Best's Review articles from October 2007

Best's Review archives from October 2007

Happy motoring.(Editor's Prologue)(automobiles insurance)(Viewpoint essay)
October 1, 2007... For me, it was the allure of my sister's 1969 Mustang. Being younger, I wasn't allowed to drive it much but I loved the way the car looked. Its lime green color, contrasting black hood, automatic three on the floor and bucket seats made the car...

Quote/unquote.(Comment)(Brief article)
October 1, 2007... Excerpted from BESTWEEK * U.S./Canada and BESTWWEEK * Europe "In recent years, we have seen a growing trend of people taking out... insurance over the phone and online, especially via intermediaries. We want to ensure that people have full...

Employers' health costs still zooming, just not as quickly.(Briefing)
October 1, 2007... Employer-sponsored health insurance premiums once again grew by a declining rate in 2007, but continued to outpace both wages and general inflation, a new study published in the journal Health Affairs concludes. According to the 2007...

Munich re launches special risks unit.(Briefing)(Munich Reinsurance Co.)(Brief article)
October 1, 2007... Munich Re said it has set up a special unit for special enterprise risks. Announcing the launch at the Rendez-Vous reinsurance meeting in Monte Cario, the German reinsurer said the new unit would be in place by the fourth quarter of 2007....

Katrina's cost was runner-up.(Briefing)(Hurricane Katrina, 2005)
October 1, 2007... Scientists who've studied the cost of damages wrought by Hurricane Katrina in 2005--which they calculated at $81 billion--say the storm was not unprecedented. A new report, compiled by meteorologists, professors and risk modelers from the...

Investment concerns.(100 YEARS AGO in Best's Review)(Brief article)
October 1, 2007... The unprecedented decline of investment securities between December 1906 and October 1907 resulted in a loss of surplus funds of fire insurance companies and spurred continuous debate for many weeks about the state of the market according to...

AIA report: many more miles, many fewer fatalities.(Briefing)(American Insurance Association)(Report)
October 1, 2007... Decades of efforts by the insurance industry and advocacy groups have increased automobile safety significantly, according to a new study by the Washington D.C-based American Insurance Association. Recently released federal highway data...

Life is good for Canadian insurers.(By the Numbers)(Brief article)
October 1, 2007... A strong economy, buoyant equity markets and scant credit woes add up to a reassuring stability for Canada's life insurance market. Major life insurers enjoy solid balance sheets and, at times, double-digit growth in earnings. An ongoing focus...

Meetings.(Briefing)(Brief article)(Calendar)
October 1, 2007... Oct. 3-6 National Association of Professional Surplus Lines Offices: Annual Convention, New Orleans Marriott and the Sheraton New Orleans, New Orleans. Phone: (816) 741-3910 Web site: www.napslo.org Oct. 10-13, 2007 American...

London, Lloyd's strong, less volatile.(Briefing)(Lloyd's of London)(Brief article)
October 1, 2007... Lloyd's and the London market have had five years of good performance and are now looking less volatile than areas such as Bermuda, according to Miles Trotter, assistant general manager for analytics at A.M. Best Co. Speaking at the annual...

Reinsurance cycle enters 'critical time'.(Briefing)
October 1, 2007... Reinsurers are facing a "critical time" for cycle management, as pricing softens in both property and casualty lines in a global market seeing increased capital movement among domiciles and strategies, according to A.M. Best Co. analysts. ...

A.M. best's stock indexes: four weeks ended September 13, 2007 (Dec. 31, 2004 = 1,000.00).(Briefing)(Statistical table)
October 1, 2007... The "AMB" vs. the "Dow" [GRAPHIC OMITTED] Percent Change Index Month/ Year to Year/ AMB vs Dow Close Month Date...

New York regulators launch elder protection unit.(Briefing)(Brief article)
October 1, 2007... New York regulators have launched an elder protection unit intended to protect senior citizens when they deal with insurance companies, agents and brokers. The new unit will be made up of employees assigned from the department's Consumer...

U.K. insurers establish climate-change committee.(Briefing)(Brief article)
October 1, 2007... The Association of British Insurers has launched ClimateWise, an initiative aimed at coordinating the insurance industry's response to climate change. Kim Clemo, climate change director of Axa Insurance, told a press conference at the ABI's...

Guy Carpenter & Co. LLC.(Agent/Broker)(Paul Lumbis)(Brief article)
October 1, 2007... GUY CARPENTER & CO. LLC has named PAUL LUMBIS to manage its corporate finance business in Europe. According to a company statement, Lumbis' new post will put a new focus on Guy Carpenter's mergers and acquisitions efforts, and also will...

Lockton Inc.(Agent/Broker)(Fernando Ortega Amieva)(Brief article)
October 1, 2007... LOCKTON INC. has named FERNANDO ORTEGA AMIEVA as president of operations in Mexico, where he will work as the executive managing director of the company's property/casualty brokerage and employee benefits consultancy in Mexico City. ...

Prudential Financial Inc.(Life)(Prudential Financial Inc. appoints Christine C. Marcks as president)(Brief article)
October 1, 2007... PRUDENTIAL FINANCIAL INC. said it named CHRISTINE C. MARCKS president of its retirement services business following the resignation of JOHN Y. KIM. Before being named to her new post, Marcks, with 20 years of experience in the retirement...

CNA executive named president of Calif. Compensation Fund.(People in Insurance)(California's State Compensation Insurance Fund appoints Janet Frank as its president )(Brief article)
October 1, 2007... A top executive from CNA Financial has been tapped to run the largest workers' compensation insurer in the United States. [ILLUSTRATION OMITTED] Janet Frank, who is executive vice president of North American field operations for...

Assurant Inc.(Life)(Assurant Inc. appoints Mark J. Bohen senior vice president of marketing)(Brief article)
October 1, 2007... New York-based insurance provider ASSURANT INC. has named MARK J. BOHEN as its senior vice president of marketing. Bohen, 46, is the first appointment to the new position, reporting to Assurant's interim chief financial officer Michael...

Kingsway Financial Services Inc. has named Serge Lavoie and Colin Simpson as the presidents and chief executive officers of two of its subsidiaries.(Property/Casualty)(Brief article)
October 1, 2007... KINGSWAY FINANCIAL SERVICES Inc. has named SERGE LAVOIE and COLIN SIMPSON as the presidents and chief executive officers of two of its subsidiaries, Montreal-based JEVCO INSURANCE CO. and Ontario-based YORK FIRE & CASUALTY INSURANCE CO.,...

W.R. Berkley Corp. has named Robert W. Standen as president of two of its workers' compensation insurance providers.(Property/Casualty)
October 1, 2007... W.R. BERKLEY CORP. has named ROBERT W. STANDEN as president of two of its workers' compensation insurance providers, KEY RISK INSURANCE CO. and its affiliate, KEY RISK MANAGEMENT SERVICES INC., the company said in a statement. Standen, who...

Hanover Insurance Group.(Property/Casualty)(Kristen Albright appointed as chief actuary)(Brief article)
October 1, 2007... HANOVER INSURANCE GROUP has named KRISTEN ALBRIGHT chief actuary. [ILLUSTRATION OMITTED] Most recently, Albright had been personal lines chief actuary for Liberty Agency Markets of Liberty Mutual. She had held a number of other lead...

National Financial Partners Corp.(Property/Casualty)(George Biancardi appointed as senior vice president of National Financial Partners Corp. and president of Preferred Services Group of New York Ltd.)(Brief article)
October 1, 2007... NATIONAL FINANCIAL PARTNERS CORP. has named GEORGE BIANCARDI senior vice president of National Financial Partners Corp. and president of Preferred Services Group of N.Y. Ltd. Most recently, Biancardi had been managing director and industry...

Lig Marine Managers.(Property/Casualty)(Mike Mcfarland appointed as senior marine underwriter)(Brief article)
October 1, 2007... LIG MARINE MANAGERS has named MIKE MCFARLAND as senior marine underwriter for the company, where he will head up the Florida-based commercial marine and longshore insurance provider's new ocean cargo department. Coming from multiple areas...

Aon Corp. has named Michael O'Halleran executive chairman and Ted Devine chief executive officer.(Reinsurance/Capital Markets)
October 1, 2007... AON CORP. has named MICHAEL O'HALLERAN executive chairman and TED DEVINE chief executive officer of AON RE GLOBAL. [ILLUSTRATION OMITTED] A 21-year Aon veteran, O'Halleran currently serves in a dual role as Aon Re Global's chairman and...

Endurance Specialty Holdings LTD.(Reinsurance/Capital Markets)(Hans-Joachim Guenther appointed as chief underwriting officer )(Brief article)
October 1, 2007... ENDURANCE SPECIALTY HOLDINGS LTD. has named HANS-JOACHIM GUENTHER chief underwriting officer of reinsurance and head of insurance for Europe. Guenther brings 19 years of experience in the reinsurance market. He began his career in 1988...

Sievert pursues degree in ministry.(People in Insurance)(Frederick Sievert)(Occupation overview)
October 1, 2007... After heading up New York Life Insurance Co. for the past few years, Frederick Sievert is moving from the world of financial services to a far more spiritual realm. Sievert retired as president of New York Life Insurance Co. in June, a...

Quacking cards.(BRANDING)(AFLAC Inc.)(Hallmark Cards Inc.)(Brief article)
October 1, 2007... The Aflac Duck is sending special birthday wishes in a new--and boisterous--way. Aflac and Hallmark recently teamed up to offer the Aflac Duck to greeting card shoppers with a sound chip embedded in the card that says "Aflaaaac!" when...

A.M. Best hosts Ad Summit.(Insurance Marketing)
October 1, 2007... A.M. BEST CO. will host the 2007 Insurance Marketing and Advertising Summit on Nov. 8, at the Hilton New York in New York City. Event sessions will include how to reach the insurance media and agents; how carriers are using direct marketing;...

'Heroes' for babies.(SPONSORSHIPS)(Farmers Insurance)(Brief article)
October 1, 2007... [ILLUSTRATION OMITTED] On June 7, thousands of Farmers Insurance agent employees and customers nationwide got creative to help raise more than $2.7 million dollars for the March of Dimes in a single day. Called "Be a Hero for Babies...

Old Mutual recently launched.(BRANDING)(Brief article)
October 1, 2007... Old mutual recently launched its first multimillion-dollar U.S. advertising campaign aimed at professionals in the investment and insurance industries. [ILLUSTRATION OMITTED] The campaign marks the first time the Boston-based company...

Wharton study lifts annuities.(SPOTLIGHT)
October 1, 2007... Lifetime income annuities are the most cost effective and least-risky asset class for generating guaranteed retirement income for life, according to a study released in August co-sponsored by the Wharton Financial Institutions Center at the...

'Difference in conditions' cover.(Property/Casualty)(Allied World Assurance Company Ltd.)(Brief article)
October 1, 2007... [ILLUSTRATION OMITTED] Allied World Assurance Company (U.S.) has introduced Allied World DIC. The product provides coverage for directors and officers if corporate D&O insurance does not, due to such reasons as the insolvency of a primary...

Jackson enhances UL product line.(Life)(Brief article)
October 1, 2007... Jackson National Life Insurance Co. has launched Accumulator UL, a universal life policy focusing on cash value, to replace its UL One product. Accumulator offers a 4% guaranteed minimum interest rate, rates based on the 2001 mortality table, a...

Filling the gap amid term, perm.(Life)(VantisLife Insurance Co.)(AXA Financial Inc.)(Brief article)
October 1, 2007... Axa Equitable has introduced return-of-premium term life insurance on 20-, 25- and 30-year level periods. The products are priced between traditional level-premium terra and permanent life insurance. Premiums are fully refundable if the insured...

Life policy comes with flexibility.(Life)(Brief article)
October 1, 2007... Massachusetts Mutual Life Insurance Company has launched Whole Life Legacy 100, which adds options to the traditional guarantees of a whole life policy. Owners may now increase coverage, subject to insurability, or decrease coverage. They also...

Components of increased retirement risk aged group 51-61, from 1992 to 2004.(SNAPSHOT)(Statistical table)(Brief article)
October 1, 2007... Components of increased retirement risk aged group 51-61, from 1992 to 2004 Overall, households in this age group, at risk of not maintaining their pre-retirement standard of living, rose nearly 13% from 1992 to 2004. 4.9%...

Rating actions.(Ratings)(insurance industry )(Statistical table)
October 1, 2007... This edition reflects all rating actions--assignments, changes or placed under review--that occurred for life, health and property/casualty insurers domiciled in North America, as well as international insurance companies, since this section...

Insuring a passion: insurers and agents, like McKeel Hagerty, say '60s and '70s muscle cars are fueling sales.(Property/Casualty: Auto Insurance Package)(Cover story)(Statistical table)
October 1, 2007... [ILLUSTRATION OMITTED] McKeel Hagerty once spent all his money on a car that he could not drive. Perhaps that was the day Hagerty was first bitten by the car-collecting bug. Sure, he was only 15, and his life's savings at the time was just...

Born to be wild: motorcyclists' age and affluence are trending upward--so are accidents.(Property/Casualty: Auto Insurance Package)
October 1, 2007... The campaign to link motorcycles with carefree, wholesome fun--as opposed to drugged-out lawlessness--began in late 1962, long before the late Hunter S. Thompson published his "strange and terrible saga" about the Hell's Angels biker gang, anal...

Curbing distractions: auto insurers are helping teens become safer drivers.(Property/Casualty: Auto Insurance Package)
October 1, 2007... [ILLUSTRATION OMITTED] With teen auto fatalities at a crisis point in the United States, the teen-driver safety market is opening up as the newest battlefield in the highly-competitive auto insurance segment. Several carriers already...

Rules of the road: predictive modeling can help commercial insurers set premiums.(Property/Casualty: Commercial Auto)
October 1, 2007... [ILLUSTRATION OMITTED] The time has come for commercial auto insurance to benefit from the same predictive modeling techniques and strategies that have been a boon to personal-line insurance products. Personal auto insurance rating has...

For the record: Safeco's chief discusses the company's new appetite for business.(Property/Casualty: Personal Lines)(Interview)
October 1, 2007... [ILLUSTRATION OMITTED] Paula Rosput Reynolds, president and chief executive officer of Safeco Insurance Cos., took the company's helm about a year-and-a-half ago, jumping into the insurance industry from a career managing utilities. ...

Just one number? Then you're wrong! Efforts to find one perfect number to measure risk are just plain silly.(Property/Casualty: Loss/Risk Management Insight)
October 1, 2007... In Douglas Adams' witty science fiction series, A Hitchhiker's Guide to the Galaxy, a gigantic supercomputer named Deep Thought is asked to find "The Answer to the Great Question of Life, the Universe and Everything." After laboring for...

Theme park confidential: a family vacation to Orlando unlocks marketing insights straight from the varsity playbook.(Property/Casualty: Underwriting Insight)(Column)
October 1, 2007... On a recent family trip to Orlando, I was awestruck by the extent of marketing and merchandising at the theme parks. As children's author Dr. Seuss wrote, "Oh, the thinks you can think up if only you try." Theme parks seem to "think up"...

The missing links: it's always been a challenge, but recruiting young people has become urgent for independent agencies.(Agent/Broker: Recruiting)
October 1, 2007... [ILLUSTRATION OMITTED] Industry veteran Chris Amrhein recalls talking a few years ago with a young property/casualty insurance agent employed by an independent agency. "Was there like a war or something?" the 24-year-old inquired after...

In the blink of an eye: employee demand for vision insurance keeps rising as many companies switch to voluntary coverage.(Health/Employee Benefits: Vision Insurance)
October 1, 2007... Seventy-four percent of U.S. adults wear prescription eyewear, and employee demand for vision insurance continues to grow, according to eyecare plan provider VSP Vision Care. But four in 10 U.S. adults and children nationwide have no...

Banking on 'cyber liability' coverage: give customers the online access they want as well as the protection they need.(Agent/Broker: Selling Insight)
October 1, 2007... Financial institutions face a dilemma: Customers want online access for easy control of their assets, but they want it without the growing risk of security breaches, identity theft and Internet fraud. A look at some statistics illustrates the...

Taking shape: having heard from a cavalcade of interested parties, NAIC readies a principles-based model law to create a new regulatory framework life and health insurers.(Life: Reserving)(National Association of Insurance Commissioners)(Interview)
October 1, 2007... [ILLUSTRATION OMITTED] Insurance regulators have moved into the final phase of creating a model law, based on principles rather than formulas, that would serve as the basis for a new regulatory regime for life and health insurance. ...

What women want: savvy employers know a rich benefits package can help attract and retain a key demographic: midcareer women.(Life: Selling Insight)(MetLife Study of Employee Benefits Trends)
October 1, 2007... When it comes to offering benefits, employers' top objective is to retain employees--not control costs--according to the 5th annual MetLife Study of Employee Benefits Trends. It's the first time since the study's inception that employee...

A comeback for life insurance: in the future, the industry will look very different, but will be vibrant and growing.(Life: Underwriting Insight)(Market overview)
October 1, 2007... Over the years, life insurance industry critics frequently have disparaged its slow growth, high costs, low return on capital and recurring tendency to enable market conduct issues and product mis-pricing However, in the past three to...

A careful plan: U.S. insurers appear to invest prudently.(Reinsurance/Capital Markets: Asset Management)
October 1, 2007... Low interest rates, erratic equity returns, competitive pressures, softening property/casualty premium rates and competition generally are heightening interest among insurers to increase yields and returns. This article looks at some areas of...

The Katrina factor: 2005's monster hurricane continues to resonate in this year's elections.(Regulatory/Law: Elections)
October 1, 2007... In Mississippi and Louisiana, where officials' handling of Hurricane Katrina is still a sore subject, a plethora of candidates are running for statewide office this year. Insurance Commissioners In Mississippi, George Dale, the...

Cash flow: industry favors GOP candidates, but several Democrats also receive donations.(Regulatory/Law: Elections)
October 1, 2007... With more than a year to go to the 2008 election, insurance-related political action committees have raised almost $5.9 million so far this election cycle--and they've spent about $5.3 million on various races, according to an A.M. Best Co....

What's love got to do with it? A lawsuit explores 'alienation of affection' and intentional damages.(Regulatory/Law: Legal Insight)
October 1, 2007... The late comedian Henny Youngman once joked, "Do you know what it means to come home at night to a woman who'll give you a little love, a little affection, a little tenderness? It means you're in the wrong house, that's what it means." ...

Technology resources.(Technology)(companies that offer products and services of special needs of the insurance industry)(Directory)
October 1, 2007... Keeping up with technology innovations is difficult. These are some of the companies that offer products and services aimed at the special needs of the insurance industry. Acord Two Blue Hill Plaza, 3rd Floor RO. Box 1529 ...

Welcome to STP: straight-through processing has made its way into insurance, and carriers are reaping the rewards.(Technology: Technology Insight)
October 1, 2007... Like so many buzzwords in the insurance technology realm, straight-through processing seems to have followed a predictable arc, beginning in hype and ending in obscurity. The appeal of STP was always obvious but, according to conventional...

Getting the numbers right: investors and regulators now can estimate the impact of future reserve variability on insurers' earnings.(Property/Casualty: Reserves)
October 1, 2007... Loss reserves, generally the largest liability on insurers' balance sheets, are the estimated cost of settling unpaid claim liabilities. Under generally accepted accounting principles and statutory accounting principles, changes in reserve...

Subprime mess may spill to D&O market.(Property/Casualty: Loss/Risk Management Notes)
October 1, 2007... As concern over losses in the U.S. subprime mortgage market moves from the boardroom to the courtroom, insurers who underwrite the liability of major financial institutions are preparing for a new rash of claims. At least 10 securities...

Many U.S. companies risk liability with retirement plans.(Property/Casualty: Loss/Risk Management Notes)(Brief article)
October 1, 2007... One of the largest sources of class-action lawsuits against Fortune 1000 corporations is fiduciary liability, according to Fiduciary Risk Management LLC, a division of top-100 CPA firm Habif, Arogeti & Wynne LLP. Serious difficulties often...

Catch a digital wave: technology can transform relationships between financial advisers and their Web-savvy clients.(Technology: Marketing)
October 1, 2007... [ILLUSTRATION OMITTED] When Apple Computer Chief Executive Officer Steve Jobs introduced the iPhone at the 2007 Macworld Conference & Expo, he called it the reinvention of the cell phone. Time will tell if millions of happy iPod owners...

ACORD.(Tech Bytes)(expansion of facility)(Brief article)
October 1, 2007... ACORD recently expanded its Testing and Certification Facility to include test capabilities for ACORD Reinsurance and Large Commercial Placing message implementations. The ACORD Testing and Certification Facility supports developers...

Cigna HealthCare.(Tech Bytes)(CIGNA Healthcare Group Inc.)(Brief article)
October 1, 2007... This fall, Cigna HealthCare will begin providing online precertification to more than 365,000 physicians in its national network. The service will be powered by NaviNet, a provider-communications portal, from NaviMedix Inc. This capability will...

Hartford Financial Services Group.(Tech Bytes)(Brief article)
October 1, 2007... The Hartford Financial Services Group launched an automated system that makes it faster and easier for agents to service and modify their clients' personal lines insurance policies from the company. The Hartford's Personal Lines Policy Change...

Pricey 'virtual' music collections sound off-key to U.S. insurers.(Technology Notes)
October 1, 2007... For millions of people, buying and listening to music has become an increasingly virtual activity. For music fans who don't particularly care about packaging or audiophile-quality recordings, it's far easier to click on a button and download a...

A delicate balance: how capital asset pricing models can improve insurance portfolios.(Reinsurance/Capital Markets: Pricing Models)
October 1, 2007... [ILLUSTRATION OMITTED] When insurers buy reinsurance to manage their insurance portfolios, they are addressing the same balance between risk and return that investment managers assess to manage performance. In fact, some insurers use a...

Specialty reinsurance brokerage Carvill and Tradition Financial Services Energy are teaming up to form a new insurance derivatives brokerage company.(Agent/Broker)(Brief article)
October 1, 2007... Specialty reinsurance brokerage CARVILL and TRADITION FINANCIAL SERVICES ENERGY are teaming up to form a new insurance derivatives brokerage company. The joint venture will provide derivative brokerage and advisory services to clients and...

Insurance Network will become part of Bancorpsouth Insurance Services Inc.(Agent/Broker)(Brief article)
October 1, 2007... INSURANCE NETWORK will become part of BANCORPSOUTH INSURANCE SERVICES INC. under an agreement that will see the Jonesboro, Ark.-based broker merged with BancorpSouth's Ramsey, Krug, Farrell and Lensing unit, that was to take effect Sept. 1....

The Pak-Qatar Takaful Group said its family and general insurance divisions, Pak-Qatar Family Takaful Ltd. and Pak-Qatar General Takaful Ltd., received operating licenses to do business in Pakistan.(Asia)(Brief article)
October 1, 2007... The PAK-QATAR TAKAFUL GROUP said its family and general insurance divisions, PAK-QATAR FAMILY TAKAFUL LTD. and PAK-QATAR GENERAL TAKAFUL LTD., received operating licenses to do business in Pakistan. Pak-Qatar General offers coverage for...

Canadian fraternal benefit society Foresters would acquire Mississauga, Ont.-based Unity Life Of Canada and convert it to a stock company in what would be the nation's first-ever "sponsored" demutualization, under a plan unveiled by Foresters.(Canada)(Brief article)
October 1, 2007... Canadian fraternal benefit society FORESTERS would acquire Mississauga, Ont.-based UNITY LIFE OF CANADA and convert it to a stock company in what would be the nation's first-ever "sponsored" demutualization, under a plan unveiled by Foresters....

Pet insurer launches life cover favoring vegetarians.(Companies)
October 1, 2007... Life insurers have long understood the importance of lifestyle. The use of tobacco or alcohol, for instance, can influence the rates an applicant can expect to pay for coverage. Elaine Fairfax, managing director and owner of Animal Friends...

Pet policy growth.(Companies)(Brief article)
October 1, 2007... Animal Friends Insurance Services has seen its pet insurance policies grow over the past three years. Now the insurer is moving into life insurance for people. [GRAPHIC OMITTED] ANIMAL LOVER: Elaine Fairfax, managing director and owner...

Karen Clark, the founder of Applied Insurance Research--currently known as Air Worldwide--has launched a new firm to help companies better utilize catastrophe models.(Catastrophe)(Brief article)
October 1, 2007... Karen Clark, the founder of APPLIED INSURANCE RESEARCH--currently known as AIR WORLDWIDE--has launched a new firm to help companies better utilize catastrophe models. KAREN CLARK & CO. will provide consulting services, independent reviews of...

W.R. Berkley Corp. is acquiring CGH Insurance Group, the owner of American Mining Insurance Co.(Commercial)
October 1, 2007... W.R. BERKLEY CORP. is acquiring CGH INSURANCE GROUP, the owner of AMERICAN MINING INSURANCE CO. Terms of the transaction were not disclosed. Birmingham, Ala.-based American Mining has specialized in underwriting of mining operations with an...

Specialist insurer Hiscox Ltd. has acquired 49% of Allison & Partners Insurance Services.(London)(Brief article)
October 1, 2007... Specialist insurer HISCOX LTD. has acquired 49% of ALLISON & PARTNERS INSURANCE SERVICES, a privately held U.K.-based broker and underwriter specializing in professional indemnity coverage in the recruitment and construction sectors.

Medicus Insurance Co.(Medical Malpractice)(Brief article)
October 1, 2007... Two years after Illinois signed a controversial cap on medical-malpractice damages into law, a new medical-malpractice liability carrier has started writing in the state. Austin, Texas-based MEDICUS INSURANCE CO. said it would begin writing...

Boston-based insurer Liberty Mutual Group has completed its buyout of Ohio Casualty Corp. and officially acquired the company, according to a company statement.(Mergers & Acquisitions)
October 1, 2007... Boston-based insurer LIBERTY MUTUAL GROUP has completed its buyout of OHIO CASUALTY CORP. and officially acquired the company, according to a company statement. Fairfield, Ohio-based Ohio Casualty's boards of directors and Ohio Casualty's...

Northeast Bank Insurance Group Inc. will acquire Lewiston, Maine-based Hartford Insurance Agency.(Mergers & Acquisitions)
October 1, 2007... NORTHEAST BANK INSURANCE GROUP INC. will acquire Lewiston, Maine-based HARTFORD INSURANCE AGENCY, the group's fifth agency acquisition in less than a year.

London-based broker Jardine Lloyd Thompson has formed a joint venture with Saudi insurance and reinsurance broker Arab Commercial Enterprises in what JLT describes as "an exclusive trading agreement for the kingdom" of Saudi Arabia.(Middle East)(Brief article)
October 1, 2007... London-based broker JARDINE LLOYD THOMPSON has formed a joint venture with Saudi insurance and reinsurance broker ARAB COMMERCIAL ENTERPRISES in what JLT describes as "an exclusive trading agreement for the kingdom" of Saudi Arabia. The...

Munich Re subsidiary Munich Re America said it has entered a definitive merger agreement with stop-loss insurer Cairnstone Inc. via its operating division Munich Re America Healthcare.(Reinsurance)(Munich Reinsurance Co.)(Brief article)
October 1, 2007... MUNICH RE subsidiary MUNICH RE AMERICA said it has entered a definitive merger agreement with stop-loss insurer CAIRNSTONE ING. via its operating division MUNICH RE AMERICA HEALTHCARE. According to Munich Re, Cairnstone has been in the...

New York Life again no. 1 in 'million Dollar Round Table'.(Companies)
October 1, 2007... For the 53rd year in a row, New York Life Insurance Co., in 2007, ranks No. 1 in the United States for agents achieving membership in the Million Dollar Round Table. New York Life said 2,453 of its agents obtained membership in the MDRT,...

A sports trailblazer (sort of): Cary Schneider, an inventor of Rotisserie League Baseball, is honored in Cooperstown. Kind of.(The Last Word)
October 1, 2007... The year was 1981. Cary Schneider was four years into his career with the Insurance Information Institute in New York City. Since childhood, he had been a St. Louis Cardinals baseball fan, and now suddenly, dramatically, he had the opportunity...