EXCLUSIVE to the Insurance Voice: Creativity and Innovation
 The first in a series on Insurance Innovation by one of the most respected insurance innovators, Scott Addis, exclusive to MarketScout's Insurance Voice Newsletter.
Innovation is the life blood to a successful business. Without it, there is stagnation. With it, there is energy, excitement, differentiation, value creation, passion and purpose. Innovation is a dynamic process of continually considering alternative means of delivering products and services, improving customer experiences and opening new markets.
Research indicates that there are five essential ingredients to the recipe for innovation – leadership, acceptance of failure, openness, patience and motivation.
(Read more!)
P/C premium drop at AIG a concern, analysts say
American International Group Inc. reported a 17.5% first-quarter drop in net premium volume at its general insurance operations, which analysts say is an indication the franchise’s value is eroding.
The loss of premiums for the quarter, they say, makes the planned spinoff of the commercial property/casualty operations all the more urgent. (Read more!)
SEC chief backs 'systemic risk council' idea
The head of the Securities and Exchange Commission said Friday she favors a new proposal for federal regulators sharing oversight of companies that pose financial risks to the economy.
SEC Chairman Mary Schapiro said she's "inclined toward" the idea floated this week by the head of the Federal Deposit Insurance Corp. for a new "systemic risk council" to monitor large institutions against financial threats. The council would include the Treasury Department, Federal Reserve, FDIC and SEC, according to the proposal by FDIC Chairman Sheila Bair. (Read more!)
Market Barometer Report: P&C Composite Rate Holds Steady
The April 2009 composite rate for property and casualty coverages in the United States was down 7%. MarketScout CEO, Richard Kerr, profiled the April results: “Rates were unchanged in all segments except the following; Workers’ Compensation rates decreased 8%, while D&O, EPLI, Fiduciary and Crime rates all increased slightly. By industry group, Public Entity, Energy and Habitational rates were higher.” (Read more!)
Health care reforms may spur insurer M&A
Shares of small and regional U.S. health insurers may rise in the coming months as they are increasingly viewed as takeover targets, even as the wild card of health care reform restrains any near-term consolidation.
Three midsized health insurers that recently took steps to put troubles behind them are possible prey: Coventry Health Care Inc., Health Net Inc. and WellCare Health Plans Inc., some say. (Read more!)
Madoff trustee sues Merkin, funds for $500 million
Hedge fund founder Ezra Merkin "knew or should have known" that Bernard Madoff was a fraud, the trustee liquidating the firm said on Thursday in a lawsuit seeking $500 million from Merkin and his funds.
The lawsuit in U.S. Bankruptcy Court in New York, the second against a major Madoff "feeder" investment manager, said that Merkin and his Gabriel Capital Corp received tens of millions of dollars in fees from dealings with Madoff. A similar action against Stanley Chais of California was filed last Friday. (Read more!)
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Best ups Hanover financial strength rating to A
A.M. Best Co. Inc. Friday upgraded the financial strength rating of Hanover Insurance Group Property & Casualty Cos. and its subsidiaries to A from A-.
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