Core systems

A group of insurers says that more needs to be done to enable insurers to fairly present their financial statements for year-end 2008.

Recent deals for technology software and services

GUIDEWIRE RELEASES VERSION 3.0 OF POLICYCENTER

Unrelenting pressure on expenses, improvements in networking and communication technology and an increased appreciation for flexible business models are driving insurers to outsource core processes.

National Association of Mutual Insurance Companies (NAMIC) says the Federal Trade Commission’s (FTC) decision to order nine major insurance companies to provide data for a study of credit-based insurance scoring and homeowners insurance is unnecessary and a waste of money.

The 10-year moving average of insured catastrophe losses costs continued to rise in 2008, increasing by 7% over 2007—from $35.5 billion to $38 billion.

Advisen Ltd. predicts that general commercial insurance prices will begin increasing by the fourth quarter of 2009 or the first quarter of 2010.

The move should allow the insurer to cancel an equivalent amount of swaps contracts that its finance subsidiary had written on those securities.

Some of the new statutes are designed to reduce claims for accidents or medical needs, push the current limits of employee benefits and refresh the staid regulatory rating environment.

Swiss Re says the catastrophes led to overall financial losses of $61 billion across the globe, with property insurers contending with losses totaling $25 billion.

Citing the average age of an insurance professional at 54, the Big “I” and its Agency Universe Study reveals independent insurance agency system lacking representation among younger subgroups.

London - According to the latest report by independent market analyst Datamonitor, global financial institutions, in response to evolving marketing conditions, are beginning to view operational risk (OpRisk) as a means of providing a more proactive management decision-making framework.

New York — Columbia University ’s Science & Technology Ventures (STV) reports that it has licensed MedLEE, a natural language processing technology, to Columbia spin-out, NLP International Corp.

Waltham , Mass. – For the second consecutive year, worries about bribery topped the list of crucial concerns addressed by global corporations, according to a 2008 study conducted by Integrity Interactive Corp., a Waltham , Mass. , firm that helps global corporations manage and reduce risk of compliance failures.

Reston , Va. — NAVA, the association for insured retirement solutions, is praising the selection of former Securities and Exchange Commissioner Mary Schapiro to lead the Securities and Exchange Commission (SEC).

Indianapolis — California insurance consumers and the state’s economy could be severely harmed if proposed changes are made to the state’s insurance rate approval structure. That was the message delivered in written comments to California insurance officials last week by the National Association of Mutual Insurance Companies (NAMIC).

Seattle — U.S. insurers and actuarial firms are increasingly outsourcing, offshoring and importing actuarial talent from abroad, actuaries were told at the 2008 Annual Meeting of the Casualty Actuarial Society, held in November in Seattle.

Chicago — Taking a step toward putting its financial house in order, New York-based American International Group (AIG) has sold its specialty insurance subsidiary HSB Group to Munich Re for $742 million in cash. The transaction marks the first major divestiture for beleaguered AIG after it agreed to accept a bailout from the U.S. Treasury.

Zurich, Switzerland — Acknowledging the need to improve its capital position, insurance giant Swiss Re has secured $1.5 billion in loans from New York-based JP Morgan. The insurer says the loan will guarantee it access to financing at competitive rates for years to come.

Honolulu – Decision Research Corp. (DRC), a rating and policy processing software solution provider to the property & casualty insurance industry, announced today that Chicago-based Unitrin Direct has expanded its production use of DRC’s DecisionMaker Policy Administration Suite to include its homeowners line of business. The company, which went live with its implementation within seven months from contract signing in three states, currently supports homeowners business in 10 states.