Mergers & Acquisitions Expert To Speak at Annual Meeting
Owen Ryan, global industry leader for Deloitte & Touche’s Insurance Services and the managing partner of the firm’s National Insurance Practice in the United States, has been added to the program for NOLHGA’s 19th Annual Meeting. Ryan, who has extensive experience with complex mergers and acquisitions transactions, leveraged buyouts, and domestic and international cross-border acquisitions, is a frequent lecturer on mergers and acquisitions topics and will speak on “Mergers & Acquisitions: Emerging Trends and Hidden Risks.” He joins a speaker line-up that includes political commentator Fred Barnes and House Financial Services Committee Senior Counsel Robert Gordon.
NOLHGA’s 19th Annual Meeting will be held October 31 and November 1, 2002, at the Monarch Hotel in Washington, D.C.; an MPC meeting will take place on October 30. The meeting Web page, which will provide visitors with meeting and hotel information, speaker biographies, a preliminary schedule, and links to popular activities in the nation’s capital, should be on-line next week. Additional information about the Annual Meeting will also appear in upcoming issues of the Wire.
Staff Contact - Sean McKenna Bankers Commercial Life Insurance Company (Tex.)Checks Sent to Affected GAs
Checks totaling approximately $139,000 were sent to affected guaranty associations via FedEx on July 18. The funds represent outstanding checks issued by United Teacher Associates (UTA) on behalf of the guaranty associations along with miscellaneous receipts for such things as claim overpayments, duplicate payments, etc. Reports providing check and receipt details were included with the checks. With this payment, all activity with UTA has now been closed.
In addition, the task force has elected to pursue negotiations with New Era Life Insurance Company regarding the purchase of the Bankers Commercial blocks of business. Task force representatives met with New Era on July 29.
Task Force Chair - William Falck; Staff Contact - Paul Peterson Pacific Standard Life Insurance Company (Calif.)Ongoing Supplemental Benefits Report Distributed
The fourth annual report on potential supplemental benefits was sent to the six remaining participating guaranty associations (Hawaii, Illinois, Massachusetts, North Carolina, Virginia, and Wyoming) via e-mail on August 1; these guaranty associations elected to provide additional benefits due to the restructuring of the original PSLIC policies into Hartford contracts. This report covers the period July 2001 through June 2002 and includes a cover memorandum describing the methodology used to calculate potential benefits, expense and future benefit estimates, and a state-specific listing of current amounts payable.
Participating guaranty associations must indicate to NOLHGA whether they wish to participate in the upcoming period (July 2002 through June 2003). This will be the final period for obtaining information from Hartford and providing any potential additional benefits. Associations should fax their completed participation form to Paul Peterson at 703.481.5209.
Task Force Chair - Bart Boles; Staff Contact - Paul PetersonMPC Meeting Briefing Book Available On-line
The complete briefing materials for the next MPC meeting, which will be held August 13 and 14, 2002, at the Drake Hotel in Chicago, have been posted on the meeting Web page.
The briefing materials, which include a revised meeting and agenda schedule (also posted separately on the site), the attendee list, and status reports for the upcoming meeting, are in PDF format. The document is 52 pages long, and users will need Adobe Acrobat Reader to view and print the materials. Acrobat Reader is available free from Adobe.
Please contact Sean McKenna at 703.787.4106 or [email protected] or Karen Early at 703.787.4101 or [email protected] if you have any questions.
Dan Orth, executive director of the Illinois Life & Health Insurance Guaranty Association, has informed NOLHGA that a new play, “The Terrible Tragedy of Peter Pan,” just opened at the Viaduct Theatre in Chicago and received a glowing review in the Chicago Tribune. Meeting attendees interested in attending the play should contact the theatre at 773.251.2195. The show runs Thursday through Sunday, and tickets are only $12.
Staff Contact - Sean McKennaGA Contact Info
Jan Funk, the new executive director of the Indiana Life & Health Insurance Guaranty Association, now has an e-mail address. She can be reached at [email protected].
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