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Supervisory cooperation between CEIOPS Members and the Swiss insurance supervisor is based on a 2005 Multilateral Memorandum of Understanding. The Memorandum is one of the most efficient instruments available to supervisors in order to foster the cooperation required for supervising insurance groups and financial conglomerates. It also facilitates the assistance and exchange of information needed to fulfill all insurance supervisory tasks.

Following the changes made in 2009 to the Swiss institutional framework on financial supervision, CEIOPS Members have agreed to fully recognise the Swiss Financial Market Supervisory Authority (FINMA) as a legal successor of the former Swiss Federal Office of Private Insurance (FOPI).

CEIOPS Members find the Swiss supervisory regime of reinsurance undertakings equivalent CEIOPS has pursued, throughout the course of 2009, an equivalence assessment of the supervisory regime applicable in Switzerland to reinsurers to determine whether the regime could be considered equivalent to that applying to EU reinsurers under the current Reinsurance Directive. FINMA provided CEIOPS with detailed information and access to supporting documentation.

The Swiss supervisory regime of reinsurance undertakings achieves in an equivalent manner the key supervisory principles and objectives encapsulated in the Reinsurance Directive.

This equivalence determination is without prejudice to the separate equivalence assessment that will be required under the Solvency II Directive, although certain elements of the assessment may be relevant to that further work.

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    Reinsurers benefit in 2009 from recovering investment returns and absence of major catastrophes says Cooper Gay report – 2010 could be more challenging with above average hurricane season expected.

    A general recovery in the global investment markets and an absence of major catastrophes ensured 2009 was a very profitable year for the reinsurance industry according to Cooper Gay’s 2010 Reinsurance Market Review.

    While the primary market struggled under a number of factors including attritional losses, local competition pressurising rates and limited scope for premium income growth, the reinsurance sector proved to be more robust. With 2009 being a year of low activity for major disasters, either man made or natural, the Market Review concluded that the plentiful supply of capital led to a general softening of reinsurance rates across most classes. Other trends saw capital market activity also picking up significantly in 2009 with 19 catastrophe bonds issued with a combined value of US$3.5bn.

    Commenting on the 2010 Reinsurance Market Review, Seymour  Matthews, Chairman of Reinsurance at Cooper Gay, said: “We predicted that 2009 would be a lucky year for reinsurers and given the absence of major disasters resulting in the lowest death toll and economic cost for some 20 years, we were proved right. Couple the low loss levels with a better investment performance than expected and 2009 will go down as a very profitable year.

    “2010 however has already been shaken by the terrible loss of life in Haiti although the financial impact is unlikely to affect regional pricing. Of more impact to the reinsurance sector is likely to be an expected increase in hurricane activity in 2010 with forecasts of an above average hurricane season.”

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    South Korea’s financial watchdog said Thursday it penalised the insurance unit of South Korea’s debt-stricken Kumho Asiana group for causing 243 million dollars in losses through risky investments.

    The Financial Supervisory Service said Kumho Life Insurance would be banned from starting operations in the non-insurance sector for three years.

    CEO Park Byung-Wook and former head Choi Byung-Gil were banned from taking an executive post in any financial institution for three years, it said, while Park was also barred from running for a second term as CEO.

    The watchdog held them responsible for 280 billion won in losses stemming from investments in overseas derivatives, equities and real-estate funds between 2002 and 2008.

    The losses pushed down Kumho Life’s solvency ratio, or its ability to pay claims, to below the minimum allowable level of 100 percent, it said.

    The insurer’s solvency rate stood at 90 percent at the end of 2009.

    Kumho Life is a key subsidiary of Kumho Asiana, the country’s eighth largest business group, which has been struggling to ride out a liquidity crisis after its attempt to sell Daewoo Engineering and Construction failed.

    It acquired Daewoo Engineering for 6.43 trillion won in 2006, and bought logistics company Korea Express for 4.1 trillion won last year, prompting concerns about its reckless expansion.

    The group is straining under an estimated 18 trillion won in debt, compared with assets worth about 38 trillion won.

    In December it put two of its troubled affiliates under a debt workout programme.

    The global economic crisis has delayed the sale of Daewoo Engineering, a major builder that was bailed out in the wake of the 1997-98 East Asian financial crisis.

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    US President Barack Obama vowed Wednesday he would not “walk away” from needy Americans relying on his stalled health reform plan, in advance excerpts of his State of the Union address.

    Obama said that this year more Americans would lose health insurance, premiums for those that had coverage would go up, and more patients would be denied the care they need.

    “I will not walk away from these Americans, and neither should the people in this chamber,” Obama said in the excerpts of his showcase speech released by the White House.

    Deep uncertainty faces the comprehensive health care reform plan Obama has been trying to pass for the last year, with Democrats in Congress trying to find a way to pass some or all of the measure, despite its increasing unpopularity.

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    The BIBA has welcomed the new Policy Statement from the Government’s Equality Office.  Proposed new measures will help ensure that customers can obtain the insurance they require and which is right for them. For example, an older traveller with a medical condition who has experienced some difficulty in finding travel insurance.

    The proposed new laws will make it compulsory for insurance providers who decline to provide cover (e.g. because of a persons age), to refer customers to a more appropriate source, like a specialist insurance broker, or to a signposting system.   BIBA describes ‘signposting’ as a way of helping consumers who are turned down at point of sale (telephone, internet, face to face) to be directed to an independent source of information  that can offer assistance in finding  the relevant insurance cover.

    Signposting will greatly benefit customers who may be considered as non standard risks, such as younger drivers.  Currently when these customers are refused cover by an insurer they are left to continue their search alone without knowledge that insurance is available or where to obtain it.   The signposting/referral system will be of particular help with motor and travel insurance as these are the areas identified where some people have difficulty finding an insurance policy.

    Greater assistance for customers is needed and is delighted that signposting will become compulsory.   BIBA has an established ‘Find a Broker’ helpline and website that already helps customers to find a specialist insurance broker who can provide suitable insurance.  However, BIBA believes there are many more consumers who are refused cover from comparison sites and direct insurers who are unaware of this helpful service and that an insurance broker can insure them.

    Graeme Trudgill, BIBA Technical and Corporate Affairs Executive, said: “There is a solution through insurance brokers who can cover extremely difficult risks. It really is just a case of knowing where to go. This new requirement for signposting, once introduced, will help customers to find the protection they need, otherwise they run the risk of travelling uninsured, we know of some that have even decided not to go on holiday as they could not find insurance.”

    Peter Staddon, BIBA Head of Technical Services, added: “BIBA will continue to work with the Government to ensure the appropriate signposting and referral systems are put in place.”

    The BIBA find a broker helpline and website is well established and takes more than 340,000 enquires per year from customers who have been signposted from a range of consumer bodies and BIBA hopes that its service will form part of the formal signposting system as it has already proven to assist customers in finding all types of insurance.

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      ING announced today that it will file an appeal with the General Court of the European Union against specific elements of the European Commission’s decision regarding ING’s restructuring plan. ING stands firmly behind its strategic decision to separate Banking and Insurance operations and divest the latter. These processes are on track and will continue as planned.

      In its appeal, ING will contest the way the Commission has calculated the amount of State aid ING received. ING and the State agreed upon a reduction of the repayment premium for the first EUR 5 billion tranche of Core Tier 1 securities which provided the Dutch State with an early repayment and at an attractive return. The Commission views this reduction as additional State aid of approximately EUR 2 billion.

      Both ING and the Dutch State contest this point as it could hamper discussions between ING and the State on repayment terms of the remaining Core Tier 1 securities. The repayment of the first tranche of the Core Tier 1 securities was executed in December 2009 and the terms of this transaction will remain unaltered.

      In light of the need to maintain a level playing field in the European financial sector, ING is also appealing against the disproportionality of the price leadership restrictions. ING believes it is in the interest of all its stakeholders to use the opportunities provided by law to let the General Court assess elements of the European Commission’s decision.

      During the course of the appeal before the General Court, ING is committed to executing its restructuring plan as announced on 26 October 2009. As the matter is now subject to legal proceedings, ING is not in a position to comment any further on the appeal.

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      Hannover Re has given the capital market another opportunity to participate in (natural) catastrophe risks. The “K6” transaction, which was launched in 2009, was further boosted by the maximum targeted amount of USD 152 million to a total volume of USD 329 million; it was taken up by new and existing investors alike. Placement proved highly successful for Hannover Re, with investor demand comfortably outstripping supply. This also confirms that the market for alternative risk transfer, which had contracted in the wake of the financial market crisis, has recovered.

      “Our latest capital market transaction serves to complement our traditional programme of protection cover, which we use to protect against peak exposures such as natural catastrophes”, Chief Executive Officer Ulrich Wallin explained. “Our investors enjoy extremely attractive returns given a normal experience of the covered portfolio. What is more, they are able to diversify their own portfolio and exclude the usual interest rate risks associated with other capital market products.”

      The additional interests in the “K6” transaction were taken out in the form of three-year contracts, which means that in future only part of the “K6” quota share will be renewed at year-end. The transaction was placed with institutional investors worldwide.

      The portfolio assembled for the “K6” securitisation consists of non-proportional reinsurance treaties in the property catastrophe, aviation and marine (including offshore) lines.

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        The cost of damage caused by last November’s devastating flooding in Cumbria has now topped £200 million, according to figures released today by the ABI.

        Latest ABI figures show that:

        • The cost of insurance claims following the floods is now estimated at £206 million. Over half – 60% – of this cost relates to business damage.
        • Insurers have handled 36,000 flood and storm damage claims from cutomers.
        • Interim payments made by insurers to help homeowners and firms cope have ranged from £250 to £400,000.
        • Alternative temporary accommodation has been arranged for 470 customers, whose flood-damaged homes and businesses have been uninhabitable while being repaired.

        Flood victims who insurers have helped get back on their feet include:

        • A hotel, whose flood-damaged rooms were repaired in time for them to re open for the busy Christmas period.

        • A shop in Cockermouth that, less than a month after having been badly flooded, had been fully dried, rewired and reopened.

        Nick Starling, the ABI’s Director of General Insurance and Health, said: “Insurers are playing a critical role in getting Cumbria back on its feet following the devastating flooding. It can take months for badly flood-damaged properties to fully dry out, which is why insurers are paying for temporary accommodation or alternative business premises for those most badly affected. This event highlights how important it is for firms to have business continuity insurance to ensure that they can continue trading while the business recovers and local infrastructure, such as bridges, are repaired.

        ”This was a traumatic and tragic event for those affected, but not for insurers, who expect to deal with extreme weather incidents like this during the year.

        “We cannot control the weather, but we can minimise its impact. People who live and work in the region, and throughout the UK, need to be better protected against the rising flood risk. That is why the sooner that the Flood and Water Management Bill becomes law, and is implemented the better.”

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        Following the launch of Continental European operations in September 2009, Torus has appointed Thomas Guesde as SVP of its new European Casualty platform. With limits of up to €25 million the new platform is available on both a primary and excess basis.

        Following the launch of Continental European operations in September 2009, Torus, the global specialty insurer, has appointed Thomas Guesde as Senior Vice President of its new European Casualty platform. Reporting to David Perez, President and CUO Global Casualty, Mr. Guesde is initially based in Torus’ new Amsterdam office, pending the opening of a Paris office later this year.

        With limits of up to €25 million the new platform is available on both a primary and excess basis with the capacity to write most classes, from large, global, complex risks to European middle market business. Most policy forms can be followed in several European languages.

        Formerly Director of GAN Eurocourtage’s Casualty Underwriting and International Departments, Mr. Guesde brings over 17 years of highly technical casualty underwriting and customer management experience to Torus.

        Mr. Perez said: “The establishment of an underwriting operation in Europe is designed to enhance the global footprint of Torus Casualty, entertain opportunities accessible only through a local presence and assist in the diversification of our overall portfolio by responding to the specific needs of our customers in Continental Europe. Having Thomas on our team is a significant step in the execution of this strategy.”

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        Aviva will fully reopened its wrap and sipp platforms for new business.

        Re-engineered on a proven technology platform and including a series of significant improvements, the Aviva Wrap and Sipp platforms have been reopened following extensive testing with financial advisers.

        The Aviva Wrap has been designed to enable financial advisers to meet the challenges, and capitalise on the opportunities, posed by the introduction of the Retail Distribution Review (RDR). It underlines Aviva’s commitment to independent financial advisers and follows the successful launch of Aviva’s Adviser Academy, Future Adviser programme and Aviva for Advisers portal.

        The transition to RDR will be an exciting challenge and opportunity for advisers and the financial services industry. The Aviva Wrap supports advisers switching to a fee-based business model and – with training and support provided by Aviva – will enable them to demonstrate their professionalism and the value of independent advice.

        Aviva’s Sipp has an important part to play in providing financial solutions, particularly to higher net worth customers who will benefit from a wide range of investment options and an ability to easily switch their holdings and rebalance portfolios.

        Angela Seymour-Jackson, intermediary and partnerships director at Aviva, said: “Aviva’s plan is to become a leading player in the wrap and Sipp market. The Retail Distribution Review will mean profound changes to the way advisers do business, and we are committed to helping advisers maximise the potential of their business in what we believe will remain a thriving IFA market.

        “Alongside our existing efforts to support IFAs during this transition – including the Aviva for Advisers portal, Adviser Academy and Adviser Transition Programme – Aviva has worked hard to redevelop its wrap to make sure it meets advisers’ needs today and in the future.

        “We believe it will enable advisers to capitalise on the opportunities brought about by RDR, and the Aviva Sipp is a key component of the solutions needed for wealthier clients. By 2012 we anticipate that two-thirds of advisers will be using a wrap platform and my aim is to make Aviva Wrap the most recommended wrap and sipp platform in the market.”

        The Aviva Wrap has been extensively tested with existing users and new advisers who have said:

        • user friendly
        • It meets the long-term needs of their business
        • Enables them to simplify their business and manage clients in one place.

        The Aviva Wrap offers:

        • A new IT platform using proven technology*
        • A choice of investment, ISA and pension portfolios
        • More than 1,500 collective investment funds from 80 fund managers. Equities quoted on FTSE All-share and AIM indices
        • Online portfolio and client management with online illustrations, applications and trading.

        * Technology is provided by Scottish Friendly and Bravura.

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          A more competitive and business friendly environment is needed to ensure the UK does not lose more insurance firms based here, the ABI has warned. It comes as new figures showed insurers paid only 8.4% less corporation tax in 2008/09 than the previous tax year, against a 39% fall for the financial services sector as a whole in the same period. Despite this fall, insurance firms still pay the fourth highest corporation tax of any sector.  In total, the insurance industry contributes a total of £8.2 billion to the Exchequer.  The ABI also revealed that the insurance sector has an average wage of £42,000, compared to the national average wage of £25,000.  This is good for the Exchequer as, on average, insurers pay £18,667 in employment taxes per employee.

          The study, by PricewaterhouseCoopers LLP (PwC) for the ABI, found insurers paid £3.2 billion in combined business taxes in 2008 and collected a further £5 billion for the Government, making a total tax contribution of £8.2 billion.  As well as its importance in tax revenues, the insurance industry employs over 313,000 people in the UK overall, with ABI members employing 175,000 people who generate employment taxes of £2.6 billion.

          The figures were published as the ABI warned afresh of the competitiveness problems facing the UK.  The new 50% higher rate of income tax, the reduction of pensions tax relief and the perception that higher rate payers will continue to be targeted to mend the public finances have all led to a fall in the attractiveness of the UK for senior people.  Research by the ABI last year showed that 80% of insurance executives felt there would be a drop in the number of insurance firms based in the UK if the Government failed to improve competitiveness.

          Peter Vipond, Director of Financial Regulation and Taxation at the ABI, said: “Today’s figures are further evidence that the insurance sector has come through the crisis in a much healthier state than the banks.  This reflects the diversity and depth of the insurance industry in the UK, as well as the problems the banks have faced and emphasises the need for regulators to differentiate between the two, as they look to respond to the crisis.

          “The real danger for UK plc is insurers deciding to locate away from the UK.  This is not just about who offers the lowest tax rate, though that remains an important factor.  Financial centres, such as the Netherlands, Ireland and Hong Kong, have emphasised their friendly attitude to business.  Just as importantly they offer stability in their tax systems over the medium term. The UK cannot afford to stand still as other financial centres become more attractive.

          “As well as a threat, there is also an opportunity to build on the UK’s reputation as a world leading centre for insurance and attract high quality and well paid jobs to the UK.  Insurance is one of the few sectors where the UK is a world leading player, and a more competitive environment could lead to the sector growing strongly.”

          Solvency II, which will change the way insurers are regulated across the EU, will make it easier for insurance companies to re-locate within Europe and the global clampdown on tax havens means insurers from non-EU jurisdictions may be looking for new homes. Earlier this month (13 January 2010), XL Capital, an insurance and reinsurance group based in the Cayman Islands announced it was moving its legal domicile from Bermuda, and chose Ireland rather than the UK as its new home.

          UK insurers who have moved offshore recently include:


          Company

          Headquarters location

          Date

          Hiscox plc

          Bermuda

          September 2006

          Omega Insurance Holdings Ltd

          Bermuda

          September 2006

          Kiln Ltd

          Bermuda

          March 2007

          Hardy Underwriting Bermuda Ltd

          Bermuda

          Feb 2008

          Beazley plc

          Ireland

          Feb 2009

          BRIT Insurance Holdings plc

          Netherlands

          December 2009

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          Towergate Risk Solutions today announces the appointment of Jamie Eaton as its new Affinity Sales Director which reflects its intention to significantly grow affinity based business. Towergate already boasts several key affinity schemes including the Federation of Small Businesses which last month renewed its contract with Towergate for a further three years.

          Jamie was formerly Head of Affinity Sales for the Howden Insurance Brokers where he managed a successful sales team responsible for growing the affinity business in 2008.  He will report to Towergate Risk Solutions Sales and Marketing Director Matthew Reed who joined from the Hyperion Group in September 2008.

          Jamie said, “Towergate has all the necessary ingredients to provide a strong affinity capability to a wide range of customers.  An extensive regional broking presence combined with a strong set of market leading products means we are extremely well positioned to provide an unrivalled affinity offering to almost every type of customer.”

          Matthew Reed, Towergate Risk Solutions Sales and Marketing Director said: “This is yet another great signing to our team who are focused on delivering both new and organic growth as part of our sales strategy.  Jamie has an in depth knowledge and experience of the affinity market which will be a great asset as we build our presence in this space. We already have some excellent schemes in place but plan to grow the affinity business significantly as part of our new and exciting sales strategy.”

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          As many as 19% of motorists know someone who has got behind the wheel when too ill to drive, it was revealed today.

          Yet just 2% of motorists admitted they have driven when suffering a medical condition which made them unfit to be on the road, a car insurance survey showed.

          A leading car insurance company official presented the figures to a police conference today.

          The survey results follow a Government-commissioned report last week that revealed inadequacies in the way doctors and other healthcare professionals dealt with the problem of patients who ought not to be driving.

          A spokesperson for the car insurance company said today: “The survey results suggest that up to six million drivers may drive when they know they shouldn’t for medical reasons. Drivers need to be aware of the risks that they are taking and the consequences of being caught.

          “The research for the Government also illustrates that much more needs to be done by the healthcare profession in terms of advising patients correctly when they should not drive.

          “Employers need to be more vigilant in checking driving licences and carrying out Driver and Vehicle Licensing Agency checks on staff who may have had licences revoked for medical reasons or they might be liable.”

          A Department for Transport spokesman said: “Our research shows that many drivers routinely receive information and advice about their fitness to drive and take the appropriate action.

          “However, to ensure that those working in the health services have the tools they need, the Driver and Vehicle Licensing Agency (DVLA) has worked closely with the General Medical Council to provide medical advice on fitness to drive, and has made this available online.

          “In addition, we have launched a new Think! campaign urging drivers to check with their pharmacist about the potential effects of medicines.

          “But we know there is still more that can be done. The DVLA is working with the Department of Health to develop a learning module on medical conditions and driver licensing awareness to better train healthcare professionals (HCPs), and our research will be circulated to all GPs and other HCPs to remind them of the importance of considering fitness to drive when providing advice to patients.”

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          Groupama Insurance appoints Glyn Hughes as Personal Lines Pricing and Planning Manager at Groupama Insurances. Reporting directly to Kevin Kiernan, Personal Lines Director, Glyn will play a significant role in ensuring that Groupama is able to provide a quick and competitive response to business opportunities whilst retaining a clear focus on protecting bottom line profitability. He heads up a team of 4 analysts supporting Groupama’s household and motor personal lines development underwriters.

          Formerly a Pricing and Planning Analyst at Groupama Insurances, Glyn has been with the business for 4 years having joined the company from Experian Automotive. As Pricing and Planning Manager he will be responsible for the provision of rating and planning information necessary to formulate pricing strategy across the Personal Lines business. Glyn’s team will work closely with Groupama’s actuaries to ensure swift responses to development opportunities and the speed to market to maximise their potential.

          Kevin Kiernan said: “This is a critical appointment for our business as we really need to be quick and agile to operate effectively in today’s fiercely competitive personal lines arena. Glyn has the proven skills we need to ensure our teams optimise our pricing and maximises profitability. Like the rest of the motor market we currently face a particular challenge with the current rate of claims inflation and its effects on pricing. Initially, this will be a key focus for Glyn and his team.”

          Glyn Hughes added: “This is a fantastic opportunity to streamline things and to provide our partner brokers with ease of access to quick underwriting decisions whilst safeguarding bottom line business profitability. The UK’s Personal Lines market is a highly dynamic and challenging sector and I am eager to use my skills and experience to start making a difference for Groupama and our broker partners.”

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          Zurich Financial Services Group today announced key enhancements to its Global Risk Assessment Module (GLORAM), an innovative tool designed to assist businesses around the world to cope with the management of risk. GLORAM is a fact-based management tool which simplifies the results of complex risk modeling in an easy to understand way. The tool has been further improved following the lessons learnt from the financial crisis and is designed to help businesses with strategic decision making and risk mitigation in the face of difficult and constantly changing business conditions.

          “We are pleased to be able to announce this next stage in the evolution of GLORAM,” said Daniel Hofmann, Zurich’s Chief Economist. “These enhancements have been designed to help businesses build risk understanding that can be cascaded throughout an organization, ensuring strategic rationales are shared within the C-Suite and beyond. It gives senior executives a concrete, scaled illustration of risks, facilitating simple comparisons to be made across regions and providing a visual interpretation of how risk chains may apply.”

          Insights gained on the basis of Zurich’s Global Risk Assessment Module have already provided a valuable contribution for the annual Global Risks Report*, which was recently published by the World Economic Forum. These insights have also been used by a number of global forums and think tanks to stimulate policy debate about the changing nature of world risk.

          “GLORAM provides the potential to hedge risks in order to protect assets, earnings, operations, and personnel,” said Mr. Hofmann. “Most importantly, it enables a unique risk context to be established for major developments or plans, without taking up unreasonable amounts of senior management time and resources.”

          “The financial crisis has reminded us rather painfully that risks cannot be analyzed in silos. We must broaden our perspective and accept that the definition of global risk goes beyond its geographical context. Zurich’s solution is to continue working closely with its customers to help create the presence of forethought, enabling them to calmly mitigate business threats wherever possible.”

          * The latest Global Risks Report, produced by the World Economic Forum in partnership with the Global Risk Network and with participation of Zurich, was published on January 14, 2010. The report can be downloaded from www.weforum.org/grr

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          Aviva announces the appointment of ZenithOptimedia as its global media buying, planning and digital agency. The appointment of a global agency follows an extensive review of the company’s media supplier arrangements.

          The appointment of ZenithOptimedia will help maximise the impact of Aviva’s media investment around the world, bringing greater consistency to communications with customers, while generating significant cost savings for the group.

          Amanda Mackenzie, Aviva’s chief marketing officer, said: “We’ve created a single global brand – a key step in our business transformation – and now is the time to move to a global media agency. An integrated, strategic approach to media will amplify our brand around the world.

          “Alongside their first-rate media buying capabilities and international reach, we’ve been impressed by ZenithOptimedia’s grasp of our brand promise and we’re looking forward to building a global partnership with them.”

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          Willis North America, a unit of Willis Group Holdings, the global insurance broker, today announced that Alastair Swift will be joining its senior management team as Chief Placement Officer, effective immediately. He will report to Don Bailey, Chairman and CEO, Willis North America, and will relocate from London to New York.

          In his new role, Swift will lead a team of placement officers across North America, ensuring that Willis’ clients benefit from the best and most competitive insurance solutions available. He will direct the overall vision for WNA placement strategy, helping Willis to better and more effectively interface with the North American carrier community.

          Swift has been at Willis since its merger with Hilb Rogal and Hobbs in October 2008, most recently holding the position of Managing Director, WNA London Property, where he was charged with leading the combined London Market Property team of WNA London and Bermuda. Before joining Willis, he was with BSK, a London market property broker.

          Commenting on Swift’s appointment, Bailey said: “Alastair is one of the best property brokers this industry has ever seen. His appointment fills a critical role that is central to our growth strategy. Over the past year we’ve been working together, Alastair has demonstrated strong leadership, broad knowledge of the placement function, a respected reputation among the carrier community and a refreshing perspective and systematic approach to his work that will complement the depth and breadth of our existing team of highly talented placement professionals.”

          Swift said: “This is a unique opportunity and I am excited about joining a team which I have come to highly respect. Placement is the lifeblood of what we do as a company and I look forward to building on our success and delivering even better service and value to our North American clients.”

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          Punk icon Iggy Pop has helped online car insurance provider swiftcover.com increase sales by almost a third in the three months since the company launched its ‘Get a Life!’ advertising campaign, fronted by the legendary rocker.

          Now, following the success of the ads, swiftcover.com has announced that it will also be extending its insurance to musicians for the first time.

          The Iggy Pop ads led to a huge surge in interest in swiftcover.com’s online insurance, with sales increasing by more than 31% in the first quarter of 2009 compared with the same period in 2008. This included hundreds of enquiries from musicians looking for low-cost car insurance. However, swiftcover.com, like many other insurers, did not cover musicians – until now.

          Tina Shortle, marketing director of swiftcover.com, explains: “This will be music to the ears of all those musicians who contacted swiftcover.com after seeing our Iggy Pop adverts. Unfortunately, we were not able to offer them insurance then, but I am delighted that musicians from would-be rockers through to classical violinists can now benefit from what is regularly voted UK’s cheapest motor insurance.”

          Previously swiftcover.com, along with many other motor insurers, had not covered musicians as claims data shows that the cost of claims for that profession is often higher than many other job functions. Following the flood of interest after the Iggy Pop adverts, swiftcover.com has worked hard to be able to offer great cost-effective motor cover to drivers in the music industry.

          Swiftcover.com is a fully online car insurance company (with no call centres), so it is able to provide quotes in sixty seconds and keep insurance costs down. Insurance is only available to UK residents.

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          Chartis Insurance UK Limited today announced that Iain Jones, an analyst from its Financial Crime Unit, is being seconded to the Insurance Fraud Bureau (IFB) for a three month period. This is the first time that an employee of a member company has been seconded to the IFB.

          Glen Marr, Vice President Financial Crime, Chartis UK commented: “We are proud to be associated with the IFB and pleased to be able to assist with this secondment. Chartis UK is committed to the industry fight against fraud and this is another demonstration of our active and visible involvement. We believe that everyone concerned will gain from the process, not least Iain who will reap considerable educational and personal development benefits.”

          Sue Jones, Head of Unit at the IFB said: “We are delighted that Chartis UK is seconding Iain to the Bureau, and believe that this exchange of skills and experience will not only be of direct benefit to those involved, but also to the industry as a whole. From the Bureau’s perspective, it will also mean that we have the resources available to achieve a faster roll-out of some of our planned projects.”

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          New claims for jobless insurance benefits in the United States posted their biggest jump in about two months, government data showed Thursday, underscoring unemployment concerns even amid economic recovery.

          The seasonally adjusted initial claims in the week ending January 16 rose for the third consecutive week to 482,000, an increase of 36,000 from the previous week’s revised figure of 446,000, the Labor Department said.

          It was the third straight week of increase. Most economists had forecast that claims would be around 440,000 as the world’s largest economy emerged from its worst recession in decades.

          The four-week moving average, a less volatile indicator than the week-to-week figures, was 448,250, an increase of 7,000 from the previous week’s revised average of 441,250.

          The latest data, however, showed a fall in the total number of Americans receiving unemployment benefits.

          The number for seasonally adjusted insured unemployment during the week ending January 9 was 4.599 million, a decrease of 18,000 from the preceding week’s revised level of 4.617 million.

          Government data in early January showed US employers had cut 85,000 jobs in December while the unemployment rate held at 10.0 percent.

          More than seven million Americans lost their jobs in the recession and nearly 25 million Americans are unemployed or underemployed because they could not find full time work, or have given up looking for work, latest data showed.

          The US economy grew at a 2.2 percent pace in the third quarter of 2009, reversing four quarters of contraction, latest governmet figures showed.

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