Life Insurance Settlement Association's 2013 Events Announced at Significantly Lower Rates

The Life Insurance Settlement Association (LISA) announces dates for three life settlement events in 2013. "If you are active in the market or have an interest in the space, you will not want to miss these conferences," says Darwin Bayston, President of LISA. 2013's lineup includes:

3rd Annual Investor Conference - March 11, 2013 at the Harvard Club in New York City
19th Annual Spring Conference - May 29-31, 2013 at the Venetian Hotel in Las Vegas
19th Annual Fall & Compliance Conference - October 9-11, 2013 at the Peabody Hotel in Orlando
"For the past 18 years, LISA has been the undisputable leader in conferences for the life settlement industry. Every innovation and new development related to life settlements has been introduced, discussed and debated at LISA's Spring, Fall and Investor Conferences by leading experts from within and outside the industry," says Bayston. "2013 will be no exception."

For 2013, LISA is offering a Super Early Bird Special: Purchase a Bundled Registration Package of all three conferences before February 15, 2013 at a special price of $1,495 for members and $2,195 for non-members. This package represents $299 per conference day ($690 savings from 2012 early bird rate) for members and $439 per conference day ($1,305 savings from 2012 early bird rate) for non-members. Payment for the Bundled Registration Package must be received before February 15, 2013. There will be no refunds given.

Fitch Places Life Technologies' Ratings on Evolving Watch

Fitch Ratings has placed Life Technologies Corp's (Life Tech) ratings, including the company's 'BBB' Issuer Default Rating, on Rating Watch Evolving. The ratings apply to approximately $2.4 billion of debt outstanding at Sept. 30, 2012.

The ratings reflect the following key credit considerations:
There is an overhang on the credit profile related to the heightened potential of a transformational credit event, which Fitch thinks could include a going-private transaction, an acquisition of the company by a strategic interest, or restructuring of the business. Earlier this month, a media outlet reported that Life Tech had approached private equity firms to discuss an acquisition of the company. The Board of Directors subsequently issued a statement that it has hired Moelis & Co. and Deutsche Bank to assist in its annual strategic review. The statement indicated that no particular course of action has been determined at this time.

Life Tech generates strong and stable cash flow from its portfolio of mostly consumable products, which could make it an attractive acquisition target for private equity. That said, Fitch thinks that there is a lack of an obvious business strategy behind a LBO transaction, such as cost cutting opportunities. Furthermore, resultant high leverage could limit the company's financial flexibility to invest in growth opportunities in the evolving life sciences industry.

An acquisition by a strategic interest could be more likely given opportunities for cost synergies, coupled with the attractive growth potential of the company's next-generation DNA sequencing assets. The company has recently been investing in building its portfolio of next-gen assets, but it remains a small part of the overall business. The realization of strong uptake of the next-generation assets in clinical end markets will require financial flexibility to make incremental investments.

The effect of any transaction on the ratings is highly situational and would depend upon the manner in which it is financed and the effect on the company's credit metrics. Fitch believes that the debt financing necessary to execute a LBO would result in debt well in excess of 3.5x EBITDA, which is the level Fitch views as consistent with maintenance of investment grade ratings for Life Tech.

All series of Life Tech's senior unsecured notes include an offer to purchase at 101% upon a change of control event and a subsequent downgrade to non-investment grade, providing some protection for bondholders. The note indentures do not have restrictions on additional debt or subsidiary guarantees. As a result, Fitch thinks its likely holders would put the notes for repurchase in the event of an LBO.

If the notes are not put for repurchase, the indentures limit liens with a permitted carve out of up to $350 million or 15% of CNTA. Fitch estimates the size of this carve out at $350 million as of Sept. 30, 2012. Fitch expects the notes would likely become subordinate to any potential debt issued to fund an LBO to the extent of the permitted liens basket.

More Aggressive Capital Deployment Post Decline in Leverage
Life Tech's debt leverage has consistently declined over the past two years, mostly due to the application of nearly $650 million of cash to debt reduction, although EBITDA expansion of 3.7% also contributed to the decline. At 2.0x at Sept. 30, 2012, debt leverage is now at the low end of the company stated target leverage range of 2.0x-2.5x.

Fitch does not believe the company has financial incentive to manage its balance sheet with debt below 2.0x, and so expects the company could increase debt in the near term to fund acquisitions and share repurchases. The company has stated that it intends to return about 50% of FCF to shareholders through share repurchases over a multi-year period, and to invest the remaining 50% in the future growth of the business. Life Tech does not currently fund a dividend.

Fitch forecasts sustained annual FCF generation of about $700 million for Life Tech, implying that the company could fund $350 million of acquisitions from cash on hand annually while meeting its 50% return to shareholders' target. In 2011 and 2012, Life Tech spent significantly less than this amount on acquisitions, making a series of small tuck-ins focused on acquiring distribution capabilities in emerging markets and adding to its product portfolio in its faster-growth end markets.

The biggest risk to Life Tech's operating outlook is ongoing pressure on government and academic research funding. Sales to research end markets comprised about 35% of the company's revenue in the LTM period ended Sept. 30, 2012. Favorably, 85% of sales in the period were of consumable products, which are somewhat less susceptible to volume and price headwinds than sales of larger capital equipment. However, consumable sales are not immune to these pressures, as reflected in tepid organic topline growth for Life Tech of 1-2% in each of the last three quarters.

Fitch thinks that demand for life science tools and products in the developed markets of the U.S. and Eurozone will rebound slightly in 2013. 2012 was affected by the roll-off of U.S. government stimulus funding which benefited life science researchers in 2010-2011. Furthermore, the agreement reached in U.S. Congress to avoid some elements of the fiscal cliff delayed 8% sequestration of NIH research funding until at least March 2013.

Helping to offset weak growth prospects in the research end-markets, Life Tech has recently made progress in diversifying its product portfolio to expand in the hospital/clinical and commercial end-markets. The company has also been investing in the expansion of distribution and manufacturing capabilities in faster-growing emerging markets.

Fitch thinks that the company has its best growth potential in the clinical end-market, based on its growing portfolio of next-generation DNA sequencing assets. In late 2010, Life Tech's acquisition of Ion Torrent provided a base of assets that it has subsequently developed. The uptake of gen-next sequencing in clinical markets is, however, in its nascent stages. There remains risk related to obtaining the regulatory and government approvals necessary to support wider application of the technology in clinical settings.

Life Tech's liquidity profile is solid relative to the 'BBB' IDR and is highlighted by the company's strong FCF generation. Liquidity is provided by availability on the company's $750 million credit facility revolver due February 2017 ($599.6 million available at Sept. 30, 2012) and cash on hand ($274 million at Sept. 30, 2012). FCF for the LTM period ended Sept. 30, 2012 was a solid $764 million, representing a 20.1% FCF margin. The company's FCF margin has expanded by about 260 bps since 2008, as a result of improved profitability, better management of working capital and lower capital expenditures. Fitch expects Life Tech to generate FCF of about $700 million in 2013.

The company's debt maturity schedule is not currently a credit concern. Debt outstanding includes:

Fitch thinks Life Tech will refinance the 2013 notes maturity; the company does have capacity on its credit revolver to address the maturity. The credit facility terms include a financial maintenance covenant requiring total debt-to-EBITDA of below 3.25x. The company had ample operating cushion under the bank facility leverage covenant at Sept. 30, 2012.

In the event of an equity-friendly transaction, such as an LBO, the IDR will be based on the post transaction capital structure. A downgrade of the ratings out of investment grade would be caused by total-debt-to EBITDA above 3.5x.

There has and continues to be a good deal of consolidation activity in the segments in which Life Tech operates. After completing a series of small tuck-ins in 2011-2012, Fitch believes the company could ramp up its acquisition activity in 2013. Maintenance of the 'BBB' IDR for Life Tech will require debt-to-EBITDA maintained between 2.0x and 2.5x in the near to medium term, although periodic increases to fund acquisitions could be tolerated within the current rating category.

Allianz Life Launches New FIA: Allianz 222 Annuity

Allianz Life Insurance Company of North America (Allianz Life), a leading provider of fixed index annuities (FIAs), today announced the launch of the Allianz 222SM Annuity, a new FIA available exclusively to field marketing organizations, broker/dealers, and agents associated with the Allianz PreferredSM platform. Available today in 44 states, the newest FIA to the Allianz Life lineup offers integral benefits to help power retirement income. These features and benefits are included in the FIA contract automatically with no additional fees.

“We understand that Americans are desperate for solutions that can help them prepare for a more secure retirement,” said Allianz Life Chief Distribution Officer Tom Burns. “As the industry leader in fixed index annuity sales, Allianz Life continues to provide product innovation based on customers’ need for both guarantees and the opportunity to increase income in retirement.”

Allianz 222 Annuity is the third exclusive product offered through the Allianz PreferredSM platform. This new FIA provides traditional annuity benefits such as accumulation potential through indexed or fixed interest, principal protection and tax deferral, and has an accumulation value that can be taken as a lump sum after the 10-year surrender charge period, or for annuitization after five years, less any bonuses. In addition, it can help meet retirement income needs by offering a Protected Income Value (PIV) specifically designed for lifetime income withdrawals that have the opportunity to increase. The PIV includes bonuses on premium in the first three contract years and potential interest bonuses. Lifetime income withdrawals can be taken from the PIV after holding the contract at least 10 years and if the income is elected between the ages of 60 and 100.

The 'Life And Times' Takes Audiences On A Lengthy Journey

Life and Times is a 10-hour play about the life of one ordinary woman. It opens this week in New York city, and weekends on All Things Considered host Robert Smith attended a performance, complete with meals. He talks to the play's directors and to the woman on whose life it's based.

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ROBERT SMITH, HOST:

Hey, thanks for sticking with us. It's WEEKENDS on ALL THINGS CONSIDERED. I'm Robert Smith.

Opening this week in New York City, you can see a musical that demands a little something extra from its audience: endurance. The show is called "Life and Times," and it is more than 10 hours from start to finish. It's a production of Soho Rep at the Public Theater. And before the musical starts, the audience has that focus that you only see in marathon runners, preparing for the long haul.


SMITH: Yeah, yeah, you'll get breaks. So what epic tale could take more than 10 hours to tell? Henry V? The Bible? Not quite. "Life and Times" is the story of one average woman's life. The creators of the musical called her on the phone a few years ago out of the blue and they said: Tell me your life story - all of it - from the very beginning. And they recorded every stutter, every false start.

UNIDENTIFIED WOMAN #3: (as Kristin Worrall) (Singing) What's the - oh, yes. Oh, and I do remember, um...

SMITH: And once the words finally start flowing, we are inside the memories of Kristin Worrall, child of suburban Providence, Rhode Island.

UNIDENTIFIED WOMAN #3: (as Kristin Worrall) (Singing) And they didn't expect me. They planned both my brother and sister before me. And so my mother says that she was very happy that I was a girl. And she was like: You were so beautiful. And I didn't cry a lot, I don't think. I was very peaceful.

SMITH: We hear about first grade teachers, art projects, a very dramatic dance class. But even the cast admits at one point...

SMITH: Surprisingly, most of the time, no apology is needed. The stories are hilarious, and the language is addictive. It's like listening in on someone's secret thoughts. Pavol Liska is the co-creator of the work. His company is called the Nature Theater of Oklahoma. And Pavol says he never intended this to be quite the epic it turned out to be.

PAVOL LISKA: Originally, I was going to talk to several people and ask them to tell me their life story and compile one project out of multiple stories.

SMITH: Pavol wasn't interested in any particular story but the way we tell stories - the rhythm of, you know, how we, like, speak today. Kristin Worrall just happened to be first on Pavol's list. She says he didn't tell her at first what the project was really about.

WORRALL: I assumed I was going to, you know, just be edited with a bunch of other people, and it was going to be a montage, and I'd be anonymous. So, yes, I was completely speaking off the cuff and, you know, telling him about 17 crushes I had in elementary school. I mean, who cares about that stuff?

SMITH: Turns out Pavol did. At the end of a two-hour phone call, they had only made up to year eight of her life. So he called her back, over and over, recording each time. Pavol and his co-creator, Kelly Copper, say what they loved about Kristin's life was the exact opposite of what Hollywood looks for. It was fairly unremarkable, no major trauma, no life-altering romance, no explosions. It's life as most of us remember.

LISKA: What we were interested in is to take something that's not art at all, that's not even close to art, and beat our heads against the wall to figure out how the hell do we make this into art.

KELLY COPPER: And in a way, music is the most formally challenging thing you could do to it. It's the least realistic.

UNIDENTIFIED GROUP: (Singing) And then everyone, like, sort of acknowledged that I was, like, the smartest kid in the class. And I really wanted to maintain that status and (unintelligible).

UNIDENTIFIED WOMAN #3: (as Kristin Worrall) (Singing) And, uh, I don't really remember much from fourth grade.

SMITH: The music gets more complex. A disco beat hits as Kristin enters adolescence. We get first kisses, sneaking cigarettes, heartbreak at the school dance. All these trivial stories start to add up, though. They start to become a moving portrait of how serious everything seemed when we were teenagers.

The musical started at 2 p.m. There are a couple breaks - cast serves dinner, dessert. It is almost midnight when Kristin gets through high school. And there it ends, with the ominous words: to be continued. I asked Pavol Liska: As enjoyable as this all is, did it really have to be this much of a marathon? He said he thinks of it like going to the gym.

LISKA: You're not going to go to a gym and get a good workout if somehow you're not sweating and have - be in a little bit of pain afterwards. This is the same thing to me. It's a total body workout, even for your, you know...

SMITH: Pavol Liska is the director, along with Kelly Copper, of "Life and Times." If you are weak of fortitude, I suggest watching it in shorter sections - they do offer that option. The marathon sessions go on Saturdays. In fact, they're all trapped there right now, as we speak, probably somewhere around eighth grade.

UNIDENTIFIED WOMAN #3: (as Kristin Worrall) (Singing) I dreamed that song, I walked, I was about to walk up to Matt Wolf(ph). And I was, like, just about to, like, tap him on his shoulder. And then he went and asked Jennifer Wilts(ph) to go dance with him.

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Pacific Life Foundation Grants $282,000 To Local Community Organizations In Greater Omaha

The Pacific Life Foundation announced today that 19 nonprofit agencies and 10 K-12 schools serving the Greater Omaha, Nebraska area will receive a total of $282,000 in grants.

2013 grants will be awarded to the following organizations:
Arts and Culture
Omaha Area Youth Orchestra: A $7,500 grant to help underwrite the 2013 “Side-by-Side” Concert Program for high school musicians from the Youth Symphony and professional musicians from the Omaha Symphony.

Omaha Community Playhouse: A $7,500 grant to support the organization’s core programs including 10 annual theater productions, in addition to education and outreach programs for students and adults.

Omaha Film Festival: A $10,000 grant to support the 8th Annual Omaha Film Festival and Conference which provides networking, classes, lectures, and workshops related to all aspects of filmmaking.

Omaha Performing Arts Society: A $10,000 grant to support arts programming and services for a diverse audience, including the underserved populations in Omaha.

Omaha Theater Company: A $50,000 capital grant to support the restoration and refurbishment of the roof, domes, and exterior facades of the historic Rose Theater.

WhyArts?: A $5,000 grant to support the Arts for Special Populations Program which consists of workshops in music, visual arts, and storytelling for mentally challenged or physically disabled individuals and their families.
Civic, Community, and Environment
Nebraska Community Foundation: A $10,000 grant to support “Leadership Nebraska,” a program that fosters leadership development to help local citizens become involved in the issues and opportunities facing Nebraska.
Education
Boys & Girls Clubs of Council Bluffs: A $10,000 grant to support the Readers to Learners Program which emphasizes parental involvement and collaboration between the club and school administrators to ensure an optimal after-school learning experience for the club members.

Omaha Children’s Museum: A $10,000 grant to support the museum’s interactive educational programs that engage children in science, art, and health.

Omaha Zoo Foundation: A $10,000 grant to support the zoo’s K-12 Education Programs which are utilized both in and out of the classroom and have an emphasis on conservation.

In addition to the educational grants above, the Foundation’s 3T’s of Education program will contribute the following grants to K-12 schools where there are concentrations of children or grandchildren of Pacific Life employees. A 3T’s of Education grant must be designated in one of the following areas: Teacher Training, Textbooks, or Technology.

Assistance League of Omaha: A $5,000 grant to support Operation School Bell which annually provides new clothing to 3,400 school-aged children in need.

Big Brothers Big Sisters of the Midlands: A $10,000 grant to support the Community-Based Mentoring Program in Douglas County. The program matches adult mentors with vulnerable children to establish a one-to-one relationship that changes the lives of the children for the better.

Child Saving Institute, Inc.: A $7,500 grant for the Bridging the Gap Program which assists low-income families that qualify for government childcare subsidies with gap funding to cover the “out of pocket” monthly program expenses.

Habitat for Humanity of Omaha: A $10,000 grant to support the building of new homes for low-income families in struggling neighborhoods.

HELP Adult Services: A $7,500 grant to support the Health & Medical Equipment Loan Program which provides low-income residents access to free medical equipment prescribed by their physicians or medical facilities.
NorthStar Foundation: A $25,000 capital grant to support the construction of a facility and athletic field in North Omaha. The new facility will provide before and after school programs for local males 10-18 years old.

OneWorld Community Health Centers, Inc.: A $50,000 capital grant to support the construction of a primary healthcare center, day care center, and an expanded urgent care clinic for low-income residents in downtown Omaha, as well as build 32 affordable apartments for low-income seniors.

Youth Care and Beyond, Inc.: A $10,000 grant for housing and support services for developmentally disabled youth and adults.

Youth Emergency Services, Inc.: A $7,500 grant to support outreach, emergency shelter, and transitional housing for homeless youth.

The Pacific Life Foundation also announced a pledge to contribute a total of $560,000 toward marine mammal education, conservation, and research efforts throughout 2013. In addition, the Pacific Life Foundation continues to provide a robust matching gift program for Pacific Life employees, matching donations up to $5,000 per employee to their local United Way, up to $2,000 per employee to institutions of higher education, and up to $500 per employee to nonprofit organizations.

Annual funding of grants allows the Pacific Life Foundation to support a broad spectrum of community needs by partnering with nonprofit agencies that serve a large geographic area. Contributions are made primarily in areas with large concentrations of Pacific Life employees. Currently, Pacific Life has 285 employees working in its regional business center in Omaha, Nebraska. The Pacific Life Good Guys, an employee volunteer group, worked at 10 events with Greater Omaha area nonprofits during 2012.

The Pacific Life Foundation was established in 1984. Together with Pacific Life, the Foundation has contributed donations totaling over $72.2 million to thousands of nonprofit organizations across the country. The Foundation plans to contribute a total of $5.6 million in grants to nonprofit organizations throughout 2013.

Quitting smoking prolongs life at any age

It's never too late to quit smoking, and researchers have new data to prove it. Even at the age of 64, kicking the habit can add four years to a person's life, while quitting by age 34 can increase life expectancy by a decade, according to a study published online Wednesday by the New England Journal of Medicine.

After analyzing health data from more than 200,000 Americans, researchers calculated that current smokers were three times more likely to die during the course of the study compared with people who had never smoked. For the most part, their deaths were caused by smoking-related ailments, including heart and lung disease. Overall, their odds of surviving to age 80 were half as good as for never-smokers.

But the study, one of two large-scale surveys in the journal providing updated information on smoking and mortality, saw significant benefits for those who quit. Giving up smoking between the ages of 35 and 44 was associated with a gain of nine years of life, and those who quit between 45 and 54 lived an extra six years.

"The good news is, because the risks are so big, the benefits of quitting are quite substantial," said study leader Prabhat Jha, an epidemiologist and director of the Center for Global Health Research, based in Toronto.

While the U.S. smoking rate has declined to 19.3% among adults, there are still an estimated 45.3 million smokers in this country, according to the Centers for Disease Control and Prevention. Cigarette use is responsible for about 443,000 U.S. deaths each year, the CDC says.

Using the National Health Interview Survey, the researchers followed 113,752 women and 88,496 men in the U.S. between 1997 and 2004, categorizing them as smokers (at least 100 cigarettes within their lifetime), former smokers (no smoking within the last five years) and never-smokers. Former smokers were held to the five-year rule in order to weed out those who were already in declining health because of potentially fatal smoking-related diseases.

The researchers checked death records in 2006 and found that 8,236 of the women and 7,479 of the men had died. By comparing mortality rates among the groups, Jha's team calculated that women between the ages of 25 and 79 who were current smokers were three times more likely to die than women who never smoked. Among men in that age group, those who still smoked were 2.8 times more likely to die than never-smokers. The results were adjusted for age, education, body mass index and alcohol consumption, since smokers tended to be thinner, have less education and be more likely to drink.

The vast difference in mortality rates is partly due to the increasing health standards of the nonsmoking population, Jha said.

The second study examined mortality rates over half a century in 2.2 million people 55 and older — possibly the largest such survey undertaken, said lead author Michael Thun, recently retired from his work as a cancer epidemiologist with the American Cancer Society.

Thun's survey measured trends in death rates across three time periods: 1959 to 1965, 1982 to 1988 and 2000 to 2010.

The analysis revealed a worrying trend that also cropped up in Jha's study: Women's death rates from smoking, which had long lagged behind men's, had pulled even.

Consider lung cancer. In the early 1960s, women smokers were 2.73 times more likely to die from lung cancer than their nonsmoking counterparts; by 2010, they were 25.66 times more likely to die of the disease, Thun found. (Male smokers' relative risk of dying of lung cancer rose from 12.22 to 24.97 over the same period.)

"It's staggering," Thun said.

It's an unsurprising glass ceiling to break, doctors said. Women began smoking routinely after World War II, about two decades after men took up the habit, so it was only a matter of time until their mortality rates caught up.

The two papers did not draw distinctions between people who smoked a pack a day and those who might smoke just a few cigarettes a day, said Dr. Steven Schroeder, director of the Smoking Cessation Leadership Center at UC San Francisco. A next step in terms of study would be "to find out how much less health problems there are for smokers who smoke fewer cigarettes," he said.

Taken together, the studies point to a need for far more effective efforts to reach potential and current smokers, Schroeder added.

The message needs to get out to young and old smokers alike, he said: "There's a ray of hope. It's never too late to quit."

Putting a Number on Smoking’s Toll

It is often said that smoking takes years off your life, and now a new study shows just how many: Longtime smokers can expect to lose about 10 years of life expectancy.

But amid those grim findings was some good news for former smokers. Those who quit before they turn 35 can gain most if not all of that decade back, and even those who wait until middle age to kick the habit can add about five years back to their life expectancies.

“There’s the old saw that everyone knows smoking is bad for you,” said Dr. Tim McAfee of the Centers for Disease Control and Prevention. “But this paints a much more dramatic picture of the horror of smoking. These are real people that are getting 10 years of life expectancy hacked off — and that’s just on average.”

The findings were part of research, published on Wednesday in The New England Journal of Medicine, that looked at government data on more than 200,000 Americans who were followed starting in 1997. Similar studies that were done in the 1980s and the decades prior had allowed scientists to predict the impact of smoking on mortality. But since then many population trends have changed, and it was unclear whether smokers today fared differently from smokers decades ago.

Since the 1960s, the prevalence of smoking over all has declined, falling from about 40 percent to 20 percent. Today more than half of people that ever smoked have quit, allowing researchers to compare the effects of stopping at various ages.

Modern cigarettes contain less tar and medical advances have cut the rates of death from vascular disease drastically. But have smokers benefited from these advances?

Women in the 1960s, ’70s and ’80s had lower rates of mortality from smoking than men. But it was largely unknown whether this was a biological difference or merely a matter of different habits: earlier generations of women smoked fewer cigarettes and tended to take up smoking at a later age than men.

Now that smoking habits among women today are similar to those of men, would mortality rates be the same as well?

“There was a big gap in our knowledge,” said Dr. McAfee, an author of the study and the director of the C.D.C.’s Office on Smoking and Public Health.

The new research showed that in fact women are no more protected from the consequences of smoking than men. The female smokers in the study represented the first generation of American women that generally began smoking early in life and continued the habit for decades, and the impact on life span was clear. The risk of death from smoking for these women was 50 percent higher than the risk reported for women in similar studies carried out in the 1980s.

“This sort of puts the nail in the coffin around the idea that women might somehow be different or that they suffer fewer effects of smoking,” Dr. McAfee said.

It also showed that differences between smokers and the population in general are becoming more and more stark. Over the last 20 years, advances in medicine and public health have improved life expectancy for the general public, but smokers have not benefited in the same way.

“If anything, this is accentuating the difference between being a smoker and a nonsmoker,” Dr. McAfee said.

The researchers had information about the participants’ smoking histories and other details about their health and backgrounds, including diet, alcohol consumption, education levels and weight and body fat. Using records from the National Death Index, they calculated their mortality rates over time.

People who had smoked fewer than 100 cigarettes in their lifetimes were not classified as smokers. Those who had smoked at least 100 cigarettes but had not had one within five years of the time the data was collected were classified as former smokers.

Not surprisingly, the study showed that the earlier a person quit smoking, the greater the impact. People who quit between 25 and 34 years of age gained about 10 years of life compared to those who continued to smoke. But there were benefits at many ages. People who quit between 35 and 44 gained about nine years, and those who stopped between 45 and 59 gained about four to six years of life expectancy.

From a public health perspective, those numbers are striking, particularly when juxtaposed with preventive measures like blood pressure screenings, colorectal screenings and mammography, the effects of which on life expectancy are more often viewed in terms of days or months, Dr. McAfee said.

“These things are very important, but the size of the benefit pales in comparison to what you can get from stopping smoking,” he said. “The notion that you could add 10 years to your life by something as straightforward as quitting smoking is just mind boggling.”

Pacific Life Insurance Company Announces Early Settlement of Tender Offer

Pacific Life Insurance Company (“Pacific Life”) today announced the exercise of its early settlement right for all of its 9.25% Surplus Notes due 2039 (the “Notes”) tendered at or prior to the early tender time in connection with its previously announced cash tender offer. $322,793,000 aggregate principal amount of the Notes were tendered by the early tender time, which was 5:00 p.m., New York City time, on January 15, 2013.

All of such tendered Notes were accepted for payment and settlement was made on January 22, 2013.
Holders of the $322,793,000 aggregate principal amount of Notes that have been accepted for purchase will receive the Full Tender Offer Consideration (as defined in the Offer to Purchase described below), which amounts to a total of $1,478.68 per $1,000 principal amount of the Notes, plus accrued and unpaid interest.

The terms and conditions of the offer are described in the offer to purchase, dated January 2, 2013 (the “Offer to Purchase”) and the related letter of transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer Documents”) sent to holders of the Notes. The offer will expire at 11:59 p.m., New York City time, on January 30, 2013, unless extended or earlier terminated by Pacific Life.

Life Insurance a Priority for Those With Dependents

January is naturally a time when a lot of people take stock of their situations in life. They take a step back and determine whether they are happy in their relationships, whether they are happy in their professional circumstances, their current living circumstances, and so on. The team at Lifebroker wants to make sure that people draft life insurance into this annual evaluation.

Life insurance is no superfluous expense. The raison d'etre for life insurance is to give the policy holder peace of mind as far as their dependents are concerned. Nobody can predict the future and as such it makes sense for consumers to prepare for the worst, however expected or unexpected it happens to be.

A suitable life insurance policy will cover the holder in the event of their death and it will provide the necessary financial support for the dependents left behind. This is extremely important for homeowners and others who have outgoings that will need to be covered even after they pass away.

Life insurance comes in all sorts of shapes and forms. There are policies designed especially for people who are over 50, life insurance policies designed for couples, life insurance policies designed for people with specific illnesses, mortgage protection schemes for homeowners and many more varieties besides.
People who take a look at their personal circumstances in January and decide they need some form of life insurance policy are advised to speak to a professional life insurance broker in order to make sure they get a good deal on a policy that provides the right sort of cover for them.

Lifebroker is the UK's leading online life insurance broker operating wholly online through its website http://www.lifebroker.co.uk. The site offers fast, free and secure comparisons for life insurance policies of all kinds from some of the leading insurance companies.

Bear of the Day: China Life Insurance

We are downgrading our recommendation on China Life Insurance (LFC) to Underperform based on the constant decline in operating cash flow, which is affecting the financials. The gradual decline in premiums and increasing competition on the domestic front are the other downsides.

The company also faces substantial interest rate and currency risks, which limit upside. China Life also reported a net loss in the third quarter, due to a surge in operating expenses, which offset the operating income increases.

The company has a strong brand name, an extensive domestic distribution channel, strong investments and stable ratings. However, our six-month target price of $46.00 equates to 48.4x our earnings estimate for 2012. Combined with the $0.55 per ADR annual dividend, this target price implies an expected negative return of 9.4% over that period.

Life Time Fitness Named Racquet Sport's Industry's Private Facility of the Year

The Healthy Way of Life Company (NYSE: LTM) has been named Racquet Sport’s Industry’s ‘Private Facility of the Year’ as part of the magazine’s annual ‘Champions of Tennis’ awards. Life Time is America’s largest manager of indoor tennis facilities, where 16 of its 105 centers have dedicated tennis courts and programs. The award is recognition of Life Time’s investment in the game of tennis through its Places, People, and Programs.

In February 2012, Life Time announced it had acquired Atlanta, Georgia-based Racquet Club of the South (RCS), expanding its tennis operations to 158 courts and 211 Certified Tennis Professionals nationwide and becoming the largest national operator of indoor tennis courts with 104. Racquet Club of the South has since been rebranded as Life Time Athletic at Peachtree Corners and is undergoing renovation to become a world-class health and fitness facility and Life Time’s Southeast hub for junior tennis champion training, coaching and development, and recreational play and instruction.

“We are honored to be recognized as Racquet Sport’s Industry’s ‘Private Facility of the Year’,” says Layne McCleary, senior manager of National Tennis Operations at Life Time. “Tennis has been part of a developing vision for Life Time and will continue to be as we incorporate tennis into new Life Time destinations and focus on providing social and competitive tennis opportunities for our members.”

According to the January 2013 issue of Racquet Sports Industry magazine, Life Time received this award for its full complement of tennis programs and services, online and in-person tennis communities and continued vision forward including added budget to improve tennis facilities, programs and services.

Life Science Veterans Highlight Opportunities at BIOCOM 3rd Annual Global Partnering Conference

BIOCOM, the Southern California Life Science Association representing over 550 member companies, announced today the 26 life science professionals who will speak at the 3rd Annual Global Life Science Partnering Conference on February 27-28 at The Lodge at Torrey Pines. The conference is an exclusive global partnering and networking forum that brings together senior executives and business development professionals from leading pharmaceutical and biotech companies.

"The BIOCOM 3rd Annual Global Life Science Partnering Conference will feature an impressive line-up of speakers to provide insights and expertise that will be valuable for the life science community. We expect this event to generate rich dialogue and provide direct interactions for executives who are responsible for facilitating partnerships to advance their businesses," said Senior Vice President and Chief Operating Officer, Jennifer Landress of BIOCOM.

Keynote sessions include Bill Rastetter, Ph.D., Partner at Venrock interviewed by Mark Wiggins, SVP Business Development at Elcelyx Therapeutics, in a fireside chat on "Reflections on the Unexpected" and John C. Reed, M.D., Ph.D., who will soon join Roche after serving for the past 11 years as Faculty Member and CEO of Sanford-Burnham Medical Research Institute.

The speakers for the Business Development Panel include Marty Birkhofer, M.D., Vice President of the Strategic Transactions Group at Bristol-Myers Squibb; Brian McVeigh, Vice President of WWBD Transactions and Investment Management at GlaxoSmithKline Pharmaceuticals; Tony Rosenberg, Head of Global BD & Licensing at Novartis; and Barbara Yanni, J.D., L.L.M., C.L.P., Vice President and Chief Licensing Officer at Merck.
There will be a CEO Panel at 8:30AM on February 28th focusing on "Building a Successful New Company" featuring Alain Baron, M.D., President & CEO, Director at Elcelyx Therapeutics; Dan Burgess, President & CEO at Rempex Pharmaceuticals; Rich Heyman, Ph.D., President and CEO at Aragon Pharmaceuticals; and Gonul Velicelebi, Ph.D., Founder, President and CEO at CalciMedica.

At 12:15PM on February 28th, there will be another senior executive panel discussing "Trends in Business Development" featuring Richard Brudnick, Vice President and Co-Head of Business Development at Biogen-Idec; George S. Golumbeski, Ph.D., SVP of Business Development at Celgene Corporation; Iain Dukes, Vice President of External Research and Development at Amgen; and Rob Wills, Ph.D., Vice President of Alliance Management at Johnson & Johnson.

The last panel of the conference will be focusing on "Venture Financing" and will include Corey Goodman, Ph.D., Managing Partner and Co-Founder at venBIO LLC; David Kabakoff, Ph.D., Executive Partner at Sofinnova Ventures; Carole Nuechterlein, Head at Roche Venture Fund; Heather Preston, M.D., Managing Director at TPG Biotechnology; and James Topper, M.D., Ph.D., General Partner at Frazier Healthcare.

Additional presenters include: Kleanthis Xanthopoulos, Ph.D., President and CEO of Regulus Therapeutics speaking about "Going Public in a Challenging Environment;" Kurt Graves, Chairman & CEO of Intarcia Therapeutics, Inc.; Lewis Geffen, Co-Chair of the VC and Emerging Companies Practice at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo; and Michael Ross, Ph.D., Managing Partner at SV Life Sciences.

The conference will take place inside the Lodge at Torrey Pines from 7:30AM – 7:30PM on both days and will include breakfast, one-on-one partnering meetings, individual company presentations, senior executive panels, a networking lunch and end with a gala reception.

Standard Life Investments offers new Target Liability Funds

Standard Life Investments, a leading global asset manager, today announced it has launched a series of Target Liability Bond Pooled Funds, making innovative and customized liability driven investment (LDI) solutions more widely available for small to midsized pension funds.

No matter the size of their funds, defined-benefit pension plan managers and sponsors are eager to de-risk their portfolios while optimizing long-term returns. Standard Life Investments' new series of daily-valued Target Liability Bond Pooled Funds now provides small to midsized pension plans with access to an innovative and effective approach. This unique LDI solution will be available initially through Standard Life Investments and Standard Life's Group Savings and Retirement Quality and Choice Investment Program.
Claude Turcot, Senior Vice-President, Quantitative Management, at Standard Life Investments Inc. said "Canadian pension plans continue to face significant short and long-term pressures, including plan deficits, interest rate risks and longevity. But while the challenges are the same, each client is unique and needs a tailor-made solution."

A Unique Approach in Canada
Through its proven expertise and quantitative research capabilities, Standard Life Investments has developed a proprietary and innovative solution that can capture and address the interest rate risks defined-benefit pension plans face.

Each fund in the Target Liability Bond Pooled Fund series is associated with a specific Canadian pension plan demographic profile representing different combinations of active employees and retirees. Pension plans can then tailor their allocation of assets within the series to reflect their own demographic profile and the duration of their liabilities. They can then establish the desired credit risk exposure. This series will provide small to midsized pension plans with access to a relevant benchmark reflecting their reality and customized risk exposure that aims to achieve sustainable long-term returns.

Roger Renaud , President of Standard Life Investments Inc, said "Our new series of target liability pooled funds now provides pension funds of all sizes with access to a customized solution that is simple to understand and above all, effective.

Offering the most effective risk management and liability-driven investment solutions is Standard Life Investments' top priority because it's also a top priority for our clients. Our growing portfolio of comprehensive LDI solutions will help our Canadian pension plan clients more confidently de-risk their portfolios and meet their future financial obligations".

The series launched today is comprised of a Short-, Mid- and Long-Term Liability Government Bond Pooled Fund. A Short- and Mid-Term Corporate Bond Pooled Fund will also be added to the series and will be available through Standard Life Investments once launched.

Why life insurance is tipped to cost more and more

LIFE insurance premiums are tipped to rise annually by about 5 per cent over the next two years to around $265 to meet the surge in demand for stress and depression related payouts by white collar workers.
After three years of falling premiums, the consumers that have taken-out life insurance through their superannuation funds will face higher costs that will eat into their retirement nest eggs.

Experts said the pricing for superannuation insurance sector is playing catch-up with the broader retail insurance sector as its margins are being eroded by the rise in claimants.

"Over the previous 4-5 years prices have fallen by about 15-20 per cent and this has seen a flood of people sign up with almost 5 million super accounts now including insurance," Rice Warner Actuaries Thierry Bareau said.

"And as a result we now expect premiums to rise annually by about 5 per cent over the next two years."
The group life market offered by super funds is estimated to control about 35 per cent of $11.3 billion market with the risk insurance sector tipped to double to around $22 billion over the next 15 years.
A recent Rice Warner report says this increase will close the pricing gap for insurance between super funds and retail insurers.

But Industry Super Network chief executive David Whiteley said the major funds are still able to offer very attractive cover at lower prices as a result of their size and negotiating power.

Many funds offer death or total and permanent disability cover of more than $1 million and income protection up to $20,000 a month at lower prices and without a health check.

Rice Warner estimates the price rises will lift the average annual life and disability premium from its current level of $241 to $265, covering a benefit of $210,000, while annual income protection insurance premiums covering a benefit of $2700 a month will increase to $242.

But the chief executive of life insurance specialists TAL Australia Jim Minto estimates the yearly premium increases may be closer to 10-15 per cent over the next three years for some funds.

And he warns the tight economic times has seen a rise in the number of claimants of work as a result of stress and pressure.

"In some funds - particularly aimed at office workers - this can be as high as 50 per cent but this is not unique to Australia," Mr Minto said.

"But even with the premium increase insurance through super funds is still the cheapest and most convenient method for most consumers."

VG Life Sciences Expands Ovarian Cancer Trial; Approved to Study Treatment of Breast, Colon, Lung, Liver and Pancreas Cancer

VG Life Sciences (OTC Pink: VGLS), has received approval from the Institutional Review Board of the University of Texas Health Science Center San Antonio to expand the types of cancers being studied in the Company’s ongoing physician-initiated Phase 1 clinical trial. The IRB action allows the study to immediately broaden scope to the treatment of all solid tumors, which includes a wide and diverse range of cancer types including breast, colon, lung, liver and pancreas cancer. Effective immediately, principal investigator Dr. Tyler Curiel will begin screening patients with all solid tumors to study the safety of hydroxychloroquine (HCQ) in combination with sorafenib (marketed as Nexevar™ by Bayer AG). VG Life Sciences holds the exclusive worldwide license to the body of patents underlying the use of MDT compounds in the treatment of cancers.

Concurrent with receipt of IRB approval, noted oncologist Dr. Tyler Curiel has announced that he will expand the study of HCQ into patients suffering from relapsed or refractory (drug-resistant) cancers including those of breast, colon, lung, liver and pancreas, and is now screening patients for trial eligibility at the Cancer Therapy and Research Center (CTRC) of the University of Texas Health Sciences Center San Antonio. The protocol for the trial will remain otherwise unchanged, including endpoints, dosing and follow-up evaluation.

VG Life Sciences’ Chief Scientist, Dr. Karen Newell Rogers, commented on the Company’s progress in the clinical trials arena, saying, “The initial work of Dr. Tyler Curiel utilizing this combination of VG Life Sciences’ compound and sorafenib in ovarian cancer has been very encouraging in terms of its safety. It is just what we expected and we are enthused about expanding this to other cancer types, as well.”

Dr. Tyler Curiel, the lead investigator, said, “We now have approval to use sorafenib and HCQ to treat all solid tumors. I have identified candidate patients for this expanded protocol, and we are continuing screening for potential enrollment.”

Dr. Curiel is an internationally recognized expert and speaker in tumor immunology and in the humanities, has been a featured scientist on the NOVANow Science Television program on PBS, and is the recipient of numerous medical and civic service awards including the Mauveny Prize for Cancer Research from Tulane University, the STARS Research Enhancement Award from the University of Texas and the Health Care Hero Award from the San Antonio Business Journal. Dr. Curiel holds membership in a multitude of professional organizations and sits on the Editorial Boards of several publications including The Journal of Immunology and The Journal of Clinical Investigation.

Haig Keledjian, VG Life Sciences’ CEO, said, “We are rapidly progressing through the multiple stages in the validation of our science. Broadening our safety and efficacy studies to include breast, colon, lung, liver and pancreas tumors significantly expands the markets we are working to address, and helps us move closer to bringing effective and efficient treatments, that are more comfortably tolerated, to those seeking treatment for these cancers.”

'Life of Pi' achieves magical transition

What will you do if you are stuck in the middle of the Pacific Ocean, battling for survival, along with a Bengal tiger?

Award-winning filmmaker Ang Lee's latest film, Life of Pi, his adaptation on the Booker prize-winning novel by Yann Martel of the same title, tells the story of a young man who survives a shipwreck and is caught inside a small lifeboat with a zebra, hyena, orangutan and a Bengal tiger.

Piscine Molitor Patel, also known as Pi, narrates his one-of-a-kind adventure to a writer eager to compose a spellbinding tale. Pi recounts his childhood back in Pondicherry, India, living in a zoo operated by his family.

As a child, Pi experiences being bullied at school because his first name sounds like "pissing". But the bullying never hinders the determined young boy into gaining knowledge and discovering life.

The curious boy soon finds himself engaging in different religions-Hinduism, Catholicism and Islam. His simultaneous observance of different religions puts him in conflict with his family.

As time goes by, Pi's father decides to sell the zoo and move his family to Canada. This news breaks the heart of Pi because this means leaving his hometown and his special relationship with a young lady.
Carried by the Japanese freighter named Tsimtsum, the depressed Pi suffers hardship like his vegetarian family because the kitchen has a scarcity of non-meat food. Little do they know that a bigger challenge awaits them.

After leaving Manila, Tsimtsum sails the Pacific Ocean and faces a tremendous storm. The terrible turbulence wakes Pi from his slumber and upon seeing the situation, he tries to save his family but it's too late.

Pi then finds himself in the middle of the Pacific Ocean carried by a little boat. But he is not alone. Accompanying him are a Zebra with a leg injury, an aggressive hyena, a female orangutan and a stubborn Bengal tiger named Richard Parker.

Over 200 days after the disaster, Pi is found on the shores of Mexico; he's brought to a hospital for treatment. Upon learning that there is a survivor from the sunken Tsimtsum, Japanese officials visit Pi and ask him about the shipwreck. Pi narrates his story but the Japanese officials do not believe him.

Lee, who gave us memorable films as varied as Sense and Sensibility, Crouching Tiger, Hidden Dragon and Brokeback Mountain, has once again come up with a movie unlike any other he has done before.

He effectively puts the audience in the position of Pi, giving viewers the feeling of being marooned in the middle of the ocean carried by a small vessel boarded by animals.

Life of Pi's cinematography and visual effects portray the real drama inflicted by the violent storm on Tsimtsum. It must also be noted that the choreography of the animals, which are moved digitally, produces a very striking spectacle.

The use of magic realism heightens Pi's maroon-exploits.
Indian culture is faithfully and beautifully showcased.

Suraj Sharma's portrayal of Pi, especially in the lifeboat, exhibits both rawness and competence.
Martel's novel is definitely a survival story full of inspiration and perseverance. It gives lessons of faith, hard work and trust.

The film is almost faithful to the book. But what is missing in the film is the unique friendship between Pi and Parker. But the movie successfully immerses the audience to Pi's unique situation.

Wood from Land Feeds Deep Sea Life

Scattered throughout the world's oceans are "wooden cities of life," providing oases for drifting microbes and small animals, a new study has found.

These sunken chunks of wood, along with other organic material like dead whales, may act as stepping stones for a variety of bizarre creatures that also thrive near hydrothermal vents, where super-heated water spews out of the seafloor, said Christina Bienhold, a researcher at Germany's Max Planck Institute for Marine Microbiology.

In a recent study, Bienhold's team placed logs on the bottom of the eastern Mediterranean Sea and found that a wide variety of life sprung up there in the span of only a year, including newfound species of aquatic worms, she told OurAmazingPlanet.

The results of the study, published earlier this month in the online journal PLoS ONE, were especially surprising given that this area is one of the most food-deprived spots in the world's oceans. It thus wouldn't necessarily be expected to harbor a great diversity of life, Bienhold said.
"Nevertheless, a variety of organisms managed to localize, settle, grow and reproduce on our experimental wood deployments," she said.

One of the newly discovered creatures, found by a collaborating scientist, is a species of bloodworm, which feeds on small invertebrates. Another researcher analyzed a different type of marine worm found near the wood, concluding it represented a new species and genus (the taxonomic classification above species). This creature is related to the fireworm, known for its nasty sting.

The most important animals found on the logs were wood-boring mollusks, which showed up in large numbers and began to drill holes and break down the wood, Bienhold said. Her team found that by digesting the wood, these animals produced nutrients that fed a whole different group of organisms, including microbes that typically live near hydrothermal vents, she said.

Hydrothermal vents and cold seeps, where methane and other gases bleed out of the ocean floor, were discovered about 30 years ago, along with a host of bizarre creatures that live in these extreme environments, Bienhold said. Since then, scientists have puzzled over how these animals evolved and travel between these isolated oases.  Scientists had asked, "How can these organisms, which depend on specific energy sources for their symbiotic bacteria, disperse across the vast energy-deprived ocean?" she said.

Craig Smith, a researcher with the University of Hawaii at Manoa, who wasn't involved in this study, has found that dead whale carcasses are used by these so-called "chemoautotrophic" organisms, which survive by breaking down chemicals like sulfide and methane. This study, he said, also suggests that wood falls can harbor some of these same creatures.

While the wood in the study was placed there by scientists, wood naturally finds its way into the ocean as dead trees fall into rivers and are swept out to sea, when storm debris is taken by surging waters and even from shipwrecks.

FIFA extends life bans on 41 players

FIFA has extended the match-fixing sanctions on 41 players in South Korea to worldwide life bans.

The scandal goes back to 2011 when more than 50 players and coaches in the K-League were indicted for accepting money to fix matches. Forty-one players received life bans from the K-League and the Korea Football Association.

A FIFA spokesman told CNN: "The K-League first issued the sanctions, which were then extended by the KFA in summer of 2011 to have national scope, and then subsequently FIFA extended them to have worldwide effect.

"FIFA announced 10 sanctions in June 2012 having received the case files from the KFA, and a further 41 Tuesday. There could still be further cases to follow, but we're not in a position at the moment to make any guess on numbers.

"Of the 51 cases, only one was for betting, whereas all the others were either for giving, or accepting bribes to fix matches.

"Of these 51 cases, 15 went to an appeal and an additional three persons (two players and one coach) committed suicide during the course of the investigations. Some of the 51 people involved have also been the subject of criminal proceedings in Korea, including jail sentences."

FIFA said Wednesday that its disciplinary committee extended the sanctions to have worldwide effect.

FIFA's website explained: "These services include the provision of coaching classes for local football clubs for youth and adult players; involvement in and support of football for those with disabilities; and the support of ongoing and future domestic anti-match-fixing activities.

"Players who are subject to voluntary probation may produce monthly reports on their respective community service activities, accompanied by documentary evidence of their activity (written, photographic or video).

"The reinstatement of the respective player in football after the probation period will only be decided by the Korea Football Association (KFA)."

Fitch Affirms Sun Life Financial Inc.'s Ratings; Outlook Negative

Fitch Ratings has affirmed the ratings of Sun Life Financial Inc. (TSE, NYSE: SLF) including all outstanding issues, as well as the Insurer Financial Strength (IFS) ratings of SLF's primary Canadian insurance subsidiaries at 'AA-'. The Rating Outlook is Negative. The 'A-' IFS ratings of SLF's U.S. life insurance subsidiaries remain on Rating Watch Negative. A complete list of ratings follows at the end of this release.

The Negative Outlook reflects the risk that SLF's earnings will remain volatile and the company may be unable to generate run-rate operating earnings and debt service capacity that is supportive of the current rating level. Fitch would view the completion of the sale of Sun Life Assurance Company of Canada (U.S.) and Sun Life Insurance & Annuity Co. of New York to Delaware Life Holdings, a company owned by shareholders of Guggenheim Partners as a positive for SLF. The U.S. annuity business has historically been a drag on overall earnings since 2008 as well as a significant consumer of capital.

Fitch believes SLF's ability to improve its run-rate operating earnings will depend in part on how the company deploys the proceeds from the sale. Fitch's expectation is that a significant portion will be used to fund acquisitions to grow its U.S. employee benefits business, Asian insurance operations or its investment management business. Currently, SLF's U.S. employee benefits business and Asian operations are not yet significant contributors to overall profitability so well executed acquisitions could improve the company's diversification of earnings. However, Fitch's primary concern is that an ill-timed or poorly executed acquisition would negatively impact operating earnings and debt service coverage.

SLF reported operating net income of CAD1.2 billion in the first nine months of 2012 as the net impact of market factors was minimal. Full year 2011 operating net income was CAD104 million and included a number of one-time charges and the unfavorable impact from declines in equity markets and interest rate levels. While SLF has taken a number of steps to improve profitability including increasing its interest rate hedging and exiting certain lines of business, Fitch believes earnings remain susceptible to continued low interest rates. SLF expects net income for the 2013-2015 period to be reduced by CAD500 million if current interest rate levels persist through the end of 2015.

The affirmation of the ratings reflects SLF's strong capitalization; disciplined investment strategies that have resulted in strong liquidity and solid asset quality; and the company's leading market position in Canada, growth prospects for emerging Asian markets and relatively stable performance in U.S. mutual funds. Offsetting these positives are the company's higher levels of operating debt issued from the parent company than many peers, low debt service capacity and sizable common shareholder dividends.

Financial leverage was 17% at Sept. 31, 2012. Fitch views SLF's debt service capacity on a Canadian IFRS earnings basis, excluding the impact of equity markets and interest rates, of approximately 6 times (x) during the first nine months of 2012 and 3x in 2011 as volatile for the rating level and below historical levels above 9x. However, Fitch believes that under Canadian regulations, SLF has greater flexibility to upstream dividends from operating subsidiaries without regulatory approval than do most U.S. peers.
Fitch believes that SLF is well-capitalized on a risk-adjusted basis, with the minimum continuing capital and surplus requirement (MCCSR) for Sun Life Assurance Company of Canada of 213% at Sept. 30, 2012. The sale of the U.S. annuity business is not expected to have an impact on MCCSR.

The IFS ratings of SLF's U.S. life subsidiaries remain on Rating Watch Negative. Resolution of the Rating Watch will occur following further discussions with management and completion of the sale and will likely result in a downgrade of the IFS ratings by at least one notch. Absent discussions with Guggenheim Partners, the ratings will be withdrawn.

ADT and IDEAL LIFE Partner to Offer Remote Health Management Services to Customers

ADT and IDEAL LIFE today announced that they have entered into a strategic partnership to offer new and existing ADT customers real time health management services. ADT will integrate the IDEAL LIFE health monitoring and information technology into its interactive home management system, ADT Pulse. ADT Pulse currently allows customers to remotely arm and disarm their security systems; access real time video of their premises; receive notifications and alerts; lock and unlock doors; and manage their energy consumption by controlling thermostats, small appliances and lights, all from their smartphones, tablets and computers.

The capability for customers, as well as their caregivers and trusted medical providers, to monitor and track health and wellness in real time will substantially differentiate ADT from other home automation and security providers.

“ADT continues to expand the Pulse ecosystem to provide more value to its customers, and remote health management services are a natural extension to the life safety and lifestyle capabilities of ADT Pulse,” said Don Boerema, ADT’s chief corporate development officer. “IDEAL LIFE’s solutions empower consumers by educating them on the status of their conditions as well as the advantages of prevention. We look forward to working with their team to offer these valuable new services to our customers.”

“IDEAL LIFE expands and connects the care continuum by giving medical professionals the tools to more effectively manage consumers’ health,” said Jason Goldberg, President of IDEAL LIFE. “Connected home devices are revolutionizing the way we deliver healthcare, and ADT is at the forefront of this trend with their integrated smart home technology. Through this strategic partnership, we can significantly expand access to critical healthcare information. This is a great opportunity for both companies to help save more lives.”

Auto-Owners Life Insurance Company Selects Wynsure as Its End-to-End Solution for Life Insurance and Annuities

Auto-Owners Life Insurance Company (Auto-Owners Life) has chosen MphasiS-Wyde's Wynsure software as its end-to-end system for its life policy issuance and administration, billing, claims and reinsurance.
Auto-Owners Life, a subsidiary of Auto-Owners Insurance Company in Lansing, Michigan, will implement Wynsure for life, health and disability insurance, and annuities. MphasiS-Wyde, a leading IT services provider headquartered near Minneapolis, was chosen over several other competing vendors.

Bob Buchanan, Senior Vice President, Information Systems & Technology, and CIO at Auto-Owners Insurance Company, said that a cross-functional business and IT team carried out a comprehensive evaluation and determined that Wynsure was the best overall solution that will help us achieve our objectives.
"Wynsure will help us increase speed to market, letting us implement new products and enhancements faster without conventional programming," he said. "The Wynsure platform will also help us boost automation and process efficiencies to enhance responsiveness for our independent agents and policyholders."

"Auto-Owners Insurance is one of America's largest and most respected insurers, and we're looking forward to partnering with them," said Larry Erb, CEO of MphasiS-Wyde-Americas. "Wynsure's rules-based architecture lets insurers easily customize their products without relying on the vendor or IT staff, so the product is especially well suited for this growing life insurer."

Auto-Owners Life Insurance Company Selects Wynsure as Its End-to-End Solution for Life Insurance and Annuities

Auto-Owners Life Insurance Company (Auto-Owners Life) has chosen MphasiS-Wyde's Wynsure software as its end-to-end system for its life policy issuance and administration, billing, claims and reinsurance.
Auto-Owners Life, a subsidiary of Auto-Owners Insurance Company in Lansing, Michigan, will implement Wynsure for life, health and disability insurance, and annuities. MphasiS-Wyde, a leading IT services provider headquartered near Minneapolis, was chosen over several other competing vendors.

Bob Buchanan, Senior Vice President, Information Systems & Technology, and CIO at Auto-Owners Insurance Company, said that a cross-functional business and IT team carried out a comprehensive evaluation and determined that Wynsure was the best overall solution that will help us achieve our objectives.
"Wynsure will help us increase speed to market, letting us implement new products and enhancements faster without conventional programming," he said. "The Wynsure platform will also help us boost automation and process efficiencies to enhance responsiveness for our independent agents and policyholders."

"Auto-Owners Insurance is one of America's largest and most respected insurers, and we're looking forward to partnering with them," said Larry Erb, CEO of MphasiS-Wyde-Americas. "Wynsure's rules-based architecture lets insurers easily customize their products without relying on the vendor or IT staff, so the product is especially well suited for this growing life insurer."

The Guardian Life Insurance Company of America Acquires Reed Group

The Guardian Life Insurance Company of America (“Guardian”), one of the nation’s largest mutual life insurers and a leading provider of employee benefits, today announced that it has acquired Westminster, Colorado-based Reed Group, a recognized leader in absence management services that help employers comply with federal and state regulation and get employees back to work quickly and safely.

Reed Group will operate as an independent, wholly owned subsidiary of Guardian, retain its name and continue to serve all of its customers as it does today. Specifically, Reed Group helps its customers reduce the cost, compliance risk and complexity of employee absences. Its products and services address FMLA, ADA, state leaves, company leave plans, and short- and long-term disability programs.

This acquisition expands Guardian’s disability and absence management portfolio, further demonstrating the company’s commitment to innovative employee benefit solutions and meeting the needs of employers.

Commenting on the transaction, Deanna Mulligan, President and Chief Executive Officer of Guardian said, “Reed Group is well recognized and respected in the marketplace with a proven track record of ensuring workplace productivity and compliance for customers. We look forward to helping ensure their continued success in the markets they serve and working with them to seek out new opportunities.”

David Roberts, Chief Executive Officer of Reed Group, added, “We are excited to have our long-term home as part of Guardian. We share their commitment to providing excellent absence management services to employers and employees. All of our customers can expect a continued high level of service from Reed Group and, backed by the strength of a Fortune 500 company, we will take advantage of new opportunities.”

Reed Group will continue to operate, and invest in, its current three divisions: Reed Group Services to help manage and administer claims and absences; LeaveProTM, a software solution that helps employers manage absences; and MDGuidelinesTM, a web-based return-to-work toolkit.

Terms of the transaction were not disclosed. Cain Brothers & Company, LLC served as exclusive financial advisor to Reed Group on the transaction. DLA Piper served as legal counsel to Reed Group.

Life of Pi, Lincoln among Writers Guild Award nominees

Life of Pi, based on a novel by Canada’s Yann Martel, and Lincoln, based in part on the book Team of Rivals, have earned nominations for best adapted screenplay from the Writers Guild of America.

In the adapted screenplay category, Life of Pi and Lincoln are competing against Silver Linings Playbook, The Perks of Being a Wallflower and Argo, about the Canadian embassy operation that helped six Americans escape from Iran during the 1980 hostage crisis.

In the original screenplay category, there were nominations announced Friday for sci-fi story Looper, Moonrise Kingdom, Zero Dark Thirty and The Master, which was overlooked at the Producers’ Guild Award nominations revealed Thursday.

Screenwriter David Magee bags the nomination for Life of Pi, about a boy adrift in a lifeboat with a Bengal tiger, based on Martel’s Booker Prize-winning novel.

Tony Kushner, who won a WGA award in 2005 for an adaptation of his own play Angels in America, is the writer for Lincoln, one of several frontrunners for Oscar nominations next week. He based his script in part on the non-fiction book Team of Rivals: The Political Genius of Abraham Lincoln by Doris Kearns Goodwin.

Argo, with a screenplay by Chris Terrio, was based on a selection from The Master of Disguise by Antonio J. Mendez and the Wired Magazine article “The Great Escape” by Joshuah Bearman.

But the film came under heavy criticism in Canada for downplaying the role of Ken Taylor, the Canadian ambassador who stickhandled the rescue, instead focusing on the story of one CIA agent.

The WGA Awards are to be handed out during simultaneous ceremonies in New York and Los Angeles on Feb. 17. They are one of a clutch of industry honours that pave the way for the Oscars.

Ben C. Askew, Ph.D. Joins SciFluor Life Sciences as Vice President, Research

SciFluor Life Sciences, a drug discovery and development company harnessing the transformational power of fluorine to accelerate the development of innovative new therapeutics, announced that Ben C. Askew, Ph.D., has joined the company as vice president, research. In this newly created position, Dr. Askew will oversee the development and expansion of the company’s pipeline of Fluoropeutics™ – a proprietary portfolio of new chemical entities (NCEs) consisting of fluorinated versions of small molecule drugs with substantial human clinical or post-marketing experience.

“We are very excited to welcome Ben to SciFluor, and to add his extensive pharmaceutical industry experience and scientific knowledge to our management team,” said Arthur Hiller, chief executive officer of SciFluor Life Sciences. “His proven background in drug discovery and development – including successfully bringing multiple drugs to market and leading multi-national discovery and development partnerships – will expand our base of expertise at SciFluor and be a tremendous asset to the company as we advance our portfolio of novel fluorine-enabled drug candidates across a wide range of therapeutic areas.”

Dr. Askew joins SciFluor with more than 20 years of experience in senior research positions in the biotechnology and pharmaceutical industries, where he specialized in building high functioning medicinal chemistry organizations, defining early IP and long-term R&D strategy, and leading NCE discovery programs. Most recently, Dr. Askew served as entrepreneur-in-residence for Third Rock Ventures, a venture capital firm focused on building life sciences companies, where he provided strategic input and scientific leadership for several of Third Rock’s portfolio companies, including Blueprint Medicines and Sage Therapeutics. Prior to that role, Dr. Askew served as vice president of research, global head of NCE Technologies for EMD Serono, the biopharmaceutical division of Merck KGaA in Darmstadt, Germany and held positions of increasing responsibility at Merck & Co. and Amgen, where he played a key role in building the company’s Small Molecule Research Organization. He holds a B.A. from Gannon University and a Ph.D. in organic chemistry from the University of Pittsburgh.

“I am excited to be a part of the SciFluor team and to play an integral role in the growth of this company and its innovative R&D programs,” said Dr. Askew. “As a passionate drug hunter, I was attracted to SciFluor because of the inherent opportunities within their portfolio of proprietary, fluorine-enhanced NCEs and the potential to make an impact on not just one, but a variety of therapeutic areas, including cardiovascular disease, central nervous system disorders and infectious disease. With a rapidly growing pipeline, the SciFluor team has achieved great progress in a short amount of time, and I look forward to continuing to advance these efforts to deliver high quality clinical candidates in critical areas that will make meaningful differences in patients’ lives.”

Ben C. Askew, Ph.D. Joins SciFluor Life Sciences as Vice President, Research

SciFluor Life Sciences, a drug discovery and development company harnessing the transformational power of fluorine to accelerate the development of innovative new therapeutics, announced that Ben C. Askew, Ph.D., has joined the company as vice president, research. In this newly created position, Dr. Askew will oversee the development and expansion of the company’s pipeline of Fluoropeutics™ – a proprietary portfolio of new chemical entities (NCEs) consisting of fluorinated versions of small molecule drugs with substantial human clinical or post-marketing experience.

“We are very excited to welcome Ben to SciFluor, and to add his extensive pharmaceutical industry experience and scientific knowledge to our management team,” said Arthur Hiller, chief executive officer of SciFluor Life Sciences. “His proven background in drug discovery and development – including successfully bringing multiple drugs to market and leading multi-national discovery and development partnerships – will expand our base of expertise at SciFluor and be a tremendous asset to the company as we advance our portfolio of novel fluorine-enabled drug candidates across a wide range of therapeutic areas.”

Dr. Askew joins SciFluor with more than 20 years of experience in senior research positions in the biotechnology and pharmaceutical industries, where he specialized in building high functioning medicinal chemistry organizations, defining early IP and long-term R&D strategy, and leading NCE discovery programs. Most recently, Dr. Askew served as entrepreneur-in-residence for Third Rock Ventures, a venture capital firm focused on building life sciences companies, where he provided strategic input and scientific leadership for several of Third Rock’s portfolio companies, including Blueprint Medicines and Sage Therapeutics. Prior to that role, Dr. Askew served as vice president of research, global head of NCE Technologies for EMD Serono, the biopharmaceutical division of Merck KGaA in Darmstadt, Germany and held positions of increasing responsibility at Merck & Co. and Amgen, where he played a key role in building the company’s Small Molecule Research Organization. He holds a B.A. from Gannon University and a Ph.D. in organic chemistry from the University of Pittsburgh.

“I am excited to be a part of the SciFluor team and to play an integral role in the growth of this company and its innovative R&D programs,” said Dr. Askew. “As a passionate drug hunter, I was attracted to SciFluor because of the inherent opportunities within their portfolio of proprietary, fluorine-enhanced NCEs and the potential to make an impact on not just one, but a variety of therapeutic areas, including cardiovascular disease, central nervous system disorders and infectious disease. With a rapidly growing pipeline, the SciFluor team has achieved great progress in a short amount of time, and I look forward to continuing to advance these efforts to deliver high quality clinical candidates in critical areas that will make meaningful differences in patients’ lives.”