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George Stobbart

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0 30

Legal & General has appointed Michael Walker as the Commercial Underwriting Manager for their highly successful Bulk Purchase Annuities and Longevity business.

Michael has 12 years experience in the pensions arena, joining Legal & General from Aon Hewitt’s Retirement Practice, where he was a Principal Consultant and Scheme Actuary, advising pension schemes with aggregate liabilities in excess of £20bn. Michael brings extensive experience of advising both trustees and sponsors of UK and overseas pension schemes on funding, de-risking solutions and wider pension scheme management.

In his new role Michael will lead one of two teams responsible for the underwriting of Legal and General’s Bulk Purchase Annuity and Longevity Insurance transactions. Michael continues in his roles as a member of the Pensions Board of the Institute and Faculty of Actuaries and Chairman of their Pensions CPD Committee.

Tom Ground, Head of Legal and General’s Bulk Annuity and Longevity Insurance business said, “2013 is proving to be a fantastic year for pension insurance de-risking with Legal & General having already secured over £5bn in insurance de-risking transactions.

Many trustees and sponsors are looking to secure their pension liabilities and Legal & General is able to provide a wide variety of tailored de-risking solutions. We expect a substantial number of transactions to complete in the second half of 2013 as the de-risking market continues to be buoyant. Michael’s significant experience as a trusted adviser to a wide variety of UK and overseas pension schemes means we will be well placed to help trustees and sponsors in arranging their de-risking solutions.”

Legal & General offers a range of de-risking solutions, which include, buyout, buy-in, longevity insurance, liability-driven investment (LDI), and more recently a deferred premium facility, to pension schemes of all sizes. Legal & General is also able to tailor a combination of LDI and longevity insurance to provide “DIY buy-in” solutions and has an in-depth understanding of mortality trends and longevity risk.

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AXA Equitable Life Insurance Company, the primary U.S. subsidiary of the global AXA Group, announces today that Ori Ben-Yishai has been named managing director and head of Business Line Marketing, serving all lines of business, including Retirement Savings, Financial Protection and Wealth Management.

As a member of executive management and the Marketing & Communications leadership team, Ben-Yishai will work with businesses and the Insight & Analytics, Brand & Customer Experience, Digital & Multichannel and Corporate Communications teams to lead the development and implementation of customer-focused marketing programs across products lines and distribution channels.

“Delivering world-class, customer-centric marketing strategies and programs informs and accelerates the execution of business objectives that drive sustainable growth,” said Amy Radin, chief marketing officer of AXA Equitable. “Ori is highly regarded for his strategic insight and his ability to drive results. His experience and expertise will allow us to build on AXA Equitable’s growth trajectory and expansion into current and new markets and customer segments.”

Most recently, Ben-Yishai served as chief operating officer of the company’s Employer Sponsored Division, a market-leading provider of retirement products to K-12 educators and government employees, with responsibility for marketing, product development, business strategy, sales operations and financial performance. He led a number of growth programs for that division, including the effort to expand sales through new distribution partnerships and introduction of new features and services to its product portfolio.

Ben-Yishai joined AXA Equitable in 2007 as vice president of the Strategic Initiatives Group. Prior to that, he was an engagement manager at McKinsey & Co., leading client teams across marketing, strategy and operations.

He holds an MBA in marketing and finance from Columbia University and an LL.B. from the Hebrew University of Jerusalem.

Ben-Yishai also serves as a David Rockefeller Fellow at The Partnership for New York City, a program designed to enable a new generation of private sector leaders to deepen their understanding of the public needs of New York City, and to take an active role in shaping its future.

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Fitch Ratings has upgraded Ethias S.A.’s (Ethias) Insurer Financial Strength (IFS) rating to ‘BBB’ from ‘BBB-‘ and affirmed its Issuer Default Rating (IDR) at ‘BBB-‘. Both ratings have Stable Outlooks. Ethias’ subordinated debt is upgraded to ‘BB’ from ‘B+’. A full list of rating actions is at the end of this comment.

KEY RATING DRIVERS

The upgrade of the IFS rating reflects restored financial fundamentals after management made vigorous efforts since 2009 to restructure the company, improve its risk profile and underwriting performance. The regulatory solvency margin was 184%, excluding unrealised gains, at end-2012 (2011: 158%). Financial statements showed satisfactory levels of profitability with the level of technical profit returning to adequate levels for the second year running reaching EUR211m in 2012 (2011: EUR182m). The net profit for Ethias in 2012 was EUR180m, with a 92.4% net combined ratio as calculated by Fitch.

The upgrade also reflects the successful implementation of the restructuring measures required by the European Commission (EC) with limited adverse effects on the group’s franchise since they began in 2009. These measures were required after the Belgium state intervened to recapitalise the group at end-2008, because of the severe difficulties faced in the wake of the global financial crisis. They aimed at restoring the group’s profitability and raising capital adequacy levels by 2013.

Most of the required restructuring measures were already implemented at end-2011. The group continued to successfully operate within the restructured framework in 2012. In July 2011, Ethias announced the disposal of its entire stake in Dexia to its parent company Vitrufin S.A. (formerly Ethias Finance S.A.). In 2012, Vitrufin finally sold all of its Dexia shareholding, terminating exposure to this asset for the group.

In 2012, profitability together with regulatory solvency and Fitch’s own risk-adjusted capital assessment, were all commensurate with a rating in the ‘BBB’ category. The ratings now follow Fitch’s standard notching methodology, with the IFS rating being one notch higher than the IDR. This reflects policyholder claims benefitting from priority in the case of liquidation as well as both payment restrictions from operating to holding companies and a strong capital regime.

It is Fitch’s expectation that additional support would be provided to Ethias should the need arise. This is based on the authorities’ majority ownership of the insurance company, combined with the company’s activity as a provider of insurance to Belgian public organizations and their employees.

Fitch understands that the risk related to the dispute between Ethias and the Belgian tax authorities is minimal. However, it could impact Ethias ratings in case of an unfavourable outcome as the related maximum exposure would significantly impact the company.

The upgrade of Ethias’ subordinated debt rating reflects a diminished risk of coupon deferral. The rating is now in line with Fitch’s standard insurance methodology.

Ethias is the group’s main operating entity. Fitch also regards Ethias Droit Commun AAM as a “Core” entity under Fitch’s group rating methodology, because it is 95% reinsured by Ethias and it has a 25% share in Ethias’ holding company, Vitrufin. They share the same IFS rating based on Fitch’s evaluation of the strength of the group as a whole.

RATING SENSITIVITIES Key triggers for an upgrade would include public acknowledgment by the EC of successful completion of the measures implemented since 2009, and a demonstration of Ethias ability to maintain a level of capitalisation and profitability both in line with Fitch’s expectations for a company rated high in the ‘BBB’ category.

Key triggers for a downgrade include any significant deterioration of capital adequacy. As such, Fitch is carefully considering a potential unfavourable outcome of the current case against the Belgium tax authority. Failure to maintain an adequate level of profitability or a solid business position on the Belgian market could also lead to a downgrade.

The rating actions are as follows: Ethias S.A.: IFS rating: upgraded to ‘BBB’ from ‘BBB-‘; Outlook Stable Long-term IDR: affirmed at ‘BBB-‘; Outlook Stable Undated Subordinated debt: upgraded to ‘BB’ from ‘B+’

Ethias Droit Commun AAM: IFS rating: upgraded to ‘BBB’ from ‘BBB-‘; Outlook Stable

0 28

Moorhouse subsidiary Xbroker, the niche commercial underwriting specialist has appointed Matthew Stones as senior fleet underwriter.

Mathew’s joining follows the recent extension of Xbroker’s panel of capacity providers to include Alpha Insurance A/S in collaboration with Swiss Re. His appointment and the new capacity allow Xbroker to continue to expand its range of insurance services to brokers.  A portfolio of more new products is currently being developed for launch later this year.

Day to day, Mathew will be responsible for the operation of the specialist Xbroker motor fleet product which caters for self-drive hire, haulage and courier risks.  He will focus on growing accounts and developing relationships with broker partners. He brings six years specialist fleet underwriting experience gained at QBE and Brit prior to that.

Karl Railton, head of underwriting and propositions at the Moorhouse Group said: “We are very pleased to welcome Matthew to Xbroker.  He shares our ethos of combining sound underwriting discipline with market knowledge and expertise. I am confident that he will play a central role in developing solutions for niche, hard-to-place risks within the fleet market.”

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Aon Hewitt urged the Pension Benefit Guarantee Corporation (PBGC) to rethink its proposed regulations that toughen reporting requirements for U.S. pension plan sponsors.

On Tuesday, June 18, Eric Keener, chief actuary at Aon Hewitt, testified at the PBGC’s first public hearing and suggested that rather than further complicating the process, the PBGC should work with companies to make it simpler for them to comply with reporting rules. Under the current proposed rule, pension plan sponsors would lose many of the waivers and extensions for reporting changes that impact their plans, which would place a greater burden on them.

In its testimony, Aon Hewitt made the following recommendations regarding the proposed regulations:

– Modify and clarify requirements for financially sound plan sponsors or controlled group members.

  • Redefine the financial soundness determination date to be either the event date or the date as of the end of the prior fiscal year, as chosen by the plan sponsor.
  • Provide specific criteria under which the PBGC would change the reporting threshold for a company’s Commercial Credit Reporting Company Score.
  • Consider certain accounting items that create a negative net income for companies but do not necessarily reflect their financial strength.
  • Allow companies to meet just three of five proposed criteria to prove financial soundness.

– Lower the criteria for plan financial soundness. Lower the threshold for a plan to be considered financially sound to 95 to 100 percent funded on a premium basis or 80 to 90 percent funded under ERISA section 4044.

– Provide exemptions for active participant reduction reportable event requirements. Modify the requirements for Active Participant Reduction reporting, including exempting frozen plans and plans with fewer than 100 active participants.

– Simplify waivers for controlled groups. Provide more simplified approaches to reporting waivers for controlled groups.

“Pension plan sponsors face myriad challenges and need to comply with complex regulations when reporting changes that affect their pension plans. Eliminating many of the waivers and extensions that companies were previously allowed creates an extra burden on an already complicated pension system and further encourages employers to move away from offering defined benefit plans,” said Eric Keener, chief actuary at Aon Hewitt. “Easing the proposed regulations would allow plan sponsors to focus on effectively managing their plans. Our recommended changes would enable the PBGC to meet its objectives of increasing reporting in certain situations, while still giving plan sponsors flexibility to comply in a less restrictive manner.”

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Employee benefits are now expected to do much more than just reward. However, in many organisations, employee benefits are still deployed passively without clear objectives, and in these situations, the benefits can become extremely difficult for HR to justify, according to Jelf Employee Benefits.

Iain Laws, director of UK healthcare, Jelf Employee Benefits says: “The future of healthcare employee benefits requires a dynamic approach and, even more crucially, an approach that is measurable via key performance indicators (KPIs) or a return on investment (ROI). Without this in place, companies will find they are still paying for the ill health of their employees rather than moving towards the model of preventing ill health.”

Jelf Employee Benefits endorses the use of absence data – the most commonly used KPI for all employee benefit healthcare spend – as a sensible place to start: reducing the amount of time taken off due to sickness is usually a key goal of a health strategy. Implementing a low-cost, data-rich, absence system can provide all the measurement information a company needs.

Laws continued: “Absence software no longer requires an in-depth implementation process, so is much more accessible, and will enable HR and the wider business to be more proactive with the engagement of supporting resources.”

Once an organisation’s absence management data is robust, objectives can be set for each individual benefit and the current provision reviewed. Only then can a company begin to proactively promote the benefits of PMI, income protection, cash plans, dental insurance or EAPs to its employees – in the knowledge that the correct messages will be communicated to the most appropriate employee audiences. Once these measures are in place, companies can start to deliver a positive ROI.

Laws concluded: “In these challenging times every inch of every organisation is coming under scrutiny from finance. If HR and benefits are to avoid the scissors, they need to be more commercially aware and demonstrate the value they add to an organisation via real quantitative measures.”

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Mitsui Sumitomo at Lloyd’s has affirmed its commitment to grow its Marine Liability business with the appointment of Simon Engelen as Class Underwriter.

Engelen will join Mitsui Sumitomo at Lloyd’s later this year when he leaves his current role as Marine & Energy Liability Class Underwriter with W. R. Berkley Syndicate 1967. He has over 11 years’ Marine Liability underwriting experience, including roles with QBE Energy & Marine Syndicate 1036 and Navigators Underwriting Agency Millennium Syndicate 1221.

Since the launch of its Marine Liability account in 2012, Mitsui Sumitomo at Lloyd’s has established a broad based account built on experienced underwriting, backed up a responsive service for brokers. This combination has not only secured a worldwide client base but also a solid underwriting performance.

Commenting on Engelen’s appointment and the company’s commitment to the sector, Peter McDermott, Active Underwriter and Head of Marine & Aviation, said: “The launch of our Marine Liability account last year was an important development in establishing our position as a full service marine provider. Simon’s appointment is further evidence of our commitment to growing our presence in this key sector of the marine market.”

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Impact Forecasting has launched a scenario model for the recent German floods. Using event footprints that outline the extent of the flood enables insurers to obtain a more realistic estimate of their specific exposure.

The footprint of the flood event is based on images from the German Aerospace Center (DLR) & Astrium Services / Infoterra GmbH, which are publicly available due to the International Charter “Space and Major Disasters”, and from SERTIT supplied by PERILS and available free of charge on www.perils.org. These footprints are then converted to ELEMENTS format and uploaded to the Impact Forecasting’s loss calculation platform. In ELEMENTS the hazard is then superimposed onto the insurer’s portfolio to calculate exposed sums insured. Insurers can chose from three different footprints based on either of the two individual sources provided or through a combination of both.

As the flooding is still ongoing, the footprints will be continuously updated with new developments.

Adam Podlaha, international head of Impact Forecasting, commented: “This highlights the flexibility of the ELEMENTS platform to integrate different third party data. This enables our clients to obtain several perspectives on the effect of such an event within a few days after and even when it is ongoing.”

Petr Puncochar, head of flood modelling at international Impact Forecasting, added: “Incorporating high resolution satellite images into catastrophe models shows how the insurance industry can benefit if the right kind of remote sensing data are available.”

The new German tool builds upon Impact Forecasting’s suite of new scenario models which also enable insurers and reinsurers to validate existing probabilistic models and examine specific events in territories where no models currently exist. In addition, firms can monitor exposure in key areas and provide more detailed information for reinsurance purchase and claims management.

0 27

Medical treatment can cost thousands abroad yet new research by the Foreign and Commonwealth Office (FCO) has found that fewer than half (45%) of young Brits surveyed check that their insurance covers risky pursuits, despite 4 out of 5 (82%) admitting to taking part in more adventurous behaviour when on holiday. 

The findings come as the FCO and The Travel Association ABTA urge holidaymakers to be better prepared for their travels.  Medical costs arising from uninsured accidents abroad can be severe, with the Post Office indicating that the average claim for a personal accident is £7,500.

Despite this, young Brits still head for the more adventurous pursuits abroad. A fifth (19%) of 16-24 year olds have driven a moped or quad bike while on holiday, 30% have been jet skiing or taken part in watersports and one in 8 (13%) have been skydiving or bungee jumping.

Foreign and Commonwealth Office Minister Mark Simmonds said: “With summer just around the corner, many young people will be planning trips abroad with their friends. We want people to enjoy their holidays so we encourage them to be prepared.  An emergency abroad can be extremely expensive. Medical treatment or returning to the UK could cost you thousands of pounds, unless you are adequately insured. We will do what we can to support people who require medical assistance but the FCO cannot pay their medical bills or fly them home. This is why we urge people to take out a comprehensive insurance policy which covers them for everything that they want to do while on holiday.”

Every year, FCO staff support thousands of British nationals facing serious problems abroad, including 16-24 year olds who have invalidated their policy or taken out the wrong cover.

When asked why they were more likely to pursue adventurous activities when on holiday,  two thirds (66%) of 16-24 year olds said the weather made them more inclined to try new things, while 41% said that they felt more confident. One fifth (21%) said that they felt less inhibited while on holiday.

Psychologist Dr Rachel Andrew commented: “Young people are more likely to exhibit impulsive risk-taking behaviour than in later life.  They can often get into risky group situations where they are reluctant to say no. They test boundaries, try out new things and don’t plan or think of the consequences as much as they would when they are older. Couple this with the fact that they often see holidays as a liberation from the limitations of study, work, peers and family life and you can see why weighing up the risks of more adventurous pursuits comes lower on their list of priorities”.

The latest annual figures from ABTA suggest that almost half (48%) of young Brits aged 15-24 holiday abroad without taking out any insurance at all.

Mark Tanzer, ABTA Chief Executive added: “It’s concerning to see so many young people travelling overseas uninsured, particularly when they are more likely to take part in adventurous behaviour. Many people travel uninsured because they are unaware that medical bills can run into thousands of pounds or wrongly assume that the Government will pay for their treatment. Unfortunately without proper insurance in place young people are putting themselves at the risk of not getting the right treatment should they have an accident or paying off sky high medical bills for years to come.”

Being uninsured for activities abroad is not confined to the young. Half (50%) of all British travellers don’t check that they are covered before an adventurous holiday experience despite the fact that almost two thirds admit to engaging in more adventurous pursuits while abroad.

The FCO can:

  • Provide information about transferring money
  • Give you a list of local doctors, lawyers, interpreters or funeral directors
  • Contact friends and family back home for you if you wish
  • Issue you with replacement travel documents
 The FCO cannot:

  • Get you better treatment in hospital than is given to local people
  • Pay any bills or give you money
  • Make travel arrangements for you

Further details of how the Foreign Office can provide support to British nationals when things go wrong abroad are outlined in the publication Support for British Nationals Abroad which can be found atwww.gov.uk/fco/publications.

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Willis Group announced a new leadership team for its Aerospace business in the Americas to capitalise on significant growth opportunities in the region.

Steve Kisor has been appointed President of Willis Aerospace in the Americas. Kisor was previously Executive Vice President (EVP) of Willis Aerospace in the Americas based in Los Angeles. Steve will focus on key client relationships and senior interaction with the aviation insurance markets.

Willis also announced the appointment of John Rooley as CEO of Willis Aerospace Americas, based in Vancouver. In addition to his new responsibilities, Rooley will retain his position as President and CEO of Willis Aerospace in Canada. John will be responsible for delivery of the Americas’ plan, strategy and growth.

Steve and John are joined by Neil Getter, EVP of Willis Aerospace Americas, based in New York, to form the Willis Aerospace Americas executive leadership team along with Philip Smaje, Chief Executive Officer (CEO) of Willis Global Aerospace in London. Neil will continue to run our Aerospace operation in New York and his experience will play a significant role in the leadership of the Americas for Aerospace.

Commenting on the appointments, Smaje said: “We are delighted to announce a new leadership team for the Americas, to continue the strong growth we have enjoyed across Canada, Latin America and the United States in the recent past. Both Steve and John will bring to bear tremendous insurance expertise and unique risk insights, developed through years of working closely with clients around the world.

“The Americas are a significant part of our business making up close to 40% of our global portfolio, which has performed robustly in a very challenging business climate. We are proud of what we have achieved and I am pleased to have the opportunity to work closely with Steve, John, Neil and the rest of the team to drive and deliver an exciting future.”

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Specialist lines underwriting agency, CFC announced that it has expanded its professional liability suite to include traditional professions such as insurance brokers, accountants and estate agents. 

Underwriting Director, Andrew Holmes, comments: “CFC has built its reputation on delivering market leading cover for niche and emerging professions. While the extension of our underwriting capabilities to cover traditional professions is a big step forward, I view it as a natural progression for us. We’re building on our experience around the globe and applying what we have learned to the traditional professions but with the modern touch that the market has come to expect from us and that makes us stand out from the competition.  More than just professional liability cover, our modular policies target all the key exposures faced when conducting business in today’s fast paced technology driven world and this must now include the threats of hacking, data theft and privacy breaches.”

The expansion includes four new policies specifically created for the traditional professions which they target – ProSuranc SURE for estate agents, ProSuranc IBA for insurance brokers, ProSuranc  ABA for accountants and bookkeepers and ProSurance D&C for design and construction companies. CFC can offer very competitive premiums and limits of up to £5m on each to companies with revenues of up to £5m.

As with every CFC policy, the traditional professions suite is backed up by exceptional service standards including speedy quotation turnaround, a fast track service for urgent submissions and a target to deliver cover within 24 hours wherever possible.

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Celebrating its commitment to empowering economic and human possibility around the world Aon is holding its Global Service Day, where colleagues in 44 countries will volunteer their time and efforts to support local charities in their communities.

As part of the firm’s global mission, Aon’s company-wide service day provides colleagues with the opportunity to take time off from their work to engage in charitable activities that focus on providing assistance to organizations that empower people and serve communities at risk.

“Today, our colleagues unite as a firm to give back to their local communities in order to empower those who need it most,” said Greg Case, Aon plc President and CEO. “Corporate citizenship means going the extra step and contributing to society beyond what you do in your everyday course of business. Aon’s Global Service Day is the embodiment of that philosophy.”

Mr. Case will be volunteering alongside fellow Aon colleagues to host a day of activities for athletes from the Special Olympics in Chicago’s Millennium Park.

Aon has conducted similar company-wide service days in recent years. In 2007, a day of service was held to celebrate Aon’s 20th anniversary as a global brand, in 2010, a day was held to commemorate the launch of the firm’s role as principal partner and global shirt sponsor of Manchester United, and in 2012, Aon celebrated its 25th anniversary with a service day.

From  orphanages in Russia to soup kitchens in South Africa to global organizations like the Red Cross, Special Olympics, United Way and UNICEF, Aon’s efforts will touch charitable organizations in every corner of the globe. Through its partnership with Manchester United and the Manchester United Foundation, Aon has hosted numerous soccer clinics for children in impoverished areas around the world.

Aon colleagues will contribute to these and many other organizations during Global Service Day:

– Brazil – Aon volunteers in Rio de Janeiro will spend the day at local orphanage, Fundação Romao Duarte, where they will prepare and serve food and participate in recreational activities with the children who live there. Volunteers in Sao Paolo will work with local charity Grupo Gema, to provide needed resources like clothing and blankets to at-risk children.

– China – Colleagues will raise funds to support UNICEF and will work with Cherished Dream to collect books to donate to elementary schools in need.

– France – Colleagues in Paris will partner with local charity, Nos Quartiers ont des Talents, to welcome 70 young adults from poverty stricken neighborhoods and hold workshops on resume building and job search skills.

– Indonesia – Aon colleagues will partner with the Indonesian Childhood Cancer Foundation to host a half day of activities for young people undergoing cancer treatment.

– Philippines – Colleagues will partner with the Fairplay For All Foundation to gather donations and volunteer support for youth football programs and help launch an urban garden.

– South Africa – Colleagues in Bloemfontein will perform facility improvements and plant a vegetable garden for local soup kitchen Vrystaat Versorging in Aksie. Volunteers in Johannesburg will prepare and serve food to the children of Phela Giving Back.

– United States – Colleagues in the United States will volunteer with a number of organizations including American Heart Association, American Red Cross, Habitat for Humanity, Junior Achievement, Ronald McDonald House, Second Harvest Food Bank, Special Olympics and the YMCA.

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2013 sees Synectics Solutions celebrate 21 years of trading and announce record business growth.  The business, an independently owned data management company providing managed database services and fraud prevention solutions to the insurance industry, has experienced 25% growth in turnover, year on year for the last five years. 

Synectics doubled the size of its insurer client base in 2012, including contracts for its SIRA fraud prevention and detection solution with Ageas, Eldon Insurance, LV=, Premier Underwriting and Tesco Underwriting.  In tandem, SIRA has been implemented across an expanding range of business lines; covering Personal, Commercial and Life.

SIRA enables clients to take control of their fraud prevention strategies, eliminates the need to refer to multiple data sources by integrating and streamlining processes and can be used real time or via an overnight batch facility. Powered by a sophisticated decision and workflow engine SIRA can be configured to meet specific client needs and markets, identifying potential fraud and high risk attributes at policy inception, mid-term adjustments, renewal and FNOL.

Commenting on the decision to select Synectics, Geoff Carter from Tesco Underwriting, which went live with SIRA in April 2013 , explains: “As part of a programme to strengthen our fraud prevention controls, Tesco Underwriting reviewed a number of solutions and selected the Synectics’ SIRA product.  The decision to use SIRA was based on it being an established solution in the market, it provided the functionality and transparency we required and it provided access to a valuable database of known fraud risks.”

Kevin Shanahan, Managing Director, Synectics Solutions said: “We are delighted to be expanding our footprint in the insurance space even further, branching out to help the industry to combat fraud across multiple lines of business.  Innovation is vital to equip the industry to counter emerging fraud trends and 2013 will also see Synectics data being used at different points in the insurance life cycle.  We are excited by the opportunities this will represent to assist our clients further and protect their bottom lines from the impact of insurance fraud.”

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Commercial lines underwriting specialist Arista Insurance has posted another strong set of results, with 2012 figures showing GWP is up to £81m from £74m in 2011. The full year figures, released today mark Arista’s third consecutive year in profit following a concerted effort by its teams to deliver growth and exceptional service to brokers. 

Turnover was up by £700k to £11.7m and EBITDA improved to £1.709m from £1.334m in 2011. Expenses as a proportion of GWP were down to 12.4% from 13% marking a continuing improvement in operating efficiency in real terms. Underwriting discipline was also maintained through another period of difficult trading conditions.

Arista chief executive Charles Earle said: “The results achieved in 2012 very much reflect the hard work and dedication of Arista staff. The overall performance has resulted in Arista growing by 8%, and marginally exceeding our targets for the year.  These efforts by our regional underwriting teams, supported by those at the centre of our operations, have delivered great service to brokers who have in turn continued to show support for Arista by placing more business with us. This shows our strategy of putting decision making underwriters on brokers’ doorsteps is proving successful and plans are in place to drive the business and this strategy forward even further.

“In 2013/14 Arista has further stretching goals but remains agile and able to react to insurance and economic market conditions. Arista underwriters  have exercised discipline and control in the challenging conditions that persisted in 2012, and will continue to do so as we build an underwriting service business for the future.”

Key figures :

– Gross written premium                     £81m                (2011 £74m)

– Turnover                                         £12m                (2011 £11m)

– Expenses as % of GWP                  12.4%               (2011 13%)

– Managed broker relationships          398                   (2011 370)

– Renewal income as % of GWP         71%                  (2011 72%)

– EBITDA                                          £1.7m               (2011 £1.334m)

0 28

Xchanging, the business process, procurement and technology services provider, has announced the expansion of its presence in Southeast Asia, with a significant growth in headcount and a new regional hub office in Kuala Lumpur.

This expansion reflects Xchanging’s continued commitment to invest in the Asia Pacific market where it has been growing its customer base in recent years, fuelled by offshoring and expansion into the region. Xchanging Asia Pacific has over 4,000 employees in 18 offices in Singapore, Australia, Malaysia, India, and Japan, supporting around 250 clients in those countries and also in Thailand and Indonesia.

The new state-of-the-art office, strategically located at The Horizon in Bangsar South City, will enable the full complement of Xchanging’s services to be delivered from under one roof for the first time in Malaysia. The 8,000 square feet premises will house up to 150 employees, and features a client Xuber Demo Room designed to showcase Xchanging’s flagship insurance software.

The growth in the region supports new offerings in software, business processing services and cloud solutions, as well as two recently launched product offerings, Netsett (the global reinsurance and accounting net settlement service) and Vault (the technology-enabled procurement platform).

Joe Poon, President, Asia Pacific, Xchanging comments: “Our growing employee base and new office opening mirrors Xchanging’s commitment to our customers and partners in Malaysia as we expand in tandem with their growing business demands. Our customers will benefit from our regional hub office as we support them in aligning their processes to international standards, which is a key feature of Malaysia’s Economic Transformation Programme globalisation objectives. We’re very excited to be in The Horizon at Bangsar City South.”

Adrian Guttridge, Executive Director, Xchanging Global Insurance concludes: “We are delighted to inaugurate our global insurance and technology capabilities together in Malaysia. The move underlines our commitment to the Asian market, and demonstrates our strategic approach of building global solutions for local markets.”

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The announcement that CPI has fallen to 2.4% for April 2013 will be a relief for many savers – and at last tax paying savers can choose from a smattering of accounts which had only been ISAs so far this year – but unfortunately it’s likely to be short lived.

There are now 14 ISAs and one non ISA Fixed Rate Bond that match or beat inflation for basic rate tax payers – up from just two in total. Higher rate taxpayers will still have to opt for a cash ISA but it’s at least a move in the right direction. Of course nothing is simple in the world of savings as several of these accounts have conditions such as high minimum balances and/or are restricted in some way.

Anna Bowes, Director of savingschampion.co.uk “In Mervyn King’s last inflation report, he suggested that inflation is expected to edge higher in the coming months so this boost for savers is likely to be short lived. The fact is, savers still need to be vigilant – they need to keep a close eye on the rates they are earning over the long term as nothing lasts forever, least of all a competitive savings rate”

Savings Champion’s free Rate Tracker tool makes monitoring your savings easy. Simply enter the provider, account name and balance and SavingsChampion will let you know when the rates change and if a better rate is available.

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Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has launched a suite of tools to easily quantify uncertainties in catastrophe models across all perils and territories.

Devastating events, such as the Thailand flood and Japanese Tohoku earthquake in 2011, have highlighted the need for insurers and reinsurers to better evaluate the uncertainty linked with the loss estimates calculated by catastrophe models.

The new Impact Forecasting tools help quantify identified uncertainties in the hazard, location and vulnerability components of catastrophe models. The tools are integrated with ELEMENTS 8, the new version of Impact Forecasting’s loss calculation platform which also offers a new range of scenario models.

Key benefits for insurers and reinsurers include:

– Standard method of defining uncertainty for different perils and territories

– Ways to graphically visualize the size of uncertainty for per event and exceedance probability curves for different loss perspectives (from ground up, gross etc.)

– Understanding the relative importance and impact of the various uncertainties across all model components

– Enhanced ability to make informed reinsurance decisions due to an improved knowledge of uncertainty

Adam Podlaha, international head of Impact Forecasting, commented: “The entire process of catastrophe modeling comprises various uncertainties. These are inherently present in the different stages of the process – from the decisions taken during the model development phase and in the preparation of portfolio data, to the way the model is used by the analyst or in the interpretation of the results. These new tools enable insurers and reinsurers to visualize the range of uncertainties and make business decisions based on their individual risk appetites.”

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Premier Choice Group (PCG) is pleased to announce that Claire Ginnelly has joined the Group.

As head of private medical insurance (PMI) business development, Claire will add strength to the management team, support and develop members of the sales team and enhance relationships with the insurers.

Claire has spent over 22 years in the PMI industry. Up until December 2012 Claire was head of distribution at SimplyHealth, managing the ex-Groupama healthcare key account management team following the acquisition of Groupama by SimplyHealth. Prior to that she had been head of distribution at Groupama from January 2007 to April 2012.

Claire had been head of intermediary sales at Standard Life Healthcare for eleven years to 2006. Her career started with sales positions and consultancy at Norwich Union insurance and Chancery Healthcare and as a broker consultant at WPA.

Mike Izzard, managing director of Premier Choice Group says: “This is a significant appointment in the industry and I am delighted that it is Premier Choice Group that has succeeded in bringing Claire on board.”

Tom McGuinness, business development & HR director of Premier Choice Group said: Claire’s appointment as head of PMI business development for Premier Choice Group is a major coup for the company. Claire is well-known and very highly respected within our Industry. She joins at an integral point in the continued growth of Premier Choice Group and its positioning as one of the leading independent intermediaries in the Healthcare market’.

Claire Ginnelly added: “I am delighted to be joining Premier Choice Healthcare and working closely with a team I have known and respected for many years. These are challenging times for the PMI industry. Both sides face continued consolidation whilst the market remains extremely competitive. Intermediaries need to demonstrate real value to their client as well as to their insurer partners. I look forward to working with the team in meeting these challenges whilst continuing to develop a sustainable business.”

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    In July 2012 the European Commission requested the European Insurance and Occupational Pensions Authority (EIOPA) to provide technical advice on the prudential regulations and consumer protection measures needed to create a single market for personal pensions.

    In order to deliver this technical advice EIOPA, as a first step, has today published its Discussion paper on a possible EU-single market for personal pension products.

    The goal of the Discussion paper is to engage stakeholders at an early stage in the project by gathering their views on a wide range of issues relating to personal pensions.

    The Discussion Paper focuses on three key aspects of personal pensions: A possible definition of a personal pension; Potential cross-border frameworks (passporting and the so-called second (or 28th) regime which would create a uniform European system as an alternative to the different national regimes); andConsumer protection, including information disclosure and selling practices.

    To access EIOPA’s Discussion paper click here (Link: https://eiopa.europa.eu/consultations/consultation-papers/index.html ).  If you wish to respond to the questions posed in the Discussion paper, please use this comments template (Link: https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/single_personal_pension_products/EIOPA_Template-for-Comments-on-DPTFPP.doc ).

    The period for providing comments will end on 16 August 2013.  Once stakeholders’ comments have been analysed, EIOPA will prepare a report, containing issues and options which will be made available to the European Commission in early 2014. The Commission is then expected to issue a detailed Call for Advice to EIOPA, with a response deadline set for 2015.

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    Specialist lines underwriting agency, CFC has announced the launch of its latest cyber policy, CPM.  Based on over 13 years experience of insuring against cyber risks, the new policy has been redesigned to include crucial new coverage that truly reflects the changing landscape of cyber risk worldwide.  

    Unlike many policies that are simply a carbon copy of those sold in the US and focussed on privacy and data breach notification, CPM takes a bold step in embracing and tackling head on the issue of cyber crime faced by companies operating across different territories around the world including the “new” crimes of phishing scams, telephone hacking, identity theft, wire fraud and cyber extortion.

    Graeme Newman, Director at CFC, explains, “There is a significant gap in the market for cyber cover that resonates with companies all over the world; we sought to address that with our CPM redesign. In the US, purchasing a cyber policy is mainstream due to the class action culture and tough privacy and data breach legislation. But in the rest of the world, other concerns such as business interruption, system damage and, in particular, cyber crime are top of the agenda.

    He continues, “Cyber crime is now one of the fastest growing areas of crime in the world and worth almost as much as the drugs trade. Every year criminals are targeting companies of every size and in every market to the tune of almost $400bn.  Many insurers, however, have failed to embrace these differences and build policies that are appropriate for each individual territory.”

    CPM is a fully combined modular policy that is tailored to the individual needs of companies operating in every single territory across the world.  Features of the policy include comprehensive cyber crime cover, both first and third party privacy breach notification costs, and innovative business interruption cover which not only covers lost revenue during system downtime but also the loss of future revenue due to consequential reputational harm. And unlike many cyber policies, CPM does not impose a retroactive date meaning that there is no restriction on when an event which gave rise to a claim occurred. Premiums start from as little as £300.

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