http://www.liabilitymanagementsystems.com Liability Management News and Events Wed, 08 Jul 2009 23:23:56 +0000 http://wordpress.org/?v=2.8 en hourly 1 http://www.liabilitymanagementsystems.com/2009/07/armstrongrobitailleriegle-purchases-robco-insurance/ http://www.liabilitymanagementsystems.com/2009/07/armstrongrobitailleriegle-purchases-robco-insurance/#comments Wed, 08 Jul 2009 23:23:56 +0000 admin http://www.liabilitymanagementsystems.com/2009/07/armstrongrobitailleriegle-purchases-robco-insurance/ The News Review: - Armstrong/Robitaille/Riegle Purchases Robco Insurance - Joint liability of the members of the management board - Economic Crisis Presents Microfinance With Stress Test - Russia Rejects Request Help With Aircraft-Leasing Company’s Debt Armstrong/Robitaille/Riegle Purchases Robco Insurance [/goto.php?url=aHR0cDovL3d3dy5pbnN1cmFuY2UtYnVzaW5lc3MtcmV2aWV3LmNvbS9uZXdzL2FybXN0cm9uZ3JvYml0YWlsbGVyaWVnbGVfcHVyY2hhc2VzX3JvYmNvX2luc3VyYW5jZV8wOTA3MDc=] Insurance Business Review The new combined company will have freedom to explore new business models and delivery channels for landscape companies attorneys accountants and related vendors within the HA community (including insurance coverages for the management companies themselves). Robco Insurance Services specialises in commercial property liability umbrella workers’ compensation and directors and officers’ liability. Share this article:. insurance-business-review. Joint liability of the members of the management board Linex Legal (subscription) Almost all of the claims instituted were based on a simple line of main reasoning: the management board members are jointly liable for the damages they had caused to the banks due to reckless and uncontrolled lending policies. The total amount claimed by the State was EUR 450 million; an astonishing sum in the early 1990s terms. All of a sudden many of those charged faced seizure of their personal assets and other measures of great scale due to the joint liability with the other ex-management board members. Many went bankrupt many were unable to find employment ever since. Many claim that the actions of the State were excessive many accused still claim that they were found guilty in the press at the very moment they received an ‘invitation’ to the court. Finally fifteen years later the last trial of the 1990s great banking trials came to its end in 2008. Economic Crisis Presents Microfinance With Stress Test PR Newswire (press release) Elizabeth Littlefield CGAP’s chief executive officer said: “This year’s Banana Skins survey highlights cracks and fissures in microfinance that have surfaced with the global economic crisis. But the sector is basically healthy with strong fundamentals and a solid reliable and growing client base. Tackling immediate concerns about credit risk liquidity is important but remaining focused on longer term issues of management bench strength governance and asset and liability management capacity remains crucial for the future. The Banana Skins report says that the crisis is global in its impact. Every one of the 82 countries participating in the survey reported that financial and economic conditions had worsened and were affecting local MFIs though with regional variations. The responses also showed a strong link between all the major risks with economic recession potentially hitting growth and profitability in turn affecting the confidence of investors in microfinance creating funding difficulties which affect the viability of MFIs. There is a risk that some MFIs will fail. Related from Tcss-uk : Download: Furmark 1.7.0 – stress test for graphics cards Russia Rejects Request Help With Aircraft-Leasing Company’s Debt Wall Street Journal became the first state-run company to default on foreign debt in more than a decade when it failed to make the repayment last December. Angry investors including major American British and European banks institutional investors hedge funds and Russian banks appealed to the Kremlin for help. But on Wednesday a government-owned aircraft-construction conglomerate that owns a majority stake in FLC disclaimed all liability on behalf of itself and the Russian government. ]]> http://www.liabilitymanagementsystems.com/2009/07/armstrongrobitailleriegle-purchases-robco-insurance/feed/ 0 http://www.liabilitymanagementsystems.com/2009/07/christopher-del-moral-niles-nominated-as-president-of-first/ http://www.liabilitymanagementsystems.com/2009/07/christopher-del-moral-niles-nominated-as-president-of-first/#comments Wed, 08 Jul 2009 00:09:55 +0000 admin http://www.liabilitymanagementsystems.com/2009/07/christopher-del-moral-niles-nominated-as-president-of-first/ The News Review: - Christopher Del Moral-Niles Nominated as President of First … - Allied World and JLT Announce New Admitted Lawyers Professional … - County moves forward with revised building plan - The Babyfaced Black CE Phenomenon - Moody’s Investors Service Reaffirms hio National’s “A1″ Rating - Going Dutch: The Future of Fiduciary Management Christopher Del Moral-Niles Nominated as President of First … PR Newswire (press release) Kelley chairman and CE of First American Trust. “His technical strengths and extensive market knowledge will be an invaluable resource for our clients and our management team going forward. Niles joined First American in 2006 from Union Bank of California NA where he had served as senior vice president and director of Liability Management for the bank and as president and director of UnionBanCal Commercial Funding Corp. His background also includes more than a decade as an investment banker within the Financial Institutions Groups at Lehman Brothers and Merrill Lynch working in New York London and Los Angeles. First American Trust FSB is an FDIC-insured federally chartered savings bank with more than $2. 5 billion in assets under administration and over $1 billion in bank assets. As a registered investment adviser with national trust powers First American Trust has been providing investment management and trust services on a local full-service basis for more than four decades. Allied World and JLT Announce New Admitted Lawyers Professional … PR Newswire (press release) brings over 20 years experience knowledge and expertise in the LPL market. We are very excited about this partnership as it is a key part of our overall LPL distribution strategy. Through Darwin Allied World provides one of the broadest platforms offering professional liability insurance to lawyers in a wide variety of practices on both an admitted and non-admitted basis nationally. This newly designed admitted policy form incorporates key coverage features and enhancements tailored to small and mid-size law firms. The coverage is supported by Allied World’s experienced claims team and comprehensive risk management services. President of JLT Facilities Craig Darling commented “This program allows us to leverage the business knowledge of both organizations to offer a total market solution for brokers and their clients. We are delighted to be partnered with a strong carrier providing a new admitted product that addresses the key needs of the marketplace. Related from Pepsphotogallery : Vets marks D-Day _ Photo Gallery County moves forward with revised building plan Hot Springs Star He will meet with Tarrell some commissioners and jail committee members along with a representative of Hengel and Associates to determine a possible plan of action for expansion of the existing jail or whether a new building will need to be constructed. Hengel and Associates were the original architect and are being brought down to Hot Springs to determine if it is feasible to construct a second floor above the current jail building. A question as to liability insurance on the courtesy car at the airport which had arisen at the last meeting was answered. Liability insurance for the car is being billed at a cost of $467 instead of the $250 that had been understood. Reaser said he had visited with the pilots group which had agreed to pay the liability insurance and was told that they would pick up the increased cost. Henderson said that she wanted to be on the record as saying that she did not feel that it was a good use of county money to provide a vehicle at the airport. Robert Johnson president of Hot Springs Citizens for Progress requested clarification on whether the county was intending to step in and take over the old Community Action (CA) building as he had been told. The Babyfaced Black CE Phenomenon Forbes n the other hand there are costs that come with engendering such tenderness. Babyfaced adults are sometimes perceived as being weak and incompetent. Indeed research has found that babyfaceness is a liability for white males seeking high positions of leadership. However we hypothesized that a babyface would benefit black leaders by increasing warmth and tolerance toward them and reducing negative emotions whites sometimes have about blacks. Research has shown that there is no difference in the average babyfaceness of blacks and whites in general but our results forthcoming in Psychological Science indicate that black male chief executives are significantly more babyfaced than white male chief executives. Also our respondents judged black CEs to appear warmer than white CEs even though they rated blacks as a group as less warm than whites. Furthermore the more babyfaced a black CE was the more likely he was to lead a more prestigious corporation and earn a higher salary than a less babyfaced black CE. Moody’s Investors Service Reaffirms hio National’s “A1″ Rating SYS-CN Media (press release) strong product development capability. Since the market downturn in late 2008 all of hio National’s ratings havebeen reaffirmed by the major rating analysts including:– Standard & Poor’s: “AA” (Very Strong) reaffirmed February 2009 its third-highest ranking on a 21-part scale for financial security characteristics– A… Since the market downturn in late 2008 all of hio National’s ratings havebeen reaffirmed by the major rating analysts including:– Standard & Poor’s: “AA” (Very Strong) reaffirmed February 2009 its third-highest ranking on a 21-part scale for financial security characteristics– A. Best: “A+ (Superior)” reaffirmed June 2009 its second-highest ranking of 16 categories based on balance sheet strength operating performance and business profile– Moody’s: “A1″ reaffirmed today its fifth-highest ranking on a 21- part scale “In the current economic environment in which almost all of the majorfinancial institutions including banks have experienced rating downgradesit is particularly significant to have Moody’s reaffirm our very strongrating” said David B. ‘Maley hio National Chairman and Chief Executivefficer. Going Dutch: The Future of Fiduciary Management FINalternatives ne can attribute this growth to the rapidly evolving regulatory environment and increasing diversity and complexity of capital markets. This coupled with asset liability management risk management accounting and performance measurement becoming more professionalized is leading to pension managers questioning whether they have the skills and resources to perform adequate due diligence and risk management while at the same time achieving the higher returns required to meet spiraling pension liabilities. This growth has not gone unnoticed however and with a fixed volume client base competition in the Netherlands is fierce. Fiduciary managers are reportedly slashing margins to gain market share. An obvious solution to this plateau would be to expand into new markets and this is exactly what has happened. European markets with developed pension systems such as the UK Germany Italy and Switzerland are firmly in the sites of global players such as SEI Goldman Sachs Blackrock and the larger Dutch contingents such as Mn Services APG Cordares and Cardano. ]]> http://www.liabilitymanagementsystems.com/2009/07/christopher-del-moral-niles-nominated-as-president-of-first/feed/ 0 http://www.liabilitymanagementsystems.com/2009/07/moodys-investors-service-reaffirms-hio-nationals-a1-rating/ http://www.liabilitymanagementsystems.com/2009/07/moodys-investors-service-reaffirms-hio-nationals-a1-rating/#comments Tue, 07 Jul 2009 01:04:26 +0000 admin http://www.liabilitymanagementsystems.com/2009/07/moodys-investors-service-reaffirms-hio-nationals-a1-rating/ The News Review: - Moody’s Investors Service Reaffirms hio National’s “A1″ Rating - General Growth To Manage Two Shopping Centers - Going Dutch: The Future of Fiduciary Management Moody’s Investors Service Reaffirms hio National’s “A1″ Rating SYS-CN Media (press release) strong product development capability. Since the market downturn in late 2008 all of hio National’s ratings havebeen reaffirmed by the major rating analysts including:– Standard & Poor’s: “AA” (Very Strong) reaffirmed February 2009 its third-highest ranking on a 21-part scale for financial security characteristics– A… Since the market downturn in late 2008 all of hio National’s ratings havebeen reaffirmed by the major rating analysts including:– Standard & Poor’s: “AA” (Very Strong) reaffirmed February 2009 its third-highest ranking on a 21-part scale for financial security characteristics– A. Best: “A+ (Superior)” reaffirmed June 2009 its second-highest ranking of 16 categories based on balance sheet strength operating performance and business profile– Moody’s: “A1″ reaffirmed today its fifth-highest ranking on a 21- part scale “In the current economic environment in which almost all of the majorfinancial institutions including banks have experienced rating downgradesit is particularly significant to have Moody’s reaffirm our very strongrating” said David B. ‘Maley hio National Chairman and Chief Executivefficer. Related from Plastic-package : Moody’s upgrades packaging industry outlook General Growth To Manage Two Shopping Centers GlobeSt. com General Growth To Manage Two Shopping Centers. the shopping centers felt the economic downturn and executives are hoping for change under new management… When Northgate Mall and Cherokee Square Shopping Center began having challenges we knew we needed a change says Joe Lester managing partner of Northgate. “We wanted a company who would bring in national experience and big-picture ideas so we turned to General Growth. They know the business inside and out – from customer amenities to how to attract national retailers and we are going to rely on General Growth for guidance to get us back on track. ”The 205000-square-foot Northgate Mall is anchored by JC Penney and Big Lots. According to the mall’s website other tenants include Bath & Body Works Claire’s Boutique Game Stop Gap and Hot Topic. Going Dutch: The Future of Fiduciary Management FINalternatives ne can attribute this growth to the rapidly evolving regulatory environment and increasing diversity and complexity of capital markets. This coupled with asset liability management risk management accounting and performance measurement becoming more professionalized is leading to pension managers questioning whether they have the skills and resources to perform adequate due diligence and risk management while at the same time achieving the higher returns required to meet spiraling pension liabilities. This growth has not gone unnoticed however and with a fixed volume client base competition in the Netherlands is fierce. Fiduciary managers are reportedly slashing margins to gain market share. An obvious solution to this plateau would be to expand into new markets and this is exactly what has happened. European markets with developed pension systems such as the UK Germany Italy and Switzerland are firmly in the sites of global players such as SEI Goldman Sachs Blackrock and the larger Dutch contingents such as Mn Services APG Cordares and Cardano. ]]> http://www.liabilitymanagementsystems.com/2009/07/moodys-investors-service-reaffirms-hio-nationals-a1-rating/feed/ 0 http://www.liabilitymanagementsystems.com/2009/07/starr-indemnity-liability-company-announces-management-appointments/ http://www.liabilitymanagementsystems.com/2009/07/starr-indemnity-liability-company-announces-management-appointments/#comments Fri, 03 Jul 2009 16:55:34 +0000 admin http://www.liabilitymanagementsystems.com/2009/07/starr-indemnity-liability-company-announces-management-appointments/ The News Review: - Starr Indemnity & Liability Company Announces Management Appointments - Two suitors for Globe join forces to submit bid - Consumer Price Index Adjustments of il Pollution Act of 1990 … - Comelec: It’s all systems go for 2010 poll automation - Retail banking will be an evolving space for a long time’ - Balance Sheet Analyst / Manager - Daley Says Time Is Growing Short to Avoid July 15 Planned Layoff … Starr Indemnity & Liability Company Announces Management Appointments Business Wire (press release) Starr Indemnity & Liability Company Announces Management Appointments. css to create the news presentation used by BW. Two suitors for Globe join forces to submit bid Boston Globe has moved to make a sale more palatable by asking would-be buyers to assume only a portion of the Globe’s pension liability a major concern to prospective owners the sources said. They spoke on condition of anonymity because they were not authorized to discuss the sales process. They said the overall liability from pension plans at the Globe exceeds $200 million. That figure represents underfunded accounts for pension funds for management and white-collar unions as well as for multi-employer funds for union locals that also include members from other companies. In a letter to potential bidders last week. Consumer Price Index Adjustments of il Pollution Act of 1990 … TMCnet This interim rule also establishes the methodology the Coast Guard uses to adjust PA 90 limits of liability for inflation including the frequency with which such adjustments may be made. The inflation adjustments to the limits of liability are required by PA 90 to preserve the deterrent effect and polluter-pays principle embodied in the PA 90 liability provisions. Lastly this interim rule makes minor amendments to clarify the applicability of the PA 90 single-hull tank vessel limits of liability. Because the single-hull tank vessel amendments were not previously discussed in the notice of proposed rulemaking (hereafter the CPI NPRM) the Coast Guard is inviting additional public comment on this issue. Related from Auctionsmonster : Turk Treasury auctions CPI bond at min price 102 lira Comelec: It’s all systems go for 2010 poll automation GMA news.tv Commissioner Nicodemo Ferrer told GMANews. TV that to avoid further conflict between Smartmatic and TIM the Comelec decided to impose a “gag order” on the details of the contentious issues that the two firms discussed during their meeting at Melo’s office. Among the contentious issues taken up were disbursement liability and operational control said Commissioner Armando Velasco. He refused to provide details about the issues. Sources at the Comelec told GMANews. TV that the companies argued on whether only one firm or both companies should sign checks for disbursement. Sources said the two also discussed with Comelec whether Smartmatic and TIM as separate companies or only the joint venture should be held liable for the poll automation services. Retail banking will be an evolving space for a long time’ Business Standard So what’s your mix in terms of revenue?At present a very large proportion of our revenues is obtained from wholesale banking. Within that contribution comes from treasury products loans trade services cash management and other advisory services. Efforts are in place to expand in the retail liability space. ver a period of time this business along side our wealth management offerings will start contributing effectively enabling us to diversify our income streams and also the risk. In the last 5-6 years banks were in a rush to launch retail asset products along with retail liabilities. Why haven’t you got into that business?We believe that generating assets for balance sheet is relatively easier than accessing liabilities from the market. Therefore we wish to get our liability acquisition piece in a perfect state before we think of launching retail asset offerings. Balance Sheet Analyst / Manager CF.com Magazine This position will provide critical support to the Asset Liability Committee (ALC) on a wide range of topics such as balance sheet strategy capital management funds transfer pricing income forecasting and equity stress testing. Additionally the position will help make a successful transition to a Bank Holding Company (BHC) by ensuring compliance with defined risk management and reporting requirements. Key responsibilities of the position will be Identifying measuring and communicating balance sheet risks in order to improve economic or financial performance. · Fundamental understanding of business model including how assets get originated sold or held valued and funded. · Fundamental understanding of financial risk including how and when assets and liabilities can change in value key drivers of earnings volatility and the role uncertainty plays in business success or failure. Daley Says Time Is Growing Short to Avoid July 15 Planned Layoff … Chicago Press Release Services (press release) He said that to get ahead of the growing budget shortfalls the recession has caused the City has already cut hundreds of millions of dollars in spending through better management including more than $31 million this year alone. ?But even with all the cuts we’ve made our city’s deficit is growing month by month because our revenues have slowed. Even with better management and reduced spending we still need the cooperation of our city’s union workers who make up almost 90 percent of our workforce? Daley said. The proposed 1500 layoffs will total $76 million in annual salary reductions across several funds. With a July implementation they will save $34 million this year including $24 million in the City?s corporate fund. They will affect non-sworn union employees across 28 departments including Streets and Sanitation Police Water Management Aviation Library Fleet and CDT. The reductions are designed to have the least impact on critical services. ]]> http://www.liabilitymanagementsystems.com/2009/07/starr-indemnity-liability-company-announces-management-appointments/feed/ 0 http://www.liabilitymanagementsystems.com/2009/07/consumer-price-index-adjustments-of-il-pollution-act-of-1990/ http://www.liabilitymanagementsystems.com/2009/07/consumer-price-index-adjustments-of-il-pollution-act-of-1990/#comments Thu, 02 Jul 2009 17:43:26 +0000 admin http://www.liabilitymanagementsystems.com/2009/07/consumer-price-index-adjustments-of-il-pollution-act-of-1990/ The News Review: - Consumer Price Index Adjustments of il Pollution Act of 1990 … - D-Day for Smartmatic TIM - PAN AFRICAN RESURCES PLC – Acquisition of Management Agreement … - Fannie Mae Discusses DUS Legal Issues - Don’t try to spin facts; Coliseum is a liability Consumer Price Index Adjustments of il Pollution Act of 1990 … TMCnet This interim rule also establishes the methodology the Coast Guard uses to adjust PA 90 limits of liability for inflation including the frequency with which such adjustments may be made. The inflation adjustments to the limits of liability are required by PA 90 to preserve the deterrent effect and polluter-pays principle embodied in the PA 90 liability provisions. Lastly this interim rule makes minor amendments to clarify the applicability of the PA 90 single-hull tank vessel limits of liability. Because the single-hull tank vessel amendments were not previously discussed in the notice of proposed rulemaking (hereafter the CPI NPRM) the Coast Guard is inviting additional public comment on this issue. Related from Liquidityx : Forex Traders May See Shift in Risk Trends Amidst Rate Decisions … D-Day for Smartmatic TIM Business Mirror (TIM) to resolve their differences or face prosecution for sabotaging the first national automation project. But even as Comelec officials have expressed hope the two consortium members can still be persuaded to work together lawmakers and the justice department continued on Thursday to raise the options for extracting liability. Describing TIM?s withdrawal from its joint venture with Smartmatic as ?100 times worse than economic sabotage? a senior House leader called for a congressional inquiry to determine the culpability and other violations of existing laws by TIM. In House Resolution 1249 filed on Thursday Nationalist People?s Coalition Rep. Rodolfo Plaza of Agusan del Sur said the chamber should investigate the ?alarming and suspicious withdrawal of TIM Inc. and ferret out the facts in its exercise of oversight powers in order to be guided in its task of legislation. PAN AFRICAN RESURCES PLC – Acquisition of Management Agreement … Trading Markets (press release) The analysts and employees or affiliates of Company may hold positions in the stocks currencies or industries discussed here. The Company the authors the publisher and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company’s website or in its publications are made as of the date stated and are subject to change without notice. It should not be assumed that the methods techniques or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system and are not indicative of future returns which be realized by you. In addition the indicators strategies columns articles and all other features of Company’s products (collectively the “Information”) are provided for informational and educational purposes only and should not be construed as investment advice. Fannie Mae Discusses DUS Legal Issues Linex Legal (subscription) During the course of the forum Fannie Mae highlighted the following major points: * Fannie Mae has revised the Guide to incorporate adjustments to certain underwriting terms and requirements. Fannie Mae has also made recent loan document changes that are mandatory for any Mortgage Loan that is not under application or rate locked on or prior to June 30 2009. Please note the following changes: o The Bankruptcy Modification to the Note (Form 4199) has been modified to include “waste”; failure to comply with Section 17(a) of the Security Instrument (Preservation Management and Maintenance of Mortgage Property) will trigger personal liability. o The Security Instrument has been modified to: 1. incorporate the standard bankruptcy modifications into the text of the Security Instrument (Form 4094 will no longer be required); 2. require quarterly operating statements and rent schedules (NTE: Lenders will be required to provide notice of this change to existing Borrowers); 3. potentially disallow disbursement of insurance proceeds to the Borrower if certain debt service coverage ratios are not satisfied; 4. Don’t try to spin facts; Coliseum is a liability Bloomington Pantagraph She informed me that she “shared (the) responsibility fora positive city image” and that she would “treat the Coliseum as acity asset rather than city liability. Have you heard the adage “you can rearrange the chairs on theTitanic all you want but the outcome will still be thesame”?The Coliseum is a liability to the community! How are spinning thefacts on the colossal debt of that Coliseum making it an”asset”?There needs to be accountability from Central Illinois ArenaManagement for their performance as “managers” of theColiseum. In a democracy we elect representatives to office not to be asmiley faced PR department but to be advocates for us thetaxpayers. We have seen many increased fees for services over the last fouryears yet we still have poor road conditions deteriorating sewerand water lines a need for more law enforcement personnel anddecaying neighborhoods in the near east and west sides. The city is broke and some City Council members continue toendorse large sums of money to the Downtown Business AssociationCIAM and Chicago consulting firms for endless “studies. Apparently nothing has been learned from the RIMC mess. ]]> http://www.liabilitymanagementsystems.com/2009/07/consumer-price-index-adjustments-of-il-pollution-act-of-1990/feed/ 0 http://www.liabilitymanagementsystems.com/2009/06/risk-management-for-business/ http://www.liabilitymanagementsystems.com/2009/06/risk-management-for-business/#comments Fri, 26 Jun 2009 16:42:12 +0000 admin http://www.liabilitymanagementsystems.com/2009/06/risk-management-for-business/ The News Review: - Risk Management for Business - Jennifer Adamec of Somerville joins The Provident Bank’s … - Better Business Bureau issues warning about BBZ Resource Management - Interview With Dr. Susan Mangiero About Pension Risk Management 0 … - The Bank of Japan’s Approach to Liquidity Risk Management in … - BUYINS.NET: WSH WL FMBI SNE PENX MNI Expected To Be Lower … Risk Management for Business Zawya A credit risk management program can help financial institutions address these risks by assisting with the identification measurement monitoring and control of credit risks. perational Riskperational risk management aims at identifying enhancing and integrating key processes and systems into an overall operational risk framework. The framework can help set operational risk strategies identify inefficiencies and quantify risks so they can be mitigated and managed. To keep track of the myriad details of a risk management system managers now rely upon a wide range of new tools and technologies- computer-based trading systems telecommunications technology decision support systems that quantify risk factors and so on. Intelligent risk management helps a company stabilize cash flows reduce risk of insolvency manage foreign taxes and focus on its primary business in each country and market. Jennifer Adamec of Somerville joins The Provident Bank’s … Somerset Reporter Adamec joins Provident with more than 15 years of experience in financial services with Merrill Lynch. Her most recent position was vice president commercial banking and liquidity specialist for Merrill’s Mid Atlantic Coastal Region team. Adamec’s previous positions at Merrill include liability management sales strategic planning territory management and market development. Adamec earned a bachelor of science degree in business administration with a concentration in marketing and a minor in psychology from Trenton State College (now The College of New Jersey). She also holds Series 7 63 and 66 professional licenses. Adamec lives in Somerville with her husband Jim and their daughter Allison. Better Business Bureau issues warning about BBZ Resource Management Bizjournals.com “We have received over 225 complaints about this company from consumers nationwide who have not received their cards or have other issues with the company” BBB perations Director Carrie Ann Lorimer said. “More than 100 of those complaints are in still in the dispute resolution process. ”In addition some BBZ brokers have contacted the Better Business Bureau with liability concerns after receiving complaints from businesses and consumers about delays and non-receipt of the cards. The bureau said in a release Wednesday that the consumer watchdog group has reason to believe BBZ Resource Management is run by Troy Warren who the BBB says has been linked to questionable business dealings in the past. ver the past 30 days BBB has received thousands of requests by phone and Web from individuals wanting to read the company’s report. BBZ Resource Management has responded to some complaints yet the company has an F rating with the bureau due to the serious nature of some complaints and failure to correct the underlying reason for the complaints. The majority of complaints concern: Non-receipt of gift cards after following the company’s instructions. Interview With Dr. Susan Mangiero About Pension Risk Management 0 … Seeking Alpha There is no "buy and hold" equivalent. Ask questions as to whom is doing what along the service provider food chain because ultimately pension decision-makers are responsible for what is or isn’t done. Creating an index for a strategy like Liability-Driven Investing requires thought. There is no universally accepted "perfect" way to benchmark manager performance but there are certainly good possibilities from which to choose. Life for a plan sponsor is challenging but exciting. What better time to embrace the opportunity to implement a robust and holistic risk management process?Kudos to those who have already recognized the need to identify measure and manage the continuum of retirement plan risks. Beware of complacency however. Related from Champcarnews : SUSAN TMPR Agency: Auto pensions underfunded by $77 billion The Bank of Japan’s Approach to Liquidity Risk Management in … Forex Hound Factors that trigger the manifestation of liquidity risk lurk in all the areas of financial institution management and the way of manifestation and the size of liquidity risk can vary according to the business model and its surrounding environment. Thus in considering liquidity risk management it is important to take into account a broad range of factors associated with liquidity. In terms of foreign currencies though the gap between investment and funding remains large the financial institutions on the whole have maintained a conservative short-term foreign currency position. The Bank gauges and analyzes the developments in liquidity as a whole in the financial markets and the financial system from a macro-perspective. In addition the Bank monitors closely financial institutions’ liquidity conditions on a daily basis and offers guidance and advice if necessary. The Bank’s liquidity monitoring consists of off-site monitoring in which the staff constantly conduct research through interviews with officers of financial institutions and regular information gathering and on-site examination in which examiners visit and investigate financial institutions at regular intervals. BUYINS.NET: WSH WL FMBI SNE PENX MNI Expected To Be Lower … Trading Markets (press release) Willis Group Holdings Limited (NYSE: WSH) together with its subsidiaries provides insurance brokerage reinsurance and risk management consulting services worldwide. The company offers risk management advice and brokerage services to the construction industry; specialist risk management and insurance services to fine art diamond and jewelry businesses and operators of armored cars; and broking directors’ and officers’ insurance as well as professional indemnity insurance for corporations and professional firms. It also provides various insurance brokerage services including property damage offshore construction liability and control of well and pollution insurance to the energy industry; and marine insurance and reinsurance brokerage services consisting of hull cargo and general marine liabilities to ship owners ship builders logistics operators port authorities traders and shippers other insurance intermediaries and insurance companies. In addition the company offers its services to aerospace clients including aircraft manufacturers air cargo handlers and shippers airport managers and other general aviation companies; and advisory services comprising claims recovery contract and leasing risk management market information and safety services. Willis Group Holdings was founded in 1828 and is headquartered in London the United Kingdom. Wilmington Trust Corporation (NYSE: WL) through its subsidiary Wilmington Trust Company provides fiduciary wealth management investment advisory financial planning insurance broker-dealer lending and deposit-taking services in the United States and internationally. The Regional Banking segment offers various commercial lending including lines of credit term loans and demand loans for working capital; consumer lending consisting of installment loans residential mortgages home improvement loans direct and indirect automobile loans credit cards and secured and unsecured lines of credit; and deposit taking comprising demand checking certificate of deposit negotiable order of withdrawal money market and various savings deposit services. ]]> http://www.liabilitymanagementsystems.com/2009/06/risk-management-for-business/feed/ 0 http://www.liabilitymanagementsystems.com/2009/06/new-nline-curriculum-educates-managers-n-liability-practices/ http://www.liabilitymanagementsystems.com/2009/06/new-nline-curriculum-educates-managers-n-liability-practices/#comments Wed, 24 Jun 2009 11:52:06 +0000 admin http://www.liabilitymanagementsystems.com/2009/06/new-nline-curriculum-educates-managers-n-liability-practices/ The News Review: - New nline Curriculum Educates Managers n Liability Practices - Autonomy’s Award-Winning Workflow Solution Now Integrated With … - GTCR Announces Agreement to Invest in Ironshore Inc. - McCullough to face trial over estate management - Behind a Bankruptcy Brouhaha - Burns Harbor denies permit to ArcelorMittal - Liquidity with Quality New nline Curriculum Educates Managers n Liability Practices Mortgageorb (IRMI) have partnered to offer the Management Liability Insurance Specialist (MLIS) program a series of online educational courses. The program is divided into two parts. Part one includes three basic- to intermediate-level courses that cover the fundamentals of professional errors and omissions (E&) and directors and officers (D&) liability insurance. Part two comprises four courses that focus on the specific nuances of D& liability employment practices liability (EPL) and fiduciary liability exposures and insurance. Autonomy’s Award-Winning Workflow Solution Now Integrated With … PR Newswire (press release) The firm needs to ensure that new matters are free of ethical and business related conflicts of interest and the matters must be initiated in multiple enterprise systems and approved by the appropriate individuals. With Autonomy iManage Workflow Manager this process can be reduced from weeks to hours. – Approvals of High Risk Documents: Frequently law firms create documents that represent significant potential liability to the firm such as opinion letters that are created as part of corporate M&A tax and other types of transactions. The iManage Workflow Manager automates the processes for the creation review and approval of these documents creating better management visibility and reducing risk to the firm. Processes for Government Agencies: – Correspondence Tracking: The iManage Workflow Manager enables government agencies to track correspondence complaints approvals and responses to provide efficient and prompt services to its constituents. It enables automatic creation of electronic folders for each issue and provides the ability to make assignments track due dates and provide management key metrics and reports. Processes for Accounting Firms: – End-to-End Engagement Workflow: The Autonomy iManage Workflow Manager enables accounting firms to automate control and track their entire engagement process with clients from the introduction of a new client or engagement through engagement work to the engagement closing where client files can be automatically retained archived and disposed of appropriately. Related from Dmdreams : BT Media and Broadcast Adopts Harmonic’s Rhozet(TM) Transcoding … GTCR Announces Agreement to Invest in Ironshore Inc. Business Wire (press release) About Ironshore Ironshore provides broker-sourced specialty commercial property and casualty coverages for risks located throughout the world. Through its platform in Bermuda including Iron-Starr Excess Ironshore writes property and excess casualty insurance for commercial risks. Ironshore’s US operations write commercial property and casualty insurance including a variety of coverages in the Management & Professional Liability Healthcare Liability Construction and Environmental specialty areas. Specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000. The Ironshore group of insurance companies is rated A- (Excellent) by A. Best with a Financial Size Category of Class XI. McCullough to face trial over estate management McMurray Almanac Machen also held McCullough’s sister over for trial. Kathleen McCullough is accused of embezzling a former employer out of over $1 million. In the preliminary hearing her attorneys argued that the employer fired her and signed a release exonerating her from liability for the missing funds. During the hearing it was revealed she had an affair with a senior employee in the company. She said he authorized the payments. He said he did not. In testimony April 17 the prosecution asserted McCullough and his sister tried to get millions out of 92-year-old Jordan’s estate through the creation of a foundation while she was still alive. Behind a Bankruptcy Brouhaha Wall Street Journal –>Behind a Bankruptcy BrouhahaExtended Stay Hits Snags as Creditors Cry Foul; Lichtenstein as ‘Bad Boy’? ArticleCommentsmore in. At stake for the real-estate investor: Whether the filing could trigger $100 million of personal liability that he has tried to avoid. The controversy over the bankruptcy filing and Mr. Lichtenstein’s potential liability has thrown the commercial-property world into an uproar because the filing also is laying bare many of the technical features of commercial mortgage-backed securities or CMBS that have never before been tested on a large scale. As the Extended Stay case is showing the protections for investors may be. Burns Harbor denies permit to ArcelorMittal Gary Post Tribune Company officials and environmental consultants hired by ArcelorMittal assured attendees that material going into the landfill is not hazardous but company employee Larry Davis still raised concerns that the waste while not legally hazardous is still toxic. He said all landfills eventually leak. “By allowing these additional pollutants eventually this community will receive this liability” Davis said. “After they have closed this landfill there will still be this waste in the ground. A lot are heavy metal pollutants. They’re not created or destroyed they last forever. My basis for objecting to this is I believe it’s a bad decision for the company and the community and these employees. Liquidity with Quality 123Jump.com But a good example of a credit from the financial companies in the private sector is Sundaram Finance Ltd. They finance commercial vehicle purchases and have been in business for the last few decades. They use very conservative business practices and do not run large asset liability mismatches. As a result the duration difference between their liabilities and assets is low. They have very strong franchise across south and western regions of India. Their ability to make collections on their loans even in times of stress or slowdown is very good and has been tested in previous slowdowns as well. If we look at their liability profile long-term bonds around two or three years are their primary source of funding. ]]> http://www.liabilitymanagementsystems.com/2009/06/new-nline-curriculum-educates-managers-n-liability-practices/feed/ 0 http://www.liabilitymanagementsystems.com/2009/06/judge-wont-shield-company-from-large-fine-in-cosco-busan-case/ http://www.liabilitymanagementsystems.com/2009/06/judge-wont-shield-company-from-large-fine-in-cosco-busan-case/#comments Tue, 23 Jun 2009 12:51:09 +0000 admin http://www.liabilitymanagementsystems.com/2009/06/judge-wont-shield-company-from-large-fine-in-cosco-busan-case/ The News Review: - Judge Won’t Shield Company From Large Fine In Cosco Busan Case - Insurer sues Fat Belly’s wants liquor liability coverage revoked - XL Insurance Appoints Tracy Ann Kiffer to Senior Underwriting … Judge Won’t Shield Company From Large Fine In Cosco Busan Case FoxReno.com The company which was managing the ship had offered to plead guilty to two misdemeanor criminal counts of polluting the Bay in violation of the Clean Water Act and killing migratory birds. But it wanted to plead guilty to a 2008 version of the indictment that would carry a maximum fine of $200000 for water pollution charge. The revised indictment altered the potential liability by specifying that the loss caused by the spill was $20 million. Under federal law a fine could be double that amount. Fleet Management attorney Marc Greenberg said last week that he may appeal Illston’s ruling to the 9th U. Circuit Court of Appeals. Related from 9p2cn : CHKY Alliance reorganises Far East services from Hamburg Insurer sues Fat Belly’s wants liquor liability coverage revoked Seacoastonline.com According to USLI it learned Fat Belly’s faces a “potential liquor liability claim” as a result of the Dec. 20 2008 incident when bar customer Christopher Pappajohn allegedly drove into the pedestrian. Fat Belly’s insurance provider alleges that last September it renewed the bar’s insurance policy which included a separate premium containing “liquor liability coverage” intended to indemnify the bar in the event of injury resulting from the sale or service of alcohol. When Fat Belly’s management applied for that renewal it answered “no” to a question asking if it was subject to any fines or within the last five years as a result of the illegal sale of alcohol according to USLI’s complaint to the superior court. When notified about a possible claim as a result of the pedestrian’s injuries the insurance provider launched an investigation and learned Fat Belly’s had been fined by the state Liquor Commission for liquor-related violations on Jan. XL Insurance Appoints Tracy Ann Kiffer to Senior Underwriting … PR Newswire (press release) We’re very pleased to have heronboard. Kiffer joins XL Insurance from ACE Marine New York where she wasresponsible for a regional book of marine liability business. She has heldmanagement broker and underwriting positions with Aon Risk Services CNA’smarine division — Marine ffice of America Company (MAC) Jardine InsuranceBrokers and St. Paul Fire & Marine Insurance Company. A graduate of the StateUniversity of New York (SUNY) Maritime College Ms. Kiffer holds a ThirdMate’s License from the United States Coast Guard and an Associate in MarineInsurance Management (AMIM) designation. ]]> http://www.liabilitymanagementsystems.com/2009/06/judge-wont-shield-company-from-large-fine-in-cosco-busan-case/feed/ 0 http://www.liabilitymanagementsystems.com/2009/06/pegasystems-announces-next-generation-customer-experience/ http://www.liabilitymanagementsystems.com/2009/06/pegasystems-announces-next-generation-customer-experience/#comments Mon, 22 Jun 2009 13:34:36 +0000 admin http://www.liabilitymanagementsystems.com/2009/06/pegasystems-announces-next-generation-customer-experience/ The News Review: - Pegasystems Announces Next-Generation Customer Experience … - The New Way to Crunch Your Numbers - Experience Is a Valuable Commodity - ‘Risk’ Dominates Canada Cup of Investment Management Conference Pegasystems Announces Next-Generation Customer Experience … Business Wire (press release) In addition customer experience managers can track and visually map key “moments of truth” the points at which long term loyalty is either achieved or lost. Pegasystems CPM enables organizations to lower the overall cost of service and grow market share by automating many of the manual tasks that are currently taking place in today’s customer service organizations. Additional innovations that Pegasystems introduced include expanding knowledge management tools to bring the right document Web page or help file to the customer service representatives’ (CSRs) desktop when it is needed avoiding distracting and time consuming searches. In today’s environment rapid deployment is essential as companies respond to new customer service improvement opportunities and government mandates. To help improve on its already industry-leading speed of deployment Pegasystems added accelerated computer telephony integration (CTI) to enable core functionality in less than one hour. The new release also features a real-time benefits calculator so that companies can monitor and measure business benefits gained. “Pegasystems one of the early entrants in the business process management (BPM) tool market has a strong offering for organizations looking to automate customer service processes” wrote Natalie Petouhoff Ph. The New Way to Crunch Your Numbers Barron's “Liability-driven investing” a strategy that has been sweeping the world of pension-fund management could be the next big trend in retirement planning for wealthy individuals. LDI as it’s known calls for matching or at least explicitly considering your future expenses when designing a portfolio rather than focusing on asset growth alone. The idea is to assemble investments that will generate enough gains and at the right times to cover everything from greens fees to a bequest to your alma. Experience Is a Valuable Commodity Wall Street Journal “Nicola RalstonDirector and co-founder PiRho Investment ConsultingYear of birth: 1955First job in finance: Retail analyst at stockbrokers Kitcat & Aitken 1977After graduating from xford Ms. Ralston worked for two years in stock broking and then moved to Schroders in 1979 where she spent 22 years as analyst portfolio manager and investment consultant. She worked for two years at investment consultancy Hewitt as head of global investment consulting before joining Liability Solutions in 2007. Last year she co-founded PiRho Investment Consulting which specializes in absolute return and hedge fund investing. Ralston is a governor of the CFA Institute and a nonexecutive director of Edinburgh Investment Trust. Highlight of career: “In my first interview in the City in 1977 I was asked why I wanted to join a dying industry. ‘Risk’ Dominates Canada Cup of Investment Management Conference Seeking Alpha They were all there to lick their wounds and search for how best to weather the global economic slowdown and continuing volatile financial markets and how better to manage their portfolios’ returns and investment risk. There’s that four-letter word called ‘risk’ and it dominated the agenda at every turn. The appetite for risk that was exhibited by institutional pension funds and conservative retail portfolios in 2008 has waned and the need for better asset liability management disciplines and liability driven investing solutions to manage risk has clearly taken centre stage and for good reason. Related from Marketingmonster : Janus to make marketing push in Canada ]]> http://www.liabilitymanagementsystems.com/2009/06/pegasystems-announces-next-generation-customer-experience/feed/ 0 http://www.liabilitymanagementsystems.com/2009/06/3rd-circuit-narrows-definition-of-management-in-harassment-case/ http://www.liabilitymanagementsystems.com/2009/06/3rd-circuit-narrows-definition-of-management-in-harassment-case/#comments Fri, 12 Jun 2009 07:44:44 +0000 admin http://www.liabilitymanagementsystems.com/2009/06/3rd-circuit-narrows-definition-of-management-in-harassment-case/ The News Review: - 3rd Circuit Narrows Definition of ‘Management’ in Harassment Case - AIG Balks at Claims From Jet Ditching in Hudson - You won’t hear me sing Happy Birthday Mr. President - Joint liability of the members of the management board - AP source: Chrysler management changes coming - Struggling smes Cutting Insurance and Facing Financial Risk - Risk management awareness improves but budgets static 3rd Circuit Narrows Definition of ‘Management’ in Harassment Case Above the Law McClure rejected that argument in his May 2007 decision saying Serratelli was asking for "an expanded definition of supervisor that would include employees who merely have control over the daily work activities of other employees. " Such a broad definition McClure said "would create too low of a threshold and does not properly reflect the level of hierarchy necessary to impute liability. " Instead McClure said "to be considered sufficiently high in an employer’s hierarchy to impute liability to the employer — and thus be considered ‘management-level’ — an employee should have some significant authority over the employment status of other employees. " The 3rd Circuit upheld McClure’s findings and took the opportunity to explain how district judges should go about deciding whether an employee qualifies as management. Smith found that Congress has expressly instructed the courts to interpret Title VII based on agency principles. "The relevant agency principles here are those governing when to impute an agent’s knowledge of particular facts to the agent’s principal" Smith wrote. Smith found that the Restatement (Third) of Agency explains that the knowledge that may be imputed should be limited to those facts that are "material" to the worker’s duties. AIG Balks at Claims From Jet Ditching in Hudson New York Times whose laptop and keys have not been recovered. When a homeowner has a burglary or a driver has a crash all it normally takes is a call to the insurance company and a description of the loss to activate the policy. But aviation liability insurance is different. It is activated by a finding of negligence on the part of an airline. If there is no negligence then arguably there is no liability and no obligation to pay claims. That poses a problem for the passengers of. You won’t hear me sing Happy Birthday Mr. President Detroit Free Press The dealers are the ones who pay for the training and specialty tools and subsidized incentive financing has nothing to do with dealers. I was also shocked to learn that Chrysler and GM through the bankruptcy process will avoid paying its liability for cars under the lemon laws as well as personal injury claims. These consumer victims will have no remedy. I have a question and demand an answer. If as the president stated on April 20 2009 the only reason Chrysler filed the bankruptcy was due to those few hold-out lenders and one week into the bankruptcy those “other lenders” capitulated and agreed to the terms. Joint liability of the members of the management board Baltic Business News Almost all of the claims instituted were based on a simple line of main reasoning: the management board members are jointly liable for the damages they had caused to the banks due to reckless and uncontrolled lending policies. The total amount claimed by the State was EUR 450 million; an astonishing sum in the early 1990s terms. All of a sudden many of those charged faced seizure of their personal assets and other measures of great scale due to the joint liability with the other ex-management board members. Many went bankrupt many were unable to find employment ever since. Many claim that the actions of the State were excessive many accused still claim that they were found guilty in the press at the very moment they received an ?invitation? to the court. Finally fifteen years later the last trial of the 1990s great banking trials came to its end in 2008. AP source: Chrysler management changes coming The Associated Press It has been approved by lower courts but three Indiana pension and construction funds have appealed. Lawyers representing consumer groups and individuals with product-related lawsuits are also fighting the sale. They say it would release the automaker from product liability claims related to vehicles it sold before the new company led by Fiat takes over. Ginsburg said in an order Monday that the sale is “stayed pending further order. “The action indicates that the delay may only be temporary. Chrysler has said a delay could scuttle the deal. Nardelli is slated to leave Chrysler once the sale is final and LaSorda the former CE when Chrysler was owned by Daimler AG retired after the automaker went into bankruptcy protection. Struggling smes Cutting Insurance and Facing Financial Risk PR Web (press release) Saving money by not having insurance is a false economy. With very few exceptions if you have employees you must have Employers Liability insurance by law. The HSE can fine you up to £2500 each and every day you are without cover. Go online to check the value of your current policies but don’t cut cover. To view the 2009 SME Risk Management Report in full please see. Related from Zjhcfw : BB’s Hangzhou Branch pens To Help SMEs Risk management awareness improves but budgets static pRisk and Compliance (subscription) “Unlike the threat of terrorism or the physical perils that featured prominently in historical risk agendas these risks arise from reduced liquidity and credit and counterparty risks and manifest themselves differently across specific industry segments” says the report. In such an unstable financial environment firms are reporting a dramatic increase in litigation and criminal activity particularly as investors seek to recoup their losses and investigations into poor lending practices reveal increased internal and external fraud. “While most respondents were concerned about business continuity issues over the next 18 months management liability and legal risks were also seen as priorities. Nearly 45% of respondents rated fraud a significant concern over the next 18 months both in relation to the global financial crisis and the fact that such activity is historically shown to increase during any period of economic downturn” said Charles Beresford-Davies a head of Marsh’s UK financial institutions practice. “This correlates with the recent experience of many of our own clients who are showing increased incidence of claims in areas such as mortgage fraud breach of mandate allegations mis-selling Madoff-type events shareholder disquiet and regulatory investigations. With all this evidence it is our strong recommendation that all financial institutions review and update their risk management infrastructure. ne of the key recommendations made by Marsh is for firms to consider the use of insurance techniques for external risk transfer which only 58% of firms interviewed confirmed they were already using. ]]> http://www.liabilitymanagementsystems.com/2009/06/3rd-circuit-narrows-definition-of-management-in-harassment-case/feed/ 0