| Legislature addresses health coverage for small business
The Tennessee Legislature has passed a bill that would allow a larger number of businesses to get health insurance for employees. The House and Senate approved an expanded version of the Tennessee Small Employer Group Health Coverage Reform Act. The bill altered the state's definition of "small employers" from 25 to 50 employees, which would make it easier for some businesses to get access to more insurance products. The bill also authorized other, smaller employers to enter into health group cooperatives. Small employers are defined as any business that during the preceding year employed at least one eligible employee. These cooperatives must contain at least 1,000 eligible employees or have at least 10 participating employers. These pools should allow small businesses to look for better rate predictability and stability.
(AFX UK Focus) 2008-05-06 17:03 Great Northwest Insurance outlook raised to stable - S&P
MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services revised its outlook on Great Northwest Insurance Co. (GNIC) to stable from negative, citing its opinion that GNIC has successfully addressed integration issues arising from its Sept. 2006 acquisition of a substantial book of business in Hawaii. S&P affirmed its 'BB-' counterparty credit and financial strength ratings on GNIC. The Hawaiian business is a separate legal entity -- Hawaiian Insurance & Guaranty Co. (HIG) -- but HIG shares many of GNIC's managerial and operational resources. TFN.newsdesk@thomson.com jro COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Banks to sell insurance arms as credit crunch bites
By Simon Challis, European Insurance and Funds Correspondent LONDON (Reuters) - Royal Bank of Scotland Group Plc's decision to sell its insurance business is likely to prompt a string of other banks to reconsider the strategic value of owning insurers. Faced with billions of dollars in writedowns, bankers expect lenders to conclude that providing a waterfront array of banking and insurance products matters less than freeing up cash, tied up in non-core units, to shore up hard-pressed banking arms. "Banks are now acknowledging that the value they offer in the insurance chain is through their distribution power rather than producing the insurance products themselves," said Mark Oldcorn, head of European insurance in the investment banking department at Credit Suisse.
Chamber names winners at Business Excellence Awards
Peter Maranger, of The Co-Operators Insurance, Peter Maranger and Associates Inc., was the big winner at the 12th annual Stratford and District Chamber of Commerce Business Excellence Awards last week. Maranger was named the winner in the personal excellence category. Over 300 people came out to the awards gala, held on Thursday at the Arden Park Hotel.Kristina LaCourse of Marley and Me won in the Retail Excellence category. Bob Nothof of Robica Forman Tank Ltd. was honoured in the Manufacturing Excellence category while Robbin Hewitt of Tim Hortons of Stratford, was given the top nod in the Hospitality/Tourism Excellence category.Credit Risk Management Canada, represented by Tracey Forester, won in the Service/Professional/Commercial Excellence category, while the Stratford Country Club, Ron Knight, was honoured in the Commercial Excellence category.Goodwill Industries/Ontario Great Lakes, fronted by Barb Young, was the winner in the Community Service Excellence category.
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