Best's Review articles from May 2008

Best's Review archives from May 2008

Agents and football.(From the Editor's Desk)(Editorial)
May 1, 2008... Insurance agents' typical clients are homeowners, motorists and business owners. Well, how about NFL players? Our cover story, "Sportsmanlike Conduct," page 34, tells how several agents and financial planners have cultivated professional...

Life insurance: suitability vs. simplicity.(Comment)
May 1, 2008... The Best's Review article on the life insurance needs of middle income Americans ("Going Up," January 2008) is a welcome addition to the ongoing dialogue on keeping apace of our changing industry. There is no question that this...

Quote/unquote.(Quotation)
May 1, 2008... Excerpted from BEST WEEK U.S./Canada and BEST WEEK Europe "As a society, we tend to value granite countertops more than we value hurricane straps or hail-resistant roofing or siding, which is unfortunate." Julie Rochman President...

Odds high for major U.S. Hurricane in 2008.(Briefing Highlights from BestWeek)(Brief article)
May 1, 2008... Colorado State University's hurricane forecasting team expects 15 named storms, including eight hurricanes, to form during the season that kicks off next month. According to CSU's Tropical Meteorology Project, four hurricanes will become...

NAIC, NCOIL leaders vow: federal charter not an option.(Briefing Highlights from BestWeek)(National Association of Insurance Commissioners)(National Conference of Insurance Legislators)(Brief article)
May 1, 2008... Despite tensions between their organizations, leaders of both the National Association of Insurance Commissioners and the National Conference of Insurance Legislators have vowed to work together on issues of mutual concern--like opposing a...

Georgia Tornado losses reach an estimated $340 million.(Briefing Highlights from BestWeek)
May 1, 2008... Insurers and state regulators continue to tally the costs from an outbreak of tornadoes and severe thunderstorms that struck downtown Atlanta and other parts of Georgia in March. With seven Georgia counties declared federal disaster areas,...

Is Hayward fault line now ready to rumble?(Briefing Highlights from BestWeek)(Brief article)
May 1, 2008... An earthquake of magnitude 6.8 or greater is increasingly likely on the Hayward Fault, which crosses the eastern San Francisco Bay area, researches say. [ILLUSTRATION OMITTED] Such a temblor would affect more than 5 million people in...

Both sides seek sentencing delay for convicted Gen Re, AIG execs.(Briefing Highlights from BestWeek)(American International Group Inc.)(Brief article)
May 1, 2008... Prosecutors have asked a federal judge for a one-month delay in the sentencing of five former insurance executives convicted in February in the AIG-Gen Re securities fraud case. [ILLUSTRATION OMITTED] All five defendants originally...

Kohl Bill targets questionable senior designations.(Briefing Highlights from BestWeek)(Brief article)
May 1, 2008... States that adopt uniform accreditation standards for senior financial adviser designations would be eligible for new federal grants under legislation introduced by Sen. Herb Kohl, D-Wis., chairman of the Senate Special Committee on Aging. ...

Pennsylvania courts won't force payments.(100 YEARS AGO in Best's Review)(Brief article)
May 1, 2008... The permissiveness of the laws of Pennsylvania allowed mutual fire insurance companies to continue to do business despite having liabilities that were greater than their monetary resources, according to Best's Review of May 15, 1908. An...

Meetings.(Briefing Highlights from BestWeek)(Brief article)(Calendar)
May 1, 2008... May 11-13 International Cooperative and Mutual Insurance Federation Meeting of Reinsurance Officials (MORO) The Drake Hotel, Chicago Web site: www.icmif.org May 12-15 National Association of Independent Insurance Adjusters ...

Despite the turmoil, positive rating trends continued in 2007.(By the Numbers)(Table)
May 1, 2008... For the fifth year in a row, health rating upgrades easily outpaced downgrades in 2007, and for the first time in recent memory life rating upgrades also were higher than downgrades. These positive rating trends could be short-lived,...

Lloyd's posts record 2007 pretax profits.(Briefing Highlights from BestWeek)
May 1, 2008... Pointing to a favorable underwriting climate, improved capital strength and "underwriting discipline," Lloyd's reported a record 2007 pretax profit of 3.8 billion [pounds sterling] (est. $7.5 billion), up about 5% from 2006. [ILLUSTRATION...

Subprime fallout shocks global liability markets.(Briefing Highlights from BestWeek)(Ironshore Insurance)(Brief article)
May 1, 2008... The ongoing subprime mortgage crisis in the United States appears likely to shock professional liability markets worldwide, as the pain and subsequent investigations into corporate responsibility spread. The crisis could hit the global...

Ping An may exercise its option to boost stake in Fortis.(Briefing Highlights from BestWeek)
May 1, 2008... Ping An Insurance (Group) of China Ltd. made headlines last year when it acquired a 4.18% stake in the Dutch-Belgian financial services group Fortis. Not only was Ping An the first domestic Chinese insurer to invest in foreign markets, but the...

A.M. best's stock indexes: four weeks ended Apr. 3, 2008 (Dec. 31, 2008 = 1,000.00).(Briefing Highlights from BestWeek)(Statistical table)
May 1, 2008... The "AMB" vs. the "Dow" [GRAPHICS OMITTED] Percent Change Index Month/ AMB vs Dow Close Month AMB's...

Federal Bill would restrict insurers' use of credit scores.(Briefing Highlights from BestWeek)
May 1, 2008... Legislation filed in March by U.S. Rep. Luis V. Gutierrez, D-Ill., would amend the Fair Credit Reporting Act to preclude insurers from using credit information in rating and underwriting decisions wherever government agencies find the practice...

Insurance jobs.(Briefing: Employment)(Statistical table)
May 1, 2008... U.S. insurance industry payrolls gained 3,900 positions from February to March, halting a two-month slide and running counter to bad news for the broader economy, according to seasonally adjusted data released April 4 by the U.S. Labor...

Question: how can an organization address the industry's shrinking pool of available talent?(Career Wise)
May 1, 2008... Question: How can an organization address the industry's shrinking pool of available talent? Recognizing that there is a shrinking pool of insurance talent, regardless of the recent headlines indicating an employment downturn, is a great...

Allstate Corp.(People in Insurance: Property/Casualty)(THOMAS J. WILSON appointed)(Brief article)
May 1, 2008... Completing a leadership transition begun in fall 2006, THOMAS J. WILSON is ALLSTATE CORP.'s new chairman, succeeding EDWARD M. LIDDY, who retired April 30. Wilson will continue to serve as the corporation's president and chief executive...

The Ace Group of Cos.(Property/Casualty)(DAMON HOSTETTER appointed)(Brief article)
May 1, 2008... THE ACE GROUP OF COS. has named DAMON HOSTETTER as senior vice president for Ace Recreational Marine, the group's marine insurance subsidiary. Hostetter will work out of the global insurer and reinsurer's Philadelphia office, and will be...

Farmers Group Inc.(Property/Casualty)(Kevin Kelso appointed)(Brief article)
May 1, 2008... FARMERS GROUP INC. has named KEVIN KELSO its chief marketing officer. Kelso served most recently as president of the company's personal insurance wing, a post he assumed in 2002. Kelso also serves as Farmers' executive vice president, a...

New York Life names Mathas next CEO to succeed Sternberg.(People in Insurance)(Ted Mathas appointed)(chief executive officer)(Brief article)
May 1, 2008... New York Life Insurance Co. said Ted Mathas, president and chief operating officer, will succeed the retiring Sy Sternberg as chief executive officer. Sternberg, 64, who has served as the CEO of the largest U.S. mutual life insurer for more...

Brokerage firm Willis Group has extended the employment contract of its chairman and chief executive officer.(Agent/Broker)(appointments)(Brief article)
May 1, 2008... Brokerage firm WILLIS GROUP has extended the employment contract of its chairman and chief executive officer, JOSEPH PLUMERI, to 2011. Plumeri also promoted GRAHAME MILLWATER, Willis' chief operating officer, to the new role of president....

Marsh & McLennan Cos.(Agent/Broker)(BEN ALLEN promoted)(Brief article)
May 1, 2008... MARSH & MCLENNAN COS. promoted BEN ALLEN to be president and chief executive officer of its Kroll risk consulting and technology unit. [ILLUSTRATION OMITTED] Allen, who had been Kroll's chief operating officer since July 2007,...

Fireman's Fund Insurance Co.(Agent/Broker)(Brief article)
May 1, 2008... FIREMAN'S FUND INSURANCE CO. named MICHAEL LAROCCO president and chief executive officer. LaRocco has about 30 years of experience and was formerly president and chief operating officer of Safeco. LaRocco will also sit on the International...

Aflac Inc.(Life)(Brief article)
May 1, 2008... AKITOSHI KAN, chairman of the Japan and international wings of AFLAC INC., is retiring, the company said. Kan, a 28-year veteran of the Columbus, Ga.-based holding company, plans to step down from his posts June 30, Aflac said. The company...

Edward M. Smith, executive vice president of Ullico Inc., an insurance and financial services holding company that's owned mostly by U.S. labor organizations, will become the company's president starting May 1.(Life)
May 1, 2008... EDWARD M. SMITH, executive vice president of ULLICO INC., an insurance and financial services holding company that's owned mostly by U.S. labor organizations, will become the company's president starting May 1. [ILLUSTRATION OMITTED] ...

Vermont.(Regulatory/Law)(Vermont's captive insurance division)(Brief article)
May 1, 2008... DAVID F. PROVOST, an assistant chief examiner with Vermont's captive insurance division, has been tapped to run the division as deputy commissioner when its longtime head LEONARD CROUSE retires in June. Provost currently is assistant chief...

Aviva Europe.(Regulatory/Law)(Brief article)
May 1, 2008... ANDREA MONETA, managing director of DUBAI FINANCIAL GROUP, has been named chief executive officer of AVIVA EUROPE. Moneta, who will take up his post on July 1, will report to ANDREW MOSS, group chief executive. He will be a member of the...

Swiss Re.(Reinsurance/Capital Markets)(Swiss Reinsurance Co.)(Brief article)
May 1, 2008... DAVID BLUMER has been appointed head of financial markets and a member of SWISS RE'S executive board, replacing ROGER FERGUSON. [ILLUSTRATION OMITTED] Blumer, who had been chief executive of asset management and a member of the...

FolksAmerica Re.(Reinsurance/Capital Markets)(Folksamerica Reinsurance Co.)(Brief article)
May 1, 2008... DWIGHT EVANS has been appointed president and chief executive officer of FOLKSAMERICA RE, a New York-based reinsurer controlled by subsidiaries owned by WHITE MOUNTAINS INSURANCE GROUP. Evans was previously president of White Mountains Re's...

Montpelier Re.(Reinsurance/Capital Markets)(Montpelier Re Holdings Ltd.)(Brief article)
May 1, 2008... Bermuda-based MONTPELIER RE has appointed CHRISTOPHER L. HARRIS, its president, to replace ANTHONY TAYLOR as chief executive effective July 1. Harris joined Montpelier Re in 2002 as chief actuary, became chief underwriting and risk officer in...

Aon founder Patrick Ryan to retire from company in august.(People in Insurance)(Aon Corp.)(Brief article)
May 1, 2008... Patrick G. Ryan, founder and executive chairman of Aon Corp., announced his retirement, effective Aug. 1. Ryan, 70, grew the small Ryan Insurance Agency he started in Chicago in 1964 into Aon, the largest broker in terms of brokerage...

Nationwide: up to the challenge.(BRANDING)(Nationwide Mutual Insurance Co.'s online fantasy contest, 'Up to Speed Challenge')(Brief article)
May 1, 2008... NATIONWIDE INSURANCE recently launched a free online fantasy contest on ESPN.com. The Up to Speed Challenge offers fans a chance to win prizes throughout the 35-week season, while also keeping them in the drivers' seat for all the latest...

Take your mark.(SPONSORSHIP)(ING partners with Elite Racing Inc. in Philadelphia Distance Run half-marathon)(Brief article)
May 1, 2008... [ILLUSTRATION OMITTED] ING HAS PARTNERED WITH ELITE RACING INC., a division of Competitor Group Inc., to become the title sponsor of the ING Philadelphia Distance Run half-marathon. The partnership is a multiyear agreement that...

XL insurance.(BRANDING)(XL Capital Ltd. and Northland AEG LLC)(Brief article)
May 1, 2008... XL INSURANCE, the global insurance operations of XL Capital Ltd., recently entered into a six-year agreement with Northland AEG LLC for naming rights to the Hartford Civic Center. Under the agreement the venue's new name is the "XL Center." ...

New lifetime benefits added.(SPOTLIGHT)(Brief article)
May 1, 2008... March was another busy month in life insurance and annuity product development, particularly in the area of enhancements to guaranteed lifetime withdrawal benefits. AIG SunAmerica added a 7% annual retirement income bonus option to its...

Products address illness, disability.(Employee Benefits)(Worksite Critical Illness and Wage Guard)(Brief article)
May 1, 2008... [ILLUSTRATION OMITTED] Conseco Insurance Co. has introduced two supplemental health products for the employer group market: Worksite Critical Illness and Wage Guard. The former offers lump-sum benefits up to $75,000 in three plan designs:...

Disability cover based on potential.(Employee Benefits)(disability income insurance coverage )(Brief article)
May 1, 2008... Advanced-degree students, medical residents and those working in their first year may now obtain enhancements to disability income insurance coverage based on their earnings potential, including eligibility for pharmacy students for the first...

Sun Life offers no-lapse VUL.(Life)(Sun Life Financial's Sun Protector Variable Universal Life)(Brief article)
May 1, 2008... The U.S. division of Sun Life Financial has introduced Sun Protector Variable Universal Life, the company's first no-lapse VUL. The product offers a competitive, limited-duration, no-lapse guarantee on the base policy face amount or an optional...

UL product offers three accounts.(Life)(universal life insurance product)(Brief article)
May 1, 2008... Pacific Life Insurance Co. has launched Pacific Indexed Accumulator III, an indexed universal life insurance product that offers three accounts: a five-year indexed account with a 100% guaranteed participation rate, no current growth cap and a...

Medical liability cover expanded.(Property/Casualty)(Fireman's Fund Insurance Co. and Iron-shore Inc. expands health care liability)(Brief article)
May 1, 2008... Fireman's Fund Insurance Co. and Iron-shore Inc. both have announced expansions into health care liability. Fireman's Fund said it will now consider submissions for a wide range of health care facilities, including home health, medical...

By the numbers: medical costs in retirement.(SNAPSHOT)(Table)
May 1, 2008... SNAPSHOT By the Numbers: Medical Costs In Retirement * $225,000 Needed for a 65-year-old couple to cover medical costs 4.7% Increase over 2007 ...

N. Dakota: top in tort reform.(SPOTLIGHT)(North Dakota)(Brief article)
May 1, 2008... North Dakota is the best state and Florida the worst for tort reform, said a non-profit organization that supports limiting jury awards and other changes to the civil legal system. The San Francisco-based Pacific Research Institute analyzed...

Hiscox brings K&R to United States.(Property/Casualty)(Hiscox Group's newest kidnap and ransom products)(Brief article)
May 1, 2008... [ILLUSTRATION OMITTED] The Hiscox Group, a specialty insurance provider, said it has launched a kidnap and ransom product to the U.S. market. The stand-alone kidnap and ransom coverage will be written on an admitted basis through...

Dental discounts now 'en Espanol'.(Technology)(DentalPlans.com)(Brief article)
May 1, 2008... DentalPlans.com, an online marketer of discount dental plans, has launched www.PlanesDentales.com, a Spanish-language version of its full-service Web site. The new site makes discount dental plans more accessible to Hispanic individuals,...

Hartford uses Web for workers' comp.(Technology)(Hartford Financial Services Group Inc.'s XactPAY)(workers compensation)(Brief article)
May 1, 2008... The Hartford Financial Services Group Inc. has launched XactPAY Web, a QuickBooks Silver Certified product that alleviates the burden of manually monitoring cash flow issues associated with workers' compensation payments for policyholders of...

New Medicare alliance formed.(Technology)
May 1, 2008... WellPoint Inc. and its affiliated companies, and Quotit Corp., an Internet application service provider for the health insurance and employee benefits industry, have announced an alliance to provide insurance rate quotes on Medicare plans to...

Learn more.(Product News)(Brief article)
May 1, 2008... AIG SunAmerica Life Assurance Co. A.M. Best Company # 06115 Distribution: Independent producers and brokers, career agents, banks Old Mutual Financial Network A.M. Best Company # 70403 Distribution: Managing general...

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

Sportsmanlike conduct: NFL players know football, but need help handling their sudden wealth. The result: a union-sponsored designation program that may be duplicated in other sports leagues.(Agent/Broker: Financial Advisers)(National Football League)(Cover story)
May 1, 2008... [ILLUSTRATIONS OMITTED] * The Issue: Young pro athletes need protection from incompetent financial advisers. * What Happened; With the help of their union, NFL players have created a program to screen financial advisers. * Watch...

Designations, designators & degrees: insurance professionals have opportunities to increase their knowledge of the industry through classes leading to an insurance designation and programs leading to a degree.(Best's Review: Directory for Continuing Education)
May 1, 2008... Insurance Professional Designations Accredited Adviser in Insurance (AAI) Description: Earning this designation helps producers increase commissions, improve insurance knowledge, avoid errors and omissions claims and earn continuing...

Organizations that award designations.(Designations and Degrees: Agent/Broker)(Directory)
May 1, 2008... Advisors Certification Services 8657 Douglas Ave., Suite 385 Des Moines, IA www.annuityadvisor.org America's Health Insurance Plans 601 Pennsylvania Ave. NW, South Building, Suite 500 Washington, D.C. www.ahip.org ...

Programs leading to a college degree with an insurance-related major.(Agent/Broker: Designations and Degrees)(Directory)
May 1, 2008... Actuarial Science, Concentration in Insurance Drake University College of Business and Public Administration Administrator: Randall Blum 2507 University Ave. Des Moines, IA 50311-4505 Phone: 515-271-2011 www.drake.edu ...

Up in smoke: are wellness programs causing federal ERISA protections to slowly fade away?(Regulatory/Law: Compliance Trends)(The Employee Retirement Income Security Act)
May 1, 2008... [ILLUSTRATION OMITTED] * The Issue: Employers must tread a fine line when complying with ERISA requirements. * The News: Companies, cities and employees have all challenged some of ERISA's guidelines in court. * The Next Step:...

Coming up short: renovations and pricey personal items are contributing to the undervaluation of insured American homes.(Property/Casualty: Home Valuations)(Survey)
May 1, 2008... * The Issue: Writers of homeowners insurance face continuing challenges in properly valuing their books of business. * The Trend: Affluent homeowners insure pricey high-tech items and collectibles; middle-income homeowners add value through...

Spend some time putting out fires: agents and brokers should offer tips to their home-owning customers that reduce the risks of wildfire damage.(Property/Casualty: Loss/Risk Management Insight)
May 1, 2008... If I said the word "wildfire," I suspect that visions of rustic log cabins and a remote mountainside would come to mind. Many people are surprised to learn that the problem of wildfire exists in both rural and urban areas throughout the United...

A record year? 'U.S. Tornado--Catastrophe Review' reveals that the number of twisters in the first quarter of 2008 has surpassed the previous four-year average.(A.M. Best Special Report)(Financial report)
May 1, 2008... If the first quarter is any indicator of likely tornado activity for 2008, insurers may be headed for another long season of increased claims activity and high catastrophe losses. The number of tornadoes in the first quarter of 2008...

Breaking with tradition: millions of wealthy niche households go begging for savvy financial advisers.(Life: Financial Advisers)
May 1, 2008... [ILLUSTRATION OMITTED] * The Issue: Several high-net-worth niche markets are underserved by financial planners. * The News: Nontraditional, wealthy individuals often downplay their abilities to handle their own assets. * The Next...

Prime time: the onslaught of retiring baby boomers will change not only the way life insurers design products, but also the face of their work force.(Retirement Products: Life)
May 1, 2008... * The Trend: Retiring baby boomers will steer life insurers from selling asset accumulation to asset utilization products. * The Significance: Insurers will be competing for $30 trillion in retiree assets. * Watch For: Insurers to...

Rules vs. judgment: a swing toward rules-based underwriting may influence an underwriter's judgment.(Life: Underwriting Insight)(Column)
May 1, 2008... "Rules-based" has become something of a cause celebre in risk appraisal these days, just as "evidence-based" has in clinical medicine (and rightly so around some underwriting campfires as well). Assuming it comes to more than vacuous...

Hire power: filling a senior management post demands a professional talent search.(Agent/Broker: Selling Insight)
May 1, 2008... No agency intentionally wastes thousands of dollars or shakes up their stability. Yet it happens too frequently--the investment made in new senior talent fails to deliver. Why? A key reason is failure to lay the groundwork and create the road...

Musical chairs: brokers and insurers must fight to retain their clients when key employees leave.(Agent/Broker: Personal Issues)(Report)
May 1, 2008... [ILLUSTRATION OMITTED] * The News: High-profile employee defections have sparked a wave of lawsuits among rival brokers and insurers. * The Background: The lawsuits raise questions about a possible talent shortage in the industry. ...

Wisdom teeth: insurers look for ways to keep the bite in binding arbitration.(Property/Casualty: Arbitration)
May 1, 2008... [ILLUSTRATION OMITTED] HIGH PROFILE: Attorney William M. Shernoff recently landed one of the insurance arena's biggest arbitration awards. Yet, if such large awards become an industry trend he said it could cause insurers to revert from...

Change in the air: life reinsurers try new strategies and products to offset declining ceded premiums and other market changes.(Reinsurance/Capital Markets: Life Reinsurance)(Report)
May 1, 2008... BREAKING NEW GROUND: Mitchell Schepps, senior vice president with Aon Re Global, said life reinsurers are looking to break into new products and emerging markets. * The News: Life reinsurers are seeking growth by underwriting new products....

Adjusting to change: pending Florida legislation will change how public adjusters conduct business.(Regulatory/Law: Property Adjusters)
May 1, 2008... [ILLUSTRATION OMITTED] * The Problem: Florida's recent spate of hurricanes has exposed a need for public adjuster reforms. * The Solution: Proposed legislation offers top-to-bottom improvements in how adjusters conduct business. *...

New exposures reach sky-high: when overly eager prosecutors pursue aviation clients, who pays for their costly defense?(Regulatory/Law: Legal Insight)
May 1, 2008... Criminal investigations of pilots and aviation executives are becoming increasingly popular. And we're not referring to prosecutions and possible jail time for accidents relating to clearly criminal conduct--pilots attempting to fly while...

No final answer: a recent court decision raises the question: when will asbestos claims end?(Regulatory/Law: Asbestos Claims)
May 1, 2008... [ILLUSTRATION OMITTED] * The News: In February, an appeals court overturned a $500 million settlement reached by Travelers and plaintiffs' attorneys that had ended asbestos litigation. * The Situation: If the decision becomes final,...

IT 'to do' list: business growth will drive tech spending for the next two years, report top insurance information technology executives.(Technology: Priorities)(Company overview)
May 1, 2008... [ILLUSTRATION OMITTED] * State of the Market: Business and underwriting solutions, unifying customer data and Web services are insurers' top IT priorities for 2008 and 2009. * What's Being Done: Already, many firms are making new...

All in the game: here's why technology architecture matters to business executives.(Technology: Technology Insight)
May 1, 2008... As IBM's lead insurance strategist, I frequently speak with senior insurance business executives about insurance trends and technologies. Whenever I start to discuss service-oriented architecture, though, eyes start to either glaze over or...

Stack market: employers now offer consumer-driven health care plans that feature 'hybrid' benefits.(Health/Employee Benefits: Stacked Health Plans)
May 1, 2008... * What's Up: New legislation gives employers more options in consumer-driven health care plans. * What's Happening: Health benefits are being "stacked" together to create hybrids. * What's Next: Plan advisers should help clients...

An opportunity waiting to happen: Disability Insurance Awareness Month is a good time for producers to speak to their clients about this important financial protection.(Health/Employee Benefits: Selling Insight)
May 1, 2008... When an employee can't work due to a disabling illness or injury, the financial consequences can be dire, especially if that person hasn't taken steps to guard against the unexpected. Sadly, these are the circumstances facing countless...

Risks, rewards and shifting paradigms: from the mortgage crisis to worldwide pandemics to climate change, insurers face an expanding catalog of perils.(Property/Casualty: Underwriting Insight)(Column)
May 1, 2008... Changes in economic conditions, the environment and technology can affect the frequency and severity of insured losses. With the pace of change accelerating, insurers now must address a continuous stream of emerging issues--an increasingly...

The $7 million nose job: an expert wine tester has his gifted proboscis insured by Lloyd's.(Body-Part Insurance: Property/Casualty)(Ilja Gort)
May 1, 2008... Dutch wine expert Ilja Gort's quest to insure his greatest professional asset--his nose--eventually brought him to Lloyd's. Where else? "It's an unusual risk," said Jonathan H.A. Thomas, group accident and health underwriter for Watkins...

Arthur J. Gallagher & Co. completed the sale of Gallagher Re's U.K. reinsurance brokerage business to Aon Corp.(Agent/Broker)(Brief article)
May 1, 2008... ARTHUR J. GALLAGHER & CO. completed the sale of Gallagher Re's U.K. reinsurance brokerage business to AON CORP. Gallagher said the sale price was about $30 million plus a share of first-year revenue, which Gallagher said potentially could be...

Ping An Insurance (group) Co. said it entered into a strategic agreement with China Guangdong Nuclear Power Group to provide insurance services for the company's future nuclear power facilities.(China)(Brief article)
May 1, 2008... PING AN INSURANCE (GROUP) CO. said it entered into a strategic agreement with CHINA GUANGDONG NUCLEAR POWER GROUP to provide insurance services for the company's future nuclear power facilities. Under the agreement, Ping An will provide...

Glencoe Group Claims Management, a wholly owned subsidiary of Bermuda-based Renaissancere Holdings.(Commercial)(Glencoe Group Claims Management acquisition of Claims Management Services )(Brief article)
May 1, 2008... GLENCOE GROUP CLAIMS MANAGEMENT, a wholly owned subsidiary of Bermuda-based RENAISSANCERE HOLDINGS, has acquired CLAIMS MANAGEMENT SERVICES, a provider of administrative, adjustment and consulting services. The terms of the transaction were not...

A subsidiary of American International Group Inc. acquired a Colombian consumer lending firm.(Commercial)
May 1, 2008... A subsidiary of AMERICAN INTERNATIONAL GROUP INC. acquired a Colombian consumer lending firm, the company said. AIG CONSUMER FINANCE GROUP INC. bought Inversora Pichincha S.A., the third-largest consumer finance company in Colombia, from...

Zurich Financial Services Group has announced that its subsidiary, Zurich Spain, has agreed to buy 50% of Spanish insurer Can Soluciones Integrales from Caja de Ahorros y Monte de Piedad de Navarra.(Europe)(Brief article)
May 1, 2008... ZURICH FINANCIAL SERVICES GROUP has announced that its subsidiary, Zurich Spain, has agreed to buy 50% of Spanish insurer CAN SOLUCIONES INTEGRALES from Caja de Ahorros y Monte de Piedad de Navarra. The jointly owned company will enter into an...

Privilege Underwriters Reciprocal Exchange.(Property/Casualty)(Brief article)
May 1, 2008... PRIVILEGE UNDERWRITERS RECIPROCAL EXCHANGE said it will offer homeowners insurance coverage for "well-built, high-value homes" in the Panhandle area of Florida. PURE, with about 2,000 policies as of late last year, focuses on high-net-worth...

Bermuda-based Allied World Assurance Co. has officially launched its U.S. reinsurance operations, Allied World Re.(Reinsurance)(Brief article)
May 1, 2008... Bermuda-based ALLIED WORLD ASSURANCE CO. has officially launched its U.S. reinsurance operations, Allied World Re. The launch follows Allied World's completion of the acquisition of FINIAL INSURANCE CO., which was formerly known as Converium...

Cigna Corp. completes buy of Great-West Healthcare.(Companies)
May 1, 2008... Cigna Corp. said it completed its acquisition of Great-West Healthcare, the Denver-based unit of Great-West Life & Annuity Insurance Co., the U.S.-based-subsidiary of Canada's Great-West Lifeco Inc., for $1.5 billion cash. Cigna said its...

Gift of good health: a first-of-its-kind gift card helps recipients pay health, wellness and personal care expenses.(The Last Word)(Highmark Inc.'s HealthCare Visa Gift Card)
May 1, 2008... Gift giving has just gotten easier, thanks to one health plan. Gift givers now can give the gift of good health to family and friends with Highmark Inc.'s HealthCare Visa Gift Card. The Pittsburgh-based health plan began offering the card...