The never-ending search for assets

Article Abstract:

Insurance turnaround specialist Victor Palmieri was asked to step into the Confederation Life Insurance Co case when Michigan officials finally realized that it was on the verge of collapse. The Toronto, Canada-based parent company launched its US operations in Michigan, even though the firm was based in Georgia. Palmieri's firm was instrumental in recovering a large portion of the $600 million sought by Canadian authorities from the insurer. The amount was taken out of the trust mandated by Michigan law to protect policyholders and replaced with short-term notes. The Confederation Life case is considered unique because of its reorganization's global coverage.

Practice, Confederation Life Insurance Co., Palmieri, Victor H.

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Switch to Plan B; new hope for those with AIDS has viatical-settlement companies targeting other terminal illnesses and repositioning their product as an estate-planning tool

Article Abstract:

Viatical settlement companies have shifted their focus to terminal diseases other than AIDS and are marketing their service as a tool for estate planning. Under a viatical settlement, insurance policies of terminally or chronically ill people are sold to a company to help them with their medical expenses. Some firms have shifted their focus to the elderly and higher-income earners with no medical problems, urging them to use the money to improve their quality of life. Other estate-planning scenarios for which viaticals are recommended are sending a grandchild to college, donating to a charity or traveling.

Viatical settlements

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Diary of a reengineering experience

Article Abstract:

The experience of Old Line Insurance Company of America in reengineering its business offers valuable lessons to other life insurers. The company's first attempts to change its new business and underwriting processes failed because Old Line conducted limited research about its operations. Old Line's second effort resulted in the creation of a reengineering team that not only researched the company's operations, but also established transition goals. This second effort also got employees involved in the reengineering, which helped them cope with the changes that occurred.

Case studies, Reengineering (Management), Old Line Life Insurance Company of America

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