December 17th, 2009
Independence Holding Company reported declaration of a semi-annual cash dividend of $0.025 per share of common stock, payable to stockholders of record on July 6, 2009, with a payment date of July 20, 2009.
IHC is a holding company principally engaged in the life and health insurance business and the acquisition of blocks of policies through its insurance company subsidiaries (Standard Security Life Insurance Company of New York and Madison National Life Insurance Company, Inc.), its affiliate (American Independence Corp. (Nasdaq:AMIC – News)), and its managing general underwriters, third-party administrators, and marketing affiliates. Standard Security Life markets medical stop-loss, small group major medical, short-term medical, major medical for individuals and families, limited medical, group long and short-term disability and life, dental, vision and managed health care products. Madison Life sells group life and disability, employer medical stop-loss, small group major medical, major medical for individuals and families, short-term medical, dental, vision, and individual life insurance. AMIC is a holding company principally engaged in the insurance and reinsurance business through Independence American Insurance Company and its agencies and managing general underwriter division.
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December 14th, 2009
Arthur J. Gallagher & Co. is pleased to announce that 15 of its retail property/casualty insurance brokers have been recognized as Power Brokers(TM) by Risk & Insurance magazine in a special issue published on February 20, 2009. Honorees were selected primarily based upon the creative and innovative accomplishments they achieved with one or more clients during the prior year.
Risk & Insurance recognized Gallagher brokers in eight industry categories: Robert Altemus (Aviation); Patrick Walsh (Chemicals); Leta Finch, Greg Hunter and John McLaughlin (Education); Shirley Griffith-Bourke (Entertainment); Rich Clark (Hospitality); Joan Dove, Dennis O’Hara and Peter Persuitti (Nonprofit); John Chino, Michael Croke, Dorothy Gjerdrum and Karen Graham (Public Sector); and Joe Inge (Technology).
“It is always gratifying to see our brokers cited as leaders in their respective areas of specialization. Gallagher is a niche-focused organization and, over the years, many of our outstanding professionals have been recognized by Risk & Insurance as Power Brokers. We are proud of all of our current and past honorees, and confident that many additional Gallagher professionals will join their ranks in the years to come,” said James S. Gault, President, Property/Casualty Brokerage.
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 15 countries and does business in more than 100 countries around the world through the Gallagher Optimus Network of independent brokers and consultants. Gallagher is traded on the New York Stock Exchange under the symbol AJG.
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December 14th, 2009
Marsh, the world’s leading insurance broker and risk advisor, announced the creation of a one-of-a-kind property insurance program that can provide up to $500 million of annual capacity, in the aggregate, for windstorm losses incurred by all participating oil and gas companies operating in the Gulf of Mexico in a given policy year.
Marsh’s Cost and Coverage Certainty Program, known as the Triple C Facility, was developed in conjunction with the Berkshire Hathaway Group. The Triple C Facility is designed to provide oil and gas companies operating in the Gulf of Mexico with insurance protection, on a pooled basis, with pricing stability, and for a period of five years. Underwritten by members of the Berkshire Hathaway Group, the program is currently available exclusively through Marsh.
“The series of severe hurricanes that struck the Gulf of Mexico during the past five years have drained insurance capacity and left many energy firms with few, if any, alternatives to obtain the levels of coverage they require at stable prices,” said Jim Pierce, chairman of Marsh’s Global Energy Practice. “We believe that the Triple C Facility will address a serious exposure for these businesses in an acutely challenging economic cycle when the effects of a large uninsured loss might be devastating.”
The Triple C Facility will offer participating businesses flexibility in coverage design and structure, including a choice of limits of $100 million per occurrence or $50 million per occurrence and a variety of attachment points, ranging from $20 million to $250 million per occurrence.
Additional information regarding the Triple C Facility is available by contacting Bertil Olsson, managing director, Marsh’s Energy Practice-Houston, at 713-276-8711.
Berkshire Hathaway Inc. is a holding company owning subsidiaries that engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. Berkshire Hathaway Group consists of certain insurance company subsidiaries of Berkshire Hathaway Inc.
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December 14th, 2009
Aon Corporation announced that Greg Case, President and CEO, will present at the Annual Merrill Lynch Insurance Investor Conference in New York on Wednesday, February 25, 2009 at 11:45 a.m. Eastern Time. Interested parties may access an audio webcast of the presentation at www.aon.com. A replay of the webcast will be available within 24 hours of the presentation.
Aon Corporation is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon’s industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey, Aon also ranked highest on Business Insurance’s listing of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance.
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December 14th, 2009
Lincoln Financial Group announced that on February 13, 2009, a jury rendered a verdict in a patent infringement lawsuit in favor of The Lincoln National Life Insurance Company and against three Aegon USA companies: Transamerica Life Insurance Co., Transamerica Financial Life Insurance Co., and Western Reserve Life Assurance Co. of Ohio. The jury found Lincoln’s ‘201 patent valid and determined that a reasonable royalty for Transamerica’s infringement was $13.1 million.
The patent claims at issue in the Transamerica case relate to a computerized method for administering variable annuity products that combine guaranteed minimum payment features with systematic withdrawal programs. The patent also includes data processing methods used to administer variable annuities in the payout phase and withdrawals from mutual funds, particularly systematic withdrawals from funds.
“We are pleased that the jury found in Lincoln Financial’s favor, confirming the validity of our ‘201 patent,” said Dennis Schoff, General Counsel, Lincoln Financial Group. “We believe in our unique product solutions, our patented method for administering those product solutions and in protecting our intellectual property.”
Lincoln filed its first patent for income guarantees in 1998. Guarantees are backed by the claims-paying ability of the appropriate issuing company.
Variable annuities are long-term retirement planning vehicles that can offer tax deferral, a lifetime income and death benefits to help meet financial needs and goals. Tax deferral allows any investment gains to grow with no taxes due until withdrawal. The values will fluctuate in accordance with the performance of the investments and when withdrawn, may be worth more or less than the original cost. Withdrawals may be subject to surrender charges and to ordinary income tax along with withdrawals prior to age 59 1/2, a 10% IRS penalty may also apply.
An investor should carefully consider the investment objectives, risks, charges and expenses of the variable annuity and its underlying investment options before investing. The product prospectus and underlying fund prospectus contain this and other important information and should be read carefully. Investors should request a prospectus from their registered representative.
Variable annuity contracts are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, distributed by Lincoln Financial Distributors, Inc., and offered by broker dealers who have selling agreements. The Lincoln National Life Insurance Company is not authorized in, and does not solicit business in, the State of New York.
For residents of New York, variable annuity contracts are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, distributed by Lincoln Financial Distributors, Inc., and are offered by broker dealers who have selling agreements. The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York are independently responsible for their own contractual and financial obligations. Products and features are subject to state availability.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $178 billion as of December 31, 2008. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services. Affiliates also include: Delaware Investments, the marketing name for Delaware Management Holdings, Inc. and its subsidiaries; and Lincoln UK.
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December 14th, 2009
Teva’s Year of Affordable Healthcare campaign is a nationwide call for increased access to affordable health care for American citizens. The program coincides with the 25th anniversary of the landmark Hatch-Waxman Act, which created the modern generic drug industry and has saved billions of health care dollars.
The Year of Affordable Healthcare kicked off with the release of a national poll that found one in every five Americans is cutting back on health care, even skipping doses of medicines, due to the economic crisis. An overwhelming majority of those polled (85%) said that using generic drugs would help the economy by letting families keep more of their own money.
Teva kicked off the campaign of affordable health care with the release of a series of videos designed to illustrate the important savings generic drugs have produced for everyday Americans since Hatch-Waxman passed. The second entitled “Where am I” was released
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December 14th, 2009
The Texas Association of Health Underwriters (TAHU) will be hosting its 15th Annual Day at the Capitol on March 2, 2009 at the Sheraton Hotel in downtown Austin. The event will provide agents the opportunity to network and discuss client issues with other agents and legislators.
Agents will attend a panel discussion featuring political blogger from InThePinkTaxas.com and editor of TexasMonthly.com, Eileen Smith. Other panelists include Dr. Jim Henson, producer of the Texas Politics Project, Harvey Kronberg the writer, editor and publisher of QuorumReport.com and Ross Ramsey, publisher of TexasWeekly.com. Panelists will be discussing the current political climate as it pertains to healthcare and be provided an update on what is happening at the Capitol.
“Agents will gather to talk about upcoming legislation, express their clients’ concerns and have their voices heard by legislators,” said TAHU President Ron Buffum. “To better serve the health insurance consumer, agents will keep themselves up-to-date on current issues affecting their clients and the industry as a whole.”
Through this event TAHU hopes that the voices of Texas agents are heard and relayed to legislators. Attendees are encouraged to suggest initiatives for the 81st legislature and inform their representatives about what is happening in their districts.
TAHU’s 15th Annual Day at the Capitol will be held Monday, March 2, from 8:30 a.m. to 1:30 p.m. at the Sheraton Hotel in downtown Austin. The event is open to TAHU and non-members.
Reservations are highly encouraged to be made by February 23, 2009, but the registration fee can be paid at the door. Continental breakfast and lunch will be served to attendees. Registration for the event is $100 prior to February 23 and after is $130.
A state chapter of the National Association of Health Underwriters, TAHU is a professional organization of agents and insurance company representatives aiming ” … to inform and protect the consumer by enhancing the professional growth of its members.” Since its founding in 1930, there are now over 200 state and local chapters of the NAHU servicing the insurance needs of millions of Americans.
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December 14th, 2009
Bottomline Technologies a leading provider of collaborative payment, invoice and document automation solutions, today announced that its customer, Vulcan Materials Company, has been named a Law Technology News Technology Award winner for its use of Legal eXchange to accelerate law firm invoice review cycles and optimize legal spend management processes.
Now in its sixth year, Law Technology News’ Technology Awards honor law firms and in-house legal departments that have demonstrated leadership, creativity and innovation in using technology to meet challenges and serve clients.
Since implementing Legal eXchange in 2007, Vulcan’s in-house legal team has been able to transform invoice management processes by establishing a centralized, electronic bill review for all legal invoices. The dramatic reduction in paper invoice volume has not only accelerated approval cycles but provided greater insight into overall legal spend. By building some of its billing guidelines into the process, Vulcan has been able to ensure greater compliance with pre-determined billing guidelines.
“We are very pleased to be recognized by Law Technology News because this award acknowledges the success we’ve had in meeting our goal to better evaluate and control outside legal fees,” said Norman Jetmundsen, Jr., Assistant General Counsel of Vulcan. “Our choice of a technology vendor was an important factor in reaching this goal. Throughout the entire process Bottomline proved to be a true partner, leveraging its expertise and working in conjunction with our in-house team to ensure the project’s success.”
Legal eXchange is relied on to provide the visibility and control necessary to drive strategic decisions regarding legal expense management and is one of the most widely deployed legal spend management solutions today. With 60,000 users and a growing network of more than 6,000 law firms, Legal eXchange’s comprehensive functionality enables users to work collaboratively with outside counsel, increase process efficiencies and improve case handling strategies.
“To see Vulcan Materials Company recognized for its achievements using Legal eXchange is a source of tremendous pride for our organization,” said Tom Gaillard, Senior Vice President and General Manager of Bottomline Technologies. “Increasing visibility into, and control over, legal spend is a priority for many in-house legal teams, and Vulcan’s approach is a model others can emulate.”
Vulcan Materials Company, a member of the S&P 500 index, is the nation’s largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.
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December 14th, 2009
Travelers National Accounts announced the availability of CustomComp, a flexible, new alternative in workers compensation loss-cost management. Designed for larger-sized customers, CustomComp can be tailored to key areas in the organization’s claim administration process. With the new product, clients, their brokers and Travelers can more actively participate in the design and delivery of a customized claim system aimed at optimizing results.
CustomComp complements Travelers existing TravComp® product. By offering the same level of service and medical and return-to-work expertise, coupled with a more flexible menu of delivery options, Travelers is providing risk managers more choice in the buying decision. CustomComp is available for both bundled and standalone claim service programs. Built around CustomComp’s component-based model, options can include a Travelers component, an organization’s internalized process or an outsourced product for as many as eight elements. Components can be assembled to address a customer’s unique environment, capabilities and loss experience.
“All customers like having options, which is why we built CustomComp to include a variety of customization choices,” said Bill Malugen, President and Chief Executive Officer, Travelers National Accounts. “We bring a long history of service excellence and best practices to each CustomComp customer. The component-based approach enables the design and delivery to evolve with an organization’s changing needs and capabilities.”
To best manage these sophisticated programs, Travelers is introducing regional service delivery with experienced adjusters dedicated to the product. Customers will also benefit from the same preferred provider networks and other managed care resources utilized in all Travelers workers compensation programs.
“We are proud of our track record in achieving superior claim outcomes for our customers and injured workers,” said Jim Wucherpfennig, Vice President for workers compensation. “CustomComp will provide Travelers customers with access to our workers compensation claim handling expertise in ways that best fit their unique business needs.”
CustomComp will be marketed from National Accounts’ 17 local field offices. Contact your account executive for further information on our claim services options.
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December 14th, 2009
First graph of release should read: HSBC Finance Corporation announced today that its board of directors declared the regular quarterly cash dividend on the company’s Series B preferred stock of $0.3975 per depositary share payable March 16, 2009, to shareholders of record on March 3, 2009 (sted… to shareholders of record on February 28, 2009).
The corrected release reads:
HSBC Finance Corporation Declares Dividend for Holders of Series B Preferred Stock
HSBC Finance Corporation announced today that its board of directors declared the regular quarterly cash dividend on the company’s Series B preferred stock of $0.3975 per depositary share payable March 16, 2009, to shareholders of record on March 3, 2009.
HSBC Finance Corporation is a subsidiary of HSBC North America Holdings Inc., one of the top ten financial organizations in the United States. HSBC Finance Corporation subsidiaries provide real estate secured loans, auto loans, credit cards and private label credit cards, personal non-credit card loans, taxpayer financial services and specialty insurance products.
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December 13th, 2009
Mercer Insurance Group, Inc. reported its operating results today for the year and quarter ended December 31, 2008.
4th Quarter highlights:
– Net income of $0.10 per diluted share versus $0.45 per diluted share in the prior year’s quarter,
– Operating income of $0.54 per diluted share versus $0.48 per diluted share in the prior year’s quarter,
– A GAAP combined ratio of 98.4% versus 98.5% in the prior year’s
quarter,
– Book value per diluted share of $22.21.
Andrew R. Speaker, President and CEO, commented, “We are pleased with the operating results for the quarter which are the strongest quarterly operating earnings per share ever recorded by the Company. The strong operating performance was partially offset by net realized capital losses, which were comprised mostly of a provision for declines in fair value of securities considered to be other than temporary, and mark-to-market adjustments for interest rate swaps on our trust preferred debt. Because the Company carries investment securities on its balance sheet at fair value, recognition of other than temporary impairments in realized losses does not otherwise change the Company’s shareholder’s equity or book value per share.”
Speaker added, “Economic conditions, particularly the effects of the downturn in residential housing as it applies to our West Coast contractors business, have negatively impacted our direct premiums written. In anticipation of the impact on future net premiums earned, the Company has taken proactive measures to reduce and control expenses, including staff reductions and elimination of other expenses as we focus on maintaining profitable operations and increasing book value.”
Speaker concluded, “We continue to maintain a strong balance sheet. Our strategy of prudently investing in securities that provide an adequate return while protecting capital has served us well during the current volatile investment market. Despite the significant decline in equity markets, the overall results for our investment portfolio were strong and helped the Company increase book value in both the quarter and the year, while many of our industry competitors saw declines in those periods.
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December 13th, 2009
Insurance Finance & Investment, published by WorldTrade Executive, Inc., in partnership with Patpatia Associates announces the publication of a new survey of asset management practices of European insurance companies and money management firms entitled IFI European Insurance Asset Manager Annual Survey.
IFI European Insurance Asset Manager Annual Survey provides comprehensive, hard-to-find details on asset managers specializing in managing European insurance company investments. The report highlights each manager’s expertise in the insurance marketplace and details qualitative aspects of the manager’s business model and core competency. Some of the details provided include:
* Organization Overview … including ownership, and client profile
* Total Assets under Management … with detailed breakdowns on asset class and region
* Global Business Operations … including asset distribution and international client base
* Investment Capabilities … including strategies, products, as well as total assets under management
* Insurance Practice Overview … with specifics on how long each firm has been managing insurance assets, total insurance assets under management, number of third party clients, and client distribution by size and geography
* Full Contact Information … with corporate information and insurance-specific contacts
The Survey is designed to be a tool for insurance companies when selecting a third party manager.
Also available is a US report, which provides a detailed profiling of nearly 50 insurance asset managers, and the practices of over 350 insurance companies are evaluated.
Patpatia & Associates, based in Berkley, California provides research services to life and property & casualty insurance firms and other financial organizations. Insurance Finance & Investment (IFI), published by WorldTrade Executive, Inc., is a twice-monthly report, specializing in coverage of the investment side of the insurance industry. It covers the latest trends in portfolio management by insurance companies and their third-party asset management firms.
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