Folie 1 - Institut für Risikomanagement und Versicherung

Folie 1 - Institut für Risikomanagement und Versicherung

Versicherungen USA
Theorie & Empirie
Ausgangslage
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Produkte
Politik
Kundensegmentierung
Vertrieb
20.10.2010
Dr. Johann Vollath
2
Bond Insurers
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WSJ MARCH 22, 2010, 5:30 P.M. ET
 Latest Headache For Bond Insurers: Muni Issuers Are Suing
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By Romy Varghese Of DOW JONES NEWSWIRES
 Over two decades, the city of Phoenix shelled out more than $75 million in
premiums to three top bond insurers for financial guarantees designed to lower
rates on the city's new municipal bonds. Now, having just closed a quarter-billiondollar budget gap, Phoenix officials have sued MBIA Inc. (MBI), Ambac Financial
Group Inc. (ABK) and Financial Guaranty Insurance Corp. in U.S. District Court in
Phoenix, contending that the insurers discriminated against the city because it
isn't a company. The action comes as most bond insurers have been hammered
by losses on complex mortgage securities they guaranteed in the boom years.
Even worse for beleaguered insurers, Phoenix is only the latest client to sue
based on the discrimination claim - and it won't be the last, observers said.
"You're going to have municipalities, as they feel pain, as they get squeezed ...
sue their way out," said Rob Haines, analyst at research firm CreditSights. Bond
insurers guarantee the payment of principal and interest to bond buyers, who
accept lower interest rates in return for the reduced risk. Issuers pay a fee for the
insurance, but the fee was less than what issuers would save in interest costs.
20.10.2010
Dr. Johann Vollath
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Bond Insurers
 In its heyday, bond insurance was so prevalent, covering half of all new muni
bonds, that even highly rated municipalities such as Phoenix - rated Aa1 by
Moodys Investors Service and triple-A by Standard & Poor's - paid for it. "It would
pencil out," said Phoenix finance director Jeff DeWitt. Then came the subprime
mortgage crisis. Because of their ventures into those securities, most of the bond
insurers lost their triple-A ratings, and were eventually downgraded further.
Municipal bonds carrying the insurance from these companies weakened in the
market, and the percentage of new bonds with guarantees plummeted, to 7% of
new munis this year, according to Thomson Reuters data. Indeed, since mid2008, most of the bond insurers haven't written new business. Assured Guaranty
Ltd. (AGO) is the only so-called legacy insurer guaranteeing new muni bonds
under its name and under Assured Guaranty Municipal Corp., the new name of
Financial Security Assurance, a rival insurer it bought last year. Meanwhile,
lawyers have jumped to action. Several approached Phoenix officials about suing
the bond insurers, said DeWitt. The key point to the Phoenix lawsuit, which the
city filed on March 11, is the ratings firms' historical practice of holding
municipalities and corporations to different standards. Like at least seven
California municipalities - Los Angeles, San Francisco, Sacramento, Oakland and
Stockton, as well as San Mateo and Alameda counties - Phoenix contends it is a
much lower default risk than corporations with identical ratings.
20.10.2010
Dr. Johann Vollath
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Bond Insurers
 As a result, said lawyer Brad Holm, who is leading the suit, insurers charged
Phoenix and other municipalities unfairly higher fees. For Phoenix, he said,
that translates to $20 million in excess fees. "We felt we were being
significantly overcharged for what we got," DeWitt said. Phoenix officials,
who have not specified how much they seek in damages, are basing their
claim on Arizona law that insurance fees must be based on risk analysis,
DeWitt said. DeWitt said the suit, which claims unfair discrimination and
unjust enrichment, wasn't sparked by the city's current fiscal position.
Changes are afoot in the municipal world, however. Moody's Investor
Service said last week that it would move municipal ratings to its global
rating scale beginning in April. MBIA declined to comment on the lawsuit, as
did Ambac, which postponed its earnings report last week. FGIC, which must
come up with a plan to address its insolvency by March 25 or face regulatory
action, didn't respond to requests for comment.
20.10.2010
Dr. Johann Vollath
5
Contingent Commissions
 Contingent Commissions in USA wieder zulässig
 Nach einem Bericht der Financial Times Deutschland (FTD) ist das Verbot
von umsatzabhängigen Zusatzprovisionen („Contingent Commissions―) in
den Vereinigten Staaten wieder aufgehoben worden. Gefordert wird nun nur
noch eine Offenlegung solcher Zahlungen. Das Verfahren des früheren New
Yorker Generalstaatsanwalts Eliot Spitzer gegen den Großmakler Marsh &
McLennan Companies (MMC) 2004 hatte enorme Folgen (...). Dabei ging es
um den Vorwurf, dass Industrieversicherungs-Makler den Wettbewerb durch
Preisabsprachen behindert hatten, indem sie sich für die Empfehlung
bestimmter Versicherer Zusatzprovisionen versprechen ließen.
 Interessenkonflikt mit Sachwalterstatus?
 Diese Contingent Commissions waren daraufhin von der amerikanischen
Versicherungsaufsicht verboten worden. Die Verfahren hatten erhebliche
personelle und finanzielle Folgen für die betroffenen Maklerunternehmen.
Auch in Deutschland wurde über die Folgen dieser Verfahren diskutiert und
dabei insbesondere über die Frage, ob es überhaupt sinnvoll ist, dass ein
Versicherungsmakler als Sachwalter des Kunden sich von der „Gegenseite―
bezahlen lässt (...).
20.10.2010
Dr. Johann Vollath
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Contingent Commissions
 Sektoruntersuchung
 Auf europäischer Ebene führte die Diskussion zu einer Sektoruntersuchung
speziell des Industrieversicherungs-Marktes. Danach wurden auch in
Europa Wettbewerbs-Beschränkungen in diesem Marktsegment festgestellt,
die durch fehlende Transparenz der Vergütung hervorgerufen werden (...).
Konkrete Folgen hatte das bis jetzt noch nicht. Allerdings wird damit
gerechnet, dass in der für 2012 anstehenden Novellierung der
Versicherungsvermittler-Richtlinie (...) das Thema Vergütung anders als in
der jetzt noch gültigen IMD-1 eine Rolle spielen wird (...).
 Einigung mit der Versicherungsaufsicht
 Wie die FTD jetzt meldete, glätten sich derweil offenbar die Wogen in den
USA. Die drei Großmakler Marsh, Aon und Willis hätten sich mit den
zuständigen Aufsichtsbehörden der Staaten New York, Illinois und
Connecticut geeinigt, dass das Verbot der Contingent Commissions
aufgehoben wird. Der viertgrößte Makler Arthur J. Gallagher habe sich
schon im vergangenen Jahr entsprechend mit den Behörden einigen
können.
20.10.2010
Dr. Johann Vollath
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Contingent Commissions
 Die Makler seien nur verpflichtet worden, Contingent Commissions ihren
Kunden gegenüber offenzulegen. Derzeit hätten die drei Maklerfirmen zwar
nicht vor, diese wieder einzuführen.
 Doch FTD-Versicherungs-Korrespondent Herbert Fromme berichtet, dieser
Selbstverpflichtung sei „keine allzu lange Haltbarkeit― beizumessen. Denn
Arthur J. Gallagher erwarte bereits wieder zehn Millionen US-Dollar an
Zusatzvergütungen, und der Umsatz- und Ertragsdruck bei den Maklern sei
groß.
 Dr. Matthias Beenken VersicherungsJournal 18.02.2010
20.10.2010
Dr. Johann Vollath
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Krankenversicherung
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WSJ HEARD ON THE STREET MARCH 23, 2010
 Paying a premium for health insurers
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By JOHN JANNARONE
 Investors hoping for a resolution of the U.S. health-care debate got just what the
doctor ordered. Shares of large health insurers such as Aetna and Cigna were up
marginally Monday, after rising nearly 10% last week, in the wake of Congress's
passage of a health overhaul bill. But while investors may be glad the uncertainty
has been resolved, they might want to think through the implications of the
overhaul. The biggest concern is how insurers will adjust to the new requirement
that they offer coverage to nearly anyone who applies. That means taking on
many of the Americans who currently can't get coverage because of pre-existing
conditions. Insurers will likely struggle to turn a profit on such customers,
potentially dragging margins down. The government's solution is to mandate
coverage for everyone—including healthy people—by penalizing those who don't
buy insurance. The trouble is that the annual penalty, which will eventually rise to
a minimum of $695, may be too small to deter many people from skipping out. In
states like New York where coverage is already guaranteed, premiums can be
several thousand dollars a year even for healthy individuals. The pain could be
most acute for WellPoint, which serves a larger part of the individual market while
rivals focus on corporate clients.
20.10.2010
Dr. Johann Vollath
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Krankenversicherung
 Insurers would also be exposed if the government eventually decides to get
more involved in how prices are set. With much of their revenue derived
from Medicare, insurers would have little power to fight such interference.
Then there is the roughly $12 billion in annual fees to be levied on the
insurance industry beginning in 2014. Still, while that looks like a clear threat
to earnings, insurers have plenty of time to find ways to pass the extra costs
on to consumers. One ray of hope: Insurers should soon enjoy a less
competitive environment. J.P. Morgan's John Rex says nonprofit insurers,
which account for 45% of the market, have used lower pricing to vie for
share in recent years. But with some nonprofits seeing their underwriting
margins fall below zero late last year, they are likely to be less aggressive,
he says. Whether that is enough to offset the potential negatives, though, is
far from clear. While health insurance will soon be mandated for individuals,
it should remain optional for investors. …
 Printed in The Wall Street Journal Europe, page 32
20.10.2010
Dr. Johann Vollath
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Krankenversicherung
20.10.2010
Dr. Johann Vollath
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Produkt LV
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WSJ BUSINESS JUNE 21, 2010
 Regulators Rein In Murky Life Policies
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By LESLIE SCISM
 The life-insurance business was good to Steven M. Brasner for much of the
past decade, so good that he and his wife named their motor yachts after it.
Their first, a 34-footer, they christened "Preferred Risk." Its 50-foot
replacement: "STOLI on the Docks.― While it rings of vodka, STOLI also
stands for "Stranger-Originated Life Insurance"—controversial policies that
older people take out and then sell to investors. The investors pay the
premiums and collect proceeds when the original owner dies. Mr. Brasner
was a sales agent who specialized in such policies. In the years before the
financial crisis, he connected aging retirees in need of money with cash-flush
hedge funds eager for offbeat investments.
 Times are different now. In April, Florida authorities arrested Mr. Brasner on
22 counts of alleged grand theft, fraud and other offenses tied to $78 million
of policies that earned him nearly $2 million in commissions. The state
accuses him of lying to insurers about applicants' financial status and their
reasons for buying the coverage. If convicted, the 44-year-old could land in
jail for decades.
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Dr. Johann Vollath
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Produkt LV
 Mr. Brasner has pleaded not guilty and will "zealously defend" against the
allegations, says Mark Eiglarsh, his attorney. The agent "passionately
maintains his innocence" and "eagerly awaits his opportunity" to present his
side in court, he says. Mr. Brasner declined to comment. Meanwhile, the
Florida agent is a defendant in civil suits filed by insurers seeking to void
many of the policies, and by investors who allege they lost money buying
now-worthless policies. The litigation has taken a financial toll: Last year, the
Brasners surrendered their 50-foot yacht to a lender. And the agent is acting
as his own lawyer in some of the civil suits, in which he denies the
allegations. Mr. Brasner's reversal of fortune is part of a post-bubble
crackdown by state authorities, aimed at the middlemen who played a
crucial role in filling the pipeline for stranger-originated policies. In a frenzy
that bears some similarities to the subprime-mortgage debacle, billions of
dollars of stranger-originated life insurance was sold to senior citizens
between 2004 and 2008 with the intention of selling the policies to investors.
The investors thought they spotted an opportunity in policies that seemed
underpriced; some funds accumulated hundreds of such policies.
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Dr. Johann Vollath
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Produkt LV
 The practice was legal in many states during the prior decade, though disliked by
regulators because it skirted the intent of "insurable interest" laws. Those laws
prohibit taking out a policy on someone without having a stake in the person's
well-being. When hedge funds moved into this area around 2004, however, many
insurers did little double-checking of the financial information provided on
applications and didn't drill down deeply about buyer's intentions in taking out the
policies; they focused on medical underwriting, and some initially welcomed the
influx in business, according to insurance-industry executives. State authorities
have charged that some agents, in their haste to earn fat commissions, stepped
over the line, committing fraud to dupe insurers into issuing the multimillion-dollar
policies favored by investors. The most common charge: that agents inflated
applicants' wealth to mislead insurers. Insurers typically ask questions about
annual income and net worth, in part, to ensure that buyers can afford the
premiums. In March, Ohio regulators revoked the license of an agent who
allegedly promised a 74-year-old Cleveland woman $8,000 to let him take out $9
million of insurance on her life. The application to Prudential Financial Inc.
indicated she had a net worth of $12.5 million. In reality, she and her husband
had a net worth of just $2,000 and combined monthly income of $950, according
to Ohio officials and Prudential. The agent didn't contest the action and didn't
show up at the hearing, according to a spokeswoman for the state's insurance
department.
20.10.2010
Dr. Johann Vollath
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Produkt LV
 Minnesota regulators in December penalized an agent who had secured 44
policies totaling $127.8 million on the life of one man. They revoked the
agent's license and levied a $250,000 fine. Regulators maintain he
misrepresented the total amount of insurance outstanding as the client
applied for additional coverage over a several-year stretch. The agent
signed a consent order, neither admitting nor denying the allegations.
Allegations of wrongdoing by agents and brokers also are common in the
more than 200 civil lawsuits filed by insurers around the U.S. involving
alleged stranger-originated policies. "It is astounding the extent to which the
fraud pervaded" this case, California state Judge John Meyer said last year
as he allowed a unit of Lincoln National Corp. to void two policies totaling
$20 million that had yielded nearly $900,000 in commissions to several
agents. The judge cited a forged signature on the application and a fake
letter, purportedly signed by the applicant's long-time accountant, to verify
the applicant's net worth at $44 million when it actually was about $100,000.
The son of a Wall Street trader, Mr. Brasner graduated from Long Island
University in the late 1980s and soon was selling insurance on Long Island.
After the Sept. 11, 2001, terrorist attacks, his wife, a lawyer on Wall Street,
wanted to move from the area, says Mr. Eiglarsh, Mr. Brasner's lawyer. They
settled on Florida, where they had family.
20.10.2010
Dr. Johann Vollath
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Produkt LV
 They moved into a new home, a $1 million Mediterranean-style villa in
Davie, Fla., near Fort Lauderdale. In 2006, they added an oceanfront
getaway, a $565,000 condo on Hutchinson Island, which became home to
the yachts. Mr. Brasner initially sold life insurance for a financial-planning
firm in Boynton Beach, then in 2005 opened Infinity Financial Group in the
same town. He decorated his office in a New York Yankees theme, including
posters of old-timers, jerseys and autographed baseballs, according to Mr.
Eiglarsh. Mr. Brasner raised his profile by serving as an occasional
spokesman for a Boca Raton weight-loss center that pitched eating a certain
type of cookie to suppress hunger. He boasted in a television commercial he
lost 115 pounds in six months. In another promotion, he noted that the
cookies could be packed into his "hectic business schedule" and had helped
transform him from uninsurable to "a preferred risk.‖ He found customers
through a low-cost tax preparer who worked in the same office, according to
an affidavit filed by Florida authorities in the criminal case. Mr. Brasner also
drew at least one acquaintance of his widowed mother in Boynton Beach.
"He was very nice. I trusted him," says Elaine Gelch, a Boynton Beach
neighbor who took out a $5 million policy in 2006 through Mr. Brasner. She is
one of six former clients to give statements to Florida officials for their case.
20.10.2010
Dr. Johann Vollath
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Produkt LV
 According to an affidavit filed by Florida prosecutors, Mr. Brasner's pitch was
that seniors, with no out-of-pocket expense, could make money by taking
out, then selling the policies. Mr. Brasner said they would receive 3% to 5%
of the face value of the insurance once it sold on the secondary market,
which would happen when the policy was two years old and could no longer
be contested by the insurer, the affidavit said. In Florida and elsewhere,
other agents pushing stranger-originated life insurance were offering various
financial inducements to retirees during that period. The problem, however,
was that Mr. Brasner's customers only partially filled out applications, and
then, unbeknownst to them, Mr. Brasner inserted falsehoods about their
wealth and other items into the final applications, according to the affidavit.
Suits filed against Mr. Brasner by insurers and investors in federal and state
courts in Florida and other states make additional allegations. In several
instances, ownership of the policies in short order was changed to insurance
trusts. Such trusts are commonly used by wealthy people in estate planning
involving life-insurance policies to minimize taxes. But here, the trusts were
used to transfer control of the policies to investors while keeping the
insurance companies in the dark, according to suits filed by the insurers.
20.10.2010
Dr. Johann Vollath
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Produkt LV
 It is unclear how many of Mr. Brasner's clients earned money. One policyholder,
whose experience is described in court papers, says she received $150,000 up
front. But for others, the alleged scheme was interrupted before the expected pay
day, when the insurers sued Mr. Brasner, as well as the investors and some
original policyholders for alleged fraud and other wrongdoing. Those suits were
filed in 2008 and 2009 after insurers became alarmed about the surge in
stranger-originated life insurance, and insurance regulators in Florida and other
states warned that dubious schemes were proliferating. "I was devastated,"
recalls Carol Sciolino, 74, of Boynton Beach, of the fraud allegations in a suit
brought by a unit of AXA SA, in federal court in West Palm Beach. "I wouldn't
even steal a piece of gum. To have this happen, it was terrible.‖ Ms. Sciolino, who
took out a $3 million policy through Mr. Brasner in late 2006, has given
statements to both Florida officials and AXA. In visits to the agent's office, she
said in the AXA statement, he had put documents before her, and said, "'This
covers such and such, and you just have to sign here.' " In an interview, she
recalls saying to him: Getting paid to take out life insurance "sounds too good to
be true. Are you sure if I sign these papers, I won't go to jail?" She says she came
to believe the strategy of selling her policy to an investor was legal. Ms. Sciolino
says she "never received one cent" from the transaction.
20.10.2010
Dr. Johann Vollath
18
Produkt LV
 Whether or not stranger-originated life insurance was legal is a focus of some of
the civil litigation now pending between insurers and investors in the policies;
Florida's criminal action against Mr. Brasner focuses on the alleged
misrepresentations in the application process. The application materials
submitted by Mr. Brasner's office falsely answered "no" to a question of whether
Ms. Sciolino intended to sell the policy, according to AXA. The materials also
falsely stated that she would pay the premiums herself, when in fact the
premiums were financed with a loan taken out by "The Carol Sciolino 2006 Life
Insurance Trust," according to the insurer's court filings. Ms. Sciolino told AXA she
signed papers to transfer the ownership of the policy to the trust. She said in the
AXA deposition that she was merely following Mr. Brasner's directions. Ms.
Sciolino says she didn't provide false information to Mr. Brasner and that she
wasn't aware it had been submitted to AXA until she was sued. The application
materials listed the retiree's net worth as $5.9 million, the filings show, more than
six times what Ms. Sciolino says is the accurate amount. Mr. Brasner's attorney
declined to comment on any allegations about individual policies. In February,
AXA reached a settlement with Ms. Sciolino, the other senior citizens and the
investors, dismissing them as defendants and voiding their policies. AXA's still
has claims against Mr. Brasner and other insurance brokers involved in the sales.
20.10.2010
Dr. Johann Vollath
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Produkt LV
 According to court records, investors as far apart as Texas and Germany
bought control of policies initiated by Mr. Brasner, including a Deutsche Bank
AG investing entity named GIII Accumulation Trust. In March, the GIII trust
filed for a judgment against Mr. Brasner to cover damages of at least $4.9
million that it said it suffered tied to its purchase of "now entirely worthless"
rights to $30 million of AXA policies that had been voided. GIII said it had
relied on Mr. Brasner's certification that the application materials were
accurate. In a court response, Mr. Brasner denied knowingly providing any
false financial information to AXA, and contended GIII "had the expertise"
and opportunity "to conduct due diligence" prior to buying the ownership
interests. Mr. Brasner's arrest came April 22, when three detectives arrived
at his office in Boca Raton. He was at Palm Beach County Jail for eight
hours as he awaited release on bail, during which prison staff had to call his
doctors to stabilize his blood pressure, Mr. Eiglarsh says. Lately, he has
spent many afternoons poolside at the Hutchinson Island condo, following
medical advice to rest, the lawyer says.
 —James Oberman contributed to this article.
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Produkt LV
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Produkt LV
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Dr. Johann Vollath
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Produkt LV
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Dr. Johann Vollath
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Produkt Sach
 Court sides with mill in Fox River cleanup
 Companies to be ordered to start paying
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Fox11online.com Updated: Tuesday, 08 Jun 2010, 9:29 PM CDT Published : Tuesday,
08 Jun 2010, 9:31 AM CDT Reporter: Lou Hillman
 A lawyer for the company Appleton, formerly known as Appleton Papers,
Inc., says two insurance companies will have to contribute $5 million each
toward the cleanup of the Fox River. There's been a long-running dispute
over who should pay for the costly cleanup of a 13-mile stretch of the Fox
River. Late last year, a federal judge ruled the company Appleton and its
former owner, NCR, were the two companies responsible for most of the
pollution. They're on the hook for millions of dollars to help pay for the
cleanup of PCB's that were dumped in the river decades ago. PCB's are a
byproduct of carbonless paper production. On Tuesday, however, an
appeals court ruled the insurance companies that covered Appleton when
the PCB's were discharged are liable to help pay the bill. "We believe that
means those two companies are ultimately responsible for $5 million each
toward the cleanup," said Ron Ragatz, an attorney for Appleton.
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Dr. Johann Vollath
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Produkt Sach
 Ragatz said Munich Re AG and Westport Insurance Corporation have fought
in court to not pay their policy limits. A spokesperson for Munich Re AG
declined to comment about the ruling. Westport Insurance Corporation did
not return FOX 11's calls. One of the groups that fought hard to make the
river cleanup happen was the Clean Water Action Council. Curt Anderson,
one of the group's leaders, said he's glad the insurance companies are
being held responsible too. "By not doing their job, they were enablers for
the paper industry ... But the paper industry still paid their premiums so they
should have been covered," said Anderson. The cleanup process started last
year and is on-schedule. Officials say the ruling only affects who has to pay
for it in the end. "Money is being spent as we speak cleaning up the river. A
lot of money is being spent, so we will have to go back to (Brown County)
Judge Zuidmulder at a certain point to ask him to declare that its now time
for Westport (Insurance Corporation) to start paying some of that money,"
said Ragatz. The court decision only affects two of Appleton's nine insurance
companies. The company reached undisclosed settlements with the other
seven. Munich Re AG and Westport Insurance Corporation could still appeal
to the Wisconsin Supreme Court.
20.10.2010
Dr. Johann Vollath
25
Aetna

WSJ HEALTH INDUSTRY APRIL 10, 2010
 Aetna Hit by Medicare Compliance Problems

By AVERY JOHNSON And DINAH WISENBERG BRIN
 Aetna Inc. was suspended from signing up new members for its Medicare
Advantage and Medicare prescription-drug plans because the insurer didn't
comply with rules about changing drug-plan designs, the government said.
The Centers for Medicare & Medicaid Services, or CMS, which oversees the
government-run health plans for seniors, said Aetna didn't meet
requirements to make sure seniors could continue on their medications
during changes to the Aetna plans in 2009 and those offered this year. The
sanction, effective April 21, forbids Aetna from courting new business in the
lucrative segment of administering privately run health plans for seniors.
Even so, the suspension doesn't affect current Aetna Medicare enrollees.
And the sanction is unlikely to have a big financial effect on Aetna, analysts
said. The open-enrollment period when insurers can sign up seniors for
privately run Medicare plans just ended, so Aetna isn't trying to attract new
beneficiaries right now anyway except for those just turning 65. The
sanctions could present a problem if Aetna hasn't resolved the government's
concerns by the fall, when open enrollment begins anew.
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Dr. Johann Vollath
26
Aetna
 The company is working with beneficiaries and the government to resolve the
problem quickly, said Fred Laberge, a spokesman for the Hartford, Conn., insurer.
About $5.7 billion of Aetna's $34.7 billion in 2009 revenue came from Medicare
Advantage and prescription-drug plans, according to Goldman Sachs research. A
company such as Humana Inc., which relies on the plans for more than half its
revenue, would be much more heavily affected by such a sanction. Aetna said
20,000 of its 586,000 Medicare Advantage and drug-plan enrollees were affected
by the transition issues. The issue developed as Aetna moved from an open
formulary for prescription drugs in 2009 to a closed formulary this year, the
company said. In an open formulary, patients can be prescribed most any drug,
while a closed formulary restricts the choices of available medications. Some
Aetna customers who were prescribed drugs on the 2009 formulary that were no
longer on the formulary this year didn't received a one-time, 30-day transition
supply of the drugs as required by CMS, Mr. Laberge said. In addition, Aetna's
Web site incorrectly listed prior-authorization and step-therapy requirements for
certain drugs; the company has corrected the site, he said. Medicare plans
overall are experiencing cuts in government reimbursement this year, and
payments to insurers are expected to be flat in 2011, so insurers have been
trimming benefits and taking other steps to maintain margins.
20.10.2010
Dr. Johann Vollath
27
AIG
 AIG’s Risk From Storms Rises After Life Divestitures (Update1)

By Hugh Son
 March 29 (Bloomberg) -- American International Group Inc., the insurer that
stayed profitable through the Sept. 11 attacks and Hurricane Katrina, may be
more exposed to disasters after divesting life insurance units to repay its
government bailout. AIG will be a ―smaller and more focused company‖ after
selling American Life Insurance Co. and AIA Group Ltd., divisions that
produced more than a third of the firm’s insurance revenue last year, Chief
Executive Officer Robert Benmosche told shareholders this month.
Catastrophe losses have the potential to drain AIG’s government bailout
funds, the New York-based firm said in a February regulatory filing. Former
CEO Maurice ―Hank‖ Greenberg built AIG into the world’s largest insurer by
using earnings from life units, plane-leasing and consumer finance to
balance volatile revenue and claims costs from property-casualty operations.
AIG had to sell businesses to help repay the 2008 government rescue
needed after losses tied to home loans. ―They definitely will be affected by
storms in the future,‖ said Terry Leone, senior insurance analyst at SNL
Financial in New York. ―Their overall business will be more tied to the
property-casualty cycle than it was in the past.‖
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AIG
 AIG’s diversity allowed it to post profits after the worst terrorist attack and costliest
natural disaster in U.S. history. The insurer recorded net income of $327 million in
the third quarter of 2001 even as the strike on the World Trade Center cost the
company $820 million. Warren Buffett’s Berkshire Hathaway Inc. had a net loss of
$679 million that quarter.
 Hurricane Katrina
 AIG had $1.57 billion in catastrophe costs in the third quarter of 2005, when
Katrina hit the U.S. Gulf Coast. Still, AIG had net income of about $1.7 billion that
quarter. Allstate Corp., the Northbrook, Illinois-based home and auto insurer, lost
$1.55 billion in the same span. Forecasters at Colorado State University and
AccuWeather Inc. have said the Atlantic hurricane season, which begins June 1,
will result in more storms than average. Already this year, more than 20 insurers
and reinsurers have reported losses of as much as $4.1 billion from the
windstorm that struck Western Europe last month and the earthquake in Chile,
the fifth- strongest in a century. AIG has yet to report the costs of those
catastrophes. Benmosche, AIG’s fourth CEO since Greenberg left in 2005, is
selling businesses to repay loans within the firm’s $182.3 billion bailout. Ratings
firm A.M. Best is evaluating if the sales of AIA and Alico will reduce AIG’s ability to
service its debt, analyst Jennifer Marshall said in a March 3 research note.
20.10.2010
Dr. Johann Vollath
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AIG
 Global Profits
 AIG got about $22.8 billion in premiums and fees last year from selling life
insurance and retirement products outside the U.S., where AIA and Alico
operate. That compares with $5.3 billion from U.S. life units, which
Benmosche has said AIG will keep, and $32.2 billion from global property
casualty sales. The life units were ―a material provider of earnings to AIG
historically,‖ Marshall said. The declining price of commercial coverage ―will
continue to challenge profitability at the company’s core property-casualty
operating subsidiaries‖ as AIG competes for market share. U.S. commercial
insurance rates fell 5.6 percent in the fourth quarter, according to a survey
by the Washington-based Council of Insurance Agents and Brokers. Prices
have dropped industrywide in every quarter since 2004 and AIG has said it
expects the decline to continue this year. Sales growth in 2010 will be driven
by increases outside the U.S., the insurer said.
 Prudential, MetLife
 ―The fact that property casualty and life insurance sales aren’t correlated
was important for AIG,‖ said Clark Troy, a senior analyst based in Chapel
Hill, North Carolina, for Aite Group, a research firm. ―I’d be very surprised if
AIG diversified out of life altogether.‖
20.10.2010
Dr. Johann Vollath
30
AIG
 The insurer secured deals to sell the two insurers to Prudential Plc and
MetLife Inc. for a combined $51 billion. The sales will be completed by yearend, the companies have said. Christina Pretto, an AIG spokeswoman,
declined to comment. AIG also completed the sale of its PineBridge
Investments fund manager to Pacific Century Group today, the insurer said
in a statement. Hong Kong billionaire Richard Li’s Pacific Century agreed in
September to pay about $500 million for the subsidiary, which operates in
about 30 countries and managed $87.3 billion as of year-end.
 Property-Casualty Reserves
 AIG set aside more reserves for casualty claims last year, a move that
contributed to a $2.3 billion fourth-quarter charge. Fitch Ratings said last
month that the charge to cover claims from policies sold in prior years
caused concerns about the ―reserve adequacy and underlying profitability‖ of
AIG’s property-casualty operations. The company also drew $2.2 billion in
the first quarter from a U.S. Treasury Department facility to bolster propertycasualty units. AIG used the cash to redeem securities held by insurance
subsidiaries, improving liquidity and a measure of capital adequacy watched
by rating firms and regulators.
20.10.2010
Dr. Johann Vollath
31
AIG
 AIG’s property-casualty operations, rebranded Chartis Inc. last year to
distance the division from AIG, sell coverage for property, worker’s
compensation, corporate boards and ships and airplanes. Chartis operates
in more than 160 countries and jurisdictions, and gets more than 40 percent
of sales from outside the U.S. AIG needed a U.S. rescue in September 2008
after soured derivative bets tied to housing markets drained cash. The
company’s government assistance includes a $60 billion Federal Reserve
credit line, up to $52.5 billion to buy mortgage-backed securities owned or
backed by the insurer, and a Treasury investment of as much as $69.8
billion. …
 Last Updated: March 29, 2010 11:33 EDT
20.10.2010
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32
AIG

BusinessWeek 14.04.10 17:48 Bloomberg
 Fairholme Becomes Biggest AIG Investor After U.S. (Update2)


April 13, 2010, 4:41 PM EDT (Updates shares in the sixth paragraph.)
By David Henry and Hugh Son
 April 13 (Bloomberg) -- Fairholme Capital Management, the investment firm
run by mutual fund manager Bruce Berkowitz, has acquired about 15 million
shares of American International Group Inc. in a bet on a rebound of the
bailed-out insurer. The holding, disclosed yesterday in a regulatory filing,
ranks Fairholmeʼs position as second in size only to the U.S. governmentʼs
stake of about 80 percent, according to data compiled by Bloomberg. The
filing dated Fairholmeʼs holding as of March 31. Fairholme began acquiring
the securities in the second half of 2009 ―as we started to see cash flows of
AIG turn positive,‖ Berkowitz said in a March 15 interview. ―It is still a good
company with a good global brand.‖ The stake was more than 13 million
shares, Berkowitz said that day. Berkowitz was named the U.S. domestic
stock fund manager of the decade in January by Morningstar Inc., a
Chicago-based research firm.
20.10.2010
Dr. Johann Vollath
33
AIG
 His firmʼs 15 million shares are valued at about $620 million based on
yesterdayʼs closing price of $41.22 on the New York Stock Exchange. The
stock has gained about 37 percent this year through yesterday as Chief
Executive Officer Robert Benmosche struck deals to sell two life insurance
units for about $51 billion to help repay the bailout. The insurer was rescued
in 2008 with a package that swelled to $182.3 billion. …
 Fairholme has also bought ―hundreds of millions of dollars of the debt‖ of
AIG, Berkowitz said in the March 15 interview. AIG has ―done a reasonable
job of walling off the remaining risks‖ after a government bailout designed to
shield the insurer and banks that did business with the company from losses
on mortgage-related securities, he said then. The only AIG investor with a
similar-sized stake has been Starr International Co., a company run by
former AIG Chief Executive Officer Maurice ―Hank‖ Greenberg. Starr
disclosed March 19 that it had agreed to sell as many as 10 million of its 14
million shares of AIG. The next biggest holder, with 6.82 million shares, is
fund manager Vanguard Group Inc. of Valley Forge, Pennsylvania,
according to data compiled by Bloomberg. …
 http://www.businessweek.com/news/2010-04-13/fairholme-becomes-biggest-aiginvestor-after-u-s-government.html
20.10.2010
Dr. Johann Vollath
34
AIG
 Goldman wins bookrunner role in AIA listing

By Francesco Guerrera in New York and Sundeep Tucker in Hong Kong, FT.com
Published: February 11 2010 22:37 | Last updated: February 11 2010 22:37
 Goldman Sachs has been chosen as one of the banks that will manage the
$10bn-plus listing of AIG’s Asian unit – in spite of the political controversy
over Goldman’s actions during the insurer’s near-collapse in 2008. People
close to the situation said Goldman was one of seven banks that had been
selected as bookrunners for the initial public offering of AIA, AIG’s flagship
life insurance division. AIA’s listing on the Hong Kong stockmarket, which is
expected later this year, is crucial to AIG’s plans to start repaying the $80bnplus it owes the US authorities.
 Goldman’s selection underlines its strength as an equity underwriter in Asia
and the fact that the political storm in the US over its role during AIG’s crisis
has not soured its relations with the insurer and its government paymasters.
The US government owns 80 per cent of AIG after bailing it out in
September 2008. Goldman’s role, alongside Citigroup, Credit Suisse, Bank
of America Merrill Lynch and UBS, as well as two Chinese lenders, will
ensure that the Wall Street firm shares in the estimated $300m in fees the
giant IPO is expected to generate.
20.10.2010
Dr. Johann Vollath
35
AIG
 Bookrunners will receive a lower proportion of the fees than Morgan Stanley and
Deutsche Bank, the two global co-ordinators for the AIA share sale. However,
competition for bookrunner roles had been particularly fierce because of the IPO’s
size. It is expected to be the world’s largest this year. Members of Congress have
attacked the government’s decision to rescue AIG and pay its counterparties,
including Goldman, billions of dollars owed under derivatives contracts without
demanding a discount, as a back-door rescue of the banks. Goldman’s critics
have also questioned its aggressive stance in demanding collateral on derivatives
from AIG before the insurer ran into deep trouble in 2008. Goldman has rebuffed
the attacks, saying it would not have lost money had AIG gone under and arguing
that it had not been particularly aggressive in asking for collateral. Both Goldman
and AIG declined to comment on Thursday.
 The selection of the seven bookrunners, representing almost every global bank
with capability to assist with the IPO, will come as a huge relief to those involved
as it will also allow them to claim ―league table‖ credit for the large deal. The
overseas arms of China Construction Bank and Industrial and Commercial Bank
of China will also be acting as bookrunners on the IPO. Separately, AIG is close
to announcing the expected sale of Alico, its international insurance arm, to
MetLife for about $15bn.
20.10.2010
Dr. Johann Vollath
36
AIG

FTD.de 08.03.2010, 16:20
 AIG tilgt mit Milliardenverkauf Schulden bei der Fed
 Mehr als 180 Mrd. $ kostete den amerikanischen Steuerzahler die Rettung
des Versicherungskonzerns AIG. Das Unternehmen verkauft jetzt nach dem
Asiengeschäft auch die ausländische Lebensversicherungstochter - für 15,5
Mrd. $. Der Versicherungskonzern American International Group (AIG)
kommt zur Freude des amerikanischen Steuerzahlers mit seinem
Schrumpfkurs voran. Das New Yorker Unternehmen, das wegen riskanter
Derivatewetten vom Staat mit 182,3 Mrd. $ gerettet werden musste, stößt
seine ausländische Lebensversicherungssparte für 15,5 Mrd. $ an Metlife
ab. Mit dem Erlös wird eine Teilschuld bei der Fed beglichen. Das gaben AIG
und Metlife am Montag bekannt.
 Metlife bezahlt 6,8 Mrd. $ in bar und 8,7 Mrd. $ in Aktien für American Life
Insurance (Alico). Finanzieren will Metlife den Baranteil über die Ausgabe
neuer Aktien und Fremdkapital. "Das ist eine größere Transaktion", sagte
Robert Haines, Analyst beim Researchhaus Creditsights. "Das beweist, dass
AIG bei seinen Desinvestitionen Fortschritte macht.―
20.10.2010
Dr. Johann Vollath
37
AIG
 Für AIG-Vorstandschef Robert Benmosche - der zuvor Metlife führte - ist das
ein weiterer Erfolg. Am 1. März kündigte er bereits den Verkauf der
Asientochter AIA an den britischen Versicherer Prudential für 35,1 Mrd. $ an.
Damit erfüllt er gegenüber der Fed seine Bringschuld. AIG trat AIA und Alico
an die Fed ab, um eine Kreditlinie in Höhe von 25 Mrd. $ abzulösen.
Eingerechnet waren damals schon ein Verkaufserlös von 16 Mrd. $ für AIA
und 9 Mrd. $ für Alico. Alle Verbindlichkeiten sind damit noch nicht getilgt:
AIG schuldet der Fed noch 25 Mrd. $ und dem Finanzministerium noch 40
Mrd. $. Seit der staatlichen Rettung nahm AIG 47 Mrd. $ durch den Verkauf
von Unternehmensteilen ein. Trotz der Radikalkur bleibt das Unternehmen
einer der größten Anbieter für Versicherungsleistungen für die Industrie.
Dabei konkurriert das Unternehmen mit dem Versicherer Travelers sowie
Berkshire Hathaway, dem Konzern von Starinvestor Warren Buffett.
 Metlife expandiert ins Ausland. 2005 übernahm das Unternehmen Travelers
Life & Annuity von der Citigroup und sicherte sich den Zugang nach Japan,
Australien und Großbritannien. 2008 kaufte es in Brasilien zu und verleibte
sich Odonto A Saudé Empresarial ein, einen Spezialisiten für
Zahnversicherungen. Alico hat 20 Millionen Kunden, 12.500 Mitarbeiter und
erzielte 2008 einen Nachsteuergewinn von 1,3 Mrd. $.
20.10.2010
Dr. Johann Vollath
38
AIG
20.10.2010
Dr. Johann Vollath
39
AIG
 Tucker hire gives AIA big name and experience

By Paul J Davies, FT.com Published: July 18 2010 19:22 | Last updated: July 18 2010
19:22
 Mark Tucker’s return to the life assurance industry in Asia seems such an
obvious move that the biggest surprise is that he was only approached by
Robert Benmosche two weeks ago, according to people familiar with the
situation. His arrival as executive chairman of AIA will bring the Asian
operations of AIG a senior industry figure with plenty of experience of both
running a big public company and of the investors, regulators and business
practices across the region. Mr Tucker’s appointment could also set nerves
jangling at Prudential of the UK, the company Mr Tucker ran for four years
until summer 2009, not only because he could help AIA provide a greater
competitive threat in the region, but also because it is likely to revive and
add fuel to talk that a listed, independent AIA might in the medium term
mount a bid for all or part of the UK insurer. It was Mr Tucker who made the
Pru synonymous with the Asian growth story that served its shareholders
well up to and through the financial crisis, helping to restore the company’s
share price faster than other UK rivals, who lacked the same kind of
exposure to fast growing markets.
20.10.2010
Dr. Johann Vollath
40
AIG
 He has a long history of Asian experience having been sent in 1994 by Mick
Newmarch, the Pru’s then-chief executive, out to the region to build up the
UK group’s businesses there and establish Prudential Corporation Asia. He
stayed for a decade before returning to the UK to become chief financial
officer for HBoS, the UK bank bought by Lloyds Group during the financial
crisis. However he stayed in banking for just a year and was persuaded to
come back to the Pru to take over as chief executive in 2005 when Jonathan
Bloomer was ousted after a controversial £1bn rights issue. At AIA, Mr
Tucker is expected to help try to get the company’s initial public offering
away within three or four months, although the focus is simply to return as
much money as possible to the New York Federal Reserve and US Treasury
as quickly as possible. AIA is the largest pan-Asian insurer and the biggest
foreign insurer in many markets. Mr Tucker has long relationships in most
Asian markets, though particularly useful will be his connections in China,
where AIA has the only 100 per cent-owned license of any foreign company.
It became apparent during the Pru’s attempt to buy AIA that this unique
arrangement was unlikely to be passed on to new owners.
20.10.2010
Dr. Johann Vollath
41
AIG
 The Pru aborted its attempt to buy AIA in a more than $30bn deal in early
June after AIG’s board refused to consider a lower price in spite of
recommendation from Mr Benmosche. The accident-prone takeover bid has
led to some shareholders to call for Harvey McGrath, chairman, and Tidjane
Thiam, chief executive, to step down and has emboldened those who want
to see a break-up of the Pru. Mr Tucker was seen by some shareholders as
a perfect potential replacement for Mr McGrath, who has become the focus
of investor demands for change, although it is thought that Mr Tucker has
never formally been approached. He stepped down from the Pru after his
own earlier attempt to buy AIA was scuppered by the company’s US parent
pulling the sale due to the turmoil in financial markets.
20.10.2010
Dr. Johann Vollath
42
AIG

FTD.de 20.07.2010, 10:15
 AIG bringt Asiensparte an die Börse
 Der US-Versicherungsriese erwartet von einem Börsengang seiner
Asientochter AIA Einnahmen von 15 Mrd. Dollar. Das wäre rund die Hälfte
des Erlöses, den der Verkauf an den britischen Konkurrenten Prudential
gebracht hätte.

von Jörn Petring
 AIG will sein Asiengeschäft nach der geplatzten Übernahme durch den
britischen Versicherer Prudential nun an der Hongkonger Börse versilbern.
Ein Börsengang der Asientochter American International Assurance (AIA) sei
die beste Option, sagte Robert Benmosche, Chef des angeschlagenen USVersicherungsriesen American International Group (AIG). Nach dem 22 Mrd.
Dollar großen Börsendebüt der Agricultural Bank of China in der
vergangenen Woche zeichnet sich damit gleich das nächste Megadebüt an
Chinas Börsen ab. AIG will rund 15 Mrd. Dollar (11,6 Mrd. Euro) mit der für
November oder Dezember geplanten Emission einnehmen. Ein gewagter
Schritt: Schon beim Börsengang der Agricultural Bank gab es erste
Anzeichen dafür, dass die Investoren allmählich gesättigt sind und kein
Interesse mehr an weiteren Parkettdebüts haben.
20.10.2010
Dr. Johann Vollath
43
AIG
 Schanghais Aktienindex hat seit Jahresbeginn rund ein Viertel an Wert
verloren. Zudem drängen weitere kapitalhungrige Banken aus China auf den
Markt und wollen noch in diesem Jahr bis zu 60 Mrd. Dollar aufnehmen.
Gelingt AIG das Parkettdebüt jedoch wie geplant, wäre dies einer der
größten Börsengänge aller Zeiten. Trotz des Riesenvolumens wäre das
Geschäft zugleich ein Rückschlag für die US-Regierung. Sie hatte AIG
während der Finanzkrise mit 182 Mrd. Dollar gerettet und ist seitdem größter
Anteilseigner des Konzerns. Nun pocht die Regierung darauf, dass AIG die
Steuergelder so schnell wie möglich zurückzahlt. AIG hat bereits zahlreiche
Töchter verkauft, um einen Teil der Staatshilfe zu erstatten. Die mit dem
Börsengang angepeilten 15 Mrd. Dollar sind jedoch nur halb so viel, wie der
Konzern mit einem Verkauf des Asiengeschäfts an seinen britischen
Konkurrenten Prudential eingenommen hätte. Das Geschäft war nach
wochenlangen Verhandlungen im Juni gescheitert, weil AIG nicht bereit war,
Prudential einen Rabatt von 5 Mrd. Dollar auf den Kaufpreis einzuräumen.
AIG hätte AIA für rund 30,5 Mrd. Dollar losschlagen können. Prudential zog
schließlich auch auf Druck der Aktionäre die Notbremse. AIG fehlen nun die
Milliarden, die der in der Finanzkrise gestrauchelte Konzern eigentlich zur
Rückzahlung der Staatshilfen an Washington eingeplant hatte.
20.10.2010
Dr. Johann Vollath
44
AIG
 Der Gang der Asiensparte an die Börse soll zudem unter neuer Führung
stattfinden, wie AIG bekannt gab - eine Personalie mit pikanter Note:
Ausgerechnet der frühere Prudential-Chef Mark Tucker rückt an die Spitze
von AIA und löst dort Mark Wilson ab. "Mark Tucker hat Erfahrung mit einem
gelisteten Unternehmen, eine Erfolgsbilanz und Kontakte", sagte AIG-Chef
Benmosche. Bevor Tucker 2005 für gut vier Jahre den Chefsessel des
britischen Konzerns bezog, war er dort jahrelang selbst für das
Asiengeschäft verantwortlich und gilt als ausgewiesener Kenner der Region.
Tuckers Nachfolger bei Prudential, Tidjane Thiam, droht der Rauswurf
wegen des verpatzten AIA-Deals. Wilsons Abgang kam überraschend,
Gründe wurden nicht genannt. Allerdings geht damit das Stühlerücken bei
AIG nur in eine neue Runde: Erst vor wenigen Tagen hatte Chairman Harvey
Golub nach Streitigkeiten mit Konzernchef Benmosche hingeschmissen. AIG
hatte schon vor Prudentials Gebot den AIA-Börsengang durchgespielt. Der
Vorteil gegenüber einem Verkauf: Der Konzern hat weiter Einfluss, sofern er
AIA zumindest teilweise behält. Nach Informationen der Financial Times will
sich AIG nur von mehr als 50 Prozent der AIA-Anteile trennen, ein
Komplettverkauf ist nicht geplant.
20.10.2010
Dr. Johann Vollath
45
AIG
 Die Suche nach einem anderen Käufer für die Sparte als Prudential ist zwar
nicht ausgeschlossen, denn prinzipiell ist AIA für alle großen Versicherer
interessant. Asien gilt für Anbieter wie Allianz, Munich Re oder Zurich als
Zukunftsmarkt. Zudem gilt AIA als Filetstück im angeschlagenen AIGKonzern, hat 20 Millionen Kunden in 13 Ländern und beschäftigt rund
250.000 Vertreter. Der operative Gewinn beläuft sich auf 2 Mrd. Dollar im
Jahr. Wegen der Finanzkrise und der vermutlich höheren
Kapitalanforderungen in der Zukunft halten viele Unternehmen wie Europas
Branchenprimus Allianz derzeit aber ihr Geld zusammen.
20.10.2010
Dr. Johann Vollath
46
AIG
 Banks line up to advise AIA

By Robert Cookson in Hong Kong and Paul J Davies in London, FT.com Published: July
21 2010 23:16 | Last updated: July 21 2010 23:16
 Goldman Sachs is to join Morgan Stanley and Deutsche Bank as the lead
banks for the planned $12bn-$15bn Hong Kong listing of AIA, the Asian
businesses of AIG, according to people close to the situation. Morgan and
Deutsche were the joint global co-ordinators in the original listing process for
AIA, which was halted in March when Prudential of the UK won an
agreement with AIG to buy the Asian businesses for $35.5bn. Since that
deal fell apart in June, the stricken US insurer has been working to resurrect
the initial public offering of AIA. Its plans were given a boost this week when
it announced that Mark Tucker, former chief executive of Prudential, was to
take over as chairman and chief executive of the Asian group. Some
bankers have expressed scepticism that an IPO alone could value AIA at
more than $30bn, particularly since markets have become more choppy, and
trading in Agricultural Bank of China, which launched the largest ever IPO
this month, has proved disappointing. However, it is hoped that Mr Tucker’s
connections in the region will attract large strategic investors to put in more
than $5bn and help lend a stronger foundation to an AIA flotation.
20.10.2010
Dr. Johann Vollath
47
AIG
 Mr Tucker is already in the region talking to AIA staff, regulators and
potential investors, according to people familiar with the situation. AIA is
determined that more than half of its shares be sold in order to ensure that it
gains independence from AIG. Goldman and Morgan Stanley were global
co-ordinators on AgBank’s $22.1bn dual-listing in Hong Kong and Shanghai.
A successful float of AIA should mean the two US banks stand to earn big
fees from two Asian listings this year even though they have already agreed
to take a 30 per cent cut in what they were set to earn from the AgBank
float. In the earlier AIA listing plan, Goldman had a more junior bookrunner
role alongside Citigroup, Credit Suisse, Bank of America-Merrill Lynch and
UBS, as well as two Chinese lenders. It has not yet been decided which
banks would win bookrunner roles this time, but bankers said it would be
interesting to see whether Credit Suisse would win a similar role after its
London branch had simultaneously acted as sole adviser to Prudential in the
negotiations over its agreed deal to buy AIA. Goldman has continued to win
important roles in AIG’s business in spite of the political controversy over the
investment bank’s actions during the insurer’s near-collapse in 2008. The
bank was one of the main advisers to AIG throughout Prudential’s takeover
attempt, alongside Citigroup and Blackstone.
20.10.2010
Dr. Johann Vollath
48
AIG
 AIG calls on investors for stakes in AIA

By Henny Sender and Francesco Guerrera in New York and Jamil Anderlini in Beijing,
FT.com Published: August 11 2010 23:07 | Last updated: August 11 2010 23:07
 AIG has approached some of the world’s biggest investors with a view to
them taking stakes in AIA, the US insurer’s Asian operation, with strong
interest from China, according to people familiar with the matter. As a result,
AIG is considering placing as much as 30 per cent with institutional investors
and wealthy tycoons, rather than offering minor stakes in the initial public
offering, they added. The likeliest cornerstone investors are sovereign
wealth funds. But Chinese insurance companies and some of China’s
largest banks are said to be looking at both taking stakes and financing
others, although it is unclear whether the Chinese Banking Regulatory
Commission would approve. China’s insurers are not allowed to invest more
than 15 per cent of their assets overseas and no more than 10 per cent in
one public company, China’s industry regulator said on Wednesday. China’s
State Council will decide which bidders to allow. ―Everything is in flux,‖ said
one person involved in the process. ―The funding for these investments is
unprecedented.‖
20.10.2010
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49
AIG
 The SWFs to have expressed an interest in AIA include the Singapore funds
GIC and Temasek, as well as several Gulf SWFs, including those of Abu
Dhabi, Kuwait and Qatar. However, the outcome will depend at least in part
on bankers’ valuation of AIA. ―If the price is reasonable, there will be interest
from within the region,‖ said one investor considering taking a stake. ―They
want the market to believe there is huge interest but not many investors
have the balance sheet to even think about it.‖ The investor thought the
value of AIA’s IPO could be about $26bn, in line with comparable public
insurance companies, or about 1.2 times book value. However, AIG and its
masters in the US government hope to raise at least $30bn.
 Private equity firms are also interested, although there are obstacles. Their
own investors generally balk when buy-out firms take minority stakes in
public companies. Moreover, private equity groups like to put a lot of debt on
the companies they buy – difficult to do when taking smaller positions. There
is still a question as to whether AIA will be able to hit the October to
November window for its IPO. The timetable requires a filing in Hong Kong
by early September.
20.10.2010
Dr. Johann Vollath
50
Ambac
 Ambac warns of potential loan default

FT.com - Reuters
 NEW YORK, June 8 – Ambac, the bond insurer whose toxic assets were
seized by Wisconsin state regulators in March, said it could default on its
loan obligations and was still considering filing a prepackaged bankruptcy.
The company, which has had trouble writing new business since losing its
triple-A credit rating in 2008, said in a US Securities and Exchange
Commission filing on Tuesday that ―as early as the second quarter of 2010‖
it may decide not to make interest payments on its debt, which could result
in a default. Holders of some of Ambac’s $1.24bn senior debt have formed
an ad hoc committee and will try to push the company into a prepackaged
bankruptcy, people familiar with the matter told Reuters. Ambac shares fell
as much as 16 per cent in extended trading following the news. The
bondholders’ committee, which includes hedge funds Centerbridge Partners,
Halcyon Capital Management, Mangrove Partners and Camden Asset
Management, is looking to use a prepackaged bankruptcy to exchange their
debt for equity in the company, the sources said. The sources declined to be
named because the details are not public.
20.10.2010
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51
Ambac
 Such a swap could give the bondholders significant stock ownership of a
reorganised Ambac and likely wipe out current equity, these people said.
Ambac said in the regulatory filing that it could consider raising additional
capital, restructuring through a ―prepackaged bankruptcy‖ or filing a
traditional bankruptcy without agreements from creditors. ―While
management believes that the Company will have sufficient liquidity to
satisfy its needs through the second quarter of 2011, no guarantee can be
given that it will be able to pay all of its operating expenses and debt service
obligations thereafter, and its liquidity may run out prior to the second
quarter of 2011,‖ Ambac said. The ad hoc bondholder committee has hired
Morrison & Foerster as legal counsel and investment bank Lazard as
financial adviser, the sources said. Wisconsin state regulators took over
about $64bn of Ambac’s worst assets in March. The insurer, along with rivals
such as MBIA, has been battling crippling losses from risky mortgage
securities amid the financial crisis. Up until now Ambac’s negotiations with
counterparties, have largely helped it deal with liabilities of its principal
operating unit, Ambac Assurance. But the company has not yet formally
addressed debt issues at its holding company, Ambac Financial.
20.10.2010
Dr. Johann Vollath
52
Ambac
 Ambac said late on Monday that it has commuted its remaining $16.4bn of
exposure to collateralised debt obligations of asset-backed securities at its
operating company. The company will pay $2.6bn in cash and issue $2bn of
surplus notes, as part of an agreement with counterparties, it said. The
holding company could use the bankruptcy process to resolve its debt
issues, without putting the operating company into bankruptcy and without
necessarily affecting any agreements made by the operating company.
Ambac said in the regulatory filing, that it was unlikely Ambac Assurance
would be able to make dividend payments ―for the forceable future‖ and that
the company’s liquidity and solvency are ―largely dependent‖ on such
dividend payments. A possible default or missed interest payment is often a
touch-off point for companies to begin serious negotiations with bondholders
and other creditors. In order to do a prepackaged bankruptcy, the company
would have to successfully negotiate agreements with a majority of its
creditors, including bondholders. Prepackaged bankruptcies have become
more popular in the past few years as a quicker route through the
bankruptcy process. …
20.10.2010
Dr. Johann Vollath
53
Cool Springs Life
 Rockstar wird Vertreter

Von Norbert Kuls, New York 12. April 2010
 Gene Simmons gibt dem konservativen Image von Versicherungsvertretern
einen neuen Anstrich. Wenn der Bassist der Rockband Kiss mit seinem
neuen Projekt Erfolg haben sollte, müssen sich Amerikaner einen
Versicherungsmann künftig als wild geschminkten, blutspuckenden Dämon
in schwarzen Lederhosen vorstellen. Simmons, der in dieser Montur auf der
Bühne auftritt, hat im vergangenen Monat zusammen mit Partnern aus der
Assekuranzbranche den Lebensversicherer Cool Springs Life Equity
Strategy gegründet. Normale Lebensversicherungen, die auch ein Herr
Kaiser verkaufen könnte, gibt es dort allerdings nicht. Cool Springs richtet
sich ausschließlich an Leute wie Simmons, reiche Stars aus Unterhaltung
und Sport mit einem persönlichen Vermögen von mindestens 20 Millionen
Dollar. Die Policen haben einen Wert von mindestens 10 Millionen Dollar
und sollen den Stars bei der steuerlichen Behandlung ihres Nachlasses
helfen.
 Ungeschminkte Wahrheiten
20.10.2010
Dr. Johann Vollath
54
Cool Springs Life
 „Wir sind nicht wirklich die am besten informierten Leute, aber weil wir hart
gearbeitet haben und der amerikanische Traum weiter lebt, war es uns
möglich, reich zu werden―, sagte der 60 Jahre alte Simmons bei Interviews
in amerikanischen Wirtschaftssendern, wo er zwar ungeschminkt, aber
immerhin mit Sonnenbrille auftrat. Die Strategie von Cool Springs basiert auf
der Erwartung, dass in Amerika die Erbschaftsteuer wieder eingeführt wird.
Für vermögende Amerikaner wäre in diesem Fall eine Lebensversicherung
attraktiv, weil der Sparanteil der Police während der Laufzeit steuerfrei
bliebe. Nach dem Tod des Versicherungsnehmers müssten auf die
Auszahlung zudem keine Nachlass-, Geschenk- oder Einkommensteuern
gezahlt werden. Cool Springs verspricht potentiellen Kunden zudem, dass
sie die enormen Prämien für die Versicherungen nicht aus eigener Tasche
zahlen müssen. Der Versicherer arrangiert für Kunden einen Kredit für die
Prämienzahlungen, die bei älteren Leuten bis zu 300.000 Dollar im Jahr
betragen können. Der Kredit wird dann entweder während der Laufzeit der
Police aus dem Sparanteil der Versicherung oder nach dem Tod des Kunden
aus der ausgezahlten Versicherungssumme zurückgezahlt.
20.10.2010
Dr. Johann Vollath
55
Cool Springs Life
 Zins- und Steuer-Jonglage
 Einige Finanzplaner halten die Finanzierung von Prämienzahlungen
allerdings für risikoreich, da das nur funktioniert, wenn das angesparte
Kapital der Versicherung mehr abwirft, als Kreditzinsen kosten. Wenn die
Zinsen steigen sollten oder sich die Steuergesetze ändern, könnte der Plan
möglicherweise nicht aufgehen. „Die Finanzierung von Prämien ist ein
Glücksspiel, bei dem die Gewinnchancen nicht auf Seiten des
Kreditnehmers sind―, sagt David Barkhausen, der den Versicherungsberater
Life Insurance Advisors leitet. Aber Simmons, der schon selbst eine
Versicherung abgeschlossen hat, ist natürlich zuversichtlich. Neben
Simmons stehen hinter Cool Springs Life Equity erfahrene
Assekuranzmanager wie David Carpenter, der für die große Gesellschaft
Transamerica tätig war. Die Versicherungsleute brauchten einen schillernden
Front-Mann, um ihre gewünschte Klientel zu erreichen. Sie kamen auf
Simmons, der eines der Gründungsmitglieder über eine geschäftliche
Beziehung mit einer Wall Street-Bank kannte. „Manager von
Lebensversicherungen haben kein Publikum―, gibt Carpenter zu.
20.10.2010
Dr. Johann Vollath
56
Cool Springs Life
 Bei Gene Simmons sei das anders. „Gene eilt zudem der Ruf voraus, ein
Genie für Vermarktung und Verkaufsförderung zu sein―, fügt er hinzu. In der
Tat ist Simmons ein geschäftstüchtiger Mann, der die Marke Kiss auf vielen
Kanälen verbreitet. In Lizenz gibt es Kleidung, Wein und Schmuck mit dem
Logo von Kiss. In North Carolina gibt es ein „Kiss-Café―, es gibt eine KissBriefmarke, einen Kiss-Comic. Außerdem hat Simmons schon fünf Staffeln
einer Reality-Fernsehserie über das Leben seiner Familie produziert - „Gene
Simmons Family Jewels―. Es ist zu vermuten, dass er in den nächsten
Folgen mit seiner Partnerin, einem ehemaligen Playboy-Model, auch über
Versicherungen reden wird.
 Dies ist ein Ausdruck aus www.faz.net.
20.10.2010
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Cool Springs Life
20.10.2010
Dr. Johann Vollath
58
Cool Springs Life
20.10.2010
Dr. Johann Vollath
59
Cool Springs Life
20.10.2010
Dr. Johann Vollath
60
Genworth
 Genworth-Aktie verzeichnet starke Kursgewinne

Von Ben Steverman 29. März 2010
 Vor einem Jahr steckten nur wenige Unternehmen in ähnlichen
Schwierigkeiten wie Genworth Financial. Wie andere Lebensversicherer
musste Genworth mit ansehen, wie der Wert seiner Investitionen in der Hitze
der Finanzkrise dahinschmolz. Es ging die Angst um, „dass viele dieser
Unternehmen ihre Zahlungsfähigkeit einbüßen würden―, erinnert sich Bret
Howlett, Aktienanalyst bei Standard & Poor's. „Und Genworth stand ganz
oben auf der Liste.― Doch Genworth hatte - als einer der wenigen Anbieter
von Lebens- und Hypothekenversicherungen - noch ein weiteres Problem:
Sein amerikanisches Hypothekengeschäft erlitt enorme Verluste, als
Hauseigentümer im Zuge der schlimmsten Eigenheimkrise reihenweise ihre
Kredite nicht mehr bedienen konnten. „Genworth bezog Prügel von beiden
Märkten―, meint Morningstar-Analyst Jim Ryan. Am 9. April schickte
Washington Genworth dann auch noch vom Regen in die Traufe, als
Genworths Antrag auf Rettungsgelder aus dem Troubled Asset Relief
Program abgelehnt wurde. Doch wie sich dann herausstellte, bedurfte
Genworth dieser Hilfe gar nicht.
20.10.2010
Dr. Johann Vollath
61
Genworth
 Die Aktie des Unternehmens, die am 6. März 2009 bei 84 Cent aufschlug,
ging am Freitag mit 17,53 Dollar aus dem Handel. Die Kursentwicklung des
Papiers liegt seitdem mit einem Zuwachs von 1797,6 Prozent vor allen
anderen im Standard & Poor's 500-Index. Sie schlägt den Gesamtindex um
mehr als 1700 Punkte. Genworth wurde am 25. Mai 2004 aus General
Electric ausgegliedert. Der Aktienkurs liegt immer noch unter dem damaligen
Ausgabekurs von 19,50 Dollar.
 Die Rückkehr der Versicherungen
 Was Genworth zur Comeback-Aktie des Jahres machte, waren zunächst
einmal durchschlagend verbesserte Marktbedingungen. Innerhalb weniger
Monate kam die gesamte Versicherungsbranche wieder auf die Beine, als
die Wunden der Kreditmärkte verheilten und die Anleihen in ihren Bilanzen
wieder an Wert gewannen. Die Versicherer im Lebens- und
Krankenversicherungs-Index des S&P 500 erstarkten zwischen ihrem Tief
vom 9. März 2009 und ihrem Hoch vom 16. September 2009 um satte 276
Prozent. Bis Juli hatte Genworth seine im Jahr 2009 fälligen Schulden getilgt
und konnte den Anlegern berichten, dass die nächsten langfristigen
Schulden erst Mitte 2011 fällig werden würden.
20.10.2010
Dr. Johann Vollath
62
Genworth
 Doch selbst nachdem sich diese Verbesserungen gezeigt hatten, kletterte
die Genworth-Aktie weiter, und ganz besonders seit Anfang dieses Jahres.
(Die Aktie hat seit dem 1. Januar 49 Prozent zugelegt.) Diesmal scheint der
Grund ein unerwartet lebhafter Optimismus im Hinblick auf das
amerikanische Hypthekengeschäft von Genworth zu sein. Am 23. Februar
verkündete Genworth-Chef Michael Fraizer auf einer Anlegerkonferenz,
dass die angeschlagene Hypothekenversicherungssparte ab Mitte 2011
wieder schwarze Zahlen schreiben könnte. „Einige positive Signale sind
unverkennbar, wie zum Beispiel ein Rückgang der Zahlungsausfälle, die
Verringerung der Rücklagen für Zahlungsausfälle, die Nutzeffekte aus
Schadensbegrenzungsmaßnahmen und insbesondere die Ausweitung der
Programme der amerikanischen Regierung zur Darlehensmodifizierung―, so
Fraizer. Ein Genworth-Sprecher erklärte, dass keine Führungskräfte für
Interviews für diesen Artikel zur Verfügung ständen.
 Kritischer Blick auf Hypothekenausfälle
 Auf einer Konferenz am 2. März gab Kevin D. Schneider, Leiter der
Hypothekenversicherungssparte von Genworth, bekannt, dass die
Hypothekenausfälle nicht mehr im selben Tempo zunähmen wie bisher.
20.10.2010
Dr. Johann Vollath
63
Genworth
 Im vierten Quartal 2009 stieg die Zahl der Hypothekenausfälle um 7,3
Prozent; im dritten Quartal waren es noch 14,4 Prozent gewesen. Am 24.
März erreichte die Aktie ihren höchsten Stand seit Juli 2008, wobei sie um
4,2 Prozent zulegte, nachdem die Bank of America erklärt hatte, sie erwäge
den Verzicht auf den Kapitalbetrag einiger ihrer Hypotheken. „Je geringer die
Zahl der Zwangsvollstreckungen, desto günstiger für die amerikanischen
Hypothekenversicherer―, erklärt Howlett von S&P. Zum
Hypothekenversicherungsgeschäft, so Howlett, „herrscht die Auffassung,
dass das Schlimmste überstanden sein könnte.― Am 25. März gab die
Genworth-Aktie um 2 Prozent nach, worin sich die Sorge widerspiegelte,
dass sich die Probleme für die amerikanischen Hypothekenversicherer doch
noch verschärfen könnten. Ryan von Morningstar merkt an, dass das
Programm der Bank of America lediglich 45.000 Kreditnehmer betrifft. Dabei
geht die Zahl der potenziellen Hpothekenvollstreckungen in den Vereinigten
Staaten in die Millionen. Man hofft, dass andere Kreditgeber dem Beispiel
folgen und das BofA-Programm übernehmen. „Es ist gut gemeint―, so Ryan,
„aber ein Tropfen auf den heißen Stein.―
 Analysten warnen vor den verbliebenen Risiken
20.10.2010
Dr. Johann Vollath
64
Genworth
 Analysten warnen, dass Genworth ein riskantes Unternehmen bleibe. „Genworths
Ertragssituation ist noch sehr verschwommen―, schrieb Citigroup-Analyst Colin
Devine am 22. März. Er sagt voraus, dass das Hypothekenversicherungsgeschäft
des Unternehmens nicht vor 2013 rentabel sein werde, zwei Jahre später, als der
Unternehmenschef selbst es voraussieht. Die Zunahme der Zahlungsausfälle
mag sich verlangsamt haben, aber die Zahlungsunfähigkeiten setzen weiterhin
Rekordmarken, so Devine. Auch wenn Genworth überlebt hat - das Jahr 2009 hat
seine Spuren hinterlassen. Zum Beispiel haben Sorgen über die Kreditwürdigkeit
des Unternehmens die Attraktivität seiner Annuitäten und anderer
Versicherungsprodukte beschädigt. „Wenn Verbraucher Versicherungen kaufen,
dann wollen sie es bei jemandem tun, dessen Finanzen stimmen―, erklärt
Howlett. Das Rating-Haus A.M. Best, das die finanzielle Stärke von
Versicherungsgesellschaften bewertet, vergibt ein „A―-Rating, oder
Ausgezeichnet, für Genworth Life & Annuity Insurance, schätzt aber die
Aussichten des Unternehmens negativ ein. „Es ist definitiv ein Unternehmen mit
hohem Risiko―, urteilt Howlett. „Es bleibt abzuwarten, wie stark sein FranchiseWert auf Dauer gelitten hat―, schrieb Devine. Genworths Führungskräfte klingen
da optimistischer. Sie verweisen darauf, mit welchem Erfolg sie verschiedene
Sparten wieder auf Kurs bringen. „Wir werden aus dieser schwierigen
Konjunkturphase stärker und klüger hervorgehen, als wir hineingegangen sind―,
erklärte Schneider am 2. März.
 Steverman ist Reporter für den Investing Channel der BusinessWeek. Dies ist ein
Ausdruck aus www.faz.net.
20.10.2010
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65
Genworth
20.10.2010
Dr. Johann Vollath
66
Hartford

WSJ BUSINESS APRIL 1, 2010
 Hartford Repays $3.4 Billion in TARP Aid

BY JOHN KELL
 Hartford Financial Services Group Inc. became the latest company to repay
federal funds it received under the Troubled Asset Relief Program, as it paid
$3.4 billion to the Treasury Department to repurchase preferred shares.
20.10.2010
Dr. Johann Vollath
67
MBIA

WSJ FEBRUARY 12, 2010
 MBIA Denied in Bid to Halt Class-Action Suit

By JAY MILLER
 A U.S. federal judge denied MBIA Inc.'s motion to dismiss a class-action fraud
case brought after the company decided to split its bond-insurance unit in the
wake of a meltdown in credit markets. A decision in state court on a motion to
dismiss a similar case brought there could come next week. MBIA's shares
closed down 4.9% to $4.84 Thursday, while rival bond insurer Ambac Financial
Group Inc. closed up 7.1% to 60 cents.
 A year ago, MBIA divided the operations as part of an attempt to restart its
business of selling financial guarantees on bonds issued by cities, water
authorities and other public-finance entities. Its main unit was left with fewer
claims-paying resources for its troubled mortgage exposures, and was
downgraded by several credit-ratings firms. Banks, investment funds and other
policyholders balked at the plan when they were left holding contracts with what
they argued was a financially weaker insurer when MBIA transferred about $5
billion in capital from its main unit to another company that guarantees only U.S.
municipal bonds. MBIA also moved about $537 billion of U.S. public finance
exposure in force to the new company, called National Public Finance Guarantee
Corp.
20.10.2010
Dr. Johann Vollath
68
MBIA
 A group of hedge funds, including Aurelius Capital Partners LP and funds
managed by Fir Tree Partners, brought the lawsuit. Plaintiffs' lawyer David W.
Ichel, a partner at Simpson Thacher & Bartlett LLC, said he wants to move
forward now to the discovery process. Among other information, Mr. Ichel will
seek MBIA's internal loss data, communications, emails, and other documents
that shed light on MBIA's internal projections for losses on guarantees they wrote.
Mr. Ichel said those documents could help uncover that MBIA knew that
transferring capital to its newly launched municipal insurer would leave its legacy
insurer insolvent, or without adequate capital to pay claims. Mr. Ichel will also
request MBIA's documents relating to its submissions to the New York State
Insurance Department seeking approval of the restructuring. But MBIA
spokesman Kevin Brown said the company disagrees with the federal court ruling
and is waiting for a ruling on its motion to dismiss a similar case in New York state
court. A ruling is expected on Wednesday in that case, which was brought by a
group of banks that also oppose the restructuring. The New York State Insurance
Department has said that case "is nothing more than a disguised challenge to the
Superintendent's approval of Transformation and should be dismissed," Mr.
Brown said. "We expect the New York state courts to reach the same conclusion,
at which time we will ask Judge [Richard J.] Sullivan to reconsider his decision.―
 —Serena Ng contributed to this article.
20.10.2010
Dr. Johann Vollath
69
Metlife
 NY subpoenas MetLife, Pru on soldier death benefits

Thu, Jul 29 2010 By Jonathan Stempel
 NEW YORK (Reuters) - New York's attorney general has subpoenaed
MetLife Inc and Prudential Financial Inc as part of a probe into whether life
insurers are defrauding families of deceased military personnel by siphoning
off millions of dollars of death benefits for themselves. "It is shocking and
plain wrong for these multinational life insurance companies to pocket
hundreds of millions in profits that really belong to those who have lost family
members and have already suffered immensely," the attorney general,
Andrew Cuomo, said in a statement. Cuomo announced the subpoenas of
the largest U.S. life insurers on Thursday, one day after the U.S. Department
of Veterans Affairs said in a published report that it had begun its own
investigation into the issue. Prudential confirmed late on Thursday it is in
talks with the department to address its concerns. At issue is whether the
insurers, rather than pay out lump sums to military families upon the deaths
of policyholders, instead would keep money in potentially risky accounts they
controlled, known as retained-asset accounts, while paying out low yields to
surviving families.
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70
Metlife
 Cuomo said the insurers reportedly earned upward of 4.8 percent annually on
these accounts, but paid families interest as low as 0.5 percent, less than the
rates they might find at their local banks. The insurers' accounts, moreover, are
not guaranteed by the Federal Deposit Insurance Corp, Cuomo said. MetLife
spokesman John Calagna declined to comment, saying the New York-based
insurer has yet to see the subpoena. Bob DeFillippo, a spokesman for Prudential,
said the Newark, New Jersey-based insurer will cooperate with Cuomo. The
Department of Veterans Affairs did not return requests for comment about its
probe, which Bloomberg News had earlier reported.
 LOW RATES, NON-GUARANTEED ACCOUNTS
 The attorney general said the subpoenas seek data on how and when
beneficiaries learn about the terms and conditions of retained-asset accounts,
and data on the differences between interest earned by insurers and
beneficiaries. In a statement issued Wednesday, the American Council of Life
Insurers, a trade group, said retained-asset accounts help grieving military
families. "Not surprisingly, financial matters may not be the first thing on their
minds," it said, "and retained asset accounts provide a secure place for life
insurance policy proceeds to be held until the money is needed.‖ Cuomo, a
Democrat, is the front-runner to become New York's next governor in the
November election. …
 (Reporting by Jonathan Stempel in New York; Additional reporting by Dan Wilchins;
Editing by Lisa Von Ahn and John Wallace)
20.10.2010
Dr. Johann Vollath
71
Primerica

Alte Bekannte
 Die Lebensversicherung Primerica kehrt an die Börse zurück. Vor gut zwanzig Jahren
machte Citigroup-Architekt Sandy Weill die Gruppe zum Kernbestandteil seines
Finanzimperiums. Ab 1989 waren die Aktien von Primerica an der New York Stock
Exchange für einige Jahre kotiert. Doch kurz nach der Übernahme der damaligen
Travelers Insurance 1993 wechselte die Gesellschaft den Namen zu Travelers Group.
 Seither hat sich im weit verzweigten Firmengeflecht viel verändert: Auf dem Höhepunkt
des Allfinanz-Booms schlossen sich 1998 Travelers Group und das Bankunternehmen
Citicorp zum integrierten Finanzgiganten zusammen. Die erhofften Synergien zwischen
Bank- und Versicherungsgeschäft blieben allerdings weitgehend Wunschvorstellung.
Deshalb trennte sich Citigroup nach der Jahrtausendwende zunächst vom
Nichtlebengeschäft und dann auch von der Leben-Einheit Travelers Life & Annuity.
 Nun öffnet sich auch Primerica wieder dem Börsenpublikum. Gemäß einer Eingabe an
die Börsenaufsicht SEC wird Citigroup nach dem Initial Public Offering (IPO) zunächst
noch eine Minderheitsbeteiligung von 32 bis 46% halten, weitere 23 bis 33% am Kapital
übernimmt in einem separaten Deal die Private-Equity-Gesellschaft Warburg Pincus.
Später will Citigroup ganz aussteigen. Dem Publikum werden die Valoren
voraussichtlich zum Preis von 12 bis 14 $ je Aktie angeboten, was Analysten als günstig
bezeichnen. 2009 erzielte Primerica 2,2 Mrd. $ Einnahmen und 495 Mio. $ Gewinn.
Über ein Netz von rund 100 000 Versicherungsagenten vertreibt das Unternehmen vor
allem Vorsorgeprodukte an Privathaushalte.

20.10.2010
JB, FuW Nr. 25, 31.03.2010, p. 30
Dr. Johann Vollath
72
Prudential Financial

WSJ BUSINESS AUGUST 7, 2010, 12:06 A.M. ET
 Veteran Affairs Clarifies Controversial Life-Insurance Program

By LESLIE SCISM
 The U.S. Department of Veterans Affairs is dispatching letters to 10,000
beneficiaries of life-insurance policies of military members to clarify the workings
of now-controversial money-market-like accounts for death benefits. Also, the
department is convening a working group to examine issues related to the lifeinsurance program, run through Prudential Financial Inc. "We continue to work
with the VA to address the concerns that have been raised," a Prudential
spokesman said.
 Separately, the National Association of Insurance Commissioners, a group of
state regulators, said Friday it plans to establish a special working group to study
the matter. Regulators have said they want to make sure consumers aren't
confused about their ability to immediately withdraw all the money and move it
elsewhere, and that they understand the accounts are backed by state guarantee
funds for insurers instead of federal banking protections.
 The money-market-like funds have been in use at many insurers since the 1980s.
They were thrust into the spotlight last month when the mother of a solider killed
in Afghanistan gave media interviews saying she felt misled. New York Attorney
General Andrew Cuomo has launched an industrywide probe into the accounts.
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73
Prudential Financial
 Insurers promote the accounts as a useful service for people too bereft to make
quick financial decisions; critics paint them as vehicles for insurers to delay
payment and earn investment gains on the funds.
 Under the military program, Prudential automatically puts proceeds from policies
in the money-market-like accounts and gives the beneficiaries checkbooks for
withdrawing the money. They can immediately write a check for the full amount to
deposit elsewhere, if they want. For beneficiaries who prefer receiving an oldfashioned check in the mail, they can specifically request it, and a small
percentage do so each year, according to Prudential. The burden is on the
beneficiary to request that option. The accounts pay beneficiaries an interest rate
in line with the money-market industry, and Prudential's guarantees a minimum
rate. That minimum currently is 0.5% a year.
 Prudential has provided life insurance for the military under a no-bid contract
since 1965, and introduced the Alliance Account program for military members in
1999 "in an effort to better serve beneficiaries," the letter to military beneficiaries
says. Since then, more than 60,000 Alliance Accounts have been opened "and
successfully managed" for military beneficiaries, the letter says, adding that
money currently in accounts "is secure and available to you." The military
currently offers coverage of up to $400,000 per person.
 —Erik Holm contributed tot his article.
20.10.2010
Dr. Johann Vollath
74
WellPoint
 WellPoint under fire for insurance price hikes

By Alan Rappeport in Washington, FT.com Published: February 24 2010 15:01 | Last
updated: February 24 2010 19:13
 Angela Braly, WellPoint chief executive, came under fire from a US
congressional committee on Wednesday over the health insurer’s attempt to
hike premiums by as much as 39 per cent while reaping billions in profit and
enjoying lavish executive retreats. Ms Braly, who runs the biggest US health
insurance company by membership, is under pressure because of soaring
rate increases at Anthem Blue Cross, a California subsidiary, that were set to
take effect next month. The increases have drawn public ire amid the
healthcare reform debate and have come to symbolise why the system is
broken. ―Raising our premiums is not something we wanted to do,‖ Ms Braly
said in prepared remarks. Calling the increases ―unfortunate‖, Ms Braly
blamed the rising cost of medical care, an ageing population and that young
people are reducing insurance coverage because of the weak economy,
raising prices for others
 WellPoint was placed in the position of playing down its $2.7bn fourthquarter profits and explaining why the costs of its services far exceed
inflation.
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75
WellPoint
 Ms Braly argued the 39 per cent increase was being mischaracterised
because it only reflects rate hikes for individuals purchasing their most
expensive package and accounts for the impact of ageing. Meanwhile, she
said the company’s profits were in line with, or weaker than, most of its
competitors.
 Henry Waxman, the California Democrat who heads the committee, scolded
WellPoint executives for spending $27m on retreats in 2007 and 2008. Mr
Waxman also revealed internal documents that the company was asked to
hand over which showed WellPoint pushing customers into ―less generous‖
plans and inflating premiums to give them a bigger cushion for negotiating
and making concessions.
 Attention fell on Anthem earlier this month after a consumer backlash
against the increases. According to the Center for American Progress Action
Fund, WellPoint is trying to impose double-digit rate increases in 11 US
states this year.
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76
WellPoint
 Ms. Braly denied the allegations and shot back at Mr. Obama for spreading
"false information." Health and Human Services Secretary Kathleen Sebelius
has called on states to investigate WellPoint's pricing practices. And last
Thursday, the Senate Finance Committee asked Ms. Braly for a detailed
account of how the errors occurred. Ms. Braly is frustrated by the flap with
the administraton, and is working to quiet fears and get back to running her
company. "The goal is to have a positive relationship with the government at
all times," she said in an interview at her offices. Last week, Ms. Braly met
with the company's managers in Brooklyn, N.Y., where several hundred
gathered to ask questions and a few thousand tuned in to a television feed.
There, she was grilled about the company's reputation and why it was being
singled out by the government. A day later, Ms. Braly faced another round of
questions from the company's top brokers, who gathered for an annual
meeting and pressed her on how it would repair relations with the
administration. The same day, Ms. Braly dispatched her strategy lieutenant,
Bradley Fluegel, to New York to handle queries from institutional investors.
WellPoint's stock fell almost 10% on April 30, the day after the company
disclosed mathematical errors in its California rate filing, and it hasn't
rebounded.
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WellPoint
 Jay Nogueira, vice president at one of the company's top 10 shareholders, T.
Rowe Price, said the stock won't bounce back until investors were convinced
that there isn't another chapter in the hostility with the government. "These
guys are not dealing well with the public limelight," said Mr. Noguiera.
WellPoint and the administration are now trying to downplay the recent
fracases. Ms. Sebelius gave a speech Friday about a mile from WellPoint's
headquarters, and said at a press conference that she will continue to keep
the pressure on insurers and that WellPoint "has been a leader and a major
player and we look forward to working with them.―
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WellPoint
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