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George Stobbart

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Aon Benfield, reinsurance intermediary and capital advisor, today announces that its facultative placement platform has been linked to the Lloyd’s Exchange and is transmitting messages to London market syndicates.

FAConnect®, which was launched ten months ago and already has more than 350 users, has successfully traded messages with the Exchange following several weeks of integration work between Aon Benfield Fac and Lloyd’s Market Operations teams. The Exchange enables brokers, underwriters and IT suppliers to have a single connection point from which they can send and receive information securely between multiple parties, to one common standard.

FAConnect allows ceding companies to connect directly with reinsurance markets, enabling them to quote and bind their facultative risk placements from an internet-enabled device in less than five minutes.

By linking to the Exchange, FAConnect users and market participants can exchange risk information electronically using the common ACORD data standards.

Richard Ward, Lloyd’s Chief Executive, said:  “We are pleased that the Exchange and Aon Benfield’s FAConnect can now work together. The ability to exchange messages with FAConnect means that information can be delivered immediately with no need for rekeying. The London market is making great progress in utilizing technology, and Aon Benfield is leading the way in innovation.”

FAConnect currently accommodates 13 product lines, and integration with the Lloyd’s Exchange will build upon this trading base. The Amlin and Catlin syndicates will be the first Lloyd’s entities to begin receiving messages from FAConnect through the Exchange.

Elliot Richardson, CEO of Aon Benfield Fac, said: “Connectivity is the next step in expanding our trading relationships and we are excited to move into a pilot phase with Amlin and Catlin. The initial focus was on exchanging placement messages, but both FAConnect and the Exchange have the capability to process business electronically end to end, which is what we ultimately would like to achieve.“

Paul Brand, Catlin’s Group Chief Underwriting Officer, commented: “The Lloyd’s Exchange is an important step towards a common electronic trading environment in the London market, and its integration with FAConnect further highlights the commitment of the industry to maintain the momentum.”

David Harris, Managing Director of Amlin Underwriting Limited, added: “We are pleased to be able to work with FAConnect through the Lloyds Exchange. This will be an important step in the evolution of electronic placement support for our market, and we are delighted to be working with Aon Benfield to enhance the service that can be offered to our joint client base.”

Source : Aon Benfield Press Release

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Lloyd’s managing agent Whittington Capital Management (“WCM”), part of insurance investor and services provider Whittington Group, has appointed Jim Ramage as an Independent Non-Executive Director.

This appointment brings the number of non executive directors on the board of WCM to four. It further strengthens the broad independent oversight that provides continuing robust corporate governance and will assist in the further development and growth of the Lloyd’s managing agency business.

During his 42 year career in the Lloyd’s and London Market Jim has acquired a wealth of experience including directorships in both Lloyd’s Brokers and Lloyd’s Managing Agents. These include Deputy CEO of Guy Carpenter and Company Limited in the UK, Director of JLT Reinsurance Brokers, Active Underwriter of Syndicate 1005 and Director of FLP Secretan & Company Limited, Director of Sturge Reinsurance Underwriting and Director of Merrett Underwriting Management Ltd.

Commenting on the appointment, Whittington Chief Executive Europe, Stephen Cane, said: “Jim brings a wealth of experience and expertise to our business as we look to continue the development of Whittington’s activities in the Lloyd’s market. I am delighted to welcome Jim to Whittington and look forward to working with him in driving forward the successful growth of our business.”

Jim Ramage said “I am very pleased to be joining WCM at this exciting stage of its development. WCM has grown its business and pipeline over the past few years and has now become a leading player in third party syndicate management at Lloyd’s. WCM plays a vital role in transitioning new capital into the Lloyd’s market and I am very much looking forward to joining the team”.

Source : Press Release Whittington Capital Management

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    British Insurance founder Simon Burgess and his wife Sara-Ann are set to launch a new insurance provider. The pair are understood to have netted £25m through the sale of British Insurance to Towergate in January 2008.

    The new provider will launch next week under the brand 07. It will offer seven insurance products which it believes are most important for families to protect themselves, including income protection and life insurance. It will also offer general insurance products such as motor insurance, home insurance, health insurance, pet insurance and travel insurance.

    Simon Burgess says the list would have ideally included accident, sickness and unemployment cover but he is prevented from offering this due to an agreement not to compete with British Insurance in the UK. The couple will be using the Burgesses brand to sell similar products in the US. They have also set up a number of other limited companies in the UK to market the same suite of products under different brands. Simon Burgess says this is so that he can boost sales through multiple listings in Google.

    He says: “We want to provide the essential insurance products for consumers at a low cost and high calibre. Things are very tight at the moment and families have limited resources, so good value will be very important.”

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    American International Assurance Company, Limited (AIA) announced today in Beijing that it has signed a long term strategic partnership agreement with Industrial and Commercial Bank of China Limited (ICBC). According to the agreement, both AIA and ICBC will be able to fully leverage their expertise in their respective fields and jointly develop the bancassurance business in mainland China.

    Under the principles of “Integrity, Reciprocity and Sustainability”, AIA and ICBC will work closely in bancassurance and a wide range of banking areas including bank deposits, asset management, cash management, investment banking, e-banking, credit cards, customer services, fund raising, credit lending and staff training.

    Mark Tucker, AIA Group Executive Chairman and Chief Executive Officer Designate and Jiang Jian Qing, ICBC Chairman attended the signing ceremony. Mark Tucker said: “AIA’s roots in the Asia Pacific are long and deep. In particular, we have very special ties to China because our founding company began in Shanghai more than 90 years ago. We believe the cooperation with ICBC will further strengthen AIA’s business developments in China and give us the opportunity to continue to offer innovative products and services to meet the protection and savings needs of the people of China.”

    “By leveraging the core strengths and expertise of AIA and ICBC, together we aim to build a strong foundation and platform to help us take full advantage of the rapid development in China’s

    bancassurance business. Specifically, AIA will work jointly with ICBC in areas such as sales and marketing system, product innovation, service quality, technological advancement and sustainable profitability,” Mark Tucker continued.

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    Quinstreet acquired insurance.com for $35.6m and referred to the acquisition as a “media asset”, and that it was a web site, media, and technology asset.

    Insurance.com was previously run as an insurance agency, actually selling some policies direct to customers. Quinstreet did not buy the agency, contrary to earlier reports and did not layoff anyone because of the acquisition; the report of layoffs was from the owner of the agency, which Quinstreet did not acquire. Quinstreet usually doesn’t acquire “revenue” in acquisitions. It says it “buys media and then turns it into revenue”. The average cash-on-cash return for acquisitions is 35% at the company. The insurance.com transaction would return 20%-30% on the company’s conservative acquisition model, although Quinstreet says it’s blowing through that number. In response to an analyst question “aren’t you just buying the domain name”, Quinstreet responded “this is not a domain name”. It wants to build on the existing content and platform.

    Bottom line: Quinstreet bought a web site that has a domain name full of potential associated with it. That domain name is one of the reasons Insurance.com is what it is today. The acquisition occurred this summer 2010, a few months after their acquisition of insure.com for $16m. According to Domain Name Wire the domain is speculated to be one of the most valuable in history, more than sex.com.

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    A national campaign, entitled the ‘Aviva Get Fit Challenge,’ was launched yesterday to help the nation take greater control of their health. The campaign was launched by Aviva Health insurance on foot of survey results that worryingly reveal two in three (70%) Irish people do not have a pro-active approach to their health, while nearly one third admit they exercise rarely, if at all.

    This research is consistent with previous research carried out by Aviva that showed almost half (48%) of Irish people are ‘overweight’ or ‘dangerously overweight’ and that there is a clear gender bias, with 61% of men and 39% of women reportedly being overweight.

    Four brave hopefuls have volunteered to take part in the Aviva Get Fit Challenge and follow a gruelling six week fitness programme. In addition to getting fit, the team will attend a weekly nutrition class and also have a full medical check up to help them achieve their personal fitness, weight loss and health goals. Participants include 29 year old Social Worker, Triona Cullen from Meath who is determined to “look great in that bridesmaid dress” at her sister’s wedding and Nurse, Claire Finnan from Tipperary who “wants to lose the baby weight.”

    The three challenge experts, G.P. and member of Aviva’s Medical Council, Dr. Stephen Murphy, fitness guru and founder of FitSquad, Kate Ryan, and nutritionist Sarah Keogh, will assess participants, devise a tailored six week plan of food and fitness. The plans will be posted online for everyone to follow free on the Aviva Health website from today. The page will be updated regularly with the participants’ progress, tailored weekly nutrition plans, exercise regimes, new recipes and expert advice.

    Aviva has issued a challenge to all men and women across Ireland to join in the fitness campaign and follow participants online on the official Aviva Health website or on Facebook at www.facebook.com/avivaireland. As a further incentive, Aviva is offering all of those who ‘Like’ the Aviva Get Fit Challenge on Facebook a chance to win one of six €100 vouchers for sports equipment, which will be given out weekly.

    Commenting at the launch, Dr. Stephen Murphy, G.P. and member of Aviva’s Medical Council said, “When it comes to health, prevention is better than cure. Regular exercise helps to reduce the risk of illnesses such as heart disease and diabetes, as well as boosting feelings of wellbeing that increase energy and reduce stress. I urge everyone to take part in the challenge and tackle their own personal fitness goals.”

    “We should undertake a minimum of 30 minutes exercise three to five times a week. The reality is that we don’t always find the time and more often than not we find reasons not to exercise,” said Kate Ryan. “People need a ‘game plan’ that sets realistic exercise goals and doesn’t overdo it. The Aviva Get Fit Challenge will show people how to lose fat, gain muscle tone and improve everything from sleep patterns to their diet.”

    First time mum, Claire Finnan said, “I had a baby girl ten weeks ago and I really want to get back in shape for me and my family. My biggest obstacle right now is time. It’s difficult to be away from a newborn, so I plan to give 100% of my energy to every fitness session and use baby Katy-May as my personal inspiration.”

    Source : Aviva new release

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    Aon Benfield has appointed Mike Van Slooten as head of the International Research team, which monitors and analyses reinsurers and market trends. He will be responsible for organizing market security and research activities in the international re/insurance markets and managing the team of financial analysts in London.

    Part of Aon Benfield Analytics, the Research team’s publications include the Aon Benfield Aggregate and Lloyd’s Updates, while its MarketReView is a proprietary market security portal that is designed to make researching market information easy and efficient. Mike has been involved in reinsurance security for 13 years and joins from Guy Carpenter where he was head of its London-based Market Information team. He has significant experience in monitoring the financial strength and performance of the world’s leading reinsurers, guiding clients through the reinsurer selection process and producing detailed industry research, with emphasis on the Lloyd’s Market.

    John Moore, head of International Analytics at Aon Benfield, said: “In times of financial market turbulence, insurance companies have an ever stronger need for detailed insights on reinsurers and the market in general. Mike’s analytical skills, combined with an understanding of the financial data clients need, will help insurers make more informed decisions for their businesses.”

    Source : AON news release

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    Brit Insurance, the international general insurance and reinsurance group, today announces the appointment of Richard Carver as Underwriting Director in its Reinsurance strategic business unit.

    Reporting to Jonathan Turner, Chief Executive Officer of Brit Reinsurance, he takes up his new role in late September. With both broking and underwriting experience across a wide range of classes behind him, Richard has built a strong reputation across both the Lloyd’s and company markets. Richard joins Brit Insurance from Aon Benfield, where he spent the last eight years as an Executive Director in its Specialty Reinsurance Team.

    In his new role, he will oversee the Reinsurance unit’s underwriting teams, assisting them to further develop and refine their portfolios whilst working alongside Jonathan Turner to drive forward the business unit’s strategy. Jonathan Turner commented:

    “Richard’s technical skills and knowledge of global reinsurance markets are well known and widely respected in our industry. His experience in both the Lloyd’s and companies markets, on both long and short tail business, is ideally suited to our business model. He is an excellent acquisition for the team and I look forward to welcoming him into the fold at the end of the month”.

    Source : Brit Insurance News Release

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    An ongoing hurricane season, flooding in Texas and wildfires in Colorado are reminders that consumers need to understand the claims process, according to the Insurance Information Institute (I.I.I.). Standard homeowners’ insurance policies cover damage caused by wind, fire and many other disasters. Policies also include coverage for additional living expenses (ALE), which pays the additional costs of temporarily living away from your home if it is uninhabitable due to an insured disaster. ALE covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. It is important to keep receipts for all of these expenses so that you can supply the information to your insurance company.

    Those with flood insurance through the National Flood Insurance Program (NFIP) should contact the insurance agent or company representative who sold them the policy if they have to file a claim. The I.I.I. offers the following suggestions to policyholders whose property has been damaged:

    -Be prepared to give your agent or insurance company representative a description of the damage. Your agent will report the loss to your insurance company or to a qualified adjuster who will contact you as soon as possible to arrange to inspect the damage. If you have to evacuate, make sure to give your agent a telephone number where you can be reached.

    -Take photos of the damaged areas. These will help you with the claims process and will assist the adjuster in the investigation.

    -If you do not already have one, prepare a detailed inventory of all damaged or destroyed personal property. The I.I.I. has free, online software that can help make this process quick and easy–it is available at KnowYourStuff.org. Be sure to make two copies, one for yourself and one for the adjuster. Your list should be as complete as possible, including a description of the items, dates of purchase or approximate age, cost at time of purchase and estimated replacement cost.

    -Collect canceled checks, invoices, receipts or other papers that will assist the adjuster in obtaining the value of the damaged or destroyed property.

    -Make whatever temporary repairs are needed to protect your home from further damage and from causing injury to you and others. Cover holes in the roof, walls, doors and windows with plastic or boards to prevent further destruction. Be careful not to risk your own safety in making the repairs–hire someone to make them if necessary. Do not make extensive permanent repairs until after the claims adjuster has been to your home and assessed the damage. Save receipts for any supplies and materials you purchase, and make copies of the bills for your records. Your insurance company will reimburse any reasonable expenses incurred in making temporary repairs.

    -Secure a detailed estimate for permanent repairs to your home from a reliable contractor and give it to the adjuster. The estimate should contain the proposed repairs, repair costs and replacement prices. Serious losses will be given priority. All losses will be adjusted and claims paid as quickly as possible but hardship cases are usually handled first. If your home or business has been destroyed or seriously damaged, your agent will do everything possible to assure you are given priority. The Institute for Business & Home Safety has information on what homeowners and business owners can do to protect their property against windstorms on their website, DisasterSafety.org.

    Source : Insurance Information Institute News Release

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    Aon Corporation today announced that it has agreed to sell $1.5 billion of senior unsecured notes in an underwritten public offering. Of these notes, $600 million will mature on September 30, 2015 and bear interest at a fixed annual rate of 3.50 percent; $600 million will mature on September 30, 2020 and bear interest at a fixed annual rate of 5.00 percent; and $300 million will mature on September 30, 2040 and bear interest at a fixed annual rate of 6.25 percent. The offering is expected to close on September 10, 2010.

    Net proceeds from the offering are intended to be used in connection with Aon’s merger transaction with Hewitt Associates, Inc., which was announced on July 12, 2010.  Upon closing of the offering, the net proceeds will be deposited into an escrow account to be held until the merger transaction is consummated or terminated, in which case the escrowed funds will be used to fund in part a mandatory redemption of the notes.  The notes are being issued in lieu of drawing on the senior bridge term loan credit agreement, which Aon executed on August 13, 2010.

    Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. Incorporated, Banc of America Securities LLC, Deutsche Bank Securities Inc. and RBS Securities Inc. served as joint book-running managers, and Aon Benfield Securities, Inc., ANZ Securities, Inc., Loop Capital Markets LLC, RBC Capital Markets Corporation, UBS Securities LLC and Wells Fargo Securities, LLC served as co-managers in the offering.

    This offering was made pursuant to a prospectus supplement to Aon’s prospectus dated June 8, 2009, filed as part of its effective shelf registration statement relating to these securities.

    Source : AON Corporation Press Release

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    September is National Disaster Preparedness Month. In order to make sure Ohioans can recover from a disaster, Ohio Department of Insurance Director Mary Jo Hudson is advising Ohioans to create an inventory of items in their home. The inventory will be useful in the event a homeowner needs to file a claim to replace or repair anything damaged in their home. A home inventory checklist can be found at the Department of Insurance web site, www.insurance.ohio.gov.

    “Disasters can strike without notice or warning,” said Director Hudson. “If something does happen to your home and possessions are damaged or destroyed, having an updated home inventory can make the claims process a smooth one.”

    Home inventory lists should include:

    – The item purchased

    – The price of the item

    – The date the item was purchased

    – The brand name of the item

    Also it is helpful to take a photograph or video tape of the items on your home inventory. Once you have completed your home inventory, check with your insurance company or agent to determine your available coverage and what, if any, additional coverage you may need. Remember to store your home inventory list in a safe place away from your home, like a bank safety deposit box. Meet with your agent to discuss any questions you may have about your policy and to assure that your property is covered in case of a disaster.

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    The Insurance Institute for Highway Safety has rated five Dorel Juvenile Group booster seats among the best available for families today in its 2010 “Boosters Are Better” Status Report. The seats earned top ratings “because they correctly position belts on the average booster-age kids in most vehicles,” according to the IIHS, which issued its report this week.  In the US, most states require children to ride in boosters until they are 8 years old or meet other specified weight and height requirements.

    “Dorel Juvenile Group has a history of offering the best, most innovative products while also offering value for parents under our Cosco, Safety 1st, Eddie Bauer and Maxi-Cosi brands,” said Dorel Juvenile Group USA President and CEO Dave Taylor.  “Our mission at Dorel is to create car seats that will provide the most advanced protection and reliability for children.”

    Dorel designs and manufactures more car seats than any other company in the world, with much of its production emanating from the USA.  Last week, the company opened the Dorel Technical Center for Child Safety at its car seat manufacturing campus in Columbus, Indiana.  The Dorel Technical Center for Child Safety features specialized research and design facilities, including computational engineering resources, environmental lab testing, three independent crash test sleds, and advanced side impact testing capabilities.  “This industry-leading Center will foster ground-breaking developments in child safety for years to come,” said Taylor.

    Booster seats have been proven to be an effective restraint, reducing the risk of injury by as much as 45 percent for children ages 4-8 who ride in boosters, according to the IIHS.  As detailed in the IIHS report, belt position is a key factor in booster seat safety. Dorel Juvenile Group has 60 certified passenger safety technicians on staff.  “Education is a key part of the safety equation and we want to enable our staff and support parents in helping to protect children,” said Taylor.

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    PartnerSpace is an easy to use, online portal offering independent brokers a secure forum where they can discuss business issues and ideas with AXA Insurance and other like-minded brokers using social media channels. It also gives brokers additional ways in which to interact and communicate with their dedicated sales support team, AXA Independent Partners.

    The portal was developed following feedback from brokers and includes a wide range of features, including:

    – information on AXA’s products, services and industry news

    – broker support tools

    – exclusive partner offers and deals

    – online networking opportunities with other broker partners

    Brokers are just beginning to dip their toes in the water and looking at what’s going on in the social media landscape but are still unsure how it can help them and their business. During its testing phase from July this year, 25% of independent brokers serviced by the dedicated sales support team in Ipswich  have signed up to PartnerSpace.

    AXA Insurance believes its social media portal can facilitate existing relationships with brokers and help to communicate information in places. A growing number of brokers are already familiar with social networks including Twitter, You Tube and Linkedin. The Partnerspace site is part of a wider support function for independent brokers. The AXA Independent Partners team was set up in February 2009 in direct response to broker feedback to better help brokers to target business opportunities to grow and develop their accounts.

    Key benefits to brokers include easy access to empowered individuals who are able to deal with a variety of queries and requests, saving brokers time and hassle. All communications are personalised and tailored, including the name and picture of their AXA executive, dedicated contact details and the new website address. This personal service allows AXA Insurance to build a trusting relationship with their brokers and in turn allows brokers to meet and often surpass their own client’s expectations.

    Mike Keating managing director of personal lines intermediary at AXA Insurance says: “We are committed to working in partnership with brokers and helping them build their businesses. We have listened to their feedback to understand what support and service they want and as a result we have created a unique proposition designed to meet their needs both now and in the future. It truly demonstrates our commitment to the broker community. The improved service we can provide through PartnerSpace will not only benefit our brokers but in turn benefit the end customer.”

    Source : Axa Press Release

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    Russia should consider reintroducing mandatory fire insurance for homes after the state had to spend millions of dollars rebuilding houses destroyed by wildfires. Unlike developed economies, insurance is still a recent market in Russia, risking bankruptcy for farmers and leaving the government to bear the cost of rebuilding homes. Most Russian homes outside major cities are uninsured after mandatory coverage was abolished in 1998.

    “Perhaps we will have to come back to the issue of obligatory fire insurance for houses,” President Medvedev said while visiting the southern Russian region of Voronezh, which was badly hit by the wildfires. “It is wrong to make up for the damages from fires at the expense of the state,” he said.

    The Russian budget lost at least 12 billion roubles ($392 million) due to the wildfires, Emergencies Minister Sergei Shoigu said last month, though experts estimated the overall damage to the economy could top $14 billion. Russia’s insurance industry comprises more than 700 companies, led by state-controlled Rosgosstrakh which has been earmarked as a possible privatisation target.

    Rosgosstrakh says the consumer insurance market is likely to more than double over the next five years. Medvedev told a meeting of officials last week that developing the insurance market was a key precondition for a Kremlin-backed project aimed at turning Moscow into a regional financial centre. The government may encourage the sector by subsidising people willing to insure their property, Kremlin’s top economic aide Arkady Dvorkovich said after the meeting.

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    The British mutual insurer Equitable Life urges the government to fully reimburse policyholders for their losses rather than cap compensation payments. Compensation should be based on an estimated loss of up to 4.8 billion pounds ($7.42 bn/ €5.75 bn) and should not be subject to a 400 million-pound cap proposed in an independent review in July according to Equitable Life.

    Britain’s Conservative-led coalition government plans to set out its plans to compensate Equitable Life policyholders as part of a wider review of government spending scheduled for October 20. The coalition has said it aims to implement a 2008 report by the parliamentary ombudsman which blamed Equitable Life’s near-collapse in part on “serial regulatory failure,” and recommended that policyholders receive compensation from the public purse.

    Equitable Life, Britain’s oldest insurer with 1.5 million customers at its peak came close to collapse after it was forced to honour unsustainable guarantees stretching back 30 years. It had affected more than a million people who had placed retirement savings with the society.

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    China Strategic Holdings Ltd said on Monday that it still has not received formal notice from Taiwan authorities, who rejected a proposal to buy AIG’s Nan Shan life insurance unit for $2.2 billion.

    Taiwan officials announced the rejection at a press conference last week, listing lingering concerns from the 10-month old saga.

    China Strategic said it is in discussions with its financial partner on the deal, Primus Financial, and AIG, to determine its next step. The buying group has 30 days to appeal.

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    The insurance industry, continuing its downward trend since the recession, has dropped 1,300 jobs in the latest employment report of August numbers from the U.S. Bureau of Labor Statistics. That’s a relatively minor loss, though, and in a sliver of more positive news, the revised decline for the previous month was 4,400, not the 4,800 jobs originally reported.

    The overall national tally for nonfarm jobs was also down 54,000, continuing the nationwide slump, but private numbers were up, and it was the expected loss of 114,000 federal census workers that dragged down the total. The news, which also showed the unemployment rate relatively steady at 9.6%, was greeted positively by financial experts who had been looking for a more substantial slip.

    The report, released Sept. 3, showed that the 12-month trend for U.S. job totals is actually up 0.2% in that time, compared with a 2.5% slide in the insurance sector, which hasn’t shown any signs of abating. Since the recession, the insurance industry has demonstrated a steady string of down months. The seasonally adjusted insurance employment total was at 2.178 million in August. Also, month-to-month pay volatility has continued, though at this point generally favoring insurance workers.

    Total insurance industry payrolls are reported each month on a seasonally adjusted basis, along with the current month’s nonfarm payrolls. Separately, data by industry segment — broken out by various insurance carrier and noncarrier categories — are available only on an unadjusted basis for the prior month.

    Based on just-released July 2010 data, no insurance sector has seen year-to-year growth in employment since July 2009, not even the health sector, which had held onto meager 12-month growth until recently. However, three sectors did see month-to-month improvements, though the once-strong health sector experienced a dramatic drop of 4,100 jobs in the month, accounting for most of the industry’s July decline. Life insurers’ year-over-year jobs were down 1.6% to 343,900. Health insurers were also down 1.6% over the year to 430,600. Property/casualty insurers had dropped 3.7% to 464,200. Agents and brokers hit 631,700 total jobs, marking a 2.5% decline for the year, but the sector picked up 700 jobs from June to July. Title insurers were down 8.5% to 65,600; reinsurers were 5.1% lower to 25,900; claims adjusters slid 9.9% to 43,900, though there was a gain of 400 jobs in the last month; and third-party administrators were off 3% to 125,800, with no month-to-month change.

    Recent positive trends have continued for average weekly earnings for nonsupervisory positions in the industry, showing all eight categories up between July 2009 and July 2010, some of them jumping considerably. However, though pay had seen universal decreases in month-to-month stats in the previous month’s report, which has mostly reversed itself in this latest data. All but two of the categories have seen moderate monthly gains, though the month-to-month numbers have show recent volatility.

    Life insurers averaged $1,018.26 a week, up 3.1% from the year before; health insurers’ pay has risen 6% year-over-year to $985.68 a week; property/casualty at $1031.24, up 3.2% for the year; title insurers at $918.43, up 12%; reinsurance at $929.65, up 11.9% for the year; agents and brokers at $800.49, up 7.6% since 2009; claims adjusters at $917.38, up 4.7%; and third-party administrators at $770.20, up 2.5% since July 2009.

    Source : Insurance News Net

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    Marsh has appointed Ann Collins to the newly created role of Client Service Director of its insurance broking operations on the Isle of Man. Based in Marsh’s Douglas office, Ms Collins assumes responsibility for client development and customer servicing among the firm’s client base, which includes leading businesses from the hospitality and leisure, financial services, charities and manufacturing sectors.

    Ms Collins joins Marsh from Aon in Douglas, where she worked for six years. At Aon, Ms Collins was Managing Director with responsibility for developing and leading its broking team on the Isle of Man and growing the firm’s local business base. Ms Collins has worked in the insurance broking industry for over 30 years and for the past three years, she has been Education Secretary of the Isle of Man Insurance and Financial Services Institute.

    Commenting on Ms Collins’s appointment, Sarah Hewitt, Head of Marsh’s insurance broking operations on the Isle of Man, said: “I am delighted that Ann has joined Marsh’s operations on the Isle of Man. She is a seasoned insurance professional and has an incisive understanding of the specific insurance requirements of firms based on the island. Marsh celebrated 35 years of success on the Isle of Man earlier this year and Ann will play a pivotal role in helping us write our next chapter.”

    Ms Collins added: “Marsh has developed an excellent reputation for creating innovative insurance broking and risk management programmes for clients on the Isle of Man over many years. I look forward to fostering the firm’s relationships with new and existing clients, and contributing to Marsh’s future success on the Isle of Man.”

    In addition to providing insurance broking services to companies based on the Isle of Man, Marsh operates a highly successful captives management team which is led by Derek Patience, past Chairman of the Isle of Man Captive Association.

    Source : Marsh Press Release

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      AON published its first edition of the Aon Benfield Research Newsletter which shares the successes of their global research organisations and highlights how academia can work hand in hand with businesses to improve risk awareness and deliver practical results for the reinsurance industry.

      Highlights include:

      – Top 5 mega-earthquake hotspots identified

      – New European windstorm research partnership

      – Natural Hazards Research Platform launched in New Zealand

      – ETH advances tropical cyclone risk model

      – European flood risk management

      – New hurricane tracking product

      – Aon Benfield launches real-time cat tool

      – Interview with earthquake expert Kristy Tiampo

      – Feature on climate forcing from Prof Bill McGuire

      PDF (click here to access report)

      Source : AON press Release

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      American workers will have to spend more to insure their families even as premiums for family coverage rose only 3%. This is a result of cost-conscious companies shifting more of the insurance burden onto employees.

      Employees are paying about $4,000 to buy family insurance in 2010, $482 more than they did last year according to the Kaiser Family Foundation. Companies still pay the bulk (nearly $9,800 for a family of four) but that was down a little from 2009. The Kaiser survey was conducted between January and May 2010 and polled more than 3,000 employers nationwide.

      Over the past five years, employees share of insurance premiums have risen 47%. That has outpaced a 27% jump in overall premiums and an 18% increase in wages, according to Kaiser.

      Deborah Chollet, senior fellow and health economist with Washington-based Mathematica Policy Research, said the recession and a turbulent job market are key catalysts for rising insurance costs.  “Employers are struggling to keep their head above water. They’re cutting costs just to maintain employment,” Chollet said. “One way to do that is to make workers pay more.” In a strong job market a higher turnover rate actually helps companies contain increases in insurance costs without having to increase workers’ share of the expenses.

      “New workers spend some time getting acclimated to their new jobs. They may not use their health benefits for a while,” said Tracy Watts, senior health care consultant with leading benefits consulting firm Mercer.

      In a down economy, the turnover rate is lower and existing employees tend to use their benefits more. Another factor pushing up insurance costs is a trend whereby young employed adults do without buying coverage as a way to save money, until they absolutely have to, she said. This is a big risk for companies because it can suddenly inflate their health care costs if there’s an unexpected rise in the number of sick people buying insurance.

      Health reform may not offset all of the costs but it can help stabilize the overall market. “The hope is that with reform, there’s an increase in the number of insured people and this will help drive down the big increase,” sais Chollet. But others aren’t so sure. They say employees could see even higher costs in their plans come open enrollment for 2011. “Next year, the increases could be even bigger,” said Gary Claxton, vice president with the Kaiser Family foundation. “We’ve heard stories about insurers asking for bigger employee contributions for next year’s coverage.”

      It would seem there is no factor that could help drive down costs in the near term. Health reform will increase costs for employers at least until 2014. For example, beginning next year, employers will have to provide coverage for dependents of employees till age 26.

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