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George Stobbart

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A US House of Representatives committee on Wednesday approved key regulatory legislation intended to curb the harmful economic effects of financial services institutions deemed “too big to fail.” including insurance firms. The vote on Wednesday to approve a bill that for the first time would set up a federal government office to monitor the insurance industry, but not regulate it

The bill, which is meant to keep the collapse of large institutions from provoking system-wide crises, passed in the Financial Services Committee by 31 votes to 27.

The Financial Stability Improvement Act is part of the vast financial regulatory reform being championed by President Barack Obama.

The legislation proposes to identify and subject “risky” firms to more scrutiny and regulation, specifically creating an inter-agency oversight council that would identify and monitor financial firms and activities.

The bill aims to prevent the United States from being once again faced with the prospect of systemic economic chaos if large failing firms are not bailed out.
“Currently there is no system in place to responsibly shut down a failing financial company like AIG or Lehman Brothers,” a press statement said.

“This bill establishes an orderly process for… dismantling any large failing financial institution in a way that protects taxpayers and minimizes the impact to the financial system.”

US insurance giant AIG teetered on the edge of financial disaster in September 2008, requiring a record 170 billion dollars in US government bailout funding to keep it afloat.

And the 158-year-old Lehman filed for bankruptcy protection in September 2008, in the largest US bankruptcy filing in history which sent a financial tsunami across the globe that continues to reverberate today.

According to the new legislation, if a large institution fails, the financial industry and shareholders are responsible for the cost of the company being wound down, not taxpayers.

“Any shortfall would then be covered by a ‘dissolution fund’ pre-funded by large financial companies with assets of more than 50 billion dollars and hedge funds with assets of more than 10 billion dollars,” the statement said.

The legislation has yet to be sent to the Senate, where it is expected to face long and active debate.

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Lloyd’s specialist facilities broker Somerville Market Solutions (SMS) has appointed Steven Bishop to review and develop its Homeworks product.

Bishop joins SMS from Lloyd’s broker NBJ United Kingdom Ltd where he held the position of business development manager. At NBJ Bishop led the development of a household insurance contract in partnership with a Lloyd’s underwriting agency. In launching the product to brokers via a leading software platform, Bishop was successful in expanding NBJ’s agency base and fulfilling his ultimate remit to grow the business.

Prior to that Bishop spent five years at NIG, also in personal lines business development.

At SMS Bishop will initially review then develop the Homeworks product, which caters for home owners employing builders to carry out improvements to their home.  The product provides a comprehensive solution to what can be a contractually complex area. Often insurers are reluctant to insure what amounts to a building site, which can create gaps in cover.

SMS managing director Andrew Cross said: “We are extremely pleased to have secured someone of Steven’s proven capabilities to help develop a product that addresses a problem encountered by many brokers. The rules and market practice around insuring a property under development are complex and can often cause issues due partly to insurers’ inability to claim against contractors in the event of damage to the property. Homeworks was developed as a standalone product to protect homeowners in these circumstances. Steven’s role will be to improve the scheme and further develop strong partnerships with brokers.”

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    UK car insurers will have to raise premiums by a further 5 percent to make up for lower investment returns this year, according to research by Deloitte LLP.

    British auto insurers will likely make a 1 billion-pound ($1.7 billion) loss from insuring drivers this year and will have to raise prices to offset the cost of claims and dwindling investment income, the London-based management consultant said in a statement.

    James Rakow, insurance associate partner at Deloitte said:“Motor premiums are on the increase. The current year of trading is far from being profitable at a market level and this is likely to remain the case in 2010.”

    The car insurance industry hasn’t made an underwriting profit, which excludes investment income, for at least 11 years, the Association of British Insurers said. The Bank of England’s record low interest, which was cut to 0.5 percent in March, is squeezing the investment returns that buoyed insurers’ earnings for the past decade.

    Aviva Plc and RSA Insurance Group Plc, the U.K.’s two biggest non-life insurers, said they succeeded in pushing through price increases in the first half of this year. In the market as a whole, motor insurers raised prices at the fastest rate on record in the three months to Sept. 30, and the average premium has risen 14 percent over the last year, according to the Automobile Association Ltd.

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    Liberty Syndicate Management Ltd (Liberty Syndicates), a member of Liberty Mutual Group, Inc has appointed Shane Aldons to the position of Class Underwriter, International Treaty.

    Reporting to Head of the Casualty Reinsurance Division Kevin Ritchie, Mr Aldons will be based at Liberty Syndicates’ London headquarters at Plantation Place South.

    Commenting on the appointment, Nick Metcalf, Chief Executive Officer of Liberty Syndicates, said: “Shane has almost 15 years’ reinsurance underwriting experience and has a broad understanding of most territories. His arrival will be a valuable addition to our team and his expertise will help us continue to enhance the profitability of this class to the benefit of both us and our brokers.”

    Mr Aldons added: “These are exciting times for Liberty Syndicates and the London and International reinsurance market so I am delighted to be joining the team. There are a lot of opportunities out there and I look forward to using my underwriting and international experience to help grow the account.”

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    Swiss Re has obtained USD 150 million protection for North Atlantic hurricane, European windstorm and California earthquake through the Successor X catastrophe bond programme.

    Swiss Re has entered into a transaction with Successor X Ltd. (“Successor X”) to receive up to USD 150 million of payments in the event of certain natural catastrophes with focus on North Atlantic hurricane, European windstorm and California earthquake. The transaction covers a one year risk period ending in late 2010. Successor X, in turn, has issued notes linked to this risk to the capital markets. Successor X is a special purpose vehicle with a flexible program structure, which will allow subsequent issuances of notes.

    Swiss Re has a strong track record of securitizing its natural catastrophe risks, obtaining over USD 1.6 billion of protection through prior Successor programmes.

    Swiss Re’s Chief Underwriting Officer, Brian Gray, commented: “Insurance-linked securities are a cornerstone of Swiss Re’s hedging strategy. It helps us to manage peak natural catastrophe risk, lowers capital requirements and reduces earnings volatility. This solution increases our ability to assume risk from a broad spectrum of individual clients, and transform it to capital markets investors in a simple and standard format.”

    The Successor offering consists of three series of notes of USD 50 million each. One class of the notes is rated “B-“ by Standard & Poor’s while the other classes were not rated.

    All classes of notes were issued as discount notes. Instead of purchasing the note at 100% face value, investors purchased it at a discount and expect to receive 100% of the face value at maturity if no trigger event occurs. This innovative feature allows for a more efficient use of the cash proceeds in the transaction.

    Swiss Re Capital Markets acted as sole manager and bookrunner on the note issuance. The collateral for this issuance of Successor X notes consists of treasury money market funds. Risk modelling and analysis was performed by EQECAT, Inc.

    Brian Gray, concluded: “Natural catastrophe risk is core to our business. With lively investor interest and increasing convergence of the reinsurance and capital markets spheres, we see further potential to put our leading transformation capabilities to work for the benefit of both clients and shareholders.”

    The Successor X notes were sold in a private placement pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended, (the “Securities Act”) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

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    Willis Group Holdings announced that Michiel Bakker has been appointed Managing Director and Head of Europe for its Willis Capital Markets and Advisory unit, formed earlier this year to expand the broker’s capital markets and merger and acquisitions advisory services to the insurance and reinsurance industry.

    Based in London, Bakker will be responsible for developing the business in Europe and will report to Tony Ursano, Chief Executive Officer, Willis Capital Markets and Advisory.

    Bakker joins Willis from Bank of America where, until the start of 2009, he was Managing Director and Head of the Europe, Middle East and Africa (EMEA) Financial Institutions Group with responsibility for strategic advisory, financing, capital and risk management. Before joining Bank of America in 2004, Bakker spent 16 years at Goldman Sachs working in various roles in the investment banking division in London, Tokyo and Singapore. Bakker holds a Masters degree in Economics from the University of St. Gallen, Switzerland.

    Commenting on Bakker’s appointment, Ursano said, ‘Willis’ rapid expansion of its capital markets capabilities in addition to its cutting edge analytics and risk management expertise continue to set the stage for a truly unique platform that proves its commitment to building the highest quality capital markets and M&A advisory business. The financial crisis has proven that the ability to provide independent and objective advice is a cornerstone to building long-term relationships and providing exceptional client service.

    “Michiel has more than 21 years of experience in the European financial services market and has been involved in financings and advisory transactions for some of the biggest names in the industry. His experience, in conjunction with the global reach of Willis, makes him the ideal person to help us grow the team and expand our business in Europe.”

    Established in March 2009, Willis Capital Markets & Advisory expands on Willis’ already existing capital markets capability and is focused on advising insurance and reinsurance companies and clients on a broad array of capital markets products and mergers and acquisitions.

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    Aon Consulting today announced the appointment of Clint Cary as senior vice president and Craig Pearlman as vice president in the Chicago office of Aon Investment Consulting. In their new roles, Cary and Pearlman will lead the firm’s approach to developing innovative solutions to managing the risks associated with defined benefit plans.

    Cary comes to Aon with more than 18 years of actuarial and investment experience, most recently serving as vice president and investment strategist at Northern Trust Global Investments. He was responsible for developing and managing investment strategy, utilizing a liability driven investing approach. Previously, Cary founded Capital Strategies Group, creating and implementing a retirement plan design, analysis and investment consulting system. Cary is a Fellow of the Society of Actuaries and holds a Bachelor of Science in business administration with a focus on actuarial science and accounting from Drake University.

    Pearlman has more than 17 years of experience in investment consulting, risk management and new business development, most recently serving as the Midwest investment business leader/director of sales for Mercer.http://www.mercer.com/home.htm Pearlman was a key leader in the business launch and development of Mercer’s manager-of-managers/investment business. He also spearheaded the market planning. Previously, Pearlman held leadership positions at Northern Trust Global Investments and Ibbotson Associates. Pearlman earned a Master of Business Administration in finance and marketing from Loyola University.

    Cecil Hemingway, U.S. Retirement Practice Director with Aon Consulting said: “Clint and Craig both come to Aon with a wealth of experience, exceptional leadership skills and proven successes,”.”Their addition to the Aon Consulting team will provide our clients with the most creative, inventive and sought-after solutions to help best meet their retirement planning needs, especially now, as many organizations face tough decisions on the future of their employer-sponsored pension plans.”

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    The Financial Services Authority (FSA) has banned two Leytonstone insurance brokers, Faraz Ahmed Siddique and Waqas Ahmed Siddique, for lying to cover up Waqas Siddique’s criminal conviction.

    Waqas Siddique was charged with conspiracy to defraud in March 2007. One month later he applied for individual approval to perform controlled functions at Aston Sterling Insurance Services Limited (Aston Sterling).  On his FSA application, he signed a declaration that he had no previous criminal convictions and was not the subject of any current criminal proceedings.

    After Waqas Siddique’s conviction in June 2008, Faraz Siddique, told the FSA that his brother had resigned. He then applied to take over the controlled functions, but at no point did Faraz Siddique notify the FSA of his brother’s criminal conviction, despite being aware that this was the reason for his brother’s resignation from Aston Sterling.

    Margaret Cole, the FSA’s director of enforcement and financial crime, said: “Aston Sterling was only able to operate as an insurance intermediary because the Siddique brothers lied to the FSA. With invaluable assistance from the Metropolitan Police and the Prison Service, we established the full extent of the brothers’ concealment of material information that should have been disclosed to the FSA.

    “We have made examples of Waqas and Faraz Siddique to send a warning to firms and individuals: do not lie to the FSA. This case, and others that are due to follow, serve as a clear signal about the consequences of giving anything less than full and frank disclosure of material information to the FSA.”

    The FSA has also cancelled the permission of Aston Sterling.

    Notes:

    1.  Final Notices for Waqas Ahmed Siddique, Faraz Ahmed Siddique and Aston Sterling Insurance Services Limited.
    2. Waqas Siddique was prohibited on 5 February 2009.  Faraz Siddique sought to challenge the action against him in the Financial Services and Markets Tribunal but he withdrew the Tribunal reference in October 2009.  He was prohibited on 16 October 2009.
    3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.

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    Aviva today announces that it has agreed to sell RAC France in a management buy out backed by Finadvance SA, a French private equity investor. RAC France coordinates roadside assistance for RAC’s UK customers in Europe and is also a supplier of extended car warranties. The gross assets of the business total £38 million.*

    Aviva will continue to supply roadside assistance and accident management services to RAC members driving in Europe through a long-term contract with RAC France.

    Aviva acquired RAC France – which is based in Lyon – as part of the purchase of RAC plc in 2005. Aviva has fully integrated the core UK business of RAC into its general insurance operations, and it now has over seven million customers.

    The buy-out is led by RAC France managing director Jean-Matthieu Biseau. The deal – which is subject to regulatory approval – is expected to complete by the end of the year.

    * As of 30 June 2009

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    Samsung Life Insurance Co., South Korea’s largest life insurer by market share, said Wednesday that it is undertaking a 10-for-1 share split ahead of its initial public offering.

    After the share split, Samsung Life’s outstanding shares will increase to 200 million from the current 20 million, and the face value of its common stock will be KRW500, the company said in a statement.

    “Through the share split, Samsung Life is trying to prevent a stock price fall after being publicly listed from a lack of circulated shares, reduce the burden of having to buy high-priced shares, and make room for a share price rise in the future,” the statement said.

    Market watchers have been saying that the IPO price for Samsung Life’s shares could be around KRW800,000 each prior to the share split.

    Samsung Life last week tentatively selected Goldman Sachs, Morgan Stanley, Bank of AmericaMerrill Lynch, Korea Investment & Securities and Shinhan Investment Corp. to manage its IPO, which is slated for next year and which market watchers say could be the largest ever in South Korea.

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    Primus Financial Holdings Ltd. and China Strategic Holdings Ltd. , which American International Group Inc. (AIG) selected to buy its Taiwan life insurance unit for US$2.15 billion, said Wednesday they will send a revised application to Taiwan regulators on the acquisition “hopefully next week.”

    Taiwan’s Investment Commission last week turned down the consortium’s application to acquire the unit, Nan Shan Life Insurance Co., saying the group didn’t provide enough specifics about its funding sources or investors.

    Critics of the deal have expressed concerns that the consortium is backed by mainland Chinese money. Taiwan law prohibits mainland Chinese investment in the island’s financial institutions. Foreign companies are seen as Chinese-owned if Chinese investors have a 30% stake in them.

    Robert Morse, chairman and co-chief executive of Primus, said the group has been working “hand in glove” with regulators to provide all the additional information requested on the group’s business plan, sources of funding and capital structure.

    The consortium has also been spending a lot of time with management, employees and agents to assure them about their sources of funding and their intention to make a long-term investment in Taiwan, Morse said.

    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. in exchange for a 9.95% stake in Chinatrust. That deal, announced only weeks after Primus and China Strategic won the bid for Nan Shan Life, sparked concerns about the consortium’s long-term commitment.

    Morse and China Strategic Chief Executive Raymond Or emphasized Wednesday the two transactions are separate and the resubmitted Nan Shan Life application won’t include anything about Chinatrust.

    “Chinatrust is a secondary transaction and not in the picture yet,” said Or, adding regulators haven’t yet asked for additional information about Chinatrust.

    Regulators could choose to approve the acquisition of Nan Shan Life by the consortium, and either approve or not approve the Chinatrust transaction, Morse said. Chinatrust’s network would complement Nan Shan Life’s business nicely, he said, but it isn’t necessary.

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      A bank chief will today face MSPs as part of a Holyrood probe into the future of jobs in the banking sector

      Archie Kane of Lloyds will be questioned after a raft of redundancies over the past year at the financial giant raised fears of further cuts.

      The enquiry was started after the takeover of Halifax Bank of Scotland (HBOS) by Lloyds TSB last year, but found itself bailed out by the public purse to the tune of billions of pounds as the banking crisis intensified.

      The taxpayer currently owns just over 43% of the group.

      In a submission to Holyrood’s economy committee ahead of the inquiry, Lloyds insisted Scotland remained a “strong player” in global finance.

      It added: “Firms in the insurance and asset management area have largely come through the recent crisis in good shape and most reports into the competitiveness of the financial sector have confirmed Scotland has maintained a strong position.”

      Lloyds was also in the headlines recently when Rangers manager Walter Smith claimed the bank was effectively running the club.

      This was denied by Lloyds, but prompted Scottish Secretary Jim Murphy to hold talks with the financial giant over the situation at the Scottish champions who have debts of about £30 million.

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      Aviva Investors and BlackRock today announced the transfer of two real estate fund of funds from BlackRock Investment Management to Aviva Investors Global Services Limited (Aviva Investors).

      The investment management function of the Luxembourg and Jersey domiciled funds will now be handled by the Real Estate Multi Manager team (REMM) within Aviva Investors. Upon completion of the transfer, on 24th November 2009, they will be renamed as follows:

      • BlackRock European Property Fund of Funds will become Aviva Investors European Real Estate Fund of Funds*.
      • BlackRock UK Property Fund of Funds will become Aviva Investors UK Real Estate Fund of Funds*.

      The transfer follows John Gellatly joining Aviva Investors from BlackRock in September 2009. Mr Gellatly previously managed the funds at BlackRock and the transfer will help maintain continuity for unitholders.

      Nick Mansley, Aviva Investors global head of REMM, said: “These funds are a significant addition to our existing segregated real estate multi-manager business, which is serviced by a team of around 20 people in London, Singapore and New York.

      “The hiring of John Gellatly, who has extensive experience of the indirect real estate markets and particular knowledge of these funds, prompted the decision to bring them onboard.  The addition of the funds is consistent with our overall plans to expand the business to offer clients pooled solutions alongside the existing segregated account service.

      “This transaction also offers clear benefits for unit holders in the transferring funds, as they should benefit from both management continuity and the support of Aviva Investors substantial REMM resources in Europe.”

      Aviva Investors has significant and long-standing expertise in real estate investment. It manages £21 billion in real estate assets globally (at 30 June 2009). In turn, the Real Estate Multi-Manager business, launched in 1997, manages £3.5 billion (at 30 June 2009) of indirect real estate on a global basis.

      BlackRock’s real estate team manages US$19 billion globally as at 30 September 2009. Its direct property business in the UK has assets under management of $2bn as at 30 September and one of the largest and longest standing funds in its peer group.

      * The funds are unregulated collective investment schemes for the purpose of UK Financial Services and Markets Act. This communication is therefore directed only at those to whom the schemes can be promoted under the Act. As the funds are unregulated collective investment schemes all or most of the protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme will not be available. The information within this communication should not be regarded as constituting an offer to invest.

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      Dutch insurance group Aegon said on Tuesday that it has paid back one-third, or one billion euros (1.5 billion dollars), of a cash injection it received from the Dutch government in October 2008.

      “Aegon yesterday repaid one-third of the three billion euros in core capital the company secured last year through its largest shareholder, Vereniging Aegon and funded by the Dutch government,” it said in a statement.

      The reimbursement totals 1.15 billion euros including interest, Aegon said.

      Aegon said in August that it raised one billion euros through the sale of shares in order to pay back the capital injection, which the Dutch state had given to shield the financial institution from the world financial crisis.

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      Nationalized US insurance giant AIG said Tuesday it had cut its debt to the Federal Reserve Bank of New York by 25 billion dollars by transferring assets.

      AIG said it had transferred ownership to the Federal Reserve Bank of parts of two subsidiaries, ALICO which is active in life assurance in the United States and AIA which provides life assurance abroad.

      AIG was one of the giant US groups which fell into severe financial difficulties at the height of the financial crisis last year, and it was nationalized in a rescue maneuvre to avert a breakdown in the US financial system.

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        Aviva and Barclays are pleased to announce the renewal of their existing contract for Aviva to continue to be the sole provider of home insurance to Barclays UK retail banking customers until 2015.

        This renewed deal reflects the success of the UK’s largest insurer’s previous multi-million pound contract with Barclays, announced in 2005.

        Aviva and Barclays are committed to driving product and proposition development to continue to provide and build exceptional products and propositions for Barclays’ customers. Both will benefit from the continued relationship, combining the insurer’s scale and expertise in underwriting, product, marketing and claims servicing with Barclays expansive 14 million retail customer base and excellent distribution channels.

        Igal Mayer, chief executive, Aviva UK general insurance, says: “We’re delighted Barclays has renewed its contract with Aviva, which further demonstrates our commitment to increasing our position in the general insurance market.

        “This deal is a testament to the good relationship we have enjoyed over the last five years, building a mutually beneficial partnership which is profitable and continues to grow.”

        Barclays is Aviva’s biggest household insurance partner and the insurer also provides the bank’s small business, high net worth and travel cover.

        Gary Duggan, managing director consumer lending, insurance & investments, UK retail banking, Barclays adds: “When we entered into our partnership with Aviva, it was our intention to increase Barclays’ presence in the general insurance market.

        “This has been very successful, with sales of insurance through Barclays now making us one of the top ten providers in the UK and reflecting the powerful combination of Barclays distribution and Aviva’s insurance expertise. Since we began the contract with Aviva, the number of home insurance policies we provide has increased by 40%.

        “Renewing this partnership with Aviva will allow us to build on our previous success to grow our market share in general insurance and to continue to deliver a genuinely attractive proposition for our customer.”

        Gary Duggan is responsible for Barclays combined consumer lending, insurance and personal and corporate investment products business. These businesses were recently brought together to create a hub of insurance, lending and financial advice expertise, from which it can maintain and develop innovative market leading products with its partners that are designed around customers’ needs, enabling Barclays to source the best deals and shape the right products for its customers which will further advance the customer experience.

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          Britain’s Lloyds Banking Group is set to cut another 535 jobs after deciding to close a customer support centre in southeast England at the end of May.

          The retail bank — which unions say has cut 15,000 jobs since it merged with rival HBOS earlier this year — said on Monday 162 employees’ roles would be redeployed, meaning a net reduction of around 373 jobs from the closure of the Brighton centre, which supports telephone and retail banking services.

          “As part of our integration process we have reviewed our contact centre sites to ensure that we are operating in the best possible way,” David Nicholson, Managing Director of Direct Channels, within Lloyds Banking Group, Retail Division, said.

          With the holiday season already upon us, many people are making (or have already made) extensive travel plans. Travelers Trust strongly recommends that, in addition to heeding several basic travel safety tips, travelers take under advisement any Travel Warnings issued by their home country’s State or Foreign Affairs Department. Be sure to check the appropriate government website.

          When making travel plans, one of the most prudent and economical travel safety tips that can be given is to do a little homework about the destination(s) before ever arriving. Be familiar with any health or safety risks that might present themselves in the travel area. For example, specific vaccinations may be recommended for particular regions. And, though it may seem to be a terrible cliché, Travelers Trust strongly suggests that tap water cleanliness also not be taken for granted. Water purification systems and facilities are not the same the world over and, if not careful, an inordinate amount of vacation time could be spent in the ‘little boys’ (or little girls’) room’ – or worse, in a local hospital.

          Continuing on, be aware of the destination’s local crime rate. Regardless of whether that rate is high or low, take a few wise precautions to minimize the chances of becoming a ‘tourist victim.’ Avoid being too conspicuous by wearing ostentatious clothing or jewelry, and don’t flash around lots of cash – inquisitive eyes may be taking notice. Preferably, don’t carry large amounts of cash at all. Also, keep all packages, handbags, luggage, etc., under personal watch at all times. Never leave them unattended, even for a minute or two.

          Another very important travel safety tip to consider: travelers should keep a list of any suffered ailments on their person at all times when traveling abroad, as well as a personal physician’s contact information. Also keep a copy of all medical prescriptions, doctor notes and other pertinent data handy, too – especially when going through customs. If accident or illness strikes while traveling, the traveler’s home-country Embassy can be a tremendous aid. They will be able to identify and provide directions to local doctors and hospitals, and can also contact family members or friends back home if the situation warrants.

          Although international travel can be fun and very exciting, Travelers Trust’s parent company, Legend Travelers, advises that it can also be hazardous if the risks to property, health and life are not taken seriously. Remember, the most effective travel safety tips are usually preventative in nature. Enjoy and be safe!

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            JLT Group will strengthen its market position in UK Employee Benefits and add significantly to its expertise and capabilities through the acquisition of HSBC Actuaries and Consultants Limited; a leading Employee Benefits and actuarial consulting firm.

            Duncan Howorth, CEO, JLT UK Employee Benefits, says: “This acquisition brings together two market leading employee benefit consultancies which have great synergy in both culture and client offerings. As a combined business we will be at the forefront of industry developments in all our principal areas of operations: Defined Benefit (DB), Defined Contribution (DC) pension solutions and wider employee benefits services.

            “JLT continues to develop state of the art offerings for pension schemes and working with our new colleagues we shall be able to provide the technology offerings we have pioneered at Profund and BenPal to their clients as well as ours. I look forward to welcoming our new colleagues from HACL to a Group in which Employee Benefits is right at the centre of our strategic ambitions”.

            Dominic Burke, Chief Executive, JLT Group said: “The acquisition, which fits squarely with our stated strategy of bolt-on acquisitions, adds substantially to a core component of the JLT Group. It is a complementary deal, playing to our strengths and adding capabilities in important professional fields. This transaction underlines our determination to see our employee benefits business grow as a strategically central part of the JLT Group.

            In the year ended 31 December 2008, HACL revenues were circa £40 million. Employing some 440 employees, HACL operates across six practice areas:  Trustee Consultancy; Corporate Consultancy; Administration Services; Defined Contribution Consultancy; Investment Consultancy and Health and Risk Consultancy.

            Richard Reid, CEO, HACL, says: “We are focused on ensuring that our customers continue to benefit from high quality service and financial solutions.  The JLT Group is a market leader in the provision of pension solutions and wider employee benefits and we are now working together to ensure that all of our existing customers benefit seamlessly from our combined expertise.

            William Nabarro, Chairman, JLT’s International EB Group, concludes: “The combination with HACL will add significantly to JLT’s expertise in Employee Benefits and will reinforce our market leading position. It will allow us to offer a wider range of services to a larger client base and will support our drive to coordinate and grow Employee Benefits activities internationally. This really is a great day for both businesses”.

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            Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, today celebrates its one year anniversary.

            The company, which was born from the merger of Aon Re Global and Benfield Group in November 2008, has enjoyed a highly successful first year of trading despite challenging conditions in the global economy.

            Through its commitment to providing industry-leading solutions and services, Aon Benfield has generated more than $100 million in new business, and has secured 14 industry awards in the past 12 months. More than 95 percent of the 160 key leadership colleagues announced at the time of the merger have remained with the firm.

            Andrew Appel, Chief Executive Officer of Aon Benfield, said: “Our first year operating as a combined entity has surpassed all our expectations. We knew there would be a lot of synergies in the merger process, and that has certainly proved to be the case – we are now the only truly global reinsurance intermediary and capital advisor in our space, with access to all the global markets, both traditional and alternative.  We are redefining the value proposition of the reinsurance intermediary, and our unmatched solutions and services are helping our clients to redefine their businesses, to enable them to react to growth opportunities as we emerge from this difficult period in the global economy.”

            In 2009, Aon Benfield developed more than 20 new tools and solutions for its clients, which have either been brought to market or are awaiting launch. The products included:

            • Blue Fin II – An innovative and unique catastrophe bond that addressed the structural challenges highlighted by the collapse of investment bank Lehman Brothers in September 2008. Blue Fin II was oversubscribed ahead of its launch, and helped to restore investor confidence in the sector, kick-starting the catastrophe bond market in 2009.
            • Fac Pool Re – Another world-first solution that transfers Aon Benfield clients’ facultative risks into the capital markets.
            • CapTivate – A reinsurance product tailored specifically to captives, which has been developed by Aon Benfield’s Structured Reinsurance team.
            • S2MetricaSM – Based on the architecture of Aon Benfield’s award-winning dynamic financial analysis product, ReMetrica®, S2Metrica assists re/insurers to prepare and adapt their business models for the forthcoming European Union Solvency II regime.

            Michael O’Halleran, Executive Chairman of Aon Benfield, said: “The first phase of Aon Benfield was the Coming Together of two leading players in our industry, and the second phase is our Redefining the role of the reinsurance intermediary. The innovative solutions we have developed since launch are now changing the way our clients conduct their business. While celebrating our first year of achievements, we continue to be our clients’ greatest advocate in the reinsurance and capital markets space. To maintain our leading position, we need to continually innovate and deliver solutions with the highest levels of client service. Thanks go to our 4,000 global colleagues whose hard work and dedication allows us to achieve our goals.”

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              The US Senate was poised to formally launch a historic and bitter debate Monday on sweeping legislation to overhaul the country’s health care system, President Barack Obama’s top domestic priority.

              Obama’s Republican foes were united against the plan, forcing his Democratic allies to hold difficult behind-the-scenes negotiations to bridge internal divisions and rally the 60 votes needed to ensure passage.

              Democratic Senate Majority Leader Harry Reid needed to unite all 58 Democrats and two independents who often side with the party to overcome Republican parliamentary delaying tactics that could derail the bill.

              With senators expected to push dozens of amendments, the debate was expected to take weeks, perhaps pushing it beyond Reid’s Christmas target date for a Senate vote on the broadest such overhaul in four decades.

              “We need 60 votes at some point to end debate and will try to do that at some point,” said Reid spokesman Jim Manley, who predicted Democratic amendments “to improve and clarify” some aspects of the legislation.

              The measure includes a government-backed insurance program to compete with private firms, tough new restrictions on dropping care for pre-existing ailments, and an end on lifetime caps for coverage.

              It is estimated to cost 848 billion dollars through 2019 but cut the sky-high US budget deficit by 130 billion dollars over the same period, according to the non-partisan Congressional Budget Office.

              Senate approval of the measure would force the Senate and House of Representatives to reconcile their rival versions of the bill and vote again on whether to send it to Obama.

              Reid’s main challenge came from three possible Democratic defectors, Senators Mary Landrieu, Blanche Lincoln, and Ben Nelson, and from former Democrat turned Independent Senator Joe Lieberman.

              Landrieu, Lieberman and Lincoln have signaled they will side with Republicans to block a final vote on the bill if it includes a government-backed “public option” for health care coverage to compete with private insurers.

              Nelson has said he will oppose the bill unless lawmakers include sharply tougher restrictions on even indirect government funding going to insurers who cover abortion — mimicking a last-minute deal that paved the way for House passage of the legislation.

              With such tenuous Democratic backing, Reid and the White House have courted several centrist Republicans whose support could also help them sell the bill as a bipartisan measure.

              Support from Maine Republican Senators Olympia Snowe and Susan Collins are top priorities for Democrats, and Snowe has already publicly indicated some willingness to vote in favor of health reform if certain conditions are met.

              The United States is the world’s richest nation but the only industrialized democracy that does not provide health care coverage to all of its citizens, about 36 million of whom are uninsured.

              Washington spends more than double what Britain, France and Germany do per person on health care, but lags behind other countries in life expectancy and infant mortality, according to the Organization for Economic Cooperation and Development (OECD).

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