Best's Review articles from September 2007

Best's Review archives from September 2007

That's entertainment.(Editor's Prologue)(American Society of Business Editors recently honored Best's Review with five awards for journalistic excellence )
September 1, 2007... Our cover story, "Highly Evolved," examines how insurers are creating digital entertainment to grab a competitive edge. Insurers are fusing marketing and entertainment to grab consumers' attention to build customer relationships. Any way that's...

Quote/unquote.(Comment)(Quotation)
September 1, 2007... Excerpted from BestWeek US./Canada and BestWeek Europe "We want to be the most profitable reinsurer worldwide. As a primary insurer, we intend to exploit business segments and markets with major growth potential, particularly abroad." ...

Correction.(Comment)(Correction notice)
September 1, 2007... The ranking of the Top 35 Global Reinsurance Groups has been revised since it was published in the August 2007 edition of Best's Review on page 65. Companies ranked 17 through 20 have changed based on additional financial information provided...

Insurers win major Katrina flood ruling.(Highlights From BestWeek: Briefing)
September 1, 2007... In a ruling that could mean a windfall worth hundreds of millions of dollars for insurers covering Hurricane Katrina damages, a three-judge panel of the U.S. Fifth Circuit Court of Appeals ruled that homeowners, renters and commercial-property...

Mediterranean storm prediction stirs new concerns.(Highlights From BestWeek: Briefing)(Brief article)
September 1, 2007... Predictions that a warming Mediterranean Sea could spawn hurricanes in the region has raised issues for both scientists and insurers. According to a report published by a group of European academic experts, the heavily populated area...

Defective goods from China have many insurers on edge.(Highlights From BestWeek: Briefing)
September 1, 2007... The growing number of defective or potentially harmful Chinese-made products imported into the United States is causing anxious days at insurance firms. From pet food that sickened and killed dogs and cats to toothpaste, toy trains, honey,...

Commissioners meet.(100 YEARS AGO in Best's Review)(Convention of Insurance Commissioners )(Brief article)
September 1, 2007... The annual Convention of Insurance Commissioners was held midSeptember of 1907 and featured a speech by George H. Adams, insurance commissioner of New Hampshire and also president of the convention. Adams discussed the Great San Francisco...

Domestic captives: money in the bank, uncertainty ahead.(By the Numbers)(Financial report)(Brief article)
September 1, 2007... For the fourth consecutive year, domestic captive insurers posted impressive gains in their capital base in 2006, ending with a surplus of $18.8 billion which is a 10% increase over 2005 figures. However, the number of net premiums written...

Meetings.(Briefing)(Brief article)(Calendar)
September 1, 2007... Sept. 8-11 Chartered Property Casualty Underwriters Society: Annual Meeting and Seminars, Hawaii Convention Center, Honolulu. Phone: (610) 251-2738 Web site: www.cpcusociety.org Sept. 8-12 National Association of Insurance and...

U.K. flood losses point to higher premiums.(Briefing)(Allianz Aktiengesellschaft Holding)
September 1, 2007... With losses from recent floods in the United Kingdom mounting, the U.K. insurance industry is gearing up for a round of premium increases. Mark Bishop, a spokesman for Allianz, expects flood insurance rates to go up by about 10%. He noted...

After the floods, a mapper's cup runneth over.(Briefing)(Simon Warsop is head of flood mapping for Norwich Union )
September 1, 2007... Simon Warsop finds himself being recognized more often in the hallways at work these days. Neighbors, he jokes, are asking for his autograph. Warsop is head of flood mapping for Norwich Union, which, among other U.K. insurers, is facing...

A.M. best's stock indexes: four weeks ended August 16, 2007.(Briefing)(Statistical table)
September 1, 2007... A.M. Best's Stock Indexes Four Weeks Ended August 16, 2007 (Dec. 31, 2004 = 1,000.00) Percent Change Global and Regional Index Month/ Year to Year/ Indexes (Ticker) Close ...

Alexander Forbes dropped from A.M. best stock index.(Briefing)(Brief article)
September 1, 2007... South Africa-based broker Alexander Forbes Ltd. was deleted from the A.M. Best Global Insurance Composite Index and the A.M. Best Global Brokers Index effective Aug. 3. The moves comes as Alexander Forbes is to be acquired by a private...

Scor secures converium ownership, names new board.(Briefing)(Scor aquired Converium Holding A.G.)(Brief article)
September 1, 2007... Scor said it is now in a position to successfully settle its offer for Swiss reinsurer Converium Holding A.G., after having tendered nearly 93 million Converium shares and gaining control of 96.32% of Converium's shares. The French...

Katrina 'backlash' ends Dale's career.(Briefing)
September 1, 2007... Mississippi Insurance Commissioner George Dale says he knew he was fighting an uphill battle in his re-election campaign. Dale, the longest-serving elected insurance regulator in the United States, first was voted into office in 1975. He...

Captive formations not impacted by softening environment.(Briefing)(Brief article)
September 1, 2007... The softening insurance market has so far had no noticeable impact on captive formations, experts say. "What's been very interesting is even in the somewhat thick of a soft market, we're still seeing net captive formations increasing. We...

Actress stresses the value of life insurance.(LIFE INSURANCE)
September 1, 2007... Comedian, actress and former Saturday Night Live cast member Molly Shannon is this year's national spokesperson for the LIFE FOUNDATION'S fourth annual Life Insurance Awareness Month. The event is held each September to help educate people...

A.M. Best hosts ad summit.(CONFERENCES)
September 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;...

Principal's sponsor hits track full speed.(BRANDING)(Brief article)
September 1, 2007... THE PRINCIPAL FINANCIAL GROUP will sponsor the Principal Financial Group Chevrolet on Sept. 16 in the NASCAR Nextel Cup Sylvania 300 race at New Hampshire International Speedway in London, N.H. [ILLUSTRATION OMITTED] The company was...

Communications and brand analytics.(PROPERTY/CASUALTY)(Brief article)
September 1, 2007... COMMUNICATIONS AND BRAND ANALYTICS, a Boston-based firm that rates advertising's effectiveness, released the results of its study on the advertising and brand differences of more than 15 major property/casualty insurers. The audit's top scores...

Guy Carpenter & Co.(Agent/Broker)(appointments)(Brief article)
September 1, 2007... GUY CARPENTER & CO. has made several personnel announcements recently: --The company named SIMON WELTON senior vice president of its U.K. Retrocessional Practice. Most recently, he had been underwriting officer of Pentelia Capital...

Lincoln Financial Group.(Life)(appointments)(Brief article)
September 1, 2007... LINCOLN FINANCIAL GROUP said its chairman and chief executive officer, JON A. BOSCIA, is retiring Sept. 1. Replacing him as CEO is its president and chief operating officer, DENNIS R. GLASS, while long-time director J. PATRICK BARRETT was...

Ing.(Life)(appointment of X. Rick Niu)(Brief article)
September 1, 2007... ING's U.S. Insurance Group has named X. RICK NIU executive vice president and chief growth officer. [ILLUSTRATION OMITTED] Most recently, Niu headed corporate multicultural marketing among American International Group Inc.'s life...

Mark Bertolini, 51, named new president of Aetna Inc.(People in Insurance)(promotion)(Brief article)
September 1, 2007... Aetna Inc. has promoted Mark T. Bertolini, 51, to president. [ILLUSTRATION OMITTED] Most recently, Bertolini served as executive vice president and head of business operations, a position he was promoted to earlier in the year. As...

Axa Advisors LLC.(Life)(appointment of Andrew Mcmahon)(Brief article)
September 1, 2007... AXA ADVISORS LLC has named ANDREW MCMAHON chairman. Currently, McMahon is executive vice president of Axa Equitable Life Insurance Co. He will continue serving as a member of the company's executive management committee. [ILLUSTRATION...

New York Life Insurance Co.(Life)(promotion of Gary Scofield)(Brief article)
September 1, 2007... NEW YORK LIFE INSURANCE CO. has promoted GARY SCOFIELD to senior vice president and chief actuary. [ILLUSTRATION OMITTED] Most recently, Scofield was president and actuary for the individual life department. Prior to rejoining New York...

Massachusetts Mutual Life Insurance Co. has named Roger Crandall and William Glavin Jr. to the positions of co-chief operating officers.(Life)(appointments)(Brief article)
September 1, 2007... MASSACHUSETTS MUTUAL LIFE INSURANCE CO. has named ROGER CRANDALL and WILLIAM GLAVIN JR. to the positions of co-chief operating officers. Crandall most recently served as chief investment officer for MassMutual. He also has held the titles...

MassMutual Retirement Income.(Life)(appointment of Douglas Russell)(Brief article)
September 1, 2007... MASSMUTUAL RETIREMENT INCOME has named DOUGLAS RUSSELL senior vice president, chief operating officer and chief financial officer. Most recently, Russell was senior vice president and head of client services for Prudential Retirement.

Aviva plc has named Simon Machell chief executive officer of its Asia Pacific unit which includes the Middle East, Hung Kong, China, India, Singapore, Malaysia, Taiwan and Australia.(Life)(appointments)(Brief article)
September 1, 2007... AVIVA PLC has named SIMON MACHELL chief executive officer of its Asia Pacific unit which includes the Middle East, Hung Kong, China, India, Singapore, Malaysia, Taiwan and Australia. Machell was formerly the chief executive of Norwich Union...

The First American Corp.(Property/Casualty)(appointment of George Grupp)(Brief article)
September 1, 2007... THE FIRST AMERICAN CORP. has named GEORGE GRUPP chief financial officer of its specialty insurance segment. [ILLUSTRATION OMITTED] Grupp brings with him more than 30 years of experience. He began his career with Ernst &Young and has...

United America Indemnity.(Property/Casualty)(appointments)(Brief article)
September 1, 2007... UNITED AMERICA INDEMNITY has promoted its chief operating officer, LARRY A. FRAKES, to the president and chief executive officer post. Frakes will replace SAUL A. FOX, who will remain chairman of UAI. Frakes, before he was appointed...

Zurich Financial Services Group.(Reinsurance/Capital Markets)(appointment of Kristof Terryn)(Brief article)
September 1, 2007... ZURICH FINANCIAL SERVICES GROUP has named KRISTOF TERRYN chief operating officer of its global corporate business division. Terryn was group head of planning and performance management.

XL Capital Ltd.(Reinsurance/Capital Markets)(appointment of Brian Nocco)(Brief article)
September 1, 2007... XL CAPITAL LTD. has named BRIAN NOCCO executive vice president and chief financial officer. Most recently, Nocco had been chief risk officer of Nationwide Insurance Group.

New policy addresses estate tax.(SPOTLIGHT)
September 1, 2007... Pacific Life Insurance Co. has launched the latest of the industry's second-to-die universal life insurance products to provide flexibility to owners in the face of uncertainty over the federal estate tax. Pacific Estate Preserver III...

Back-to-school with insurance.(Property/Casualty)(Brief article)
September 1, 2007... In time for fall semester, Fireman's Fund Insurance Co. introduces Student Property Insurance Protector Plus, a property insurance plan to cover computers, cell phones, musical instruments, sports equipment, gaming devices, jewelry and other...

Partnership boosts accountants' cover.(Property/Casualty)(Liberty International Underwriters partners with Lemme Insurance Group )(Brief article)
September 1, 2007... Liberty International Underwriters, a division of Liberty Mutual Group, has partnered with brokerage and consulting firm Lemme Insurance Group to provide expanded professional liability insurance to accountants in 38 states and the District of...

'New generation' of insurance.(Life/Health)(Brief article)
September 1, 2007... Golden Rule Insurance Co., a part of United-Healthcare, has launched a "new generation" of health insurance plans designed to be more affordable for individuals and families. The plans offer flexible underwriting guidelines; high-deductible...

Sun Life launches bonus annuity.(Life/Health)(Sun Life Financial)(Brief article)
September 1, 2007... Sun Life Financial has joined the ranks of insurers offering bonuses on an index annuity with the launch of SunDex Bonus. The bonus, 6% for premiums less than $250,000 and 7% for more, becomes vested after five years. The product also...

The high net worth * share their thoughts.(SNAPSHOT)(Brief article)
September 1, 2007... The Hight Net Worth * Share Their Thoughts * Net worth of $1 million or more, excluding primary home. Portion of current income nearly half 100% expect to need in retirement Feel wealthier now than last year 81%...

Best's rating changes.(Ratings)(Table)(Company rankings)
September 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...

High evolved: more insurers are using technology to amplify their brands and to entertain.(Branding: Technology)(Cover story)
September 1, 2007... The terms "innovative" and "technology" are nearly synonymous, and the insurance industry is recognizing that connection by striving to reach new heights with cutting-edge developments. But compared to other businesses, insurance companies...

Here, there and everywhere: more and more, insurance sales recruiters look outside the industry for viable candidates.(Recruiting Agents: Agent/Broker)
September 1, 2007... Lance Osborne, vice president of field force development for Aflac, recalled a recruit he enlisted many years ago, a female manager at a fast-food drive-through. She'd been approached for a sales job through another Aflac agent and was...

The lost colonies: insurers who already protect farmers with crop insurance are expanding coverage to honeybee keepers, whose hives are being decimated by a mysterious disorder.(Crop Insurance: Property/Casualty)(Report)
September 1, 2007... Beekeepershave been buzzing about two big issues this year: "What is happening to the and "How can we afford to stay in business without them?" [ILLUSTRATION OMITTED] Scientists are working to solve the mystery behind Colony Collapse...

Beneficial disruption: smart insurers use predictive modeling to boost strategic and tactical decision-making.(Underwriting Insight: Property/Casualty)
September 1, 2007... Insurers that comprehensively deploy predictive modeling are primed to realize the greatest business gains. Emerging property/casualty leaders in both profit and growth are using innovative analytics to optimize every decision across their...

On guard: one year ago, insurers implemented tough new federal anti-money-laundering regulations. Whether they're effective in fighting terrorism waits to be seen.(Regulation: Life)
September 1, 2007... Since May 2006, insurers have been required the USA Patriot Act to have anti-money-launering programs, known as AMLs, in place. So far, large insurers have done a good job meeting this mandate but continue to face challanges, according to a...

Life by the book.(Leading Writers: Life)(Life insurence industrial ranking is base on the amount of total ordinary life issued in 2006.)(Industry ranking)(Statistical table)
September 1, 2007... Life and annuity companies experienced favorable trends in operating results across most business lines last year, aided by strong equity markets and increased consumer demand for life and annuity products with secondary guarantees. The...

Now boarding: last year nearly a million Americans traveled abroad for health-care procedures, and some health plans are offering coverage.(Medical Tourism: HEALTH/EMPLOYEE BENEFITS)
September 1, 2007... Brian Woods' recent trip to Mexico wasn't your typical vacation of rest and relaxation. Rather, the Dallas resident ventured hundreds of miles across the border to find cost-effective Lasik eye surgery. The elective surgery comes with a nearly...

Rising in the East: a crowded field of insurance companies is eagerly prospecting in the former communist nations that now comprise "New Europe."(Emerging Markets: Property/Casualty)(Report)
September 1, 2007... Two decades ago, a visitor to Russia would have been impressed with the wideopen streets and empty highways. In those days, Russians had to have connections and money to acquire a luxury like a car--and that "luxury" meant one of the...

Making the move: regulatory changes have forced life insurers to explore new ways to fund reserves.(Securitization: Reinsurance/Capital markets)
September 1, 2007... The U.S. life insurance securitization market has grown in recent years, driven by a combination of higher reserving requirements and growing expense and capacity issues associated with more traditional reinsurance alternatives. Securitization...

Fading fast: traditional retiree benefits are disappearing. can new products help employers recruit and retain talent?(Retiree Benefits: Health/Employee Benefits)(Report)
September 1, 2007... A persistent undercurrent of Anxiety plagues Americans these days. Despite so much positive economic news, people worry about their safety net. It has apparently become too expensive for private industry to maintain, and now it is unraveling....

Letting go: small insurers can optimize business by outsourcing noncore activities such as data entry, employee recruitment and Web site management.(Outsourcing: Agent/Broker)(As business process outsourcing continues to take off in the insurance industry)
September 1, 2007... As business process outsourcing continues to take off in the insurance industry, many agencies wonder if they are too small to benefit from the practice. The truth is, even the smallest companies can reap considerable operational and financial...

Moving forward: producer compensation is key to agency growth.(Selling Insight: Agent/Broker)
September 1, 2007... Agency principals are always interested in learning how their peers are paying producers and what trends are occurring in sales compensation. They want to be competitive but also motivate producers to focus on new accounts, rather than live...

A clearer understanding: citing a need to improve consumers' understanding of title insurance, the federal government issues a report calling for more regulatory oversight.(Title Insurance Regulation: Regulatory/Law)
September 1, 2007... Rafael Castellanos never thought his career could be dangerous.A managing partner of Expert Title Insurance Agency in Manhattan, he's been in the title business for 21 years. But a simple client misunderstanding made him reconsider the inherent...

Affirming viatical settlement laws: the NAIC developed the viatical settlements model act to protect insureds and to create a transparent and fair viaticat settlements market.(Legal Insight: Regulatory/Law)(National Association of Insurance Commissioners)
September 1, 2007... The viatical settlements industry try was born in the 1980s in response to the AIDS crisis, when dying patients desperately needed cash to pay for expensive treatment. As AIDS became a more treatable disease, the industry expanded to include...

Heading in the right direction: for excess & surplus writers, the energy, high-tech and consulting markets beckon.(Excess & Surplus: Property/Casualty)
September 1, 2007... For excess & surplus lines companies, it's deja vu all over again, with the industry returning to the highly competitive, so,cycle period that existed before Sept. 11,2001. In the years after the attacks, several natural disasters took center...

Turn adversity to your advantage: in times of crisis' leaders in our industry need to pick themselves up, dust themselves off, and show us all the way out.(Loss/Risk Management Insight: Property/Casualty)
September 1, 2007... A pedestrian stepped into the road and was knocked down by a passing bicyclist. "You were lucky," the rider said. "Usually, I drive a bus!" Or so the story goes. In the insurance world, there are always those who are ready to knock us...

Study: drivers stop too close to school buses.(Loss/Risk Management Insight: Property/Casualty)
September 1, 2007... Nearly half of all drivers underestimate how far away they should stay back from a school bus stopped with flashing lights, according to a study by GMAC Insurance. The study, which polled 5,175 licensed Americans from all 50 states and the...

Taming the cat: securitizing pandemic losses offers life insurers a guaranteed way to fund potential claims.(Mortality Catastrophe Bonds: Reinsurance/Capital Markets)
September 1, 2007... Recently, a man with a multidrug-resistant strain of tuberculosis was placed in quarantine by the U.S. government after he allegedly exposed several hundred passengers and crew to the disease on two trans-Atlantic flights. This marks the first...

The big question: will new retirees actually 'annuitize' their annuities?(Annuities: Life)
September 1, 2007... U.S. life insurers have been adding attractive features to their annuities in an attempt to gain a greater share of the trillions of dollars in assets held by the people who are planning to retire over the next 20 years. Insurers promote...

Navigating retirement: today's variable annuities offer smooth sailing for retirees facing investment and longevity risks.(Underwriting Insight: Life)
September 1, 2007... Annuities are frequently complicated-sometimes needlessly so--and they certainly can be expensive. But the bias in the media is that they are a smoke-and-mirrors product. In fact, annuities may be essential to solving the core problem of modern...

Changing the rules: if agents are to be successful, they may have to redefine their goals.(Selling Insight: Life)
September 1, 2007... Our business is intensely competitive. Hundreds of insurance companies and thousands of advisers stand ready to sell their products, which begs the question: By competing for sales, are we hurting sales? Normal, healthy, psychologically...

Senate judiciary data-breach bills would held insurers, says Hiscox USA.(Technology Notes: Technology)
September 1, 2007... A Senate panel has approved two competing bills that would force insurers and businesses to notify consumers if their private data gets lost or stolen. Enactment of either one would be an improvement over the current patchwork of state...

Build a career plan: are you pursuing an informed career path or merely a series of jobs?(Technology Notes: Technology)
September 1, 2007... Effectively managing our own career is the most important financial asset for most of us, yet it is rarely pursued on a strategic or informed basis. Career planning, especially in the technology field, increasingly is the responsibility of the...

Global insurance broker Hub International Ltd. will acquire all outstanding stock of the Rigg Group Inc., in a deal Hub intends to use to launch a new Texas-based regional platform.(Agent/Broker)
September 1, 2007... Global insurance broker HUB INTERNATIONAL LTD. will acquire all outstanding stock of the Rigg Group Inc., in a deal Hub intends to use to launch a new Texas-based regional platform. Terms of the transaction were not disclosed.

Arthur J. Gallagher & Co. said it acquired Strategic Health Plans Corp., a Carmel, Ind.-based employee benefit brokerage.(Agent/Broker)
September 1, 2007... ARTHUR J. GALLAGHER & CO. said it acquired STRATEGIC HEALTH PLANS CORP., a Carmel, Ind.-based employee benefit brokerage. Terms were not disclosed.

Broker Marsh & McLennan Cos. said it completed the sale of its Putnam Investments unit to Great-West Lifeco Inc., a financial services holding company controlled by Canada's Power Financial Corp., for $3.9 billion in cash.(Agent/Broker)(Brief article)
September 1, 2007... Broker MARSH & MCLENNAN COS. said it completed the sale of its Putnam Investments unit to Great-West Lifeco Inc., a financial services holding company controlled by Canada's Power Financial Corp., for $3.9 billion in cash. Marsh said it will...

Allianz China Life Insurance Company Ltd.(Asia/Pacific)(granted license for setting life insurance branch)(Brief article)
September 1, 2007... ALLIANZ CHINA LIFE INSURANCE COMPANY LTD., a subsidiary of Allianz S.E., said it has been granted a preliminary license by the China Insurance Regulatory Commission to set up a new life insurance branch. The branch will be headquartered in...

Royal & Sun Alliance Insurance Group Plc.(Asia/Pacific)(Brief article)
September 1, 2007... As a first step toward creating a national network, ROYAL & SON ALLIANCE INSURANCE GROUP PLC has won permission from the China Insurance Regulatory Commission to put its ChInese business into a wholly owned subsidiary. The new entity is due to...

Geico.(Auto)(cuts fare for automobile insurance)(Brief article)
September 1, 2007... GEICO will implement statewide rate cuts averaging 10.8% for its California personal automobile insurance customers, under a plan approved by state Insurance Commissioner Steve Poizner. Geico also filed a plan for its underwriting and...

Max Capital Group Ltd.(Capital Markets)(Brief article)
September 1, 2007... MAX CAPITAL GROUP LTD. said it reached agreement with a group of lenders on a $600 million credit facility that could be extended to up to $800 million. The new credit facility replaces a credit agreement from June 2005. The facility is fronted...

Dutch insurer Aegon N.V. and Spanish bank Caja de Ahorros de Santander y Cantabria have agreed to establish a jointly owned bancassurance.(Europe)(Brief article)
September 1, 2007... Dutch insurer AEGON N.V. and Spanish bank CAJA DE AHORROS DE SANTANDER Y CANTABRIA have agreed to establish a jointly owned bancassurance partnership. The new partnership will sell Aegon life insurance and pension products through the...

Olympus Insurance Co.(Homeowners)(Brief article)
September 1, 2007... OLYMPUS INSURANCE CO. is the latest company to open its doors in the Florida homeowners market under a state program that gives loans to new or expanding companies. Olympus received a 20-year surplus note for $16.5 million from the state's...

Tolle ends speculation, will remain with Lloyd's.(Companies)(Rolf Tolle)(Lloyd's Life Assurance Ltd.)(Brief article)
September 1, 2007... After much speculation in the news and in the market, Hoyd's has announced that Rolf Tolle, its franchise performance director, will stay in his job until 2009. The announcement followed the publication of an item, confirmed by Lloyd's, in...

Dutch insurer Ing Group N.V. and Piraeus Bank, Greece's fourth-largest bank, signed a memorandum of understanding on a 10-year distribution agreement for life and pension insurance and employee benefits.(Life/Health)(Brief article)
September 1, 2007... Dutch insurer ING GROUP N.V. and PIRAEUS BANK, Greece's fourth-largest bank, signed a memorandum of understanding on a 10-year distribution agreement for life and pension insurance and employee benefits. The deal will effectively continue an...

Metlife Inc., the largest U.S. life insurer, intends to buy Safeguard Health Enterprises Inc., which sells dental and vision plans in California, Florida,Texas and Nevada.(Life/Health)(Metropolitan Life Insurance Co.)(Brief article)
September 1, 2007... METLIFE INC., the largest U.S. life insurer, intends to buy SAFEGUARD HEALTH ENTERPRISES INC., which sells dental and vision plans in California, Florida,Texas and Nevada. Terms weren't disclosed.

U.K. life insurer Scottish Widows Plc plans to sell closed life fund operator Abbey Life Assurance Co. Ltd. to Deutsche Bank AG for 977 million [pounds sterling] (about $1.9 billion) in cash.(Life/Health)
September 1, 2007... U.K. life insurer SCOTTISH WIDOWS PLC plans to sell closed life fund operator ABBEY LIFE ASSURANCE CO. LTD. to Deutsche Bank AG for 977 million [pounds sterling] (about $1.9 billion) in cash. The announcement was made by Lloyds TSB Group plc,...

Anthem Blue Cross and Blue Shield.(Life/Health)(Kentucky Office of Insurance)(Brief article)
September 1, 2007... ANTHEM BLUE CROSS AND BLUE SHIELD reached a settlement with the Kentucky attorney general calling on the health insurer to provide an estimated $1 million in credits or refunds to about 59,000 policyholders. Attorney General Gregory Stumbo...

Ing Group N.V.(Mergers and Acquisitions)(Brief article)
September 1, 2007... Dutch insurer ING GROUP N.V. agreed to buy the Latin American pension business owned by Spanish bank Santander. The deal, worth $1.3 billion, will involve the transfer of mandatory pension fund management companies in Mexico, Chile,...

Texas-based specialty insurer Argonaut Group Inc. completed its merger with Bermuda catastrophe reinsurer Pxre Group Ltd., forming a combined entity known as Argo Group International Holdings Ltd.(Reinsurance)
September 1, 2007... Texas-based specialty insurer ARGONAUT GROUP INC. completed its merger with Bermuda catastrophe reinsurer PXRE GROUP LTD., forming a combined entity known as ARGO GROUP INTERNATIONAL HOLDINGS LTD. As a result of the merger, Argonaut was deleted...

Flagstone Reinsurance Holdings Ltd. has taken a controlling interest in Island Heritage Holdings Ltd.(Reinsurance)(Brief article)
September 1, 2007... FLAGSTONE REINSURANCE HOLDINGS LTD. has taken a controlling interest in ISLAND HERITAGE HOLDINGS LTD. Established in 1996, the Cayman Islands-based Island Heritage Group provides insurance and reinsurance services throughout the Caribbean.

Zurich Financial Services Group is renaming its South African business, SA Eagle, to Zurich Insurance Company South Africa Ltd.(Middle East/Africa)(Brief article)
September 1, 2007... ZURICH FINANCIAL SERVICES GROUP is renaming its South African business, SA EAGLE, to ZURICH INSURANCE COMPANY SOUTH AFRICA LTD. The name change is part of the company's plan to promote its brand in South Africa and will be launched with...

Highway Insurance Holdings Plc.(United Kingdom)(Brief article)
September 1, 2007... U.K. automobile insurer HIGHWAY INSURANCE HOLDINGS PLC is closing its Lloyd's Syndicates 37 and 2037 and the shift of their business to Highway Insurance Co. Ltd. Syndicate 37 had drawn its capital from Names or private investors. Highway...

Aon says no to 'supplemental' commission offers from carriers.(Companies)(Brief article)
September 1, 2007... Insurance broker Aon Corp. said so-called "supplemental" commissions, created to replace contingent fees insurance carriers generally pay to brokers, do not meet the standards it has set for client service and leadership. Greg Case, the...

$10 million dollar smile: Lloyd's, insurer of famous legs, voices and schnozzolas, adds America Ferrera's pearly whites to celebrity list.(The Last Word)
September 1, 2007... One starlet's dazzling teeth are upping the ante on the expression, "million-dollar smile." Aquafresh White Trays, a teeth-whitening product marketed by GlaxoSmithKline, recently insured the smile of actress America Ferrera, star of the hit...