Ticker: July 2
Wellmark Blue Cross and Blue Shield has ended contracts with 37 of its information technology consultants as it puts on hold several projects that require IT resources. It began ending contracts with consultants last week and will continue the process through July 17. “This is part of our ongoing and routine process of prioritizing our project workload,” the company said in a statement. “While the decision did impact some IT contractors, it did not impact Wellmark employees.”
The Broadlawns Medical Center board of trustees accepted the resignation of Frank Harrison at its meeting last night. Citing personal reasons, he left the board a year before completing his second term; he was serving as treasurer of the board, chair of the board’s finance committee and liaison to the Polk County Health Services board of directors. It is the second resignation from the board in the past few months. Karen Ellis resigned in April for health reasons. The board has appointed David Harkness, owner of CM Consulting Broadcast Media Services in Des Moines, to fill Ellis’ term through December 2012. Charles Montgomery will fill Harrison’s position, which extends through December 2010. He is a senior managing attorney for MidAmerican Energy Co. and serves as treasurer for the U.S. Center for Citizen Diplomacy.
Principal Financial Group Inc. has created a calculator to determine how long it might take for someone to rebuild his or her 401(k) account balances to January 2008 levels based on estimated account balances on Dec. 31, 2008. It is based on analysis by the Employee Benefit Research Institute of more than 21 million 401(k) participants. To access the calculator go to www.principal.com/rebuild.
A.M. Best Co. has affirmed the financial strength rating of “A-“ (Excellent) and issuer credit rating of “a-” for Des Moines-based American Feed Industry Insurance Company Risk Retention Group Inc. (AFIIC) The outlook for both ratings is stable. The ratings reflect the company’s excellent capitalization, improved operating performance and historically low loss ratios, as well as its underwriting expertise in its niche marketplace. A.M. Best also noted that in light of current insurance market conditions and the availability of liability insurance coverage in the commercial insurance marketplace, AFIIC has decided to discontinue writing or renewing insurance policies and has presented a voluntary run-off plan to the Iowa Division of Insurance.