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The Willis Research Network (WRN), part of Willis Group Holdings Limited, the global insurance broker, today announced that 10 leading scientific institutions from the UK and New Zealand have joined the network, deepening the integration of public science with the risk and re/insurance sectors to confront the challenges of natural hazards and extreme events.

The addition of these world-renowned institutions reinforces the network’s position as the largest partnership between academia and the re/insurance industry, and marks a major expansion in the network’s ability to respond to the needs of the international re/insurance and risk sectors via research, expertise, applications and data.

It is expected that the expanded research capabilities of the WRN will have broad use in the public and private sectors beyond the insurance industry, as governments, populations and businesses confront the challenges of living with climate change and natural hazards.

The following 10 institutions have become associate members of the WRN (a description of their risk and re/insurance-related collaboration interests appears in brackets):

  • British Geological Survey (geological risks, groundwater flooding)
  • Centre for Ecology and Hydrology (flooding, pollution)
  • UK Met Office (climate and weather risk research, climate forecasting services)
  • National Centre of Earth Observation (remotes sensing, satellite data and imagery)
  • National Centre of Atmospheric Science (climate and weather risk research)
  • National Oceanography Centre (tropical cyclones, tsunami, uncertainty)
  • Ordnance Survey (geographic data, geospatial analysis and communication)
  • Plymouth Marine Laboratory (marine pollution, aquaculture)
  • Proudman Oceanographic Laboratory (storm surge, sea level rise)
  • GNS Science, New Zealand (Asia-Pacific geo hazards)

Seven of these institutions are affiliated with the Natural Environmental Research Council (NERC), the UK’s main agency for funding and managing research, training and knowledge exchange in the environmental sciences. This is further evidence of the growing role and influence of public science on the wider economy and financial decision-making, WRN officials said.

The three other organisations: Ordnance Survey, UK Met Office, and GNS Science, New Zealand, highlighted their own reasons for joining the WRN:
Vanessa Lawrence CB, CEO, Ordnance Survey said, “Ordnance Survey is delighted to now be a collaborative member and contributor to the Willis Research Network, which is leading the way in research and innovation within the insurance and reinsurance sector. With more and more insurers now taking advantage of geographic information to underpin their decision-making, I believe Ordnance Survey has a very active role to play.”

Professor Julia Slingo, Chief Scientist, UK Met Office, commented, “The Met Office is delighted to join the Willis Research Network and to have the opportunity to contribute to the excellent work that the Network is doing to bring the best science to the insurance industry. Our membership in the WRN fits perfectly with our mission to make sure that everyone, everywhere, has access to the best weather and climate information that we can provide. As we push ahead with developing the UK Climate Service, we know that interacting with the insurance sector is crucial for ensuring that we enable the industry to manage its risks effectively. Being part of the WRN helps us to fulfil that goal and I’m really excited, personally, to have the opportunity to work again within the Network.”

Andrew King, Section Manager, Active Landscapes at GNS Science, New Zealand, said, “GNS Science, New Zealand is pleased and privileged to join the Willis Research Network as its most distant outpost. GNS sees many potential synergies between the earthquake, volcanology, landslide and tsunami modelling-and-loss evaluation that we do in New Zealand and South East Asia and the work of other Network members, some of whom are already forming into productive collaborative efforts. Being based in New Zealand, the distance from potential collaborative partnerships was of concern but web-based communication is currently adequate and the complementary university-to- research institute relationships appear to be providing additional strengths to both sectors through the Network. We at GNS Science look forward to more complete participation in the Network activities and possibly hosting a suitable Willis Fellow in the relatively near future.”

Welcoming the 10 new members into the Network, Rowan Douglas, Managing Director, Willis Re and Chairman of the Willis Research Network, said, “We have had the enormous pleasure and privilege of working with most of these world-leading institutions for some time. Collectively, they are a mighty force and are bringing major improvements to the understanding and evaluation of natural hazard risks in our sector. We are delighted to welcome them into the WRN where we hope they will enjoy even greater collaboration with our worldwide membership and international insurance and reinsurance industry partners.”

The Willis Research Network (WRN) is focused on evaluating the frequency, severity and impact of major catastrophes – from flooding to hurricanes and earthquakes – and seeks to help society at local and global levels manage these risks and share the costs of these events via public and private sector approaches. To achieve this mission, Willis has teamed up with 32 leading institutions across a full range of disciplines from atmospheric science and climate statistics, to geography, hydrology and seismology, to assess the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com

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  • Aviva to commit 50% of its worldwide charitable donations budget to Aviva Street to School, alongside significant customer involvement
  • UK charity partnership launched today with Railway Children
  • Aviva Street to School to be rolled out internationally with additional charity partners.

Aviva today announces the launch of Aviva Street to School, its new international community investment programme. This programme aims to improve the lives of thousands of street children and young people around the world by helping them get off the streets and into education and training.

The programme will run for a minimum of five years from 2010, and will include support for street children projects in the 28 markets that Aviva operates in around the world as well as staff fund-raising and volunteering opportunities. Aviva will also engage its customers in Aviva Street to School.

Aviva’s businesses around the world will select local charity partners to support the needs of children living or working on the streets in their country. As part of this, Aviva today launches its UK charity partnership with Railway Children whose work focuses on the relief of the estimated 100,000 children and young people under the age of 16 who run away from home each year in the UK. Aviva will support two areas of Railway Children’s work: offering immediate support to young people already on the street; and setting up preventative and early intervention programmes through schools.

In addition, Aviva has chosen to work with Save the Children as its international charity partner and will support its Aviva Street to School programmes in India.

Marie Sigsworth, group corporate responsibility director, Aviva, said: “Aviva Street to School enables us to use the strength and scale of Aviva as an international group to make a difference where it really matters. Children living and working on the streets is a global issue, and we want to recognise these children. We look forward to working with Railway Children and our other charity partners to help build a better future for these young people.”

Terina Keene, chief executive, Railway Children, commented: “We all share the responsibility of helping society’s most marginalised and vulnerable, which is why our new UK partnership with Aviva Street to School is such a critical step in the right direction. As evidenced by the research we have published today, effective early intervention hangs on our commitment to understand the harsh realities of street life, and the needs of children and their families most at risk. Without this, society will continue to pay as support services struggle to protect the most vulnerable.”

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    The Met Office has issued a weather warning for London, South East and South West England.

    Heavy rain is expected from 1200 Tue 03 Nov to 1800 Tue 03 Nov.

    Local areas affected:

    • South West England: Bournemouth, Cornwall & Isles of Scilly, Devon, Dorset, Plymouth, Poole, Torbay
    • London & South East England: Brighton + Hove, Hampshire, Isle of Wight, Portsmouth, Southampton, W Sussex

    Heavy, blustery showers will give up to 25 to 30mm of rain this afternoon, mainly along southern coasts. The rain may exceed 15mm within 3 hours at times.

    The public are advised to take extra care and refer to the latest Environment Agency, Floodline, and Flood Warnings in force, and are advised to take extra care, and refer to the Highways Agency for further advice on traffic disruption on motorways and trunk roads.

    To take action to prevent or protect your home or business against potential flooding you can find all you need to know about flood and natural disaster insurance by clicking here

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      Swiss Re, one of the world’s biggest reinsurers, on Tuesday returned to strong profit in the third quarter, cautiously turning its back on losses that had depressed the group’s outlook for the year.

      Swiss Re posted 334 million Swiss francs (221 million euros, 326 million dollars) net income in the third quarter, the company said in a statement. “The outlook for our company is encouraging. In the first nine months of 2009, we restored our capital position,” said chief executive Stefan Lippe.

      The Zurich-based group was severely hit by the financial crisis and has been struggling to regain profitability.

      The result, which compared with a 304 million franc loss in the equivalent period last year, was towards the upper end of analysts’ expectations.

      Net premiums earned fell by 11 percent to 5.84 billion Swiss francs in the third quarter. But the group reported growth in net operating income of 388 million francs in life and health insurance, and 998 million francs in property and casualty, partly due to low levels of natural catastrophes in the third quarter.

      After a record annual loss of 864 million francs in 2008, Swiss Re had appeared on course for a turnaround this year when it reported a 150 million franc profit during the first three months.
      But a heavy 381 million Swiss franc loss in the second quarter, which was largely blamed on its financial ventures rather than its core reinsurance business, had depressed the company’s outlook for 2009.

      Swiss Re warned in August that future earnings could continue to be influenced by financial market trends, despite improving conditions in reinsurance markets.

      Lippe on Tuesday described the performance of its core reinsurance business as “strong” while the company had also amassed “substantial” excess capital so far this year.

      The group suffered 1.2 billion francs in losses from the US subprime home loan crisis, forcing it to turn to Wall Street sage Warren Buffett to prop up its finances, most recently with a fresh 3.0 billion franc boost in February.

      Chief executive Jacques Aigrain and chairman Peter Forstmoser later resigned after Aigrain was widely blamed for having led the reinsurer into the risky world of investment banking since he took over in 2006.

      Lippe said the company was now setting its sights on insurance renewals in January 2010. “While the market fundamentals point towards higher prices, restored industry capital and the absence of hurricanes may partially delay the market correction,” Lippe said. “With our very profitable reinsurance portfolio and proven underwriting track record, we are well placed for the upcoming renewal season,” he added.

      Swiss Re has announced about 1,000 job cuts worldwide to trim costs. The group now expects its restructuring plan to yield 150 million to 200 million Swiss francs in savings.

      With AFP (ZURICH, Nov 3, 2009)

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      Specialist broker THB Group has added a new executive director to its main board.

      Steve Matanle, who joined THB six months ago, will retain his role of Chief Executive of THB’s Lloyd’s broker operation, Thompson Heath & Bond, adding the role of executive director with this appointment to the board of the parent company.

      Group Chief Executive, Frank Murphy, said: “My fellow directors and I are confident that Steve’s wide-ranging industry experience and expertise will enhance the plc board and we look forward to his contribution.”

      Steve Matanle, whose distinguished London Market career has included a number of senior roles at Marsh as well as chairmanship of the LMBC and Market Reform Group, added: “I am delighted to accept these additional responsibilities and look forward to contributing to THB’s strategic development”.

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      Aviva has responded to the Financial Services Authority’s Consultation Paper on the Retail Distribution Review (RDR). Following extensive research among consumers and advisers, it supports efforts to improve the quality and transparency of financial advice but adds that these changes must ensure wider consumer access to financial services.

      Of the FSA’s proposals, Aviva supports:

      • Adviser charging for full and focussed advice. Aviva believes separating the costs of advice and costs of a product will have long-term benefits for customers, advisers and providers.
      • Higher qualifications for advisers and the introduction of QCF Level 4 as the minimum standard for providing financial advice
      • The 2012 implementation timetable – as long as its impact with the introduction of Personal Accounts and capital adequacy are analysed.

      But Aviva is challenging proposals to:

      • Ban provider factoring on regular premium products*. This would damage the savings market as customers would be unwilling or unable to pay for disproportionately large advice charges. Provider factoring should be maintained but subject to standard discount rates.
      • Retain basic advice and develop streamlined advice. New ways are needed to enable consumers to engage with the industry as these proposals will be uneconomic for firms to operate.
      • Require providers to monitor “extreme” adviser charges. This contradicts the aim of adviser charging, breaking the relationship between provider and advisers regarding payment. Providers are not best placed to police this and it instead should be monitored by the FSA.

      David Barral, marketing director at Aviva, said: “The RDR is an excellent opportunity to transform financial advice and deliver a more sustainable and customer-focussed market. Aviva has consulted a large number of advisers and consumers and supports the aims of the RDR to create a market that delivers better quality advice and greater transparency of charges for customers. We understand that the RDR will mean big changes in the way advisers work and Aviva is doing all it can to help them. For example, the Aviva Financial Adviser Academy is playing a leading role in helping advisers attain the higher qualifications they will need.

      “Improving the quality of advice will raise the cost of providing that advice. Aviva research indicates it is likely that large numbers of advisers will leave the industry while those who remain are likely to adopt business models to service fewer and wealthier clients. These changes could make it more difficult for middle Britain to get financial advice, so Aviva has launched the Future Adviser programme to find the next generation of financial advisers.

      “Aviva recognises that access to good financial advice is crucial to the financial wellbeing of millions of people. Consumer access to financial products and services is the biggest and most pressing issue facing our industry and it is crucial that the FSA delivers on its objective of ensuring that advice is easily accessible.”

      * Factoring is often referred to as indemnity commission. It is a system where an adviser receives payment upfront rather than being paid over several years.

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      A sustained period of asset growth and increased confidence in meeting inflation targets are required to clear pension deficits

      Expected future increases in the UK’s inflation rate have massively increased the deficit of the 200 largest privately sponsored defined benefit (DB) pension schemes during October, according to Aon Consulting, the leading employee risk and benefits management firm.  To a lesser extent, a small dip in asset values also contributed to the deficit ballooning by £15 billion to £77 billion, all but wiping out the £16 billion gains made in September.

      Expecations of future inflation levels are a key cause of pension scheme funding volatility. Although there have been positive economic signals recently, expectations of higher inflation returned  in October after a period of relative stability, causing the large rise in the pensions accounting deficit.

      Sarah Abraham, consultant and actuary at Aon Consulting, comments: “Currently many investors believe that the Government will be unable to to deliver its annual inflation target of 2%. This increases pension scheme deficits because most pension schemes promise to pay benefits that are linked to inflation.

      “The position is very volatile because if this lack of confidence in achieveing inflation targets worsens, then pension schemes can expect deficits to increase even further. On the other hand, if the market had confidence that inflation will remain under 2%, pension scheme deficits would decrease by a massive £60 billion.

      Any sign that high levels of inflation can be avoided will greatly help pension scheme finances.

      “Managing inflation expectations, however, is not the only path to improving pension scheme finances.  For example, if other factors like mortality, interest rates and wage bills remain the same, then annual asset rises of 8% would be enough to remove pension scheme deficits within 7 years.”

      Date

      Aon200

      Total surplus (deficit) under FRS17/IAS19

      31 October 2007

      2.9

      30 November 2007

      (2.7)

      31 December 2007

      (2.4)

      31 January 2008

      (12.0)

      29 February 2008

      20.8

      31 March 2008

      10.6

      30 April 2008

      8.0

      31 May 2008

      6.0

      30 June 2008

      (29.9)

      31 July 2008

      (22.1)

      31 August 2008

      (24.9)

      30 September 2008

      (5.8)

      31 October 2008

      (15.3)

      30 November 2008

      23.0

      31 December 2008

      3.3

      31 January 2009

      (29.3)

      28 February 2009

      (44.8)

      31 March 2009

      (35.9)

      30 April 2009

      (7.6)

      31 May 2009

      (40.1)

      30 June 2009

      (73.3)

      31 July 2009

      (72.8)

      31 August 2009

      (78.0)

      30 September 2009

      (61.9)

      31 October 2009

      (77.6)

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      From today moneysupermarket.com users will be able to exclusively view travel insurance quotes for Virgin Money ‘Essentials’ Travel Insurance products – giving consumers the greater choice of comparing premiums from a total of 80 travel insurance providers*.

      Virgin Money ‘Essentials’ Travel Insurance products not featured on any other comparison website

      Maxine Baker, travel insurance manager at moneysupermarket.com said: “We strive to offer our customers the widest range of travel insurance providers to compare and are delighted to now feature Virgin Money Essentials Travel Insurance products exclusively on our site. We believe it is crucial our customers are able to make informed decisions on what policy is right for them, and by offering them the most choice when looking for a travel insurance product they are able to do just that.

      “Virgin Money Essentials Travel Insurance products are not available directly through any other comparison website and this particular product, ‘Essentials’ is not even available directly from Virgin Money. We are delighted to offer Brits the most comprehensive view of the travel insurance market and a quick and easy way of finding the right policy at the best price.”

      *Provider count correct as of October 28th 2009

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        Britain’s government will pour up to another 40 billion pounds into bailed out lenders Royal Bank of Scotland, Lloyds Banking Group and Northern Rock ahead of a planned selloff, newspapers said Monday.

        The extra money will shore up the troubled banks as part of government plans to be announced this week to break up and sell off parts of the three lenders, the Daily Telegraph said.

        The huge shake-up comes as the government seeks to recoup taxpayers’ cash used to prop up the banks during the world financial crisis and increase competition in the sector.

        Lloyds Banking Group is 43 percent owned by the state and Royal Bank of Scotland 70 percent, while Northern Rock was nationalised outright.

        Finance minister Alistair Darling has agreed to spend up to 26 billion pounds (28.9 billion euros, 42.7 billion dollars) in extra shares to support RBS as it seeks to join the government’s insurance scheme for toxic assets.

        The issue of the shares will mean the government’s stake in RBS will rise from 70 percent to 84 percent, according to the Guardian newspaper.

        Darling has agreed to spend 5.5 billion pounds in shares for LBG, which is planning to raise billions of dollars in a share issue to avoid entering the government asset protection scheme.

        Northern Rock is to be loaned another eight billion pounds so that it can be split into two and sold off, a move approved by EU competition regulators last week, the reports said.

        Darling confirmed reports Sunday that the three existing lenders would be broken up and parts sold over the next few years to new entrants to the sector, who would concentrate on deposits and mortgages.

        “What you really want to do is have quite a substantial divestment — perhaps branches or perhaps particular institutions that they own — made available to other people,” Darling told the BBC.

        “Because unless we get competition we are going to end up with half a dozen big providers which would be a big reduction in choice and that would not be acceptable.”

        Darling, the Chancellor of the Exchequer, did not reveal Sunday details of the new banks to emerge from the breakup plans.

        All three banks received huge government bailouts at the height of the global economic storm but regulatory authorities are concerned about such state-backed banks having an unfair advantage over those that were not helped.

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        Confused.com was the first insurance price comparison website. Confused.com is not a broker, but a one-stop shop that makes it easy for you to find the right deals on car insurance, home insurance, utilities and much more. Confused.com is not about selling you the very cheapest deal, unless the very cheapest deal is right for you. Neither do we push the most profitable deal for us – we put your needs first.

        Confused.com is a trading name of Inspop.com Limited, registered in England and Wales Reg. No. 03857130 at Friary House, Greyfriars Road, Cardiff, CF10 3AE. Inspop.com is sister company to EUI Limited and we are authorised and regulated by the Financial Services Authority (Registration number: 310635).

        How does Confused.com make money?

        We get paid by the service provider every time you buy through Confused.com. It costs you nothing. You won’t pay more for buying through Confused.com – the prices we quote are the same as if you went to the insurance company direct. If you use Confused.com but then decide to buy over the phone instead of online, please remember to use the reference number we provide you. That way you won’t have to repeat your details and we get credit for the sale, which helps us stay in business so you can get cheaper insurance next year.

        How does it work?

        Simple really – just complete our online form and we’ll instantly submit your details to our extensive panel of partners. We currently have well over 100 UK car and home insurance providers* on our panel, with coverage increasing all the time as we add partners. Once we’ve fired off your details, about 30 seconds later your quotes start coming back. You can then view and compare them on the results page and we’ll also email the quotes to you for good measure. Unlike many of our competitors, the displayed quotes are actual prices and not estimates – the price you see is the price you pay. You are then free to choose the deal that suits you best.

        What are we doing with your details?

        We take your details and go to all our insurance partner sites and complete their forms on your behalf. If they return a price then we bring that back for you, along with details of any special offers. Your quote is saved on our partner’s site so you can retrieve it easily if you want to go ahead and accept. Our partners cover well over 100* UK car and home insurance providers (with coverage continually increasing as we add partners). The beauty is you only have to enter your details once, wait 30 seconds or so and then you can compare true like-for-like quotes. You’re then free to choose the deal that suits you best, or remain with your current provider in the unlikely event that we haven?t found you a better deal.

        www.confused.com

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        One in seven burglaries that took place last year was carried out solely to steal the homeowner’s personal details, a report claimed.

        Identity burglary cost the UK an estimated £150 million in the past year alone, according to a home insurance provider.

        It claimed the trend is set to rise sharply over the next five years with a quarter of all burglary victims now falling victim to ID fraud as a result of a break-in.

        The survey said ‘bundles’ of personal identity documents can fetch £150 on the black market.

        Among all break-ins, 74% now result in the theft of personal and financial documents such as credit cards, driving licences and bank statements, with 15% of victims being targeted specifically for documents containing their personal details.

        The report revealed a credit card, coupled with a form of ID such as a bank statement, utility bill or National Insurance number, are prized items on the black market as they make it easier for fraudsters to steal an identity.

        Individual identity documents can change hands for around £15.

        A spokesperson explained: “As the trend for identity fraud increases, we would strongly urge homeowners to take appropriate measures to limit their chances of being targeted by thieves and fraudsters.

        “As well as installing home security measures such as burglary alarms and security lights, homeowners should ensure they store personal documents securely and if possible separately to minimise the risk of ID theft.”

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        Car insurance premiums are rising faster than at any time over the past 15 years, according to the latest quarterly index from a leading insurer.

        The index, which tracks the quarterly movement of car and home insurance quotes, recorded a 5.6 per cent jump for comprehensive car insurance, over the three months ending 30th September.

        This is the biggest single quarterly jump since the Index started in 1994. The index has also shown the greatest-ever annual increase with 14 per cent added to the average comprehensive premium.

        The Index analyses quotes from over 90 insurance companies, brokers and schemes for 1,000 ‘customers’ nationwide. The average quoted premium for an annual comprehensive car insurance policy now stands at over £821, compared to £778 in July 2009 and £721 in October 2008.

        “Most drivers will be seeing sharp increases when they renew their annual insurance premiums,” said a spokesperson for the insurer. “The Index suggests that 89 per cent of insurers have increased their premiums by more than £5 over the past quarter. Only 2.5 per cent reduced them.”

        The Shoparound index, which is an average of the cheapest three quotes for each ‘customer’ in the Index and closer to the price customers would pay after shopping around, showed a slightly lower increase of 4.8 per cent, to just under £552.

        Key factors fuelling premium increases:

        – Fraud cost the industry £1.9bn, equivalent to £44 for every household’s home insurance costs.

        – Personal Injury claims and associated legal costs are rising, topping £9.6bn last year, of which 40 per cent was legal costs

        – Around 1 in 20 drivers is uninsured. Police success in prosecuting uninsured drivers and confiscating their cars (around 185,000 last year) doesn’t seem to be discouraging people from risking driving without cover to save money, despite the likelihood of being caught

        – Car thefts are rising, especially expensive models, by first stealing the keys, with 15 per cent more claims over the past year

        – Insurance underwriting losses – about £110 paid out for every £100 taken in premiums coupled with depleted reserves and poor investment returns

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        On an economic basis, many insurers experienced a drastic slump in their equity capital in 2008. The first signs of a recovery were only visible this year. Insurance companies are now having to gear up for the new regulatory framework under Solvency II, which is scheduled to be introduced in Europe as from 2012.

        Ludger Arnoldussen, member of Munich Re’s Board of Management responsible for reinsurance business in Germany, Asia Pacific and Africa. said: “Insurers have mastered the financial crisis comparatively well so far. They now need to regain their former capital strength and secure it long term in order to meet the higher standards required by Solvency II. Munich Re will offer clients its full support in this connection. We create individual solutions for risk transfer that are specifically designed to provide the required capital relief for our clients”.

        With the advent of Solvency II, insurers have to prepare themselves for a consistently economic evaluation of all risks. Besides greater emphasis on sound risk management, it is expected that small or specialist insurers in particular will face a need for more risk capital. With Solvency II, more precise monitoring and controlling of risks will become standard practice. Uniform rules applying to the insurance industry in Europe will also serve as a model for countries outside Europe, for example in Asia. The industry as a whole will be more crisis-resistant and internationally competitive as a result.

        For primary insurers, reinsurance will assume a new quality with Solvency II. On the one hand, the capital-relief effect of reinsurance will be taken into account in the risk-based models from 2012 and reinsurance cessions will no longer be limited to certain volumes. On the other hand, the need for tailored advice and consultancy will increase with Solvency II.

        “In terms of implementing Solvency II, Munich Re has a clear advantage as a service reinsurer. With advice and consultancy services ranging from analysis of necessary risk capital to assessment of asset-liability management, we can let our clients benefit from our long-standing experience in this area”, said Arnoldussen. The first pilot projects have confirmed the transferability of these concepts to Munich Re’s clients.

        While economic conditions have improved markedly in 2009, insurance premiums nevertheless remain under pressure due to dampened economic development and reduced purchasing power. “In times when margins are reduced, individual risk-transfer solutions are particularly valuable. This is precisely where Munich Re’s strength lies”, said Arnoldussen.

        Also due to its solid capitalisation, Munich Re will continue to provide substantial capacity in the forthcoming round of renewals. Assuming appropriate prices, terms and conditions, there are no plans to restrict liability limits.

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          Companies can now insure themselves for costs incurred if their building or the vicinity is officially closed due to a pandemic. With an expected spike in H1N1 cases this winter, Aon, the insurance broker, has created a standalone insurance policy to reimburse companies for wages, fixed costs and extra expenses if they are unable to access their buildings.

          After the H1N1 outbreak in April 2009, both the Mexican and Argentinean governments shut their central business districts, public buildings and educational institutes to prevent the spread of infection. If the UK or other governments take similar action in the event that the pandemic escalates, companies may not be able to rely on their standard business interruption insurance policies which traditionally restrict cover to disruption caused only by:

          • physical damage
          • notifiable diseases of which H1N1 is often not included and is subject to low limits.

          The new Aon product is believed to be the first available to all industry groups, rather than solely focusing on hospitals and the healthcare industry. Retail, transport and manufacturing are likely to be the most affected sectors as they rely on public access and staff on site, whereas most financial services employees, for example, are able to work from home.

          Matt Harvey, senior wordings technician/broker at Aon for UK/Europe, commented: “Imagine Oxford Street is quarantined in the run up to Christmas. This could lead to massive losses in the retail sector. Winter is looming and companies across the board are working on business continuity plans, identifying everything that could go wrong and looking for ways to protect their business.

          “Aon’s new property insurance cover complements these continuity plans to help companies recover the fixed costs of running the business in face of lower revenues. The policy covers costs for additional expenses such as decontamination and additional staff to ensure a business is up and running again as soon as possible after an official closure is lifted.”

          Cover can be adapted on a global, regional or single territory basis and companies will also receive a free Business Continuity Management guide to assist in creating, implementing and testing reaction plans.

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          Investors have already placed enough orders to back Delta Lloyd’s 1.2 billion euro (1.1 billion pound) initial public offering (IPO) with about a week to spare, pointing to decent demand for Western Europe’s biggest flotation this year.

          A spokeswoman for Delta Lloyd, the Dutch unit of Aviva, confirmed on Tuesday that bookbuilding for the offering was fully covered.

          The deal is underwritten by Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch, J.P. Morgan and RBS.

          People familiar with the matter told Reuters earlier on Tuesday Delta Lloyd’s offering, which began bookbuilding on October 19 and will close on November 2, had been covered since Friday.

          For all of Europe, the largest deal this year is top Polish utility PGE’s impending $2.2 billion offering.

          PGE, which also had its book covered within the first week of bookbuilding, will price its IPO late on Tuesday.

          With two major deals closing, Europe’s IPO volume is set to jump to $4.8 billion, from $801 million, according to Thomson Reuters data, bringing Europe’s share in global IPO volume to 6.8 percent, from 1.8 percent.

          Bankers are hoping Delta Lloyd and PGE will re-open the IPO market in Europe, which has been stuck in the doldrums — U.S. IPOs have raised $25 billion while Asia registered $38 billion worth of listings excluding Japan, according to Thomson Reuters data.

          Europe has seen only 32 IPOs so far this year, including Delta LLoyd and PGE. But there are many deals in the queue.

          Private equity-backed travel reservations giant Amadeus, for example, has hired Goldman Sachs, J.P. Morgan and Morgan Stanley for a potential 2 billion euro (1.8 billion pound) offering next year.

          Unity Media, Germany’s No. 2 cable operator, is preparing to raise some 1 billion euros towards the end of this year.

          Blackstone is also preparing to float Merlin Entertainments, the second biggest theme park operator after Disney, in early 2010, sources have said.

          But not all of the IPO candidates will necessarily launch their deals.

          “They are not like rights issues — buyers don’t have to buy and sellers don’t have to sell,” said one London-based banker.

          An RBS poll of investors showed 15 percent expect the IPO market to re-open in the fourth quarter, while more than half predict it will kick into life in the first half of 2010.

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          In a move to enhance the development of products and services through even closer links with brokers, Groupama Insurances has strengthened its Proposition Team with the appointments of Jonty Turner and Liz Kuhler as Proposition Managers. Jonty moves over from Groupama Healthcare where he was Claims Manager while Liz joins from Groupama’s Marketing team where she was an Analyst within the company’s specialist research unit. Jonty and Liz now report to Lynn Harris, Head of Customer Proposition.

          Lynn Harris, said: “This is a great example of how valuable knowledge already in the business is being used to bring a fresh approach to the Proposition area. These appointments are the first of a number of initiatives that will help us forge even stronger relationships with brokers. We want to gain an in-depth understanding of what our partners need to ensure that our product innovations offer compelling reasons to trade with us. Liz and Jonty will be able to draw on their particular knowledge and experience to help us deliver products to market that brokers and their clients appreciate and value. In particular, we will be using Liz’s research skills to help us create a new networking initiative that will encourage an on-going dialogue with a wide range of partner brokers.”

          Liz Kuhler joined Groupama in 2006 and will use her specialist research background to help the company to really understand broker and customer needs.

          She added: “I have a strong marketing background and over the past few years have been involved in some detailed analysis of the insurance market and customer expectations. This should really help me to shape initiatives that can really make a difference and help to set us apart from the competition.”

          A highly experienced claims professional, Jonty Turner has been with Groupama since 2001 and moves into his new role from the company’s Groupama Healthcare subsidiary where he was Claims Manager from 2005.

          He comments: “This is a fresh challenge for me. My years in claims have given me a really solid understanding of the way in which Groupama can differentiate itself for brokers and policyholders. Now I want to put my knowledge into practice to enhance our product and broker service proposition.”

          Lynn Harris concludes: “It is great to welcome Liz and Jonty to the team. These are two important appointments, which together with our programme of broker forums and our planned networking initiative really demonstrates how serious we are about the way in which we design and build our various customer propositions. We have a deserved reputation for listening carefully to our customers and we are now intent on responding to this feedback even more quickly so as to gain maximum benefit for Groupama.”

          “It is also especially pleasing that we have been able to make these new appointments from within the company – offering further evidence of the depth of talent that exists within our business.”

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          Value Based Capital Management is the First and Only Commercially Available Service Created to Measure Risk, Manage Capital and Protect Current and Future Earnings

          Willis Re, the reinsurance division of global insurance broker Willis Group Holdings Limited, today unveiled Value Based Capital Management (VBCM), the reinsurance industry’s first and only practical, commercially available service designed to measure risk, manage capital, and maximize franchise value.

          Launched at the 2009 Property Casualty Insurers Association of America’s Annual Meeting here, VBCM enables Willis Re clients to answer three key questions: how much overall risk are we taking; how much capital should we have; and what actions can we take to make our firm more valuable? While insurers have traditionally used reinsurance to reduce their underwriting risk, up to now they have had no effective mechanism to evaluate which products best protect their firm’s value. VBCM not only solves that problem, but goes further, offering insurers a holistic tool to measure and address their complete risk profile based on how best to protect and grow franchise value.

          Bill Panning, Executive Vice President of Willis Re said: “Willis Re believes that insurers should no longer face the difficult tradeoff between maximizing earnings and protecting against risk,”. “VBCM enables insurers to determine for the first time which particular strategic choices will enable them to maximize their franchise value as a going concern. Today’s announcement is the latest in Willis Re’s long history of providing key strategic tools that enable our clients to thrive.”

          In focusing on franchise value, VBCM rejects the notion, implicit in many analytic tools, that a client’s business should be valued and therefore managed as if it were in runoff. Like traditional Enterprise Risk Management (ERM), VBCM begins with a comprehensive assessment of an insurer’s overall risk from multiple sources, including underwriting, adverse loss reserve development, stock market volatility, bond defaults, and reinsurer default risk. But VBCM goes well beyond typical ERM analysis. It not only addresses how much and what form of capital a firm should have given its overall risk profile, but also responds to these critical questions by identifying the amount and type of capital that maximizes the insurer’s value as a going concern.

          “VBCM’s methodology and the answers it provides are both transparent and practical,” added Panning. “At Willis Re, we believe our clients deserve tools that can be indispensable not just to informing strategic decisions, but also to answering the key questions posed by shareholders, rating agencies, analysts, and regulators. In the current market environment, that kind of information is more important than ever.”

          One of the world’s leading reinsurance brokers, Willis Re is known for its world-class, applied Analytics capabilities, which it combines with its Capital Markets and Reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world’s top insurance carriers. The broker’s global team of experts offers services and advice that help clients make better reinsurance decisions, access worldwide capital markets and negotiate optimum terms.

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          Aon Corporation, the global provider of risk management services, today announced that it has agreed to acquire Carpenter Moore Insurance Services, Inc., a leading provider of executive liability risk management services and a wholly-owned subsidiary of The NASDAQ OMX Group, Inc. Financial terms of the acquisition were not disclosed.

          Michael D. Rice, National Practice Leader of Aon’s Financial Services Group (FSG) said: “This acquisition gives Aon a unique asset in the executive liability risk management sector. Carpenter Moore brings a similar passion for delivering client value, excellent relationships with the insurance marketplace, and a strong team in the public company directors’ and officers’ liability market. Pairing the intellectual capital of our new colleagues with FSG’s unmatched data-driven approach to support the diverse business goals of our clients enhances our position as the leading broker in executive liability product lines.”

          Under the terms of the agreement, Aon and NASDAQ will enter into a five-year exclusive marketing agreement that will incorporate outreach and support for NASDAQ issuers and prospective issuers in the area of liability insurance. The two organizations also will collaborate on the development and distribution of the annual Carpenter Moore Benchmarking Survey, a survey which provides companies with valuable information about their liability insurance pricing as compared to peers in their industry.

          Ralph Semeraro, President of Carpenter Moore, commented, “This transaction allows our clients to seamlessly access a broader and deeper set of products and services in executive liability and risk management. Our consultative approach to client service fits with Aon’s vision, and we are also pleased to continue the strong association with NASDAQ through our marketing agreement.”

          Carpenter Moore, based in New York, was formed through the merger of Carpenter Moore and NASDAQ Insurance Agency in 2005. It provides industry expertise in technology, pharmaceuticals, healthcare, durable goods, transportation, energy and financial services.

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          XL Capital announced today that its Board of Directors declared a quarterly dividend on October 23, 2009 of $0.10 per Ordinary Share payable on the Company’s Ordinary Shares. The dividend will be payable on December 31, 2009 to Ordinary Shareholders of record as of December 15, 2009.

          In addition, the Board of Directors resolved on October 23, 2009, to pay a dividend of $0.76275 per share on the Company’s Series C Cumulative Preference Shares. The dividend will be paid on January 15, 2010 to all shareholders of record as of January 14, 2010. The aggregate amount of the dividends payable on the Series C Cumulative Preference Shares is $5,573,353.

          XL Capital, through its operating subsidiaries, is a leading provider of global insurance and reinsurance coverages to industrial, commercial and  professional service firms, insurance companies and other enterprises on a worldwide basis.

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          Dutch banking and insurance group ING said Monday it plans to restructure its business, selling off its insurance operations and raising up to 7.5 billion euros to pay back government emergency funding.

          “ING announced today that it will move towards a separation of its banking and insurance operations, clarifying the strategic direction for the bank and the insurance company going forward,” the group said in a statement.

          In order to repay government funds extended at the height of the global financial crisis, “ING plans to launch a capital increase … of up to 7.5 billion euros” (11.25 billion dollars).

          Chief executive Jan Hommen said the fund raising “is a critical component of the measures we announced today to regain our independence and to chart a clear course forward.

          “With investors’ support, we will be able to repay half of the funds we received last year from the Dutch state and maintain our capital strength,” he said.

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

          ING said the European Commission also required it to pay the state another 1.3 billion euros as it returned the emergency funding.

          The company said that preliminary figures showed it earning a net profit of 500 million euros in the three months to September.

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