| Insurance Auto Auctions Announces Improved Fourth Quarter and Full ...
WESTCHESTER, Ill.--(BUSINESS WIRE)--Insurance Auto Auctions, Inc., a leading provider of automotive salvage and claims processing services in the United States, today announced financial results for the fourth quarter and full-year 2006. The Company's strong performance in 2006 was driven by successfully integrating acquisitions and greenfields along with increased buying activity as a result of the Company's live auctions combined with Internet bidding capability. The Company recorded revenues for the quarter of $92.6 million, compared to $69.9 million in the fourth quarter of 2005, an increase of 32.5%. Fee income in the fourth quarter increased to $79.2 million versus $59.6 million in the fourth quarter of last year. The Company reported Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) consistent with the definition in the Company's senior credit agreement of $15.8 million during the quarter compared to $10.1 million for the fourth quarter of 2005, an increase of 56.4%.
Florida: Minorities harmed by insurance companies' underwriting ...
The Florida Office of Insurance Regulation has issued a report analyzing the insurance industry's use of occupation and education for the underwriting and rating of auto insurance policies. The report finds the use of these practices unintentionally harms minorities and low-income individuals in determining auto insurance premiums and insurance eligibility. While the practice is legal, the practice creates unintended effects that the government may find unacceptable, said Kevin McCarty, insurance commissioner. In 2003, the Legislature passed a law severely limiting the use of credit scoring in insurance underwriting. .
Florida Office of Insurance Regulation Questions Underwriting Methods
Tallahassee, FL (AHN) - Floridians with less education and blue-collar occupations may be paying more for auto insurance that they should. A report released Monday by Florida's Office of Insurance Regulation (OIR) found that insurers' use of education and occupation information during underwriting may inadvertently harm minorities and low-income residents. OIR began to question the use of occupation and education as underwriting criteria back in 2004 and asked auto insurers to stop these factors within a year. Using race as an underwriting variable is illegal. But it is not illegal to determine auto insurance rates based on several factors such as, occupation, income and locale. While the OIR report may have raised the issue of fairness in underwriting auto insurance policies, it does not create a statue or set of laws or regulations.
Healthcare Execs Huddle with Beauprez on Price Transparency
Executives of Denver-based Financial Healthcare Systems met recently with former Congressman Bob Beauprez to discuss ways that the healthcare industry might address the ongoing lack of price transparency. Denver, Colo. (PRWeb) April 9, 2007 -- Executives of Denver-based Financial Healthcare Systems met recently with former Congressman Bob Beauprez to discuss ways that the healthcare industry might address the ongoing lack of price transparency. As a Republican member of Colorado's delegation, Beauprez was keenly aware of patients' inability to gain access to exact out-of-pocket liabilities prior to treatment, and how this informational vacuum reduces patients' ability to leverage normal buyer-seller forces. Beauprez witnessed a demonstration of Financial Healthcare Systems' ACE Logicus software that integrates data from insurance companies and healthcare providers, resulting in an estimate of charges that patients can expect to encounter in connection with specific treatments.
State Broadens Generic Drugs Program Search
(AP) DENVER Starting next year, the state will negotiate discounts on generic drugs for Coloradans who don't have insurance but earn too much money to qualify for Medicaid.A bill signed into law by Gov. Bill Ritter earlier this year directs the Department of Health Care Policy and Financing to seek the discounts. The law makes Colorado one of the few states to include people who don't qualify for Medicaid in the prescription drug program.Ritter also signed an executive order that puts Colorado in a pool of states negotiating discounts on generic drugs for people who qualify for Medicaid. Former Gov. Bill Owens vetoed similar measures on grounds that it would be harder for the disabled to get brand-name drugs they need at a reasonable price.Generic drugs are marketed after the original patent has expired.
Framestore NY Gets Geico Gecko Geared Up Again
Not so long ago, auto insurance company Geico and ad agency The Martin Agency approached animation and effects company Framestore NY to draw on the 3D talents behind such projects as WALKING WITH DINOSAURS, DINOTOPIA and HARRY POTTER AND THE GOBLET OF FIRE and "reinterpret" the already-beloved Geico Gecko mascot. The Framestore NY team then transformed the urbane lizard into a more versatile, decidedly cheekier cockney bloke. The risky move paid off, evidenced by the new Gecko's win as "Outstanding Animated Character in a Live Action Broadcast Program, Commercial or Music Video" at the 5th annual VES (Visual Effects Society) Awards. Never ones to rest on their laurels, the Framestore NY team recently reteamed with The Martin Agency and upped the ante in eight comedy-driven new spots featuring the loveable reptile.
State: Insurance practices harm minorities
A Florida Office of Insurance Regulation (OIR) report contends the insurance industry's use of occupation and education for the underwriting and rating of auto insurance policies unintentionally harms minorities and low-income individuals in determining auto insurance premiums and insurance eligibility. While the practice is legal, it creates unintended effects that the government may find unacceptable, Florida Insurance Commissioner Kevin McCarty said. In 2003, the Legislature passed a law severely limiting the use of credit scoring in insurance underwriting. .
Home Warranty Wouldn't Pay Claim!
How would you like it if your insurance company refused to honor its deal and, rather than pay a claim, it only refunds a portion of the premium.When just such a practice outraged a Bountiful woman, it was time to Get-Gephardt.In this case, the insurance was in the form of a home owner's warranty.The peace of mind was sold that if something goes wrong with such things as a furnace or a hot water heater, the warranty will fix the problem.But not in this case... We thought that this would be ok for awhile, said Calliene Curzon.When Calliene Curzon bought this condominium last year, she decided to take her real estate agent's advice just in case any major appliances broke down. And so we purchased a home warranty policy, said Calliene.Calliene paid $375 to Members Home Warranty, and the company cashed her check.The policy says it covers heating, and other home appliances and she was glad she did.Calliene said, The furnace stopped working! That was just 4 days after Calliene moved in.
Advanstar Reports Fourth Quarter and Full Year 2006 Results
NEW YORK-(Business Wire)-April 2, 2007 - Advanstar Communications Inc. ("Advanstar"), a leading worldwide media company providing integrated marketing solutions for the Fashion & Licensing, Life Sciences, and Powersports industries, today reported operating results for the fourth quarter and full year ended December 31, 2006. .
States struggle to set up affordable health plans
SACRAMENTO Massachusetts, the first state to require residents to buy health insurance or face tax penalties, released the first details last week on how much people will pay for coverage if they don't get it through their jobs. Consumer groups immediately charged that the insurance would be too expensive for some: People over age 56 making as little as $30,000 a year would have to pay at least $347 a month in premiums and could spend thousands of dollars more if they got sick. .
South Coast Surety, a National Surety Agency, has Added RLI Surety ...
South Coast Surety, a nationwide bond only agency, has added RLI surety to its providers for in-house approval authority. Now South Coast Surety has the authority to approve commercial surety bonds for Platte River Insurance, Capitol Indemnity, CNA Surety, Western Surety and RLI Surety. San Clemente, CA (PRWeb) April 2, 2007 -- South Coast Surety is well established as an agency that provides surety bonds on a national basis. The agency services both direct applicants and insurance brokers throughout the United States through its website at www.southcoastsurety.com. South Coast Surety has developed relationships with national surety companies in order to support its continued growth in the commercial bond sector. Their commercial surety bonds include license bonds, broker bonds, court bonds, tax bonds and most other miscellaneous surety bonds.
Blagojevich says "corporate fat cats" oppose his plan
Blagojevich says the companies that raised electric rates are part of the opposition to a massive tax increase that would pay for his health program. He calls them -- quote -- "the same corporate fat cats." The Democratic governor made the comment in Decatur at a stop on his four-day tour to promote the health plan. He wants state government to make sure everyone in Illinois has access to health insurance. Blagojevich proposes an eight-point-six (B) billion dollar increase in business taxes to pay for it. But anger over skyrocketing electric bills has distracted attention from Blagojevich's plan. There have been calls for the governor to take more action on electric rates. Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
For the Derby, Pletcher uses Circular reasoning
Trainer Michael Matz, ignoring the evidence compiled over time that provides the foundation of conventional wisdom, ran Barbaro in the Kentucky Derby last year off a five-week layoff and won the race with a horse whose fight for life after a catastrophic injury suffered in the Preakness would win a legion of supportive fans and overshadow the remainder of the racing year.
If Matz and Barbaro dealt a blow to the conventional wisdom a year ago, Todd Pletcher will have completed the demolition of that and another long-embraced handicapping precept should Circular Quay win this year's Kentucky Derby.
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Kabul suicide attack kills four
Four people, including a police officer, have been killed in a suicide attack in the Afghan capital of Kabul. It is thought the police officer attempted to stop the car bomber who blew himself up near to the Afghan parliament buildings in the west of the city. "Four people, including a police officer who had spotted the bomber, lost their lives in this attack," Kabul police chief Esmatullah Dawlatzai told journalists.Windows of shops lining the street were shattered and a small crater was made in the road by the force of the explosion.At least four other civilians are thought to have been injured in the explosion. No foreigners were said to have been among the deceased or injured. Samiullah Ahmad Rahim, an eyewitness to the attack, told the Associated Press news agency that he heard a loud explosion and then saw a large fireball shortly after the blast.The attack is the third suicide bombing in Kabul this year after 2006's dramatic escalation of bloodshed and insurgency in the country.
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