The Senate’s bipartisan health-reform effort is noticeably short of bipartisan support. As Sen. Max Baucus, D-Mont., chairman of the Finance Committee, unveiled his proposal for reworking the U.S. health care system last week, he predicted some Republicans would decide to support it. But he didn’t have any to immediately name, according to a story in BestWeek U.S./Canada.

In his committee, Baucus had led the “Gang of Six” — three Democrats and three Republicans — through months of negotiation over the details of the health plan. When it came time to announce the final bill the committee would start working on this week, it included a number of compromises originating from the negotiation, though none of the Republican negotiators was on board.

Also, in BestWeek Europe, marine insurers are sailing rough seas this year as the global economic recession cuts into shipping activity, driving down demand and feeding a growing piracy problem in the poorer areas of the world. Delegates at the International Union of Marine Insurance conference in Bruges, Belgium heard a litany of warnings related to the worldwide economic slowdown. Deidre Littlefield, president of the IUMI, warned that free trade must not be impeded as that could have a negative impact on the global economic recovery.

In BestWeek U.S./Canada, in a bit of a surprise, AIG Life Group, whose parent American International Group Inc. was bailed out in September 2008 by the U.S. government with a multibillion dollar rescue package, didn’t have the biggest drop in net premiums written among the top 25 U.S. life/health writers since last year’s second quarter, an A.M. Best Statistical Study shows. With a 50.5% drop to $1.9 billion at June 30, 2009, Genworth Financial saw the greatest decline in net premiums written. Net premiums written for the top 25 declined to $180.2 billion at June 30, a 13.4% drop from the same period a year ago. AIG Life showed the second-biggest drop in net premiums written — at 49.2% — to $15.4 billion at June 30.

BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, please visit www.ambest.com/sales/BestWeek, or e-mail your request to customer_service@ambest.com.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

Contacts:

A.M. Best Co.
Caroline Saucer, 908-439-2200, ext. 5774
caroline.saucer@ambest.com