Insurance

Cambridge, Mass. — Is business rules technology finally hitting its stride? That's the question posed by Forrester Research Inc., a Cambridge, Mass.-based research firm, which says business rules are now a key enabling technology for dynamic business applications.

Charlotte, N.C. — Patrick Vaughn recently joined LMC Capital LLC, an investment banking firm focused exclusively on the insurance industry, as managing director, and will lead LMC’s M&A practice for insurance technology and services companies.

Pearl River, N.Y. — John Leonard, The MEMIC Group's president and CEO, has been designated the 2008 chairman of ACORD's Board of Directors. This is Leonard's second time chairing the ACORD Board, having previously served in 2001. The announcement was made by ACORD's President and CEO Gregory Maciag.

Redwood Shores, Calif. — Oracle Corp. and San Jose, Calif.-based BEA Systems Inc. entered into a definitive agreement under which Oracle will acquire all outstanding shares of BEA for $19.375 per share in cash. The offer is valued at approximately $8.5 billion, or $7.2 billion net of BEA's cash on hand of $1.3 billion. "We expect this deal to be accretive to Oracle's earnings by at least 1-2 cents on a non-GAAP basis in its first full year after closing," says Oracle president and CFO Safra Catz.

New York — MetLife announced the appointments of Ruth Fattori as executive VP and chief administrative officer, and Maria Morris as executive VP and head of technology and operations. Both Fattori and Morris will join MetLife’s executive group, and report directly to C. Robert Henrikson, chairman of the board, president and CEO. The appointments are effective January 14, 2008.

Los Angeles — Farmers Group Inc. announced Kevin Kelso, EVP, was named vice chairman of the board for the Institute for Business & Home Safety (IBHS), the property loss reduction trade association of the property/casualty insurance industry. Kelso also was named chair of the executive committee for IBHS.

Cleveland — In the ever-increasing competitive personal lines car insurance market, it appears that Progressive is serious about obtaining “home field advantage.” The story begins with some unlikely neighbors: In March of 1937, Steve O’Neill was managing the Cleveland Indians, the team was at Spring Training in New Orleans and preparing for another season at League Park at Lexington and East 66th Street in Cleveland. At the same time, just a few blocks away on Euclid Avenue, two young Clevelanders, Jack Lewis and Joe Green, were starting a car insurance company known as Progressive.

Meeting business demands with technology requires knowledge from both sides of the house, a clear understanding of how to execute on well-developed strategies, and a certain amount of finesse. Such was the overarching theme communicated by three distinct-yet-seasoned technology executives at the Celent U.S. CIO/CTO Roundtable, held January 10 in New York.

Novato, Calif. — Fireman’s Fund Insurance Co. is making good on a long-standing promise to offer customer-focused claims service by creating a Claims Service Pledge, the company reports.

Springfield, Mass. — MassMutual Financial Group is featured in "America's Greatest Brands," a large-format book that annually recognizes the strongest and most trusted brand icons.

New York — AIG Executive Liability, a division of the property/casualty insurance subsidiaries of American International Group Inc. (AIG), announced AIG e-Discovery Solutions, a program of e-discovery-related products and services to help all of AIG Executive Liability’s clients, including the division’s directors and officers and errors and omissions insureds, more effectively manage the e-discovery process. AIG e-Discovery Solutions is a claims service offered by AIG Executive Liability to their clients.

Waltham, Mass. — Ipanema Technologies, a France-based provider of application traffic management systems for wide area networks, was recognized in the Deloitte Technology Fast 50 for France and the Fast 500 for EMEA (Europe, Middle East and Africa).

Chicago — Tri-City Brokerage, a division of Crump Insurance Services Inc., a Dallas-based insurance wholesaler, announced an expansion of their binding authority group, Tri-City Binding Authorities. The new financial services binding authority provides D&O, E&O, EPLI, Crime and Fiduciary coverage for numerous classes. Target industries include community associations, nonprofit organizations and for-profit companies, miscellaneous service providers, property managers and technology service companies.

Hopkinton, Mass. and Carlsbad, Calif., - EMC Corp., a Hopkinton, Mass.-based information infrastructure solutions provider, and Carlsbad, Calif.-based Document Sciences Corp. signed a definitive agreement whereby EMC will acquire publicly-held Document Sciences in a cash transaction valued at approximately $85,000,000. Document Sciences is a provider of document output management (DOM) software that facilitates highly personalized, multi-channel communications to customers, partners and suppliers. The acquisition complements and extends EMC's position in the transactional content management marketplace, the fastest-growing segment of enterprise content management, according to the company.

Core systems, front office and data mastery top the list of IT initiatives for 2008.

New York — Ellen Melchionni, CAE, was recently named president of the New York Insurance Association Inc. (NYIA). Her appointment was effective Jan. 1, 2008. Melchionni succeeds Bernard Bourdeau, CAE, who retired after 18 years of service to the organization.

Los Angeles — Farmers Group Inc., announced the appointment of Scott Lindquist, currently controller of Genworth Financial, to the position of executive VP & CFO.

Simsbury, Conn. — The Hartford Financial Services Group Inc., appointed Peter Smyth senior VP and director of strategy, development and operations for International Wealth Management.

Jacksonville, Fla. — Life of the South Corp., a provider and administrator of credit insurance and payment protection services, announced that Elaine Pelletier, ASA, MAAA, joined the company as VP and chief actuary.

New York – Deloitte Consulting LLP has unveiled the results of its 12th annual life and annuity back-office operations benchmarking studies, LIONS 2007 and ACES 2007, which provide comparative analysis to benchmark expenses for operations and information technology among insurance companies. The analysis covers a variety of topics including efficiency, effectiveness, key trends, use of technology and business performance.