Best's Review articles from July 2006

Best's Review archives from July 2006

Brokers by the numbers.(Best's Review presents insurance broker rankings )(Editorial)
July 1, 2006... This month, Best's Review presents its premier global insurance broker rankings by revenue. After a year of investigations and fundamental changes in the industry, the top brokers are still on top, but many midsize firms are aggressively...

Quote/unquote.(Comment)
July 1, 2006... Excerpted from BEST WEEK "The Northeast is staring down the barrel of a gun. The Northeast coast is long overdue for a powerful hurricane, and with the weather patterns and hydrology we're seeing in the oceans, the likelihood of a major...

2006 Federal Elections preview.(Briefing: Highlights From BestWeek)
July 1, 2006... Democrats must pick up 15 U.S. House seats and six U.S. Senate seats to gain control of each chamber in the Nov. 7 general election. For Republicans to earn a filibuster-proof 60-vote majority in the Senate, they would need to pick up five...

U.S. P/C industry boasts profits despite cat losses.(United States)(property/casualty)(catastrophe)(Statistical table)
July 1, 2006... The U.S. property/casualty industry was able to absorb record-high catastrophe losses and report an overall operating profit in 2005, as net income after taxes improved to $48.4 billion, a 20% increase from 2004 year-end results, according to...

Meetings.(Briefing)(Calendar)
July 1, 2006... July 16-19 International Insurance Society Inc., 42nd Annual Seminar, Westin Chicago River North, Chicago. Phone: (212) 815-9291 Web site: www.iisonline.org July 16-19 Disability Management Employer Coalition: 2006...

Lloyd's policy illegal in New York State.(100 YEARS AGO in Best's Review)(Brief article)
July 1, 2006... The July 1906 issue of Best's Review printed a letter to Otto Kelsey, insurance superintendent of the state of New York, inquiring about the legality of anew policy being offered by a group of Lloyd's underwriters. The policy guaranteed that if...

Alaska becomes the decisive state for interstate compact.
July 1, 2006... More than half the states now have signed the Interstate Insurance Product Regulation Compact, bringing to fruition a four-year project by state regulators to establish a national clearinghouse for life insurance product standards. The...

Equine insurance industry ailing from capacity crunch.(Brief article)
July 1, 2006... Had he won the Preakness Stakes, the famously injured thoroughbred Barbaro would have been so valuable his owners wouldn't be able to fully insure him. The reason is that the worldwide insurance capacity for any one horse, without...

Best's insurance stock indices.(Briefing)(Table)
July 1, 2006... Best's Insurance Stock Indices (Dec. 31, 2004 = 1,000.00) Four Weeks Ended June 15, 2006 Percent Change Index Month/ Year to Year/ ...

Milberg Weiss insists its practice unfazed by indictment.(Briefing)(Brief article)
July 1, 2006... The law firm of Milberg Weiss Bershad & Schulman has had a successful record obtaining huge settlements for shareholders and policyholders in class-action suits against insurance companies. Few will go on record to discuss Milberg Weiss....

Conseco Inc.(Health/Employee Benefits)(Brief article)
July 1, 2006... CONSECO INC. has named THOMAS FINEIS senior vice president, health valuation actuary. Fineis' responsibilities include managing Conseco's health valuation function on an enterprisewide basis in addition to overseeing activities at Conseco...

Ace USA.(Health/Employee Benefits)(Brief article)
July 1, 2006... ACE USA, the U.S.-based retail unit of Bermuda's Ace Ltd., has named JOYCE VAN RAVENSWAAY senior vice president and direct marketing strategist for Ace's accident and health division. She will be based in Philadelphia and have...

Renaissancere Holdings Ltd.(Reinsurance/Capital Markets)(Brief article)
July 1, 2006... RENAISSANCERE HOLDINGS LTD. has named FRED DONNER executive vice president and chief financial officer. Donner will succeed John Lummis, who is retiring from the company June 30. Previously, Donner spent 22 years at KPMG LLP, and was most...

Gill & Roeser Holdings Inc.(Reinsurance/Capital Markets)(Brief article)
July 1, 2006... GILL & ROESER HOLDINGS INC. has named TONY VALENCOURT senior vice president. Previously, Valencourt has worked for Manufacturers Hanover Trust Co., Mellon Bank, Irving Trust Co., Dresdner Kleinwort Wasserstein and HSBC.

Aspen's head of reinsurance looks to strengthen business.(People in Insurance)(Brief article)
July 1, 2006... Aspen Insurance Holdings Limited has named Brian Boornazian to the newly created position of head of reinsurance of Aspen. He will remain at his current post as president of Aspen Re America and continue to handle those responsibilities as...

Securian Financial Group.(Life)(Brief article)
July 1, 2006... SECURIAN FINANCIAL GROUP has named HAL HARRIS national sales vice president of individual annuities. He is responsible for leading all individual annuity sales management and marketing efforts within Securian Retirement Savings. Most...

New York Life Insurance Co.(Life)(Brief article)
July 1, 2006... NEW YORK LIFE INSURANCE CO. has named BRIAN MURDOCK chief executive officer of New York Life Investment Management LLC, effective July 1. Murdock succeeds GARY WENDLANDT, who has been named senior executive vice president of New York Life....

New York Life Insurance Co. has elected Theodore Mathas as vice chairman.(Life)(Brief article)
July 1, 2006... NEW YORK LIFE INSURANCE CO. has elected THEODORE MATHAS as vice chairman. The company also named Mathas chief operating officer. The appointment is effective July 1. Mathas is also a member of the company's executive management committee. ...

Ace USA.(Property/Casualty)(Brief article)
July 1, 2006... ACE USA has named BOB GALLOZZI senior vice president, commercial marine, a part of Ace USA's International and Specialty Group. He will be based in New York City and will be responsible for directing national profit center strategies,...

Imagine Group Holdings Ltd.(Property/Casualty)(Brief article)
July 1, 2006... IMAGINE GROUP HOLDINGS LTD. has named GREGORY MORRISON president and chief executive officer. The appointment is pending the approval of the Bermuda Department of Immigration. Most recently, Morrison was vice chairman of Platinum...

21st Century Insurance Group.(Property/Casualty)(Brief article)
July 1, 2006... 21ST CENTURY INSURANCE GROUP has named STEVEN ERWIN senior vice president and chief financial officer. Before joining 21st Century, Erwin was CFO at Health Net Inc.

Markel Corp.(Property/Casualty)(Brief article)
July 1, 2006... MARKEL CORP. has named D. MICHAEL JONES senior vice president and general counsel. Most recently, Jones was a partner at McGuire Woods LLP in Richmond, Va. While there he represented Markel in financing transactions and related securities...

Zenith National Insurance Corp.(Property/Casualty)(Brief article)
July 1, 2006... ZENITH NATIONAL INSURANCE CORP. has named KARI VAN GUNDY senior vice president of finance and chief financial officer. Van Gundy will rejoin the company July 5 to succeed William Owen, who will retire following the closing of the second-quarter...

AON.(Agent/Broker)(Brief article)
July 1, 2006... AON has named ALEXANDER VIETOR executive vice president of Aon Risk Services Americas. Victor was most recently executive vice president of Willis North America and has held several senior leadership positions with both Willis and Marsh...

MassMutual offers podcasts to agents.(AGENT/BROKER)(Brief article)
July 1, 2006... MASSMUTUAL'S NATIONAL CENTER FOR PROFESSIONAL DEVELOPMENT, a company unit responsible for training the company's field force, is producing a weekly 15-minute podcast. The podcast, currently being received by more than 700 MassMutual producers,...

The professional insurance agents of New York and New Jersey.(Insurance Marketing News)(Brief article)
July 1, 2006... THE PROFESSIONAL INSURANCE AGENTS OF NEW YORK AND NEW JERSEY rolled out its "Take Back Personal Lines" campaign to help consumers understand the benefits of buying insurance through an independent agent. Members can access marketing pieces to...

Trusted Choice.(Insurance Marketing News)(Brief article)
July 1, 2006... TRUSTED CHOICE, the consumer marketing identity for more than 6,000 independent agents and brokers, marked a milestone by signing on its 6,000th agency in May. Member perks include nationwide advertising campaigns and tagable agency advertising...

(Not) very supertitious.(BRANDING)(Brief article)
July 1, 2006... U.K. SPECIALIST INSURER HISCOX RECENTLY DEBUTED its first television commercial aiming to become a consumer brand in the United Kingdom. Chairman Robert Hiscox said the 9 million [pounds sterling] marketing campaign was created "to raise...

Allstate Corp. ran a one-of-a-kind ad.(AUTO INSURANCE)(Brief article)
July 1, 2006... ALLSTATE CORP. RAN A ONE-OF-A-KIND AD in Rolling Stone's 1,000th commemorative issue. The ad featured photos of rock stars who died in car accidents. The tagline of the ad read "Every time there's a car accident we all lose." Especially for...

Lincoln Financial Group.(Annuity Enhancers)(Brief article)
July 1, 2006... Life insurers continue development of variable annuity retirement income. In May, Lincoln Financial Group announced 4Later Advantage, a potential enhancer of future income when coupled with its patented optional Income4Life feature on its...

Sun Life Financial U.S.(Annuity Enhancers)(Brief article)
July 1, 2006... Sun Life Financial U.S. announced Secured Returns for Life Plus, a benefit offering a step-up program and annual bonuses for deferring income. Combined, they provide an opportunity to grow guarantees by up to 50% in any market condition....

Medical coverage for prisoners.(Health Insurance)(Brief article)
July 1, 2006... Small to medium-sized public entities operating prisons in both public and private sectors now have access to inmate medical coverage from Trident Insurance Services, a wholly owned subsidiary of Argonaut Group, San Antonio. The program...

Conseco launches cancer product.(Health Insurance)(Brief article)
July 1, 2006... Conseco Insurance Co. has introduced Cancer Secure, a supplemental health product for individuals ages 40 through 85. The product offers simplified underwriting with unisex rates (non-tobacco and tobacco). Buyers choose one of two plan options....

Principal offers HSAs to market.(Employee Benefits)(Brief article)
July 1, 2006... Principal Financial Group is now offering its Health Savings Account for sale through other insurers, third-party administrators and investment firms. Principal was one of the first to the market with HSAs and also has expertise in...

MetLife launches Roth 403(b) plan.(Employee Benefits)(Brief article)
July 1, 2006... MetLife has added a Roth offering in its 403(b) plans as a way to diversify tax risk and potentially enhance after-tax savings in retirement. The option is available through MetLife Resources, the company's distribution arm for its 403(b)...

Long term disabilities' leading causes.(SNAPSHOT)(Table)
July 1, 2006... Cancer 12% Complications of Pregnancy 10% Joint/muscle connective tissue diseases 10% Back injuries 8% Cardiovascular disease 8% Short-Term Disabilities'...

Best's rating changes.(Ratings)(Company rankings)
July 1, 2006... This edition of Best's Rating Changes reflects all rating changes--assignments, changes or placed under review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as international insurance...

Top global insurance brokers.(Agent/Broker: Leading Brokers)(Company rankings)
July 1, 2006... Best's Review presents its premier global insurance broker rankings by revenue, with in-depth looks at leading firms' results and strategies. After a year of tumult and self-examination, insurance brokers are moving forward, with many embracing...

Rising Starr: C.V. Starr & Co. Inc. agencies vow to succeed without the help of--and in competition with--AIG.(Agent/Broker: Business Development,American International Group Inc.,CVS Corp.)
July 1, 2006... Not too long ago, American International Group viewed the managing general agencies run by C.V. Starr & Co. Inc., specialists in hard-to-place commercial coverages, as an indispensable part of its business. The world's largest and arguably...

Health care in paradise: Hawaii is the only U.S. state to require employers to offer health insurance to their employees. The mandate has proven to be both a blessing and a curse.(Health/Employee Benefits: Health Insurance)
July 1, 2006... The Aloha state is a lush paradise of exotic flora and fauna, hibiscus and sea turtles. The 50th state is the only state to be completely surrounded by water and the only one to be completely situated in the tropics. It's also the only...

The great spend down: how well life insurers sell retirement-income products will depend on how their producers adjust to new realities.(Life: Distribution)
July 1, 2006... Life insurers already offer products that mitigate retirement-income risks, and industry leaders say many more are on the way. Product quality and variety won't matter, however, unless the people who actually meet consumers--the...

New approaches: life insurers wrestle with distribution issues every day. Some have taken special steps to promote better education about retirement income.(Life: Distribution)
July 1, 2006... Axa-Wharton Alliance Axa Equitable has a captive sales force of about 6,000 and has joined forces with the Wharton School of Business to launch its "At Retirement Initiative," which provides adviser training on boomer needs. The program...

Admitted assets, top life writers, United States--2005 *.(Statistical table)
July 1, 2006... Admitted Assets, Top Life Writers, United States--2005 * Rank is based on admitted asstes for 2005. ($ Thousands) Admitted Assets % Change Metropolitan Life & Affiliated Cos ...

High water mark: insurers are scrutinizing the National Flood Insurance Program after the worst flooding in decades.(Property/Casualty: National Flood Insurance)(Federal Emergency Management Administration)
July 1, 2006... U.S. insurers are pondering the fate of the National Flood Insurance Program as the nation faces related problems on three different fronts. The North Atlantic coast is bracing for the 2006 hurricane season, New England is regrouping after its...

Net premiums written, top property/casualty writers, United States--2005 *.(Statistical table)
July 1, 2006... Net Premiums Written, Top Property/Casualty Writers, United States--2005 * Rank is based on net premiums written for 2005. * Data for this report was pulled at a later date than previous reports and includes additional NPW that was...

Fixing the leaks in the NFIP: Best's Review survey shows that insurance professionals across the industry want to shore up the national flood program.(National Flood Insurance Program)(Survey)
July 1, 2006... Now that the National Flood Insurance Program has proven to be significantly flawed, voices across the industry are calling for an increase in the program's maximum coverage limits, the mandating of stricter building codes and compliance with...

More risk, more reward: the catastrophe bond business is booming this year, as insurers and reinsurers securitize greater amounts of risk at lower layers.(Reinsurance/Capital Markets: Catastrophe Bonds)
July 1, 2006... Catastrophe bonds are on target to set another record in 2006, thanks in part to insurers and reinsurers securitizing deeper layers of risk, while offering hungry investors higher returns for taking on that greater risk. "This will...

The allure of securitization: securitizations are a hot new trend as life insurers seek access to cheaper and more reliable sources of capital.(Reinsurance/Capital Markets: Underwriting Insight)
July 1, 2006... Life insurance securitizations have been on the rise both in the United States and globally, fueled by the availability of ever-increasing amounts of capital chasing deals and returns, the increased regulatory capital requirements for life...

From the ground up: three insurers share the importance of project management and the critical steps they took to complete their technology-driven projects successfully.(Technology: Project Management)
July 1, 2006... Just as you can't bake a cake without flour or build a house without nails, development and implementation a technology project would be nearly impossible without the essential ingredient of project management. Just ask 2005 A.M. Best Co....

Striving for simplicity: 'industrialized' strategies reduce costs and accelerate growth.(Technology: Technology Insight)
July 1, 2006... It's no secret that insurance companies are burdened with myriad information systems, multiple products, ,duplicated back-office processes and redundant service centers. Carriers, particularly those that have grown through acquisition, often...

Getting personal: recent high-profile corporate scandals sprouted a new trend--attorneys targeting directors' assets.(Regulatory/Law: Regulatory & Officers Insurance)
July 1, 2006... Recruiting qualified individuals to serve as directors is a concern for public companies, and the possibility of personal exposure of directors is a consideration in the decision to serve. Many of these fears have been allayed in recent years...

It means what it says: not all lawsuits for unsolicited faxes are covered by insurance.(Regulatory/Law: Legal Insight)
July 1, 2006... Junk faxes--advertisements sent to fax machines--are one of the annoyances of the modern age. To stop this problem, Congress provided a private right of action giving legal relief to junk fax recipients, the Telephone Consumer Protection Act,...

On call: insurers are making some big--and enticing--changes to disability insurance for physicians, but there's still an untapped market in need of the coverage.(Health/Employee Benefits: Disability)
July 1, 2006... Dr. Brian Travers knows the consequences of not having disability coverage. Travers was born with osteogenesis imperfecta, commonly known as brittle bone disease--a genetic disorder characterized by bones that break easily, often from...

Sneaky Taxes: auto insurance and credit scoring provide a useful economics lesson that pits the majority against the minority.(Agent/Broker: Selling Insight)
July 1, 2006... The eminent political economist James Q. Wilson has a powerful lesson for insurers: The demand for government action in economic and political matters depends on the extent to which benefits and costs of a policy are either concentrated or...

Thinking the unthinkable: how 'mega-cats' may bruise insurers.(Property/Casualty: Catastrophe)
July 1, 2006... A Category 4 hurricane plows ashore just north of Atlantic City, N.J., pummeling costly oceanfront vacation homes and swank casinos before it drives northward into New York state and eastern Canada. A Category 5 storm gouges the Florida...

Hard-learned lessons: the benefits that models and data provide insurers have inherent limits.(Property/Casualty: Loss/Risk Management Insight)
July 1, 2006... Surprises--particularly unwelcome ones--can be occasions for learning, and also for correcting, if possible, what went wrong. So what can we learn from last year's surprising series of severe hurricanes that devastated homes, businesses and...

Allstate survey: Sioux Falls has safest drivers.(Allstate Insurance Co.)
July 1, 2006... Residents of Sioux Falls, S.D., recently were rewarded with free gas by Allstate Insurance Co. for being the safest drivers in the United States according to the company's second annual Allstate America's Best Drivers Report. Allstate...

Insurers gaining enterprise-risk savvy.(surveys on risk management)(Survey)(Brief article)
July 1, 2006... Insurance companies are increasingly raising the bar for enterprise risk management, according to the latest survey of chief financial officers in life insurance by the Tillinghast business of Towers Perrin. Fueling this change, in large part,...

High tech, high risk? Property/casualty insurers look at emerging technologies not for their typical uses, but for hidden abuses--and potential exposures.(Property/Casualty: Underwriting Insight)
July 1, 2006... To keep up with an ever-changing world, the property/casualty insurance industry must be alert to risks from new and unlikely sources. No development affecting coverage is too big--or too small--to escape our notice. Who pays when a...

Secrets to successful commercial segmentation: commercial insurers are beginning to develop customized predictive risk models, operationalize the models and harvest the business benefits.(Technology: Business Modeling)(Statistical data)
July 1, 2006... When James Watson and Francis Crick discovered that differing sequences of amino acids create the DNA molecule and hence the basis that all life is built upon, science had effectively unraveled what makes each organism unique. Similarly, since...

Technology sector still presents tough risks for D&O carriers.(Technology: Technology Notes,Directors and officers liability insurance )
July 1, 2006... Combined, the technology and telecommunication sectors account for the highest frequency of lawsuits within the directors and officers insurance market, placing them among the toughest classifications of risk for carriers, experts say. D&O...

Liberty International Underwriters.(new website)(Brief article)
July 1, 2006... Liberty International Underwriters, a division of Liberty Mutual Group, announced its LIUCargo.com in which agents and brokers can profit from all ocean cargo business through a minimal investment of time and effort. It's a full-service online...

The Ohio Casualty Insurance Co.(usage of agency interface system and annouced its policies and endorsements )
July 1, 2006... The Ohio Casualty Insurance Co. announced the policies and endorsements for several commercial lines of business now can be issued in real time through its agency interface system--P.A.R.I.S. Express. The company also has enhanced its download...

The Risk and Insurance Management Society Inc.(usage of websites)(Brief article)
July 1, 2006... The Risk and Insurance Management Society Inc. launched its new Career Center for RIMS members--www.RIMS.org/CareerCenter. Using the Web site, risk managers will be able to create resumes, access professional assessment tools, find career...

UnumProvident Corp.(launch of virtual claim monitoring service)(Brief article)
July 1, 2006... UnumProvident Corp. launched a virtual claim monitoring service. The site, available to active group disability claimants of UnumProvident and its subsidiaries, gives claimants the opportunity to provide missing and new information, report a...

A younger crowd: thirty- and 40-year olds are the new potential customers for long-term-care insurance.(Health/Employee Benefits: Long-Term Care)
July 1, 2006... Long-term-care coverage is continually changing. Since arriving on the insurance scene 20 years ago, long-term-care insurance has experienced improvements in features and benefits, ongoing product innovations, an ever-expanding marketplace, and...

Smart money: wise health-care companies are investing in technology to use their medical and biological information better.(Health/Employee Benefits: Selling Insight)
July 1, 2006... Informatics, or the rapidly developing scientific field that deals with the interpretation, storage, retrieval, and optimal use of medical and biological information, is a hot topic these days. Vast new informatics capabilities are coming...

Inside the box: 'The Room' at Lloyd's moves to a timeless rhythm.(Reinsurance/Capital Markets: Underwriting)
July 1, 2006... It is late morning and there is a low buzz of conversation. People are milling, standing, chatting, waiting. Much of the talk is of freely calculated detail: wording enhancements, the quality of documentation, the underwriting environment,...

Swiss Re Group acquires GE Insurance Solutions.(Swiss Reinsurance Company Ltd.)(Brief article)
July 1, 2006... Swiss Re Group said it completed its acquisition of GE Insurance Solutions and would work to integrate the businesses of what is now the world's largest reinsurer over the next 18 months. Swiss Re paid $7.4 billion overall for GE Insurance...

Allstate nonrenewing earthquake in most states.(endorsements of Allstate Corp.)(Brief article)
July 1, 2006... Just two months after Allstate Corp. said it no longer would write any new earthquake endorsements, the second-largest homeowners insurer in the United States will begin nonrenewing current earthquake coverage in most parts of the country. ...

Hull & Company acquires Excess and Surplus Lines.(Hull and Company Technical Business Research Corp.)(Excess and Surplus Lines Insurance Brokers)(Brief article)
July 1, 2006... Hull & Company, a wholly-owned subsidiary of insurance broker Brown & Brown, has acquired Excess and Surplus Lines Insurance Brokers, an agency based in Sherman Oaks, Calif. Terms of the transaction were not disclosed. The acquisition of...

Willis Re using partnership to offer hurricane forecasts.(Willis Group Holdings Ltd.)(Brief article)
July 1, 2006... Willis Group Holdings Ltd. will begin offering analysis of hurricane and climate forecasts to clients of its Willis Re subsidiary through a partnership with Accurate Environmental Forecasting, the third-largest U.S. insurance broker said. ...

A bigger bang: for recent Independence Day celebrations, sponsoring organizations have been requiring pyrotechnics companies to carry higher limits of insurance coverage.(The Last Word)
July 1, 2006... Fireworks on the Fourth of July are as American as apple pie, and each year a large number of communities across the United States celebrate the nation's independence with a big bang. But amid the "oohs and aahs" elicited by the spectacular...