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Willis Group Holdings Limited, announced today that its reorganization has been completed and the new parent company of the Willis Group – known as Willis Group Holdings Public Limited Company – is incorporated in Ireland.

The transaction was completed today, following receipt of the required approval from the Supreme Court of Bermuda, and after certain other consents, approvals and waivers were received. The Willis Group parent company was previously incorporated in Bermuda.

Willis has had ongoing operations in Ireland since 1903, and currently is one of the country’s largest insurance brokers. The company employs approximately 300 people in offices in Dublin, Limerick and Cork.

Joseph J. Plumeri, the company’s Chairman and CEO said: “Incorporating in Ireland provides Willis with economic benefits that will help ensure our continued global competitiveness,”.. “Furthermore, this move underscores our strong commitment to the Irish market and our determination to be a significant part of its growth potential as an important financial and insurance center.”

As a result of the reorganization, common shares in Willis Group Holdings Limited were cancelled and ordinary shares in Willis Group Holdings Public Limited Company were issued to all shareholders on a one-for-one basis. The common shareholders of Willis Group Holdings Limited have become ordinary shareholders of Willis Group Holdings Public Limited Company and Willis Group Holdings Limited has become a wholly owned subsidiary of Willis Group Holdings Public Limited Company.

Willis Group Holdings Public Limited Company will begin trading on the New York Stock Exchange on January 4, 2010, under the symbol “WSH,” the same symbol under which Willis Group Holdings Limited shares traded. Willis will continue to be subject to United States Securities and Exchange Commission (SEC) reporting requirements, prepare its financial statements and pay dividends in U.S. dollars, and be subject to U.S. Generally Accepted Accounting Principles (GAAP).

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    M&S is the first home insurance provider in the UK to offer policyholders two unique features which help householders reduce their impact on the environment if they make a claim.

    From 4th January 20101, at no added cost to the policyholder, M&S Home Insurance will offer the following elements which help households reduce energy costs and carbon emissions:

    • Sustainable reinstatement of kitchen appliances: when a customer makes a claim for a fridge freezer, refrigerator, washing machine, tumble dryer or dishwasher, they will be offered a replacement which is A rated for energy-efficiency. A replacement electrical kitchen appliance will potentially save up to 140 KG of CO2 each year2.
    • Sustainable total rebuild: if a property is damaged severely and warrants a total rebuild, properties will be rebuilt in line with the Code for Sustainable Homes (CSH) 4. This involves the use of sustainable materials where possible, significantly improving the energy efficiency of the property. Rebuilt properties will emit at least 44% less CO2 than building regulations would stipulate3.

    Insurers usually replace lost or damaged possessions with their equivalent new items, returning the policyholder to the position they were in before making the claim.

    M&S Home Insurance customers will instead be offered environmentally-friendly alternatives when the claim involves the replacement of the kitchen appliances stated above or the rebuild of a property.

    The new policy features have been welcomed by householders, according to the results of a survey commissioned by M&S Home Insurance.

    The poll revealed that 61% of people in Great Britain would be interested in a home insurance product that would help reduce the environmental impact of their home in the event of a claim.

    David Wells, M&S Head of Insurance, said: ‘These new policy features, which we believe are firsts in the UK insurance market4, mean that the M&S Home Insurance policy is one of the most environmentally friendly products of its kind.

    ‘Feedback from householders has told us that they want an insurance policy which helps reduce the environmental impact of their home in the event of a claim, and we are proud to be able to fulfil that wish in our policy.’

    Nick Kidd, of AXA Insurance, which underwrites the policy, said: “It is becoming increasingly common for companies to launch ‘green’ products on the basis of carbon offsetting facilities which our research suggests is not valued by customers.

    ‘The M&S product goes significantly further by providing tangible environmental benefits which will help customers to save energy, save money and ultimately, to help save the planet. According to the Energy Saving Trust, the average home will emit around 5 tonnes of CO2 a year, so these new product features can have a real impact.

    ‘At AXA we’re committed to reducing our negative environmental impact and are really pleased to work with M&S Money on this innovative product.’

    Mat Colmer, Head of Housing and Supply Chain for the Energy Saving Trust, said: ‘Rebuilding houses to Code for Sustainable Homes level 4 is a demanding target covering a range of environmental criteria, so it’s encouraging that M&S Money is taking its role in making the UK’s housing stock more sustainable seriously.

    ‘It’s important that companies take the lead with ambitious and positive products and packages when it comes to reducing the UK’s carbon emissions, while clearly explaining the benefits of these low-carbon measures to their customers.’

    Note:

    1 The new features of the policy will be available to new customers effective from the 4th January and for existing customers at their policy renewal date on / after the 1st February.

    2 Energy efficiency of white goods depends upon the individual appliance. Saving stated assumes that the current appliance is ‘D’ rated.

    3 The Code for Sustainable Homes (CSH) sets minimum standards for energy and water use at each level and uses a one to six star rating system to communicate the overall sustainability performance of a new home. For more information: www.planningportal.gov.uk/uploads/code_for_sust_homes.pdf

    4 The new features are unique to the UK personal home insurance market, according to a survey of the market by eBenchmarkers, an independent research company which evaluates the efficiency of direct-to-consumer financial services.

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      The number of accidents on UK roads could more than double on Monday and Tuesday (4th & 5th January), as millions of extra cars hit the first morning rush hour after the Christmas break.

      Car insurer swiftcover.com says it dealt with twice the usual number of accident claims during the first two working days of 2009 and warns the same could happen in 2010 with an extra 14.5million* school run journeys expected when UK schools return on Monday and Tuesday (4th & 5th January).

      The impact of the school run, which accounts for 18%* of peak time traffic, plus many commuters returning to work after an extended Christmas break, will put extra pressure on roads and cause added stress for drivers. If the snow and ice returns, swiftcover.com warns there will be accident chaos – calls to the insurer soared by more than two-thirds to 3,300 in one day when the UK suffered heavy snow just before Christmas.

      The usual number of insurance claims it receives during the winter months from November to February are on average 21% higher than the rest of the year, but those figures increase further at the very start of the New Year.

      Craig Staniland, underwriting director at swiftcover.com, says often drivers themselves are to blame for the higher accident rate. He says: “The number of insurance claims tends to rise in the winter because of factors such as bad weather and shorter days, but also because motorists do not change their driving habits. They drive too fast for the conditions or don’t leave enough time to get through traffic jams, which often leads them to hurry and take risks that can result in accidents.

      “Drivers should take this onboard as they head out onto the roads on January 4th and 5th; leave a bit earlier and drive more carefully. That way you hopefully won’t see the New Year in with your car in for repair.”

      swiftcover.com’s advice to drivers is:

      • Give yourself at least an extra 15 minutes journey time
      • Make sure your car windows are fully de-iced before setting off
      • Ensure your car is in good working order – the cold weather can lead to increased breakdowns in poorly maintained vehicles
      • Get windscreen chips repaired before they turn into cracks – not only will cracks obscure your vision, replacing the glass is likely to result in an expensive insurance claim
      • Keep your tyres at the right pressure and replace any worn tyres – good tyres will reduce the dangers of skidding leading to accidents
      • Check your oil and keep your petrol topped up – running out of either in cold weather could be a nightmare
      • Replace any broken bulbs to ensure all your lights are working – not only is it a legal requirement, it will ensure that you are visible to other drivers
      • Replace your windscreen wipers if they don’t work properly and make sure the washer fluid is topped up

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        Germany’s insurance giant Allianz foresees a massive recovery for the country’s economy this year, with growth exceeding official forecasts and unemployment rising only marginally, a report said Friday.

        The daily Bild quoted the group’s chief economist Michael Heise as saying that growth would reach 2.8 percent, comfortably above the German central bank’s prediction of 1.6 percent and the strongest since 2006.

        Heise said the good performance would be spurred by a boom in exports, stable domestic consumption, government recovery programmes and tax cuts recently agreed by the ruling centre-right coalition.

        He also forecast that 2010 would not see the widely feared mass lay-offs in industry, and unemployment would stay well below the symbolic four million level.

        While many analysts have said this mark would be topped, with the Bundesbank predicting 4.2 million jobless by 2011, Heise said they would not exceed 3.67 million, some 240,000 more than at present.

        “If, as is probable, the economy continues on the same path as in the past few months, it will have got over its crisis by the end of 2011, which is faster than thought,” he said.

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          Holidaymakers planning on spending New Year’s Eve abroad may wish to check that their travel insurance covers them against the impact of predicted wintry weather.

          With parts of central England already affected by snow, airline Jet2.com has issued an alert forecasting that the wintry conditions will spread northward over the course of December 30th.

          This could impact on travellers planning to depart from airports in Leeds or Manchester as the airline anticipates that delays could occur as the heavy weather sets in.

          Recent guidance from the British Insurance Brokers’ Association (BIBA) could help to ensure that holiday insurance is effective in covering any such delays or cancellations that may occur.

          Earlier this month, BIBA technical and corporate affairs executive Graeme Trudgill urged holidaymakers to consider travel insurance based on the level of coverage it provides and not on price – particularly if they have booked independently and are not covered by industry protection schemes.

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            Aon Benfield today releases its annual Reinsurance Market Outlook report, which reveals the main industry trends at the January 1 reinsurance renewals.

            The report, Remarkable Recovery, highlights that insurer and reinsurer capital increased dramatically from the lows experienced in March 2009, and that the January 1 catastrophe reinsurance renewals were focused on rate decreases in the market’s peak zones of U.S. hurricane and U.S. earthquake.

            Rate on line (ROL) decreases were in line with Aon Benfield’s “light” catastrophe season scenario published in September 2009, which stated that rate decreases for these perils, adjusted for changes in exposure, ranged from -5% to -15%.  The ROL decreases seen at January 2010 renewals were very similar to the ROL increases observed on January 2009 business.

            Capacity for the global catastrophe reinsurance market has been restored to near its all time peak of December 2007, and is meaningfully higher than the levels witnessed throughout the January 2009 renewal season.

            Global reinsurer capital, which drives capacity and price, increased by 16.6 percent through September 2009, likely fully recovering from the 16.9 percent capital decrease experienced in 2008 by the end of 2009.

            Aon Benfield’s outlook for the April, June and July renewal seasons reflects the firm’s expectation that the pace of reinsurer capital growth will decrease, due to share repurchases and more stable investment prices.  The reduced pace of reinsurer capital growth is still likely to outpace the growth in insurer demand for reinsurance.  Therefore Aon Benfield forecasts continued softening over these upcoming renewal periods, assuming no significant reinsured catastrophes occur prior to final negotiations.

            Andrew Appel, Chief Executive Officer of Aon Benfield, said: “Aon Benfield continues to redefine the role of a reinsurance intermediary and capital advisor by providing and publishing forward-looking expectations months in advance of key renewal dates. Our size and unmatched level of investment on behalf of our clients allows us to provide this type of advocacy and advice. We believe our insight on risk, foresight, and understanding of the market creates better outcomes for clients of our firm. This level of advocacy has helped Aon Benfield work with clients to develop placement strategies to maximize the capital benefit for their reinsurance spend.”

            Other major reinsurer catastrophe zone exposures such as European windstorm, flood and earthquake are reinsured for substantially lower margins than U.S. peak zone exposures.  Rates achieved tended to reflect experience, and changes in exposures and modeling, rather than being tied to fluctuations in reinsurer capital.  Layers impacted by European windstorm Klaus generally saw experience-based ROL increases, while unaffected layers generally held ROLs stable or were reduced by as much as 6 percent.

            Bryon Ehrhart, Chief Executive Officer of Aon Benfield Analytics, said: “At January 2010 renewals, reinsurers showed markedly less anxiety than last year and were more focused on gaining the largest possible signings on their reinsurance program authorizations.  The market is again competitive as capacity growth outpaced demand growth, and the global catastrophe reinsurance market softened; however, the market is not soft.  Renewal rates reflected a disciplined view by reinsurers on the balance of risk and return on capital deployed. Reinsurers had the necessary capacity to renew all their cedents’ programs, but could also maintain higher levels of capital if reasonable demand were present.”

            Aon Benfield estimates that significant reinsurer capital will not be deployed during the January 2010 renewals, and forecasts that significant reinsurer share repurchases in 2010 will fall in the range of USD10bn to USD15bn. The growth of government sponsored insurers and reinsurance-like entities continues to erode the opportunity for private reinsurers to deploy capacity.

            Casualty and specialty insurers continued to benefit from an abundance of reinsurance capacity.  Experience-based rates were the main driver behind most of the renewal pricing, and continual decreases in loss frequency paired with reasonable increases in loss severity meant that insurance and reinsurance rates per unit of exposure continued to decrease.

            In some lines, such as directors’ and officers’ liability, there have been historical differences of opinion between insurers and reinsurers over original rate sufficiency. Reinsurers have substantially erred on the side of safety and priced or structured themselves out of a material segment of casualty business.

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            Make sure you read the policy summary to see what is and isn’t covered by the policy – there are bound to be some areas excluded from cover. For example, some policies do not cover scheduled airline failures, civil unrest or terrorist attacks. If you have a policy which doesn’t cover these risks, you can take out separate insurance.

            You won’t usually be covered for medical conditions you already have, or may have to pay extra to get them covered. If you don’t disclose those medical conditions, any claims that you make may be rejected because you didn’t tell the insurance company about them. If relevant, you should also check whether your policy covers cancelling your holiday when a relative or friend falls ill, and whether you need to keep your insurance company informed about ill relatives/friends. Always ask if you’re in doubt. Travelling against a doctor’s advice may also invalidate your insurance cover.

            The number of confirmed cases of swine flu (H1N1) across the world continues to grow. You should check your insurance policy documents carefully to make sure you understand what you are covered for, the level of cover and any limitations that apply. You should also make sure that you have the supporting documentation to make a claim (such as your unique ID number generated by the National Flu Service, together with the label on your anti-flu drugs as proof of diagnosis to validate a travel insurance claim). See also What you should know about your insurance coverage and the H1N1

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            If you travel without travel insurance, you run the risk of losing out if things go wrong. With about a third of recorded claims involving medical bills, this is by far the most common travel insurance claim. Other common claims are for lost or stolen baggage, cancellation of flights, lost or stolen money, and travel delay.

            If you are a UK resident you are entitled to free or reduced-cost, State-provided healthcare when visiting a European Union (EU) country as long as you have the necessary European Health Insurance Card (EHIC). In many other countries, outside the EU, healthcare can be very expensive. But you should remember that the EHIC is not a substitute for travel insurance, as it only covers you for when you are ill.

            Most travel insurance plans will cover medical bills for £1m, and often more, as well as pay for an emergency air ambulance to bring you home for treatment in the UK. Travel insurance can also cover you against other mishaps while you’re abroad, from theft to flight delays. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy. But beware – some policies charge an excess per clause rather than one overall.

            You could be offered travel insurance by the travel agent where you book your holiday. Or you may find that when booking your flights, the airline has automatically added travel insurance for you. You don’t have to take the insurance offered – you can opt out of it and use your own if you already have it or buy it separately. If you do decide to take the insurance offered, make sure you find out what’s covered and what isn’t by reading the key policy information. Make sure you get one that’s right for you.

            Find out whether your employer offers travel insurance as part of your benefits package. You may have some kind of ‘free’ travel insurance through your credit card or bank. However, check what it covers, as it may only cover certain things and only up to a certain amount.

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              Dental insurance is a type of health cash plan that focuses on dental care. Most of these pay for treatments such as crowns, root canal work, bridges and dentures up to an agreed maximum each year. If your teeth are in good health you can also take out a capitation scheme: you pay a monthly fee in return for check-ups, regular treatment, X-rays and extractions.

              What isn’t covered?

              Check your plan carefully. More serious work such as oral cancer, surgery and serious dental abscesses are often excluded. Some plans apply qualifying periods which means that they will not pay out towards any treatment undergone in the first few months of the policy, so shop around and make sure you get the cover you need.

              Tips

              1. Read the paperwork and ask questions if you don’t understand anything.
              2. Make sure you check what you’re covered or not covered for.
              3. Tell the insurance company if you have any existing medical conditions.

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              Heath Lambert, the specialist insurance scheme designed for people living with pre-existing medical conditions, has teamed up with The National Autistic Society (NAS) to provide travel and life insurance cover for those living with the condition, as well as their families, carers and supporters.

              There are over half a million people in the UK with autism, and the condition affects each person in a different way. Some people with autism are able to live relatively ‘everyday’ lives while others require a lifetime of support so it is important that insurance policies are specialist enough to cover each individual. The team at Unique has experience in tailoring their policies and are trained to ensure that they can provide a high quality service to all customers.

              In an industry first, Unique has arranged for autism to be treated as a disability as opposed to a medical condition, which will significantly reduce the cost of cover in many cases.

              Diane Caplehorn, Unique Associate Director for Heath Lambert Insurance Services, explained: “We are delighted to be working with The National Autistic Society on these travel and life insurance products. Our travel cover is particularly innovative as we can class autism as a disability – which has not been negotiated in the market before. We are also able to offer NAS members a 5% discount on any product purchased, and can cover family and carers too.”

              Samantha Fletcher, NAS Membership and Branches Manager said: “We often hear from our members that arranging appropriate cover is difficult and so we are delighted to launch this new tailored insurance service. We campaign for people affected by autism to have the same rights and freedoms as the rest of society – Unique are leading the way in terms of insurance provision and we hope the rest of the industry will follow.”

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              Customers using the internet to buy general insurance, such as motor and home cover, will benefit from guidance published today (29 December) by the ABI. Over two-thirds of customers are now using the internet to arrange their motor insurance alone.

              The good practice guidance is for insurance comparison websites, insurers and brokers selling general insurance online. It aims to ensure that consumers buying insurance over the internet can better identify the right policy for their needs.

              The guidance has been developed by the ABI, the British Insurers Brokers Association, the consumers’ association Which?, and leading insurance comparison websites.

              Key areas covered by the guidance include:

              • Policy information. Customers should be able to review key features of their selected policy before they commit to buy.
              • Add-ons. It should be made clear what cover is provided as standard, and which features are  being sold as any add-ons, such as home emergency cover under household insurance.
              • Excess levels. The level of any voluntary or compulsory excess should be prominently displayed and clearly explained.
              • Referrals. Customers to whom a quote cannot be offered should be directed to possible alternative sources of help, such as specialist providers.


              Nick Starling, the ABI’s Director of General Insurance and Health, said              : “Using the internet can enable consumers to get the best policy at the most competitive price. But the ease and speed of going online must be balanced with ensuring that people understand the terms, conditions and cover of the policies they are comparing. These guidelines will help ensure that customers get the best possible deal when buying general insurance products online, and we urge all online insurance providers to adopt them without delay.”

              Hayley Parsons, Chief Executive Officer of Gocompare.com, said: “We welcome any initiative that will ultimately enhance the buying experience for the consumer. Comparison sites have added a new level of transparency for the consumer and buying insurance online has never been easier. However, comparison sites are very much dependent on the information that the insurance company provides, so establishing industry standards that all insurers, brokers and comparison sites can adhere to when displaying product information can only be a good thing.”

              Dan Moore, from Which? said              : “Which? supports measures that will lead to greater transparency and trust, and will therefore benefit consumers. The ABI good practice guide is a step in the right direction, providing the recommendations made are monitored and enforced.”

              See also :

              How to shop around for general insurance ?

              Insurance is not compulsory, buy insurance for your needs


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              La Paix, a subsidiary of the Aviva group, stands out on the French market with its:

              • High level of customer satisfaction, with a dispute management service which was awarded eight out of 10 in 2008 in a survey carried out by the independent consumer organisation BVA and its own customers, in whose favour 86% of amicably settled cases were found.
              • Good Advice approach, which aims to find fast and amicable solutions wherever possible: 80% of dossiers are dealt with amicably, reducing dispute time to an average of nine months, compared to two to three years in cases where the dossier is elevated to litigation status.
              • Partnership-rich multi-distribution model: 75% of turnover is generated by general agents employed by Aviva and Eurofil, a subsidiary of Aviva, and 25% by partners from the world of banking, brokerage and mutual insurance companies.
              • Modernised processes leading to increased reactivity and reliability: computerised management of dossiers, Internet correspondence, online legal information databases helping to support an impressive volume of activities: by the end of 2009, Aviva Protection Juridique advisers will have taken more than 175,000 telephone calls and dealt with more than 28,000 complaints.
              • Observation of the strictest standards of professional ethics regarding the other activities of the group.
              • High-quality service with ISO 9002 certification from AFAQ since 1997 and ISO 9001 Version 2000 since 2002.

              In order to increase our efficiency still further and promote the Aviva brand, La Paix will become a self-standing division of Aviva Assurances, the property and casualty insurance arm of Aviva France, and from now on will carry out its activities under the brand name Aviva Protection Juridique.

              In the process of the name change, perfect and transparent continuity is guaranteed for all customers, whether they already had a contract in place with La Paix or enjoy legal and fiscal protection guarantees under their Aviva contracts. These guarantees are transferred in full to Aviva Assurances and will be carried out identically.

              Jean-Pierre Menanteau, CEO of Aviva France said:

              “In a French society which has been growing increasingly litigious over the last several years, Aviva’s legal and fiscal protection activities have played a key role by offering access to the law to the highest possible number of people at a reasonable cost. Bringing our legal and fiscal protection activities under the Aviva brand is a clear part of our strategy to promote our knowledge and seek greater visibility for our brand. La Paix has a rich history in our country since 1881. Aviva Protection Juridique will continue and build upon La Paix’s excellent work serving its customers and the Aviva group hopes to continue to bring these customers, wherever they are in the world, prosperity and peace of mind”.

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              After an extended holiday period, 4 January 2010 will be one of the busiest days in 2010 for vehicle breakdowns as millions of motorists return to work according to RAC.

              The severe weather in the eight days prior to Christmas led to RAC attending almost 80,000 breakdowns. Since then many motorists have not used their cars and, given the ongoing wintry weather conditions, a breakdown is now far more likely.

              David Hawes, RAC regional manager, comments: “The combination of a long break and very cold or damp weather can be a recipe for disaster. A car’s electrical system has to work a lot harder at this time of year as drivers are more likely to use their lights, heated windows as well as the heater fan. The starter motor also has to work harder to start the engine on these cold mornings making a battery failure more likely.”

              RAC is urging motorists to do some basic preparations, such as simply turning over the car engine as well as allowing extra time, to ensure they’re not caught out on 4 January.

              To help motorists avoid a breakdown, RAC has put together the following tips:

              • Don’t leave your vehicle un-used for the whole period between Christmas and New Year. It’s a good idea to start the engine to ensure everything is working as it should be and allow the engine to reach operating temperatures – taking care that it doesn’t overheat.
              • If you have a garage, use it, or try to leave your vehicle undercover.
              • Check oil and water levels. Ensure they are topped up correctly. Pay particular attention to the anti-freeze content of the cooling system. Check your owner’s handbook for information on the recommended anti freeze or consult your local dealer.
              • In cold weather avoid frozen locks by using lock de-icer.
              • Avoid queues at petrol stations by filling up the tank before the morning you go back to work.
              • If the weather is icy, use a windscreen scraper or a de-icer to remove all the frost from your vehicle before setting off. Don’t use hot water from a kettle, as this may crack the windscreen. Also use a windscreen additive to prevent washer bottle freezing and ensure clear vision of the road.
              • Check the battery connections ensuring that they are tight and free from any corrosion.
              • Have your battery and charging system checked before it is too late.
              • Wrap up warm and take a blanket, waterproof clothing, sensible footwear and a fully charged mobile phone in case of breakdown.
              • If travelling a long distance, allow extra time for your journey, ensure you have enough fuel for the journey as not all fuel stations will be open over the festive period. Let friends and relatives know of your expected journey routes and times of arrival if travelling in remote areas.

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              CEEMA CEO Manuel BauerAs of January 1, 2010, Manuel Bauer will be CEO of the new growth region, ‘Central and Eastern Europe, Middle East and North Africa’ (CEEMA). He succeeds Klaus Junker, former CEO of the New Europe region, who is retiring at the end of 2009. The previously separate regions of ‘New Europe’1 and ‘Middle East and North Africa’2 will be combined at the beginning of 2010.

              Manuel Bauer has been with Allianz since 1990, working in different management capacities throughout Asia, the Middle East and Central and Eastern Europe. For example, as CEO of Allianz in Slovakia he successfully oversaw the merger with the state insurance company, Slovenska Poistovna a.s., making the company the market leader. Before being named CEO of New Europe, Middle East and North Africa, Bauer was executive vice president of the business area, Global Life. He will continue in this function in the future as well.

              “Manuel Bauer is a proven expert on growth markets. Allianz will benefit from his broad experience and know-how in these regions well into the future,” said Werner Zedelius, board member of Allianz SE responsible for growth markets.

              “We thank Klaus Junker for his many successful years at Allianz. He was instrumental in the successful expansion of Allianz in New Europe, and his innovative thinking and keen business sense have made Allianz the leading foreign financial services provider in the region,” continued Zedelius.

              “Through my many years of experience in growth regions I have come to know these markets very well. I am looking forward to my new tasks and to making a contribution to the success of our customers, and the company, in these dynamic regions,” commented Manuel Bauer.

              1 The region New Europe is made up of subsidiaries in Azerbaijan, Bulgaria, Kazakhstan, Croatia, Poland, Romania, Russia, Slovakia, Slovenia, the Czech Republic, the Ukraine and Hungary.

              2 The region Middle East and North Africa is made up of subsidiaries in Egypt, Bahrain, Jordan, Lebanon, Pakistan and Saudi Arabia.

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                A Chinese cargo ship with 25 crew members aboard was heading for a safe port after being released by pirates off the coast of Somalia, the European Union naval force in the region said Monday.

                “The crew and the ship are in good condition and are now heading to a safe port,” EUNAVFOR said in a statement after the bulk carrier Dexinhai was released Sunday.

                Pirates said they were paid 3.5 million dollars (2.2 million euros) in ransom.

                The Dexinhai was hijacked on October 18 northeast of the Seychelles as it was sailing to India from South Africa.

                The vessel, owned by Qingdao Ocean Shipping, had been held on the Somali coast between the pirate lairs of Harardhere and Hobyo, where it laid at anchor with other captured vessels and negotiations on its fate began.

                On Sunday, Chinese foreign ministry spokeswoman Jiang Yu said the hijacked vessel was under the protection of the Chinese naval escort fleet, according to a report by state news agency Xinhua.

                Pirate leader Mohamed Rage told AFP by telephone: “We have been discussing with the Chinese ship owners for several weeks and they finally agreed to pay 3.5 million dollars.”

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                Zurich Financial Services Group today that it has entered into a Master Service Agreement with Swiss Post. Zurich will transfer the document management processes of some of its European entities, including post, filing, indexing, scanning and archiving, to Swiss Post or its local subsidiaries. With this move, it will get access to innovative, state-of-the-art document management services tailored to the specific needs of a modern insurer operating across borders.

                Countries in scope are the United Kingdom, Germany, Switzerland, Italy, Spain and Austria. In all these countries about 400,000 documents will be processed daily. The implementation is subject to the execution of additional local agreements. Zurich will take a phased implementation approach starting with the United Kingdom and Switzerland in the first quarter 2009. Implementation in the other countries is expected to be finalized by the end of 2012 in line with pre-existing agreements and related operational transformation plans. Employees working in the document management area will transfer to Swiss Post or its local subsidiaries respectively as each country goes live upon implementing the Master Service Agreement.

                Claudia Dill, Chief Operating Officer Europe General Insurance, said: “The initiative is part of our operational transformation efforts to make Zurich an even leaner organization. Applying consistent state-of-the-art technologies across borders will streamline and speed up our internal processes which will help us to better serve our customers.”

                Frank Marthaler, Board Member at Swiss Post said: “We are delighted to partner Zurich in this exciting initiative. We look forward to working with Zurich as an internationally based organization and assisting them in achieving their goals and demonstrating our ability to deliver a market leading service in document lifecycle management by being able to manage physical and digital documents in a truly integrated process”.

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                The United States and Brazil have reached an agreement covering the exchange of information and technical assistance; cooperation among U.S. and Brazilian regulators; and educational seminars and training benefitting consumers in each country with the signing of a Memorandum of Understanding (MOU) at the Winter Meeting of the National Association of Insurance Commissioners (NAIC) here today.

                Negotiations leading to the MOU were conducted in the International Regulatory Cooperation Working Group involving U.S. regulators and Agencia Nacional de Saude Suplementar (ANS) – Brazilian Federal Regulatory Agency for Health Plans and Health Insurance.

                “With increased market activity in health plans, this mutual cooperation will improve the effectiveness in the administration of these plans and enforcing laws to protect consumers,” said Roger Sevigny, NAIC President and New Hampshire Insurance Commissioner.  “This agreement will facilitate mutual assistance and the exchange of information between our two countries.”

                “With today’s signing, parties to the agreement have set a framework for an ongoing dialogue on regulatory issues,” said Sandy Praeger, NAIC Chair of the International Insurance Relations Committee, the Health Insurance and Managed Care Committee and Kansas Insurance Commissioner.

                This is the 11th such MOU the NAIC has reached with other countries on regulatory cooperation and the second with Brazil.  A MOU was signed with Superintendencia de Seguros Privados (SUSEP) in 2006.  The agency is responsible for the supervision of insurance, open private pension funds and capital markets in Brazil.  NAIC is also negotiating an agreement with the Chinese Taipei who were present at today’s signing.

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                  Greek authorities said Monday there were signs that the militant Revolutionary Struggle group was behind an overnight bombing of the headquarters of the country’s leading insurance company.

                  The powerful blast struck the city centre offices of the Greek National Bank-owned Ethniki Asfalistiki late Sunday, causing no casualties but significant fire damage to the building’s ground floor.

                  There was no immediate claim of responsibility for the attack, which came

                  15 minutes after a telephoned warning to a Greek newspaper.

                  But counterterrorism authorities said Monday an initial examination of the explosive device led them to suspect the involvement of the far-left Revolutionary Struggle group, which is on a European Union list of terrorist organisations.

                  The outfit, which surfaced six years ago, has been behind more than a dozen attacks in Athens, including the 2007 firing of a rocket at the US embassy.

                  Other militant groups in Greece include the Revolutionary Sect which became active at the beginning of this year and has been blamed for drive-by shootings on a police station and a television group.

                    0 1

                    The Met Office has issued a weather warning for ALL UK REGIONS. Heavy snow and risk of severe weather is expected from 1211 Tue 22 Dec to 1800 Tue 22 Dec.

                    Cities concerned: Yorkshire, Humber, North West England, Blackburn, Darwen, Cheshire,Manchester, Lancashire,East Midlands, Derbyshire, Grampian, Aberdeen, Aberdeenshire, Scotland, Lothian & Borders, Dumfries, Galloway, Lothian,Edinburgh, Midlothian, Scottish Borders, Lothian, Strathclyde, Argyll, Bute, Ayrshire, Dunbartonshire, Renfrewshire, Glasgow, Inverclyde, Ayrshire, Lanarkshire, Renfrewshire, Ayrshire, Lanarkshire, Dunbartonshire, Grampian, Aberdeen, Aberdeenshire,

                    To take action to prevent or protect your home or business against water damage from burst or frozen pipes you can find all you need to know about flood and natural disaster insurance below:

                    Property owners at risk from serious water damage claims

                    All you need to know about flood and natural disaster insurance


                    0 0

                    Taiwan’s top financial regulator told lawmakers Wednesday he hopes the consortium that won the bidding for American International Group Inc.’s (AIG) Taiwan unit will resubmit its application to buy the firm soon, after the original application was kicked back in November with a request for more documents.

                    The head of one of the companies in the winning consortium told Dow Jones Newswires the consortium hoped to resubmit the application before the end of the year.chi

                    The consortium comprising Hong Kong’s China Strategic Holdings Ltd. (0235.HK) and investment company Primus Financial Holdings Ltd. successfully bid US$2.15 billion for Nan Shan Life Insurance Co. in October, stirring controversy in Taiwan on concerns the firms in the consortium were backed by mainland China money.

                    Despite warming official relations between China and Taiwan, the island maintains restrictions on investments in its financial services firms by companies backed by mainland cash.

                    Both Primus and China Strategic have said none of their investors holds a Chinese passport.

                    In a legislative session Wednesday, Sean Chen, chairman of the Financial Supervisory Commission, said: “We still haven’t received the application.”

                    Raymond Or, China Strategic’s chief executive, told Dow Jones Newswires the consortium is still preparing the information required by the regulator.

                    “We are doing our best to collect all the information, which is a lot,” he said.

                    Wing Fai Ng, a Primus co-chief executive, wasn’t immediately available to comment.

                    Primus’s other co-chief executive, Robert Morse, said earlier this month the consortium had been spending a lot of time with Nan Shan’s management, employees and agents to assure them about their sources of funding and their intention to make a long-term investment in Taiwan.

                    Another factor complicating the acquisition’s approval is the consortium’s agreement to sell a 30% stake in Nan Shan Life to Chinatrust Financial Holding Co. (2891.TW) in exchange for a 9.95% stake in Chinatrust.

                    That deal was announced just weeks after Primus and China Strategic won the bidding for Nan Shan Life, prompting a rebuke from the Taiwan regulator because the consortium’s acquisition of the life insurer had yet to obtain its approval. The regulator said the deal with Chinatrust also raised questions about the consortium’s long-term commitment to Nan Shan Life.

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