Risk & Insurance articles from June 2005

Risk & Insurance archives from June 2005

Behind closed doors.
June 1, 2005... The media has condemned the Risk and Insurance Management Society Inc.'s policy of closing sessions to the press at its annual convention. The policy became a point of contention when two sessions about the contingency fee issues were closed to...

Why SCIF grew.(LETTERS TO THE EDITOR)(Letter to the Editor)
June 1, 2005... Dear Editor: Regarding Peter Rousmaniere's article "An Analysis of Arrogance," (Risk and Insurance[R] April 2005, page 28), I agree with Rousmaniere's opinion that SCIF failed to raise rates, and that their trusteeship was lacking when...

Risk execs ignored.(LETTERS TO THE EDITOR)(Letter to the Editor)
June 1, 2005... Dear Editor: As a very busy risk manager I am a little behind in my reading. However, I was shocked to read Tom Slattery's article titled "Buyer, Seller Lobbies Far Apart Over Bid-Rigging Scandal." (Risk & Insurance[R], March 2005, page...

RIMS elects leader.(NEWS & NOTES)
June 1, 2005... Ellen Vinck, vice president of risk management, benefits and safety for United States Marine Repair Inc., has been elected to a one-year term as president of the Risk and Insurance Management Society Inc., the trade group has announced. Vinck...

RIMS elects board.(NEWS & NOTES)
June 1, 2005... The Risk and insurance Management Society Inc. has also announced that the following leaders have been elected: Michael Liebowitz, director of risk management for Bridgeport Hospital & Healthcare Services Inc., was elected vice president and...

Companies settle dispute.(NEWS & NOTES)
June 1, 2005... Equitas has announced that it will pay The Goodyear Tire & Rubber Company $22 million in an insurance settlement for asbestos and pollution related claims filed by the tire maker. Equitas will also place $39 million into a trust fund that can...

P/C rates soften in 1st quarter.(NEWS & NOTES)
June 1, 2005... Commercial property/ casualty premiums continued to soften during the first quarter of 2005, with the average rates for all sizes of accounts reaching their lowest levels since the commercial insurance market peaked in the fourth quarter of...

AIG restates earnings.(NEWS & NOTES)
June 1, 2005... American International Group Inc. will restate its financial statements for the years ended Dec. 31, 2003, 2002, 2001 and 2000, the quarters ended March 31, June 30 and Sept. 30, 2004 and 2003 and the quarter ended Dec. 31, 2003, the firm has...

Settlement presents buyers with options: in or out: either way, buyers are left with lots of work ahead.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2005... Corporate insurance buyers seeking reimbursement from the $850 million settlement agreed to between Marsh and New York Attorney General Eliot Spitzer have two options: They can claim a portion of the settlement fund or they can choose to...

Gearing up for more age-related battles: a Supreme Court ruling, changing demographics and underfunded programs turn the tide against public risk management bodies.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2005... As more baby boomers swell the ranks of the "graying workforce," the stage is set for an onslaught of employment practices liability litigation. This may be particularly troublesome for public risk managers, according to several industry...

Lloyd's 'great escape': chairman Lord Levene escapes a disastrous tsunami and his company is on the hook for a relatively small sum of about $190 million.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
June 1, 2005... On Dec. 26, the chairman of Lloyd's, Lord Peter Levene, was in Langkawi, Malaysia with his family for some rest and relaxation over the Christmas vacation--or so he thought. At about midday, he and hundreds of other vacationers were swamped...

Snapshots.
June 1, 2005... DELEGATES talk, mingle catch up with one another at this year's 2005 Risk and Insurance Management Society Inc.'s annual convention and trade show. The show, held in April in Philadelphia, attracted more than 10,000 people and more than 200...

Politics triumph over justice.(ALTERNATIVE RISK)
June 1, 2005... A friend was surfing the Internet recently. "Partner Re and Renaissance Re are on Excite," she said. "What have they done wrong?" The answer was: nothing. Unless you know something I don't by the time you read this, the reinsurers made the news...

Their risks are your risks.(BENEFITS)
June 1, 2005... As employers continue to confront the bottom-line impact of the cost of their employee benefits and employees struggle to prepare for more expensive retirement needs, they are both discovering that their interests may be inexorably linked....

Easier, faster, cheaper, better.(WORKERS' COMP)
June 1, 2005... Here are more glad and disruptive tidings about how information technology has begun to change how we manage work injury risk. Key words: easier, faster, cheaper and most importantly, better. Driving these advances of course is information...

In search of a TRIA solution.(THE LAW)
June 1, 2005... The clock is ticking on TRIA, and the insurance industry still does not know what is going to happen to terrorism coverage should the law be allowed to expire at the end of 2005. If the Terrorism Risk Insurance Act--passed in 2002 as a federal...

Riding on the edge: horse riders have been more concerned about insurance coverage after accidents that resulted in the death of jockey Michael Rowland and left jockeys Gary Birzer, Remi Gunn and Tony D'Amico seriously injured. One sticking point to setting up an insurance fund for workers, however, is that the industry does not have accurate loss histories.(WORKERS' COMP)
June 1, 2005... Shane Sellers didn't want to play Russian roulette anymore. A top jockey who rode in the Kentucky Derby 14 times and won more than 4,000 races during the course of his career, Sellers decided in October to stop riding until he could get...

Mixing it up: Fifth Third Bank has followed a mixed policy of centralized and decentralized approaches to operational risk that lets the risk manager of each business line implement the standards and processes shaped at the home office in Ohio.(Cover Story)
June 1, 2005... As a superregional financial institution with nearly $95 billion in assets, Fifth Third Bank is in the business of taking major financial risks every day to make money for its shareholders. And as the bank's top operational risk manager,...

A healthy new direction: how UnitedHealthcare is changing the way people think about their health.(Advertisement)
June 1, 2005... Every year America seems to get caught up in some new health craze. But is cutting carbs and sipping diet sodas really helping people get healthier? Apparently not. A recent survey indicated that, largely because of the growing rate...

Small broker reels in a big catch: a team of key brokers have jumped ship to DeWitt Stern in the wake of the troubles at Marsh.(INSURANCE)
June 1, 2005... New York-based DeWitt Stem Group Inc. dramatically ramped up the ongoing expansion of its highly regarded entertainment brokerage practice in late April by hiring broker LeConte Moore and four other members of Marsh & McLennan Cos.'...

Expanding the reach of RMIS: in today's world, risk managers need information they can act on, and a risk management information system that can deliver it--now. That means interesting times are ahead for RMIS vendors.(RISK MANAGEMENT INFORMATION SYSTEMS)
June 1, 2005... The demands on risk managers keep growing all the time, and they, in turn, are demanding more from their risk management information systems. That has RMIS vendors, from broker-backed firms to big software companies and smaller independents,...

Why hybrids are hot: the value of hybrid predictive models, which allow employers and health plans to analyze claims and health-risk assessment data, outweigh the benefits of using either model by itself, proponents of hybridized models argue.(TECHNOLOGY)
June 1, 2005... How would you feel if you received a call from the disease-management program run by your employer or health care insurer saying, "We understand you've been tested for diabetes, and we believe we can offer you wellness services that will keep...

Dwellers of the valley of the rifts: "buyer beware" need not apply henceforth, proclaims Marsh's new CEO. Yet Aon's chairman beseeches buyers to simply "be aware.".(SPECIAL REPORT: AGENT/BROKER)
June 1, 2005... At the annual convention of the Risk and Insurance Management Society Inc. in Philadelphia this April, a brief 10-second exchange offered a glimpse into the deep fissures separating the managerial visions of four of the chief executives running...

Suit up! Class-action litigation involving benefits brokers pits A-list defendant carriers against Fortune 500 behemoths.(SPECIAL REPORT: AGENT/BROKER)
June 1, 2005... Even if no further allegations surface about insurance broker misdeeds, the employee benefits arena will be a bubbling pot for months to come. Most of the litigation focuses on the property and casualty side of the equation, and the...

How buyers can slide back into the driver's seat: risk managers have an important role to play in keeping their brokers honest and fair in the wake of allegations of bid rigging, steering and contingent commissions, one consultant argues.(SPECIAL REPORT: AGENT/BROKER)
June 1, 2005... All the heat arising out of the brokerage contingent commission, steering and bid-rigging allegations has not only affected brokers, but risk managers too. We've heard the comments about how and why risk managers let their companies become...

An age of emboldened Davids: the court has made it easier for small companies to challenge financial services industry Goliaths in the protection of intellectual property. The industry's behemoths however, seeking to defend their interests, have taken pre-emptive action by filing patents of their own.(INDUSTRY RISK REPORT: DIVERSIFIED FINANCIAL COS.)
June 1, 2005... Other than their ability to sell financial products, companies like AIG, Lincoln National Life, Signature Financial Group and Merrill Lynch don't appear to have much in common. Or do they? It turns out that they are but a few of the many...

Industry risk report diversified financial.
June 1, 2005... Diversification may protect shareholders by smoothing out earnings streams. But that doesn't make it any easier for risk executives who have to worry about what can affect a far-flung corporate empire, from credit risks to fluctuations in the...

Investigation services directory.(Buyers Guide)
June 1, 2005... Below are paid listings by vendors offering investigative services. This guide is not intended to be a complete directory but is an overview of some of the packages available. Suppliers themselves have provided this data. To obtain more...

F. A. Richards & Assoc. Inc.(EXECUTIVE MOVES)
June 1, 2005... SHIRLEY FRITCH has been promoted to the position of vice president at F. A. Richards & Assoc. Inc. In her new position, Fritch is responsible for the overall direction and management of the firm's Texas branch offices as well as offices in...

FARA Security Services Inc.(EXECUTIVE MOVES)
June 1, 2005... In addition, the company's special investigative unit, FAIL& Security Services Inc., has announced the promotion of to vice president. Will is responsible for all operations and business development for FARA Security Services Inc. He will...

ACE Tempest Life Reinsurance Ltd.(EXECUTIVE MOVES)
June 1, 2005... ARI LINDNER has been appointed to the position of president of ACE Tempest Life Reinsurance Ltd. Lindner is responsible for the day-to-day management of ACE Tempest Life Re, the ACE Group's life and annuity reinsurance operation. In his...

Aon Corp.(EXECUTIVE MOVES)
June 1, 2005... GREGORY C. CASE has been named president and chief executive officer of Aon Corp. Case has also been elected to the firm's board of directors. Case most recently served as head of the financial services practice at McKinsey & Co., the...

Property Casualty Insurers Association of America.(EXECUTIVE MOVES)
June 1, 2005... The Property Casualty Insurers Association of America has announced that WILLIAM FRITTS has been appointed executive vice president, responsible for oversight and coordination of PCI's federal and state political advocacy and public affairs...

GE Insurance Solutions.(EXECUTIVE MOVES)
June 1, 2005... WILLIAM E. DONNELL has been named Chief Marketing Officer for GE Insurance Solutions with responsibilities for customer service, brand management, new product introductions, customer segmentation and client support. Most recently, Donnell...

Upcoming events.(Calendar)
June 1, 2005... JUNE 26-29 IMCA 2005 Annual Meeting The Insurance Marketing Communications Association's annual conference will be held at La Mansion del Rio in San Antonio, Texas. The event features The Showcase Awards, now in its 47th year....

Compliance.(TECHNOLOGY)
June 1, 2005... PeriscopeiQ, a provider of Web-based assessment solutions, has announced the availability of a product called DISCLOSURE, a risk assessment and management solution designed to meet the compliance requirements of Section 302 of the...

Errors & omissions.(INSURANCE)
June 1, 2005... CalSurance, a national insurance sales, service and support company, has enhanced its specialized errors and omissions program for broker-dealers with less than 75 brokers, the company said. The improvements now provide each broker-dealer with...

Property/casualty.(INSURANCE)
June 1, 2005... Lexington Insurance Co. has introduced a new property terrorism endorsement to cover losses incurred when a civilian or military order related to a terrorist act or threat impedes business operations, the company said. The so-called "OpShield"...

Property/casualty Zurich, one of the nation's largest property-casualty insurance providers, has announced that it is bundling a number of coverages typically available by separate endorsements into a single package.(INSURANCE)
June 1, 2005... Zurich, one of the nation's largest property-casualty insurance providers, has announced that it is bundling a number of coverages typically available by separate endorsements into a single package. The package combines products requested by...

Liability.(INSURANCE)
June 1, 2005... St. Paul Travelers has launched a basic Internet liability policy aimed at small to midsize technology businesses, St. Paul has announced. Internet Basic Liability Protection is designed for technology businesses or firms with between $5...

Workers' comp.(INSURANCE)
June 1, 2005... ISO has introduced a workers' comp report-writing product that enables carriers to access the policy and claims information they report through the ISO Workers' Comp Information Service. The product, called Executive Analytic Solutions Engine,...

Health care.(RISK MANAGEMENT)
June 1, 2005... Aon Risk Services has entered into an agreement with LMS Medical Systems, a health care technology company, Aon Risk Services has announced. "This initiative with Aon provides a platform for healthcare facilities, their physicians, nurses, risk...