Steve Wevodau

Economic Climate, Escalating Health Care Costs Make Saving for Retirement Difficult; Not Impossible - Steven Wevodau

COLUMBUS, Ohio–(BUSINESS WIRE)–Before the recent economic crisis hit Americans, the National Retirement Risk Index released by the Center for Retirement Research at Boston College (CRR) last February estimated that nearly 61 percent of working Americans may not be financially prepared to retire at age 65. The rising cost of health care was one factor to blame.

The 17-point increase in the National Retirement Risk Index (NRRI) from the previous Index number of 44 percent – released in January 2007 – demonstrated how the surging cost of health care was significantly affecting retirement savings. But, as the nation’s economy continues to struggle, many Americans are beginning to cut back on their long-term financial plans due to rising costs of everyday necessities.

“Today’s economic environment plays a large factor in what steps people are taking to safeguard their future financial security,” said Brad Davis, vice president of marketing, Individual Investments Group at Nationwide Financial. “There is an even greater feeling of insecurity and vulnerability, especially during these demanding economic times. With more and more companies ceasing defined benefit plans and with mounting concerns about Social Security, some sources of expected post-retirement income may not be available to Americans. So, they need to take a more active and responsible role to secure their safe retirement.”

Education and online resources may help consumers plan for retirement and health care costs

To help consumers better prepare for retirement, Nationwide Financial Services, Inc. (NYSE: NFS - News) updated RetirAbility Check^SM to account for the rising cost of health care. This informative, interactive online experience aligns with the new NRRI data, which only Nationwide has exclusive access to because of its support of the retirement research being done by the CRR. Since its founding in 1998, the CRR is considered by many as an authoritative source of information and perspective on all major aspects of the retirement discussion.

“This latest update to RetirAbility Check is important because the rising cost of health care affects every retiree at some point in their lives,” Davis said. “Our free online site gives consumers an even more accurate picture of the impact of these rising costs, and enables them to consider this information as they prepare for retirement.

“Many in America have to rethink how they are going to make it to retirement, not just what to plan for when they finally do retire,” Davis said. “The Index also shows that the risk will rise for younger workers and low-income households. The Index number could be considerably higher once long-term care costs are taken into account, and if households do not plan judiciously. There are more reasons today to educate ourselves, and consider working with a financial professional on a plan that’s right for every individual’s circumstances.”

What is RetirAbility Check?

RetirAbility Check (www.nationwide.com/rscore/nrri1208) is an online, interactive resource that provides consumers with a basic retirement readiness score – called an R-Score^SM – to illustrate how financially prepared they are for retirement. For example, if a person’s R-Score is 56, he or she is on track to have 56 percent of what they need financially in retirement. A score of 100 is the goal.

First introduced in late 2006, RetirAbility Check uses NRRI data to determine the R-Score. In addition to updating the online site to account for rising costs of health care, additional changes were made, including updates to the user interface and the creation of an express mode to expedite the process for returning users.

“Nationwide translates the Index findings and implications into a consumer-friendly format that goes beyond the numbers to keep consumers engaged. RetirAbility Check takes the national index of retirement readiness to a personal level,” Davis said.

How RetirAbility Check works

To start, consumers input basic information such as birth year, earnings and any current retirement plan balances. During the process, an on-screen peer – similar in age and gender – guides the user and provides information, tips and facts along the way.

Once complete, the information provided is analyzed using assumptions and patterns of behavior identified by Boston College — including cost of living and medical expenses in retirement — and gives users their R-Score.

After getting their R-Score, users can learn about ways to improve their score, as well as access additional educational resources, tips and calculators geared to help them better prepare for retirement. The site also provides information about how an investment professional could help with retirement planning.

To get your own R-Score, visit www.nationwide.com/rscore/nrri1208.

About Nationwide Financial

Nationwide Financial Services, Inc. (NYSE: NFS - News), a publicly traded company based in Columbus, Ohio, provides a variety of financial services that help consumers invest¹ and protect their long-term assets, and offers retirement plans and services through both public- and private-sector employers.

It’s part of the Nationwide group of companies, which offers diversified insurance and financial services. The group is led by Nationwide Mutual Insurance Company, which is ranked No. 108 on the Fortune 500 based on 2007 revenue.² For more information, visit www.nationwide.com.

RetirAbility Check is provided for educational purposes only and is not intended as advice. All investing involves market risk, including the possible loss of principle. Neither Nationwide nor any of its representatives give legal or tax advice. Please consult with your legal or tax advisor for such guidance. Nationwide, Nationwide Financial, the Nationwide framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company. RetirAbility Check and R-Score are service marks of Nationwide Mutual Insurance Company.

¹ Nationwide Investment Services Corporation, member FINRA. In MI only: Nationwide Investment Svcs. Corporation.

² Fortune Magazine, April 2007

Savings Tips for Consumers

• Reduce debt. According to the Federal Reserve, consumer debt is more than $2 trillion. And according to the Fed’s 2004 Survey of Consumer Finances, the average American was carrying more than $2,000 in credit card debt alone. Try to pay off your credit cards as quickly as possible, and don’t just pay the monthly minimum. Shop around for cards with better rates.
• Control unnecessary spending. Sure that non-fat, decaf, mocha-grande-whatever tastes good but at $4 a pop, it adds up. If you bought one per day, that’s $1,460 annually. And that’s just for coffee purchases. Think about the things you buy that you can cut back on. Put that money to work for you instead.
• Have a 401(k) or similar savings program? Great! Are you withholding the bare minimum or are you “maxing” out your withholding? Consult with your plan provider to see how you might do better, what options are available and so on.
• Use online resources to help evaluate your personal financial situation. Nationwide’s RetirAbility Check^SM (www.nationwide.com/rscore/nrri1208) lets users plug in basic financial and demographic information, and returns an R-Score^SM, which is a number that tells them if they’re on track to maintain their standard of living in retirement. This engaging resource also offers personalized suggestions and tips for R-Score improvement. The R-Score is calculated using data from the National Retirement Risk Index and other metrics.
• Start the conversation about future medical costs with your doctor, your family, your investment professional and your employer. Find more information in the “Health Care” section on the Improve Your R-Score screen of RetirAbility Check.
• Seek professional help. Consider working with a licensed, qualified investment professional whose business and personal styles suit your needs.
• Start today!

Tags: Steve Wevodau, Steve Wevodau Insurance, Steven Wevodau, Steven Wevodau Insurance

American Physicians Capital, Inc. Adds $10 Million to 10b5-1 Stock Repurchase Plan - Steven Wevodau

American Physicians Capital, Inc. (NASDAQ: ACAP) today announced that its Board of Directors authorized an additional $10 million to be allocated to the Company’s stock repurchase plan under Rule 10b5-1.

Through December 3, 2008, the Company has repurchased 1,180,970 shares utilizing $47.2 million of equity in 2008. Since the inception of our share repurchase program in 2001, the Company has repurchased 9.2 million shares at an average price of $23.67 per share. The Company has the following outstanding share repurchase authorizations:

                                  Type of            (In thousands)

 Date Approved     Authorization Repurchase        Amount     Amount

    By Board           Year         Plan         Authorized Remaining(1)

----------------    ---------- -------------     ---------- ----------

October 29, 2007       2008      Rule 10b5-1     $   20,000 $    2,767 (2)

December 4, 2008       2008      Rule 10b5-1     $   10,000 $   10,000 (2)

February 7, 2008        NA     Discretionary (3) $   25,000 $   21,409

                                                 ---------- ----------

                                                 $   55,000 $   34,176

                                                 ========== ==========

NA = not applicable

(1) As of December 3, 2008.

(2) Amount can be rolled over into 2009

(3) All shares will be repurchased under management's discretion in the

    open market or in privately negotiated transactions during the

    Company's normal trading windows.

Depending on market conditions, the Company may conduct additional discretionary repurchases in the open market or in privately negotiated transactions during its normal trading windows. Any discretionary repurchases will be made under the outstanding February 2008 authorization, which has $21.4 million remaining as of today.

Corporate Description

American Physicians Capital, Inc. is a regional provider of medical professional liability insurance focused primarily in the Midwest and New Mexico markets through American Physicians Assurance Corporation and its other subsidiaries. Further information about the companies is available on the Internet at http://www.apcapital.com.

Forward-Looking Statement

Tags: Steve Wevodau, Steven Wevodau

AHIP Calls For Cross-State Benefits Plan

BY ALLISON BELL
NU Online News Service, Dec. 3, 2008, 3:56 p.m. EST

America’s Health Insurance Plans has proposed helping individuals and small groups buy affordable health coverage by creating an “essential benefits plan” that would be exempt from state benefits mandates.

The essential benefits plan proposal is part of a package that AHIP, Washington, unveiled today.

The essential benefits plan would be a portable plan that would cover preventive care as well as care for acute and chronic health problems, AHIP says.

“To maintain affordability, the essential benefits plan would not be subject to varying and conflicting state benefit mandates,” AHIP says.

In addition to being available to individuals and members of small groups, the plan “would also be made available to workers who are going through a job transition or are eligible for COBRA, to ensure they are able to maintain health care coverage, AHIP says.

Other AHIP ideas presented today include:

- Offering guaranteed coverage for people with pre-existing medical conditions in conjunction with an enforceable individual coverage mandate. The government would provide tax credits to help families earning less than 400% of the federal poverty level buy coverage.

- Creating tax credits for low-income taxpayers who spend more than a predetermined percentage of their income on health insurance premiums, health insurance deductibles, co-payments and other health care expenses.

- Setting up an advisory group that would come up with recommendations for reducing future growth in health care costs by 30% over the next 5 years. AHIP says holding down the increase in costs could save $500 billion over 5 years.

- Reforming insurance market rules to avoid “duplication of administrative and regulatory responsibilities.” “These reforms must be coupled with initiatives to provide one-stop access to coverage options and clear, consistent information on quality and cost of care,” AHIP says.

- Making every U.S. resident living in poverty eligible for Medicaid.

- Strengthening the Children’s Health Insurance Program.

- Refocusing the health care system on keeping people healthy.

- Adopting health information technology standards.

Sen. Edward Kennedy, D-Mass., chairman of the Senate Health, Education, Labor and Pensions Committee, put out a statement welcoming the AHIP proposals.

“There’s a spirit of optimism about our work to ensure quality, affordable health care for all Americans — and today’s announcement adds to that optimism,” Kennedy says in the statement. “The insurance industry has advanced serious proposals that deserve serious analysis and consideration.”

The California Nurses Association, Oakland, Calif., has attacked the AHIP proposals, calling it a “Marshall Plan for the health insurance industry.”

Rather than subsidizing the health insurance industry “through laws mandating Americans purchase their products, we would be better off either letting them fail, or simply taking them over, as we have been forced to do with other obsolete sectors,” CNA Executive Director Rose Ann DeMoro says in a statement.

The AHIP proposals would do too little to control costs, and it would shift the responsibility for insuring the sickest people to the government, DeMoro says.

POSTED BY STEVEN WEVODAU

Tags: AHIP, CNA, Steve Wevodau, Steven Wevodau

Lincoln Financial Group Names Tom McGirr Head of IRA Strategies for Retirement Solutions - Steven Wevodau

PHILADELPHIA, Dec. 3 /PRNewswire-FirstCall/ — Lincoln Financial Group today announced that Tom McGirr has joined the company as Head of IRA Strategies, Retirement Solutions. As Head of IRA Strategies, McGirr will help to enhance Lincoln Financial’s IRA Rollover initiative by building a team of experts who will focus on developing a plan to address the accumulation and post-accumulation phases for our clients. In this newly created position, McGirr will be responsible for helping to provide our clients with value-added resources that will enable them to proactively shift assets and redirect them to IRAs.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050830/LFLOGO )

Based in Radnor, Pa, McGirr will work collaboratively and leverage resources to build strong relationships with internal partners particularly, Lincoln Financial Distributors and Lincoln Financial Network. McGirr will be reporting to Diane McCarthy, Head of Product, Distribution and Funds Strategy, Retirement Solutions.

Prior to his role at Lincoln Financial, McGirr served as Vice President of Retirement Products for Fidelity’s Retail division. In this role, he was responsible for revamping Fidelity’s IRA Rollover Service Model across channels to increase its IRA retention rate and capture rollover assets from other market providers. McGirr’s leadership and expertise helped lead to a record-breaking IRA Season as well as a significant increase in IRA sales over a 3-year period. He also launched several new IRA-related products and services including Inherited (Stretch) IRAs, Beneficiary Services, Distribution Services and Roth IRA. Most recently, McGirr was Vice President of Retirement Products for Fidelity Institutional Wealth Services. At Fidelity Institutional Wealth Services, McGirr coordinated the delivery of several well-received retirement offerings into the independent advisor market including an award-winning income planning program for advisors.

“The IRA roll over market is poised for significant growth and people will be looking for specialists who can give them a plan to manage their assets so that they can enjoy their retirement,” said McCarthy. “Under Tom’s leadership, we are well-positioned to help our clients take their financial plans to the next level.”

About Lincoln Financial Group

Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC - News) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $200 billion as of September 30, 2008. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services. Affiliates also include: Delaware Investments, the marketing name for Delaware Management Holdings, Inc. and its subsidiaries; and Lincoln UK. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.

POSTED BY STEVEN WEVODAU

Tags: Steve Wevodau, Steven Wevodau

AIG, Fed to terminate some debt obligations - Steve Wevodau

AIG sets up financing entity to take on $65 billion in troubled debt securities

CHARLOTTE, N.C. (AP) — American International Group Inc. and the U.S. government are working together to relieve the giant insurer of its obligations on about $65 billion in debt, the company said in a regulatory filing on Tuesday.

AIG said a financing entity, funded by the Federal Reserve Bank of New York and the insurer, has purchased $46.1 billion in complex debt securities insured by AIG. As part of the deal, the insurance-type contracts, called credit-default swaps, were terminated.

The New York-based insurer also has agreements to purchase another $7.4 billion of these debt securities, called collaterized debt obligations or CDOs, bring the total to $53.5 billion.

AIG, like other financial companies and insurers, has taken losses on money it put into soured investments including CDOs, or securities backed by pools of mortgages or other assets. CDOs have plummeted in value since the credit crisis erupted a year ago.

Such investments led AIG to the brink of bankruptcy in September, subsequently forcing the government to step in with a $150 billion bailout for the company.

According to a filing with the Securities and Exchange Commission, the financing entity was created last month as part of a broader restructuring of the federal government’s bailout of AIG.

The entity now has $15.1 billion in Fed money and $5 billion from AIG, with the Fed saying it will provide up to $30 billion. The money will be used to buy a total of roughly $64.7 billion of the debt securities at their current market price, which is far below their principal value, the filing said.

In premarket trading Wednesday, AIG shares gained 5 cents, or nearly 3 percent, to $1.92.

Tags: FED, Steve Wevodau, Steve Wevodau Insurance, Steven Wevodau

Aon and INSEAD Create New Chair in International Risk and Strategic Management

POSTED BY STEVEN WEVODAU

CHICAGO, December 2 /PRNewswire/ — Aon Corporation (NYSE: AOC - News), the world’s leading provider of global risk management and consulting services, and INSEAD, the leading international business school, today announced the creation of the Aon Dirk Verbeek Chair in International Risk and Strategic Management.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO)

The chair is endowed in honour of Dick Verbeek, who led Aon’s operations in Europe for almost 20 years and completed his MBA at INSEAD in 1976. Research will focus on the importance of risk in strategic decision making. The first incumbent will be Professor Javier Gimeno, Professor of Strategy at INSEAD. Professor Gimeno’s research interests centre on competitive strategy and entrepreneurship. He has published in leading journals on both subjects, and is a former Chairman of the Business Policy and Strategy Division of the Academy of Management.

Announcing the endowment, Greg Case, president and chief executive officer of Aon, said: “Risk affects all areas of strategy, and the interaction between the two is an area that we believe merits further research. We are delighted to be building on our relationship with INSEAD, and I can think of no finer way to honour the career and achievements of Dick Verbeek, a leader in our firm and in our industry for many years. We look forward to bringing the results of the research program to benefit our clients around the world.”

J. Frank Brown, Dean of INSEAD, commented: “Aon’s commitment in creating this chair will enable us to extend our research in areas that are critical to the future success of global organisations. Professor Gimeno will be engaging the expertise of our faculty in Europe, Singapore and the Middle East to deliver world-class research which we believe will have direct practical implications for firms around the world.”

Dick Verbeek said he was honoured by the endowment, saying: “The current turmoil in financial markets demonstrates the pressing need to incorporate leading edge risk thinking into strategic decision-making. As a former student I am delighted and honoured that Aon has chosen to fund research at INSEAD in this vital area.”

Professor Gimeno explained: “There is today a unique opportunity to integrate the insights of strategic management and risk management. Strategy involves making decisions under uncertainty and competitive pressures, and risk management techniques can help us to develop more robust and flexible strategies, and to avoid failures.”

About Aon

Aon Corporation (NYSE: AOC - News) is the leading global provider of risk management services, insurance and reinsurance brokerage and human capital consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s “best broker” by Euromoney magazine’s 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one global insurance brokerage in 2007 and 2008 based on brokerage revenues, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.

About INSEAD, The Business School for the World

As one of the world’s leading and largest graduate business schools, INSEAD brings together people, cultures and ideas from around the world to change lives and transform organisations. This worldly perspective and cultural diversity are reflected in all aspects of our research and teaching.

With two campuses in Asia (Singapore) and Europe (France), two centres in Israel and Abu Dhabi, and our office in New York, INSEAD extends the reach of its business education and research across three continents. Our 137 renowned faculty members from 35 countries inspire more than 1,000 degree participants in our MBA, Executive MBA and PhD programmes. In addition, more than 9,500 executives participate in our executive education programmes. With the INSEAD-Wharton Alliance we deliver MBA and co-branded executive education programmes on Wharton’s U.S. campuses in Philadelphia and San Francisco, as well as on our campuses in Asia and Europe. And our thought leadership platform INSEAD Knowledge (http://knowledge.insead.edu/home.cfm) features articles and podcasts (audio and video) showcasing the school’s leading-edge research.

Today’s organisations need leaders with the knowledge and sensitivity to operate anywhere in the world. This is why business turns to INSEAD — to develop the next generation of transcultural leaders. More information about INSEAD can be found at http://www.insead.edu.

Tags: INSEAD, Insurance, Steve Wevodau, Steven Wevodau

Rep. Conyers Demands AIG Data On Retention Bonuses

POSTED BY STEVE S. WEVODAU

BY ARTHUR D. POSTAL
NU Online News Service, Dec. 2, 4:00 p.m. EST

WASHINGTON —A Maryland congressman demanded yesterday that American International Group provide more disclosure concerning retention bonuses it is paying to retain key senior executives.

In the letter, Rep. Elijah Cummings, D-Md., accused AIG of “disingenuous sleight of hand” by disavowing the payment of performance bonuses to senior execs in 2008, but then continuing to provide retention bonuses previously announced in September.

He said AIG was doing this by having the approximately 130 top officials involved agree to delay receiving their retention payments—a first installment delayed from this month to April 2009, and the second installment delayed from December 2009 to April 2010.

AIG spokesman Joe Norton confirmed receipt of the letter, but said AIG would have a comment at a later date.

Mr. Norton also cited a joint statement issued Oct. 16 by AIG CEO Edward Liddy and New York Attorney General Andrew Cuomo in which Mr. Liddy agreed to several actions, including close scrutiny of AIG compensation programs.

Mr. Liddy also agreed in the statement to immediately cancel all junkets or perks “which are not strictly justified by legitimate business needs.” As a result, the statement said, AIG agreed to cancel more than 160 conferences and events, some exceeding more than $750,000 per event, for a total savings of more than $80 million.

But in the same statement, Mr. Norton said, Mr. Cuomo noted specifically that “these actions are not intended to jeopardize the hard-earned compensation of the vast majority of AIG’s employees—including retention and severance arrangements—who are essential to rebuilding AIG and the economy of New York.”

In his letter, Rep. Cummings cited the $85 billion loan the government provided in September “to keep AIG afloat.” That program has since been superseded by another agreement that increased the total cash available to AIG but reduced the interest cost and further diluted the stake that private shareholders have in the company.

“Against this background—and given the massive layoffs occurring at other major financial entities, including Citibank—the American taxpayers have a right to know why senior executives at AIG, who are frankly lucky to still have their jobs, need to receive additional bonus payments of any kind to retain them at AIG,” Rep. Cummings said.

He asked in the letter that AIG disclose which executives in which AIG divisions are receiving the retention payments, and how much they are receiving. He also wants to know the base salaries of executives receiving the retention payments.

Further, he seeks information as to whether all executives are delaying receipt of their payments until next April or, if any executive is not delaying receipt of the payments, which executives are receiving payments this month and how much each executive is receiving.

“Why is it necessary for any AIG executive to receive a retention payment—and why is it necessary that these be scheduled for April 2009 and April 2010?” Rep. Cummings asked. He also wants to know what will be the source of the retention payments provided in 2009 and 2010.

Tags: Steve Wevodau, Steven Wevodau

Steven Wevodau - Retirement Experts Urge Plan Sponsors to Shift Focus from Accumulation to Generating Lifetime Income

HARTFORD, Conn.–(BUSINESS WIRE)–Generating secure lifetime retirement income should become an urgent priority for plan sponsors and participants, according to the Institutional Retirement Income Research Council (IRIRC).

In its first white paper, Institutional Retirement Income Solutions: A Call to Action, available through the organization’s website, www.irirc.com, the IRIRC discusses why defined contribution plan sponsors should consider adding retirement income solutions to their plans.

“We realize that the current defined contribution approach is leaving retiring participants unprepared to construct a sustainable draw down of their assets in order to generate secure lifetime income that they will not be able to outlive,” said IRIRC co-chair Martha Spano, who is the West Division Practice Leader for the consulting firm Watson Wyatt.

In the 12-month period through October 2008, research has found that 401(k) plans and individual retirement accounts dropped in value by $2 trillion due to market volatility.

“The current economic crisis has exposed the flaws in the existing retirement system and the IRIRC can provide tools and information to help plan sponsors and participants fill in the gaps, and capably manage the ever-changing defined contribution marketplace,” Spano said.

An increasing number of workers with retirement plan coverage – nine in 10 – are covered by 401(k) or similar defined contributions plans. As a result, defined contribution plan assets are projected to be the primary source of retirement income for future retirees, and the responsibility to save for and generate a guaranteed retirement income has transferred from institutions to individuals.

“The shift toward individual responsibility has swung too far,” said Dr. Jeffrey Brown, William G. Karnes professor, Department of Finance at the University of Illinois and Director of the Center for Business and Public Policy in the College of Business. “Participants are unprepared to manage the dizzying amount of choices and decisions they must make in order to prepare for retirement.”

“We need a new model – it is not enough for an individual to accumulate savings to have retirement security at 62. We now need to think about the sustainability it provides as people continue to enjoy longer lives,” Brown said.

Institutional Retirement Income Solutions: A Call to Action suggests:

• Increasing longevity, poor financial literacy and behavioral biases are compounding the challenge for plan participants;
• Employers’ roles are evolving and they are in a unique position to have the greatest impact in helping plan participants become more successful through the emergence of automatic enrollment, escalation and qualified default investment alternatives as common features in many plans;
• Plan designs should evolve beyond their current focus on helping employees accumulate an adequate amount of retirement savings and expand to encourage participant behavior that accomplishes the goal of securing lifetime income during retirement; and
• Success of the DC plan should be based on whether the plan facilitates adequate retirement income versus participation rates.

“The only way to quell the increasing public angst around the ability of Americans to retire in the future is for stakeholders from all areas of the retirement industry to come together and encourage plan sponsors to implement optimal retirement income solutions that address many of the problems retirees face in generating secure lifetime income,” said Spano.

The Institutional Retirement Income Research Council, an independent think tank, was established in 2007 to advance the interests of retirement savings plan participants, plan sponsors, plan advisors and consultants by: analyzing innovative approaches to in-plan, institutional retirement income solutions; creating acceptable best practices and evaluation tools to supplement the decision making; discussing and identifying regulatory, legislative, and fiduciary issues pertinent to in-plan, institutional income solutions; and producing and publishing relevant findings through various media outlets.

Prudential Retirement is member of the independent think tank. Prudential Retirement is a business of Prudential Financial, Inc. (NYSE: PRU - News).

Prudential Retirement Insurance and Annuity Company, Hartford, CT, a Prudential Financial company.

Tags: Steven Wevodau, Steven Wevodau Insurance

Max Capital Group Ltd. Provides Update on Fourth Quarter Investment Performance

POSTED BY STEVEN WEVODAU

HAMILTON, Bermuda–(BUSINESS WIRE)–Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH) today announced that the estimated total return on its overall investment portfolio including investment income for the two months ended November 30, 2008 is negative 0.3% and for the year through November 30, 2008 is negative 2.47%. The estimated total principal decline on its overall investment portfolio for the two months ended November 30, 2008, including unrealized gains and losses but excluding investment income, was $45 million, representing $0.81 per share. The Company’s book value per share as of September 30, 2008 was $22.77.

Max Capital’s portfolio of cash and fixed maturities, which represented 81.4% of the Company’s total invested assets of approximately $5.0 billion as of September 30, 2008, has increased approximately $25 million for the two months ended November 30, 2008. We believe this increase is attributable to the composition of the portfolio, which is well diversified, of high quality and highly liquid. Approximately 70% of the portfolio is rated Aaa or above, including 50% that is invested in cash, governments, agencies and agency mortgage backed securities.

Max Capital’s portfolio of alternative investments represented 18.6% of the Company’s total invested assets as of September 30, 2008. The Company estimates the return on its alternative investments for the two months ended November 30, 2008 to be negative 6.8% or, a reduction in value of approximately $70 million. In accordance with the Company’s accounting policy, the unrealized mark-to-market gains and losses emanating from its alternative investment portfolio are recorded through net income rather than as an adjustment to book value through other comprehensive income.

The Company’s alternative investment performance for October and November compares to negative 11.7% over the same period for the HFRI Fund of Funds Index, which the Company believes is the most comparable benchmark for this asset class. On a year to date basis through November the return on Max Capital’s alternative investments is estimated to be negative 18.4% compared to negative 23.5% for the HFRI Fund of Funds Index.

W. Marston (Marty) Becker, Chairman and Chief Executive Officer of Max Capital, said: “In this period of unprecedented market events and volatility, we believe interim investor communication is desirable. The high quality of Max’s fixed income portfolio has kept our investment mark-to-market performance within very manageable levels. We are making good progress with our plans to reduce our allocation to alternative investments to approximately 15%, while increasing the diversity of those investments; both with a view to mitigating future volatility. This strategy should enable us to have more capital available for our global underwriting activities. With mature and diverse underwriting operations in Bermuda, Ireland, the U.S. and, now, at Lloyd’s, we believe we are well-positioned to execute our 2009 business plan and to take advantage of the market hardening that is becoming apparent, particularly in reinsurance lines.”

This press release should be read in conjunction with the more detailed Investment Portfolio Update that has been concurrently posted on the Company’s website: www.maxcapgroup.com.

Max Capital Group Ltd., through its operating subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.

Tags: Max Capital, Steve Wevodau, Steven Wevodau

Manulife earns second consecutive ‘Excellent’ rating from DALBAR for group savings plan member statements

POSTED BY STEVEN WEVODAU

TSX/NYSE/PSE: MFC; SEHK: 0945

KITCHENER, ON, Dec. 1 /CNW/ - Manulife Financial Group Savings and Retirement Solutions (GSRS) has once again received an “Excellent” rating for its year-end plan member statement, according to a recently-released study by DALBAR, a leading communications consulting firm.

Manulife’s statement received 84.64 out of 100 points, considerably higher than the industry average of 70.82 points. The clear display of the member’s estimated retirement income was one of the leading features DALBAR identified in its review. Calculated using the member’s real-time data, the estimate also shows the member’s progress toward his or her specified retirement goal. According to organizations such as the Association of Canadian Pension Management - and leading behavioural finance expert Dr. Shlomo Benartzi - showing members a continuing estimate of retirement income is key to building understanding and engagement.

According to DALBAR, Manulife’s statement is the only one in the industry that displays the plan member’s asset allocation both in dollar amounts and percentage terms. DALBAR also identified the statement’s comprehensive rate of return summary and targeted alerts as features that contributed to its overall strength.

“We’re very pleased to receive another Excellent rating from DALBAR. In 2005, Manulife was the only company to receive this distinction and we’re really pleased to see the industry moving in this direction with us,” said Sue Reibel, Senior Vice-President, GSRS. “Clear communication that engages members is central to our service vision. That belief has guided the development of our plan member statement, and we’re pleased to play a leading role in shaping this direction.”

Manulife’s updated member statement was released in tandem with enhancements to the Steps Retirement Program(R) (Steps). An enhanced user-friendly presentation using leading-edge technology offers a more detailed display of retirement income sources for plan members.

“This second generation of Steps shows members their sources of retirement income and indicates when income payments will start,” explained Mike Collins, Vice President of Marketing, GSRS. “Although there’s more detail, the clearly displayed summary tested extremely well with plan members who said it was easy to understand and very useful.”

Steps video content now includes a host who welcomes members and outlines the simple goal-setting process. A series of video lifestyle illustrations bring the goal-setting concept to sharper focus, connecting activities with the annual income required to support them.

“Offering plan members resources that lend greater perspective to their retirement income continues to be a focal point for GSRS,” said Ms. Reibel. “An excellent statement design and more powerful version of Steps work together to give our plan members a clear, comprehensive sense of where they’ll be at retirement. While the benefits to the members are certain, plan sponsors benefit as well with a population of engaged participants who see the value their group retirement savings plan delivers, and who won’t be surprised with their outcome at retirement.”

For more information - or a demonstration of the new Steps - please contact Nancy Campbell, Director of Marketing, GSRS at nancy_campbell(at)manulife.com.

             About Manulife Financial

             ------------------------

Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$385.3 billion (US$363.5 billion) as at September 30, 2008.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945′ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

Tags: Manulife, Steven Wevodau, Steven Wevodau Insurance