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Wells Fargo Analysts See Antitrust Obstacles for Cigna-Humana Deal

Federal regulators could block any efforts by Cigna to combine with Humana, even though the companies appear to have little obvious operational overlap, according to Wells Fargo securities analysts. Humana has an 18% share of enrollment in the Medicare Advantage market, and Cigna has just a 2% share in that market, according to KFF. But Stephen Baxter and other Wells Fargo analysts note that Cigna has focused on building a large share of the market in the states where it does offer Medicare Advantage plans: It has a 25% share in Texas, a 15% share in Tennessee and a 10% share in Arizona. “Recent antitrust enforcement has been quite vigorous, and we would likely expect a relatively drawn-out process,” the analysts write. What it means: Cigna and Humana could make a big deal, but they might not. If they do, and you’re in Texas or Tennessee, it’s possible that any clients with Cigna Medicare Advantage plan coverage will end up with a new coverage provider because of divestitures Cigna would have to make to get antitrust regulator approval for the deal. The source: The Wall Street Journal on Wednesday reported news of the talks in an exclusive article. The companies could announce a stock-and-cash deal by the...

Wisconsin Roofing Contractor Faces $180K in Fines For Repeated Safety Violations 0

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Wisconsin Roofing Contractor Faces $180K in Fines For Repeated Safety Violations

Article 0 Comments After an Overhead Solutions LLC manager attended an on-site training discussion on fall hazards on May 25, 2023, federal workplace safety inspectors observed the company’s employees working about 30 feet above ground on a Menasha apartment complex roof without adequate fall protection. Thirteen days later, an inspector observed a project manager employed by Overhead Solutions LLC of Suamico hand out caffeinated energy drinks to subcontractors on a 10-foot-high roof in Appleton, a kindness undermined by the fact that workers lacked fall protection and the manager did not correct the hazard and protect them from the construction industry’s leading cause of death. In both situations, the U.S. Department of Labor’s Occupational Safety and Health Administration opened inspections. At the Menasha site, inspectors found employees wearing fall protection harnesses and anchors installed on the building’s roof with ropes attached to the anchors, but readily accessible lifelines were not attached as required. Inspectors also found employees exposed to deadly fall hazards as they unloading a pallet raised to the roof by a mechanical lift. In Appleton, OSHA inspectors found a lack of fall protection, learned the company had no documented accident prevention plan and noted the site’s project manager did...

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The Power of the Insurance Advisor Post-Mortem

What You Need to Know Financial professionals are having to record more and more of their calls. You may spend heavily to store the recordings in digital crypts. Try digging there for wisdom, and perhaps useful ideas will come forth. In the fast-paced realm of financial advising and insurance, your success hinges on the art of converting prospects into clients. Every prospect conversation is a project in itself, and as an independent advisor, you are the team. The significance of these interactions is amplified when you consider that a substantial portion of your annual income is derived from just a handful of conversations. More and more, you may find that compliance concerns require you to record your calls and pay to bury the recordings in digital vaults, there to sit in electronic silence for many years. Why ignore all of that potentially valuable information? In this article, we’ll delve into the concept of a post-mortem and explore techniques that can elevate your client conversion game, ensuring that you make the most of lead calls not just this year, but every year to come. Analyze Each Prospect Conversation Here are five steps to take before and during a conversation with a...

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Jewish Groups Sue UC Berkeley Over ‘Unchecked’ Antisemitism

Article 0 Comments The University of California, Berkeley was sued on Tuesday by Jewish groups who said it has become a hotbed of “unchecked” antisemitism, including at its elite law school. According to a complaint by the nonprofit Louis D. Brandeis Center, UC Berkeley’s leadership turns a blind eye to the long-festering problem of antisemitism on campus, even after displays of harassment and physical violence against Jews following Hamas’ Oct. 7 attack on Israel. The complaint filed in San Francisco federal court is among the first against a major university since the war between Israel and Hamas sparked protests on many college campuses. It described two protesters striking the head of a Jewish undergraduate draped in an Israeli flag with a metal water bottle, and how a faculty member allegedly cut short a class for 1,000 freshmen to go on an 18-minute anti-Israel rant. The complaint also said “no fewer” than 23 law school groups have anti-Jewish policies. It said these include requirements that invited speakers repudiate Zionism, and Jewish students wanting to provide pro bono legal services undergo “Palestine 101” training that emphasizes Israel’s supposed illegitimacy. In a statement, UC Berkeley said it has long been committed to confronting...

Exploring the Rapid Growth of Broker-MGA Partnerships in the Insurance Sector 0

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Exploring the Rapid Growth of Broker-MGA Partnerships in the Insurance Sector

Q&A with Gary Hirst, CEO, CHES Special Risk Toronto, ON (Nov. 15, 2023) – Gary Hirst, CEO and President of CHES Special Risk, a leading Managing General Agent (MGA), delves into the burgeoning phenomenon of Brokers increasingly forging strategic alliances with MGAs. Hirst, recognized for his industry experience and forward-thinking approach, provides valuable insights into Transformative Trends Reshaping the Insurance Landscape. In recent years, the insurance sector has witnessed a paradigm shift, with traditional models being recalibrated by innovative collaborations between Brokers and MGAs to cater to the evolving demands of insureds. In a candid Q&A session, Hirst sheds light on the driving factors behind this trend, the benefits brokers reap from these partnerships, the insurance products best suited for such collaborations, and the key takeaways from successful experiences. Q1: What fuels the rising trend of brokers collaborating with MGAs in the insurance industry? GH: The surge in brokers collaborating with MGAs can be attributed to several pivotal factors. Firstly, the insurance market’s hardening, characterized by stricter underwriting and pricing, has spurred brokers to explore alternative solutions. Furthermore, a decrease in capacity and available contracts with conventional carriers has prompted brokers to turn to MGAs. When brokers encounter the “yes”...

Companies Still (Wrongly) Believe They Aren’t Targets for Ransomware Attacks: OpenText 0

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Companies Still (Wrongly) Believe They Aren’t Targets for Ransomware Attacks: OpenText

Even with this disconnect, cybersecurity spending and hiring are on the rise: OpenText Cybersecurity 2023 Global Ransomware Survey Waterloo, ON (Nov. 15, 2023) – OpenText™ has released the results of its annual 2023 OpenText Cybersecurity Global Ransomware Survey. Findings show a similarity in how small-to-medium sized businesses (SMBs) and enterprises (more than 1,000 employees) think about ransomware attacks, including a disconnect about who is a target and growing concern about the use of artificial intelligence (AI) by threat actors. While the majority of organizations don’t believe they will be attacked, they do understand the business risks as evidenced by increased security spending and plans to expand security teams. “The conviction ‘it won’t happen to me’ is a risky mindset. Cyberattacks have become increasingly common and can have serious consequences; no business is immune to an attack,” said Prentiss Donohue, Executive Vice President, OpenText Cybersecurity. “While many businesses take the right defensive steps like using access controls, deploying backup and monitoring for threats, a layered security approach that includes education remains the best defense against ransomware. Ongoing education of the risks as well as the techniques used to perpetuate an attack is essential to avoid falling victim.” Spotlight findings: Optimism bias...

Hudson Restoration Announces New Franchise In London, Ontario 0

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Hudson Restoration Announces New Franchise In London, Ontario

Addition of franchise owners Derek VanGeffen and Matty Dominski further strengthens Hudson’s leadership Burlington, ON (May 24, 2023) – Hudson Restoration, a leading boutique restoration firm, is excited to announce that London, Ontario will soon be home to a new Hudson Restoration franchise. This location is the second franchise under the restoration company’s expansion umbrella, and marks another significant step in its growth plans. Leading the new franchise will be Co-Owners and industry veterans, Derek VanGeffen and Matt Dominski. Collectively, Mr. VanGeffen and Mr. Dominski bring more than forty years’ senior level industry, business ownership and management, operational, and business development experience to Hudson. “We are delighted that respected industry professionals Derek and Matty have chosen to join Hudson at this stage in our growth,” says Steve Hudson, Founder of Hudson Restoration. “They both bring a history of expertise and dedication to exceptional customer service, but they also are as inspired as we are to grow this industry and to Restore Responsibly.” “I am thrilled to be joining Hudson at this time of their journey,” says Derek Van Geffen. “I have been looking for an opportunity to leverage my energy for this industry, and help build toward the success of...

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U.S. Long-Term Care Insurance Users Average $1.4M in Household Wealth: Study

What You Need to Know In 2018, an older household with long-term care insurance had an average annual income of $72,000. Private insurers paid for 9% of U.S. nursing home care and 12% of U.S. home care that year. The share of gross domestic product devoted to long-term care has a substantial global range. Half of U.S. residents ages 65 and older who had private long-term care insurance in 2018 had total household wealth over $657,000. These users averaged $1.4 million in household wealth. For long-term care insurance users ages 85 and older, the median level of household wealth was $504,000 and the average level of wealth was $881,000. The wealth figures included the value of the insureds’ homes. Jonathan Gruber, an MIT economist, and Kathleen McGarry, a Stony Brook University economist, put those long-term care insurance facts and more, based on data from the RAND-HRS and Health Retirement Study, in a new working paper about how the United States pays for long-term care for older Americans. What it means: Top economists have sifted a huge batch of government-funded, researcher-managed survey data for information about the U.S. long-term care insurance market and other components of the long-term care system. The paper could influence U.S....

Louisiana Fortify Homes Program Opens Fourth Round of Grants 0

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Louisiana Fortify Homes Program Opens Fourth Round of Grants

Article 0 Comments Louisiana Insurance Commissioner Jim Donelon announced that the Louisiana Fortify Homes Program (LFHP) opened its fourth round of grants at noon on November 27. There are 750 grants available in the fourth round, and grants will be awarded on a first-come, first-served basis as required by law. This round of grants is open to all homeowners whose home meets the criteria required for upgrading to the FORTIFIED Roof™ standard. The LFHP provides grants of up to $10,000 for homeowners to repair or replace their roofs to the FORTIFIED Roof™ standard of the Insurance Institute for Business & Home Safety (IBHS). More information is available at www.ldi.la.gov/fortifyhomes. Those interested in the program are encouraged to review eligibility information and frequently asked questions on the LFHP website cited above to determine whether their home meets the requirements for the program. Homeowners are required to create a profile in the LFHP system in order to apply for a grant and may do so by visiting www.ldi.la.gov/fortifyhomes. LFHP staff urge homeowners who are interested in the program to create a profile prior to November 27, as homeowners will need to log in to their profile to apply on that date. Eligible...

Westland Insurance partners with Prime Benefits Group, Inc. 0

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Westland Insurance partners with Prime Benefits Group, Inc.

Westland expands group benefits practice with latest partnership in Ontario Surrey, BC (Nov. 6, 2023) – Westland Insurance, Canada’s largest independently owned insurance broker, is pleased to announce its new partnership with Prime Benefits Group Inc., a leading provider of employee benefits and retirement solutions based in Ottawa, Ontario. This strategic move further strengthens Westland’s position in the Canadian market and enhances its capabilities in the group benefits sector. With over 30 years of experience, Prime Benefits Group has been dedicated to assisting Canadian companies and their employees in obtaining comprehensive coverage. Prime Benefits Group will contribute its specialized knowledge and expertise to the company’s corporate clients. “I’m thrilled to announce this new partnership with Prime Benefits Group. This exciting moment marks another milestone in Westland’s growth strategy, allowing us to further diversify our offerings and strengthen our position as a leader in the insurance industry,” says Jamie Lyons, President & CEO of Westland. “Prime Benefits brings a wealth of specialized knowledge in the group benefits market, and we’re proud to be partnering with them.” About Westland Insurance Group Westland Insurance Group is one of the largest and fastest-growing independent insurance brokers in Canada. Trading over $3 billion of premium,...