Business Insurance articles from February 2003

Business Insurance archives from February 2003

Regulators eyeing credit hedge coverage; Seeking info on insurer, reinsurer exposure to credit derivatives.(International)
February 3, 2003... Byline: CAROLYN ALDRED Insurance regulators from several countries are voicing concern about billions of dollars of credit risk being assumed by insurers and reinsurers through coverage of credit derivatives deals. The huge risks being...

Derivatives take on various forms.(News)(Brief Article)
February 3, 2003... Credit derivatives are financial instruments that help transfer and repackage credit risk, which can include such events as bankruptcies or loan defaults, among others. They include: * Collateralized debt obligations, which are...

Defending the states' purview; New NAIC head wants to stave off federal charter.(News)
February 3, 2003... Byline: MEG FLETCHER LITTLE ROCK, Ark.-High on the agenda of the National Assn. of Insurance Commissioners' new president is a push to protect states and consumers against federal encroachment into insurance regulation. Toward that...

He would chuck the whole event.(News)(commentary about rising insurance premiums and difficulty obtaining liability coverage)(Editorial)
February 3, 2003... Byline: Punxsutawney Phil As I write this, the walkout is planned for Feb. 1. After that, when people come to me in their time of need, seeking my critical services, I will not be there to help them. I regret that I must take such...

Editorial: Come clean on reserves.(Opinions)(insurers should disclose financial liability to asbestos claims)(Editorial)
February 3, 2003... IT'S TIME FOR INSURERS to clear the air on their true financial exposure to asbestos liabilities. Recent announcements of massive additions to asbestos reserves from insurers ACE Ltd. and Travelers Property Casualty Corp. offer the latest...

Bush could give boost to tort reform; Calls for med mal changes in State of the Union address.(News)
February 3, 2003... Byline: MARK A. HOFMANN WASHINGTON-President Bush's call for the reform of medical malpractice liability during his State of the Union address may signal that more comprehensive civil justice reforms may be possible, say property/casualty...

BI Executive Forum reviews new D&O risks.(News)(Calendar)
February 3, 2003... NEW YORK-While the risks and challenges facing corporate leaders are expanding, directors and officers liability insurers are narrowing and changing coverage terms. Learn more about D&O insurance contract changes and risk management...

Massive losses wipe out PBGC surplus; Plan terminations in 2002 result in record deficit.(News)(Pension Benefit Guaranty Corp. deficit hit $3.6 billion in fiscal year 2002; reform initiatives being developed)
February 3, 2003... Byline: JERRY GEISEL WASHINGTON-Hammered by its biggest losses ever from pension plan terminations, the Pension Benefit Guaranty Corp.'s surplus has vanished, leaving the agency with a record deficit. In fiscal 2002, the PBGC's...

Allianz WTC cover ruled vague on `occurrence'.(News)(jury must decide if World Trade Center destruction is one or two events for Allianz Insurance Co. coverage purposes, judge rules)
February 3, 2003... Byline: DOUGLAS McLEOD NEW YORK-A federal judge has refused Allianz Insurance Co.'s request for a ruling that the World Trade Center's destruction was one occurrence under policies it issued before the Sept. 11, 2001, terrorist attack. ...

Editorial: Employers must prepare.(Opinions)(in event of US war with Iraq, to manage risks)(Brief Article)(Editorial)
February 3, 2003... AS THE NATION gears up for possible war in Iraq, many U.S. employers are going above and beyond the call of duty to reduce the impact of hostilities on their employees. As we report on page 1, employers voluntarily are continuing to...

World Updates.(International)(brief new items)
February 3, 2003... Lloyd's chairman bullish on market Lloyd's of London is ``a beacon'' in a time of financial uncertainty and is confident of its future, Chairman Peter Levene told the Assn. of Insurance & Risk Managers at AIRMIC's annual lecture last week...

Late News.(brief items)
February 3, 2003... Defined contribution overhaul in works The Bush administration will propose replacing defined contribution plans-including 401(k), 403(b) and 457 plans-with a new type of plan called Employer Retirement Savings Accounts. ERSAs would be...

Businesses preparing for risks arising from war.(News)(multinational companies must plan for risks related to possible war with Iraq)
February 3, 2003... Byline: DAVE LENCKUS Growing prospects of war with Iraq are driving some multinational companies to develop or dust off crisis management plans, but Sept. 11 gave many U.S. organizations an earlier start on risk management efforts that...

For The Record.(Briefs)
February 3, 2003... AXIS to purchase Kemper D&O, EPL rights Pembroke, Bermuda-based AXIS Capital Holdings Ltd. has agreed to purchase the renewal rights to Kemper Insurance Cos.' financial lines business, which includes directors and officers liability,...

Asbestos revisions continue; More to come: Analysts.(News)(analysts anticipate insurers will set aside larger reserves to cover asbestos liabilities, possibly affecting credit ratings)
February 3, 2003... Byline: DOUGLAS McLEOD The rising tide of asbestos claims engulfed another insurer's financial results last week as ACE Ltd. boosted its asbestos reserves by $1.91 billion and said it is taking a $354 million aftertax charge against...

Employers extend cover; Offerings to reservists exceed health benefits rule.(News)(companies extend health insurance to military reservists)
February 3, 2003... Byline: JERRY GEISEL and MICHAEL PRINCE As the threat of war in Iraq looms, employers are responding by extending health care coverage to reservists called to active military duty and to their dependents. Of the 15 employers surveyed...

Self-insureds lagging in detection of claims fraud; Little investigating done.(Spotlight: Claims Management)
February 3, 2003... Byline: JOANNE WOJCIK Fighting fraud would seem to command greater attention during tough economic times, when bogus or inflated claims are more likely to occur, but that isn't always the case, especially among companies that are largely...

Employers taking steps to manage hospital costs.(News)(as hospital costs are identified as source of steep hikes, companies work to control them)
February 3, 2003... Byline: JUDITH NEMES Employers like Aircraft Gear Corp. may be clairvoyant. Months before two studies singled out soaring hospital costs as the main culprit behind rising health care spending, Aircraft Gear and 50 other companies in a...

A/BT Perspective: Preparation essential before approaching underwriters.(Agent/Broker Topics)(trends affecting construction insurance market)
February 3, 2003... Byline: Steven Davis Hard markets drive equally hard decisions. Their difficult terms and conditions, for example, can drop agents and brokers and clients into sweet dreams of sailing off to greener shores-in alternative markets. ...

U.K. flex time law creates exposures; AIG Corporate Governance seminar.(International)
February 3, 2003... Byline: SARAH VEYSEY LONDON-Employers in the United Kingdom will face increased employment liability risks when legislation restricting employers' ability to refuse flexible work time requests from parents of young children takes effect...

Employers revisiting integrated benefits; Aiming at cost control.(Spotlight: Claims Management)
February 3, 2003... Byline: MEG FLETCHER Employers' soaring bills for workers' health care and workers compensation benefits are causing some to step back and broadly re-evaluate the cost effectiveness of such programs, so they can better identify true cost...

Comings & Goings: Industry.(News)(broker and insurer hirings and appointments)
February 3, 2003... Brokers: John J. Alfieri has been named executive vp and managing director of Willis Risk Solutions, Willis Group Holdings Ltd.'s North American large-account practice. Mr. Alfieri joins Willis from Munich-American Risk Partners, where he...

Risk data exchange aims to improve transactions.(Agent/Broker Topics)(Lloyd's plans online information exchange for insurers and agents to facilitate underwriting, cut costs )
February 3, 2003... Byline: SARAH VEYSEY Project Blue Mountain, a Lloyd's of London-backed electronic information exchange designed to increase efficiency and reduce costs for insurance buyers, brokers and underwriters, will be launched during the first...

More claims denials seen in current hard market; Lawyers now handling claims from the outset.(Spotlight: Claims Management)(as insurers increasingly challenge claims, lawyers are taking over submission process from beginning)
February 3, 2003... Byline: ROBERTO CENICEROS Some policyholder attorneys say they are busier than ever helping their clients obtain settlements from insurers that rejected their coverage claims. The increased caseload is noticeable across all lines of...

Legal bill auditors offer help in cutting litigation costs; Scrutiny of billing also can curtail duration of claims.(Spotlight: Claims Management)(growing market for services to audit legal billing, manage use of outside legal services, and cutting litigation costs)
February 3, 2003... Byline: MICHAEL PRINCE As the cost of litigating claims rises, more employers and insurers are looking at strategies to help reduce the amount they pay to outside attorneys. Perhaps the most common approach involves bringing in an...

Buyers show interest, but how to do it? Some producers seek assistance gaining access to nontraditional markets.(Agent/Broker Topics)
February 3, 2003... Byline: MARK A. HOFMANN This much is certain: When markets turn hard, customers start looking for alternatives. That notion was underscored by the Council of Insurance Agents & Brokers' ``Commercial Insurance Market Index'' for the...

Between the Lines; When is a reinsurer not a reinsurer?(News)(brief items)
February 3, 2003... Byline: Compiled by Joanne Wojcik Has the New York Attorney General's office inadvertently given a legal leg up to policyholders that want to force Lloyd's of London runoff reinsurer Equitas Ltd. to obtain a New York reinsurance license...

Captives gaining in popularity amid market constriction.(Agent/Broker Topics)(brokers who can bring clients and captive together find strong business)
February 3, 2003... Byline: MICHAEL BRADFORD Brokers that provide access to captives or help clients form such vehicles are finding that the hard market is good for that end of their business. In a marketplace that began constricting even before the Sept....

USERRA, regs clarify benefit obligations.(News)(discussion of employee compensation and benefits under Uniform Services Employment and Reemployment Act of 1994)
February 3, 2003... Byline: JERRY GEISEL WASHINGTON-U.S. employers today have far more guidance on the benefits they must extend to employees called up from the reserves and National Guard than they had during the last major military conflict in the Middle...

Taking Stock: Uncertainty plaguing insurers.(News)(property-casualty insurers still unprofitable despite increased premiums, and asbestos liabilities continue to cause problems)
February 3, 2003... Byline: Myron M. Picoult Within the first week of the year, as we were chattering with industry participants and gurus, we were struck by a vision. We were confronted with the image of Spike Jones and his band playing ``Cocktails for...

Good handling key to pension changes; AIG Corporate Governance seminar.(International)
February 3, 2003... Byline: SARAH VEYSEY LONDON-Turbulent times for defined benefit pension plans in the United Kingdom are putting pressure on employers that sponsor such plans, said Lesley Browning of the London-based law firm of Norton Rose. ``You can...

Comings & Goings-Buyers.(News)
February 3, 2003... Camilla Davis has been promoted to vp of administration at F.A. Richard & Associates Inc., a third-party administrator in Mandeville, La. In this newly created position, Ms. Davis is responsible for risk management, legal issues, licensing...

Commuter liability in question; Appeals court finds exemption to 'going-and-coming' rule.(News)(suit returned to trial in matter of auto accident allegedly caused by employee's on-job exposure to pesticides)
February 3, 2003... Byline: ROBERTO CENICEROS LOS ANGELES-An employer can be liable for damages arising from an auto accident caused by an employee who was impaired by a workplace pesticide exposure, a California appeals court found. An attorney for the...

Some tort reforms are hard to swallow.(Commentary)(proposed Personal Responsibility in Food Consumption Act)(Column)
February 10, 2003... Byline: Douglas McLeod Pity poor McDonald's Corp. In winning the dismissal of a suit blaming it for the obesity and health problems of two teenagers, the company was forced into the tobacco industry defense: It can't be held liable,...

Bush budget plan calls for simplifying 401(k) testing rules.(News)
February 10, 2003... Byline: JERRY GEISEL WASHINGTON-Employers with generous 401(k) plans would face fewer administrative hassles if the Bush administration's proposed federal budget becomes law. A proposed change included in the budget package, which was...

Bush budget plan calls for increases in FSA, MSA flexibility.(News)(flexible spending accounts and medical savings accounts)
February 10, 2003... Byline: JERRY GEISEL WASHINGTON-Employees could roll over up to $500 per year in unused health care flexible spending account contributions for use during the next plan year, under a Bush administration proposal. Alternatively, unused...

Editorial: Fix, don't replace, health system.(Opinions)(Editorial)
February 10, 2003... UNIVERSAL HEALTH CARE is on the legislative table again in the United States, as several states are considering proposals that would expand coverage. As we report on page 4, California, Illinois, Maine, Maryland and Massachusetts are among...

Insurer consent is required for coverage to transfer in acquisition: California court.(News)(decision in Henkel Corp. vs Hartford Accident & Indemnity Co. )
February 10, 2003... Byline: ROBERTO CENICEROS SAN FRANCISCO-To transfer insurance coverage in a merger or acquisition may require insurer consent and does not automatically occur in the exchange of assets and liabilities, California's Supreme Court has ruled....

What to expect from an insurer-appointed attorney.(Perspectives)(in the event your company is sued for damages)
February 10, 2003... Byline: Louie Castoria Your company has been sued for damages. Your insurer has appointed a defense attorney from its panel counsel list. In walks a well-dressed stranger who is about to guide you and your company through the...

Shuttle lab insured at Lloyd's; $17.7 million cover attaches above larger retentions.(News)
February 10, 2003... Byline: DAVE LENCKUS LONDON-The owner of a $67 million science laboratory module that was aboard the space shuttle Columbia retained more than three-fifths of its risk but has marine insurance and a U.S. government guarantee to cover the...

Switzerland reviews pension security; Financial, demographic changes.(International)
February 10, 2003... Byline: CAROLYN ALDRED BERNE, Switzerland-Falling financial markets and an aging and longer-living population are forcing a major review of Switzerland's employer-sponsored pension funds and how they are financed, as concern grows about...

Push for universal health care being made in states; Employers are wary as varied proposals may turn states into labs for health care reform.(News)
February 10, 2003... Byline: JUDY GREENWALD Employers who breathed a sigh of relief when Oregon voters decisively defeated a universal health care proposal on last November's ballot may have been premature in their response. Not only are proponents of the...

Growing asbestos problem calls for reforms.(Perspectives)(Column)
February 10, 2003... Byline: Edmund F. Kelly Mounting liabilities for asbestos and the concomitant fear of bankruptcy are no longer confined to a small group of manufacturers. The potential costs to individual companies and the drag on the economy have become...

Products & Services; New company provides risk management services.(Briefs)(SAFE Risk Management Systems L.L.C. formed; intellectual property insurance; new name for International Foundation of Employee Benefit Plans; other briefs)
February 10, 2003... BALTIMORE, Md.-SAFE Risk Management Systems L.L.C. is a new independent source of risk management services. The Baltimore-based firm offers a number of services aimed at assessing and mitigating risks. Those services include vulnerability...

Management, technical skills key to success; Ask a Risk Manager.(Perspectives)(Interview)
February 10, 2003... Byline: Christopher E. Mandel Q: What kind of professional development and continuing education should risk managers pursue to get ahead in their careers? A: There's no one right answer to this, because it depends to a significant...

Shuttle disaster raises questions; Contractor liability may be limited.(News)
February 10, 2003... Byline: MARK A. HOFMANN As the National Aeronautics and Space Administration investigates the cause of the second major disaster in its space shuttle program, a 1988 Supreme Court decision could help limit the legal liability of...

Editorial: More insurers should top off reserves.(Opinions)(Editorial)
February 10, 2003... KUDOS TO HANK GREENBERG for shining a light on a property/casualty insurance company problem that many in the industry would prefer stayed in the shadows. American International Group Inc. last week announced it would take a $1.8 billion...

For The Record.(Briefs)(further dispute over coverage of World Trade Center attack; US property/casualty rates; insurance companies' sales and earnings; other briefs)
February 10, 2003... Swiss Re files new WTC cover brief Swiss Reinsurance Co. has filed a brief in a New York federal appeals court, blasting World Trade Center leaseholder Silverstein Properties Inc.'s claim that the Sept. 11, 2001, attacks were two separate...

Employers deploy grief counselors.(News)(following crash of space shuttle Columbia)(Brief Article)
February 10, 2003... Byline: Michael Prince HOUSTON-Shortly after the space shuttle Columbia went down, shuttle operator United Space Alliance activated its employee assistance program's efforts to help its employees cope with the tragedy. The...

P&I club bails out oil tanker's captain.(International)(protection and indemnity insurance provider London Steam-Ship Owners' Mutual Insurance Association Ltd.)(Brief Article)
February 10, 2003... Byline: Sarah Veysey LONDON-The protection and indemnity insurer of the sunken oil tanker Prestige said it would post bail for the captain of the vessel, which spilled its cargo after breaking up of the coast of Spain in November. The...

World Updates.(International)(Arch Insurance (Bermuda) raises excess liability capacity; Max Re's and other insurers' sales and earnings; other briefs)
February 10, 2003... Arch's Bermuda unit boosts excess capacity Arch Insurance (Bermuda), a division of Arch Reinsurance Ltd., has increased its excess liability capacity to $40 million from $25 million. Arch Insurance (Bermuda) was established in March 2002 to...

A modern twist on the game of life.(News)(updating games such as Monopoly to mirror modern life; suggests some new games, such as Sue Everybody!)(Editorial)
February 10, 2003... Byline: Paul Winston Business often relies on analogies drawn from games to illustrate a point. You step up to the plate. You roll the dice. You're just a pawn. You do not pass ``Go.'' Similarly, games are often designed to mirror real...

Political risks simmering in Venezuela; Few claims, but insurers have little interest in writing new coverage.(International)
February 10, 2003... Byline: ROBERTO CENICEROS CARACAS, Venezuela-Although Venezuela is seeing the months-long strike that crippled its industry start to wind down, many political insurers remain wary of the country's risk profile. It is likely impossible...

AIG boosts reserves to cover excess casualty, D&O claims.(News)(American International Group Inc. to increase loss reserves for casualty business)(Brief Article)
February 10, 2003... Byline: Regis Coccia NEW YORK-American International Group Inc. said last week that it will increase its loss reserves by $2.8 billion for casualty business it wrote between 1997 and 2001. AIG said it would incur a net aftertax charge...

Late News.(proposed patients' bill of rights; Bethlehem Steel to eliminate retiree benefits; other briefs; change in alleged job discrimination claims; other briefs)
February 10, 2003... New patients' rights bill introduced Rep. Charles Norwood, R-Ga., formally relaunched his effort to get a so-called ``Patients' Bill of Rights'' enacted by introducing a bill last week. The bill omits provisions previous measures had that...

N.J. regulator orders Zurich to roll back med mal rate hikes.(News)
February 10, 2003... Byline: GAVIN SOUTER TRENTON, N.J.-New Jersey's top insurance regulator last week ordered Zurich America to roll back medical malpractice insurance rate increases to 30% from the triple-digit levels it was seeking. The order came on...

Coverage is costly for journalists who would cover a war.(News)(publushing houses to face higher insurance costs)
February 10, 2003... Byline: JOANNE WOJCIK and MEG FLETCHER As news organizations prepare to cover the possible U.S.-led invasion of Iraq, they are facing sharply higher insurance costs to cover reporters being sent to the Middle East and other political hot...

Near North to sell brokerage division; Ex-Aon execs to fill CEO, CFO roles.(News)
February 10, 2003... Byline: RODD ZOLKOS CHICAGO-The proposed acquisition of Near North National Group's brokerage operations will result in a new brokerage to be built around Near North's existing staff and executive leadership, according to the transaction's...

Measuring risk's scope a tough job; Without standards, approaches vary.(Spotlight: Enterprise Risk Management)
February 17, 2003... Byline: JUDY GREENWALD ***** Correction: Due to incorrect information supplied to Business Insurance, the ZIP code for Bickmore Risk Services in the Feb. 17 ranking of independent U.S. risk management consultants was incorrect....

Banks move to broaden risk efforts; New accord prompts centralized approach.(Spotlight: Enterprise Risk Management)(Basel Capital Accord triggers greater research by banks into operational risks)
February 17, 2003... Byline: DOUGLAS McLEOD An upcoming international banking accord is pushing large banks to tackle operational risks ranging from rogue trading to terrorism in a new way: as part of their expanding enterprise risk management programs. ...

A dedicated few offer captive expertise; Decreasing number of insurers provides varied services.(Insurer Topics: Alternative market strategies)
February 17, 2003... Byline: RODD ZOLKOS Though many insurers aren't tapping the dramatic increase in captive insurance activity for business opportunities, a few are moving aggressively in that direction. For those that are involved in captive business,...

Economy, hard market slow growth of ERM; But governance push provides new impetus.(Spotlight: Enterprise Risk Management)
February 17, 2003... Byline: RODD ZOLKOS A tough economy, the challenges of a hard insurance market and other factors may be slowing the implementation of enterprise risk management efforts, but a move toward broadening the scope of risk management continues....

Errors & omissions.(Corrections)(Correction Notice)
February 17, 2003... * A Feb. 10 story on insurance coverage for journalists assigned to report on wars and other dangerous situations incorrectly stated that war risk exclusions have been added to accidental death and dismemberment policies since Sept. 11, 2001....

Measuring risk's scope a tough job; Without standards, approaches vary.(Spotlight: Enterprise Risk Management)
February 17, 2003... Byline: JUDY GREENWALD One of the most critical tasks in enterprise risk management is measuring risk, yet it can also be one of the most daunting. Risk measurement is ``absolutely para-mount right now, and, going forward, I think...

More buyers considering captive use.(Insurer Topics: Alternative market strategies)(Interview)
February 17, 2003... Byline: MICHAEL BRADFORD Brokers that provide access to captives or help clients form such vehicles are finding that the hard market is doubly good for business. In a marketplace where commercial insurance coverage is more expensive and...

Pet-loss lawsuits a dog-gone shame.(News)(proposed Colorado law permitting suit over loss of pet will harm pets and pet owners in the long run if enacted)
February 17, 2003... Byline: Paul Winston In what may be a first-but, one hopes, also a last-legislation introduced in Colorado would change the legal status of pet dogs and cats, making them ``companions'' instead of property. The change proposed in a...

Cost shifting alone won't halt rising expenses, execs say; 2003 Employee Healthcare Conference.(News)(Cost shifting is temporary solution to increasing costs of health care)
February 17, 2003... Byline: MICHAEL PRINCE NEW YORK-Cost-shifting is only a temporary solution to rising health care costs, two benefits executives say. The executives acknowledge that requiring employees to pay a larger share of their health care costs,...

Editorial: Account proposals are a mixed bag.(Opinions)(Retirement savings plans proposals)(Editorial)
February 17, 2003... IN ASSESSING the Bush administration's retirement savings plan proposals-contained in its proposed federal budget for the next fiscal year-we think the administration got it only partly right. On the plus side, we strongly endorse the...

Long-term cost savings depend on careful planning; 2003 Employee Healthcare Conference.(News)
February 17, 2003... Byline: MICHAEL PRINCE NEW YORK-The current health care environment offers corporate benefit managers an opportunity to make long-term changes to contain rising costs. If there is a silver lining to the cloud of soaring health care...

Cost of U.S. tort system increasing steeply: Study.(News)
February 17, 2003... Byline: RODD ZOLKOS The cost of the U.S. tort system increased 14.3% in 2001, the highest one-year percentage increase since 1986, according to a new tort cost study by Tillinghast-Towers Perrin. Including insured and self-insured...

Pols seek med mal crisis scapegoat.(News)(Politicians are targeted for medical malpractice insurance price hikes )
February 17, 2003... Byline: MARK A. HOFMANN WASHINGTON-The Capitol Hill battle over White House-backed medical malpractice reform legislation appears to be turning into a search by politicians for who should bear the most blame for spiraling malpractice...

Editorial: To aid med mal reform, physicians, heal thyselves.(Opinions)(Brief Article)(Editorial)
February 17, 2003... ACCORDING TO WHO'S DOING the talking on Capitol Hill about the current medical malpractice insurance crisis, listeners can come away with the distinct impression that the situation is caused by either: (A) greedy and unscrupulous trial lawyers...

Comings & Goings.(News)(Samuel G. Liss is named executive vp of business development at St. Paul Cos. Inc.; notes personnel moves in other companies)
February 17, 2003... Insurers: Samuel G. Liss has been named to the newly created position of executive vp of business development at St. Paul Cos. Inc. in St. Paul, Minn. Mr. Liss previously was managing director at Credit Suisse First Boston. Roberto...

Buyers fear shrinking market as Gerling seeks new owner; Sale of reinsurance unit seen as critical to group's stability.(International)(Gerling Global Reinsurance Corp.)
February 17, 2003... Byline: CAROLYN ALDRED COLOGNE, Germany-Continuing uncertainty surrounds Gerling Group, one of Germany's largest property/casualty insurers, as it seeks regulatory approval for the sale of its reinsurance operation, considered vital to...

Between the Lines; On the waterfront.(News)(Max Re Ltd raids competitor for personnel; other news is discussed)
February 17, 2003... Byline: Compiled by Joanne Wojcik In an illustration of Bermuda's tight labor market, Max Re Ltd. has assembled its new excess general liability underwriting team by raiding a nearby competitor. Max Re announced the completion of the team...

Steelmaker's benefit cut leaves retirees out in cold.(News)(Bethlehem Steel Corp)
February 17, 2003... Byline: JUDY GREENWALD BETHLEHEM, Pa.-Bethlehem Steel Corp.'s decision to eliminate life and health benefits for substantially all of its retirees and their dependents may lead the way for many other cash-strapped employers to do the same....

World Updates.(International)(Case of Equitable Life Assurance Society vs Ernst & Young is discussed, as is other news)
February 17, 2003... Equitable Life to appeal auditor claims dismissal Equitable Life Assurance Society plans to appeal a U.K. High Court's dismissal of two negligence claims that the defunct life insurer brought against its former auditor, Ernst & Young....

Insurers to share D&O yoke; Professional Liability Underwriting Society's D&O Symposium.(News)(Insurers seek to curb scope of directors and officers liability coverage )
February 17, 2003... Byline: GAVIN SOUTER NEW YORK-Insurers are seeking to curb the scope of directors and officers liability coverage as they face mounting losses in that line, a panel of D&O insurers said. One option insurers are considering is...

Business hails ABA asbestos plan.(News)
February 17, 2003... Byline: MEG FLETCHER SEATTLE-Employer and insurer representatives are enthusiastic about the American Bar Assn.'s plan to urge Congress to enact a new asbestos claims standard. Business interests are hopeful that support from the...

Marine mutual market navigating shoals; Years of losses, low investment returns bring rate hikes, negative outlook.(International)
February 17, 2003... Byline: SARAH VEYSEY LONDON-Shipowners are likely to see substantial rate increases when their protection and indemnity coverage renews Feb. 20, as underwriting losses and low investment returns erode the mutual insurers' free reserves....

S&P forecasts capital base bodes well for Lloyd's future.(International)(Lloyd's of London)
February 17, 2003... Byline: Sarah Veysey LONDON-Lloyd's of London will likely post a strong operating performance for the 2002 and 2003 years of account, according to Standard & Poor's Corp. In affirming its A rating on Lloyd's, S&P cited the continuing...

Insurers' 2002 cat tab to total $5.8 billion.(News)(Insured property damage from catastrophes last year )(Brief Article)
February 17, 2003... Byline: MARK A. HOFMANN Insured property damage from catastrophes last year will total about $5.8 billion, according to preliminary estimates issued last week by the Insurance Services Office Inc.'s Property Claim Services unit. That...

For The Record.(Briefs)(Senate introduces bill to expand Family and Medical Leave Act; other news is discussed)
February 17, 2003... Bill to expand FMLA introduced in Senate Ten years after the enactment of the Family and Medical Leave Act, legislation has been introduced to expand the 1993 law. Under the FMLA, employees working for organizations with more than 50...

Late News.(Suit involving World Trade Center insurer Zurich American Insurance Co. is discussed, as is other news)
February 17, 2003... WTC coverage suit to proceed against Zurich World Trade Center insurer Zurich American Insurance Co. has lost a motion for summary judgment that it is liable for only one policy limit under a binder it issued for its $45.7 million share of...