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LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending news, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love.

In helping home owners stay on top of mortgage trends, LoanLove has presented a new article highlighting the recent changes made to Home Equity Conversion Mortgages, also known as “reverse mortgages”. These reverse mortgage updated guidelines will allow senior home owners to resolve many of the problems they might have otherwise had to deal with when applying for reverse mortgages.

The Loan Love article says: “For most people, the only way to make use of the equity you’ve built up in your home is by selling or refinancing and pulling equity out at closing. A reverse mortgage (you may know it by its more formal name – Home Equity Conversion Mortgage or HECM) lets people who are at least 62 years old access that equity using an entirely different approach: Homeowners can take money out of their homes without having to make any monthly payments. What’s more, the homeowner keeps the title to their home for the entire time they’re living in it.”

However, these reverse mortgages have been risky for senior homeowners in the past, primarily because they can be quite complicated and older homeowners may not fully grasp the consequences of taking on a reverse mortgage. Also, because the process is complex, there has been worry that many senior homeowners were being taken advantage of by lenders whose business practices are not above board, or simply misled due their lender also being misinformed of what the best option would be for the homeowner. These pitfalls have put a damper on an otherwise very beneficial mortgage program for older homeowners. The new reverse mortgage updates help to safeguard against these problems and protect both the senior homeowners and the lenders that hold their loans.

The new guidelines would accomplish this by first requiring that borrowers have a financial assessment before being approved for the loan. This will determine which HECM (Home Equity Conversion Mortgage) products, if any, would best fit the homeowners’ needs. The Loan Love article says: “This protects consumers from unscrupulous or unknowledgeable lenders who may promote loans that don’t meet the homeowner’s needs, and it also protects lenders by making sure the loans they write satisfy their lending requirements.”

Also, if necessary, the new laws would require an escrow account be established in order to prevent defaults; this would protect lenders from losing their investments if they homeowner falls behind in their insurance or tax payments. The law would also limit the amount that the homeowner can take out when initially approved for the loan. Finally the new law prohibits any change to the reverse mortgage rules that are not designed to improve the financial safety and reliability of the program.

These new rules will help reverse mortgages to be a safer, more attractive option for senior homeowners. To learn more about the new guidelines, please visit LoanLove.com for the full article.

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Meadowbrook Insurance Group, Inc. announced that it has obtained a waiver from members of the lending group under its bank credit facility (the “Facility”) on certain defaulted loan covenants.

As reported previously, the Company was in default on two of its financial covenants under the Facility as of June 30, 2013, including its net worth covenant. The defaults were triggered by an after-tax non-cash goodwill impairment of $101.5 million the Company recorded in the second quarter, which directly impacted the Company’s book value.

Karen M. Spaun, the Company’s Chief Financial Officer, stated: “We are continuing to work with our bank group to negotiate an amendment to the credit facility to adjust the financial covenants. Absent the non-cash goodwill impairment, we would have been in compliance with all of our financial covenants.”

The waiver is effective until September 20, 2013, and includes specific authorization for the Company to pay its scheduled common stock dividend on Monday, August 26, 2013. The Company is progressing in its discussions with its lenders to re-set the covenants to reflect the impact of the goodwill charge. The Company expects to execute and announce an amendment to its Facility in the coming weeks.

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The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan Limited (CPP) and 13 high street banks and credit card issuers that will pave the way for redress to be paid to customers who were mis-sold CPP’s Card Protection and Identity Protection policies.

Seven million customers, who between them bought and renewed about 23 million policies, will soon receive a letter from CPP giving more information on the process. The redress bill could be up to £1.3bn with redress per customer depending on the type of policy (or policies) owned and the length of time it was held.

The FCA’s primary concern throughout its work on CPP has been to ensure customers get a fair deal. To that end the banks and credit card issuers have, subject to the approval of the High Court, agreed to establish a ‘Scheme of Arrangement’. The Scheme provides a simple process for customers who were mis-sold to make a claim for redress. As claims are made the firms will pay money into the Scheme to meet their outgoing redress payments.

The insurance products, ‘Card Protection’, which cost approximately £30 per year and ‘Identity Protection’, which cost approximately £80 per year were widely mis-sold by CPP, resulting in a £10.5m fine in November 2012. Customers were given misleading and unclear information about the policies so that they bought cover that either was not needed, or to cover risks that had been greatly exaggerated. As well as CPP selling directly to customers, high street banks and credit card issuers introduced millions of customers to CPP.

CPP and the following high street banks and credit card issuers have voluntarily agreed to be part of the Scheme and will provide the money needed to pay redress:

• Bank of Scotland Plc (part of Lloyds Banking Group)

• Barclays Bank Plc

• Canada Square Operations Limited (formerly Egg Banking Plc)

• Capital One (Europe) Plc

• Clydesdale Bank Plc (part of National Australia Group Europe)

• Home Retail Group Insurance Services Limited

• HSBC Bank Plc

• MBNA Limited

• Morgan Stanley Bank International Limited

• Nationwide Building Society

• Santander UK Plc

• The Royal Bank of Scotland Plc

• Tesco Personal Finance Plc

The involvement of the banks and credit card issuers reflects the fact that they introduced customers to CPP’s products and so must share responsibility for putting things right.

The refinancing arrangements recently secured by CPP were critical for the Scheme to be able to go ahead.

However, while an agreement has been reached with all the parties, the Scheme must first be voted on by customers (who are the Scheme’s creditors) and approved by the High Court before redress can be paid. Of the customers who vote, a majority will need to vote in favour of the Scheme for this to happen.

This means redress itself is not expected to be paid out until Spring 2014. The time between now and then will be spent seeking Court approval of the Scheme and ensuring CPP customers’ voices are heard.

Martin Wheatley, chief executive of the FCA, commented:

“We have been encouraged that, working closely with the FCA and despite their different business needs, a large number of firms have voluntarily come together to create a redress scheme that will provide a fair outcome for customers. This kind of collaborative and responsible approach is a good example of how firms are taking more responsibility and helping – step by step – to rebuild trust.

“We believe this will be a good outcome for customers who may have been mis-sold the card and identity protection policies. Subject to CPP’s customers approving the scheme, these policy holders will be able to claim a full refund of premiums with interest.

“Doing it this way means customers will get redress via a simple and standardised process, so we are encouraging customers to approve the Scheme when they receive their voting letters in the Autumn.

“To try and ensure that as many people as possible hear about the arrangements and that nobody misses out on redress, CPP, the banks and the credit card issuers have agreed to pay for a series of adverts in the national newspapers.”

Key information for CPP customers:

· Any affected customer will be contacted by CPP from 29 August 2013 onwards. The letters will explain in more detail how the Scheme works and what people can do next. The subsequent letter in the Autumn will also include an invitation to vote on whether the customer is in favour of the Scheme.

· If the Scheme is approved by voters, even those who voted against it will still be able to submit a claim for compensation.
If the Scheme is approved, all customers need to do is complete a simple claim form. They do not need to use a claims management company to help them claim redress.

· The Scheme is open to:

o all customers who bought or renewed the Card Protection product since 14 January 2005 (when the FCA began regulating the sale of general insurance products) from CPP, a bank or a card issuer who are participating in the Scheme; and

o customers who bought or renewed Identity Protection from CPP since 14 January 2005 by telephone.

· If customers are due compensation they will be entitled to the amount they have paid for their policy since 14 January 2005, less any money paid out by the policy, plus 8% interest on the amount owed.

· Should a customer make a claim their policy will be cancelled – even if their claim is rejected.

· Some customers will value the product and find some of the features useful, so they should think carefully about whether they want to keep the product before they make a claim.

· Any complaints referred to the Financial Ombudsman Service will be considered in line with the terms of the Scheme. More information can be found at www.cppredressscheme.co.uk or by calling 08000 83 43 93. The website and telephone helpline will be available from 28 August 2013.

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Gross written premiums in the UK’s life insurance category fell by 57% between 2007 and 2012. Despite regaining momentum in 2012, a strong return to growth is not expected over the forecast period according to a new report by Timetric.

The value of gross written premiums in the category declined from GBP56.5 billion in 2007 to GBP24.2 billion in 2012. The category represents the majority of life insurance contracts in the UK, accounting for 90.8% of the total gross written premiums. Continued macroeconomic uncertainty is likely to constrain growth in the category and life insurers will face competition from the banking and wealth management sector offering savings and investment alternatives.

The UK life insurance category is forecast to grow by an average of 3.5% over the next five years. Despite adverse factors, this expansion will be underpinned by the country’s strengthening economy, aging population and renewed consumer confidence. Unit-linked investments are expected to dominate the segment. Life insurance penetration represents 1.6% of the country’s GDP, and has remained significantly below its pre-crisis levels. Life insurance density also fell sharply, totaling a value of GBP384.1 in 2012.

Evolution of distribution channels
Insurance brokers are the main channel for distribution of life insurance products in the UK. However, independent financial advisers (IFAs) are expected to face increased pressure since the Retail Distribution Review (RDR) was introduced. RDR implies that advisors can no longer take commission on sales of retail investment products, including life insurance policies, and instead, will have to charge their clients directly. The role of low-cost channels in securing new business will grow significantly over the forecast period, with e-commerce and direct marketing expected to further dominate the distribution of guaranteed acceptance plans.

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A new Wise Insurance Quotes survey shows that almost three quarters of all drivers admit to being in a car accident.

Almost three out of four drivers admit to being in a car accident some time during their time behind the wheel, according to a just released WiseInsuranceQuotes.com survey.

Insurance companies blame poor driving for higher car insurance rates, and judging from the new survey carriers have good reason for concern. Some 71% of respondents said they had been in an auto accident.

High accident rates, especially in many urban areas across the U.S. have caused car insurance premiums to rise substantially in some cases by as much as 125% in just over a year. Rising insurance rates have triggered a massive movement by consumers to search for lower car insurance quotes online.

Studies show that the majority of drivers over-pay for car insurance, and are able to reduce their premiums shopping for better rates online. Wise Insurance Quotes provides an interactive panel to quickly shop for lower car insurance quotes from hundreds of insurance carriers across the U.S. online.

Wise Insurance Quotes is an independent news website that is set apart from the industry, offering insurance news to help consumers make better decisions on car insurance, homeowners coverage, life and even renters insurance to save money. The website is owned by a small company that is not part of the insurance industry and has no conflict of interest, enabling consumers to search and compare insurance coverage, insurance quotes and check out all the competition before even contacting an insurance agent.

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Motorists are being warned about a dangerous new tactic being employed by criminals running ‘crash for cash’ fraud rings.

Flashing headlights to entice innocent drivers into the path of a deliberate collision at junctions or whilst exiting fuel stations has emerged as a worrying trend since the turn of the year.

As Police, insurers and authorities clamp down on the traditional modus operandi of roundabout rear-end accidents, automotive anti-fraud investigation specialist, APU, has identified the new, more complex, method.

Dubbed ‘flash for crash’ by APU’s unique team of former-Police officers and forensic data investigators, the new tactic makes it harder for an innocent party to prove fault in the event of a legal dispute.

Some 380 false insurance claims are made daily, costing the motor industry £1.7m a year and pushing up insurance premiums.

“It is yet another example of how criminal gangs are becoming more sophisticated and attempting to stay one step ahead of suspicion,” says Neil Thomas, APU’s Director of Investigative Services and former Detective Inspector of West Midlands Police.

“The adoption of flashing headlights and beckoning the driver results in a ‘your word against mine’ situation when it comes to apportioning blame. By appearing to offer the right of way, the criminal simply continues his journey into a collision, holding the victim at fault for turning across him which, of course, cannot be denied under law.”

In the more traditional rear-end shunt, criminals deliberately cause accidents by braking sharply in front of victims for no reason. They often also remove brake lights in order to reduce the victim’s reaction time.

The latest tactic sees cars lying in wait for victims to exit from shops, car parks or fuel stations. The fraudster flashes their headlights, offering the victim a right of way to join a main road, but then speeds up to ensure their car is hit side-on.

The Insurance Fraud Bureau is currently investigating 49 rings, responsible for around £66m in false claims. In the five years since its inception, APU has been instrumental in the successful conclusion of some of the biggest motor fraud cases ever prosecuted in the UK, including the sentencing of fraudster Masi Naqshbandi, who was jailed for seven years and three months for staging 260 fake accidents over a 15-month period, netting around £6.5 million in false insurance claims.

Thomas said that, while motorists should be vigilant for any suspicious activity on the road, they should, at all times, maintain their concentration on the basic rules of safe driving.

APU is uniquely staffed by former Police officers and forensic data analysts who marry innovative technology and real-world police processes to identify fraudulent activity, protect insurer liability and help reduce insurance premiums.

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A common question from employers is “Can I reimburse employees for the cost of their personal policy premiums?” Yes. By using an IRS-approved HRA, employers can provide tax free reimbursement to employees for their personal premium policies in a compliant way.reimbursement employee health insurance

From a regulatory standpoint, this is allowed because the HRA itself is the “Plan,” not the healthcare items purchased with the HRA. Let’s look at this further.
The HRA is the Plan

The HRA is considered the plan, not the personal premiums purchased with HRA funds.

HRAs are qualified ERISA- and HIPAA-compliant group health benefits plans. As such, employees in the same HRA class must receive the same HRA allowances.

However, the medical items (including personal health policy premiums) that each employee chooses, are not considered part of the qualified group health benefits plan.

For this reason, HRAs are allowed in every state to reimburse employees tax-free for their personal policy premiums (or other out-of-pocket medical expenses), even though employees typically pay different amounts for personal policy premiums and medical purchases.
HRAs Allowed for Employee Reimbursement of Personal Premium Policies

Employers are allowed to use HRAs to reimburse employees tax-free for personal health insurance premiums, similar to the way employers contribute on a tax-free basis to group premiums.

The U.S. Treasury and State have published numerous publications over the years confirming how employers can use HRAs for tax-free reimbursement of the premiums paid for personal premium policies. For example, see “Insurance Premiums” in IRS Publication 502, the HRA section in IRS Publication 969, and IRS Notice 2002-45 (HRAs).

By using an HRA provider, employers can stay 100% compliant with HIPAA and ERISA regulations that govern the distribution of personal health insurance policies at the workplace. These regulations basically restrict employer involvement with the sale or administration of employee’s personal health policies. HRAs allow an employer to provide reimbursement for their personal policy premiums in a compliant way.

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Property and Casualty as well as the Life and Health segments contributed to the very solid growth. Total revenues increase 4.9 percent to 3.8 billion euros, from 3.7 billion euros compared to the same time last year. Operating profit booked a 34 percent rise to 289 million euros from 215 million euros over the period.

Commenting on this performance Manuel Bauer, member of the Board of Management of Allianz SE, responsible for Insurance Growth Markets said: “The consistently good results reflect a combined impact of our global strength and local expertise. Our employees have demonstrated dedication and commitment to keeping our customers’ needs paramount. The strong performance for the past six months was built upon the results we achieved last year. We continued to witness growth in our core markets and are growing profitably and sustainably in the region.”

“Half way through 2013, the economic climate remains challenging. We have been agile to respond quickly to the dynamic environment so that we can deliver sustainable results for the long-term benefit of all stakeholders,” Manuel Bauer added.

Property and Casualty develops strongly

The Property and Casualty business achieved strong growth. The segment recorded an increase in gross premiums written of 9 percent to 703 million euros, and operating profit improved to 82 million euros.

Allianz in Malaysia maintained its position as market leader, collecting 251 million euros in premiums, an increase of 19 percent compared to the same time last year. Its operating profit climbed by 23 percent to 36 million euros.

India is the largest property and casualty market for Allianz in Asia. For the first six months in 2013, operating profit in India rose to 42 million euros due to an improved underwriting result, especially with the dismantling of the Indian Motor Third Party Insurance pool, and favorable investment income.

“Pursuing growth in personal lines with a focus on motor business proved to be a successful strategy for us. We will accelerate the distribution growth in focus markets including Indonesia, Thailand and China. Meanwhile, ourflagship operations in Malaysia and India serve as centers of competence,” commented Rangam Bir, Regional General Manager of Allianz Asia-Pacific.

Life and Health insurance delivers a solid result

Despite strong competition and persistent lowinterest rates, Allianz life business in Asia delivered a solid half year result. Total premiums rose 7 percent to 3,128 million euros from 2,983 million euros at the end of June 2012. Operating profit remained stable at 207 million euros.“Our key to success is to balance profitability and risk while maintaining market position,” commented Rangam Bir.

South East Asiamarkets continued to be a major contributor to Allianz Asia business. Operating profit in Indonesia surged 55 percent to 38 million euros due to a successful product mix and higher investment income. Malaysia also showed a strong performance, with operating profit surging 23 percent to 10 million euros. In Thailand statutory premiums were up 12 percent and amounted to 289 million euros while operating profit was up 8 percent to 41 million euros. A similar positive development was also seen in other markets including Taiwan and China.

Allianz achieved robust growth in Taiwan, as statutory premiums increased by 102 percent to 1,006 million euros. This growth was largely contributed to by strong sales momentum across bancassurance, agency and broker channels and a successful start to Allianz’s partnership with HSBC bank in Taiwan.

In China statutory premiums surged 60 percent to 147 million euros due to strong performance from the bancassurance channel and an increased demand for unit-linked and annuity products.

Operating profit in India rose 18 percent to 105 million euros while statutory premiums decreased by 12 percent to 482 million euros mainly due to adverse market conditions for unit-linked products and uncertainty in local regulations.

Exclusive bancassurance partnership with HSBC in Asia launched

Strengthening the distribution network is one of Allianz’s strategic priorities. Last year, Allianz signed a new 10-year exclusive bancassurance partnership with HSBC in Asia which was successfully launched on January 1, 2013. Rangam Bir commented on the partnership: “We will continue to innovate and expand the product range in accordance to HSBC’s customers’ needs.”

Despite the disparity among economies in Asia and the uncertain global economic outlook, Allianz sees the strategic importance of the Asia region.

Manuel Bauer added: “We see further profitable growth potential in Asia. This is based on increasing wealth, rapidly aging populations and the widening gap in old-age provision. In addition to this, the insurance penetration remains low in the region. We are strongly positioned to capture these opportunities. Allianz has already established a competitive footprint in Asia. To meet customer needs, we will continue to invest in our product offerings, and expand channel capacity.”

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The National Oceanic and Atmospheric Administration (NOAA) believes the 2013 hurricane season will be a busy one. Fortunately, insurers have the resources to cover the damages this year’s windstorms may cause to their policyholders, according to the Insurance Information Institute (I.I.I.).

Wind damage from both tropical storms and hurricanes is covered under standard homeowners, renters and business insurance policies. Flood damage resulting from storm surge caused by hurricanes is excluded under standard property insurance policies; flood coverage is available, however, from FEMA’s National Flood Insurance Program (NFIP) and a few private insurance companies.

Damage to cars from hurricanes is covered under the optional comprehensive portion of an auto insurance policy. This includes wind damage, flooding and even falling objects, such as tree limbs.

“The insurance industry is, and will remain, extremely well capitalized and financially prepared to pay the claims that may arise out of significant natural disasters in 2013, and beyond,” said Dr. Robert Hartwig, president of the I.I.I. and an economist, referring to U.S. auto, home and business insurers.

Dr. Hartwig noted that the industry’s claims paying capital stood at a record $608 billion at the start of the second quarter of 2013.

“The growth in the industry’s capital base occurred despite the fact that insurers paid out nearly $70 billion in catastrophe-caused claims over the prior two years. Indeed, in both 2011 and 2012, catastrophe-caused claims were more than 40 percent higher than the $23.9 billion annual average over the past decade,” Dr. Hartwig stated. “The fact that the industry was able to meet its financial obligations after Sandy, and enter 2013 in such a strong financial position, is continued evidence of the property/casualty (P/C) insurance industry’s remarkable resilience in the face of extreme adversity.”

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The industry hit an all-time high of US$13.5 billion in total premiums and US$82.8 billion in total assets as at 30 June 2013.

These figures are up 52 per cent and 5 per cent respectively over the same period in 2012, which had been considered a banner year for growth in the industry.

The Cayman Islands Monetary Authority reported that it oversees 750 class B, C and D companies as at 30 June 2013, with 412 of those pure captives and 134 as segregated portfolio companies.

Figures from CIMA show there were 543 class B, C and D companies in the Cayman Islands in 2001. The number has risen steadily over the past decade and reached a peak of 780 in 2009.

There are slightly fewer now, the press release put the figure at 750. But those companies are doing more business than ever.

Rob Leadbetter, chairman of the Insurance Managers Association of Cayman said, “2012 was considered a year of phenomenal growth for Cayman captives with 20 new licences granted in the first two quarters (53 for the whole year), and over the same period this year, we have attracted 24 new captives.

“This is very encouraging and demonstrates the fact that Cayman continues to attract solid business because of its high level of transparency and regard for international regulatory initiatives and its history of integrity.”

The majority of these captives are from North America-based companies, with 34 per cent of them relating to medical malpractice and 21 per cent covering workers’ compensation.

The Cayman Islands recently signed a tax information exchange agreement with Brazil, which the association believes will provide a gateway to new markets and the opportunity to the continued explosive growth in that region.

Representatives from Cayman Finance welcomed the statistics last week.

“Given 2012 was widely considered very successful for the captive insurance industry, we are particularly pleased to see the 2013 year-to-date growth rates exceeding the 2012 numbers,” said Gonzalo Jalles, CEO of Cayman Finance.

Mr. Jalles said the success of the captive industry demonstrated Cayman’s unique strength as an offshore jurisdiction, which holds leadership positions across several industry areas simultaneously.

“It goes to show the Cayman Islands continues to be a strong financial services centre with both breadth and depth, as our captive insurance industry remains one of the global leaders. Cayman Finance commends the industry professionals and government stakeholders behind this success as it establishes very clearly our commitment to first-class client service and balanced regulation is working,” he added.

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The Cigna Global product suite, which is targeted to expatriates and globally mobile individuals, has been expanded to create a new three-level international health insurance plan. Customers can now benefit from a wider range of plans and customize their cover around their specific healthcare needs and budget.

The new healthcare plans – which include Silver, Gold and Platinum cover levels – give customers more flexibility with modular cover options and a choice of cost share and deductible levels. The customer starts out with core International Medical Insurance, which provides cover for all inpatient, specialist and accommodation costs, as well as cover for cancer and psychiatric care. They then choose what is important to them, and add on additional module options which include Outpatient, Health & Wellbeing, Medical Evacuation and Vision & Dental options.

Phil Austin, Head of Global Individual Private Medical Insurance said: “The new plans have been developed in response to customer and broker demand for a wider range of products which span across different market segments. The new plans give us the ability to provide products which suit a greater footprint of customers, and with the added flexibility of teaming a modular approach with deductible and cost share options, it has become really easy for customers to build a plan which is matched to the their unique needs”.

The plans were developed after a period of customer and market research which identified a gap in the market for an affordable, high quality, high service healthcare plan. Austin added: “Our customers appreciated our existing high-service Global Health Options plan which performed well at the upper-end of the market. We identified an acute need for additional quality, affordable plans in the middle-market: for those individuals who are moving abroad but are paying for their plan themselves and want to contain costs but maintain high service levels. The new plans are about giving customers much more choice, so they can get all the cover they need without having to pay for cover they don’t need. After all, if you know you won’t need maternity care, why should you pay for a plan which includes it?”

Key features of the new plans:

Choice of Silver, Gold or Platinum options
International Medical Insurance core cover as standard, covering inpatient hospital stays, specialist consultants, cancer care etc., and also maternity care on Platinum and Gold plans
Flexibility to build a unique plan with a range of additional optional modules, including Outpatient cover; Medical Evacuation; Health & Wellbeing; and Vision & Dental cover
Manage premiums with deductible and cost share options on core and Outpatient
Comprehensive cancer care as standard
No maximum age restrictions
Guaranteed renewability

The plans bring a high-service proposition to the mid-market. Customers get access to service levels usually only available on higher-end plans, including:

Access to a team of professionals to help navigate the complexities of international health insurance 24/7/365
A global network of over 1 million hospitals, physicians, clinics and health specialists located around the world
Direct claims settlement with providers in most cases, or reimbursement within 5 days

About Cigna Global Health Options
Cigna is a global health service company dedicated to helping people improve their health, well-being and sense of security. As an operating subsidiary, Cigna Global Health Options provides global international health care plans designed for customers who want the flexibility of having easy access to high quality health care around the world.

International Medical Insurance
International Outpatient
International Health and Well-being
International Vision and Dental
International Medical Evacuation

Read more: http://www.digitaljournal.com/pr/1399145#ixzz2bDhWmJuv

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Argos car insurance is underwritten by Hastings Insurance Services and offers policyholders the option of additional extras such as a courtesy car on comprehensive policies, cover for in car entertainment and up to 65% no claims discount.

Adding the Argos product to Tiger.co.uk’s panel of insurance providers offers more choice to drivers who are searching for cheaper car insurance quotes. The Tiger.co.uk panel now features over 100 car insurance brands and well over 160 motor insurance brands in total across bike, van and car insurance.

Andrew Goulborn, Commercial Director of Tiger.co.uk, commented: “We are extremely pleased to be able to feature another excellent car insurance brand on our website, especially a high street name like Argos which is known for good value. We will continue to add strong insurance brands to the panel – in this tough economic climate it is important for motorists to shop around and compare as many car insurance prices as possible when approaching their renewal date.”

Read more: http://www.digitaljournal.com/pr/1397428#ixzz2bDgRPdl1

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Although the majority of homeowners purchase insurance for their home, when it comes to renters, only 65 percent have renters insurance, according to a poll conducted for the Insurance Information Institute (I.I.I.).

The number of renters is steadily increasing. According to an April 2013 U.S. Census Report, the share of housing occupied by renters rose to 35.4 percent in 2013—up from 34.1 percent in 2009. And in some of the country’s largest cities, renters significantly outnumber homeowners. In New York City, 69 percent of households rent their homes, followed by Los Angeles (61.8 percent), Chicago (55.1 percent) and Houston (54.6 percent).

“One of the biggest insurance problems after Sandy was the large number of renters who did not have coverage for their homes,” pointed out Jeanne M. Salvatore, the I.I.I.’s consumer spokesperson and senior vice president. “It can be extremely expensive to have to re-buy the entire contents of your home, so a renters insurance policy provides very important financial protection when there is a hurricane or other covered disaster.”

The good news is that renters insurance is relatively inexpensive. In fact, the average renters insurance policy costs only $185 per year in 2010 (the latest year this data is available) according to the National Association of Insurance Commissioners. That is less than $16 per month.

When you purchase renters insurance, your belongings are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage—for example, if an upstairs neighbor’s tub overflows and damages items in your apartment. However, renters insurance does not cover damage from flooding. Flood insurance is available for renters from FEMA’s National Flood Insurance Program.

Renters insurance includes additional living expenses (ALE) coverage if you are unable to live in your home because of a hurricane, fire or other disaster listed in the policy. ALE pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt.

Like a standard homeowners insurance policy, renters insurance includes liability protection. This covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

There are two main types of renters insurance policies:

Actual Cash Value coverage pays to replace your possessions up to the limit of your policy, minus a deduction for depreciation.
Replacement Cost coverage pays the real cost of replacing your belongings (regardless of depreciation) up to the limit of your policy. This will usually cost about 10 percent more but is a much better value in the long run.

If you have expensive jewelry, furs, sports or musical equipment, or collectibles, you may want to consider adding a floater to your policy. Most standard renters policies include a limited dollar amount for such items. A floater is a separate policy that provides additional insurance for your valuables and may even cover them if they are accidentally lost. More on floaters and endorsements can be found here.

The best way to determine how much renters insurance you need is to create a home inventory. This is a detailed list of all of your personal possessions along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier. The I.I.I. offers free home inventory software and a mobile app at www.knowyourstuff.org.

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Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON), has commented on the implications of the Pension Protection Fund’s (PPF) decision to replace its assessor of insolvency risk, Dun & Bradstreet (D&B) with Experian.

Milan Makhecha, principal consultant at Aon Hewitt, said:
“It’s clear there is now a lot of work to be done by both the PPF and Experian. In order to assess the 2015/16 levy, it appears Experian will need to provide sponsor ratings at each month-end from April 2014 onwards – if we assume the current framework of monthly measurement of insolvency risk is retained.

“That deadline is just nine months away, so within that time Experian need to come up with a sponsor rating model and the PPF need to publish their proposals for the levy triennium starting from 2015/16. The PPF is also yet to publish its Determination for this year’s levy (2014/15). That all feels like a tough ask.”

Milan Makhecha continued:
“There are also significant implications for pension schemes themselves. It took some time for them to get a really good understanding of their sponsors’ D&B scores and their feedback helped refine the system over the years. That process will – to some extent – inevitably need to be repeated with Experian.

“However, this may also provide a chance for a re-think of the levy system; there were some perceptions of unfairness about the previous scoring system and schemes will undoubtedly appreciate the PPF and Experian finding ways of refining it. For example, this is an opportunity for a comprehensive review of the way schemes and their sponsors can influence and challenge their ratings. At least, that would ensure that any issues with the new system can be rectified quickly – but it is imperative this is all implemented with the least pain and expense for pension schemes.”

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The Association of Diversity Councils has honored the Law, Compliance, Business Ethics and External Affairs (LCBE) department at Prudential Financial, Inc. [NYSE:PRU] for having one of the “Top 25 U.S. Employee Resource Groups and Diversity Councils” in the nation and for championing diversity and inclusion in the workplace.

“I’m delighted the association has honored our efforts,” said Richard Meade, vice president and chief legal officer for Prudential international law. “We’ve been committed to diversity for many years and remain dedicated to building and maintaining an inclusive and accepting culture within our department. Attracting and retaining diverse talent, building relationships with diverse professional associations and encouraging diversity among vendors and service providers is an integral part of talent management within LCBE.”

The top 25 diversity council winners will be honored at an awards ceremony during the second annual Diversity Council Conference on October 2.

To qualify for the award, council groups are required to have been in operation for at least two years and must demonstrate contributions and achievements in four categories: council results; management commitment; measurement and accountability; and communication and education. A panel of independent judges evaluated the applications. The award recipients include a diverse combination of U.S. corporations, government agencies and the military representing all sectors, geographies and organizational sizes.

The Association of Diversity Councils is a practice group of PRISM International, Inc. and the premier resource for increasing the impact, effectiveness and recognition of ERGs and Diversity Councils as an essential partner in developing, implementing and maintaining a strategic diversity focus within organizations. The Association is the originator of the Diversity Council Honors Award™ and the Diversity Council Conference. For additional information, visit www.DiversityCouncil.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.06 trillion of assets under management as of March 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.

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At its Investors’ Day to be held in Zurich, Swiss Re confirms its commitment to executing its successful Group strategy and delivering on its 2011-2015 financial targets. The Group also presents a detailed review of its existing Life & Health Reinsurance business and sets out a path to higher profitability. It also outlines the Group’s approach to capital management and an increased focus on productivity.

Michel M Liès, Swiss Re’s Group Chief Executive Officer, says: “Our strategy has produced excellent results and we continue to focus on performance and growth. In February this year, I highlighted the need to address issues in our L&H Reinsurance business. Today we are outlining the management actions that we believe will strengthen the performance of this important segment of our business. Our financial performance going forward will also benefit from the capital management measures we are outlining today and continued rebalancing of our asset allocation.”

L&H Reinsurance targets ROE of 10-12% by 2015
Swiss Re is presenting the results of an in-depth review of its existing Life & Health Reinsurance business. The review confirms that the vast majority of business is meeting or exceeding original profitability expectations. The exception is the Individual US Life portfolio of business written prior to 2004. Swiss Re has identified the steps required to improve the performance of this business and they are already underway.

By 2015, L&H Reinsurance expects to generate ROEs of 10-12%. It is expected that near-term management actions to improve profitability will temporarily reduce L&H Reinsurance US GAAP earnings in 2014 by approximately USD 0.5 billion before tax.

Swiss Re will also enhance its organisational setup to manage L&H Reinsurance. A newly established Life & Health Business Management division will focus on the active management of the in-force portfolio.

Reduce leverage and shift assets towards more corporate debt
Swiss Re reiterates its capital management priorities: growing the regular dividend and allocating capital to support profitable business opportunities.

In order to maximize Group ROE, Swiss Re plans to reduce leverage by more than USD 4 billion by 2016. As part of this effort, a Swiss Re subsidiary today is launching a tender offer to repurchase three tranches of its senior debt.

In asset management, Swiss Re will continue with its previously announced rebalancing efforts, with a prudent move towards high-quality corporate debt and a reduction in government bonds.

George Quinn, Swiss Re’s Group Chief Financial Officer, says: “Our capital management strategy remains unchanged. A strong capital position allows us to continue our policy of deploying Group capital to take advantage of profitable business growth opportunities after having delivered on our first priority, which is paying an attractive, growing regular dividend to our investors. We have also used our capital strength to rebalance our asset allocation.”

Emphasis on productivity gains to finance growth
By 2015, Swiss Re expects costs savings of USD 250-300 million, which will then be redeployed across the Group to areas which offer attractive financial returns. One example is the move into high growth markets, where the proceeds of Swiss Re’s cost savings efforts can be used to finance the shift of personnel and resources into these markets.

Looking beyond 2015
At the Investors’ Day 2013, Swiss Re’s Group CEO, Michel M. Liès, provides an overview of the relevant longer-term strategic themes for the Group. These include the growing demand for insurance and reinsurance solutions in high growth markets and the importance of R&D in areas such as big data for insurance underwriting.

Michel M. Liès concludes: “Our top priority is delivering on the financial targets set for 2011-2015. But we do of course look beyond 2015 and thus anticipate the strategic themes that will shape the global economy and the long-term demand for re/insurance. I am confident we are well prepared for the opportunities and challenges beyond 2015.”

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QBE announces the launch of an excess of loss product for aviation liabilities in the Middle East.

The product covers general aviation, airlines, ancillary aviation support services and aerospace products with a capacity of up to US$250 million for airlines and product risks and US$200 million for general aviation.

Khalil Eid, General Manager of QBE’s Dubai branch commented: “QBE is a known leader and has extensive experience writing aviation business on a global scale.  Using this expertise, we created an excess liability offering designed to sit above an insured’s existing aviation policy.  It is an exciting time for QBE in Dubai as we continue to extend our product range, cementing our position as a business insurance specialist in the Middle East.”

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In response to the publication of the IASB Exposure Draft on accounting for insurance contracts, Gail Tucker, global accounting services financial instruments leader at PwC, said: the “proposals from the IASB are set to have a significant impact on insurance companies – they fundamentally change the accounting by all entities that issue insurance contracts. Combined with regulatory changes such as Solvency II, adopting this new standard will be a significant challenge for the industry.  As a consequence, insurers will need to overhaul their systems and performance reporting.”

“We expect the industry to have mixed views on the revised proposals. The IASB has attempted to address the concerns raised on prior proposals regarding volatility in insurers’ reported results. However, the changes will add significant complexity compared to the previous exposure draft.”

“Nevertheless, insurers should welcome the revised Exposure Draft as a significant step towards achieving a single accounting model, which will enable better global comparability.”

Commenting on how insurers should prepare themselves following the announced changes, David Law, global insurance partner at PwC, said:  ”While not all aspects of the Exposure Draft will be welcome it is surely time the industry had a standard for insurance contracts. It will be critical for insurers to work closely with stakeholders to make sure that they understand the impact of the significant changes being proposed. Due to delays in the project many insurers have lost interest, however this could be the last opportunity for the industry to influence the debate before the expected effective date of 2018. Insurers need to act now in assessing the implications of the new proposals on both their contracts and business practices and to assess the additional demands of the proposals on resources, data and modelling systems.”

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Argenta Holdings plc is pleased to announce the appointment of Graham Allen and Ian Maguire to the Board of Directors. Graham Allen will assume the role of Chief Financial Officer for the Group in addition to his existing Argenta Syndicate Management Ltd (ASML) responsibilities. Both Graham Allen and Ian Maguire will report to Andrew Annandale, Group Chief Executive Officer.  

Graham qualified as a Chartered Accountant with Ernst & Young in 1990, specialising in both the manufacturing and insurance sectors (including the Lloyd’s market).  In 1994, Graham moved into a Lloyd’s managing agency role, where he worked closely with the underwriting teams for several syndicates, dealing with both financial and operational aspects.  In 2001 he joined ASML and was appointed Finance Director in 2002.

Ian has over 27 years of experience in insurance and reinsurance. Since June 2011 Ian has been  Active Underwriter of syndicate 2121, having joined the syndicate in 2004. He continues to hold responsibility for the property direct and facultative account and oversees the development of the syndicate’s other, predominantly short tail classes. Ian joined the Board of ASML in July 2012. Prior to joining Argenta, Ian was at Wellington Underwriting where he had responsibility for Wellington’s North American direct property facility business.

Andrew Annandale, Chief Executive Officer of Argenta Holdings plc commented: “It is testament to the depth of skill and expertise we have within the Argenta Group that we have been able to further strengthen the senior executive team with two internal promotions.  Both Graham and Ian will be welcome additions to our Group’s Board of Directors as we develop and grow our business portfolio.”

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Collinson Insurance Group has been selected as the new partner for travel insurance solutions by Avanti Insurance Ltd. Collinson Insurance Group will also be providing underwriting capacity to Avanti Insurance travel insurance policies.

Avanti Insurance Ltd provides specialist travel insurance policies for over-50s covering a wide range of risks, including those with pre-existing medical conditions.

This deal further demonstrates Collinson Insurance Group’s commitment to grow its portfolio of accounts and ability to partner with travel clients in a number of sectors. The group’s insurance division has a long and well established track record of expertise and experience within the insurance sector.

Commenting on the announcement, Steve Scott, Divisional Director at Collinson Insurance Group said: “We are delighted to have been selected by Avanti. They are a well-known brand that are growing fast and we have worked with them to provide a number of products in support of their future growth aspirations. We have extensive experience and expertise in their particular target market and their strategy is aligned to ours in offering quality and relevant products to our partners and their clients”.

Glen Smith, Managing Director of Avanti Insurance Ltd noted: “Avanti has seen rapid growth recently.  We have become the insurer of choice for much of the 50-plus market.  We have worked with Collinson to launch a new range of products for Single and Annual Multi-trips ensuring we can meet our clients’ needs. The new branded policies will cover all ages and a wide range of pre existing medical conditions”

According to Avanti (and recently announced by the Office of National Statistics), the over 50s are travelling more frequently and further afield.  Glen added “We wanted to offer a choice to clients in terms of levels of cover that represent value for money as you only pay for what you need. The Collinson Insurance Group shares our commitment to high standards and I am confident that our new offering represents specialist service combined with quality at a competitive cost. That equals peace of mind to our clients.”

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