December 30th, 2009
Robert T. “Tim” Handren has been named Executive Vice President-Information Services at Mutual of Omaha, Mutual Chairman and CEO Dan Neary announced.
Handren has most recently worked as a private management consultant, advising numerous Fortune 500 companies in the areas of service strategies, operational efficiencies and process and technology synergy. Previously, he was Chief Operations Officer and Executive Vice President-Enterprise Operations at USAA, a diversified financial services company.
“As the rapid advance of technology creates both challenges and opportunities, Tim Handren has the experience, expertise and vision to lead Mutual of Omaha’s already strong Information Services Division. I look forward to working with him as we maximize our information technology resources,” Neary said.
A graduate of St. Mary’s University in San Antonio, Handren joined USAA’s information technology team in 1986. He held numerous positions at the San Antonio-based company, including Senior Vice President, Electronic Commerce; Executive Vice President, Enterprise Operations; and Chief Operations Officer.
In 2007 Handren left USAA to become a private management consultant, advising firms such as American Express, Allstate, Key Bank, TriWest Healthcare and Cigna Healthcare.
Founded in 1909, Mutual of Omaha provides insurance, banking and financial products for individuals, businesses and groups throughout the United States. In the individual market, Mutual is a leader in the life, Medicare supplement, long-term care, disability and annuity lines. The company also offers a portfolio of employee benefit solutions including life, disability, AD&D and retirement plans.
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December 30th, 2009
CCC Information Services Inc., of Chicago, Ill., and Mitchell International, Inc., of San Diego, Calif., reaffirmed their commitment to the planned merger, and intend to contest the action taken by the Federal Trade Commission. The companies received notice today regarding the FTC’s intent to oppose the merger. CCC and Mitchell reiterated their commitment to the value of the proposed merger and the competitive industry in which they serve.
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Githesh Ramamurthy, CEO of CCC Information Services Inc. stated, “While we are disappointed and disagree with the FTC’s position, we intend to vigorously challenge the FTC in court.”
Alex Sun, President and CEO of Mitchell International, added, “The driving force behind the proposed merger is the many benefits and innovations it can deliver to our customers. Our industry is — and will remain — intensely competitive. This is something that continues to be one of its defining characteristics.”
As stated in the initial announcement of the proposed merger these benefits include:
– An expanded communication network to deliver greater connectivity between insurers, repair facilities, and other industry service providers and suppliers;
– Expanded Research & Development resources and a greater ability to enhance current products and services, deliver new technology-based claims solutions, and provide faster time-to-market product delivery;
– An expanded sales and service organization, providing broader and better customer service across North America;
– A larger, more comprehensive data warehouse that will improve the company’s ability to deliver industry insights through benchmarking, data analytics and predictive modeling;
The companies remain confident that this merger is pro-competitive and ultimately will be recognized as such.
About CCC Information Services Inc.
CCC, founded in 1980, is a leading provider of advanced software, communications systems, and Internet and wireless enabled technology to the automotive claims and collision repair industries. Its client base includes more than 350 insurance companies and thousands of repair facilities. In addition to its products, CCC delivers extensive industry insight to its clients by leveraging the industry’s most comprehensive auto claims data warehouse comprising data captured from the millions of transactions processed through its network, complemented by information from more than 30 other data providers. You can find out more about CCC Information Services Inc. by visiting the company’s web site at http://www.cccis.com.
Mitchell is a leading provider of information, workflow, and performance management solutions to the insurance claims and automotive repair industries. Founded in 1946, Mitchell has developed a rich legacy as the only provider of solutions that address both physical damage and casualty claims needs. In addition, Mitchell is a leading provider of solutions designed to improve the performance of collision repairers through its business systems and customer satisfaction indexing offerings. Mitchell facilitates millions of electronic transactions between thousands of business partners each month to enhance their productivity, profitability, and customer satisfaction levels.
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December 30th, 2009
Univest Corporation of Pennsylvania and its insurance subsidiary, Univest Insurance, Inc., today announced the acquisition of Liberty Benefits, Inc., a full service employee benefits brokerage and consulting firm specializing in comprehensive employee benefits packages for businesses with 2 – 500 employees. The acquisition, completed on December 29, 2008, expands Univest’s growing insurance business and increases its capabilities to deliver employee benefit solutions.
“Growth of the Univest Insurance business through acquisition continues to be a long term strategy, positioning Univest as a major provider in the region,” said William S. Aichele, chairman, president and CEO of Univest Corporation. “Liberty Benefits, under the leadership of Ronald R. Flaherty, has consistently been recognized as one of Greater Philadelphia’s fastest growing companies, winning ‘Philadelphia 100′ recognition for three consecutive years. Clearly, this acquisition brings Univest tremendous business growth opportunities as well as new, experienced talent to help us grow our company.”
Liberty Benefits, Inc. was founded in 2002 by Ronald R. Flaherty. It offers a comprehensive range of affordable benefit products, plans and value-added services such as COBRA Administration, Section 125 Plans, Flexible Spending Accounts and Human Resource Information Management software. Liberty Benefits is headquartered in Conshohocken, Pa., and has an additional office in Maryland. It services clients throughout the Mid-Atlantic region. As part of the acquisition, Univest will relocate the eight employees from the Conshohocken office to its current Insurance offices in Lansdale and West Chester, Pa. In addition to the office relocation, Liberty Benefits will begin operating under the name Univest Insurance, Inc., effective immediately. Liberty Benefits’ Maryland office, with its three employees, will continue to operate in its current location in Upper Marlboro, Md.
“We are pleased to have found an agency that complements Univest Insurance’s full line of solutions and shares our philosophy of delivering excellent, personalized service and providing outstanding benefits solutions to our clients,” adds Kenneth D. Hochstetler, president of Univest Insurance, Inc. “In addition to the opportunities this acquisition brings to our insurance business, it will also allow us to expand our financial solutions to strengthen existing commercial banking relationships.”
Univest Insurance, Inc., headquartered in Lansdale, Pa., is an independent insurance agency, providing property and casualty insurance, employee benefits, and life, health and disability insurance for individuals, businesses and non-profit clients. Univest Insurance also has a location in West Chester, Chester County to serve clients in this region.
Univest Corporation of Pennsylvania was founded in Souderton, Pa. in 1876. Univest and its subsidiaries, Univest National Bank and Trust Co., Univest Insurance, Inc., Univest Investments, Inc., and Univest Capital, Inc., provide support and leadership in their communities and offer a wide range of financial services to individuals, businesses, municipalities and non-profit organizations. Univest serves Bucks, Montgomery, Chester and Lehigh counties through 33 financial service centers, 12 retirement community financial service centers, and 39 ATM locations.
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December 30th, 2009
The Savvy Self-Funding Healthcare Conference and Expo will provide employers and health plan sponsors the rare opportunity to discuss healthcare options with both carriers and brokers during a June 1-3, 2009 conference in Kansas City, Missouri.
The conference is unique, as it is designed and sponsored by an actual employer — not a conference promoter. Karrie Andes, Director of Human Resources for Deffenbaugh Industries, Inc. & Affiliates, a trash service provider in Greater Kansas City, created the conference in an effort to help educate employers and plan sponsors on self-funded healthcare.
“Hearing my colleagues being frustrated and seeking more information inspired me,” Andes says. “I just felt that if there was more education, and benefit managers knew what questions to ask, we could do more to lower costs. The solution doesn’t always have to be passing on costs or absorbing them.” As a result, the conference includes a full array of exhibitors — carriers, brokers, TPAs, PBMs, and other industries working hard to offset rising healthcare expenses. Presenters include speakers from The Center for Health Value Innovation, The Employee Benefits Security Administration, Industry Professionals, and Employers, along with breakout sessions to customize learning.
“I allow both health carriers and insurance brokers to exhibit at the expo. If you’re managing a health plan, you need as many options and ideas as you can get your hands on,” Andes said. “We had attendees from all across the nation attend our event in 2007. I had employers coming up to me, shaking my hand, telling me that our conference was the best they’d ever attended. The worst thing you can do is go to a conference and feel you wasted your time. This won’t happen at our conference … you’ll leave feeling inspired!”
“At first, this idea was quite controversial. I was told that I could never get brokers and carriers together for a conference. But I was convinced that the need was there, the interest was there, and the attendees would be there and I was right.”
The Savvy Conference promises to please — with registration at only $539, it’s an affordable event that is worthwhile. It will be held at The Westin Crown Center Hotel, in downtown Kansas City, Missouri.
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December 30th, 2009
In recognition of the holiday season, the OneBeacon Charitable Trust has made a $12,000 donation to the Greater Boston Food Bank, the largest hunger-relief organization in New England and one of the largest food banks in the country.
Said Carmen Duarte, a member of the OneBeacon Charitable Trust Committee, “At OneBeacon, we are firm believers in giving back to our community through volunteerism and charitable donations. Given our current economic conditions, it is even more important to support community resources such as local food banks. All of us at OneBeacon are pleased to make this donation to the Greater Boston Food Bank and help make the holidays a little brighter for our neighbors in need.”
The OneBeacon Charitable Trust has made contributions to 15 food banks across the country serving areas where OneBeacon has a strong presence. A total of $50,000 has been donated on behalf of OneBeacon employees through the OneBeacon Charitable Trust.
The OneBeacon Charitable Trust is a tax-exempt private foundation under Section 501(c)(3) of the Internal Revenue Code managed by employees of OneBeacon Insurance Company. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon’s specialty insurance products are available countrywide, and commercial and personal lines are offered in select geographic territories primarily through a network of independent agencies.
OneBeacon’s U.S. headquarters is in Canton, Massachusetts. The company is publicly traded on the New York Stock Exchange under the symbol “OB”.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may
occur in the future are forward-looking statements. The words “will,” “believe,” “intend,” “expect,” “anticipate,” “project,” “estimate,” “predict” and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to OneBeacon’s:
* growth in adjusted book value per share or return on equity;
* business strategy;
* financial and operating targets or plans;
* incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance;
* projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts;
* expansion and growth of our business and operations; and
* future capital expenditures.
These statements are based on certain assumptions and analyses made by OneBeacon in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
* claims arising from catastrophic events, such as hurricanes, earthquakes, floods or terrorist attacks;
* recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate;
* the continued availability and cost of reinsurance coverage;
* the continued availability of capital and financing;
* general economic, market or business conditions;
* business opportunities (or lack thereof) that may be presented to it and pursued;
* competitive forces, including the conduct of other property and casualty insurers and reinsurers;
* changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors or its clients;
* an economic downturn or other economic conditions adversely affecting its financial position;
* other factors, most of which are beyond OneBeacon’s control; and
* the risks that are described from time to time in OneBeacon’s filings with the Securities and Exchange Commission, including but not limited to OneBeacon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007 filed February 29, 2008.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
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December 30th, 2009
AIG has named Anthony J. DeSantis as President and Chief Executive Officer of its Personal Auto Group. The Personal Auto Group includes aigdirect.com, the direct personal lines automobile insurance operations of American International Group, Inc. (AIG), AIG Agency Auto, which provides personal lines insurance through a network of independent agencies and brokerages throughout the United States, and AIG Hawaii. Based in Wilmington, DE, Mr. DeSantis succeeds Bruce Marlow, who has left the company.
Kevin H. Kelley, President of AIG Domestic Personal Lines, commented, “Tony brings proven leadership and more than 20 years of experience with AIG’s personal lines operations. We appreciate Bruce Marlow’s contributions over the past year during the integration of AIG Marketing and 21st Century into the Personal Auto Group.”
Mr. DeSantis joined AIG in 1986, and has held several management and executive positions in the AIG personal lines companies, including President of AIG Marketing for AIG’s direct auto business. He was named Chief Operating Officer of aigdirect.com in September 2007 following the merger with 21st Century Insurance Group. Mr. DeSantis holds a Bachelor of Science Degree in Marketing from St. Joseph’s University.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
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December 30th, 2009
Cash and fixed income investments are narrowing the gap on Canadians’ own homes as the most popular havens to put money these days, according to a national poll for Manulife Financial, Canada’s leading insurance and wealth management company.
Registered Education Savings Plans and segregated funds also appear as stable investment vehicles with Canadians these days, as daily news reports cover volatile stock markets and the troubled U.S. economy. In its latest quarterly survey, the 39th quarterly Manulife Investor Sentiment Index fell back 16 points in early October to reach +8, its lowest point since the survey began in 1999.
The national telephone poll of 1,000 Canadians by Maritz Research in early October found eight among 10 investment categories and vehicles declined from the previous June survey.
“Overall market volatility is unsettling for many Canadians and the tendency is to seek a safe haven,” said Paul Rooney, President and CEO, Manulife Canada. “But we always encourage investors to work closely with their own advisors, particularly given short-term changes in the economy and markets.”
“Working with an advisor and sticking to a plan can help balance guaranteed versus variable investments, as well as stay focused on short- and long-term goals.”
Manulife serves more than one in five Canadians with a wide range of financial services and products, and among our key objectives is to help them make better financial decisions, added Mr. Rooney.
The overall index
Since its launch in 1999, the Manulife Investor Sentiment Index has remained in positive territory overall. It peaked at +35 in early 2000, but fell to +11, in December 2001. During the past two years, the index had generally remained near six-year highs, above +20.
The quarterly index monitors how Canadians say they feel about investing in 10 different categories and vehicles. The index reflects the percentage of those who say they believe it is a good or very good time to invest minus those who feel the opposite.
One of six investment categories gain ground
Only cash gained ground in the latest national survey, while investment real estate took another hard hit from Canadians, dropping into negative territory for the first time since 1999. Balanced funds and stocks also faced major setbacks when Canadians were asked if they’re a good place to invest.
After dropping 11 percentage points in June, investment property registered a strong drop again in October by falling 26 percentage points. Principal residences kept their place as the most popular investment category – yet support for investing in their own home also eased 10 percentage points.
Highlights
The Manulife Investor Sentiment Index is determined by the following six investment categories, shown by order of their overall ranking in the survey.
– Investing in their own homes (either through renovations or paying down the mortgage) remains the most popular place for Canadians to put their money – a consistent finding since 1999. The index for investing in their own home fell 10 points in October to +43. The index reflects 60 per cent of those surveyed who said it’s a good or very good time
to invest in their own residence — minus 17 per cent who believe it’s a bad or very bad time.
– Fixed income investments (including GICs and annuities) remained in second place, tied with cash this quarter, among most popular categories, falling back two points from June. At +26, the index remains high compared to its low of +4 in mid-2004.
– Cash (including savings accounts) was the only investment category to gain this quarter, by climbing three points to +26. Since 1999, cash has traditionally been the least favourite place named by Canadians to leave their money, but it now ranks higher than balanced funds, investment real estate and equities in the most recent poll.
– Balanced funds fell to fourth place among the most-popular investment targets, losing 33 points to sit at -8. Among those surveyed, 32 per cent felt balanced funds are a good or very good place to invest, compared to 40 per cent who said the opposite in October.
– Investment real estate dropped sharply, falling from its second-place rank in March to place fifth among investment categories in October. At -9, investment real estate fell into negative territory for the first time since the survey began.
– After marginal gains in the past year, the index for equities dropped back 27 points in October to sit at -28. The stocks index reflects 23 per cent who said it’s a good or very good time to invest in stocks, either directly or via mutual funds, while 51 per cent saw equities as a bad choice. Another 12 per cent felt it’s neither a good or bad time to buy shares.
Investment Vehicles
As well as evaluating the six investment categories, the same question was asked of four investment vehicles.
– Registered Education Savings Plans took over the top spot among favourite vehicles in October, climbing three points to reach +48 in the latest poll. Some 62 per cent of those surveyed said now is a good time to invest, compared to 14 per cent who disagreed.
– Among Canadians’ traditional favourite investment vehicles, Registered Retirement Savings Plans showed a significant drop of 18 points in October. At +38, the latest results for RRSPs reflect 58 per cent of respondents who feel it’s a good or very good time to put money into an RRSP, while 20 per cent said they feel it is a bad or very bad time.
– Segregated funds showed strong stability in October and overtook mutual funds to stand at +20. New products, like Manulife’s IncomePlus, aimed to protect investors from the downside of the market, have been popular since the initial launch two years ago of the first guaranteed minimum withdrawal benefit product in Canada.
– At -9, the index for mutual funds fell 31 points from the last quarterly survey, reflecting 30 per cent who said now is a good or very good time to invest in mutual funds, while 39 per cent said it was a bad or very bad time. Another 17 per cent answered that it was
neither a good or bad time for funds.
The poll by Omnitel, a division of Acrobat Research, was conducted with 1,000 Canadians aged 18 and older between October 2 and October 6, 2008. The results have a margin of error of +/- three percentage points, 19 times out of20.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$393 billion) as at June 30, 2008.
Manulife Financial is one of two publicly traded life insurance companies in the world whose rated life insurance subsidiaries hold Standard & Poor’s Rating Services’ highest “AAA” rating.
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December 30th, 2009
CSC announced that it will open a new information technology (IT) services delivery center in Tianjin, China, to better serve existing multinational and local customers and increase CSC’s presence in the region. The announcement was made during a ceremonial event involving CSC Chairman, President and Chief Executive Officer Michael W. Laphen, local CSC executives and senior Chinese officials at the Tianjin Guest House.
The new center, which will be located in the Tianjin Airport Industrial Park at 3 Crown Square, 55 Central Ave., will open in early spring 2009. It will initially house approximately 200 employees. The company anticipates that number will grow to 500 within three years. CSC will begin delivering services from a temporary location in the same area starting Nov. 1, 2008.
The company also plans to construct a data center facility in or near Tianjin to address global demand for technology hosting and managed services within the region. The efficient and cost-effective modular design will allow CSC to meet customer needs for several years and grow in 200-square-meter increments as required. Construction of the data center is scheduled for completion in mid-2010.
The Tianjin center expands CSC’s World Sourcing global delivery capability in Asia and joins an integrated network of more than 50 global delivery centers, including locations in Canada, Chile, the Czech Republic, India, Lithuania, Malaysia, Spain and Vietnam. These operations provide complete coverage of all CSC clients’ current requirements and have been designed to support future business needs. The Asia centers provide infrastructure, applications and business process outsourcing services while simultaneously offering clients a variety of language and technology skills. Best-in-class tools and processes permit seamless movement of work between and among the centers.
In addition, this significant investment demonstrates CSC’s support of further domestic growth in China while bringing the company closer to fulfilling its strategy of gaining greater market presence within targeted industries in China through CSC’s offering of best-of-breed solutions and services.
“We are pleased to announce the establishment of our new China Delivery Center,” said Laphen. “Strengthening our global delivery framework and expanding our presence in Asia are key elements of our multi-year growth strategy. China is an important location for us, and we’re committed to developing and expanding our capabilities here. We look forward to our grand opening early next year and to establishing Tianjin as a fully operational center in our World Sourcing Services global network.”
Congratulating CSC on the new center, Huang Xingguo, Mayor of the Tianjin Municipal Government, said, “We are very glad to have CSC, a leading global IT services provider, invest in Tianjin and build its first delivery center for China at the Tianjin Airport Industrial Park. Tianjin, as the economic center for North China and an international transportation hub, has many competitive advantages to further develop the outsourcing services industry. The entry of CSC in Tianjin will make a positive contribution to developing Tianjin’s outsourcing services industry and promoting economic development in Northern China. We are confident that this will be a successful partnership and a win-win relationship between CSC and Tianjin.”
Services offered from the new facility include applications development and maintenance and service desk. Languages supported by the service desk include Mandarin, English, Korean and Japanese. Once the data center is complete, CSC will also offer both applications and data hosting.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, Global Outsourcing Services and the North American Public Sector. CSC’s advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 90,000 employees and reported revenue of $17.1 billion for the 12 months ended July 4, 2008.
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December 30th, 2009
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Wuerttembergische Versicherung AG (WuerttVers) (Germany). The outlook on both ratings is stable.
The ratings reflect the company’s excellent business profile in the German market and adequate risk-adjusted capitalisation, partly offset by expected decreasing earnings driven by capital market turmoil. The ratings also factor a profit and loss absorption agreement and controlling agreement with the parent company, Wuestenrot & Wuerttembergische AG (W&W), and a continued improvement of risk management across the W&W group.
In A.M. Best’s view, WuerttVers has an overall excellent business profile in the German market, which was further improved by the completed integration of Karlsruher Versicherung and the launch of W&W group-wide growth initiatives. A.M. Best believes that WuerttVers will benefit from its proprietary tied agent network and W&W group-wide cross selling activities. WuerttVers exited the non-core London business with the sale of the renewal rights to Antares Group and implemented a comprehensive controlling structure to run off the Wuertt UK book. A.M. Best expects gross premiums written to decrease by 12%-13% to EUR 1.3 billion (USD 1.9 billion) in 2008, following the exit from the London market with an expected flat premium development for the German non-life market.
A.M. Best expects combined overall earnings—before tax and allocation to equalization reserve—to drop into the range of approximately EUR 5 million (USD 7 million) to EUR 8 million (USD 12 million) in 2008 from EUR 51 million (USD 74 million), translating into a return on premium of between 0.5% and 1.5% in 2008 as the investment result is expected to be impacted by write-downs. Underwriting results are likely to deteriorate in 2008, with a combined ratio of just below 100% from 97.3% in 2007, which is primarily driven by a further increase of reserves in scope of the exit of the London business. Despite this effect, A.M. Best expects the combined ratio for the German business to fall into the range of 96% to 98%.
WuerttVers’ risk-adjusted capitalisation remains supportive of the rating level despite expected impairments on the investment portfolio, resulting in a decrease of revaluation reserves. Furthermore, A.M. Best expects releases from equalization reserves due to the run-off of the London business. A.M. Best believes that WuerttVers’ reserving levels remain strong as evidenced by significant run-off profits in prior years, which A.M. Best expects to continue.
A.M. Best believes that the management of WuerttVers’ parent company, W&W, is successfully improving risk management across the entire W&W group.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.
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December 30th, 2009
For years, commercial artists produced traffic safety posters used by AAA. In the mid-1940s, however, AAA decided that students might develop a greater awareness of traffic hazards if the poster ideas came from the children themselves. By design, the task requires them to not only think about, but also interpret and illustrate their ideas of pedestrian, passenger, cyclist and motorist safety rules.
In this, the 65th Annual AAA National Traffic Safety Poster Program, AAA clubs of Minnesota announce a call for entries to area students (kindergarten through 12th grade). Based upon grade level, entrants will illustrate the following themes:
Primary students (Grades K-2)
Pedestrian and Child Passenger Safety (examples: night time visibility, proper use of booster seats, etc.)
Elementary students (Grades 3-5)
Getting to School Safely (examples: helmet use, interacting with motorists, obeying your AAA School Safety Patrol, etc.)
Junior High students (Grades 6-8)
How to be a Good Passenger (examples: buckle up, don t distract the driver, dangers of using a cell phone/changing the radio/CD when driving, etc.)
Senior High students (Grades 9-12)
Safe Teen Driving (examples: alcohol awareness, distracted driving, aggressive driving/speeding, etc.)
All entries are due by January 23, 2009. All entries should be submitted to AAA Minnesota/Iowa, 600 West Travelers Trail, Burnsville, MN 55337.
AAA will conduct a local judging of all Iowa entries and send the top-rated entries to the AAA National competition, where $18,600 will be distributed. Selected winning designs may be featured in AAA traffic safety education materials and promotions.
For information on entry guidelines, visit www.aaa.com.
AAA Minnesota/Iowa, which includes more than 778,000 members, offers automotive, travel, insurance and financial services. It is part of The Auto Club Group (ACG), the largest affiliation of AAA clubs in the Midwest, with 4.1 million members in eight states. ACG clubs belong to the national AAA federation, a not-for-profit organization, with more than 51 million members in the United States and Canada.
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December 30th, 2009
The following is the text of a letter sent yesterday to Secretary of the Treasury Henry M. Paulson, Jr. by John J. Degnan, Vice Chairman and Chief Operating Officer of The Chubb Corporation
October 28, 2008
The Honorable Henry M. Paulson, Jr.
Secretary of the Treasury
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
Dear Secretary Paulson:
I am writing on behalf of The Chubb Corporation to express our position as to whether property and casualty insurance companies should be allowed to participate in the Capital Purchase Program (”CPP”) being established pursuant to the Emergency Economic Stabilization Act of 2008 (the “Act”).
As you know, the principal objective of the Act is stated succinctly in Section 2: “to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States.” We do not believe that it is appropriate to include property and casualty insurance companies in the CPP because there is no indication that this objective would be served by such inclusion. To the contrary, most insurers in the P&C industry today appear to be well capitalized and not to present any systemic risk to the economy. The one insurance holding company that received a federal bail-out was deemed to have posed such a threat by virtue of the economic risk attributable to non-insurance activities conducted at the holding company level – not the risk presented by its licensed insurance subsidiaries. Therefore, we do not believe that allowing property and casualty insurance companies to participate in the CPP is consistent with the stated purpose of the Act.
In addition, we urge you to consider the anti-competitive impact of bail-outs in our industry. If P&C insurers are allowed to participate in the CPP, they would have a competitive advantage as a result of their obtaining capital at a cost below that available to other competitors through the private sector. This would be particularly unfair to the companies such as Chubb and other insurers that, as a result of prudent business practices and conservative investing, do not need to avail themselves of the government bail-out. It also would be unfair to those companies that have raised, or will raise, additional capital from the private sector in the current market environment given the significantly higher cost of that capital compared to the costs under the CPP. Participating insurers could try to use the competitive advantage afforded to them by the low-cost CPP capital to build their market share, thereby hurting other industry participants who did not need, or chose not to avail themselves of, the government bail-out under the CPP. We believe that the significant anti-competitive implications of including property and casualty insurers in the CPP must be considered.
A more urgent need for the property and casualty industry is regulatory modernization. Our industry would operate much more efficiently without the constant changes to products, prices and practices foisted upon us by 50 separate state legislatures and 50 regulators. As Secretary of the Treasury, you have championed this type of positive change and we urge you to continue to focus on this effort as the primary source of Treasury assistance to our industry.
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December 30th, 2009
City Corporation announced a campaign to prevent the influenza virus and discouraging inappropriate use of antibiotics should. The company launched its campaign in early October, in the Get Smart About Antibiotics week sponsored by the Centers for Disease Control and Prevention (CDC). The eight hundred health plans in collaboration with physicians and pharmacies in their communities with members of the high technical risk of preventive care, such as education remains a flu shot, hand washing and keep it away from others when sick. Members are children under 18 and women who are pregnant and members receive benefits under Supplemental Security Income (SSI) and old, blind and disabled. For the second consecutive year health Centenera plans to distribute kits to cold and flu to doctors’ offices for distribution to members. These packages provide the option of alternative medical treatment for patients with cold or a virus, not diagnosed are treated with antibiotics. The kit includes information on the educational use of appropriate antibiotics, adding to mingle with the elements, such as saline nasal sprays, nasal suction bulb, sanitizer hand, tissues, and steam. National guidelines recommend home treatment such as rest, drinking more fluids and use spray or jet of saline to ease the burden, as opposed to antibiotic therapy for most patients with a cold or flu. Taking antibiotics when they are not maintained or under the undue increase in bacterial growth antibioticCresistant. Center is to promote better health for our members by partnering with physicians, patients need a choice of appropriate treatment for colds and other diseases, teach, said Dr. Mason. During the flu season 2007/2008 Centenera health plans be able to statistically significant decrease of 2.4 percentage points the rate of potentially inappropriate prescriptions for antibiotics have been shown, as measured by claims data. City Corporation is a leading multi-line business, health care and related services to individuals receiving benefits under Medicaid, including children from the state offers Health Insurance Program (schip), foster care, Supplemental Security Income (SSI) and Medicare (Special Needs Plans). The company operates health plans in Arizona, Georgia, Indiana, New Jersey, Ohio, South Carolina, Texas and Wisconsin. In addition, the Company contracts with other healthcare and commercial organizations offer special services, including behavioral health, life and health management of long-term care, managed vision, nurse triage, a pharmacy benefit management and compliance treatment.
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