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The ABI has today published updated guidance to help pension providers deliver further improvements to the ‘wake-up’ packs sent to pension customers as they approach their retirement date.

‘Wake-up’ packs contain vital information for people with defined contribution pension policies, aimed at helping them decide how to take their benefits.  This includes key messages such as the right to shop around using the Open Market Option (OMO), and sets out in simple language the different types of annuity available.

The new guidance builds on the success of a 2008 ABI guide, and incorporates feedback from extensive customer testing of ‘wake-up’ packs and their impact on consumers’ understanding of the OMO and key retirement options.  The enhancements include:

  • Clear prompts for customers about the importance of reading the wake-up pack.
  • Greater emphasis on the importance and benefits of shopping around.
  • Clarity on the timeline for taking benefits, whether through the OMO or not.
  • Prominent promotion of the Pension Advisory Service’s online financial planner.
  • Encouragement for providers to consider earlier customer communications, at an earlier stage than the usual four or six month wake-up pack.
  • New standards to improve OMO transfer processes.

Maggie Craig, the ABI’s acting Director General, said: “This new guidance shows the pensions industry’s determination to improve customers’ experiences when securing a retirement income, and provide information in a way people understand. The 2008 guidance led to major improvements in the quality of providers’ pre-retirement communications and we expect this guidance to raise standards still higher.

“We have listened to the views of consumers, the industry and other pensions experts to identify how best to convey key information and encourage people to read these packs.  This new guidance will help ensure people get clear, valuable and understandable information at the point when they are making hugely important decisions about how to turn their pension savings into an income in retirement.”

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President Barack Obama saluted Wednesday the “progress” of fellow Democrats in the Senate on a bill to overhaul the US health care system, his top domestic priority.

The bill “contains Democratic ideas, Republican ideas and plenty of compromises in between,” Obama said, hailing the Senate’s “progress last night, with a creative new framework I believe will pave the way for final passage.”

Obama said he backed the effort, “especially since it’s aimed at increasing choice and competition and lowering costs.”

The president and top Democratic lawmakers hope to pass the health care bill this year, but the sweeping proposals face blanket opposition in the Senate from Republicans and worries from some Democrats about the 848-billion-dollar price tag.

Following days of tough negotiations, Democratic senators said Tuesday they had reached an agreement between liberals and centrists on a government-funded “public option” that would compete with private insurers.

“It is a consensus that includes a public option and will help ensure the American people win in two ways: one, insurance companies will face more competition, and two, the American people will have more choices,” said Senate Majority Leader Harry Reid, without providing further details.

But he also recognized that not all 10 lawmakers involved in the negotiations agree on all the plan’s details, nor will all the 58 Democratic and two independent senators he needs to pass the legislation.

Democratic Senator Russ Feingold underlined the concerns of many in his party, saying he does not support replacing a public option with an entirely private one.

“We need to have some competition for the insurance industry to keep rates down and save taxpayer dollars,” he said.

The House of Representatives adopted its own version of the text on November 7. Once the Senate passes its bill, the two chambers will need to reconcile their versions before sending the legislation to Obama to sign into law.

The United States is the only industrialized democracy that does not ensure that all of its citizens have health care coverage, with an estimated 36 million Americans uninsured.

And Washington spends vastly more on health care — both per person and as a share of national income as measured by gross domestic product — than other industrialized democracies, with no meaningful advantage in quality of care, according to the Organization for Economic Cooperation and Development.

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    CEIOPS publishes its Second bi-annual Financial Stability Report for the insurance and occupational pensions sector and considers that the risks described in CEIOPS Spring Report 2009 have not significantly changed during the second half of 2009.

    Though the insurance and occupational pension funds sector had a favourable financial position by mid-2008 the financial situation has weakened in the second half of 2008 and 2009. There still is uncertainty on the future outlook for the insurance and occupational pensions sector related to developments in interest rates, equity prices as well as the influenza A(H1N1).

    Insurance sector

    In 2008 the financial market turmoil has reduced demand of life products significantly, and recessionary pressure on household income will likely reduce demand further throughout 2009. In 2008 the financial performance of most insurance undertakings was weaker than in 2007 due to low investment yields and flat or decreased premium income. Year 2009 is especially challenging due to a prolonged period of deteriorating macroeconomic environment.

    During 2008 solvency positions have deteriorated and many undertakings have as a response increased their capital buffers by now.

    Driven by high claims from eatherrelated natural catastrophes, 2008 was the second most expensive year on record. In 2008, the course of the softening global reinsurance market continued. Due to the financial turmoil the demand for reinsurance capacities is increasing. Lower or even negative investment results have placed pressure on primary insurance undertakings’ capital. In the European renewal season 2009 the prices increased in certain reinsurance segments.

    The insurance industry as a whole faces several risks and challenges going forward, of which the most prevalent are financial risks, in particular the risk of low or even again decreasing interest rates as well as risks related to depressed equity markets. A prolonged period of economic recession will be particularly challenging for the underwriting performance.

    The monoline sector remains under significant stress and the deterioration in structured credit markets and, in particular, in securities related to US subprime mortgages, has continued. Capital levels have increased as business runs off the books, with little or no new business being written.

    Pension Funds sector

    The financial turmoil has hit Institutions for Occupational Retirement Provisions (IORPs) primarily in their role as institutional investors. Sharp drops in the
    equity markets and increasing credit spreads have put their investment portfolios under strain. However, the impact has not been as severe as seen in other financial sectors as the long term nature of the liabilities affords some protection in this respect and IORPs have not experienced the liquidity problems seen elsewhere. Policy responses from supervisors in light of the downturn have focused on the flexibilities within the current framework and the differing security mechanisms available.

    The defined benefit (DB) occupational pension fund sector is coming under increased pressure, also because of low interest rates and prevailing longevity risk. The crisis has also been challenging for defined contribution (DC) plans, making evident that a careful plan design such as suitable default options and lifecycle mechanisms, are important elements in mitigating the effect of market downturns on plan members. In many Member States, financial education and awareness is increasingly felt crucial, in order to empower people to make sensible and informed choices regarding their pension provisions.

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    AXA announces today the appointment of Jean Sorasio as Group Chief Investment Officer, effective January, 2010. He will report to Gérald Harlin, AXA’s CFO and a member of the Group Executive Committee.

    His role will be to manage and coordinate AXA’s investment and asset-liability management strategy in order to optimize investment performance, within the risk appetite defined by the Group.

    Jean Sorasio joined the AXA Group in 2007 as Chief Investment Officer of AXA Life Japan. He had previously held several management positions in Capital Markets with Banque Indosuez, as well as with the EBRD, where he acted as Head of Asset & Liability Management and then Director of Treasury Risk Management. Jean Sorasio holds an MSC in Management from HEC, Paris and is a member of the French Society of Actuaries (diploma from the Center of Actuarial Studies, Paris).

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    Aon Risk Services today announced the appointment of Sandeep Malik as chief executive officer of Asia Aon Risk Services, effective February 1, 2010. Malik will be based in Hong Kong and will report to Bernard S.Y. Fung, chairman and chief executive officer of Aon Asia Pacific.

    “As our region continues to grow, Aon’s business and the clients we serve are becoming more complex, varied and diversified,” said Fung. “Sandeep’s management skills and his deep knowledge of the Asia markets will serve our Asia ARS country leaders and their colleagues well as we continue to provide distinctive value to our clients and increase revenue growth and market share.”

    Steve McGill, chairman and chief executive officer of Aon Risk Services, noted: “The addition of Sandeep Malik to the ARS management team reflects our desire to be the destination of choice for the best talent in the industry. Sandeep will contribute greatly to the strategic and organizational initiatives Bernie and his team are executing on in Asia, and I welcome him to the team.”

    Malik joins ARS from Prudential Asia, where he served as chief commercial officer and where for the past ten years he has been involved with most of the key business initiatives and has worked extensively in each of the twelve country markets where Prudential Asia has business, including their two joint ventures in China and India.

    Before joining Prudential Asia, Malik was a partner at Marakon Associates, a management consulting firm that pioneered many of the principles and tools that over time became the mainstream approach to “managing for shareholder value.” He joined Marakon in 1994 and worked in the U.S. and European practices before relocating to build and lead the practice in Asia. Malik began his professional career in 1989 in general management at Cincinnati Milacron, a leading U.S. manufacturer of metalworking and plastics machinery.

    Malik holds a bachelor’s degree in engineering from Panjab Engineering College, Chandigarh, India, and a Master of Business Administration from Indiana University.

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    Aviva has appointed Michael Hawker as an independent non-executive director with effect from 1 January 2010.

    Michael Hawker was chief executive and managing director of Insurance Australia Group, the largest general insurance company in Australia, from November 2001 to May 2008 and is currently an advisory board director at GEMS, the Hong-Kong based private equity firm and a non-executive director of Australian Rugby Union.

    Michael Hawker has extensive experience in financial services: he was a group executive at Westpac Banking Corporation, responsible for leading its retail and business banking operations in Australia and New Zealand and has held a number of senior capital markets roles at Citibank both in Australia and Europe.

    Lord Sharman of Redlynch, chairman, said: “Michael Hawker is a very welcome addition to Aviva’s board. Michael’s deep understanding of insurance and financial markets and his experience of leading large customer focused businesses will be invaluable to Aviva.”

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    AXA announced today the appointment of Shu Khoo as Executive Vice-President, Group Head of Human Resources, as of April 1, 2010.

    She will succeed to Alain Rohaut, EVP, Group Head of HR since September 2003, who will retire. She will report directly to Henri de Castries, Chairman of AXA Management Board.

    Henri de Castries, Chairman of the Management Board said: “I would like to very warmly thank Alain for bringing his great experience and vision in terms of human resources, and his contribution to enhance the strategic dimension of this function within AXA,”. “AXA employees have built the Group as it is today. The current crisis shows once again that their engagement and common culture are key to sustainably differentiate ourselves. During more than 6 years, Alain put his energy in developing competencies and leadership, and in fostering the engagement of us all, to help us continue to write AXA’s story and to make sure that everybody will find its place in it. I wish Shu Khoo the greatest success in her new position. I have no doubt that she will succeed in pursuing the work started by Alain, and will lead us to 2012, and beyond.”

    Shu Khoo joined AXA in 2005 as Regional General Manager, Human Resources and Internal Communications of the AXA Life platform in Asia, three and a half years before joining Group HR as head of Group Executive Management. She had previously spent the major part of her career in the Prudential Plc. group, holding several business and HR management positions at local (Singapore) and regional levels. Shu Khoo is graduate in Statistical Sciences of University of Toronto.

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    Chartis UK and CEO, Lex Baugh, have won two prestigious awards at the Insurance Day London Market awards dinner held at the Grosvenor House Hotel on Park Lane, on Thursday 3 December.

    Chartis UK/AIG UK won Company of the Year and the Industry Achiever of the Year was presented to Lex Baugh.

    Presenting the award for Company of the Year to Commercial lines Director Kelly Lyles, Richard Banks, editor of Insurance Day said,

    “The award is for the company that has truly made a difference in the last year to eighteen months. Chartis UK has shown admirable transparency and excellent communications with clients in very challenging and unprecedented circumstances.”

    The Achiever of the Year Award is presented to the individual who has made an outstanding difference, beyond the call of duty.

    Presenting the award to Lex, Nick Bugler, partner at sponsors Dewey Leboeuf said, “One man stood out for his leadership and encouragement in very difficult circumstances.”

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      The world climate summit in Copenhagen is the 15th annual meeting of the 192 signatory states of the UN Framework Convention on Climate Change. The Kyoto Protocol, the first international agreement on the reduction of greenhouse gases, was negotiated at the third Conference of Parties in Kyoto in 1997.

      In the Kyoto Protocol, the industrialised nation signatories agreed to achieve an overall reduction in emissions of 5.2% on 1990 levels by 2012. In Copenhagen, agreement is to be reached on the main constituents of a follow-up protocol, due to enter into force in January 2013.

      To keep global warming within manageable bounds, it will have to be limited to 2°C. The reduction targets will therefore have to be much more ambitious than those of the Kyoto Protocol. All countries which contribute significantly to global warming will have to commit to reduction targets, particularly the USA and China, which have not, to date, done so.

      Munich RE supports the IPCC’s call for a reduction in global greenhouse gas emissions by 2020 and a 50% drop on 1990 levels by 2050.

      It will not be sufficient, however, only to agree upon ambitious mitigation measures. Global warming can no longer be stopped. It can now only be attenuated. Thus, measures will also have to be initiated to ensure Munich RE can adapt to the unavoidable changes. The developing countries that are most vulnerable to global warming will consequently need the support of the rich countries, which caused the problem, and this will also entail setting up an adaptation fund.

      Munich Re has initiated a number of major innovative projects in support of both mitigation of and adaptation to global warming. The Desertec Industrial Initiative will provide an important contribution to the reduction of CO2 emissions. The Munich Climate Insurance Initiative is supporting adaptation measures undertaken by developing countries facing increasing hazards due to extreme weather events by developing innovative insurance solutions, implemented under the auspices of the UN. In Copenhagen, Munich RE expects the relevant parts of the MCII’s proposals to be integrated into the draft of the Kyoto follow-up protocol.

      Climate change is one of the greatest challenges mankind faces. Munich RE needs to take steps to combat it for economic reasons as the upward trend in losses caused by weather-related natural catastrophes persists.

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        Swiss Re’s Investors’ Day conference today will provide insight into some of the key drivers and processes behind its core business, focusing on cycle management, portfolio steering and risk management.

        At its Investors’ Day in Zurich, Swiss Re will demonstrate that the company’s core business performance is founded on active cycle management and portfolio steering, and supported by stringent risk management processes.

        “Capturing value from market inefficiencies creates significant opportunities to outperform. Swiss Re achieves this by actively managing the reinsurance cycle and steering its portfolio,” said Brian Gray, Swiss Re’s Chief Underwriting Officer. He added: “Risk transformation plays a central role within portfolio steering, addressing needs such as peak risk management, earnings volatility reduction and the efficient use of capital. Our transformation capabilities give us a further competitive advantage.”

        Swiss Re performs countless risk assessments every year, both in relation to third parties and within the business itself. Swiss Re’s internal risk model is continuously evolving to address new challenges. Raj Singh, Swiss Re’s Chief Risk Officer, will talk about the value of independent risk management.

        “At Swiss Re, risk management is a global independent function, fully embedded in all areas of the business,” said Raj Singh. “Not only do we play a critical role in assuring the appropriate balance of risk and reward in all risk-taking activities, we also proactively drive the development of reinsurance risk management and regulation frameworks for the broader insurance industry.”

        Cycle management, portfolio steering, risk transformation and risk management are the cornerstones of any successful reinsurance business. Swiss Re believes these strengths, supported by its people, its expertise and innovation capabilities will assure the company’s future success.

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        Liberty International Underwriters Europe has announced an initiative to target larger regional Professional Indemnity (PI) risks in the UK. The move will build on LIU Europe’s existing book of primary PI risks and reflects the success the company has so far achieved in writing cover for this critical business protection.

        LIU Europe will target a comprehensive range of larger UK-based professional businesses with an annual fee income of up to £20 million, writing primary PI cover for traditional professions such as accountancy, architects and engineers as well as newer growing areas such as management consulting.

        The push follows a succession of PI focused recruits over the last 18 months who have significantly expanded the company’s resources in this area and increased the available regional expertise.

        Commenting on the move, Richard Mason, LIU Europe’s UK Regional PI Manager, said: “There is no doubt that the economic downturn has focused minds on the importance of getting the right Professional Indemnity cover in place. We have had enormous success with smaller professional businesses and given our recent expansion, it seems entirely appropriate that we now extend our successful model to larger businesses.”

        Paul Kurgo, Head of LIU Europe’s UK and Ireland Commercial Unit added: “Through our offices in Bristol and Manchester we have developed a comprehensive suite of PI products and policy wordings suitable for the majority of the key professions in the regional marketplace. We look forward to working with brokers and their clients to bring our expertise to this wider professional market.”

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        Aon Risk Services announced that it has signed a definitive agreement to acquire Allied North America, one of the largest independent surety and construction insurance brokerage firms in the United States. Financial terms of the acquisition were not disclosed. Closing is expected by year’s end.

        “This acquisition reinforces our leadership position in the construction sector and enables us to bring additional talent and skills to the benefit of our clients,” said Steve McGill, chairman and chief executive officer of Aon Risk Services. “We very much welcome our colleagues from Allied to the firm.”

        “Through the increased broking capability provided by Allied North America, we are enhancing our global construction powerhouse as well as our abilities to better serve our clients and grow our business around the world,” added Gregory C. Case, president and chief executive officer of Aon Corporation.

        Peter Arkley, chairman and chief executive officer of Aon’s global construction business and Aon Construction Services Group, noted: “Aon’s acquisition of Allied North America brings together the two premier U.S. construction brokerage firms to create a specialty construction brokerage unmatched in depth of talent. The combined organization will have unprecedented leadership, market access and technical knowledge that will provide a unique asset and a tremendous opportunity for our clients.”

        “Pairing Allied’s solid relationship with leading construction carriers, our depth in surety and risk management as well as our professional safety services with Aon’s existing talent and intellectual capital enhances our collective position as the leading risk management partner to the construction industry,” said Bill Marino, current chairman of Allied. Marino will assume the role of president of Aon’s global construction business and vice chairman of Aon Construction Services Group, post-acquisition.

        Allied’s and Aon’s leadership positions in their respective offices will result in a significantly broader presence in strategic construction markets. Aon Construction Services Group’s operating model will allow the combined entity to serve contractors with industry-leading expertise on a local basis in every region of the United States. In addition, the ARS global network will empower the team to better serve international clients.

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        Willis Group Holdings announced today that one of its executives, Martha Vinas, Senior Vice President and Director of Client Advocacy for the company’s Employee Benefits practice in Florida, has been named a 2009 “Woman to Watch” by Business Insurance magazine.

        On this, the fourth year that Business Insurance has published its “Women to Watch” list, Vinas is among a group of 25 high-profile women executives who are leading the way in insurance, reinsurance, risk management, employee benefits and related fields, such as law and consulting. The “Women to Watch” list is compiled from hundreds of reader nominations as well as information supplied by the publication’s senior staff.

        Based in Tampa, Florida, Vinas is a recognized authority in the area of Employee Benefits. She currently leads Client Advocacy for Willis’ Florida Employee Benefits Practice, which has a team of 61 professionals working in eight offices across the state. Vinas is responsible for the development of professional talent and capabilities as well as strategic planning, staffing, operations, client management and partner development.

        Vinas has had a varied career in her 15 years in the insurance industry, with positions on the broker, insurance carrier and healthcare provider sides of the business providing her with a broad perspective on the issues impacting the Employee Benefits sector. She received a Bachelor’s degree in Health Services Administration from Florida International University and her MBA from the University of Tampa.

        Commenting on her achievement, Vinas said: “It’s a fantastic honor to be named by Business Insurance as one of the women who is making a difference in an industry that historically has been dominated by men. I’m very passionate about this profession, the insurance business, and working hard everyday to help our clients. Insurance has given me great opportunities to develop my career, and I truly enjoy my leadership role, which allows me to consult, mentor and help others grow in this field. I would like to thank my colleagues at Willis for being a source of encouragement and motivation, and for working together to serve our clients as the best ‘One Flag’ team in the industry.”

        Don Bailey, Chairman and Chief Executive Officer of Willis North America, said, “Martha is an outstanding professional who strives for, and achieves excellence in all that she does. She is truly an exceptional leader who has won the admiration and respect of her colleagues and our clients, and she is thoroughly deserving of this accolade. Martha is a credit to this profession and to Willis, and I’m delighted that she’s being honored for her achievements.”

        Vinas, who joins past honorees from Willis, is profiled in the December 7 issue of Business Insurance, as well as at http://www.businessinsurance.com/section/awards05?date=20091206. Business Insurance will host a luncheon and awards program honoring the 2009 “Women to Watch” on December 8 at the Four Seasons Hotel in Chicago.

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          Zurich Financial Services Group announced today that it completed an important step in the rationalization of its Group holding legal entity structure.

          As part of the overall legal restructuring, Zurich Group Holding (ZGH), the Group’s penultimate holding company, has been merged into Zurich Financial Services Ltd, the Group’s ultimate holding company.

          To enable this transaction, Allied Zurich Ltd., a 100% owned subsidiary of Zurich Financial Services Ltd, had already sold its 42.3% share in ZGH to Zurich Financial Services Ltd on August 19, 2009.

          As two layers of holding companies were effectively taken out, Zurich Financial Services Ltd is now the immediate holding company of Zurich Insurance Company Ltd, the Group’s main operating company.

          The further simplification will increase the Group’s flexibility and transparency and enable it to manage its capital and dividend flow more effectively. There is no impact on the consolidated financial position of Zurich.

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          Aviva Investors, the global asset management business of Aviva, today announced it has sold a portfolio of 12 UK commercial properties* to SWIP Property Trust for circa £260 million reflecting an initial yield in the region of 7%.

          The portfolio includes retail warehouse Parks in Beckton and Reading along with offices in south Manchester and Hook, shop units in Bournemouth and industrial units in Crawley and Denham.

          Joel Lindsey, head of Aviva life funds – UK real estate at Aviva Investors, said: “We are delighted to have sold the portfolio to SWIP Property Trust. The recent rise in pricing has been driven by significant cash inflows to the UK funds and a limited supply of quality institutional grade property. To take advantage of these market conditions, we have undertaken a small number of opportunistic sales as part of ongoing portfolio management.”

          Aviva Investors has a significant and long-standing expertise in real estate investment, managing £22 billion in real estate assets globally (at 30 June 2009).

          Pinsent Masons and DTZ were advisers on the transaction.

          * These properties are managed as direct investments on behalf of Aviva Life & Pensions Limited and are independent of the Aviva Linked Property Fund.

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          Friends Provident has joined the Agency Administration service provided by Origo that gives financial advisers an online, one-stop, centralised process to create and submit requests for agency arrangements.

          The service will streamline the administration process, improve the consistency of communications, and enhance Friends Provident’s position as a leader in technology and online services for our business partners.

          The new service will enable financial advisers to manage requests such as:

          • Change of address
          • Change of bank account
          • Request for additional agencies
          • Request for agency closures
          • Maintain service provider and panel membership
          • Transfer of business within and across organisations.

          Steve Young, market and e-development manager at Friends Provident said: “Friends Provident has supported Origo for a number of years. Services such as Agency Administration make everyone’s life easier. Origo’s Agency Administration service is a major breakthrough for advisers and product providers. It speeds up our response to IFAs and makes a real difference to their day to day workload”.

          Paul Pettitt, Managing Director of Origo said: “Providers are increasingly seeking to differentiate themselves through improved service.  Agency Administration will enhance the service delivered to adviser firms by the supporting providers and Origo welcomes the addition of Friends Provident”.

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          Responding to the publication today by the Financial Services Authority (FSA) of its review of the practice of insurers contacting directly a person with a potential claim against their policyholder (third party claims assistance), Nick Starling, the ABI’s Director of General Insurance and Health comments for News-Insurances :

          “If an insurer contacts an injured third party it will be to ensure that they get fair compensation and the best possible rehabilitative care more quickly than through the legal process. In doing so, insurers will ensure that the person is fully aware of their legal rights and options.

          “The FSA’s guidance, combined with our own code of practice which we will be publishing shortly will ensure that claimants get the best possible deal as quickly as possible. It will also reduce legal costs, which all customers end up paying for through higher premiums”

          Responding to the publication today by the Financial Services Authority (FSA) of its review of the practice of insurers contacting directly a person with a potential claim against their policyholder (third party claims assistance), Nick Starling, the ABI’s Director of General Insurance and Health, said:

          “If an insurer contacts an injured third party it will be to ensure that they get fair compensation and the best possible rehabilitative care more quickly than through the legal process. In doing so, insurers will ensure that the person is fully aware of their legal rights and options.

          “The FSA’s guidance, combined with our own code of practice which we will be publishing shortly will ensure that claimants get the best possible deal as quickly as possible. It will also reduce legal costs, which all customers end up paying for through higher premiums”

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          Allianz has enhanced its leadership programme by adding a new twist to the existing training programme.

          Leaders can choose between a variety of different and strategic themed workshops, such as innovation, operational effectiveness and market management.

          Each workshop programme starts with a one day event to introduce existing knowledge on the theme and sharing views and ideas of best practice.  Course members are then tasked, during a four month period, to go out and spend time with other companies, outside the insurance industry to gain insights, new ideas of best practice.  Course members then return to feedback what they have learnt.

          Jost Wahlen, head of learning and development, said: “We wanted to do something a bit different and provide a programme to our leaders that gets them thinking outside the box.  This is not only a great learning opportunity for them individually but a great learning opportunity for the whole organisation.  If we step outside Allianz and even outside the insurance industry we can certainly learn a lot from others.”

          “We want to be able to tap into other networks and engage leaders in linking to other companies and industries. It creates an opportunity for reflecting on their own role and how they can change and improve what they do and make suggestions or improvement for the company also.  Twenty per cent of our managers across the business were involved this year and we are expecting an even higher interest in this opportunity next year.”

          MPLEMENTS NEW LEADERSHIP PROGRAMME

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          Bailed-out US insurance giant AIG said Thursday it had chosen Hong Kong as the venue for a planned listing of its Asian subsidiary AIA.

          But American International Group (AIG), which said in May that it planned to float American International Assurance (AIA), did not give a time frame for the listing, which is subject to the approval of the Hong Kong Stock Exchange.

          “The timing of any offering will be dependent on market conditions and regulatory approvals. We will only list when we are ready,” said Mark Wilson, AIA’s chief executive officer and president, in a statement.

          Wilson said Hong Kong — home of AIA’s head office in the Asia Pacific — was a natural choice for the initial public offering.

          “Hong Kong is a very important market for us and it is a gateway to China, one of our critical markets for our future success,” Wilson said.

          “Hong Kong has a highly liquid stock market and world-class infrastructure for financial services companies. The rationale for a Hong Kong listing is compelling.”

          Bob Benmosche, AIG’s chief executive officer, said the listing was in the best interests of policyholders, distribution partners, AIG shareholders and US taxpayers.

          The listing represents an attempt to distance the Asian insurance arm from its parent group, whose reputation has been hit by a huge Washington bailout at the end of last year after it was battered at the onset of the credit crunch.

          Dow Jones Newswires previously reported that up to a third of AIA would be floated on the Hong Kong Stock Exchange to raise between 5 billion to 10 billion US dollars in the first quarter of next year.

          With AFP, Hong Kong, Dec 3, 2009

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            The Irish government is thinking of a new insurance scheme for people most at risk from flooding which could be established by the Government, Tanaiste Mary Coughlan said yesterday.

            Ms Coughlan said that she was willing to examine a national insurance scheme for those who lived in flood-prone areas .

            The scheme would be backed by the Government and designed for those whose homes are so at-risk of being flooded that insurance companies are unwilling to sign them up.

            The €10m flood aid package will not go to people who have their property insured

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