Best's Review articles from December 2008

Best's Review archives from December 2008

Staying on track.(Editor's Desk)(Editorial)
December 1, 2008... Freight railroads in the United States transport more than 40% of the nation's goods, according to the Association of American Railroads. Our cover story, "Risk on the Rails," page 28, reports that out of the 33 million total carloads of...

Quote/unquote.(Comment)(Quotation)
December 1, 2008... "This financial cat is, a new kind of event for our industry. We have tended to think that a physical event would be the thing that impairs our industry." David Priebe Chairman of Global Client Development Guy Carpenter & Co. ...

Greenberg's task-trying to save AIG.(Briefing)(American International Group Inc.)(Maurice Greenberg)
December 1, 2008... When the final chapter is written on how the world's largest and most powerful, insurance company fell from glory, Maurice "Hank" Greenberg, who led American International Group Inc. for more than 35 years, will be featured prominently--a...

There were adults looking after it.(WORTH REPEATING)(American International Group Inc.)(Brief article)
December 1, 2008... Former AIG Chairman Maurice "Hank" Greenberg, explaining how AIG's financial services subsidiary, AIGFP, was kept from investing too heavily in credit default swaps during his tenure, which ended in March 2005. He blames AIGFP's subsequent...

Lloyd's models Thames super-flood.(Highlights From BestWeek)(Brief article)
December 1, 2008... Lloyd's has added a major flood in the United Kingdom's Thames Valley to its set of "realistic disaster scenarios," also called RDS, for 2009. RDS is used to stress-test individual syndicates, and the total market, to see how they endure...

North Carolina's Insurance Underwriting Association, or Beach Plan, "is unprepared to weather even one severe storm," according to a report by actuarial analyst Milliman Inc.(Property/Casualty)(Brief article)
December 1, 2008... NORTH CAROLINA'S Insurance Underwriting Association, or Beach Plan," is unprepared to weather even one severe storm," according to a report by actuarial analyst Milliman Inc. The plan insures $70 billion in property but only has about $1.5...

Ruling 6 to 1.(Property/Casualty)(Brief article)
December 1, 2008... RULING 6 TO 1, Ohio's Supreme Court upheld reforms requiring plaintiffs to meet specific medical criteria before bringing asbestos exposure claims. The justices also applied the reforms to thousands of cases filed before the 2004 law took...

An Optional Federal Charter is urgently needed.(Life/Health)(American Council of Life Insurance)(Brief article)
December 1, 2008... AN OPTIONAL FEDERAL CHARTER is urgently needed, the president of the American Council of Life Insurers, Frank Keating, told ACLI's annual conference in Boston in October. "The nation cannot afford a regulatory system in which the federal...

Democrats go 4 for 5.(Statistical table)(Brief article)
December 1, 2008... Democrats Go 4 for 5 Only North Dakota Republican Adam Hamm emerged victorious as Democrats won the rest of the commissioners' contests held in five states. Commissioner Results Washington ...

Sticky fingers. (Best's Review's STATS & NUMBERS.(Statistical table)(Brief article)
December 1, 2008... Sticky Fingers Cargo theft is a multibillion dollar headache for shippers and insurers. Scene of the Crime Warehouse burglaries 6% Unsecured locations (modal yards, lots, etc.) 25% ...

Hospitals invest for short term.(By the Numbers: Recently published Special Reports from A.M. Best company)(Brief article)(Statistical data)
December 1, 2008... Hospitals Invest For Short Term U.S. nonprofit hospitals and health care systems, pressured to support costly programs and provide more care, are moving assets into short-term investments. (Investments Move to Cash and...

Delta dental: strong growth.(By the Numbers: Recently published Special Reports from A.M. Best company)(Delta Dental Insurance Co.)(Brief article)
December 1, 2008... Through 2007, Delta Dental Plans said it had more than 51 million members in some 93,000 groups generating 76 million claims and $14 billion in premiums. (Delta Dental Plans Strengthen Ties as New Innovations Unfold, Oct. 13, 2008) ...

Title insurers: no relief seen.(By the Numbers: Recently published Special Reports from A.M. Best company)(Brief article)
December 1, 2008... Revenues and profits for the title industry have likely deteriorated further in the second half of 2008 as the housing sector's struggles continue. (Title Insurers Feel the Pain as Housing Market Ills Continue, Oct. 13, 2008) [GRAPHIC...

Meltdown may help insurance industry, speakers assert.(Briefing)(Brief article)(Conference notes)
December 1, 2008... With balance sheets decimated and some companies on the brink of extinction, many insurers have had to take a hard look at themselves, speakers at Reactions Magazine's Insurance Conference in New York said last month. As the crisis...

Tracking the stocks of global insurers and brokers.(Briefing: Stock Watch)(Statistical table)
December 1, 2008... As of the U.S. market close on Thursday, Nov. 6, the A.M. Best Global Insurance Composite Index stood at 685.20, down -49.59% year to date. A.M. Best stock indexes cover 179 publicly traded insurance companies and brokers. Year-over-year the...

Dodd says financial reform might require federal regulator.(Briefing: Stock Watch)(Chris Dodd)
December 1, 2008... As President-elect Barack Obama begins crafting one of his first initiatives--a new regulatory framework for financial services--he will do so with Senate Banking Committee Chairman Chris Dodd, D-Conn., as a linchpin to the plan's success or...

Insurance Jobs.(Briefing: Employment)(Statistical table)
December 1, 2008... Bucking a national trend that saw the national unemployment rate spike to a 14-year high, U.S. insurance industry payrolls gained 2,500 positions from September to October, according to seasonally adjusted data released Nov. 7 by the U.S....

Career wise.(Briefing: Employment)
December 1, 2008... Question: What can the industry do to raise its profile in order to compete for talent? Positioning insurance as an industry of choice is a long-term challenge that requires effort and commitment industrywide. We are fighting an uphill...

Ace Group.(Property/Casualty)(Brief article)
December 1, 2008... ACE GROUP has reshuffled management within its U.S.-and Canada-based operating divisions and has appointed DAVID BROSNAN, most recently president of Ace Casualty Risk, to run Ace Canada as chief executive officer. [ILLUSTRATION OMITTED]...

Assurant Inc.(Property/Casualty)(appointment of Stephen Gauster)(Brief article)
December 1, 2008... ASSURANT INC. has named STEPHEN GAUSTER senior vice president and chief corporate counsel. He assumes top oversight of Assurant's public company, risk management and corporate law practice offices. Most recently with Prudential Financial...

Seabright Insurance Holdings Inc.(Property/Casualty)(appointment of Robert Cuthbert)(Brief article)
December 1, 2008... SEABRIGHT INSURANCE HOLDINGS INC. has named ROBERT CUTHBERT senior vice president and chief financial officer. Cuthbert takes up his new posts with the Seattle-based parent company of SeaBright Insurance Co., after the death earlier this year...

Ambac names Wallis president; Callen returns to chairman role.(People in Insurance)(AMBAC Financial Group Inc. promoted David W. Wallis and Michael A. Callen )(Brief article)
December 1, 2008... Ambac Financial Group Inc. has elevated Chief Risk Officer David W. Wallis to the posts of president and chief executive officer, as interim CEO Michael A. Callen returns to his role as executive chairman of the financial guaranty insurer. ...

Torus Insurance Holdings Ltd.(Property/Casualty)(appointment of Clive Tobin)(Brief article)
December 1, 2008... Specialty insurer TORUS INSURANCE HOLDINGS LTD. said CLIVE TOBIN will be its chief executive officer starting Jan. 1, 2009. He succeeds interim CEO DAVID HOPE, who will continue as chief underwriting officer. [ILLUSTRATION OMITTED] ...

American International Group Inc.(Property/Casualty)(appointment of Anthony J. Desantis)(Brief article)
December 1, 2008... ANTHONY J. DESANTIS has been named president and chief executive officer of AMERICAN INTERNATIONAL GROUP INC.'s personal auto group. [ILLUSTRATION OMITTED] DeSantis, who joined AIG in 1986, was chief operating officer of aigdirect.com...

Insurance Australia Group Ltd.(Property/Casualty)(appointment of Andy Cornish)(Brief article)
December 1, 2008... INSURANCE AUSTRALIA GROUP LTD. has appointed ANDY CORNISH as chief executive officer of its direct insurance division. He takes change of the group's direct distribution networks. [ILLUSTRATION OMITTED] Cornish will start his new...

Aon Ltd.(Agent/Broker)(appointment of Pauline Colvin)(Brief article)
December 1, 2008... PAULINE COLVIN, a veteran risk specialist, has been named chief risk officer by U.K. broker AON LTD. Colvin has worked as chief risk officer for Skandia and group risk director for Royal & SunAlliance. She also was director of risk,...

Hartford Financial Services Group Inc.(Life)(appointment of Robert Paiano)(Brief article)
December 1, 2008... HARTFORD FINANCIAL SERVICES GROUP INC. has named ROBERT PAIANO as senior vice president and enterprise chief risk officer. [ILLUSTRATION OMITTED] Paiano's duties in his new post with the Hartford, Conn.-based insurer include overseeing...

Conseco Inc.(Life)(appointment of Grace Cowan)(Brief article)
December 1, 2008... CONSECO INC. named GRACE COWAN senior vice president for operations. In her new post, she will direct policyholder services, consumer relations and claims for the Carmel, Ind.-based life and health insurer. Cowan comes most recently from...

Swiss Life Group.(Life)(appointment of Klaus G. Leyh)(Brief article)
December 1, 2008... SWISS LIFE GROUP announced the appointment of KLAUS G. LEYH as its new chief executive in Germany and a member of the group's corporate executive board. Leyh, formerly chief market officer of Swiss Life in Germany, assumed his new position...

Max New York Life Insurance Ltd.(Life)(promotions of Rajesh Sud and Rajit Mehta)(New York Life International L.L.C. appointed Gary Bennett)(Brief article)
December 1, 2008... MAX NEW YORK LIFE INSURANCE LTD. promoted deputy managing director RAJESH SUD to the position of chief executive officer and managing director in India. GARY BENNETT, who served as CEO and managing director since July 2005, was appointed...

Zurich Financial Services Group.(Life)(appointment of Philip Wilson)(Brief article)
December 1, 2008... ZURICH FINANCIAL SERVICES GROUP has named PHILIP WILSON chief underwriting officer for its global life unit. Wilson takes responsibility for the Swiss insurer's global life underwriting strategies, standards and processes within its global...

New York Life Insurance.(Life)(appointments of )(Brief article)
December 1, 2008... NEW YORK LIFE INSURANCE CO. has named three individuals to first vice president posts, including Chief Diversity Officer KATHERINE O'BRIEN. In addition, the New York-based mutual life insurer has named DOROTHEA RODD as first vice president...

Chet Culver.(Regulatory/Law)(appointment of Angel Robinson)(Brief article)
December 1, 2008... Iowa Gov. CHET CULVER said he has appointed the state's first consumer advocate for insurance, making the state one of few to establish such a position. ANGEL ROBINSON, currently on the staff of the Iowa Coalition Against Domestic...

Ex-Lincoln National CEO Boscia will direct Sun Life's U.S. units.(People in Insurance)(Sun Life Financial of Canada appointed Jon A. Boscia )(Brief article)
December 1, 2008... Canada's Sun Life Financial Inc. is making changes to its U.S. executive management team, including naming the former chief executive officer of Lincoln National Corp. to oversee most of its businesses in the United States. [ILLUSTRATION...

Selfless Gifts.(ADVERTISING)
December 1, 2008... As part of its "Selfless Gift" advertising campaign, NEW YORK LIFE INSURANCE CO. recently announced The New York Life Blue Box Challenge, an online contest that invited visitors to create advertisements using the company's blue box logos. ...

Home improvement.(MARKETING)(Hanover Insurance Co. participated in American Broadcasting Companies Inc. ABC Broadcast Group's television show)(Brief article)
December 1, 2008... [ILLUSTRATION OMITTED] THIS FALL, THE HANOVER INSURANCE GROUP participated in its seventh partnership with ABC's reality TV show Extreme Makeover: Home Edition. In one of its latest efforts, Hanover and local agency Meadors, Adams &...

Aarp recently implemented a new annuities policy for companies trying to reach the organization's 40 million members through AARP The Magazine, AARP Bulletin, AARP Sequnda Juventud and its online properties.(BRANDING)(American Association of Retired Persons )(Brief article)
December 1, 2008... AARP RECENTLY IMPLEMENTED a new annuities policy for companies trying to reach the organization's 40 million members through AARP The Magazine, AARP Bulletin, AARP Sequnda Juventud and its online properties. For the first time, AARP now...

Firms offer campground combo cover.(SPOTLIGHT)(Fund Insurance Co. partnerd with Leavitt Recreation & Hospitality Insurance)(Brief article)
December 1, 2008... Fireman's Fund Insurance Co. has teamed with Leavitt Recreation & Hospitality Insurance of Novato, Calif., to offer comprehensive risk management and coverage for campground owners. Coverages include onsite buildings, restrooms, community...

Travelers' policies turning greener.(Property/Casualty)(Brief article)
December 1, 2008... [ILLUSTRATION OMITTED] Travelers now offers up to 10% discounts for owners of hybrid vessels in response, it said, to changing consumer habits. In July, Travelers announced similar discounts to owners of electric boats. In 2006, the...

Insurers team up for small business.(Property/Casualty)(Business Risk Partners Inc. joint ventures with QBE Insurance Group Ltd.)(Brief article)
December 1, 2008... Business Risk Partners Inc. and QBE the Americas have jointly launched Private Accord, offering directors and officers, employment practices liability insurance and fiduciary liability coverage to small to midsize businesses. Features include...

300% guarantee on benefit rider.(Life)(Guardian Life Insurance Company of America)(Brief article)
December 1, 2008... The Guardian Life Insurance Co. has introduced Guardian Target 300, a lifetime withdrawal benefit rider that guarantees the benefit base will grow by 300% after 15 years, assuming no withdrawals. A similar option guarantees 200% after 10 years....

Colonial features plan 'Harmony'.(Technology)(Colonial Life and Accident Insurance Co.)(Brief article)
December 1, 2008... Colonial Life & Accident Insurance Co., a Unum subsidiary, has introduced its Web-based Harmony enrollment system. Harmony helps businesses communicate employee health plans benefits, and helps understaffed human resource departments conduct...

Top causes of fatal injuries at work.(SNAPSHOT)(Statistical table)(Brief article)
December 1, 2008... 2007 had the lowest number for U.S. work-related fatalities since 1992. Major causes: Total work-related fatalities, 2007: 5,488* Transportation incidents 2,234 Falls 835 Workplace violence 610...

Learn More.(SNAPSHOT)(Brief article)
December 1, 2008... Fireman's Fund Insurance Co. A.M. Best Company # 02179 Distribution: Career agents and brokers Travelers Group A.M. Best Company # 18674 Distribution: Independent agencies and brokers, affinity marketing, Internet ...

Rating actions.(Ratings)
December 1, 2008... This edition reflects all financial strength rating changes--assignments, changes or placed under review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as non-U.S. insurance companies, since...

Risk on the rails: America's railroads are required to transport hazardous materials--but liability insurance is expensive and limited.(Railroad Liability: Property/Casualty)(Cover story)
December 1, 2008... [ILLUSTRATION OMITTED] Early on Jan. 6, 2005, a Norfolk Southern freight train with 42 cars slammed into another train parked on a side track next to a textile mill in Graniteville, S.C. Three locomotives and 17 cars derailed, including...

U.S. Inland Marine--2007 top writers.(Statistical table)(Company rankings)
December 1, 2008... U.S. Inland Marine--2007 Top Writers Rank is based on 2007 direct premiums written. ($ 000) 2007 Direct % Premiums Change in Rank...

U.S. Inland Marine--2007 Top Writers by state.(Property/Casualty)(Statistical table)(Company rankings)
December 1, 2008... U.S. Inland Marine--2007 Top Writers by State Rank is based on 2007 direct premiums written. ($000) No. Direct % of Premium of Premiums U.S. %...

U.S. Fire & Allied Lines--2007 Top Writers.(Property/Casualty)(Statistical table)(Company rankings)
December 1, 2008... U.S. Fire & Allied Lines--2007 Top Writers Rank is based on 2007 direct premiums written. ($ 000) 2007 Direct % Premiums Change in...

U.S. Ocean Marine--2007 Top Writers.(Property/Casualty)(Statistical table)(Company rankings)
December 1, 2008... U.S. Ocean Marine--2007 Top Writers Rank is based on 2007 direct premiums written. ($ 000) 2007 Direct % Premiums Change in Rank...

U.S. Fire & Allied Lines--2007 Top Writers by state.(Property/Casualty)(Statistical table)
December 1, 2008... U.S. Fire & Allied Lines--2007 Top Writers by State Rank is based on 2007 direct premiums written. ($ 000) No. Direct % of Premium of Premiums U.S. ...

U.S. Ocean Marine--2007 Top Writers by state.(Property/Casualty)(Statistical table)(Company rankings)
December 1, 2008... U.S. Ocean Marine--2007 Top Writers by State Rank is based on 2007 direct premiums written. ($ 000) No. Direct % of Premium of Premiums U.S. %...

The long run: perpetuating your agency takes a plan, financing and most of all, time.(Agency Perpetuation: Agent/Broker)(Young Agents Council of the Florida Association)(Conference notes)
December 1, 2008... [ILLUSTRATION OMITTED] To be, or not to be? William Shakespeare's words take on new meaning in today's tight economy, as independent agencies ponder whether to perpetuate or to merge. As the worldwide credit crunch stalls lending and...

Back-up plan: reverse mortgages can help folks afford retirement, but are they a good offering for insurers with banks?(Life: Reverse Mortgages)(Statistical table)
December 1, 2008... [ILLUSTRATION OMITTED] Insurers that own banks are dabbling in reverse mortgages, a fast-growing but still small business in the United States. Less than 1% of eligible Americans have bought one. Some evidence suggests, however, that...

One life to live: employers extend retirees' wellness programs and benefits in order to trim rising health care costs.(Health/Employee Benefits: Wellness Programs)
December 1, 2008... [ILLUSTRATION OMITTED] Healthy lifestyles equal healthy seniors. That's an equation Johnson & Johnson is banking on. The pharmaceutical, medical devices and consumer packaged-goods manufacturer offers both its active employees and retirees...

Great expectations: good news: people are living longer. Bad news: many may outlive their nest eggs. Is longevity insurance the solution?(Life: Longevity Insurance)
December 1, 2008... [ILLUSTRATION OMITTED] Life expectancy is at an all-time high of 78.1 years. However, economic trouble is brewing: Many people may run out of money in retirement. While longevity is increasing, the overall U.S. population is also...

Youth movement: insurers split over whether medical spa coverage is good for their financial health.(Property/Casualty: Medical Spas)
December 1, 2008... [ILLUSTRATION OMITTED] There's a new wrinkle to the anti-aging movement: More carriers are willing to underwrite coverage for those who perform cosmetic procedures in nontraditional settings such as medical spas. While some insurers'...

Separation anxiety: a tech-savvy distribution system can sharpen a market edge.(Technology: Distribution Systems)(Tapco Underwriters)(Tapley Johnson III)
December 1, 2008... [ILLUSTRATION OMITTED] Talk about a tough sell. In 1987, Tapley Johnson III had to convince his dad that paying $75,000 for an IBM System/36 computer and the software would help grow the family's small underwriting business. "Six...

A refreshing start: pre-issue process visioning, both strategic and tactical, is critical to the policy lifecyle.(Technology: Technology Insight)
December 1, 2008... Maximizing document capture, indexing and categorization efficiencies during the pre-issue stage of an insurance policy lifecycle is something insurers have been striving toward for years. Insurers have long been heavy imaging systems users,...

Agents' secret: independent producers have their own wish lists for improving carriers' distribution systems.(Agent/Broker: Distribution)
December 1, 2008... [ILLUSTRATION OMITTED] Just as a child carefully crafts a holiday wish list complete with the latest toys and gadgets, independent agents have wish lists of their own when it comes to distribution systems. And electronic...

ID thieves might ruin your day, too: insurers have new products to help businesses contain data breaches.(Agent/Broker: Selling Insight)(Identity theft)(Survey)
December 1, 2008... The number of data breaches continues to rise, adding more people to the list of millions who have been exposed to identity theft and fraud. As a result, at least 44 states, plus the District of Columbia and Puerto Rico, have passed laws...

Clearing after the storm: with reinsurance renewals looming, the industry prepares for the return of a firmer market.(Reinsurance/Capital Markets: 2009 Renewals)
December 1, 2008... [ILLUSTRATION OMITTED] In a grim reminder of 2005's destructiveness, the 2008 Atlantic hurricane season caused insured losses up to $25 billion--$13 billion for Hurricane Ike alone--and could affect 2009 reinsurance renewal rates. But...

Choose indexed life: indexed universal life plans define performance's floor.(Life: Selling Insight)
December 1, 2008... Do you have clients who might feel variable life insurance is too risky, but traditional fixed insurance doesn't have enough growth potential? Perhaps they should consider indexed universal life insurance products, a fairly recent addition to...

Good news in the fight against AIDS: from both medical and underwriting standpoints, HIV/AIDS has become a manageable disease.(Life: Underwriting Insight)(acquired immune deficiency syndrome )(human immunodeficiency virus)
December 1, 2008... Almost three decades have passed since the mysterious illness that would eventually become known as AIDS was first noted in a report from the U.S. Centers for Disease Control and Prevention. The five cases were the very beginning of a disease...

Face off: two industry leaders debate H.R. 6969, a bill to limit how foreign insurers account for premiums ceded offshore.(Reinsurance/Capital Markets: Offshore Ceding)
December 1, 2008... A Congressional committee is considering a bill that would cap the deductible amount of reinsurance premiums that foreign insurers and reinsurers cede from U.S. units to offshore affiliates. The legislation, H.R. 6969, would address...

Industry: change tax law to solve competitive woes.(Reinsurance/Capital Markets: Survey Results)(Survey)
December 1, 2008... Fewer than a quarter of insurance industry professionals polled in mid-October by BestWeek believe U.S. insurers and reinsurers can compete with firms based in low-tax domiciles, and more than half endorsed tax law changes to address the...

Climate consequences: modelers puzzle over the impact of global warming on weather-related catastrophes.(Property/Casualty: Cat Modeling)
December 1, 2008... [ILLUSTRATION OMITTED] The Earth's climate is changing. Indeed, the global consensus today among scientists, as stated by the United Nations' Intergovernmental Panel on Climate Change, is that "... warming of the climate system is...

Making the right choices: what are business ethics as they apply to the insurance world?(Property/Casualty: Loss/Risk Management Insight)
December 1, 2008... A 30-year-old became president of an insurance company. The man had never dreamed he would become the president and sought counsel from the venerable chairman of the board. "I was wondering if you could give me some advice," he said. The...

C-level agenda: exposure data quality is a key indicator of operating risk.(Property/Casualty: Risk Modeling)
December 1, 2008... [ILLUSTRATION OMITTED] Improving data quality has become a major concern for many insurance and reinsurance companies. In part, their concerns are driven by rating agency requirements and new regulations that put the onus on enterprise...

Uncharted waters for marine insurers: larger vessels, more valuable cargo and the growing risk of piracy are making it difficult for marine underwriters to stay afloat.(Property/Casualty: Underwriting Insight)
December 1, 2008... Hundreds of years ago, maritime traders improvised ways to protect their goods on the way to the marketplace. Often, to prevent losing everything either to rapids, pirates or bad weather, traders would divide their goods and place them on...

2009 meetings: industry professionals will have a chance to meet, discuss and maybe even argue about a wide range of topics at conventions and seminars in 2009.(Agent/Broker: Meetings)(Calendar)
December 1, 2008... 2009 Meeting Index AIR Worldwide Corp.: April 14-17, Sept. 30-Oct. 1 America's Health Insurance Plans: March 10-11, June 3-5, Sept. 13-17, Nov. 16-18 American Association of Insurance Services: April 26-28 American Association...

Get ready: enterprise risk management can help insurers respond to proposed federal regulations.(Regulatory/Law: Federal Regulation)
December 1, 2008... Federal regulation could be making its way into the insurance industry, but that's not to say state regulation is going anywhere. Under the proposed optional federal charter, carriers could choose to adopt federal oversight, and some would...

Bad faith affirmed: conducting a thorough and fair claim investigation leaves little room for questions on motivation.(Regulatory/Law: Legal Insight)(21st Century Insurance Co. v. Reagan Wilson )
December 1, 2008... It is well-settled that an insurer must thoroughly investigate an insured's claim and inquire into all possible bases that might support the claim. Failing to do so is unreasonable and constitutes the tort of bad faith. Recently, in Wilson...

Handle with care: constant changes in relative returns between municipal bonds and taxables demand investment expertise.(Reinsurance/Capital Markets: Municipal Bonds)
December 1, 2008... Municipal bonds are a widely used and generally tax-efficient investment option for nonlife insurers and HMOs that pay U.S. federal income tax. In fact, at the end of 2007, American property/casualty insurers had about 40% of their bonds...

Coming together: in October, A.M. Best Co.'s 10-week E-Fusion series kicked off with webinars looking at business uses of technology for insurance purposes.(Technology: E-Fusion)(electronic)(Conference notes)
December 1, 2008... Where the economics of insurance and technology converge is the cornerstone of the 2008 A.M. Best Co. E-Fusion online conference. In October, a panel of E-Fusion speakers presented three interactive webinars exploring the impact of technology...

MARSH said it formed a new insurance agency focused on small and growing businesses in the United States that would do business separately from its brokerage operations.(Agent/Broker)(Marsh USA Inc.)(Brief article)
December 1, 2008... MARSH said it formed a new insurance agency focused on small and growing businesses in the United States that would do business separately from its brokerage operations. MARSH & MCLENNAN AGENCY, a unit of Marsh USA, will be up and running in...

The Chubb Group.(Agent/Broker)(Brief article)
December 1, 2008... THE CHUBB GROUP named its first Korean-American personal insurance agency in the New York metropolitan region in a move to court customers in a growing market segment. The 16-year-old Solomon Agency Corp. offers homeowners, automobile,...

Tokio Marine & Nichido Fire Insurance Co.(Asia/Pacific)(Brief article)
December 1, 2008... TOKIO MARINE & NICHIDO FIRE INSURANCE CO. said it received approval from the China Insurance Regulatory Commission to set up a fully owned subsidiary in Shanghai. The Shanghai-based subsidiary has started operations this month, said Tokio...

Kingsway Financial Services.(Canada)(Southern United Fire Insurance Co. consolidated with Hamilton Risk Management Co.)(Brief article)
December 1, 2008... KINGSWAY FINANCIAL SERVICES said the operations of Southern United Fire Insurance Co. will be consolidated with subsidiary Hamilton Risk Management to help cut costs. The consolidation of Southern United and Hamilton allows Hamilton to expand...

Paris-based reinsurer SCOR has created a new dedicated investment management company, SCOR Global Investments, which will operate alongside SCOR Global P&C and SCOR Global Life.(Capital Markets)(Brief article)
December 1, 2008... Paris-based reinsurer SCOR has created a new dedicated investment management company, SCOR GLOBAL INVESTMENTS, which will operate alongside SCOR GLOBAL P&C and SCOR GLOBAL LIFE. Scor said the new company will be in charge of managing the global...

AON subsidiary White Rock Insurance Europe has shifted its domicile from Gibraltar to Malta.(Captives)(Brief article)
December 1, 2008... AON subsidiary WHITE ROCK INSURANCE EUROPE has shifted its domicile from Gibraltar to Malta. Aon said that while similar to Gibraltar in terms of access to the European Union, Malta will prove attractive to existing and new clients due to its...

Bermuda-based Maiden Insurance says its U.S. subsidiary has acquired the reinsurance operations of GMAC Insurance.(Reinsurance)(Brief article)
December 1, 2008... Bermuda-based MAIDEN INSURANCE says its U.S. subsidiary has acquired the reinsurance operations of GMAC INSURANCE. The acquired business will be known as MALDEN RE, and will be based in Mt. Laurel, N.J. As part of the agreement, two...

Hartford laying off nearly 2% of work force; more possible.(Companies)
December 1, 2008... After posting a $2.6 billion third-quarter loss, Hartford Financial Services Group Inc. said it is laying off nearly 2% of its total work force and may cut more jobs in January. [ILLUSTRATION OMITTED] The company will lay off about 500...

Tree dimensional: from cut-your-own farms to towering holiday displays, specialty insurers help to make the season bright.(The Last Word)
December 1, 2008... If you're the type who tussles with the family Christmas tree each year, John Egan's line of work may not be for you. Egan and his family wrestle with towering trees, the kind that draw people from miles away during the holidays. Egan Acres...