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Legal & General clients have seen a 22% improvement in lapse rates across all protection channels since 2010. Thanks to the firm’s early warning system, good business practice and excellent client relationships there has been a significant uplift in the number of Legal &General clients able to ensure they retain business.

The strong figures come in the wake of Legal & General’s annual Business Quality Awards which were set up to recognise Independent Financial Advisers (IFAs) and Network Advisers who have demonstrated a proven commitment to the retention of protection business. Those successful firms were recognised for their great work by Legal & General and presented with an award as recognition of these efforts.

Duncan Finch, Managing Director, Legal & General Retail Protection says: “Its very pleasing that thanks to the great work by our retention teams, and the distribution quality management team, our clients have seen significant improvements in retention levels within their businesses. Tools like the early warning system have helped us achieve a 22% improvement in lapse rates across all protection channels since 2010 and we should all be very proud of that. The challenge now is to continue posting such strong numbers.”

Finch continues: “Of course better client intelligence is a very good way to ensure that you are keeping business but travelling to advisers around the country has revealed some amazing stories of clients going above and beyond the call of duty to help their clients. By its very nature a protection policy is a product that is invoked at a time when a client is in a vulnerable position. It is therefore crucial for the client and the reputation of our industry as a whole that advisers do all they can to make the process as painless as possible. Hearing the examples of how our winners often went way beyond what could be reasonably expected to help clients shows that despite the negative headlines, there are still examples of the financial services industry going the extra mile to help and I was delighted to be able to recognise that via the Business Quality Awards.”

Guy Codling, Managing Director, Topquote says: “Legal & General’s early warning system has been a fantastic asset for us. By flagging up when our client’s policy payments lapse we are able to inform our clients in good time and ultimately provide a better service. As the figures show, making contact promptly allows us to flag when payments have lapsed in error or intentionally and there is nothing a client appreciates more than us being able to bring that to their attention before it becomes an issue.”

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Arthur J. Gallagher & Co. has announced the acquisition of all of the property and commercial businesses within the Barbon Insurance Group (BIG), for an undisclosed consideration.

The acquisition includes the purchase of four specialist insurance broking brands: Deacon, Farr, Cadogan Keelan Westall and Keelan Westall. In a related transaction OIM, (OIM Underwriting Limited), Arthur J. Gallagher International’s Managing General Agent, has purchased Zennor Limited., a specialist managing general agency (MGA), and wholly-owned subsidiary of BIG.

David Ross, CEO of AJG International, said: “This is a truly significant deal for us. Since our purchase of Heath Lambert in 2011, we have worked hard to enhance our distribution platform in the UK retail market. We made selective acquisitions in 2012, of IDL, Intasure, Acumus and Contego – and now a unique opportunity has presented itself within Barbon. Its property and commercial businesses are highly complementary to our current operations, adding depth and breadth to our existing network and providing further opportunity for our claims Third Party Administrator Gallagher Bassett.

“We have a tight focus on managing our markets – selecting fields we want to lead – while providing a full service offering to clients and underwriters. This deal fits perfectly into our strategy and structure and we’re planning a national roll-out of Barbon’s property products, to drive our regional network growth strategy. We’ll inject our domain expertise into the mix and, with the support of our clients and our markets, ensure these businesses remain undisputed leaders in their field while expanding their reach.”

Mark Armitage, who will be joining from Barbon as Director of Mergers and Acquisitions said: “This is a game-changing deal for the UK retail market. Our property and commercial businesses will benefit enormously from access to the Gallagher platform and its robust growth strategy.”

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Swiss Re reports a very strong Group net income of USD 1.4 billion for the first quarter of 2013, 21% higher than the USD 1.1 billion net income reported in the prior year period. Very strong underwriting performances across Swiss Re’s Property & Casualty Reinsurance and Corporate Solutions businesses were the key drivers of this performance. Life & Health Reinsurance saw flat profits whereas Admin Re® demonstrated an improving underlying earnings capacity. Swiss Re continues to be on track to achieve its 2011-2015 financial targets and is well placed to face the continued uncertainty in the global economic environment.

Michel M. Liès, Swiss Re’s Group Chief Executive Officer, says: “We are starting our 150th anniversary year with a very strong first quarter result. It demonstrates we have the right strategy and structure in place to reach our 2011-2015 financial targets. The successful April renewals are another proof of Swiss Re’s ability to perform and grow despite economic headwinds and a continuous low interest rate environment.”

Excellent Group combined ratio of 72.4%; good investment performance
In the first quarter of 2013, Swiss Re’s Group net income increased 21% to USD 1.4 billion from USD 1.1 billion in the prior-year period. Premium and fee income increased 9% to USD 6.8 billion (vs USD 6.2 billion in the first quarter of 2012) as a consequence of organic growth, the expiry of a 20% quota share agreement with Berkshire Hathaway and comparatively low losses from man-made and natural catastrophes during the first three months of 2013. The Group combined ratio was 72.4%, continuing the long-term improving trend seen over the past years. This shows that Swiss Re has established a successful track record to underwrite risks prudently across all business lines, also in a difficult economic environment.

The annualised return on investments was 3.4% in the quarter (vs 4.0% in the same period last year).

George Quinn, Swiss Re’s Group Chief Financial Officer, says: “The Group portfolio is fundamentally in very good shape but we will continue to focus on areas of underperformance. We will not hesitate to take decisive action to further improve overall returns.”

Earnings per share increased to USD 4.02 or CHF 3.72 during the first three months, compared to USD 3.33 or CHF 3.08 in 2012. Shareholders’ equity slightly increased by USD 761 million to USD 34.8 billion. The return on equity further improved to 16.6% in the first quarter of 2013, up from 15.3% in the prior-year period. Book value per common share increased from USD 95.87 or CHF 87.76 at 31 December 2012 to USD 97.80 or CHF 92.84 at 31 March 2013.

Property & Casualty Reinsurance net income up 53%

P&C Re net income increased by 53% to USD 1.0 billion from USD 660 million a year ago. The primary driver for this performance was a very strong underwriting result. In addition, reserve releases and lower than expected claims due to the absence of major man-made or natural catastrophes contributed to the result.

Premiums earned during the first quarter rose by 15% to USD 3.5 billion (vs USD 3.1 billion in the prior year period), mainly due to the expiry of a 20% quota share agreement with Berkshire Hathaway at the end of 2012 and premiums earned from large transactions concluded in the course of last year.

The P&C Re combined ratio during the first three months was 69.7%, a significant improvement over the 85.0% reported last year.

Life & Health Reinsurance profit largely flat

Net income for the first three months was USD 222 million vs USD 209 million in the prior-year period. This increase includes a one-off net gain of USD 75 million from the recapturing of certain treaties.

Continued growth in the global Health segment, particularly in Europe and Asia, as well as increased longevity premiums led to a 6% increase in premiums earned and fee income to USD 2.3 billion (vs USD 2.2 billion). The benefit ratio for the first three months rose to 78.5% compared to 74.4% in the same quarter last year.

Profitability in the traditional life business remains under pressure amid a low interest rate environment and continued subdued demand. Swiss Re is determined to address this challenge.

Corporate Solutions reports strong earnings and continued growth
Swiss Re’s commercial insurance Business Unit, Corporate Solutions, generated a 20% higher first-quarter net income of USD 101 million (vs USD 84 million), driven by a 15% increase in premiums earned to USD 613 million (vs USD 531 million). The Business Unit’s combined ratio was 87.6%, slightly higher than the 84.7% reported a year ago.

Corporate Solutions is successfully delivering against its target of generating profitable growth for the Group.

Admin Re cash generation in-line with expectation

Net income of USD 78 million was generated in the first quarter of 2013 compared to USD 174 million in the prior-year period, with the decline due to the absence of a tax benefit and other one-off items which boosted last year’s first quarter results. The underlying business delivered a gross cash generation of USD 63 million, in-line with expectations and comparable with last year’s first-quarter result of USD 71 million which included the US business of Admin Re®, sold in the third quarter of 2012.

Successful P&C Re April renewals show moderate growth

The April treaty renewals – mainly focused on business in Asia – concluded successfully and showed moderate growth. The price quality of the portfolio remained strong. The renewals also showed a measured move into some casualty segment business lines and are a positive indicator for the upcoming July renewals.

Swiss Re on track to reach financial targets despite headwinds
Amid a weak growth outlook for 2013 and the continued low interest rate environment, Swiss Re remains on track to deliver its 2011-2015 financial targets.

Kurt Karl, Swiss Re’s Chief Economist, says: “Growth in the advanced economies will remain subdued and this is a challenge for our industry. High growth markets, however, remain a bright spot and many opportunities are intact. Re/insurance premiums in these economies will continue to be sustained by economic activity and increased penetration.”

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Legal & General is leading the way in business protection research and has revealed that businesses in the UK currently have a £1.35 trillion shortfall in business protection. The latest data which researched the assets, shares and profits of businesses and the attitude of business owners, shows a reduction in corporate debt of just over £41 billion, a decrease in Key person protection of just over £21 billion and a significant increase in the shareholder protection gap of over £255 billion.

The biggest factor to account for the change in the protection gap is the increase in the number of limited companies and partnerships without cover. In calculating the gap they found that the number of limited companies had increased by100,000 from 2008, now reaching1.3 million in the UK.

Businesses have changed they way they are structuring their debt and managing the day-to-day cash flow issues they may face. Their previous research showed that bank based loans made up 30% of all corporate debt which has now reduced to 16%. Banks have not been able to invest in businesses as freely as they have in the past and business owners have been working hard to pay off outstanding debt wherever they can.

The research shows a significant rise in the proportion of alternative forms of debt, including overdrafts and regular credit card used, from 21% in 2011 to now 41%, of the total debt held. Clearly this is a more expensive way of funding debt. Figures from R3, the insolvency trade body show that 1 in 10 companies in the UK are only able to pay the interest on their debts but not reduce the debt itself.

The study also revealed that over half of all corporate debt remains unprotected, an increase of 19% on our 2011 research. This increased reliance on short-term debt like credit cards and overdrafts shows the precarious position many businesses could be in if something unexpected happened to an owner or other key person.

In addition many business owners do not realise that Director Loan Accounts are a debt to the estate, which has to be repaid to the family in the event of death. Almost 70% of businesses had no plans in place to be able to do this.

The study also revealed that 31% of business owners surveyed take assessing and managing business risk very seriously to ensure that they have an appropriate level of insurance cover. Yet 50% say that whilst business risk is important, they don’t always feel they need to be insured for everything. Equally, 30% of business owners said they didn’t have any insurance cover in place in the event of a key person within the business dying or becoming terminally or critically ill, because they either hadn’t even considered it, hadn’t got round to it or because they were too busy to evaluate it.

The findings come as Legal & General and Unbiased the professional adviser search, launch the ‘Every Business Matters, campaign. This campaign will examine attitudes to business protection, highlight the gaps in the business protection market and raise awareness of key issues such as the financial impact of a key worker and where businesses are most at risk without cover.

Clare Harrop, Head of Specialist Protection at Legal & General says: “Since 2009 Legal & General have worked with other associations to bring advisers an insight into where the gaps lie in the corporate market and how to work with business owners to help them realise their human capital vulnerabilities.  Businesses have always had to adapt to survive but recent economic pressures have meant that the pace of change has sped up significantly and as a result UK businesses are holding more un-indemnified risk than ever.

The aim of Our ‘Every Business Matters’ campaign is to raise awareness and gives opportunities for advisers to discuss the importance and need for cover with their clients. As a key provider in the protection industry it’s our aim to support Britain’s businesses in closing the business protection gap.”

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Following its acquisition by Aquiline Partners, Equity Insurance Group has announced the appointment of five new Non Executive Directors to the Equity Syndicate Management Board.

The board appointees are: Dr Harry Brunjes, Nicholas Addyman, Robert Gullett, and Ian Broadwater and Christopher Watson of Aquiline. Biographies of the full Equity Syndicate Management Board can be found at the end of the release.

They join newly appointed Chairman Patrick O’Sullivan and Chief Executive Officer Ian Parker, and existing board members, Nicholas Pawson (Chair of the Audit, Risk and Compliance committee), Andrew Gibson (CFO) and Mark Bacon (Active Underwriter).

Ian Parker, Chief Executive Officer of Equity Insurance Group, commented on the new appointments: “I am delighted Harry, Nick, Bob, Ian and Chris have joined the board.  They will provide us with the necessary skills, balance and independence we need for all supporters of the syndicate as we look to restore the business to profitability over the coming years.”

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Sterling Insurance Group announces the launch of professional indemnity cover as an optional add-on to its existing Executive range of products.

Sterling Insurance has teamed up with W. R. Berkley Insurance (Europe) Limited to bring this new PI facility to the market.

Kevin Donoghue, Head of Commercial, Sterling Insurance comments: “There has been a lot of debate recently about whether professional indemnity cover has become so commoditised that it’s a product better sold online. However we believe that it is a class of business that is better discussed with clients to ensure they purchase appropriate cover and a class of business that demands the support of exceptional claims service.”

He continued: “With contractual obligations developing over time and businesses operating in an increasingly litigious society, our new cover offers brokers the opportunity to provide their clients with an efficient and affordable way to cater for these eventualities.”

The cover offers a maximum indemnity limit of £2 million and includes benefit limits of up to £50,000 for replacing or restoring lost or damaged documents and up to £50,000 cover for defending injunctions in respect of copyright or patent infringement.

Donoghue concludes: “There are new professions emerging all the time, many of whom could benefit from PI cover and we see a tremendous opportunity for brokers. When push comes to shove, if a client needs to make a claim against their PI policy then it’s likely to be a distressed situation and they will want assurance that they have cover that will protect their business and their reputation. Our new PI cover can give them that reassurance.”

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Insurance Australia Group Limited (IAG) provided an update on its New Zealand business and outlined its strategy to maintain its leading position and deliver sustainable strong returns in that market.

At the briefing in Sydney, IAG Managing Director and Chief Executive Officer Mr Mike Wilkins said New Zealand remains an attractive market and is of growing importance to the Group, representing 17% of the Group’s gross written premium (GWP).

“IAG entered the New Zealand market with the acquisition of State Insurance in 2001, supplemented by the addition of the NZI intermediated business in 2003 and AMI in 2012. As a result, today we are the largest provider of general insurance in the country with an overall market share of nearly 40% and a premium base of around NZ$2 billion.

“In New Zealand we are targeting GWP growth at least in line with the industry and an underlying margin1 of around 10% over the longer term, which represents a strong return on capital given the short-tail nature of the business. We anticipate the underlying margin will be slightly higher in the short to medium term, consistent with the business’ recent performance,” Mr Wilkins said.

IAG’s Chief Executive Officer for New Zealand, Jacki Johnson, said the nation’s general insurance industry is mid-way through a significant period of change and that IAG is actively engaging with government on the proposed industry reforms to ensure that New Zealand retains a sound and efficient industry.

“IAG is proactively communicating with our home customers about the New Zealand-wide move to fixed sum insured home policies, from an unspecified replacement basis, in response to the requirements of reinsurers. Our need2know education campaign was launched in March 2013 and is attracting significant customer interest, with over 1,000 visits to our website each day.

“In our direct insurance business we have two leading brands, State and AMI, which allow us to offer a wide range of product and pricing options for customers. We continue to target at least NZ$30 million of annual synergies from the integration of the AMI business by April 2014.

“Our intermediated business, NZI, is simplifying the way it does business with its customers and is focused on appropriate price and sustainable risk underwriting. NZI was recently awarded ‘Intermediated Insurance Company of the Year’, a significant achievement given the challenges of the post-earthquake environment.

“We believe we have the appropriate strategies in place to ensure IAG sustains its market-leading position and strong profitability in New Zealand over the longer term,” Ms Johnson said.

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Catastrophe modeling firm AIR Worldwide (AIR) announced the availability of Real-Time Climate Risk Analytics, a new service for corporations and emergency management agencies to help them better manage and assess their risk from natural catastrophes. AIR’s new climate risk service addresses the uncertainty in data reported in real time by incorporating a wide range of catastrophe loss scenarios, including low-probability but high-impact outcomes, for improved planning and decision making. Companies and emergency management agencies can now receive a real-time view of risk specific to the vulnerabilities of a unique set of assets, such as an industrial facility, a set of retail locations, or an entire region.

“AIR developed Real-Time Climate Risk Analytics in direct response to a need expressed by our clients for a customizable solution that quantifies the risk of storm activity prior to landfall and assesses what the resulting physical and financial impacts could be to their properties,” said Dr. Peter Dailey, vice president and director of atmospheric science at AIR Worldwide. “By combining Real-Time Climate Risk Analytics with AIR’s Catastrophe Risk Engineering (CRE) services, AIR provides an end-to-end solution, from site-specific analysis for modeling the vulnerabilities of assets to real-time climate risk services that help risk managers and agencies better prepare for natural catastrophes. This is a significant improvement over other solutions that look only at real-time hazard data. Decisions can now be made based on the physical and financial risk to the assets under consideration.”

The core technology behind Real-Time Climate Risk Analytics is ClimateCast®, a web-based application that tracks and assesses industrywide risk from active tropical cyclones in the Atlantic basin, including the potential for producing losses to onshore and offshore assets in the United States and the Gulf of Mexico. ClimateCast is updated four times daily and assimilates data from the National Hurricane Center (NHC) and other meteorological organizations around the world. The application tracks storm activity beginning June 1 and updates continually throughout the hurricane season. ClimateCast can be customized using AIR’s CRE services to translate the real-time view of hazard into a real-time view of risk, meeting the specific needs of individual risk managers.

“AIR remains at the forefront of climate research and continues to study current and future climate trends as they relate to tropical cyclones and other atmospheric perils,” continued Dailey. “The AIR team also conducts its own research across the full climate spectrum — from local climate factors influencing individual events in real time to global factors influencing the risk over several years. Finally, AIR’s catastrophe loss models and site-specific engineering are able to translate climate-induced changes into easy-to-understand loss metrics.”

Corporate risk managers can apply Real-Time Climate Risk Analytics to strategic planning, operational planning, and real-time decision making. The service can improve strategic planning by playing out a wide range of simulated storm scenarios, including those more intense than have been observed historically. Operational planning can incorporate the most effective actions under various ‘what if’ scenarios and stress tests based on a replay of historical events. Real-Time Climate Risk Analytics provides forecasted track, intensity, damage, and loss analyses based on the latest official reports and forecasts for the active storm as it evolves.

Dailey concluded, “We’ve combined these unique capabilities into a new analytical tool to help companies better understand the climate’s influence on current and future risks. We’re confident the applications will help risk managers do their jobs more effectively and make more informed and confident risk management decisions. Given AIR’s best-in-class catastrophe models and risk engineering, combined with deep experience applying climate models and their projections, the new Real-Time Climate Risk Analytics service is well positioned to tackle this emerging need in the marketplace.”

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Hill Dickinson Fraud Unit [HDFU] and the Metropolitan Police Service [MPS] have cemented their six year counter-fraud partnership with an information sharing agreement.  The arrangement will see Operation Catcher, the Metropolitan Police Unit which targets and investigates organised criminals involved in “Crash for Cash”, gain access to Hill Dickinson’s exclusive NetFoil database.

The Netfoil database is the largest of its kind in Europe, capturing up to 250 fields of information in relation to a claim and holding data on over 50million claims.  This rich mix of both claimant and defendant data, in combination with further police investigation, will assist in the accurate identification and targeting of organised criminal gangs.  Since its establishment in 2010 Operation Catcher has handled over 50 investigations and made over 300 arrests.

Detective Superintendent John Hollands, Head of Traffic Intelligence and Criminal Investigation Department at MPS said: “The data contained within the Netfoil database can contain the missing link in many organised insurance fraud cases. This Information Sharing Agreement will give us invaluable access to accident management company data uniquely available through Netfoil; integrated with insurer and cross industry claimant data also contained in the database.  The ability to link suspect individuals through as little information as a mobile number will assist with operational efficiency and HDFU has assigned a SPOC to assist officers with detailed intelligence requests.”

Chris Hallett, Director of Intelligence and Complex Fraud at Hill Dickinson commented: “There is a natural fit between the intelligence we hold and the objectives of the Operation Catcher Unit focused on public safety on the roads.  We share a common goal to disrupt organised criminality related to motor insurance, which in turn will reduce insurance fraud and its impact on honest customers.  Netfoil will provide alternative avenues of investigation and expedited access to claimant data to MPS, complimenting the access they already have to insurer data via agreement with the IFB.  This makes MPS the only police force in the UK with access to both insurer and claimant industry populated databases and the associated benefits.”

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Mitsui Sumitomo at Lloyd’s, a leading UK non-life insurer, has promoted Mark Graves to Deputy Head of Claims.

Reporting to Simon Catt, Head of Claims, Graves will concentrate on large loss coordination and claims strategy development across the Syndicate.  He will also retain his current management responsibility for claims emanating from property, engineering and construction works classes of business.

Graves joined Mitsui Sumitomo at Lloyd’s from XL ten years ago and was appointed Claims Manager in 2004.  Since joining the insurance industry in 1989, he has successfully handled multi-million pound settlements for many clients and latterly has been actively involved in leading and directing the insurer’s response following worldwide natural catastrophe claims.

Simon Catt, Head of Claims at Mitsui Sumitomo at Lloyds’s said: “It is always very rewarding to be able to promote from within and I am, therefore, delighted to appoint someone of Mark’s professionalism and talent to the role of Deputy Head of Claims.

“In his new role, he will work with me and the Syndicate’s senior management team to set the claims department’s strategy and deliver a responsive service for our brokers and their clients.”

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Andrew Middleton, Sales Director and Judith Warr, Group Finance Director have joined the board of directors of independent health and well being intermediary, The Private Health Partnership (PHP), effective 1 April 2013.

Middleton has overall responsibility for driving sales forward and expanding distribution channels. He joined MLP Healthcare in 1998, which was acquired by PHP in 2004, before moving into a managerial role in 2008 as SME Manager. In August 2010 he was appointed Manager of Personal Lines & SME and in January 2012, became Head of Sales responsible for PHP’s sales and renewals across the UK covering individual, SME, and corporate business, whilst maintaining and developing key insurer relationships.

Warr has overall responsibility for Finance, Systems and Controls for the PHP Group of companies, RED ARC, Medical Care Direct and PHP. Additionally she will spearhead the drive to improve operational efficiency. She joined PHP in February 2012 having spent 8 months as Financial Director of a Leeds based subsidiary of TUI Travel plc. Prior to TUI Travel, she spent 7 years at the Towergate Partnership (Insurance Brokers) latterly as Regional Financial Director.

Stuart Scullion, PHP’s Managing Director said, “These appointments build on the breadth of expertise across our senior management team as we look to drive sales forward through expanded distribution whilst trying to transact business more efficiently. Both appointments form part of our long term succession plan and strategy to promote from within where the individual can demonstrate they have both the capabilities and competencies to add value to our business.

PHP currently employs 70 staff at its headquarters in Baildon in Yorkshire. It looks after more than 8,000 corporate and company clients, trade associations and individuals with an annual premium income in excess of £45 million.

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Against a backdrop of increased spend on business travel in 2013 and beyond, organisations whose staff travel outside of the UK on business, must ensure they continue to focus on their duty of care to these employees says AXA Assistance, a global specialist provider of emergency response and assistance services.

According to the Global Business Travel Association, UK businesses are increasing their spend on business travel in 2013, and this trend is set to continue. Its recent business travel outlook for Western Europe1 shows that the UK is one of only two countries in Europe where spending on business travel is expected to increase.

With increased business travel it is crucial for UK employers to ensure they are taking all steps reasonably possible to ensure the health, safety and wellbeing of employees at work. For employees who travel on behalf of their employer the potential risks can sometimes be overlooked, especially where travel is within the EU.

Kelly Ward, Sales & Marketing Director AXA Assistance said: “Terrorist attacks like those in Algeria earlier this year serve to highlight the significant risks that employees can face. However, business travel risks can have a serious impact even where they happen in locations much closer to home.

“Civil action and economic related protests in countries such as France and Greece can put employees in difficult and dangerous situations.  Firms have clear legal and health and safety responsibilities as well as a moral and ethical duty of care for their staff. Failure to uphold these responsibilities can result in significant penalties.

Ward continued: “Some organisations do not fully recognise that travel in Europe can still materially impact on their staff and operations and falls within the duty of care requirements.”

AXA Assistance believes that this lack of recognition could be because of the difficulties many organisations experience in readily accessing extensive, real-time data and relevant business travel information, and as a result may not be fully aware of the issues their employees could face.

To address this AXA Assistance has launched Intelligo. The solution provides businesses and their employees with a robust and responsive system to access practical, medical and security information on a global basis as well as one of the market’s most comprehensive medical provider databases.

Data is provided covering pre-travel and trip preparation information such as an evaluation of security risks and health issues and relevant alerts on risks at the travel destination, visa requirements, mandatory and recommended vaccinations and the general health care situation. In addition, information on related health issues and alerts for those returning from their business trips is provided.

While travelling employees use the Intelligo Smartphone app to obtain up-to-date security and health alerts, access and referral services to approved medical providers within the parameters established by their employers. The app also includes an e-call feature which directly contacts AXA Assistance with data about the employee and their location allowing the caller to speak with a medical or security expert.

Each business client has their own online corporate area which they can customise and administer to provide employees with access to their documents and procedures, relevant information, news and contact points.

The real-time country security and intelligence data is provided by iJET International, a provider of intelligence-driven operational risk management solutions. The health information and access to medical providers is via AXA Assistance’s own medical database which covers close to 50,000 facilities worldwide.

Ward said: “This combination of two market-leading providers enables our clients to access a significantly higher quality and level of detail on a world-wide basis. This is an important service differentiator for clients.”

The role of technology in supporting business travellers is increasingly recognised as being important by HR, Risk and Security Managers in ensuring the delivery of real-time information to employees on the ground when they need it. However some providers are not responding to meet the needs of employers.

Ward concluded: “We do not believe that employers should only be able to access a one-size-fits-all solution or employees have to make a phone call to their service provider just to find the most appropriate medical provider. We have made a significant investment in the development of the app to be able to respond to meet the needs of employers and employees alike.”

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Cooper Gay Swett & Crawford Limited (“CGSC”), the global wholesale insurance and reinsurance broker, announced the successful completion of a $500m financing exercise from US based investors.

Deal highlights:

– Strong group credit rating at B2/B from Moody’s and S&P respectively

– Attractive pricing driven by strong investor demand

– “Covenant-lite” terms

– New debt secured at group level, combining previously “segregated” debt of c.$425m at Swett & Crawford and Cooper Gay Holdings

– $75m available facility for future investment

– Debt term extended from 2014 to 2020

– Net debt, post refinancing, at c. 4.2x multiple of EBITDA

CGSC Group CFO, Phil Rock, said: “In the first four months of 2013 we have completed a $190m equity transaction and have now finalised our $500m debt financing, which was extremely well received by investors. The “covenant-lite” nature of the new debt deal means that we retain great flexibility moving forward across our group, having removed the cross-border constraints of our previous terms by lifting the debt to the CGSC level.

“After the equity deal with Lightyear Capital and co-investors, we are carrying significant cash balances and we are in a very comfortable net leverage position of c. 4.2x ebitda, with the business producing strong free cashflows.”

CGSC Group CEO, Toby Esser said:  “I am delighted we have completed such a successful financing exercise.  It’s been a very busy period and I extend my thanks to the CGSC team and group companies who worked so tirelessly on this process.  We are very happy with the overall execution.  Morgan Stanley Senior Funding, Inc., JP Morgan, Royal Bank of Canada, Wells Fargo and National Australia Bank assisted the company with the execution of the credit facilities.

“With more than $100m surplus cash on our balance sheet, the $75m revolving facility we have secured here, as well as further debt and equity we have available, we have in excess of $300m of financial resources ready to invest in our business. We will do so carefully as we have always done, but we are entering an exciting phase of our development and I expect to see strong growth over the next few years.”

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The Tanzanian economy, the second-largest in the East African region after Kenya, remained relatively unaffected by the global financial crisis with a 7.0% rise in the GDP between 2001–2010. This growth is expected to continue in the coming years due to public investment in infrastructure and a proposed investment on mining and natural gas projects.

According to new research from Timetric growing public investment in infrastructure, expansion of distribution channels, new product development and rising healthcare expenditure will be key drivers of the insurance industry in the future.

Low insurance penetration rate create scope for future growth

The Tanzanian insurance industry penetration rate (measured as gross written premium as a percentage of GDP) increased from 0.77% in 2008 to 0.82% in 2012. Despite the increase, it remained below the African average of 3.9% and that of neighbouring countries such as Kenya and Ghana whose penetration levels were 3.2% and 1.8% respectively. This low level of penetration indicates that the insurance industry is performing below its potential and has significant scope for future growth.

Expansion of alternative distribution channels

In Tanzania, brokers are the main channel of distribution of insurance products, accounting for 65% of the total gross written premiums. However, the strong growth of mobile networks has emerged as an alternative channel for distribution. According to World Bank statistics, 63% of the Tanzanian adult population (15.6 million individuals) possessed a mobile phone in 2012. Furthermore, banks and other third party organisations, which have an existing client base, can provide insurers with access to new customers and can help to overcome current challenges in the distribution of infrastructure.

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Pay-as-you-drive online car insurer Coverbox – which is based in Stamford, Lincolnshire, and Billingham, Cleveland – has promoted two of its senior staff in anticipation of growth and development plans.

Matthew Vines, 37, has been appointed Associate Director – Strategic Partnerships, while Martyne Miller, 48, is now Associate Director – Brand Management.

Matthew, from Peterborough, has worked in banking and financial services marketing, including six years in a specialist web marketing business. He has been with Coverbox for 14 months, playing a key role in developing the business’ web presence and SEO status.

Martyne, from London, now living near Lincoln, has more than 20 years experience in sales and marketing. Having joined Coverbox as Office Manager, Martyne’s marketing experience made her a natural choice for the more senior role.

“Matthew and Martyne have been pivotal in the development of Coverbox and its imminent new behavioural car insurance product. Matthew has made vast progress in terms of establishing Coverbox’ web presence, while Martyne’s immersion in the business gives her an understanding of its development and direction – crucial experience. The promotions reflect their ability, commitment and their input to both Coverbox and the new product,” said Johan van der Merwe, Executive Chairman of Coverbox.

Matthew enjoys spending time with his wife and two young children, family, friends and watching or playing sports.

Martyne, who has a grown-up daughter, is in local amateur dramatics, theatre and dance.

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Manchester United and Aon announced an innovative new business partnership which will, from 1 July 2013, extend their relationship by an additional eight years to 2021 and see the Club’s renowned training centre renamed the Aon Training Complex.

Under the new partnership, Aon will become the first ever partner of the Club’s training facility at Carrington, providing best-in-class advice to the Club on talent development, risk management, health and wellness.

Manchester United and Aon designed this extension to showcase how Aon “Empowers Results” for its clients and to provide the Club with greater access to Aon’s leading risk and human resource solutions.  This new phase will be focused on helping Manchester United drive greater business performance and deliver results on and off the pitch.

Consistent with Aon’s emphasis on training and talent management, United players and coaching staff will also wear Aon-branded training kits at all friendly and competitive domestic fixtures, as well as during training sessions.

Aon, which has its global headquarters in London, will also be the Presenting Partner of all Manchester United pre-season tours for the next eight years, including Tour 2013 presented by Aon in Asia Pacific.

Announcing the partnership, Manchester United Commercial Director Richard Arnold said: “I am delighted that this cements our relationship with Aon for a further eight years.  They are a great partner and I am very excited about the possibilities for sustainable advantage this provides the Club as we build our global presence.

“Aon knows that every employee, including the first team, drives the success of our Club.  The Aon Training Complex is all about winning and preparing individuals, identifying talent and performing at the highest level to achieve success.  Aon serves clients with unwavering focus on high performance, training and execution, an approach that mirrors the way we prepare here at Manchester United.”

Phil Clement, Aon’s Global Chief Marketing and Communications Officer, said: “This announcement is the next step in the evolution of our partnership with Manchester United.  Together, Aon and Manchester United have been working on two critical issues for a growing global business – managing risk and highly performing teams.

“The first phase of our relationship brought Aon an explosion in brand awareness.  This phase of our partnership is a more holistic approach where we can use our expertise and create a global dialogue and knowledge share around the fields of talent, healthcare, risk, retirement, and data and analytics to help deliver great performance and great results.

“As a business our ambition is to empower economic and human possibility and our partnership with Manchester United is the ideal way to do this.

“It is a privilege for Aon to be associated with the world-famous Manchester United training facility. As a symbol of innovation and excellence in the world of sport, it is revered around the world. We have the utmost admiration and respect for the 800 team members at Manchester United and the work they do and look forward to working with them to help build sustainable performance around the world, like we do for all our clients.”

This year’s Tour 2013 presented by Aon will focus on engaging with the Club’s 325 million followers in Asia Pacific and regions where Aon has a strong base of operations. The Tour 2013 involves matches in Bangkok, Sydney, Yokohama, Osaka and Hong Kong as Manchester United and Aon continue to take their partnership to every corner of the world.

In addition, Aon and Manchester United will be dedicated to extending the principles of the work at the Aon Training Complex by innovating with partners and sharing ideas through The Manchester United Business Network, a global programme of research projects, exclusive business events and seminars for senior executives, addressing critical issues in the economy. Aon’s work with the Manchester United Foundation engages both organisations in a shared mission to help communities at risk and empower people across the globe.

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The modern requirements of business mean that being without the internet for a morning, or even an hour or two, can have disastrous effects on business plans, client relationships and profits. Yet businesses across the country still experience this phenomenon all too often. Multi-million pound companies are still sharing their internet with members of the public, meaning speed and reliability can be affected by the actions of others.

Cloud computing and communications company, Qubic, has designed an innovative solution to the problem with the launch of a new Fibre-to-the-Cabinet service, Vitesse; providing a direct connection to the datacentres that store the files and information needed for companies to function and provide direct internet access. Central to the success of Qubic’s product and its guarantee of quality is the control over the entire delivery. Unlike most providers, Qubic is not reselling a standard product from one of the national providers such as BT, they deliver connectivity over a wires only service that can be configured any way the client needs it. This enables Qubic to ensure that traffic to the hosted servers it provides is carried on an entirely private line, never touching the ‘public internet’.

Chris Papa, Managing Director explained, “We have created something quite different here. Vitesse Fibre Private lets you use superfast technology to build your own private network, eradicating long standing issues of slower, contended broadband. A company could have an office in the South East and in the North West, both in areas with terrible internet access, but they will both be provided high-speed access to our datacentre, enabling the sharing of information and internet access at super-high speed.

“It is not just geography and connectivity issues we are able to provide a solution to, we will also dramatically increase security. Vitesse Fibre is particularly appropriate for organisations such as financial that need to communicate sensitive information. Because traffic over Vitesse Private Fibre uses a static IP address and does not cross over public internet, customer information is safe from interception, hacking or denial of service attacks.

“Although direct connections have previously been available via Ethernet, this has been costly making hosted services unaffordable to most businesses. This solution is dramatically more cost effective, and provides a faster, cleaner, quicker, more reliable connection, once again allowing us to help with the progression of our customers rather than be a cost centre.”

By making Vitesse Private Fibre affordable, Qubic is taking the first steps to ensuring internet problems and the detrimental effects they have on business are a thing of the past and give secure, affordable, high-speed access to hosted services.

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Aon Benfield launches the latest edition of its Aon Benfield Aggregate (ABA) report, which analyses the financial results of the world’s leading reinsurers in 2012.

Aon Benfield Analytics estimates that global reinsurer capital totaled a record USD505 billion at December 31, 2012, an increase of 11% (USD50 billion) relative to December 31, 2011. This calculation is a broad measure of capital available for insurers to trade risk with and includes both traditional and non-traditional forms of reinsurance capital.

The firm’s latest study found that capital reported by the ABA group of 31 leading reinsurers increased by 12% (USD33 billion) to USD313 billion, driven primarily by USD29.5 billion of net income and USD15.9 billion of unrealized capital gains. Dividends and share buybacks rose marginally to USD16.1 billion.

Further key findings of the ABA study include:

– Gross property and casualty (P&C) insurance and reinsurance premiums written by the ABA rose by 6% to USD192 billion, principally driven by higher pricing in loss-affected lines and territories, with a number of companies deploying new sidecar capacity for catastrophe business.

– The P&C combined ratio stood at 92.6%, down from 105.1% in 2011, representing an underwriting profit of USD11.7 billion, with all but two constituents reporting positive results.

– The contribution to the combined ratio from catastrophe losses totaled 7.5 percentage points (USD11.9 billion), down from 20.0 percentage points (USD29.6 billion) in 2011.

– The benefit to the combined ratio from favorable development of prior year reserves was 4.3 percentage points (USD6.8 billion), down from 5.0 percentage points (USD7.5 billion) in 2011.

– Pre-tax profits reported by the ABA companies more than doubled to USD35.7 billion, the highest level since the onset of the financial crisis in 2008, with all 31 constituents reporting positive results.

– The level of ABA engagement with third party capital has increased significantly over the last 18 months. This has mainly manifested itself in sidecar sponsorship and the formation of in-house fund management operations.

Mike Van Slooten, Head of Aon Benfield’s International Market Analysis team, said: “The low interest rate environment not only has impacted what reinsurers earn on their invested funds but it has added significantly to the competitor landscape. Diversified yield seeking investors are now adding material pressure (in terms of price and value competition) and benefits (in terms of lower cost underwriting capital) to the reinsurance market. We expect material changes to the capital structure of the largely equity financed reinsurance market as material new flows of capital are integrated into reinsurance underwriting capital.”

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The European Insurance and Occupational Pensions Authority (EIOPA) invites market participants and (re)insurance stakeholders to provide their feedback on its “Discussion Paper on Standard Formula Design and Calibration for Certain Long-Term Investments”.

The European Commission (EC) requested EIOPA to examine whether the calibration and design of regulatory capital requirements for insurers’ long-term investments in certain asset classes under the envisaged Solvency II regime necessitates any adjustment or reduction under the current economic conditions without jeopardising the prudential nature of the regime.

EIOPA has already carried out an in-depth analysis of some of the asset classes explicitly listed in the EC letter. The Discussion Paper summarises EIOPA’s preliminary findings and contains specific questions to stakeholders.

The Discussion Paper provides all the interested parties with an opportunity to inform EIOPA’s further technical work, in particular in relation to data limitations. The insights gathered in this way will help EIOPA to produce a well-informed recommendation on the review of the design and calibration of the standard formula in relation to the asset classes considered. EIOPA will also look at the influence that the maturity of insurance liabilities has on regulatory capital requirements for long-term investments. Last but not least EIOPA will analyse non-regulatory obstacles for long-term investments by insurers.

The further research by EIOPA on long-term investments should lead to a final report early July. This enables EIOPA to take full account of the results of the Long-Term Guarantee Impact Assessment scheduled for the end of June. Combining the results of these two important work streams allows a full examination whether the regulatory framework of Solvency II should be amended to facilitate long-term investments.

The period for providing comments will end on Tuesday, 28 May 2013.

The Discussion Paper can be accessed from the EIOPA website: https://eiopa.europa.eu/consultations/consultation-papers/index.html

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New research by Confused.com reveals that UK drivers aren’t always completely honest when it comes to taking out their vehicle insurance policy.

The findings from Confused.com reveal that at present drivers believe they can lie on their insurance policy and this won’t have any consequences. In fact, 18% of motorists admitted they’d ‘stretched the truth’ when applying for a car insurance policy.

Despite the fact that consumers are required to provide accurate information when purchasing insurance, there are a number of factors which people ‘exaggerate’ in a bid to get themselves a cheaper deal.  The most common lie told during the quote process is where the vehicle will be kept overnight, with nearly half (45%) admitting they embellished the truth on this point.

Another frequent fib told by motorists is whether they intend to use their vehicle for social, domestic and pleasure purposes or commuting. Over a quarter of drivers (26%) admit to lying when it comes to this question on their car insurance policy.

Most Dishonest Regions – Car Insurance
1 Birmingham 30%
2 Cardiff 23%
3 Manchester 21%
4 London 19%
  *Data taken fron One Poll research March 2013

The findings also reveal that it is men who are most likely to ‘bend the truth’ when it comes to submitting insurance information, with 22% admitting to lying compared to just 14% of women.

The regions in the UK where drivers were amongst the most dishonest when applying for vehicle insurance policies, included Birmingham, Manchester, Cardiff and London.

To better understand how far motorists are willing to stretch the truth, Confused.com asked drivers to answer the following question:

‘If you’ve “stretched the truth” in any way to affect the outcome of a vehicle insurance policy quote, which of the following were you untruthful about?’

The results were as follows:

Where I keep the car overnight 45%
Estimated current mileage 37%
The purpose of my journeys 26%
Occupation 14%
Where car is kept during the day 11%
Points on licence/convictions 10%
Accidents in the past 9%
Car alarm/immobiliser 7%
Years of no claims 6%
Who is the main driver 6%
None of the above 5%
Primary address 4%
Number of years driving 4%

A spoof video created by Confused.com can be found at CONFUSED.COM .

The video highlights the common things people exaggerate about regarding their insurance policy.

Sharon Flaherty, Head of Content at Confused.com, had the following to say: “Honesty is always the best policy when it comes to getting the best insurance deal, but for those amongst us who try to stretch the truth to get a cheaper insurance premium, their time is up.”

“Vehicle insurance taken out after the policy holder has been dishonest is invalid and we want to make UK drivers aware of this. We want to ensure all motorists on the roads are protected with the correct insurance for their vehicle should the worst happen.”

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