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Petplan, the UK’s leading pet insurance provider has teamed up with parent company Allianz Insurance to develop an HR and employment advice service for veterinary practices called Allianz Practice Protect.

Petplan’s experience of working closely with vets formed the basis of the development and design of a complete HR and employment advice service for veterinary practices. Allianz Practice Protect combines the law expertise of legal expenses insurance provider, Allianz Legal Protection and the HR know-how of its service partner, Employment Services Partnership (ESP), to offer a comprehensive business advice service for vets, which comprises:

  • On-site HR and health & safety audits, used to construct specialist-designed action plans
  • 24/7 telephone and email access to qualified solicitors and health & safety advisors
  • Legal expenses insurance covering the cost of employee claims and prosecution under health & safety legislation
  • Access to an online reference library containing HR documents, best practice guides and over 250 legally drafted document templates.

Steve Rowley, BTE business development manager at Allianz Legal Protection commented: “We have worked closely with our colleagues at Petplan to develop a service that specifically addresses the HR and employment issues facing vet practices as businesses. Allianz Practice Protect will provide vets with important access to up-to-the-minute advice and support to help them manage their business through an ever-increasing amount of legislation.”

Russell Guest, director at ESP added: “We have combined our individual strengths and specialisms to create a compelling proposition to the veterinary profession. For years the market has been demanding a truly service-led solution to their practice needs. This solution moves away from insurance advisors and instead offers City law firm standard advice – with the back-stop of insurance cover, if the worst happens.”

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Following an extensive consultation, the ABI is planning to rebrand and standardise definitions of the Total Permanent Disability (TPD) benefit in Critical Illness (CI) insurance policies, to improve clarity for consumers.

It is proposed that a new set of standardised definitions will go hand-in-hand with improved education for consumers, financial advisers and sales forces.

The ABI consultation was focused on measures to improve customer understanding of TPD, and therefore to reduce the number of declined claims. The vast majority of consultation respondents, consisting of insurance companies and other key stakeholders, agreed that the work the ABI was doing to improve TPD was worthwhile.

Following a stakeholder workshop to take this important work forward, the ABI has agreed to:

  • Propose a set of clear and easy to understand standard definitions that build on the concept of TPD (for example, removing use of the words ‘total permanent disability’ that cause so much confusion for consumers).
  • Produce a standard set of educational materials for insurance companies and advisers to use, explaining clearly the changes and what customers can expect from their policies.
  • Test the proposed definitions with consumers.
  • Consult all stakeholders on the new definitions.
  • Issue a new Statement of Best Practice for Critical Illness Cover that will include the new set of definitions.

Nick Kirwan, the ABI’s Assistant Director, Health and Protection, said: “It is vital that customers understand what their Critical Illness policy does and doesn’t cover. The approach we are adopting builds on our previous work to create more descriptive headings and clearer definitions.

“We were very pleased with the level of response to our consultation. We heard that people want standard definitions, and that education and clarity are key to improving understanding.  We have more work to do, but we now have a clear view of how to go forward and achieve these aims.”

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Argo International, the specialist Lloyd’s insurer, is pleased to announce the appointment of Ciaran O’Donnell to the role of Chief Financial Officer. Ciaran will join Argo International on 1st January 2010.

Ciaran joins Argo International from FM Global where he was Chief Financial Officer of the International Division, a position he has held since 2005. He has over 20 years of financial experience in the Property/Casualty insurance industry, specifically in Europe and Asia, and with working for US parented companies, including ten years as a member of Executive Management Teams.

Prior to FM Global, Ciaran was European and Asian Property & Casualty Controller at General Electric and Chief Financial Officer for GE Insurance Solutions (UK).  Previously, he held financial roles with AIG, most notably, CFO Continental Europe, and Coopers & Lybrand. Ciaran holds his ACA qualification and is a Fellow of the Institute of Chartered Accountants in Ireland.

Ciaran takes up the position from Nick Denniston, who has decided to leave the company in order to pursue other opportunities. Nick will remain in place until 31st March 2010 to provide a smooth handover of his duties.

Julian Enoizi, Chief Executive Officer, Argo International, said : “I look forward to welcoming Ciaran on board, who, with his extensive experience in this role and of the industry, will be a great asset as we continue to build Argo International’s platform for growth.

“I would like to thank Nick for his significant contribution to the business over the past five years both as CFO and interim CEO and wish him continued success in future ventures.  I would also like to express my gratitude for his having agreed to stay with us until next March to ensure a smooth transition to Ciaran.”

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Liberty International Underwriters Europe (LIU Europe), a division of Liberty Mutual Group, has announced the appointment of Chris Batchelor as London Casualty Manager.

Chris Batchelor joined LIU Europe on the 9 November and is based in the company’s Minster Court office in London. Reporting to Nick Mortimer, Senior Vice-President for Casualty, Chris will manage the London Casualty team that services large UK corporate and multi-national clients.

In an insurance career that spans 25 years, Chris Batchelor was most recently the London Head of Liability for a major insurer, writing Employer’s Liability, Public Liability and Excess of Loss business.

Commenting on the appointment, Sean Rocks, LIU Europe’s Chief Executive Officer, said: “In line with our business strategy for LIU Europe, we have expanded both our regional and national presence for writing liability risks. Chris’s appointment further underpins our appetite for big ticket casualty business whether for large UK corporates or multi-nationals.”

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Lender Royal Bank of Scotland said it had fine-tuned a deal to win European Union approval for state aid it has received, as it called for investors to vote on its restructuring plan next month.

RBS, majority state-owned after receiving a government bailout last year, said the EU deal had been amended so the bank will now cut its loan book through further disposals if it falls short of its 2013 balance sheet target by 30 billion pounds.

A deal unveiled earlier this month stipulated RBS would make disposals if the shortfall was 10 percent of the target level.

The agreement is part of a wider restructuring plan, announced on November 3, under which RBS is to sell key businesses and receive an additional capital injection from the government to help it absorb future bad debts.

RBS shareholders will be asked to vote on the proposed overhaul at a meeting on December 15, the bank said.

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With the Christmas party season kicking off, many motorists are still unsure of exactly how many drinks they can have before being over the limit. This year’s 85% [1] of UK motorists wanted more information on drink-drive limits and units of alcohol.

Government improvements could be to help clear up the grey area surrounding units of alcohol by reducing the drink drive limit to 50mg. This reduction would go some way towards making it clear to motorists that any more than one drink is likely to put you over the limit.

The Government could provide more education on the effects of “morning after motoring”, as many motorists might be unaware they are still over the limit the morning after the Christmas party.

Adrian Tink, RAC motoring strategist says: “Drink driving ruins lives and has rightly become socially unacceptable over the last two decades. So it’s a huge concern that we’ve seen the total number of people killed last year in drink-driving related incidents rise for the first time since 2003 [2]. We need to make sure that this is a one-off blip and not the start of an unacceptable trend. It’s time for the limit to be re-examined.

“We also need to see greater and clearer guidance for motorists on ‘the morning after’. We’re now in the run-up to the Christmas party season and there’s a real danger a lot of drivers will jump in their cars the next morning and unknowingly still be over the limit.”

The Report on Motoring also indicated that UK motorists are not satisfied with other areas of the current drink-drive policy, with 71% wanting more random breath testing and 85% calling for more stringent sentences for those convicted.

Advice to plan your night:

  • If you think you might be tempted into a Christmas tipple at the office party then leave the car at home – book a taxi, use the bus, or have a designated driver for the evening.
  • Think before you drink: If you are driving the next day, make sure you leave plenty of time between that last drink and getting in the car – coffee, food, and cold showers do not accelerate alcohol out of your system.
  • If in doubt, don’t drive: If you think that you might be over the limit or you feel your driving might be impaired then don’t get in the car – it’s never worth the risk.
  • Know the legal limits:

[1] RAC Report on Motoring 2009

[2] Department for Transport: Reported Road Casualties Great Britain: 2008 – Annual Report

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Dutch bank and insurance group ING announced on Friday it would issue 1.7 billion new shares at 4.24 euros (6.3 dollars) apiece to raise 7.5 billion euros to pay back government emergency funding.

“The share capital of ING will be increased by 7.5 billion euros through the issue of 1,768,412,544 new shares,” it said in a statement.

“The issue price is set at 4.24 euros per share”, less than half Thursday’s closing stock exchange price of 8.92 euros.

ING unveiled the terms of the deal on Friday, already having announced last month that it would raise 7.5 billion euros.

It plans to repay some five billion euros in state aid plus 950 million euros in interest on the 10 billion euros the government extended to the it in October 2008 and January this year to help it through the worst of the global financial crisis.

It was also required by the European Commission to pay the state another 1.3 billion euros in fees.

The banking group reported a 499-million-euro net profit in the third quarter of 2009 from a loss of 478 million euros in the same period last year.

“This rights issue is a critical component of the measures we announced to regain our independence and to chart a clear course forward,” ING chief executive officer Jan Hommen said.

“The Dutch State has indicated it is open to discussing modification of the repayment terms of the second half of the Core Tier 1 Securities, which we plan to repay from potential divestment proceeds and retained earnings.”

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    Aviva today announces a new organisational structure and senior management team for its UK business with effect from 1 January 2010. Aviva previously announced on 6 October that it plans to bring its UK life and general insurance businesses closer together and has appointed Mark Hodges to become UK CEO.

    Aviva will create a new leadership team for its UK operations, reporting to Mark Hodges and comprised of:

    • Toby Strauss who will be the new CEO of UK Life. Toby is currently chief operating officer, UK Life;
    • David McMillan who will be the new CEO of UK General Insurance. David is currently chief operating officer, UK General Insurance;
    • Cathryn Riley who will be the new UK commercial director. This is a new role with responsibility for developing opportunities for the two UK businesses to work more effectively together. Cathryn is currently chief operating and information officer for Aviva’s European business;
    • Craig Thornton who will be the new UK chief risk officer responsible for leading the risk management and governance agenda of the UK business. Craig joins Aviva from Swiss Re where he is currently the managing director of the UK life and health reinsurance business.

    The new structure will enable Aviva to maximise the benefits of scale in the UK through adopting a shared approach to customers. The UK Life and General Insurance businesses have well developed strategies which have delivered significantly in the past two years. The new leadership team will maintain this momentum in both businesses based on a common programme of simplification, continuing cost discipline and improving customer service.

    Mark Hodges, shortly to become UK CEO, said: “This new structure will underpin Aviva’s future growth in the UK, releasing the full potential of our brand and scale as the UK’s leading insurer. By bringing our UK businesses closer together under a single and highly experienced leadership team we can serve our customers, partners and our people more effectively and deliver profitable growth.”

    The head office locations for the life, general insurance and healthcare businesses will remain in York, Norwich and Eastleigh respectively.

    Aviva also announces today the executive teams for the UK Life and General Insurance businesses.

    The UK life executive team reporting to the CEO of UK Life Toby Strauss comprises:

    • David Barral who becomes chief operating officer, UK Life, responsible for propositions, pricing and operations. David is currently marketing director for UK Life.
    • John Lister who remains in his current role as finance director, UK Life.
    • Angela Seymour-Jackson who remains in her current role as intermediary & partnerships director, UK Life.
    • Graham Boffey who remains in his current role as corporate and consumer director, UK Life, responsible for corporate benefits and healthcare.
    • Ian Butterworth who remains in his current role as chief information officer, UK Life.
    • Rita Agati who remains in her current role as HR director, UK Life.
    • Craig Thornton who becomes chief risk officer, UK Life, in addition to his responsibilities as chief risk officer for the UK.

    The UK general insurance executive team reporting to the CEO of UK general insurance David McMillan comprises:

    • Clifford Abrahams who becomes finance director of UK general insurance on 1 March 2010 and replaces David Watson who is leaving Aviva in March 2010 following a successful six year career with the company. Clifford is currently Aviva’s chief mergers and acquisitions officer.
    • Axel Schmidt who becomes chief underwriting officer, UK General Insurance. Axel joins Aviva from Zurich Group where he was technical underwriting director in their global corporate division.
    • Seán Egan who becomes chief operating officer, UK General Insurance. Seán is currently chief information officer for UK General Insurance.
    • Janice Deakin who becomes intermediary & partnerships director, UK General Insurance, retaining her current responsibilities in this area.
    • Malcolm Simpkin who becomes chief information officer, UK General Insurance on 1 April 2010. Malcolm is currently chief information officer for Aviva’s European operations.
    • Diane Cougill becomes chief risk officer for UK General Insurance. Diane is currently portfolio management director in UK General Insurance sales and marketing.
    • Valerie Markham who remains in her current role as HR director, UK General Insurance.
    • Two further appointments, managing director of corporate risks and retail director, will be announced in due course.

    Cathryn Riley will lead a new UK commercial team responsible for identifying opportunities for shared approaches in the UK Life and General Insurance operations. Greg Willmott will become UK strategy and development director, reporting to Cathryn, and will be responsible for developing best practice across the UK businesses. Greg is currently strategy director in UK Life. The UK commercial team will also comprise directors of shared services, marketing, IT architecture and strategic partnerships and appointments to these roles will be announced in due course.

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    China’s banking regulator issued strict rules governing banks’ investments in insurers Thursday, in a move to limit the potential risks arising from such cross-sector investments.

    The China Banking Regulatory Commission said in a statement it will allow commercial lenders to invest in only one insurer each.

    The regulator said banks must deduct the value of their investments in an insurer from their capital.

    That stipulation will likely make investments in insurers less attractive for banks, who were told by the regulator earlier this week to strictly adhere to capital adequacy regulations.

    The rules also limit certain types of financial transactions between banks and the insurers in which they have invested.

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    AXA announced today the appointment of Mattieu Rouot as Group Head of Investor Relations, as of March 1st, 2010.

    He will report to Gérald Harlin, deputy CFO and member of the AXA Group Executive Committee. He will succeed to Etienne Bouas-Laurent, who will become
    Head of wealth management and financial partnerships of AXA France.

    Mattieu Rouot joined AXA in 2001 and held various finance positions at Group head office in Paris and in the UK. Since 2008 he has served as Director of
    Finance & Financial Risk Reporting at AXA UK. Mattieu Rouot is a graduate of Ecole des Mines de Paris, holds a Master of Science in Economics and business
    from the Colorado School of Mines, and is a graduate of the CEA (France’s Center for Actuarial Studies).

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    AA Travel Insurance have teamed up with the Good Ski Guide to offer a week’s winter sports holiday in the Austrian resort of Soll.

    The insurance firm have one 3,000 pounds holiday for a family of four on offer, skiing or snowboarding the 280 kilometers of Soll’s pistes. The resort also boasts Europe’s biggest flood lit ski area. The competition comes courtesy of one of Britain’s biggest insurers.

    The prize includes 7 nights skiing, four-star half-board accommodation, daily ski or snowboard instruction for the whole family, equipment hire and 6 day ski passes for four people. Also included are all flights and transfers, and 1 week’s family winter sports insurance courtesy of AA themselves. A spokesperson for AA said: “The ski season is an exciting time for those who love this winter sport. We provide you with cover you can trust.”

    The insurance policy includes medical expenses up to 10,000,000 pounds, cover for skiing and snowboarding, cover for ‘off-piste’ (provided you are with a qualified instructor), ski equipment cover up to 500 pounds per person, piste closure cover up to 200 pounds per person, and inclusive business travel cover.

    The competition runs until 30th November 2009. Winners will be notified by the 20th December 2009, and must take the holiday between 10th January and 4th April 2010 (excluding half-term).

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      Insurance giant AIG said Wednesday it reached a settlement of all legal disputes involving the company and former chairman and chief executive Maurice “Hank” Greenberg and his top financial officer.

      The settlement call for the parties to release each other from all legal claims, including any claims by Greenberg and former chief finance officer Howard Smith against AIG for legal fees.

      They agreed to submit to an independent third party Greenberg’s and Smith’s claims for past legal fees and expenses for a determination of which of those fees, up to a 150 million dollar cap, AIG is legally obligated to pay.

      “We are pleased that we have resolved our differences,” said Robert Benmosche, AIG’s chief executive officer.

      “The resolution of these long-running disputes will remove a significant distraction and expense and allow AIG to better focus its efforts on paying back taxpayers and restoring the value of our franchise for the benefit of all our stakeholders.

      Greenberg, who led giant insurer AIG for four decades, was ousted as CEO amid an accounting probe in March 2005, before the insurance giant’s meltdown that led to the biggest-ever US government bailout.

      A jury in July rejected claims by AIG that the former CEO has improperly seized some 4.3 billion dollars in company shares.

      AIG was taken over by the US government last year in a massive 170-billion-dollar bailout.

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      Amlin announces that a wholly owned subsidiary has entered into a heads of agreement to acquire Crowe Livestock Underwriting Limited (“Crowe”). The transaction remains subject to the approval of the Financial Services Authority.

      Established in 1996, Crowe is a leading and internationally recognised coverholder which provides specialist insurance to the livestock industry. Based in Norfolk with 16 employees, Crowe operates through a network of brokers and managing general agents across 45 countries and underwrites a diverse book of livestock business including poultry, cattle and aquatics. In the current financial year Crowe expects to handle approximately £10 million of gross written premium.

      Amlin has a clear strategy of diversifying its underwriting portfolio further into a broader range of commercial insurance in order to balance its catastrophe book.   Entry into the livestock insurance market illustrates Amlin’s continuing focus on diversification and improving its distribution capabilities, while building long term profitability for the Group.

      Charles Philipps, Amlin Chief Executive commented: “The acquisition of Crowe will be a tremendous opportunity for Amlin to build on its well regarded bloodstock book by entering the livestock class. Crowe is an acknowledged leader in its field, with a proven management team and the specialist underwriting knowledge to enable Amlin to develop this business in the future”.

      Emma Stamper, Managing Director of Crowe, said: “This will be an exciting milestone for our company and we look forward to taking the business to the next stage of its development as part of Amlin. We believe that this partnership will give Crowe an ideal opportunity to further enhance its current product offering and geographical reach, providing a strong platform for future growth”.

      Crowe is a Lloyd’s coverholder, authorised and regulated by the Financial Services Authority. Following the acquisition, the consideration for which will be satisfied in cash, Amlin will own 100% of the issued share capital of Crowe.

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        Damage from the floods in Cumbria and south Scotland could cost insurers more than £100m, to encourage a swift response to claims over flood-damaged properties in Cumbria, the Government has promised to meet insurance firms.

        It comes as licensees of flood-hit pubs in the region turn their minds to making claims following the devastating floods in the past few days.

        Environment Minister Hilary Benn was asked by Labour MP Derek Twigg if he is “confident that insurance companies will actually pay up quickly?”

        Twigg added: “Will his officials meet insurance companies to put pressure on them to pay up quickly to the people concerned?”

        Benn promised ministerial meetings with insurance companies, like those after the summer 2007 floods.

        “To give an example of the quick response by one insurance company, when I visited the rest centre in Cockermouth for the second time on Saturday, one insurance company had already turned up and was dealing with people’s claims there and then.

        “That shows how it is possible to respond. Insurance companies are very conscious of the need to help people to deal with their claims as quickly as possible, but I can assure [Twigg] that we will follow that point up.”

        Conservative MP Angela Watkinson said: “Business and home owners, and not just in the current flood-damaged area but in other flood-risk areas, will be concerned about their prospects of obtaining buildings and contents insurance.

        “Could he urge [the insurance industry] to ensure that there is comprehensive advice and information about people’s future insurance arrangements, and not just compensation for the current damage?”

        Benn said “I will certainly do that” and promised that Rosie Winterton, Minister for Regional Economic Development and Co-ordination, “will follow it up in her conversations with the insurance companies”.

        Yesterday the Morning Advertiser reported that just five of the 14 pubs in Cockermouth, the town hit hardest by the floods, remain fully functional after the deluge.

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        Following extensive flooding across parts of Scotland and northern England, Marsh, the world’s leading insurance broker and risk adviser, outlines the immediate business recovery and health and safety actions businesses affected should take to recover from the emergency.

        Immediate business actions

        • Inspect fuel tanks for water contamination, if appropriate.
        • Deploy pumps to remove contaminated water from water storage tanks. Until this water is replaced and clean water flushed through, public health requirements prevent people from returning to the building and using the facilities.
        • Check the drains and sewerage system as they well may have become blocked and ‘backed up’.
        • Check all electrical systems thoroughly; some rewiring may be necessary. If power has been switched off or disrupted then systems may need to be checked and reconfigured.
        • Consider employing specialised restoration businesses to recover damaged technology, documents, and other material.
        • Employ contract cleaners to renovate properties.
        • Secure empty buildings until reoccupation is possible.

        Recovery actions

        The viability of businesses going forward will depend on the speed with which they can recover. Hence, it is important to:

        • Contact insurers with details, and photographs, of all damage.
        • Focus on maintaining critical activities.
        • Inform clients/customers/suppliers of the situation and their recovery plans.
        • Plan for stock replacement and vehicle/fleet servicing, if damaged by flood-water.
        • Help staff with their personal circumstances.
        • Enable and encourage staff to work remotely where possible to limit disruption to businesses caused by travel difficulties.

        Health and safety actions

        To safeguard staff and assets, Marsh recommends the following general health and safety advice:
        Cleaning up

        • Do not re-enter premises until all floodwater has been removed. The Fire and Rescue Service may help with pumping water out of premises.
        • Avoid the use of electrical circuits or equipment exposed to flood water until checked by a qualified electrician and do not enter confined spaces e.g. cellars where there is known oil/petrol or similar contamination.
        • Wear waterproof boots and gloves to clean all hard surfaces such as flooring, concrete, mouldings, wood and metal furniture, countertops, appliances, sinks and other plumbing fixtures and wash hands thoroughly after handling anything that may be contaminated.
        • Ventilate premises after flooding – less damp is less damage.
        • Remove all furnishings and fittings that are damaged beyond repair.
        • Launder all clothing in a hot wash to destroy most bacteria present. Clothing which cannot be machine washed should be dry cleaned or disposed of. Clothes worn during the clean up should be washed as above separately from uncontaminated clothes and linens.
        • Air dry in the sun any items, such as upholstered furniture, which cannot be washed or dry cleaned. They should then be sprayed thoroughly with a disinfectant. All carpeting should be steam cleaned where possible.
        • Allow the premises and remaining contents to thoroughly dry to help to destroy bacteria left behind. Heating and good ventilation will help the drying process.
        • All food contact surfaces, equipment, utensils, work tables etc. must be thoroughly sanitised before reusing. Any heavily contaminated items should be thrown away.
        • All food that may have been contaminated must be destroyed. Initially this must be double bagged and placed in a sealed container to prevent attracting pests.

        Damaged goods

        Do not dispose of any damaged goods until insurers have had a chance to inspect them. It may help to take photographic or video footage evidence.

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        Allen Stanford, who faces U.S. criminal and civil charges for allegedly leading a $7 billion Ponzi scheme, is suing Lloyd’s of London for defense costs.

        Lloyd’s had advanced some legal fees under a directors and officers policy. But the insurer sent a letter on Nov. 16 declining to extend coverage for beyond Aug. 27, according to the complaint filed in federal court in Houston on Friday.

        The insurer has declined to provide additional funds, the lawsuit said, because claims resulting from fraud and money laundering are excluded from coverage.

        Laura Pendergest-Holt, Stanford’s former chief investment officer, and former Stanford accounting executives Mark Kuhrt and Gilbert Lopez are also plaintiffs in the lawsuit, court records show.

        The defendants, who are accused of involvement in a scheme using certificates of deposit (CDs) issued by the firm’s offshore bank in Antigua, have battled to come up with funds to pay their attorneys.

        Stanford and Pendergest-Holt had their assets frozen when the U.S. Securities and Exchange Commission filed civil fraud charges in February. Kuhrt is represented by a court-appointed attorney.

        Dick DeGuerin, Stanford’s attorney who resigned from the case because he was not paid, said in an April court filing that the the cost of defending the former billionaire would exceed $20 million.

        A representative for Lloyd’s could not immediately be reached by email for a comment.

        Stanford, Pendergest-Holt, Kuhrt and Lopez have all pleaded not guilty. Stanford is in a Houston jail awaiting trial.

        The case is Laura Pendergest-Holt, R. Allen Stanford, Gilbert Lopez and Mark Kuhrt v Certain Underwriters at Lloyd’s of London and Arch Specialty Insurance Co., U.S. District of Court, Southern District of Texas, No. 09-03712.

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        Iron Mountain, the global leader in information protection and storage services, has appointed Aon Consulting to develop and implement a flexible benefits programme for their employees in the UK. Aon Consulting already looks after Iron Mountain’s risk and healthcare benefits in Great Britain and across Europe.

        Having undertaken an extensive review, including direct feedback from their employees, Iron Mountain has decided to expand the benefits they offer to employees.  In addition to traditional benefits such as life assurance, critical illness dental insurance and the ability to buy and sell holidays, the company now also offers innovative benefits such as:

        • Green Travel to Work, which reduces the cost of employee’s annual bus season tickets by saving Tax and National Insurance Contributions.
        • SpreeFlex Retail, where employees can purchase a range of discounts at retailers.
        • Cycle to Work, which allows employees to make significant savings on having the use of a new bicycle through a tax-and NI-free loan scheme.

        Following the implementation of flexible benefits in the UK, Iron Mountain plans to roll out flex across Europe using the Staffcare Corporate Flex platform.

        Gareth Ashley-Jones, head of flexible benefits at Aon Consulting said: “More and more companies are asking their HR or benefits teams to quantify the advantages of spending money on employee benefits, and through the use of the Corporate Flex platform, Iron Mountain will be able to quantify what they do. Iron Mountain’s review showed how important their benefits are to their employees; by implementing flex, the management were able to respond with an industry-leading solution.”

        Paul Wilding, Reward Director, Iron Mountain Europe commented: “We have been working with Aon Consulting across Europe for many years on the Risk and Healthcare aspects of our employee benefits proposition. I have been impressed by the services we received, therefore using Aon to implement our flex programme was an obvious choice and I am looking forward to working with them to establish our first flexible benefits programme outside the US.”

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        Aviva announces that it has received notice from Goldman Sachs International and Morgan Stanley, as joint global coordinators of the Initial Public Offering (IPO) of Delta Lloyd NV, of the exercise in part of the over-allotment option granted in relation to the IPO.

        The over-allotment option has been exercised in respect of 4,550,000 shares in Delta Lloyd at the offer price of €16.00 per share. As a result, the total size of the IPO (including the portion of the over-allotment option exercised) is 68,050,000 shares. This represents aggregate gross proceeds of €1.09 billion (£1.00 billion*).

        Aviva retains 58.3% of the ordinary share capital and 54.0% of the voting rights in Delta Lloyd.

        Delta Lloyd shares are traded on NYSE Euronext Amsterdam under the ticker “DL”.

        * Based on an exchange rate of £0.92 / €1

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        XL Capital Ltd today announced the appointment of W. Myron Hendry to the newly-created position of Chief Platform Officer.

        Mr. Hendry will join XL on December 1 and will be responsible for all operational IT support of XL’s businesses including business process, technology, and outsourcing. Mr. Hendry will report to XL’s Chief Executive Officer Michael S. McGavick and serve on XL’s Leadership Team. He will be based in Stamford, Connecticut.

        Commenting on Mr. Hendry’s appointment, Mr. McGavick said: “Myron brings extensive experience in technology, underwriting and customer service, all operational aspects that drive an insurer’s performance. During his more than 35 years in the industry, Myron has successfully developed and managed insurance platforms with a focus on continually improving customer satisfaction, quality and productivity. It’s these experiences, and especially his achievements in operations management, that make him uniquely qualified to take on this new position. It is a pleasure to have Myron on board as XL pushes forward to distinguish itself as a (re)insurer of choice.”

        Mr. Hendry has held numerous senior level operations leadership positions in the global insurance industry. Most recently, he was Business Operations Executive of Bank of America’s Insurance Group, where he was responsible for claims, risk management, business support, technology portfolio management, customer analytics, customer experience, retention and facilities. He was also the coleader for the transition and integration of Bank of America and Countrywide Insurance organizations.

        Prior to the merger, Mr. Hendry served as Managing Director and Chief Operating Officer for Countrywide’s Insurance Services Group. He joined Countrywide from Safeco where, as Senior Vice President – Property & Casualty Services from 2004-2006, he was responsible for Safeco’s five regional policy and claim service center operations, centralized business support, premium accounting, retention strategies and the end-to-end customer experience.

        While at Seattle-based Safeco, Mr. Hendry led corporate-wide initiatives to develop process improvement methodology and strategic plans to enhance customer satisfaction, reduce costs and improve quality. Mr. Hendry began his insurance career with CNA in Chicago where he held many senior leadership positions during his 30-year tenure including Regional Controller, Chief Administrative Officer, and from 2000-2004 he served as Senior Vice President of Worldwide Operations with servicing and operational responsibility for $9 billion of domestic and international property and casualty premiums.

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        Peter O’Neill, the director of broker relationship management of QBE European Operations will retire at the end of 2009.

        Terry Whittaker the managing director of QBE UK National will assume responsibility for broker relationship management in the UK, with Doron Grossman, managing director of European markets division, becoming responsible for European markets.

        Steven Burns, Chief Executive Officer of QBE European Operations, commented: “Peter has been a highly valued and loyal member of the senior management team as QBE has transformed its European presence during the past decade. With his great industry experience, he has brought stability and leadership skills that have been vital to our success during this period. All of us at QBE wish him well for the future.”

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