Business Insurance articles from January 2008

Business Insurance archives from January 2008

RMS launches RiskBrowser for wholesalers.(Industry News)(Risk Management Solutions Inc.)(Brief article)
January 1, 2008... NEWARK, Calif.-Risk modeling firm Risk Management Solutions Inc. has launched a new risk modeling platform specifically for wholesale brokers. According to Newark, Calif.-based RMS, the new Wholesale Broker RiskBrowser provides access to...

Court ruling latest page in Integrity saga; Update.(Industry News)(cases of Integrity Insurance Company Inc.)(Brief article)
January 1, 2008... Byline: Meg Fletcher TRENTON, N.J.-In a 3-2 decision, the New Jersey Supreme Court ruled last month that allowing policyholders to present estimated claims for payment by Integrity Insurance Co., which is in liquidation, violates New...

Help execs grip the flying trapeze.(Last Word)(analysis of executive hirings)
January 1, 2008... Byline: Stacy Nathan One million dollars. It's not a policy claim-it's the cost to an insurance company to replace a newly hired executive who doesn't make the grade. Failure rates among new executives hired from outside the company...

Assurex names new chairman.(Industry News)(Bill Jeatran appointed at Assurex Global)(Brief article)
January 1, 2008... COLUMBUS, Ohio-Worldwide independent insurance broker network Assurex Global has named Bill Jeatran to be its new board chairman. Mr. Jeatran, chief executive officer of Minneapolis-based RJF Agencies Inc., succeeds Paul J. Hering, managing...

AAIS to study high-tech link to personal injury claims.(Industry News)(American Association of Insurance Services)(Brief article)
January 1, 2008... WHEATON, Ill.-The American Assn. of Insurance Services is inviting property/casualty insurers to participate in a special study examining the frequency and severity of personal injury claims such as libel, slander and violation of privacy. ...

Insurance educators to join forces in 2008.(Industry News)(merger between Griffith Foundation for Insurance Education and Insurance Education Institute)(Brief article)
January 1, 2008... COLUMBUS, Ohio-Two insurance education organizations, the Insurance Education Institute and the Griffith Foundation for Insurance Education, have merged effective Jan. 1. The new Griffith Insurance Education Foundation will provide risk...

Wells Fargo teams with Great American Custom in specialty business alliance.(Industry News)(Wells Fargo Special Risks Inc. and Great American Custom Insurance )(Brief article)
January 1, 2008... CHICAGO-The Wells Fargo Special Risks Inc. subsidiary of Wells Fargo Insurance Services Inc. has entered into a strategic alliance with the Great American Custom Insurance division of specialty property/casualty underwriter Great American...

Flexibility key to retention.(Cover: Focus: Recruiting & Retention)(ITT Hartford Group Inc.)
January 1, 2008... Byline: Meg Fletcher A hard-working registered nurse with business acumen is the kind of baby boomer employee that the Hartford Insurance Group wants on the job, even while she battles breast cancer. That is why Barbara S. Campbell,...

Avoiding the boomer brain drain.(Cover: Focus: Recruiting & Retention)
January 1, 2008... Byline: Meg Fletcher Retaining and recruiting baby boomers is a strategy that some companies and consultants recommend to deal with the impending demographic shift that researchers say will create so-called brain drain in the industry. ...

Markel offers new excess flood cover.(Industry News)(Markel American Insurance Co. )(Brief article)
January 1, 2008... PEWAUKEE, Wis.-Markel American Insurance Co. has launched an admitted excess flood program for residential and nonresidential properties. The program is available in Alabama, Arizona, California, Colorado, Mississippi, North Carolina,...

Better tools can be the nectar that attracts top performers.(Cover: Focus: Recruiting & Retention)(Hub International Ltd.)
January 1, 2008... Byline: Rodd Zolkos For many insurance agents and brokers looking to become an employer of choice, a focus on providing producers the best possible tools has enhanced their ability to attract and retain top-level talent. "People want...

Three questions.(Industry News)(analysis of product liability)
January 1, 2008... While recent highly publicized toy recalls raised awareness of product liability issues, for some, concern over the subject might fade as we move away from the holiday season. But according to A.V. Riswadkar, liability line of business director...

Max Capital forms managing general underwriter.(Industry News)(Max Capital Group Ltd. and Max Managers USA Ltd.)(Brief article)
January 1, 2008... HAMILTON, Bermuda-Specialty insurance and reinsurance provider Max Capital Group Ltd. has formed a managing general underwriter, Max Managers USA Ltd., that will underwrite policies written by Max Specialty Insurance Co. Max Specialty...

Integrated IT systems redirect focus to product development.(Tech Focus)
January 1, 2008... Byline: Debbi Marquette The commercial insurance market is changing in ways that no one could have predicted. Five years ago, insurance related to climate change was practically unheard of. Today, it's being debated in Congress, and...

Hot topic; Industry leaders discuss strategies to address climate change risks.(Feature: Gatherings)
January 1, 2008... Byline: Meg Fletcher BOSTON-The insurance industry may be able to reduce losses from natural catastrophes in the long run by addressing climate change, but it can have a greater immediate impact by encouraging tougher building codes and...

Chance of workforce change: 100%.(First Word)(idustry forecasts of insurance industry)
January 1, 2008... Byline: Rodd Zolkos As new years begin, there's always a tendency to try to predict significant events of the next 12 months or identify key trends and issues that will mark the year. In the commercial insurance industry, according to...

On the move.(John R. Strangfeld appointed at Prudential Financial Inc.)(Daniel S. Glaser appointed at Marsh & McLennan Companies Inc.)(Nick Frankland appointed at Guy Carpenter and Company Inc.)
January 1, 2008... Prudential Financial Inc.'s board has elected John R. Strangfeld CEO and chairman. Mr. Strangfeld, who had been vice chairman and headed all of the Newark, N.J.-based company's U.S. businesses, succeeds Arthur F. Ryan who is retiring. New...

Alternative risk transfer market growth continues despite soft market.(Feature: Gatherings)
January 1, 2008... Byline: Rodd Zolkos SCOTTSDALE, Ariz.-Even in the face of a softening traditional insurance market, the alternative risk transfer market continues to grow, with little to suggest that trend will change. Offering the keynote address at...

Catching the brightest; Keys to recruitment, retention are in the balance.(Cover: Focus: Recruiting & Retention)(Report)
January 1, 2008... Byline: Meg Fletcher Helping workers balance the demands of work and life is vital to recruiting and retaining young employees in the insurance industry, experts say. Some proactive insurers, agent/brokers and trade associations are...

Answers warranted on Gen Re dealmakers.(Opinions)(cases of General Re Corp.)(Brief article)
January 7, 2008... WHAT DID WARREN BUFFETT KNOW and when did he know it? That is a crucial question in the criminal fraud trial of four former General Re Corp. executives, which is scheduled to start today. Attorneys for defendants Ronald Ferguson and...

Mass. raises fines for rejecting cover.(News)(laws and rules of health insurance)
January 7, 2008... Byline: JERRY GEISEL BOSTON-Massachusetts residents who can afford to buy health insurance coverage but do not would pay penalties of up to about $900 in 2008, under proposed regulations. Under the state's landmark 2006 law, intended...

New Year's resolutions everyone can manage.(Commentary)
January 7, 2008... Byline: Paul Winston Every Jan. 1, millions of people engage in the tradition of making resolutions for the new year. This human drive to improve ourselves is admirable, but unfortunately most of these resolutions are doomed from the...

END OF THE ERIE COUNTY LINE.(News)
January 7, 2008... The many twists and turns in the Erie County, Pa., retiree health care saga August 2000: The 3rd U.S. Circuit Court of Appeals rules that the Age Discrimination in Employment Act applies to retiree health care plans. The ruling, involving...

Court rules for UPS in case over driver hearing tests; Decision overturns ruling that delivery company discriminated against hearing-impaired workers, applicants.(News)
January 7, 2008... Byline: ROBERTO CENICEROS SAN FRANCISCO-Employers using business necessity as a defense against discrimination lawsuits received a boost last month when a federal appeals court ruled in favor of United Parcel Service Inc. in a case filed...

Canadian employers targeted as overtime suits migrate north; Employees in Canada seek compensation for longer workdays.(International News)
January 7, 2008... Byline: GLORIA GONZALEZ Taking a cue from their U.S. counterparts, Canadian plaintiffs lawyers have identified unpaid overtime as the next employment issue ripe for litigation, with several Canadian companies already accused of violating...

IRS proposes new rules for cash balance plans on vesting, pay credits.(News)(Internal Revenue Service)
January 7, 2008... Byline: JERRY GEISEL WASHINGTON-Slowly, the Internal Revenue Service is providing guidance to aid employers in complying with cash balance pension plan provisions contained in a sweeping 2006 pension funding reform law. In proposed...

Snow brings free vacations for Canadians.(End Page)(services of itravel2000.com )(Brief article)
January 7, 2008... Thousands of Canadians hoping for a white New Year got their wish, and a free vacation to boot. Online travel retailer itravel2000.com is giving away winter getaways to Montreal travelers who participated in the company's "Let it Snow''...

Marsh shakes up broker management; Realignment of North American and international business brings new faces, exits.(News)(Marsh Inc.)
January 7, 2008... Byline: SALLY ROBERTS NEW YORK-The revolving door within Marsh Inc.'s executive ranks continued to swing last week with news that Philip Moyles, Marsh's recently appointed chief executive officer of the Americas, and Mark Feuer, chief...

In brief.(News)(biopharmaceutical company asks permission from Department of Labor)(political activity of George.W.Bush)(Berkshire Hathaway Group acquires NRG N.V. )
January 7, 2008... Cephalon seeks to use captive to fund benefits A major biopharmaceutical company is asking the Labor Department for permission to fund employee benefit risks through the Vermont branch of its Bermuda-domiciled captive insurer. Cephalon...

Anthony Kuczinski.(Spotlight: People to Watch)(Munich Re America)(Brief article)
January 7, 2008... Anthony Kuczinski, Chief Executive Officer, Munich Re America, Princeton, N.J. His role: Promoted to CEO effective Jan. 1 to succeed John Phelan, who retired as head of the U.S. division of Germany's Munich Re Group. Mr. Kuczinski...

San Francisco fights for 'play or pay' law; City scrambles to stop ban on health cover rule.(News)
January 7, 2008... Byline: JUDY GREENWALD PASADENA, Calif.-The city of San Francisco turned to a federal appeals court last week in defense of a law, intended to expand health care coverage for uninsured residents, that a lower court ruled violates federal...

Greg Case.(Spotlight: People to Watch)(Aon Corp.)(Brief article)
January 7, 2008... Greg Case, Chief Executive Officer, Aon Corp., Chicago His role: In the two-and-a-half years since Greg Case became president and chief executive officer of Aon Corp., he has overseen one round of restructuring and now is beginning to...

Sen. Hillary Rodham Clinton.(Spotlight: People to Watch)(Brief article)
January 7, 2008... Sen. Hillary Rodham Clinton, Candidate for Democratic presidential nomination, D-New York Her role: As first lady in 1993, Hillary Clinton led a failed national health care reform task force that advocated dismantling the current system in...

Gov. Arnold Schwarzenegger.(Spotlight: People to Watch)(Brief article)
January 7, 2008... Gov. Arnold Schwarzenegger, State of California, Sacramento, Calif. his role: Among other initiatives, California Gov. Arnold Schwarzenegger will continue efforts toward enactment of universal health care coverage legislation. The...

Richard Blumenthal.(Spotlight: People to Watch)(Brief article)
January 7, 2008... Richard Blumenthal, Attorney General, State of Connecticut, Hartford, Conn. His role: Connecticut Attorney General Richard Blumenthal not only kept industry investigations alive in 2007, he moved the focus away from insurers and brokers...

People to watch.(Spotlight: People to Watch)
January 7, 2008... As part of our annual year-in-review features, Business Insurance looks back at the top stories and the people who made news during the prior 12 months. For 2008, we decided to add something new: We're also looking ahead to identify some of the...

Mitt Romney.(Spotlight: People to Watch)(Brief article)
January 7, 2008... Mitt Romney, Candidate for Republican presidential nomination, Boston His role: Of all the presidential candidates, Mitt Romney is the only one to successfully enact-as Massachusetts' governor in 2006-comprehensive health care reform...

Warren Buffett.(Spotlight: People to Watch)(Berkshire Hathaway Inc.)(Brief article)
January 7, 2008... Warren Buffett, Chairman, Berkshire Hathaway Inc., Omaha, Neb. His role: Warren Buffett is a world-renowned investor and head of Berkshire Hathaway, whose General Re Corp. unit engineered a pair of allegedly fraudulent reinsurance deals...

Rep. George Miller.(Spotlight: People to Watch)(Brief article)
January 7, 2008... Rep. George Miller, Chairman, House Education and Labor Committee D-California His role: Rep. George Miller, the longtime ranking minority member of the Education and Labor Committee, became chairman in January 2007 after Democrats...

Rep. Patrick Kennedy.(Spotlight: People to Watch)(Brief article)
January 7, 2008... Rep. Patrick Kennedy, U.S. House of Representatives, D-Rhode Island His role: Rep. Patrick Kennedy is the chief sponsor of mental health care benefits parity legislation and its most outspoken advocate in the House of Representatives. ...

Rise in securities class actions tied to market, subprime woes.(News)
January 7, 2008... Byline: DAVE LENCKUS Subprime mortgage problems and stock market volatility drove up securities class action lawsuit filings in the second half of 2007, but total filings last year remained below the 10-year average, according to a report...

Illegal immigrant wins comp cover.(News)(South Carolina. Supreme Court)
January 7, 2008... Byline: ROBERTO CENICEROS COLUMBIA, S.C.-An illegal immigrant who falsified documents to gain employment is entitled to workers compensation benefits stemming from a workplace injury, South Carolina's Supreme Court ruled. The...

Mayor urges citywide diet.(End Page)(political activity of Mick Cornett )(Brief article)
January 7, 2008... Oklahoma City Mayor Mick Cornett is challenging residents to collectively lose 1 million pounds so the city can shed its image as one of America's fattest communities. The effort to combat fat is part of a larger campaign to transform the...

'Flux babes' barely have it covered.(End Page)(Adrian Flux Insurance )(Brief article)
January 7, 2008... Well, sex sells, as they say, and Adrian Flux Insurance is hoping it might earn them a few more dollars. The U.K.-based specialty car brokerage launched a "girl-powered'' calendar for 2008. The colorful and provocative month-minder...

Watchdog says Toyota ads promote insurance fraud.(End Page)(Toyota Motor Sales U.S.A. Inc.)(Brief article)
January 7, 2008... Burying your car under a pile of snow so a snowplow can "accidentally'' demolish it or pushing it off a cliff and reporting it stolen are ways to get a new car. They also could result in a trip to jail. Toyota Motor Sales U.S.A. Inc....

Eric Dinallo.(Spotlight: People to Watch)(New York. Department of Insurance)(Brief article)
January 7, 2008... Eric Dinallo, Superintendent, New York State Insurance Department, New York His role: Appointed to be the state's chief insurance regulator by Gov. Eliot Spitzer in December 2006; previous posts include general counsel for broker Willis...

Maurice R. Greenberg.(Spotlight: People to Watch)(C.V. Starr & Co. Inc. and American International Group Inc.)
January 7, 2008... Maurice R. Greenberg, Chairman and Chief Executive Officer, C.V. Starr & Co. Inc., New York His role: Leader of managing general agent C.V. Starr; resigned as chairman and CEO of American International Group Inc. in 2005, amid...

Travelers settles bid-rigging claims; Insurer agrees to $6 million fine, fully disclose broker compensation.(News)(Travelers Corp.)
January 7, 2008... Byline: SALLY ROBERTS ST. PAUL, Minn.-The Travelers Cos. Inc. ended 2007 by settling a multistate investigation and a shareholder lawsuit involving its business practices, including the practice of paying brokers contingent commissions....

Market moves.(HCC Insurance Holdings Inc. acquires MultiNational Underwriters L.L.C.)(Swett and Crawford Group acquires Risk Reducers L.L.C.)(Arthur J. Gallagher and Co. acquires Koster Insurance Agency Inc. )(Brief article)
January 7, 2008... HCC buys MultiNational, sets up Lloyd's syndicate INDIANAPOLIS-Houston-based HCC Insurance Holdings Inc. said it has purchased Indianapolis-based life, accident and health insurer MultiNational Underwriters L.L.C. and received Lloyd's of...

Retiree health saga ends with EEOC rule; Age bias exemption gives employers relief.(News)(Equal Employment Opportunity Commission)
January 7, 2008... Byline: JERRY GEISEL WASHINGTON-A legal controversy that threatened many retiree health care plans likely ended late last month with the publication of a final rule by the Equal Employment Opportunity Commission affirming the ability of...

LAWSUITS MOUNT.(International News)(cases of KPMG L.L.P.)(cases of Canadian Imperial Bank of Commerce)(cases of Bank of Nova Scotia )(Brief article)
January 7, 2008... Several Canadian companies are being sued by current or former employees for violating federal and provincial employment statutes by failing to pay their employees for working overtime: * Canadian Imperial Bank of Commerce was sued in June...

Gen Re, AIG executives' trial to start today; Ronald Ferguson, others charged with conspiracy, fraud, lying to SEC.(News)
January 7, 2008... Byline: JEFF CASALE HARTFORD, Conn.-With pretrial motions out of the way, the stage is set for opening arguments as the trial of five former executives of General Re Corp. and American International Group Inc. begins today in U.S. District...

Billionaire activist with history of success takes stake in MMC.(News)(Marsh & McLennan Companies Inc.)
January 7, 2008... Byline: SALLY ROBERTS More changes at Marsh & McLennan Cos. Inc. could soon come by way of a new shareholder. Billionaire activist investor Nelson Peltz last week bought an undisclosed stake in New York-based MMC. His firm, Trian Fund...

Andrew Cuomo.(Spotlight: People to Watch)(Brief article)
January 7, 2008... Andrew Cuomo, Attorney General, State of New York, Albany, N.Y. His role: Elected to the attorney general's post left open when Eliot Spitzer won election to the governor's mansion, Mr. Cuomo has vowed to pursue corruption and hasn't given...

Roger Egan.(Spotlight: People to Watch)(Integro Ltd.)(Brief article)
January 7, 2008... Roger Egan, Chief Executive Officer, Integro Ltd., New York His role: Roger Egan became CEO of Integro in 2005, which he launched with industry veterans Robert Clements and Peter F. Garvey and more than $300 million in a private securities...

Rep. Paul E. Kanjorski.(Spotlight: People to Watch)(Congress. House. Committee on Financial Services)(Brief article)
January 7, 2008... Rep. Paul E. Kanjorski, Chairman, House Financial Services Committee's Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, D-Pennsylvania His role: Rep. Paul Kanjorski was elected chairman of the House...

Henry C.V. Keeling.(Spotlight: People to Watch)(XL Capital Ltd.)(Brief article)
January 7, 2008... Henry C.V. Keeling, Chief Operating Officer, XL Capital Ltd., Hamilton, Bermuda His role: As COO of Bermuda-based XL, Mr. Keeling oversees an insurer and reinsurer that is expanding globally. What's ahead: The recent announcement that...

Chris McSwain.(Spotlight: People to Watch)(Whirlpool Corp. )(Brief article)
January 7, 2008... Chris McSwain, Director of Global Benefits, Whirlpool Corp., Benton Harbor, Mich. His role: Mr. McSwain became director of global benefits at Whirlpool Corp. in December 2007 after serving as director of benefits and compensation at...

E&S reform proposal deserves fast action.(Opinions)(Brief article)
January 7, 2008... CONGRESS' LAST-MINUTE approval of a measure extending the federal terrorism insurance backstop for seven years was the most important piece of risk management-related legislative business concluded in 2007. That the program was extended-and...

Caribbean cat pool pays islands' quake losses.(International News)
January 7, 2008... Byline: KRISTIN GUNDERSON HUNT WASHINGTON-For the first time since its inception, a multinational catastrophe insurance pool has come to the aid of two Caribbean countries in need of emergency cash following a recent earthquake. An...

Janice Ochenkowski.(Spotlight: People to Watch)(Risk and Insurance Management Society Inc.)(Brief article)
January 7, 2008... Janice Ochenkowski, President, Risk & Insurance Management Society Inc., New York Her role: Ms. Ochenkowski, a managing director at Chicago-based Jones Lang LaSalle Inc., became president of the Risk & Insurance Management Society Inc. on...

David A. Sampson.(Spotlight: People to Watch)(Property Casualty Insurers Association)(Brief article)
January 7, 2008... David A. Sampson, President and CEO, Property Casualty Insurers Assn. of America, Des Plaines, Ill. His role: Mr. Sampson became president and CEO of the Property Casualty Insurers Assn. of America in September 2007. He previously served...

Michael J. Sicard.(Spotlight: People to Watch)(USI Holdings Corp.)(Brief article)
January 7, 2008... Michael J. Sicard, Chairman, President and CEO, USI Holdings Corp., Briarcliff Manor, N.Y. his role: Took over the helm of USI Holdings Corp. in November 2007 following the departure of David L. Eslick. Mr. Sicard joined USI's board...

Daniel S. Glaser.(Spotlight: People to Watch)(Marsh Inc.)(Brief article)
January 7, 2008... Daniel S. Glaser, Chairman and Chief Executive Officer, Marsh Inc., New York His role: Named chairman and CEO in December 2007 to succeed Brian Storms, who was fired in September for what Marsh & McLennan Cos. Inc. attributed to poor...

On the web.
January 7, 2008... PEOPLE TO WATCH 20 who'll make a difference in 2008 Business Insurance looks ahead to the coming year and the people likely to have an impact on risk and benefits management in 2008. The 20 chosen represent the diverse audience BI...

Online Poll at www.businessinsurance.com.(Opinions)
January 7, 2008... How long do you believe it will take broker Marsh & McLennan Cos. Inc. to find a new CEO to succeed Michael Cherkasky? Less than 3 months: 71% 3-6 months: 19% More than 6 months: 10% Next week's poll: What are the chances of...

Travelers settles bid-rigging claims; Insurer agrees to $6 million fine, fully disclose broker compensation.(News)
January 7, 2008... Byline: SALLY ROBERTS ***** Correction: A story in the Jan. 7 issue, "Travelers Settles Bid-rigging Claims,'' mischaracterized a $6 million payment by Travelers Cos. Inc. as a fine. According to settlement documents, the payment,...

Maurice R. Greenberg.(Spotlight: People to Watch)(Correction notice)
January 7, 2008... ***** Correction: Due to an editing error, a Jan. 7 profile of Maurice R. Greenberg misstated charges filed against him by former New York Attorney General Eliot Spitzer. In 2005, Mr. Spitzer accused the former American International Group...

Opportunity knocks in favorable market.(property and casualty insurance industry rates fall)(Report)(Brief article)
January 14, 2008... This January's renewal season seems to signal good times ahead for insurance buyers. As we report in our review beginning on page 11, for the majority of commercial property/casualty insurance lines, rates are falling significantly,...

Reinsurers remain disciplined despite softening market.(Spotlight: Property/Casualty Market Report)(Gill and Roeser Inc.)
January 14, 2008... Byline: JUDY GREENWALD Reinsurance renewals have remained disciplined despite a softening market that looks to continue pressuring prices through 2008, observers say. "I was surprised by the market consistency, the fact that everybody...

UP CLOSE John DiBlanda.(Comings & Goings)(John DiBlanda appointed at Valiant Insurance Group Inc.)
January 14, 2008... NEW JOB TITLE: Chief operating officer, chief financial officer of Valiant Insurance Group Inc. in New York. START DATE: Aug. 1, 2007. PREVIOUS POSITION: My previous position was as chief financial officer for Delos Insurance Co., a...

Competition heats up, casualty pricing falls; Insurers offer rate cuts even on tough classes as they seek to grow.(Spotlight: Property/Casualty Market Report )
January 14, 2008... Byline: SALLY ROBERTS Buyers renewing their casualty programs have gotten another helping of rate decreases, brokers and insurers say. Intense competition within the casualty market once again pushed primary casualty rates down on...

Soft market pressuring property rates; Lack of catastrophes, increased capacity help renewing buyers.(Spotlight: Property/Casualty Market Report)
January 14, 2008... Byline: KRISTIN GUNDERSON HUNT Two mild hurricane seasons in a row and an increase in capacity have pressured pricing for U.S. commercial property insurance, with rate decreases generally in the double digits for renewals this year, experts...

D&O market experts at odds over whether rate cuts will stop.(Spotlight: Property/Casualty Market Report)
January 14, 2008... Byline: DAVE LENCKUS The directors and officers liability insurance market was softer than it has been in years during Jan. 1 renewals, but market executives disagree over whether the double-digit rate cuts that some accounts experienced...

E&O rates soften in most of professional liability market.(Spotlight: Property/Casualty Market Report )(National Union Fire Insurance Company of Pittsburgh, Pennsylvania)
January 14, 2008... Byline: DAVE LENCKUS Many professional liability insurance buyers with loss-free accounts saw double-digit rate cuts at Jan. 1 renewals, with some negotiating even steeper rate cuts than last year. Compared with renewals last January...

Errors & Omissions.(Correction notice)
January 14, 2008... A story in the Jan. 7 issue, "Travelers Settles Bid-rigging Claims,'' mischaracterized a $6 million payment by Travelers Cos. Inc. as a fine. According to settlement documents, the payment, which will be allocated among the settling states and...

Canceled awards gala likely not covered; Golden Globes backer expected to face losses as strike dooms event.(News)(Hollywood Foreign Press Association)
January 14, 2008... Byline: SALLY ROBERTS LOS ANGELES-The Hollywood Foreign Press Assn. is likely uninsured for any lost income or expenses paid stemming from the cancellation of the 65th annual Golden Globe Awards ceremony, market sources say. The West...

Insurers anticipate profitable 2008 despite softening market conditions; But subprime crisis points to future losses for professional lines.(News)(ACE Ltd.)
January 14, 2008... Byline: GLORIA GONZALEZ NEW YORK-After a profitable 2007, the property/casualty insurance industry should experience more of the same in 2008, barring an increase in natural catastrophes, insurance executives say. The industry, though,...

PROPERTY/CASUALTY SECTOR OUTLOOK.(News)(Survey)
January 14, 2008... Will the commercial insurance sector-excluding workers compensation-experience improved profitability in 2008? Yes: 20% No: 80% Will the workers compensation sector experience improved profitability in 2008? Yes: 22% No:...

Employee of Hartford renovates bank account.(End Page)(employee of Hartford Financial Services Group Inc.)(Brief article)
January 14, 2008... A Connecticut insurance company employee didn't just rearrange the furniture, he sold it. Todd Olynciw was accused of defrauding Hartford Financial Services Group Inc. of nearly $900,000 during a seven-year renovation project. He pleaded...

Costs depend on the number of employees.(News)(laws and rules of health care costs)(Brief article)
January 14, 2008... Byline: Jerry Geisel SAN FRANCISCO-San Francisco's Health Care Security Ordinance, which was passed in 2006 and now has partially gone into effect, imposes a health care expenditure requirement on employers. The law leaves it up to...

Supply-chain risks misunderstood, mismanaged: Report; Economic forum says companies must develop effective risk management, mitigation strategies to address issue.(International News)(reports of World Economic Forum about supply chain risks)(Report)(Brief article)
January 14, 2008... Byline: ADRIAN LADBURY Fast-rising supply chain risks are poorly understood and managed by most companies, according to the World Economic Forum. Ahead of its annual meeting later this month in Davos, Switzerland, the WEF said in a...

Swiss Re issues $293M cat bond for French windstorm risks; String of recent deals structure coverage for European risks.(International News)(Swiss Reinsurance Co. and GROUPAMA)(Brief article)
January 14, 2008... Byline: MICHAEL BRADFORD ZURICH, Switzerland-Swiss Reinsurance Co. has placed a e200 million ($293.4 million) catastrophe bond covering windstorm events in France. The transaction is part of a three-year reinsurance agreement between...

SCOR renews alliance with U.K. doctor group; Med mal agreement renewed for 10 years.(International News)(Scor S.A. and Medical Defence Union Ltd. )(Brief article)
January 14, 2008... Byline: BEN NORRIS PARIS-SCOR S.E. has renewed its strategic alliance for medical malpractice business with the London-based Medical Defence Union Ltd. Under the 10-year agreement, which commences on April 1, Paris-based SCOR will...