Best's Review articles from June 2007

Best's Review archives from June 2007

Back to the future.(Editor's Prologue)
June 1, 2007... As hurricane season begins, property/casualty insurers are watching and waiting to see if 2007 will be a repeat of 2006's docile summer and fall. Our cover story, "Heading for the Coasts" page 22, looks at how post-Katrina, homeowners insurers...

Quote/unquote.(Comment)(Quotation)
June 1, 2007... Excerpted from Best Week U.S./Canada and Best Week Europe "We record about 150 to 200 earthquakes every year somewhere in the U.K., but most of them go unnoticed by the general public." David Galloway Seismologist British...

White House contenders Romney, Dodd, Clinton, lead in insurance donations.(Briefing)(Company rankings)
June 1, 2007... The 19 declared U.S. presidential candidates raised $1.53 million from the insurance sector in the first quarter, with Democrats taking an early lead over their GOP counterparts in the race for industry cash, according to an A.M. Best Co....

Congressmen use triple crown stage to push jockey insurance.(Briefing)(Brief article)
June 1, 2007... With attention turned to the sport of kings during the seven weeks when its three most-storied races are am, a pair of congressmen are reviving their efforts to see that professional jockeys and other horse-racing personnel are insured for...

A necessary step.(100 YEARS AGO in Best's Review)(Brief article)
June 1, 2007... Michigan made waves in the June 1907 issue of Best's Review (property/ casualty edition). The Co-Insurance Clause was legalized and amended the Michigan Standard Policy. It provided that when any person, firm or corporation made a written...

Politics pose greatest risk to international business, trade.(Briefing)(Brief article)
June 1, 2007... The major risks linked to payment default by companies doing business around the world are increasingly more political than economic, says Hans Belcsak, publisher of Rundt's World Business Intelligence, which deals with global political and...

N.J. could be hit hard by tornadoes.(By the Numbers)(Statistical data)
June 1, 2007... Most people associate tornado activity with the "Tornado Alley" of the Great Plains states. While this is true in terms of the sheer numbers of tornadoes and losses, surprisingly, catastrophe modeling shows that New Jersey has the highest...

Meetings.(Brief article)(Calendar)
June 1, 2007... June 1-4 National Association of Insurance Commissioners: NAIC Summer National Meeting, San Francisco Marriott, San Francisco. Phone: (816) 842-3600 Web site: www.naic.org June 5-6 Association of Insurance and Risk Managers: AIRMIC 2007...

A.M. Best adds total returns to insurance stock indexes.(Briefing)(Statistical table)
June 1, 2007... A.M. Best Co. has added a closing value based on total return to each of its 15 stock indexes tracking publicly traded insurers. An investor using a total return index sees a more accurate indication of an index's actual investment return:...

Willis Group Holdings Ltd.(Agent/Broker)(Adam Ciongoli and Mary Caiazo appointed)(Brief article)
June 1, 2007... WILLIS GROUP HOLDINGS LTD. has named ADAM CIONGOLI as general counsel. Ciongoli most recently served as law clerk to U.S. Supreme Court Justice Samuel Alito Jr. He has also served as a special consultant to the New York City Police...

Bluecross Blueshield of Tennessee.(Health/Employee Benefits)(John Giblin appointed)(Brief article)
June 1, 2007... BLUECROSS BLUESHIELD OF TENNESSEE has named JOHN GIBLIN chief financial officer for BlueCross and its affiliated companies. JIM SRITE also has been named chief actuary. Previously, Giblin had been chief financial officer for Amedisys Inc.,...

Hartford Financial Services Group Inc.(Life)(Kim Johnson appointed )(Brief article)
June 1, 2007... HARTFORD FINANCIAL SERVICES GROUP INC. has named KIM JOHNSON senior vice president for investor relations. Most recently, Johnson was vice president of investor relations at Hartford. Previously, she had served as vice president and chief...

Haier New York Life Insurance Co, Ltd.(Life)(Xiaoxia Zhao appointed)(Brief article)
June 1, 2007... HALER NEW YORK LIFE INSURANCE CO, LTD. has named XIAOXIA ZHAO president and chief executive officer. Most recently, Zhao was director of the board and executive vice president for Axa-Minmetals Assurance Co. Ltd. Prior to that, he held...

Lyndon Oliver to lead product development initiatives in Japan.(People in Insurance)(Brief article)
June 1, 2007... The Hartford has named Lyndon Oliver, current senior vice president, to the new role of chief product and competitive intelligence officer. The newly created position will require Oliver to move from Connecticut to Japan. From Japan,...

Countrywide Insurance Group.(Property/Casualty)(Myron Hendry)(Brief article)
June 1, 2007... COUNTRYWIDE INSURANCE GROUP has named MYRON HENDRY managing director and chief operating officer. Before joining Countrywide, Hendry had held various senior management positions with insurance companies, such as Safeco and CNA Financial...

Builders Insurance Group.(Property/Casualty)(Patrick Mitchell appointed)(Brief article)
June 1, 2007... PATRICK MITCHELL has been named chief operating officer of BUILDERS INSURANCE GROUP, and has been assigned to assume the responsibilities of President and Chief Executive Officer William J. Lohmeyer, who is stepping down to pursue other...

Farmers Insurance.(Property/Casualty)(Ron Coble appointed)(Brief article)
June 1, 2007... FARMERS INSURANCE has named RON COBLE senior vice president of legislative and regulatory affairs. Coble has held various positions with Farmers since joining in 1984, such as executive director and vice president of state operations for...

Liberty Mutual Agency Markets.(Property/Casualty)(Matthew Nickerson appointed)(Brief article)
June 1, 2007... LIBERTY MUTUAL AGENCY MARKETS, a business unit of Liberty Mutual, has named MATTHEW NICKERSON senior vice president and manager of personal lines. Most recently, Nickerson served as president and chief executive officer of Liberty...

Aspen Insurance Holdings Ltd.(Reinsurance/Capital Markets)(Glyn Jones appointed)(Brief article)
June 1, 2007... ASPEN INSURANCE HOLDINGS LTD. has named GLYN JONES to replace Paul Myners as chairman, effective May 2, when Myners was to retire following the Bermuda property/casualty group's annual meeting. Jones, who had been a member of Aspen's board...

Assured Guaranty Corp.(Reinsurance/Capital Markets)(Stephen Donnarumma appointed)(Brief article)
June 1, 2007... ASSURED GUARANTY CORP. named STEPHEN DONNARUMMA its chief credit officer. Most recently, Donnarumma was managing director of Assured's Mortgage and Asset Backed Securities Group. He also has served as chief underwriting officer and chief...

Front of mind.(ADVERTISING)(Brief article)
June 1, 2007... MASSMUTUAL FINANCIAL GROUP recently launched an innovative advertising campaign entitled "Front of the Mind," that helps consumers move beyond just thinking about their financial future and actually taking action to begin meeting their...

One lump or two?(AXA Distributors LLC launches campaign to raise consumer awareness on retirement planning)(Brief article)
June 1, 2007... AXA DISTRIBUTORS LLC launched a marketing campaign to encourage consumers to overcome their inertia and focus on retirement planning. The company developed materials to facilitate the retirement planning process that registered...

Unum recently announced a partnership with ESPN that involves the sole sponsorship for the "Injury Report" that runs during the network's Major League Baseball programming.(BRANDING)
June 1, 2007... UNUM RECENTLY ANNOUNCED a partnership with ESPN that involves the sole sponsorship for the "Injury Report" that runs during the network's Major League Baseball programming. The sponsorship began April 26 with Baseball Tonight and will run...

LTC benefits paid rise three-fold.(long term care insurance)(Brief article)
June 1, 2007... Long-term-care insurers paid $3.3 billion in benefits in 2006, according to a study by the American Association of Long-Term Care Insurance. About a third of the payments were for home care. Nearly 30% was for assisted-living costs, while more...

Cover helps towns reclaim revenue.(Hartford Steam Boiler Inspection and Insurance Co.'s services for government agencies)(Brief article)
June 1, 2007... With new coverage from the Hartford Steam Boiler Inspection and Insurance Co., local governments of all kinds can recover tax revenue lost when a fire or other insured accident destroys residential or commercial property. The coverage is...

Fireman's Fund covers breach.(Fireman's Fund Insurance Co. launches insurance cover for data breaches)(Brief article)
June 1, 2007... Fireman's Fund Insurance Co. has introduced Data Compromise, a business product that covers the effects of a data breach. In the event of a data loss, the product helps businesses respond quickly by covering the costs to notify affected...

RiverSource debuts survivor product.(RiverSource Life Insurance Co.'s universal life insurance policy)(Brief article)
June 1, 2007... RiverSource Life Insurance Co., a subsidiary of Ameriprise Financial, has introduced Succession Protector, a universal life policy that insures two lives and pays out at the second death. Survivorship Life helps create or increase a financial...

Prudential adds to withdrawals.(Prudential Annuities enhances "Highest Daily Lifetime Five")(Brief article)
June 1, 2007... Prudential Annuities, a part of Prudential Financial, has enhanced its Highest Daily Lifetime Five, a variable annuity optional living benefit that guarantees a 5% income stream for life based on the highest of each daily account value grown at...

Who is advising Baby Boomers.(SNAPSHOT)(Statistical table)
June 1, 2007... (%) Associated with a national brokerage firm 38 Independent / financial adviser 20 Associated with a regional/local brokerage firm 11 ...

Learn more.(credit ratings of Fireman's Fund Insurance Co., Hartford Steam Boiler Inspection and Insurance Co. and RiverSource Life Insurance Co.)(Brief article)
June 1, 2007... Fireman's Fund Insurance Co. A.M. Best Company # 02179 Distribution: Career agents and brokers Hartford Steam Boiler Inspection and Insurance Co. A.M. Best Company # 00465 Distribution: Independent agents and brokers;...

Best's rating changes.(Ratings)
June 1, 2007... 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...

Heading for the coasts: 105 coastal strikes in 55 years. Yet construction and insurers' liability continue to rise.(Reinsurance/Capital Markets: Hurricanes)
June 1, 2007... As the 2007 hurricane season dawns June 1, insurers are paying attention to weather forecasts and their balance sheets. But, like the smartest of the three little pigs, insurers are confident that their financial homes are made of brick and...

Campus crusaders: risk managers are re-evaluating and, in some cases, updating emergency preparedness plans in the wake of recent school shootings.(Property/Casualty: Risk Management)
June 1, 2007... The deadly April shooting at Virginia Tech in which 32 students and faculty members were killed brought back chilling memories for University of Arizona Director of Risk Management and Safety Steve Holland. Five years earlier, a failing...

Signs of life: variable universal life insurance, down in sales for five consecutive years, scored a gain in premium growth in 2006, helped by new product designs providing guarantees.(Life: Variable Life Insurance)
June 1, 2007... Since 2000, variable life/variable universal life insurance has been a hard sell. So hard, in fact, that many financial advisers stopped trying. Even strong equity returns in 2003 through 2005 couldn't bring advisers back. But now product...

The hows and whys of Gen X benefits: savvy companies know a strong benefits package is key to attracting and retaining this particular generation of employees.(Life: Selling Insight)
June 1, 2007... While focus is given to the aging of America's work force, it is important not to underestimate the value of employee benefits for attracting and retaining the baby boomers' successors: Generation Xers. Despite being demographically...

Leadership has its benefits: some employers see financial perks as a way to attract and retain good executives, while some boards of directors are re-evaluating offerings to key personnel.(Health/Employee Benefits: Executive Benefits)
June 1, 2007... THE BOOSTS OF BENEFITS: "Increasingly, employers are seeing benefits as strategic business drivers in retaining individuals in executive ranks," said Randy Stram, vice president of employee benefit sales for MetLife. Today's search for top...

Risk concentrations and ERM programs: some group life companies lag in assessing risks from a terror attack in a small area.(Life: Underwriting Insight)(enterprise risk management)
June 1, 2007... Has the boy who cried "wolf" cried too many times? Have some group life companies settled into complacency on the issue of managing concentrations of risk? The group life industry has been relatively unscathed by terrorism, despite such...

Contingency plans: with the supplemental commissions some insurers are paying, agents can tell clients upfront what they will be paid for producing the business.(Agent/Broker: Commissions)
June 1, 2007... Call it what you will--incentive, supplemental or fixed--but some personal-lines insurers and producers are finding that noncontingent commissions may work just as well as contingent compensation to provide agents and brokers a motivational...

Put out a Web welcome mat: making the most of a Web site not only draws potential clients, it can create new business opportunities.(Agent/Broker: selling Insight)
June 1, 2007... Most agencies today have Web sites that were developed several years ago. Although some are very sophisticated, many are merely brochures of the agency's product offerings. With time, these sites can become dated and not adequately present the...

New deal: insurers are finding innovative ways to spread risk to capital markets and investors.(Reinsurance/Capital Markets: Reinsurance Recoverables)
June 1, 2007... Insurers are continuing to find innovative ways to use capital markets and financial institutions other than insurance companies to spread their risk. Aspen Insurance Group Holdings recently completed what could be a first-of-its-kind...

Step by step: project management is the instruction manual companies use to get from initiation to completion of IT ventures.(Technology: Project Management)
June 1, 2007... Key Points * Project management outlines necessary steps in developing an IT project. * Five project management phases include initiation, planning, executing, controlling and closing. * A No. 1 priority is making sure companies...

A powerful voice: insurers are discovering cost savings and increased functionality from Voice over Internet Protocol service.(Technology: Technology Insight)
June 1, 2007... Voice over Internet Protocol service or VoIP continues to ramp up quickly in both the consumer and business worlds. The business VoIP market is expected to leap to almost $3.3 billion by 2010, from $840 million by the end of 2005, according to...

Florists' Mutual discloses loss of customer, claimant records.(Florists' Mutual Insurance Co.)
June 1, 2007... As the Senate considers tougher disclosure requirements for instances of private data theft, the largest and oldest U.S. horticultural-industry insurer said it lost a shipping crate full of magnetic backup tapes containing customer and claimant...

ACORD.(Tech Bytes)(Association for Cooperative Operations Research and Development)(Brief article)
June 1, 2007... ACORD launched its Testing and Certification Facility within the London insurance market, making it easier for ACORD members to test implementations and certify messages for ACORD Document Repository Interface standard adoption. The...

ePrescribe Florida.(launch of ePrescribeFlorida.com)(Brief article)
June 1, 2007... Several Florida health plans and provider organizations have collaborated to launch a statewide initiative called ePrescribe Florida. The organization was created to ensure that all Floridians have access to the benefits of improved health,...

Highmark Blue Shield.(Tech Bytes)(www.highmark.com)(Brief article)
June 1, 2007... Highmark Blue Shield redesigned its corporate Web site (www.highmark.com). The home page has a fresh, more colorful design and an easy-to-use left-side navigation. There is also a more distinct space for links to its member health Web sites,...

Markel American Insurance Co.(Tech Bytes)(Brief article)
June 1, 2007... Markel American Insurance Co. recently launched its Markel Boat program. The new product will be driven by MAGIC, the company's new Web-based processing system. Agent referral submissions can now be completed with the click of the mouse, and...

The right medicine: how the Medicare Set-Aside business is curing workers' compensation insurers' regulation headaches.(Property/Casualty: Workers' Compensation)
June 1, 2007... The Medicare Set-Aside industry has experienced tremendous growth, along with countless hurdles, in its six short years. Today, the industry is at a crossroads, as traditional "mom-and-pop" entrepreneurs have given way to mature companies that...

Embracing diversity: companies that create an all-inclusive atmosphere run the risk of improving their outlooks, their products and ultimately, their sales.(Property/Casualty: Loss/Risk Management Insight)
June 1, 2007... A missionary was sent to a jungle tribe reported to be cannibals. Upon meeting the chief of the tribe he asked, "Do your people know anything about religion?" The chief replied, "Well, when the last missionary was here, we got a little taste of...

Corner office, risk managers see international risk differently.(Property/Casualty: Loss Risk Management Notes)(Survey)
June 1, 2007... C-level executives and risk managers have different views on the risks their companies will face when they expand globally, according to the 2007 Chubb International Risk Survey. More C-level executives--43%--said international risks pose a...

Travelers: medical devices need product liability protection.(Property/Casualty: Loss Risk Management Notes)(Brief article)
June 1, 2007... There's been tremendous growth in medical devices due in part to the aging of the baby boomer generation, said Kathleen S. Swendsen, president of global technology for Travelers Cos. Swendsen said as more states have enacted medical...

Willis CEO unwavering on rejection of supplemental broker compensation.(Property/Casualty)(Willis Group Holdings Ltd.)
June 1, 2007... Willis Chief Executive Officer Joe Plumeri said he stands behind his company's move, announced April 30, to become the first broker to reject the supplemental broker compensation plan that some carriers have introduced to replace contingent...

Risk managers urged to plan for pandemic.(Property/Casualty)(Risk and Insurance Management Society's annual conference)(Brief article)
June 1, 2007... It's not a question of if a pandemic will happen, but a question of where and when, said Michael Osterholm, director for the Center for Infectious Disease Research and Policy. Osterholm was the keynote speaker April 30 at the RIMS annual...

New Orleans port continues to seek insurance proceeds.(Property/Casualty)(Brief article)
June 1, 2007... Nearly two years since Hurricane Katrina, the Port of New Orleans--the fourth-largest U.S. port--continues to negotiate insurance proceeds related to the $160 million in damages it sustained from the storm. In a statement issued to...

Risk managers face economic, environmental impacts.(Property/Casualty)(Brief article)
June 1, 2007... Risk managers accustomed to protecting their businesses from fires and floods now are considering other, less tangible risks. Specifically, risk managers are focusing on their company's economic, social and environmental impacts, as well as...

National Flood Insurance Program growing.(New Challenges)(Brief article)
June 1, 2007... The National Flood Insurance Program has made significant progress in four decades of existence, but it continues to face challenges associated with quantifying and managing risk, said David Maurstad, assistant administrator of mitigation at...

Ochenkowski named president.(New Officer)(Janice Ochenkowski appointed at Risk and Insurance Management Society)(Brief article)
June 1, 2007... Janice Ochenkowski, current RIMS vice president and director, has been named the 2007-2008 president of the Risk and Insurance Management Society, effective Sept. 1, 2007. Ochenkowski is a managing director at Jones Lang LaSalle, a Chicago...

Arch: management liability cover lacking.(New Concerns)(Arch Insurance Group)(Brief article)
June 1, 2007... The vast majority of private companies lack management liability coverage, even though they face many of the same risks as their publicly traded counterparts, said Arch Insurance Group. Of about 5 million private companies in the United...

Ocean marine, cargo underwriters turn tide.(New Approach)(Brief article)
June 1, 2007... Losses from recent violent storms have forced ocean marine and cargo underwriters to change the way they do business by refocusing significant attention on loss prevention. Nigel Fitzgerald, who is the North America marine manager for...

Top quality service: think your clients are thrilled with your service? Think again. Then react.(Property/Casualty: Underwriting Insight)
June 1, 2007... You, like most people, probably think you're providing great service to your clients. But things may not be quite as rosy as you believe. A survey by communications counseling firm Bain & Associates of Alexandria, Va., showed an...

Suitability scrutiny: A Minnesota lawsuit may influence how insurers sell deferred annuity products to senior citizens.(Regulatory/Law: Suitability Requirements)
June 1, 2007... Barely a week after her swearing in, Minnesota Attorney General Lori Swanson filed a significant enforcement action against one of the world's largest insurers, Minnesota-based Allianz Life Insurance Company of North America. Swanson's...

Discretionary debate: state insurance regulators are increasingly invalidating discretionary clauses, finding such provisions violate specific state insurance laws.(Regulatory/Law: Legal Insight)
June 1, 2007... Most group disability policies are governed by the federal Employee Retirement Income Security Act of 1974. Although ERISA does not prescribe a standard of judicial review for benefits decisions, the U.S. Supreme Court resolved this issue in...

Best's Review's annual corporate changes 2006: all companies listed are U.S. life/health or property/casualty insurers. Changes occurred in 2006, unless otherwise indicated.(Regulatory/Law: Corporate Changes)
June 1, 2007... Life/Health Mergers Academy Life Insurance Co. (AMB# 06003), St. Louis. This company was merged into Life Investors Insurance Company of America on July 1, 2006. Aetna Health Inc. (a Louisiana corporation) (AMB# 60123), Metairie,...

Putting your health where your mouth is: the connection between dental and overall medical wellness cannot be ignored by insurers.(Health/Employee Benefits: Dental Insurance)
June 1, 2007... Care of teeth and gums can be traced to the 18th century, when the American Dental Association dates the emergence of dentistry as a profession. As the dental and medical professions have matured, however, they largely have operated...

Surviving longevity: as people live longer, the United Kingdom is creating a market for pension-to-annuity swaps.(Life: Retirement)
June 1, 2007... "Longevity risk" means something very different to a retiree than to a pension fund manager. To one, it's the chance at a longer, healthier life. To the other, it's the chance that supporting these lives may result in unhealthy losses over the...

A practical fix: pension and Social Security woes can be mended.(Life: Retirement Planning)
June 1, 2007... The erosion--some say destruction--of pension plans and the Social Security system in the United States is of our own making, but the tide can be reversed. That was the message of Fred Munzenmaier, chief executive of Strategic Planning...

Study: future of industry driven by consumer perception, competition.(Life: Retirement Planning)(Brief article)
June 1, 2007... The scenarios for the future of life insurance range from a world in which it is in high demand because of wars, terrorism and economic stagnation to one in which there is little demand because of peace, prosperity and relaxed regulation...

NASD notice affects design, sales of products.(Life Insurance Conference Highlights)(National Association of Securities Dealers)(equity-indexed annuities)(Brief article)
June 1, 2007... The National Association of Securities Dealers' 05-50 Notice to Members in August 2005 has had a "chilling effect" on sales of equity indexed annuities, as well as product design. Manufacturers are creating simpler products with surrender...

Actuary urges life insurers to reach middle market.(Life Insurance Conference Highlights)(Tim Hill of Milliman Inc.)(Brief article)
June 1, 2007... The life insurance industry should strive to reach the middle market, said Tim Hill, a consulting actuary and principal with Milliman Inc. Some 32 million American households with children make up this market, defined as having annual household...

Life insurers urged to create 'new paradigm' for retirement plans.(Life Insurance Conference Highlights)(Brief article)
June 1, 2007... Writers of life insurance and annuities have developed products quickly and revamped distribution in recent years, but a better approach is needed as Americans deal with retirement. The problem for life insurers since the 1980s is working...

Customers of Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency--specialists in placing coverage for classic boats and automobiles--will have access to insurance products offered by Onebeacon Insurance Group, under a strategic alliance struck with the personal lines insurer.(Auto)(Brief article)
June 1, 2007... Customers of HAGERTY INSURANCE AGENCY and HAGERTY CLASSIC MARINE INSURANCE AGENCY--specialists in placing coverage for classic boats and automobiles--will have access to insurance products offered by ONEBEACON INSURANCE GROUP, under a strategic...

Swiss Re Group.(Swiss Reinsurance Company Ltd. closes on European Clean Energy Fund)(Brief article)
June 1, 2007... SWISS RE GROUP said it successfully closed on a fund that will act as an investment vehicle for clean energy projects in the European Union. The European Clean Energy Fund proved a hit among institutional investors, raising $443.8 million from...

Onebeacon Insurance Group.(Commercial)(relocating to Canton, Massachusetts)(Brief article)
June 1, 2007... ONEBEACON INSURANCE GROUP has relocated its U.S. headquarters to Canton, Mass. The Bermuda-based insurer said the 280,000-square-foot facility in Canton will bring together more than 1,100 employees who formerly worked in three Greater Boston...

Specialty commercial insurer Delos Insurance Co has created an excess and surplus lines subsidiary.(Commercial)(Naxos Insurance Co.)(Brief article)
June 1, 2007... Specialty commercial insurer DELOS INSURANCE CO. has created an excess and surplus lines subsidiary. The new entity, NAXOS INSURANCE CO., will provide an alternative approach to customized coverages and innovative underwriting for the E&S...

Blues, docs reach $128m settlement in class-action suit.(Companies)(Blue Cross Blue Shield )(Brief article)
June 1, 2007... Nearly all of the U.S. Blue Cross Blue Shield plans have reached a major class-action settlement with physicians who accused the health insurers of conspiring to underpay them through the use of computerized claims-processing systems. The...

AARP has signed a new agreement with Aetna Inc. to provide individual insurance plans targeted to the pre-retiree market.(Health)(American Association of Retired Persons)(Brief article)
June 1, 2007... AARP has signed a new agreement with AETNA INC. to provide individual insurance plans targeted to the pre-retiree market. The national membership organization, which serves people age 50 and older, also expanded its existing relationship with...

First Floridian Auto & Home, a subsidiary of St. Paul Travelers Co., said it has informed its independent agents.(Homeowners' insurance policies not to be renewed)(Brief article)
June 1, 2007... FIRST FLORIDIAN AUTO & HOME, a subsidiary of ST. PAUL TRAVELERS CO., said it has informed its independent agents by letter that an undisclosed percentage of its 97,000 homeowners policies will not be renewed.

Ace USA, a division of Ace Group of Companies, has formed a new practice that will concentrate on private equity groups and strategic mergers.(Ace USA Mergers & Acquisitions Industry Practice)(Brief article)
June 1, 2007... ACE USA, a division of ACE GROUP OF COMPANIES, has formed a new practice that will concentrate on private equity groups and strategic mergers. The Ace USA Mergers & Acquisitions Industry Practice will provide "comprehensive risk management...

Meadowbrook Insurance Group Inc. has entered into an agreement to acquire U.S. Specialty Underwriters Inc.(Workers' Compensation)
June 1, 2007... MEADOWBROOK INSURANCE GROUP INC. has entered into an agreement to acquire U.S. SPECIALTY UNDERWRITERS INC., a specialty program manager that produces fee-based income by underwriting excess workers' compensation coverage for insurance...

Liberty Mutual's buy of Ohio casualty could trigger more insurance mergers.(Companies)
June 1, 2007... Liberty Mutual, the eighth-largest property/casualty insurer in the United States, said it is acquiring the publicly traded Fairfield, Ohio, property/casualty insurer Ohio Casualty Corp. for approximately $2.7 billion and is taking the company...

Generali, Czech Group in East Europe venture.(Generali Group forms joint venture with PPF Group)(Brief article)
June 1, 2007... Italian insurer Generali Group is joining forces with Czech international financial group PPF Group to combine their Central and Eastern Europe business to create a new insurer. The joint venture will be 51% owned by Generali. The main...

Islamic-approved insurance growing around the world: because conventional insurance doesn't meet Islamic standards--takaful is the answer.(The Last Word)
June 1, 2007... Many adherents of Islam would like the advantages insurance can provide, but they are concerned their faith prohibits insurance products prevalent in the Western world. Enter takaful (pronounced tah-KAH-full), an insurance concept that...