenance, however, can help them prevent such events from happening in the first place. ...

Surety uncertainty: cancellation of surety bonds for self-insured workers' comp in two high-profile bankruptcies sparks debate on the best way to meet benefit obligations. (Workers' Comp).
February 1, 2003... Retailer Kmart Corp., Troy, Mich., and transportation concern Consolidated Freighways Corp., Vancouver, Wash., share a dubious distinction: The cancellation of surety bonds related to self-insured workers' compensation programs. spelled doom...

Getting it done: in the current hard market--which isn't expected to end anytime soon--the excess and surplus lines industry believes it's doing some of its "best work". (Excess & Surplus).
February 1, 2003... Insurance market prospects looked rosy for risk managers in January 2001. A panel of insurance industry analysts and chief executive officers at the Property and Casualty Joint Industry Forum predicted an abbreviated cycle. The hard market,...

Servicing multinational risks--profitably. (Global Issues).
February 1, 2003... Jacques Verlingue, who recently delivered his inaugural speech as the new chairman of the worldwide broker network, considers competitive strategies based on operating efficiencies and quality service that will make multinational insurance...

A better way: by using the dynamic financial analysis process, insurance companies are able to upgrade the quality and speed of their financial decision-making. (Insurance Executive).
February 1, 2003... The purpose of business is, of course, to make money. However, when money is also the product, as it is in financial services, the objective becomes somewhat more complicated. In most businesses, understanding where value is created is...

Web based claims software. (Technology Literature Review).
February 1, 2003... Native web based software for P&L, workers' compensation, STD/LTD, group health. All aspects of claims management, bill re-pricing and adjudication, built in PPO's and pharmacy benefit manager, case management, UR, electronic banking, EDI for...

Benefits management. (Technology Literature Review).
February 1, 2003... RewardsPlus provides technologically innovative benefits management solutions. Our Web-based platform is a single source for year-round enrollment, communication and servicing of employer-paid and voluntary benefits. By partnering with...

MFX. (Technology Literature Review).
February 1, 2003... MFX delivers Web-based solutions designed by insurance pros to meet real world demands and accelerate claims handling at all levels. RiskVault gives TPAs, risk managers, and insurers an independent, easily accessed, Web repository for all...

Powering claims management. (Technology Literature Review).
February 1, 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: Internet...

Risk management software. (Technology Literature Review).
February 1, 2003... Claims management/risk management software for workers' compensation, general liability, auto, property and casualty, and professional liability. Features include: claims management, loss-nm analysis, scheduler, spell check, diary notes, check...

ATS continues the tradition of innovative RMIS Solutions. (Technology Literature Review).
February 1, 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...

Expert health claims. (Technology Literature Review).
February 1, 2003... We empower TPAs, self-funded employers, insurance companies, and managed care organizations with technologies that offer unprecedented reliability, scalability and productivity for fully automated health claims processing. FACTS users can focus...

Aetna. (Technology Literature Review).
February 1, 2003... Aetna is a leading national provider of insurance coverage. We offer a broad range of benefits including dental, life, pharmacy, disability, long-term care, group and, of course, health. No matter what the size of your business, you can meet...

National bill review software. (Technology Literature Review).
February 1, 2003... StrataCare provides national bill review software solutions and service for the workers' compensation industry, including insurance companies, employers, third-party administrators, and bill review companies. StrataCare's mission is to provide...

Travelers' financial unit. (Executive Moves).
February 1, 2003... Three officers in Travelers' financial unit in Hartford, Conn., recently were promoted to the rank of senior vice president-- George A. Ryan, Paula C. Panik and Douglas K. Russell. Ryan is senior vice president of corporate tax, managing...

SCOR Group. (Executive Moves).
February 1, 2003... Denis Kessler has been appointed chairman and chief executive of SCOR Group, headquartered in Paris. He will replace Jacques Blondeau, who is leaving the position after eight years. Kessler has left his position as chairman of the Federation...

The Chubb Corp. (Executive Moves).
February 1, 2003... John D. Finnegan has been named president, CEO and director of The Chubb Corp. based in Warren, N.J. He will succeed Dean R. O'Hare, who will retire after 39 years with Chubb, including 14 years as chief executive. Finnegan was executive vice...

Benfield Blanch. (Executive Moves).
February 1, 2003... Benfield Blanch, based in Minneapolis and part of the Benfield Group, has appointed Tim Pawlik to develop an accident and health specialty practice. He has worked in the A&H field for more than 25 years. His experience includes executive...

Ace Group. (Executive Moves).
February 1, 2003... Roger A. Day has been appointed executive vice president of international claims for Ace Overseas General, a segment of Ace Group of Cos. Day will have management responsibility for the Ace International Claims Organization and oversight...

Zurich North America Corp. (Executive Moves).
February 1, 2003... Nancy Mueller has been named executive vice president of corporate actuarial and risk management at Schaumburg, III.-based Zurich North America. She is responsible for all areas of actuarial management at Zurich North America Corp. Mueller...

Swett & Crawford Group Inc. (Executive Moves).
February 1, 2003... Aon has announced several senior management changes within Woodland Hills, Calif.-based Swett & Crawford Group Inc. a leading wholesale insurance broker. David Hartoch has retired as chairman and chief executive officer of Swett & Crawford...

Expanded Innovator offering. (Insurance Coverages).
February 1, 2003... The Chubb Group of Insurance Cos. is offering its Innovator from Chubb program for emerging technology companies, including manufacturers and assemblers of computers, computer equipment and other communications equipment. Innovator offers an...

Liability coverage. (Insurance Coverages).
February 1, 2003... Victor O. Schinnerer & Co. Inc. is offering liability coverage to architects, engineers, land surveyors, landscape architects and specialty consultants through CNA's E-Pack. The newest addition provides protection for the organization,...

Managing hazardous waste guide. (Reference & Training).
February 1, 2003... ABS Consulting Inc. has released Managing Your Hazardous Wastes: A Step-by-Step RCRA Compliance Guide, 2nd Edition. It's for any facility that generates or processes hazardous waste--treatment facilities, recyclers, hazardous waste...

Captives and managing risk. (Reference & Training).
February 1, 2003... The International Risk Management Institute Inc. has released Captives and the Management of Risk. The guide is designed to cover the basics for newcomers to the captive scene. and can be used as a refresher course. It can also be used as a...

Drum Handling tools. (Safety & Security).
February 1, 2003... Vestil Manufacturing Co. has designed a full-line of Drum Handling Equipment with products ranging from Hydraulic Drum Crusher/Compactors to Hydraulic Drum Dumpers to Multi-purpose Drum Dollies that will handle drums, pails and LP tanks. New to...

Moisture detection instrument. (Safety & Security).
February 1, 2003... GE Protimeter manufactures several moisture-detection instruments designed with easy to read LCD or LED displays that reveal mold-causing hidden moisture after fire control, storm, water or other damage has occurred. These include 3-in-1 MMS,...

Web-based workers' comp system. (Software & Systems).
February 1, 2003... Agency Resources has developed a Web-based workers' compensation system designed to automatically bill clients for premiums based on actual reported payroll data. Agents and brokers who use the system can direct clients to an Agency...

Calendar of upcoming events.
February 1, 2003... February 2-5 8th Annual Interactive Disability Forum. This conference will be hosted by Disability Consulting Group, Hartford Life, Employers Reinsurance Group and will be held at The Westin Mission Hills Resort in Rancho Mirage, Calif....