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George Stobbart

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The Treasury has today published its final agreement with the Royal Bank of Scotland on the bank’s participation in the Asset Protection Scheme, along with further detail of the scheme’s operation and the assets it covers.

The Treasury has also announced the launch of the Asset Protection Agency that will administer the scheme in order to protect the taxpayer’s interest.

Financial Services Secretary to the Treasury Paul Myners said: “The Government’s decisive action to stabilise the financial system has succeeded in protecting the savings of British families.  We have strived throughout our interventions to ensure maximum value for the taxpayer, charging commercial rates for our support for the banks and making supported firms pick up the tab for extra operating costs.

“The agreement we have reached with RBS follows this approach.  This final agreement sees a much-improved position for the taxpayer compared to the initial deal announced in February.  RBS will bear a much greater share of the burden, with the first loss increasing by £18bn.  The bank will also pay the full operational costs of the Asset Protection Agency.

“Together with the exit of Lloyds from the APS, taxpayer exposure to bank losses has been markedly reduced.  With this agreement entering into force with State Aid approval expected soon, our focus can turn to reforming the financial system for the future, both with greater competition on the High Street, and stronger global and domestic regulation.”

The Government announced final agreements with Lloyds and RBS on 3 November.  Lloyds has proceeded with plans to raise capital on the markets and RBS signed its agreement on participation in the APS on 26 November.  Discretionary cash bonuses for staff earning above £39,000 have been banned at both banks for the 2009 performance year and binding lending agreements have been implemented as conditions of Government support.

The European Commission has also required both banks to make significant divestments including hundreds of branches throughout the country to encourage greater competition and choice for consumers.

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As Britain staggers its way through Christmas party season, 10% of UK workers admit to taking a ‘sickie’ or being hungover on their last ‘sick’ day off work, according to research from Aon Consulting. A total of just over 20% cited stress, depression, being hungover or taking a ‘sickie’ as the real reason for their last day off.

Cambridge is the UK’s ‘sickest’ city with over 20% of workers admitting to having feigned illness or been too hungover to face work, according to the survey of 4,046 respondents from across the UK. In contrast, the people of Portsmouth are the least likely (4%) to have ticked the hangover or ‘sickie’ box. Just over one in ten Londoners were not actually sick or were suffering from the night before on their last day off work.

The survey also revealed that colds and flu are the most common reason for absence (38%), while 11% of workers selected stress and/or depression and 7% cited fatigue.

The real reason for you last day off work

Taking a sickie or being hungover the real reason for the last day off work

Commenting on the research, Paul White, Head of Risk Benefits at Aon Consulting, said: “At this time of year, it is not surprising to see that many workers will be celebrating the end of a rollercoaster year, as they should. However, there is no need for employers to suffer as a result. Implementing a flexible benefits programme, where employees can buy and sell holiday, could help employees better manage their time off from work, and mean that ‘sickies’ are less common.’

“Hangovers aside, tackling sickness absence is becomingly increasingly important to organisations who seek to manage their costs. It has been a difficult year and employers must be aware that they have a responsibility to care for their workers. Companies are quite rightly addressing cases of stress and depression and further Aon research* shows that flu jabs and stress management are now the most popular wellness initiatives offered by companies.

“Organisations should clearly communicate the range of wellbeing benefits they provide for their staff, and employees should start taking advantage of the many benefits offered by their employers.”

*: The Aon Consulting Employee Benefits and Trends Report 2009
The research offers insight into what employers are doing now and what actions they plan to take in the future on DC pensions, health and risk benefits and flexible benefits. The 2009 report polled 650 employers on various issues relating to employee benefits and pensions.

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The European Commission on Monday approved the restructuring of the state-owned Royal Bank of Scotland, rescued by Europe’s biggest-ever taxpayer bailout during the financial crisis.

However, the EU’s top competition enforcer, Neelie Kroes, warned that if the bank failed to meet 2013 targets to restore healthy, natural order to its balance sheet, her successor Joaquin Almunia would not hesitate to take fresh action.

“The European Commission has approved under EU state aid rules the impaired asset relief measure and the restructuring plan of Royal Bank of Scotland,” said a statement.

“The commission is satisfied that the measures are in line with its guidelines on impaired asset relief and on restructuring aid for banks … As such, the state support for RBS is compatible” with European Union rules.”

RBS was ravaged by the credit crunch and the takeover of Dutch giant ABN Amro at the top of the market in 2007.

Just in November, London agreed to pump an extra 25.5 billion pounds into RBS, which in turn said it would place 282 billion pounds of high-risk debts into the government’s toxic-asset insurance scheme.

That took the total government injection into RBS to between 60 billion and 100 billion pounds, “the largest amount of state aid ever received by any company in the EU’s history,” according to competition spokesman Jonathan Todd.

As a result of the move, the state’s economic interest in RBS is climbing to 84 percent from 70 percent.

“In particular, the measures ensure a sustainable future for RBS without continued state support, foresee an appropriate participation of the bank in the costs of restructuring, and include safeguards to limit distortions of competition, notably by reducing the size of the bank,” the EU statement added.

Todd said divestments included a large chunk of business equvalent to five percent of the British market for banking services, as well as “significant” insurance and commodity transaction operations.

“This case has been one of the most complex the commission has had to deal with during the financial crisis,” said Kroes. “I am very pleased with the result.

The bank will “itself pay a sufficient share of the restructuring costs and distortions of competition will be limited by substantial divestments,” she added.

RBS in November posted a net loss of 1.8 billion pounds (almost two billion euros or three billion dollars) for the third quarter of 2009, with bad debts standing at 3.279 billion pounds between July and September.

RBS chief executive Stephen Hester said then that the bank’s recovery would take a long time, closely mirroring the global economy’s return to strength after recession.

The parts being separated from the parent groups amount to about 10 percent of Britain’s troubled retail banking market.

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Swiss Re representatives are participating at the COP 15 negotiations in Copenhagen, representing the Swiss Insurance Association as part of the official Swiss delegation. The reinsurance company Swiss Re advocates fast transition from Copenhagen discussions to immediate implementation of climate adaptation measures, in order to reduce losses caused by climate risks.

Swiss Re strongly advocates the practical implementation of adaptation measures in the near term with the objective of reducing climate related losses and building economic resilience in the countries and regions most at risk.

A recent Economics of Climate Adaptation (ECA) study concludes that annual losses due to climate risks could amount up to 19% of a developing country’s GDP by 2030. However, action on climate adaptation can significantly reduce economic losses from climate risks by between 40 and 65 percent thereby boosting local economic resilience.

Andreas Spiegel, Swiss Re’s Senior Climate Change Advisor said: “Our societies urgently need to become more resilient by adapting to severe weather events. For example, current scientific estimates suggest that the sea-level will rise between a half and one and half meters before 2100. Peak surge height could increase by 50%, meaning that a sea-level surges previously seen only once in a 1000 years could now appear on average every 30 years”.

Since 1970, 36 of the 40 worst insurance losses have been weather related. This does not even take account of developing countries where over 90% of such events are not insured.

“While the insurance industry is an important contributor to the absorption of volatile risk, it cannot tackle the challenges of climate change alone. To address this public-private partnerships will be indispensable. Beyond traditional insurance, Swiss Re contributes through alternative forms of risk transfer to absorb highly volatile losses. We also offer concrete guidance, based on our expertise and experience as a global reinsurer, for how societies can respond to the climate adaptation challenges,” said David Bresch, Swiss Re’s Head Sustainability and Emerging Risks.

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If you have a mortgage, your lender will normally insist that your property is protected by buildings insurance. It usually pays out if your property is affected by fire, floods or subsidence (although you will need to check the area where you live).

Policies often cover damage to fixed fittings such as baths and kitchens, as well as garages, sheds and greenhouses, although they may exclude walls, fences, drives and swimming pools.

If you live on a flood plain you may find it difficult to get buildings insurance.

If you already have cover for flood damage, the insurer should continue to offer it to you, although they may increase your premiums, the excess, or both.  You can see the Environment Agency’s website to find out if your property is at risk of flooding.

You might be offered buildings insurance by your mortgage provider when you take out your mortgage, but you don’t have to take what’s on offer – you can shop around.

If you buy a leasehold property (such as a flat in a block of flats), the freeholder may have arranged buildings insurance for the whole block, in which case you may not need your own buildings policy.

Your cover is based on what your home would cost to rebuild. You can check whether you have enough buildings insurance through the Building Cost Information Service’s (BCIS) website

It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt. You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory.

Buildings insurance does not cover your belongings. These need to be insured separately with contents insurance.

You may find that you get a better deal if you buy buildings and contents insurance together from the same insurer. Combined buildings and contents insurance is often known as household insurance.

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    With effect from 1st January 2010, Amanda Blanc, currently CEO of Towergate’s Retail Division, is appointed Deputy Group CEO of Towergate Partnership Ltd reporting to Andy Homer.

    Amanda now has operational responsibility for Powerplace, the leading on-line market place for commercial insurance currently used by over 400 UK insurance brokers, Towergate Network businesses which includes the two largest Network brands in the UK – Broker Network and Countrywide with over 700 members in total, plus Towergate’s thriving Retail Broking businesses with over 80 offices across the country.

    Peter Cullum, Chairman of Towergate Partnership, said: “Amanda’s responsibilities have broadened to embrace Powerplace and Network Division (which Grant Ellis continues to Chair) and her new role reflects the importance we attach to these key businesses which we expect to grow significantly over the next 3 years”.

    Amanda Blanc said: “I am delighted to take on these exciting responsibilities and firmly believe the organic growth we will achieve in Retail broking, Powerplace and in both Countrywide and Broker Network businesses will help redefine the general insurance market landscape.”

    Note: Amanda is one of the leading female business leaders in the UK, with responsibility for 3000 staff and approaching £1.5bn of premiums, generating EBITDA of over £100m.

    Since joining Towergate in 2006, Amanda has overseen growth in retail broking operations of over 130% from £320m to £750m premium turnover.
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    Her insurance career began at Commercial Union in 1989 and she has held senior posts in AXA UK, Groupama UK, joining Towergate in 2006.

    Amanda is married with two daughters and was awarded the title of City Woman of the Year in 2008.  She is also on the Broking Faculty Board of the Chartered Insurance Institute.

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    Insurers could save Britain’s government billions of pounds if they took on more of its risk, though they would need a significant amount of extra capital to do so, Legal & General’s chief executive told the Sunday Telegraph.

    “Through state pensions, unemployment benefits and the National Health Service, the government assumes responsibility for roughly 65 percent of the “addressable risk market,” and the private sector underwrites the remaining 35 percent … by implication, this 65-35 split needs to be adjusted,” L&G’s CEO Tim Breedon wrote in the Sunday Telegraph.

    “Increasing the private sector’s share to 40 percent would save an estimated annual 17 billion pounds from public spending, but would require an estimated 9.7 billion of extra industry capital, according to Deloitte.”

    Breedon said many “middle-class benefits” were now unsustainable because Britain’s public finances were in such a perilous state and that there was pressure to focus the state’s insurance role on those who cannot afford to self-insure.

    The industry also needs to do more to encourage high standards of governance and corporate behaviour, said Breedon.

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    Lloyds Banking Group said take-up for its record 13.5 billion pound rights issue totalled over 95 percent, drawing a line under a turbulent few months for Britain’s largest retail lender.

    Lloyd’s cash call — the world’s largest to date — is a key plank of a bumper 22.5 billion pound capital raising effort to allow the bank avoid a state-backed insurance scheme for bad debts. A high take-up is the strongest indication yet of shareholder support for the bank’s turnaround efforts.

    In a statement on Monday, following the close of the rights issue on Friday morning, the bank said around 95.3 percent of new shares offered were taken up by investors.

    Sources close to the situation had said in the run-up to the rights issue’s close that the rump could be “single digit” — allowing it to be placed on the market within 24 hours of the results of the rights issue.

    Lloyds, which has an army of 2.8 million small shareholders, has faced anger over mistakes made during the crisis and a decision to buy embattled rival HBOS, but investors voted overwhelmingly last month to back its plan to raise capital.

    The rights issue was priced last month at 37p per share, with investors being offered 1.34 shares for every existing share held. That compares with Friday’s close at 56.2 p.


    With Reuters

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    Liberty International Underwriters Europe (LIU Europe), a division of Liberty Mutual Group, has extended its existing contract with red24. As leaders in global security assistance, red24 will, in addition to their product recall expertise, now also provide LIU Europe’s brokers and clients with their kidnap, ransom and extortion (KRE) services.

    LIU Europe KRE policyholders will now have access to red24’s services led by Jack Cloonan, a retired FBI Special Agent who, as the Senior Case Agent on the New York Anti-Terrorism Task Force, has participated in multiple high profile investigations over the last decade.

    “Kidnap is a much more violent crime today than it was even five years ago and the accompanying ransom demands have become extraordinary,” said Julie Ross, Crisis Management Underwriter for LIU Europe’s Crisis Management team. “The extension of red24’s contract to include kidnap and ransom, and extortion, as well as their existing product recall services, ensures LIU Europe will provide a seamless crisis management service to its brokers and clients.

    “red24’s world-renowned specialist Jack Cloonan will work with LIU Europe’s KRE policyholders to put in place a strong kidnap and ransom strategy that helps them prevent and respond to these frightening situations.”

    Working with red24, who have offices in London’s Minster Court, LIU Europe’s crisis management experts help brokers provide the specialised loss control and loss mitigation services necessary to protect clients’ employees, operations and reputation before, during and after a crisis.

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    What is pet insurance?

    Pet Insurance pays the veterinary costs if one’s pet becomes ill or is injured in an accident. Some policies will also pay out if the pet dies, is lost or stolen.

    The purpose of pet insurance is to mitigate the risk of incurring significant expense to treat ill or injured pets.

    As veterinary medicine is increasingly employing expensive medical techniques and drugs, and owners have higher expectations for their pets’ health care and standard of living than previously, the market for pet insurance has increased.

    UK Policies usually pay 100% of vets fees.


    There are two types of cover:

    • life-long – it will pay out for specific conditions for the life of your pet; and
    • time-limited – it will pay out only for 12 months per condition.

    Policies vary, but as well as an agreed maximum payout for vets’ bills and medication, some will pay for you to advertise if your pet has been lost, or for kennel or cattery fees if you suddenly have to go into hospital. In some cases it will also cover the cost of making good damage caused by your pet.

    It does not generally cover routine upkeep items such as annual vaccinations, boosters, nail clipping, spaying and neutering.

    Check – as with your health insurance, always make sure you disclose any key relevant information.

    How does it work?

    The owner will usually pay the amount due to the Vet, and then send in the claim form and receive reimbursement, which some companies and policies limit according to their own schedule of necessary and usual charges. In the event of a very high bill, some veterinarians will allow the owner to put off payment until the insurance claim is processed. Some insurers pay veterinarians directly on behalf of customers.

    Traditionally, most pet insurance plans did not pay for preventative care (such as vaccinations) or elective procedures (such as neutering). Recently however, some companies in the UK are offering routine care coverage.

    In addition, companies often limit coverage for pre-existing medical conditions, thus giving owners an incentive to insure even very young animals who are not expected to incur high veterinary costs while they are still healthy.

    Some insurers offer options not directly related to pet health, including covering boarding costs for animals whose owners are hospitalized, or costs (such as rewards or posters) associated with retrieving lost animals. Some policies also include travel cancellation coverage if owners must remain with pets who need urgent treatment or are dying.


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    On August 25, 2009 AXA announced the launch of its 2009 SharePlan offering (“SharePlan 2009”), a capital increase reserved to its employees worldwide.

    Approximately 31,000 employees in 40 countries, representing 25% of eligible employees, subscribed to SharePlan 2009. The large number of employees who chose to subscribe represents a clear vote of confidence in AXA.

    The aggregate proceeds from the offering amount to approximately Euro 390 million, for a total of more than 26 million newly issued shares, subscribed at a price of Euro 14.92 for the classic and the leveraged plans. The new shares have been created with full rights from January 1, 2009.

    This offering increases the total number of outstanding AXA shares to 2,289,595,264 as of December 11, 2009.

    Following SharePlan 2009, AXA’s employees hold around 5.8% of the share capital and 6.4% of the voting rights.

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    With the workplace Christmas party season in full swing, UK businesses could be losing over £216 million* in “sick days”, according to figures released today.

    The Aviva “Morning After…” report** reveals 2.31 million UK workers have called in sick after drinking too much or having an accident at a work Christmas party – resulting in £216 million lost to the British economy, based on CBI calculations of absence costs.

    Men are over twice as likely as women (88% more likely) to call in sick after the office party, and directors and managers are significantly more likely (67% more likely) to call in sick than the rest of the workforce.

    Despite the recession, almost two thirds (61%) of UK businesses are still planning a party and workers’ festive spirits have not been dampened – over a quarter (26%) say the stresses of 2009 mean people are likely to get more drunk and rowdy than usual.

    Employees will drink on average 7.3 units of alcohol at their Christmas party; men plan to drink an average of 9.6 units nearly three times the recommended limit for men of 3-4 units per day.  Women say they are likely to drink an average of 5.6 units – well over twice the recommended daily limit of 2-3 units.

    And alcohol-related accidents at Christmas parties are rife, with nearly a third (31%) resulting in hospital treatment. The most common office party mishaps are:

    1. Falling over dancing
    2. Slipping on spilt drinks
    3. Falling off furniture / a stage
    4. Passing out
    5. Walking into a wall / object

    Surprisingly, a third (33%) of workers are honest about the reason for absence, while those who use illness as an excuse are most likely to claim flu (23%). Other popular excuses include food poisoning and migraines.

    Dr Doug Wright, principal clinical consultant at Aviva UK Health said: “After what has been a stressful year for many, it’s understandable people want to let their hair down this Christmas.

    “However, with 15% of people claiming to have witnessed or experienced accidents at the office parties, it pays to stay sober enough that you’re not risking injury. Don’t drink on an empty stomach and try alternating alcohol with soft drinks to avoid an unwanted trip to A&E during the festive period.

    “For the two million* people who could be tempted to call in sick ‘the morning after’ we’d suggest booking a day off to recuperate – otherwise people may find they face more than a hangover!”.

    Note:

    * Based on the CIPD Absence Management report. Aviva research showed 8% of a working population of 28.93 million (2.31 million) workers would take a day off after the office party. Based on CIPD absence costs per worker being £93.51 per day the financial cost of this to British business is £216 million

    ** Aviva commissioned Redshift to conduct research amongst over 1,000 full-time UK workers in November 2009.

    *** Government guidelines for safe daily alcohol consumption are 2-3 units for women and 3-4 units for men.

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    Lloyd’s Franchise Performance Director Rolf Tolle has been awarded a Lloyd’s silver medal for his services to the market over the last seven years.

    Lloyd’s Chairman, Lord Levene presented the Silver Medal for Services to Lloyd’s to Rolf at a special dinner last night in Lloyd’s Adam Room to mark Rolf’s retirement.

    The medal is in recognition of the role that Rolf has played in establishing a new commercial partnership with the market and helping to restore its profitability.

    The Medals for Services to Lloyd’s have rarely been awarded since they were first struck. The first silver medal was awarded in 1917 and since then only a handful of Lloyd’s staff and members have received one.

    Presenting the award last night, Lord Levene paid tribute to Rolf’s contribution to Lloyd’s:

    “Rolf has played a crucial role in restoring Lloyd’s image and re-establishing its reputation as the world’s leading specialist insurance market over the last seven years. His focus on standards and underwriting discipline has helped ensure that the market has returned to financial strength and stability.”

    Last night’s dinner, hosted by Lord Levene for Rolf Tolle, was attended by current and previous members of Lloyd’s Council and Franchise Board and senior members of the market.

    The Silver Medal shows on one side Neptune and his chariot reflecting Lloyd’s links with the sea, and on the reverse shows “For Services To Lloyd’s”. The recipient’s name is engraved around the rim.

    Rolf Tolle is retiring at the end of the year and is succeeded by Tom Bolt.

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      ING announced today that it has notified the Dutch State that it will exercise its option to early repurchase EUR 5 billion of the Core Tier 1 securities.

      As announced on 26 October 2009, ING and the Dutch State agreed to alter the repayment terms of the Core Tier 1 securities issued in November 2008, in order to facilitate early repayment. The repayment, for which the Dutch Central Bank has given its consent, is expected to take place on 21 December 2009.

      The total payment is expected to amount to EUR 5,606 million. This consists of a repayment of the EUR 5 billion principal amount, representing half of the Core Tier 1 securities, plus accrued coupon from 12 May 2009 to 20 December 2009 of EUR 259 million and a repayment premium of EUR 347 million.

      ING intends to fund the repayment with the proceeds of the EUR 7.5 billion rights issue that ING expects to complete on 21 December 2009.

      Jan Hommen, CEO of ING stated: “After repaying half of the funds we received last year from the Dutch State, we will work now towards repaying the second half of the Core Tier 1 securities. We anticipate doing so using retained earnings and potential proceeds from divestments. The Dutch State has indicated it is open to discussing modification of the repayment conditions for the second half.”

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      Hibernian Aviva Health have announced today (Thursday 10 December) that they are reducing the cost of their Level 2 Hospital Plan back to the price it was prior to an increase announced last October.

      The offer runs from the 28 December to the 31 January and means that for a family with two adults and two children there will be a saving of €415 and for an individual a saving of €190 against VHI’s Plan B Option.


      Commenting on the reduction Jim Dowdall, Hibernian Aviva Health, said:       “Yesterday’s budget sees a significant decrease in income for a great many people. At this time of year the majority of families will be looking to renew their health insurance, so if they switch to Hibernian Aviva Health this offer gives very significant savings and will help offset the decrease in their take home pay. For the month of January we are offering consumers the opportunity to pay 2009 prices for their health insurance in 2010.”

      Dowdall continues:       “As well as the savings that consumers will get, it should be remembered that other healthcare providers are leaving their customers exposed by removing benefits from plans and applying excesses, Hibernian Aviva Health remains committed to maintaining superior benefits and coverage across all of its plan range. For example, Hibernian Aviva Health covers 151 Hospitals & Treatment Centres in comparison VHI & Quinn covering only 111 & 110 respectively.”

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      Laurence Hautefeuille has joined the Paris office of Liberty International Underwriters Europe (LIU Europe), a division of Liberty Mutual Group, as Head of Marine Underwriting.

      Hautefeuille will be responsible for creating LIU Europe’s Marine Underwriting department in France, which will offer cover for both cargo and liability risks.

      With a background in law and marine insurance and risk management, Laurence Hautefeuille holds a Master’s degree in International Law and a DESS in Maritime Law. She has extensive experience of creating and developing marine insurance through previous roles with other major insurers and has worked as a risk manager for Louis Dreyfus, one of the largest French shipping companies. Hautefeuille also holds the ARM 54 Risk Management diploma.

      Commenting on the appointment, Gerard van Loon, Managing Director of LIU’s Continental European Operations, said: “Since 2008, LIU Europe has built up property and construction capabilities in France. The addition of marine underwriting further underlines our commitment to strengthen and diversify our French offering.

      Laurence Hautefeuille, with her extensive experience in marine insurance, is the ideal candidate to set up and grow our marine underwriting business in France and I am confident this will form a key segment of our underwriting in the years ahead.”

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      Democratic US House Speaker Nancy Pelosi held out hope Thursday of completing legislation by late December to remake the US health care system, President Barack Obama’s top domestic priority.

      “I think we would do almost anything if it meant that we would pass health care for all Americans before the Christmas holidays,” she told reporters as the Senate struggled with its 2,074-page version of the bill.

      “It may be that we can’t, that we have to do it for a New Year’s present to the American people. But as soon as we can, we will,” said Pelosi, who shepherded the House of Representatives version to passage on November 7.

      She also signaled support for part of a key Senate compromise plan designed to attract centrist Democrats at the expense of dropping plans for a government-backed “public option” to compete with private insurers — something she had previously insisted would have to be in any final legislation.

      Pelosi said the Senate’s reported plans to allow people aged 55-64 to buy into the government-run Medicare program for the elderly and disabled had “a great deal of appeal.”

      Pelosi did not repeat her previous warnings that she could not win House passage of a health care overhaul that lacked a “public option,” but said she continued to view that as the best way to control soaring coasts.

      “If there is a better way, put it on the table,” she said.

      Asked whether she could win House support for the Senate plan, Pelosi

      replied: “As soon as we see something in writing from the Senate, we will be able to make a judgment about that.”

      The Senate compromise announced earlier this week would reportedly replace the “public option” with a plan in which the government agency that handles health coverage for government workers would manage insurance coverage still offered by private firms.

      Pelosi’s comments came as Democratic senators awaited the non-partisan Congressional Budget Office’s assessment of the cost and effect of as-yet undisclosed possible changes to the bill to attract support from swing-vote centrist Democrats.

      Democratic Senate Majority Leader Harry Reid, who needs 60 votes to ensure passage of the legislation, said he felt “pretty confident” about clearing that bar but “we’ll find out when we have the vote.”

      If the Senate passes its version, the House and Senate would have to work out their differences and send the same bill to Obama to sign into law.

      Pelosi said the House and Senate approaches were “probably 75 percent compatible,” and that the lingering differences — on some difficult issues, including abortion — were “not irreconcilable.”

      The Senate this week defeated an amendment that would have sharply tightened restrictions barring the use of government money for abortions, a measure similar to one the House added before passing the overall legislation.

      Many Democrats have warned they will oppose the new language in any final House-Senate compromise version.

      “I think that we all agree that there will be no federal funding for abortion, that there will be no change in status in terms of expanding or diminishing a woman’s right to choose, and that we will have a health care bill,” she said.

      “So if everybody is on board of having a health care bill, we know that we can come to agreement on federal funding of abortion,” said Pelosi.

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      The British Insurance Brokers’ Association has today written to its members to highlight the changes to Insurance Premium Tax (IPT).

      The Chancellor announced in his 2009 Pre-Budget Report (PBR) that, WITH EFFECT FROM 9/12/09, IPT Tax has to be applied to fees charged under a separate contract in connection with personal lines insurance.

      The Chancellor brought in the IPT anti-avoidance measure in his 2009 PBR to close the loophole following the HomeServe case.

      Eric Galbraith, BIBA Chief Executive, said      : “The process of closing this loophole has brought all fees charged into scope.  This is not only a further cost to consumers but a huge cost to many members in its collection and we are very concerned.

      “This measure takes effect from yesterday and has been brought in without any pre-warning or discussion with the industry.  Expecting brokers to change processes and systems without allowing any timescale to introduce these is absurd.  Frankly, I do not believe that applying IPT to administration fees charged by brokers completely separate from the insurance policy, where IPT already applies, was intended when trying to close the HomeServe loophole. This is taking a large hammer to crack a small nut.

      “There are a number of questions that need to be addressed and we will be working on behalf of members to answer these and inform members.”

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        AXA announces today several measures to improve the speed and effectiveness of the organization’s ability to produce and deliver the products and services that meet our customers’ evolving needs.

        Integrating business competencies to accelerate the implementation of the strategy

        In order to facilitate coordination among the Group’s different businesses and further leverage its size, AXA announces that François Pierson, Chief Executive Officer of AXA France and member of the Management Board of AXA, and Christopher Condron, Chief Executive Officer of AXA Financial (United States) and member of the Management Board of AXA, will assume group-wide responsibility on an international level for Property & Casualty insurance, and Life & Savings and Health businesses, respectively, in addition to their current operational responsibilities.

        Henri de Castries, Chairman of AXA’s Management Board said: “We chose to create global roles to oversee P&C insurance and Life & Savings so that our customers can benefit more quickly from the wide range and high quality of our expertise. With their experience, in-depth knowledge of the Group and insurance, and personal qualities, I am sure that François and Kip will succeed in accelerating AXA’s growth in both these sectors,”.

        In this organization, François Pierson and Christopher Condron will share the tasks of defining strategy, setting goals and managing the operational convergence of the Group’s Property & Casualty and Life & Savings businesses. They will work with the Chief Executives of AXA’s regional and country-based entities, who remain in charge of their own results and continue to report to Henri de Castries.

        AXA also announces that Claude Brunet will leave the Group.

        Henri de Castries added: “I wish to express my warm thanks to Claude Brunet for allowing AXA to benefit from his extensive experience over the past nine years. His strategic initiatives helped, in particular, to make the Group’s processes and IT architecture simpler and more effective, to develop a genuine customer culture and to reposition our brand, turning it into a powerful means of differentiation,”.

        New organization of central functions

        AXA is also evolving the organization of its central functions to better support its strategy.

        As employee engagement, corporate culture and reputation are more essential than ever for a customer service driven Group, Henri de Castries will directly supervise Human Resources, Communication and Corporate Responsibility for AXA.

        Accordingly, Gaëlle Olivier, Group Executive Vice-President, Communication and Corporate Responsibility, and Alain Rohaut, Group Executive Vice-President, Human Resources, will report directly to Henri de Castries. On April 1, 2010, Shu Khoo will succeed Alain Rohaut as Head of Human Resources and will report to Henri de Castries as well.

        In the new organization, Denis Duverne, member of the AXA Management Board, will oversee Group strategy, finance and operations.

        AXA brand positioning and customer expectations are also key priorities for the Group. To accelerate on these two dimensions, Véronique Weill, a member of the Executive Committee, is appointed Chief Operating Officer. She will oversee the marketing & distribution, IT, operational excellence, procurement and GIE, enabling her to support and accelerate strategic priorities defined with the global business heads. She will be in charge of the strategy of proof implementation and strengthening AXA’s customer centricity. She will report to Denis Duverne.

        Gérald Harlin, Deputy Chief Financial Officer since May 2003 and a member of the AXA Executive Committee, will become Group Chief Financial Officer, reporting to Denis Duverne. He will also supervise the Chief Investment Officer, a newly created position entrusted to Jean Sorasio, currently Chief Investment Officer at AXA Japan.

        Jean-Christophe Menioux, Chief Risk Officer for the Group, will report directly to Denis Duverne. The new setup enables the Group to separate risk management from financial management.

        These changes will be effective starting January 2010.

        New CEO for AXA in Belgium

        Eugène Teysen, Chief Executive Officer of AXA Belgium and a member of the AXA Executive Committee, has informed the management board of his decision to leave the Group at the end of 2009. He will be replaced in his position as Chief Executive Officer of AXA Belgium by Emmanuel de Talhouët, currently serving as BSD (Business Support and Development) Director for the Northern, Central and Eastern European region. Emmanuel de Talhouët will report to Alfred Bouckaert, member of the AXA Management Board and Chief Executive Officer of the Northern, Central and Eastern European region.

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          The cost of fire damage now stands at a record level according to research published today by the ABI. In the first half of 2009, insurers paid out £639 million – £3.6 million every day – for damage caused by fires. This is the highest half yearly figure ever, and follows on from last year’s record high level of fire claim costs.

          Nick Starling, the ABI’s Director of General Insurance and Health, said : “The challenging economic climate is having a significant impact on the fire danger. While the numbers of fires may have been falling, the increase in large-scale fires is increasingly putting lives at risk, and puts more pressure on businesses in these already difficult trading times.”

          This disturbing picture emerges from the ABI’s analysis of fire trends launched today (10 December) at a reception at the House of Commons. ‘Tackling Fire: A call for Action’ highlights that:

          • Fire damage claims in the first half of 2009 cost £639 million – £3.6 million each day. This follows on from the £1.3 billion fire losses in 2008, a 16% rise on 2007 and the most expensive year ever.
          • Between 2002 and 2008 the cost of the average fire claim for both commercial and domestic fires doubled, to £21,000 and £8,000 respectively.
          • Arson, which tends to increase during a recession, accounts for half of all commercial fires. Socially deprived areas and schools are especially vulnerable: arson rates are 30 times higher in poorer areas.Twenty schools a week suffer an arson attack, disrupting the education of 90,000 schoolchildren, causing damage costing £65 million.
          • More open plan buildings, which allow more rapid spread of fire, and the increase in out of town developments, where fires can go for longer unnoticed, are among factors contributing to the doubling of fire costs since 2002.

          The ABI identifies two key steps needed to tackle spiralling fire costs which, if unchecked, will increasingly put lives at risk, and damage the economy:

          • A review of the case for making sprinklers mandatory in all new buildings, and
          • A zero tolerance approach to arson, through better co ordination and liaison between the Government, the fire services and other agencies, to improve the detection and prosecution of arsonists. The arson detection rate is only 8%, compared to 24% for other offences.

          Nick Starling added: “Our analysis shows grounds for concern over fire trends. The continued recession is likely to have a significant impact on the number and cost of fires, and potentially on the number of fire-related deaths and injuries. That is why we urge the Government, working with other stakeholders including the fire service the police and insurers, to adopt our proposals to reduce the impact of fire.”

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