Best's Review articles from June 2005

Best's Review archives from June 2005

Rebuilding relationships.(Editor's Prologue)
June 1, 2005... As the insurance industry struggles to reshape itself in response to recent investigations into long-standing practices, Best's Review called together key players to talk about how that reshaping can be accomplished and what has to happen to...

Quote/unquote.(Comment)(Letter to the Editor)
June 1, 2005... "Contract certainty is crucial if the London market is to remain competitive, control its risks, and deliver the service our customers demand. A market solution is infinitely preferable to one imposed by a regulator." Nick Prettejohn ...

FBI turns industry probe toward allegations of corporate fraud.(Briefing: Highlights From BestWeek)
June 1, 2005... The U.S. Federal Bureau of Investigation is mobilizing dozens of agents from its Financial Crimes Section to investigate allegations of corporate fraud in the insurance industry, raising the specter of possible criminal charges against...

SEC subpoenas GE, XL Capital in finite re probe.(Briefing: Highlights From BestWeek)(Brief Article)
June 1, 2005... A widening investigation into the use of loss-mitigation products, including finite reinsurance, is spawning more subpoenas, this time for GE Insurance Solutions and XL Capital Ltd. General Electric Co. and Bermuda-based XL Capital both...

Study finds HSAs hit 1 million.(health savings accounts)
June 1, 2005... Enrollments in high-deductible health plans bundled with tax-free health savings accounts have more than doubled in the past six months, with many enrollees coming from the ranks of the previously uninsured, according to a new survey from...

Finite reinsurance probe launched by Ga. regulator.(Georgia Insurance Commissioner John Oxendine)(Brief Article)
June 1, 2005... Some of the biggest names in the reinsurance are being called on the carpet by Georgia Insurance Commissioner John Oxendine, who has issued more than 100 subpoenas seeking information on their finite reinsurance transactions. Oxendine said...

By the numbers.(insurance premiums)(Brief Article)
June 1, 2005... Soft Market Continues MarketScout, the property/casualty insurance exchange that reports monthly on market trends, said its April numbers show a 2% reduction in property/casualty insurance premiums. Property coverage premiums saw a 3%...

Meetings.(Briefing: Highlights From BestWeek)
June 1, 2005... June 8-10: America's Health Insurance Plans: Institute 2005, The Venetian Hotel, Las Vegas Phone: (202) 778-3225 Web site: www.ahip.org June 11-14 National Association of Insurance Commissioners: Summer National Meeting, Marriott...

About 49,000 claims open from Fla. Storms.(Florida)(Brief Article)
June 1, 2005... With the state-mandated deadline having passed for Florida insurers to settle claims from 2004's string of four hurricanes, about 49,000 residential claims remain outstanding, according to the Florida Office of Insurance Regulation. In...

Conning: another P/G profit predicted in '05.(Conning Research and Consulting Inc.)(Brief Article)
June 1, 2005... Conning Research and Consulting Inc. is predicting another year of underwriting profits in 2005, but expects a downturn in 2006, according to a study released by the firm. "Higher prices, tighter covers and more effective deductibles are...

NAIC is studying proposal to change reinsurance rules.(National Association of Insurance Commissioners)
June 1, 2005... The National Association of Insurance Commissioners is considering a proposal that would require insurers to identify any reinsurance contracts that have been accounted for in a nontraditional manner. Discussed at a May 10 meeting of the...

NAPCO LLC.(David Pagoumian appointed as president and chief operating officer)(Brief Article)
June 1, 2005... * NAPCO LLC has named DAVID PAGOUMIAN as president and chief operating officer. Pagoumian will be responsible for the operation and direction of the NJ.-based wholesale property and casualty broker. Pagoumian has more than 15 years of...

HCC Insurance Holdings Inc.(Cory L. Moulton appointed as president and chief executive officer )(Brief Article)
June 1, 2005... * HCC INSURANCE HOLDINGS INC. has named CORY L. MOULTON as president and chief executive officer of its underwriting agency subsidiary, Professional Indemnity Agency. Moulton has worked at reinsurance broker E.W. Blanch, in both the United...

Conseco Insurance.(Matthew J. Zimper joined Conseco Senior Health Insurance Co.)(Brief Article)
June 1, 2005... * CONSECO INSURANCE has named MATTHEW J. ZlMPFER as senior vice president and associate general counsel for the Carmel, Ind.-based insurance companies owned by Conseco Inc. In his role, Zimpfer will be responsible for managing the legal...

Award-winner says insurance remains 'more a man's world'.(Insurance Woman of the Year award winner Marsha Cohen says)(Brief Article)
June 1, 2005... Marsha Cohen, Who says women are making strides in achieving senior executive-level positions in the industry, has been chosen as the 2005 "Insurance Woman of the Year" by the Association of Professional Insurance Women. Cohen, senior vice...

Cigna Healthcare.(Dennis Wilson joined Cigns Corp. Cigna Healthcare Group Inc.)(Brief Article)
June 1, 2005... * DENNIS WILSON is the new president of the small business segment for CIGNA HEALTHCARE. Wilson will be responsible for sales, client management, distribution and service operations for Cigna's clients with fewer than 200 employees. Prior...

Coventry Health Care Inc.(John Langenus appointed as president of national accounts)(Brief Article)
June 1, 2005... * COVENTRY HEALTH CARE INC. has named JOHN LANGENUS as president of national accounts for First Health Group Corp. and senior vice president of Coventry. In his capacity, Langenus will oversee business operations for First Health's Corporate...

Commercial Travelers Mutual Insurance Co.(Paul H. Trevvett appointed )(Brief Article)
June 1, 2005... * COMMERCIAL TRAVELERS MUTUAL INSURANCE CO. has named PAUL H. TREVVETT president and chief executive officer. A Commercial Travelers employee for 13 years, Trevvett has served as assistant vice president, vice president and most recently,...

Colonial Life & Accident Insurance Co.(Annaclair Kiger, Henry Price, Jay Hutchins and Lonnie Etheridge appointed)(Brief Article)
June 1, 2005... * COLONIAL LIFE & ACCIDENT INSURANCE CO. has named several new top executives. ANNACLAIR KIGER has been named senior vice president of customer service and information technology. Kiger's responsibilities include account services, policy...

Jewelers Mutual Insurance Co.(Darin L. Kath appointed)(Brief Article)
June 1, 2005... * DARIN L. KATH has been named president of JEWELERS MUTUAL INSURANCE CO. Kath also will retain his responsibilities as chief operating officer. Former President and Chief Executive Officer RONALD HARDER will continue in his role as CEO. ...

ACE USA.(Larry Goanos appointed as senior vice president and financial services industry practice leader)(Brief Article)
June 1, 2005... * ACE USA has named LARRY GOANOS as senior vice president and financial services industry practice leader. Goanos will be responsible for coordinating the marketing and distribution of Ace USA's financial services capabilities, as well as...

Name calling: marketing consultant says insurers need to take a risk with their advertising.(William Pitt of HawkPartners)(Interview)
June 1, 2005... Too many insurance ads are bland and boring. That's the opinion of William Pitt, a senior adviser at marketing consultants HawkPartners. He wonders why banks are so successful at building brands, but insurance companies aren't. "I think there...

Move over Gecko.(GEICO Corp. new television commercials)(Brief Article)
June 1, 2005... GEICO is featuring that "demon on wheels" Speed Racer and "America's Personal Trainer," Tony Little, in its latest series of television commercials. The Speed Racer spot shows the animated character being told a bridge is out ahead, but...

Blues plans grab Brand Awards.(AWARDS)(Brief Article)
June 1, 2005... THE BLUE CROSS AND BLUE SHIELD Association presented its Brand Excellence Award to 11 plans. They are: * Blue Cross and Blue Shield of Alabama * Blue Cross Blue Shield of Arizona * Anthem Blue Cross and Blue Shield--Connecticut ...

Beauty and the duck.(Melania Trump and duck in Aflac Inc.'s new TV ad)(Brief Article)
June 1, 2005... MELANIA TRUMP, wife of megamogul Donald Trump, is starring in Aflac's new television commercial. In a takeoff of Frankenstein, two scientists are conducting an experiment to take the voice of Trump and place it into the Aflac duck,"to tell the...

Branding.(Liberty Mutual Insurance Co.)(Brief Article)
June 1, 2005... LIBERTY MUTUAL is going back in history in its latest corporate message-focused ads. The print, online and television ads are built around stories from history and folklore such as those about the Trojan horse and Custer's Last Stand. ...

Surveys pinpoint retirement fears.(SPOTLIGHT)(Brief Article)
June 1, 2005... The life industry continues to churn out studies on retirement income. A recent Prudential Financial survey of Americans aged 55 to 64, found that near-retirees simply don't know what to do with their nest eggs once they stop working despite...

Insurance program covers inns.(GE Insurance Solutions Corp. and NAIS Inc.)(Brief Article)
June 1, 2005... GE Insurance Solutions has launched an insurance program for innkeepers with a new partner, NAIS Inc., a multilines insurance agency based in Mt. Airy, Md. Program policies offer comprehensive coverage of the inn, owner and guests. The...

Enhanced cover for brokers.(CalSurance and Quanta Specialty Lines Insurance Co.)(Brief Article)
June 1, 2005... CalSurance, a national insurance sales, service and support organization based in Orange, Calif., has improved its specialized errors and omissions program for broker-dealers with 75 or fewer representatives. Quanta Specialty Lines Insurance...

UnumProvident ups disability cover.(Life)(Brief Article)
June 1, 2005... UnumProvident has enhanced its critical illness and individual short-term disability insurance products. The CI product's base coverage pays benefits for heart attack, stroke, permanent paralysis, kidney failure, organ transplant or...

Blues offers has compatible plans.(Health)(Blue Cross and Blue Shield of Illinois)(Brief Article)
June 1, 2005... Two health plans that can be used with Health Savings Accounts were recently introduced by Blue Cross and Blue Shield of Illinois. The BlueEdge Individual HSA and the BlueEdge Individual HSA 5000 expand on the success of the insurer's High...

Snapshot.(Near-Retirees' Most Important Focus At Present Time)(Brief Article)(Illustration)
June 1, 2005... Near-Retirees' Most Important Focus At Present Time Continue to build nest egg 41% Preserve and protect savings 23% Achieve better returns 21% Generate retirement income 15% Source: Prudential Note:...

Best's rating changes.(Ratings)(Illustration)
June 1, 2005... This edition of Best's Rating Changes reflects all rating changes--assignments, changes or placed tinder review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as international insurance...

Guide to best's financial strength ratings.(Glossary)
June 1, 2005... GUIDE TO BEST'S FINANCIAL STRENGHT RATINGS A Best's Rating is an independent opinion, based on a comprehensive quantitative and qualitative evaluation, of a company's balance sheet, strength, operating performance and business profile....

Restoring trust: relentless investigations and painful revelations have led insurers, brokers and risk managers to probe long-standing business practices to their very foundations.(The BIG PICTURE)
June 1, 2005... When Willis North America recently approached an insurer on behalf of some middle-market clients, the broker walked away from the discussion for a reason that, 18 months ago, might have seemed puzzling. "We rejected the appointment because...

A new chapter in title insurance: state and federal probes are changing the way title insurers do business.(Property/Casualty: Title Insurance)
June 1, 2005... Undisclosed commissions. Improper steering of business to favored partners. Reinsurance transactions that don't seem to transfer risk. The headlines are familiar to anyone who has followed the bid-rigging and finite reinsurance clouds that...

Under the gun: Sarbanes-Oxley compliance requires significantly more investment than public insurers anticipated. Now mutuals may have to comply as well.(Regulatory/Law: Sarbanes-Oxley Act of 2002)
June 1, 2005... As publicly traded insurance companies comply with the corporate governance mandates of the Sarbanes-Oxley Act of 2002, lessons learned along the way might benefit mutual insurers, should they be required at some point to comply. Insurers...

Hook, line and sinker: life insurers and their policyholders could be the next targets of online phishing scams.(Technology: IT Security)
June 1, 2005... In the deluge of e-mails that enter individuals' in-boxes each day, a message with the subject line, "Your account is about to expire," may stand out among the rest. It looks authentic because it resembles e-mails received before from an...

Coming back strong: sales of last-to-die life insurance rebounded greatly in 2004, fueled by estate-tax uncertainty and old-fashioned industry innovation.(Life: Survivorship Life)(Limra International on its survey of estate taxes and life insurance)
June 1, 2005... No one knows what the future holds for estate taxes in the United States, but that uncertainty didn't stop insurers last year from dramatically increasing their sales of survivorship life products, the kind of insurance best suited for estate...

Where to turn: stocks, bonds, cash--no investment option seems certain for insurers these days.(Reinsurance/Capital Markets: Asset Management)
June 1, 2005... Insurance companies are among the world's biggest and most influential investors, taking those tens of billions of dollars in premiums they collect and putting them to work in capital markets to earn a return before the dollars can escape as...

Designing the package: employers are aligning employee benefits with corporate strategies.(Health/Employee Benefits: Benefit Choices)
June 1, 2005... Job applicants are looking for more than answers about their salary during an interview. They now are asking potential employers two other critical questions: what benefits employers offer and how much they contribute to those benefits. ...

Wrapping up a solution: underwriters and contractors are discovering a new way to address long-tail construction defect exposure.
June 1, 2005... Recently, general contractors have found it increasingly difficult, if not impossible, to find general liability insurance that includes affordable coverage for "completed operations" The cause for this change in appetite has been proliferation...

A lesson learned: TIAA-CREF once owned the educator retirement savings market. New competition led to a studied new approach to promoting the brand.(Teachers Insurance and Annuity Association College Retirement Equities Fund)
June 1, 2005... The scene is a packed university lecture hall. Students focus on the professor at the front of the room. The background music: "There's a Place for Us." The message: TIAA-CREF provides financial services for the greater good. This is one...

Doomed like dinosaurs: institutions need to adapt to their changing environment or face extinction.(Life: Selling Insight)
June 1, 2005... Flash back with me a few years--say 65 million of them. If you find it difficult to get the feel for so many millions of years, then think of being locked in a room with an actuary for a week. Wandering the Earth of 6,500 centuries ago, we...

Enough 'exceptionitis': failure to use underwriting judgment and exercise resolve damages insurers, reinsurers and the industry as a whole.(Life: Underwriting Insight)
June 1, 2005... With "-itis" as the medical suffix for inflammation, "exceptionitis," a convenient neologism, might be defined as an inflammatory process in the decision-making locus in the underwriter's cerebral cortex. When unchecked by a countervailing...

Continuous impact: an Arizona court case may have set a precedent in accepting the continuous trigger theory of insurance coverage.(Regulatory/Law: Continuous Trigger)(Associated Aviation Underwriters vs. Wood)(Outdoor World vs. Continental Cas. Co.)
June 1, 2005... Time and cause of an event are key elements in determining whether an insurance claim is covered under the terms of a specific policy, so cases deciding how these elements are defined can have a wide impact on the insurance industry. One such...

Degrees of separation: what ties permit one company to claim benefits under a policy issued to another company?(Regulatory/Law: Legal Insight)(Column)
June 1, 2005... One of the biggest current concerns in insurance is corporate connections. Much like people, policyholder companies are often connected by only a few degrees of separation. Companies are tied together through mergers, acquisitions and asset...

7 rules of attraction: follow these simple steps to capture more agents' business.(Agent/Broker: Underwriting)
June 1, 2005... Insurance companies enjoyed a remarkably profitable year in 2004. In fact, U.S. property/casualty writers made an underwriting profit for the first time since 1978, according to the A.M. Best Co. The market is softening quickly though, faster...

Real people, real time: Best's Review survey shows insurance agents want quick answers from live underwriters, rather than more technology.(Agent/Broker: Business Relationships)
June 1, 2005... Fast turnaround time is the most important service an insurer can offer agents and brokers, and communication with a knowledgeable underwriter is almost as vital, according to a recent survey conducted by Best's Review. Survey respondents,...

Good grades on reports: accurate data input and training are among the solutions for agencies struggling to produce accurate management reports.(Agent/Broker: Selling Insight)
June 1, 2005... When agency computer systems were developed more than 20 years ago, they had the capability to produce management reports, albeit limited at the time. The systems recorded accounting information, carrier premiums, and client policy and coverage...

Data flow: inexpensive third-party data and mathematical models now allow insurers to underwrite small and midsize commercial accounts as thoroughly as big risks and personal lines.(Technology: Underwriting)
June 1, 2005... Underwriting insurance for small and midsize businesses has been something of a stepchild for the industry. Premiums per risk are typically small, so insurers can't afford to conduct the same level of intensive underwriting scrutiny as is...

The other SOA in insurance: service-oriented architecture is gaining business application success for the insurance industry.
June 1, 2005... Insurance executives may first think of the Society of Actuaries when they hear the term "SOA." However, there's another "SOA" in insurance--Service-Oriented Architecture. Much as actuaries are critical to the back and front-office functions...

Security breach adds fuel to fire over credit-based insurance scoring.(Technology: Technology Notes)
June 1, 2005... The recent breach of security at data broker ChoicePoint Inc. has added fuel to the fire in the debates over use of credit-based insurance scoring and loss-history reports in insurance underwriting. Nearly all insurers use ChoicePoint to...

The Chubb Group of Insurance Cos.(Web News You Can Use)(company redesigned its Web site)(Brief Article)
June 1, 2005... The Chubb Group of Insurance Cos. has redesigned its Web site, www.chubb.com, to make it easier to do business with the insurer and help increase agent productivity. The upgraded Web site features new content, easy-to-use navigation, a...

Minnesota Life Insurance Co.(Web News You Can Use)(introduces online services)(Brief Article)
June 1, 2005... Online quotes and underwriting exam scheduling, along with application status notification via e-mail are the latest innovations introduced by Minnesota Life Insurance Co. to make employer-provided group life insurance easier to use. The online...

OneBeacon Insurance Group.(Web News You Can Use)(company launched a new Web site)(Brief Article)
June 1, 2005... OneBeacon Insurance Group launched a new Web site, www.onebeacon.com, to provide more comprehensive access to OneBeacon products and services for customers, prospective employees and its agency partners. The site features detailed information...

Risk managers, brokers square off as compensation rift spurs tension.(Property/Casualty: RIMS Conference)
June 1, 2005... Thousands of risk managers gathered in Philadelphia, the City of Brotherly Love, the week of April 18 for their annual conference, but at times there seemed little love lost between these corporate insurance buyers and the brokers who serve...

Risk managers grill top brokers over fees.(CONTINGENT COMMISSIONS)
June 1, 2005... On the lunch menu at the Risk and Insurance Management Society Inc.'s annual conference on April 19: Caesar salad, a tasty fish and a pair of grilled brokers. Under hard questioning by risk managers, two titans of the brokerage industry...

Willis' Plumeri leaves them standing.(CONTINGENT COMMISSIONS)(Brief Article)
June 1, 2005... Them Standing The head of a global insurance brokerage has called for abolishing broker contingent commissions throughout the industry. In doing so, Joe Plumeri, chairman and chief executive officer of Willis Group Holdings Ltd., took on a...

Marsh settlement yields pros and cons.(CONTINGENT COMMISSIONS)(Brief Article)
June 1, 2005... More than 200 risk managers listened at their annual conference as two attorneys and a consultant walked them through the pros and cons of opting in to the $850 million settlement that broker Marsh & McLennan Cos. has reached with New York...

Failure on broker commissions.(CONTINGENT COMMISSIONS)(Brief Article)
June 1, 2005... The incoming president of the Risk and Insurance Management Society Inc. has warned that regulators are bound to step in if the insurance industry fails to agree on a new distribution model in the wake of the controversy over broker contingent...

RIMS survey: prices rebounding.(PRICING)(Brief Article)
June 1, 2005... Prices in the commercial insurance industry may be signaling a rebound, according a study by the Risk and Insurance Management Society and Advisen Ltd. Pricing declined steadily in 2004 in the first year-long soft market since 1998....

Lloyd's underwriters see pressure mounting.(PRICING)(Brief Article)
June 1, 2005... From the point of view of Lloyd's underwriters, the landscape in commercial property/casualty underwriting is changing in fundamental ways, with risk managers, many of whom now are finding themselves in higher-profile positions within their...

Aon says terror risk continues to rise.(RISK)
June 1, 2005... Iraq, Israel/Palestine, India, Nepal and Russia are the top five locations for terrorist incidents, according Aon Corp.'s updated terrorism map for 2005. Aon raised the terrorism risk ratings of 31 countries, almost haft of which are in...

Insurers see cyber extortion on the rise.(RISK)
June 1, 2005... Extortion isn't just a business for local neighborhood thugs anymore. While the Internet has helped both small and large companies expand their businesses, it's also opened the door to criminals savvy in technology. Today, companies can be...

Panel doubts renewal of TRIA will clear.(Terrorism Risk Insurance Act of 2002)(Brief Article)
June 1, 2005... Renewal of the Terrorism Risk Insurance Act of 2002, the federal backstop that supports carriers writing terrorism insurance, was the second-most talked about topic at the annual meeting of the Risk and Insurance Management Society Inc. in...

D&O: excess carriers face heavy burden.(Q&A)(Interview)
June 1, 2005... Securities class-action settlements saw a 33% increase in mean settlement value to $27.1 million in 2004, according to National Economic Research Associates Inc. In this environment, insurers say the personal assets of independent directors can...

Did you hear the one ...? With a nod toward late-night television, herewith are five key reasons why the insurance industry is successful.(Property/Casualty: Loss/Risk Management Insight)
June 1, 2005... In the insurance and risk management industry, we are inundated with lists. We have actuarial tables, premium payment lists, underwriting schedules, collection lists, spreadsheets and loss runs. Lists are a part of the insurance world. Even in...

Underwriters face new risks.(Property/Casualty: Loss/Risk Management Notes)(Brief Article)
June 1, 2005... General liability underwriters can use two new exclusions filed by the Insurance Services Office to limit exposure to silica and unsolicited e-mail claims. Both have emerged as new risks that insurers are facing today, said Domenick J....

Cancer tops long-term disability claims.(Property/Casualty: Loss/Risk Management Notes)
June 1, 2005... For the fourth consecutive year, cancer is the leading cause of long-term absence from work (more than 90 days) for working-age Americans, according to claims submitted during 2004 to UnumProvident. Rounding out the top five reasons for...

Avoiding the arbitrage trap: some life insurance companies are being targeted by investment firms that attempt to create blocks of policies that will be candidates for life settlements a year or two after issue.(Regulatory/Law: Life Settlements)
June 1, 2005... Life insurance professionals must constantly remind themselves to focus on sound, fundamental business practices. In the game of football, the most fundamental focus is on blocking and tackling. Similarly, for those running a life insurance...

Mergers.(Corporate Changes)(Crum & Forster Underwriters Company., Mutual Fire & Storm Insurance Co., Davison Farm Mutual Insurance Company.,)
June 1, 2005... Crum & Forster Underwriters Company of Ohio, Cincinnati, merged into United States Fire Insurance Co. on July 1. Davison Farm Mutual Insurance Company of South Dakota, Mitchell, S.D., merged into Mutual Fire & Storm Insurance Co.,...

Acquisitions & ownership changes.(Atlantic Specialty Insurance Co., Axa Corporate Solutions Excess & Surplus Lines Insurance Co.)
June 1, 2005... American Pioneer Title Insurance Co., Casselberry, Fla., was acquired by Fidelity National from PMI Group on March 22. Atlantic Specialty Insurance Co., New York, was sold as a shell to OneBeacon Insurance Co. from Atlantic Mutual Insurance...

Mergers and retirements.(Corporate Changes)(Aetna Dental Inc., Acacia National Life Insurance Co merged into Acacia Life Insurance Co., )
June 1, 2005... Acacia National Life Insurance Co., Washington, D.C., merged into Acacia Life Insurance Co. Aetna Dental Inc. (a Pennsylvania corporation), Blue Bell, Pa., merged into Aetna Life Insurance Co. during April. Aetna Dental Inc. (a...

'All things considered: recent court settlements suggest including attorneys in D&O renewals, as well as double-checking key policy objectives are prudent measures to ensure proper coverage.(Property/Casualty: Directors and Officers)
June 1, 2005... Recent news reports revealed that former directors of companies such as WorldCom and Enron will be paying record amounts to resolve claims for damages arising from their alleged breaches of fiduciary duty. Reportedly, the settling directors are...

Liberty Mutual CEO: TRIA is needed.(Edmund F. Kelly of Liberty Mutual Insurance Cos.)(Terrorism Risk Insurance Act)(Interview)
June 1, 2005... Liberty Mutual Insurance Cos., well known for its focus on loss prevention on the job through its research institute for safety, is the first insurance company to receive the National Safety Council's Green Cross for Safety Medal. Edmund F....

Berkshire unit to buy Medical Protective for $825M.(Companies)(Brief Article)
June 1, 2005... National Indemnity, a unit of Warren Buffett's Berkshire Hathaway Inc., said it would purchase professional-liability insurer Medical Protective Corp. and its subsidiaries for $825 million. The sale is expected to close June 30. ...

Gallagher buys WorkCare Northwest, Chris Schroeder.(Arthur J. Gallagher and Co.)(Brief Article)
June 1, 2005... International insurance brokerage and risk management firm, Arthur J. Gallagher & Co., has acquired Boise, Idaho-based workers' compensation administrator WorkCare Northwest for an undisclosed amount. The deal marks the second acquisition...

MetLife chairman and ceo Benmosche to retire in '06.(Companies)(Robert H. Benmosche)(Brief Article)
June 1, 2005... MetLife said Robert H. Benmosche, its chairman and chief executive officer, advised the company's board April 26 that he will retire in the spring of 2006. At the company's annual shareholders' meeting in New York, the board unanimously...

Humana, U.K.-based Virgin Group join for new program.(Companies)(Brief Article)
June 1, 2005... Health insurance company Humana Inc. and U.K-based global consumer-brands giant Virgin Group Ltd. said they formed a partnership to develop a new health insurance program. The companies described their initial joint product as the...

OneBeacon acquires First Media Insurance.(OneBeacon Insurance Group., First Media insurance Specialists Inc.)(Brief Article)
June 1, 2005... Boston-based OneBeacon Professional Partners has added another specialty to its lineup with the acquisition of First Media, based in Fairway, Kan., which caters to media outlets. The price wasn't disclosed in a statement issued by...

Mitsui Sumitomo to acquire Taiwan's no. 2 nonlife writer.(Mitsui Sumitomo Insurance Company Ltd., Mingtai Fire & Marine Insurance Company Ltd.)(Brief Article)
June 1, 2005... Mitsui Sumitomo Insurance Co. Ltd., the third-largest nonlife insurer in Japan, said it agreed to acquire Taiwan's second-largest nonlife insurer, in a move that the Japanese company said will make it the largest nonlife insurer in Asia. ...

Willis buys Polish brokerage, opens another in Ukraine.(Willis Group Holdings Ltd.)(Brief Article)
June 1, 2005... Willis Group Holdings said it acquired the remaining 30% stake in a Polish subsidiary to achieve full ownership, while also opening a new unit in Kiev, Ukraine. The insurance broker now owns all of Willis Polska, a broker established in...

Property/casualty insurer Republic Cos. files for IPO.(Initial public offerings)(Brief Article)
June 1, 2005... Regional property/casualty insurer Republic Cos. Group Inc. has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission for an upcoming initial public offering. The proposed IPO would offer up to $115...