| N.C. Mutual unveils 'Southern strategy'
Despite posting a $2.9 million loss in 2007, CEO James Speed of N.C. Mutual Life Insurance Co. unveiled a "Southern strategy" of expansion at the company's annual meeting Wednesday. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- The requested content is restricted to registered users.
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Economy Threatens Insurance IT Budget Cuts The sudden economic downturn owing to the subprime lending crisis will ...
We are yet to see a declaration of recession by its formal definition (i.e., two straight quarters of decline in GDP) but many economists have said on less formal grounds that a recession has begun. Given the power of self-fulfilling prophecy in financial matters, the news justifies some degree of fear that the insurance technology world could return to the dark days between 2001 and 2004 when IT budgets were cut back and cost-cutting was many CIOs' highest priority. The subprime mess and the credit crisis it has precipitated is not the event for the insurance industry that it is for banking, but a general economic recession will put some pressure on insurance IT spending, acknowledges Matthew Josefowicz, insurance practice director, Novarica (New York). "The biggest challenge for insurers will be the pressure on their bond portfolios and other investment, but it doesn't change the fundamentals of their business the way the credit crisis does for banking and securities," he comments.
Sri Lanka claim historic victory
SRI Lanka have claimed their first Test win in the Caribbean, defeating West Indies by 121 runs with 6.4 overs to play in the opening Test in Guyana. West Indies resumed on 1-96 as they chased an unlikely 437 for victory, but they were bowled out for 315 at Providence Stadium. Chaminda Vaas led the Sri lanka attack with 5-61 while Muttiah Muralidaran claimed 3-112 and Thilan Thushara took 2-70. In a tense final hour, Vaas bagged the final two wickets with the new ball. Jerome Taylor first edged a ball to second slip then, four overs later, and about 15 minutes from stumps, Vaas got Daren Powell to loft the ball to mid-off where Muralidaran grasped a stunning, one-handed catch over his head. The wicket saw Vaas finish the match with 8-109.
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