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George Stobbart

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Towergate Financial, the financial advisory business of the Towergate Group, today announces the launch of Towergate Financial London.  This new business will provide a market leading employee benefits and private client capability.  Towergate Financial London is led by Managing Director David Taylor who joins from Morgans Group where he was Head of Corporate Benefits. The Towergate Financial London team includes Nick McMenemy, Gina Garman, and David Griffiths-Eyton who have also made the move from Morgans.

Towergate Financial London has ambitions plans to become a major force in financial services across London and the South East with plans to recruit more leading specialists to its team before the end of 2009.

The launch of Towergate Financial London coincides with the rebrand of the Towergate Financial business earlier this month  Towergate Financial confirmed that the nine existing financial services businesses will in future trade under the Towergate Financial brand.

Ian Darby, Chief Executive Officer of Towergate Financial, said: “I am delighted to announce the launch of Towergate Financial London where we have recruited a first class team led by David Taylor.  As part of Towergate Partnership we now have the support and firepower to grow the businesses both organically and through the acquisition of well run IFA businesses.”

David Taylor, Managing Director of Towergate Financial London said, “The team is delighted to have joined Towergate Financial which has market leading corporate and private client propositions.  We now have the opportunity to deliver these to clients of the other businesses in the Towergate group which is very exciting, and also to use these propositions to introduce new clients to the group. My team has previously won the Corporate Adviser Firm of the Year award and will strive to continually improve the client service experience at every opportunity. “

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    Contents insurance covers the loss of or damage to the contents of your home. Always check what is and isn’t covered, and find out how to keep costs down.

    What’s it for?

    It covers the loss of or damage to the contents of your home, including your furniture, electrical goods and other items within your home, and also items you take outside, for example cameras, jewellery and briefcases. Different policies offer different levels of cover but generally you’ll be covered against theft and fire, and have the option to insure against damage you may cause by accident.

    If not already covered by your contents insurance, you may want to consider travel insurance for loss or damage to your personal belongings whilst travelling. For more information see Travel insurance guide.

    What isn’t covered?

    Anything beyond the maximum amount your insurer says they will pay, and it may pay a maximum amount on single articles. You’ll need to specify the value of the contents. Some companies have limits on the value of any one item under the general policy so you’ll need to specify individual items such as expensive jewellery or camera equipment, for example. Your cover may also be affected or cancelled if you leave your home empty for a long period of time, or if you let it out. Damage to the building itself is also not covered; this needs to be covered separately with Buildings insurance

    Keeping costs down

    Many insurers will offer discounts if you have a burglar alarm or window locks or if you’re a member of a Neighbourhood Watch scheme. You may also get a deal if you combine contents and buildings insurance.

    Most policies have a standard excess charge, which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy.

    Always compare what’s covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.

    Level of cover

    Some contents insurance policies offer new for old. This means they’ll replace old damaged appliances and possessions with new ones when you claim.

    Bear in mind that your premiums may increase the following year, or the insurance company may refuse to cover you for the same risk if it happens more than twice, for example.

    Top tips

    1. Read the paperwork and ask questions if you don’t understand anything.

    2. Make sure you check what you’re covered or not covered for.

    3. Shop around when it comes to renewal time to make sure you’re getting the best deal.

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      When you buy a mobile phone you should be wary of any calls you receive soon after from companies offering you insurance cover (these companies may call it a warranty). You should also be wary if you are an existing mobile phone customer and receive a similar call out of the blue.

      Various unauthorised providers claim they are linked to shops and mobile phone providers but they may not be who they say they are. They may be trying to scam you out of your money and you will only find this out when you try to make a claim on your insurance and it fails.

      How to stay safe

      Make sure you know who you’re dealing with.

      Firms who sell insurance must be regulated by the FSA (Check FSA Register to make sure they are before doing business with them). If you don’t and things go wrong you won’t have access to the UK complaints procedures and compensation scheme. See How to solve problems with your insurer or broker ?

      However, some callers may use the names of firms or individuals from FSA Register to make you think they are legitimate, so don’t just assume they are who they say they are. It’s unusual for firms to call you out of the blue, so be wary if you’re not expecting a call. Most mobile phone retailers don’t sell their insurance by cold calling you after you have bought a phone.

      If you are in any doubt:

      • Ask for the contact details of the person calling you; and
      • Check their identity with the firm they claim to work for, using the contact details on FSA Register.

      Don’t listen to excuses about the caller using a direct line – if the call is genuine a trustworthy firm won’t mind you being careful.

      If you think you have been targeted

      Report any suspicions to us by calling the FSA helpline on 0300 500 5000 (calls should cost no more than 01 or 02 UK-wide calls, and are included in inclusive mobile and landline minutes). FSA is working with Trading Standards to combat this scam. Please also contact your local Trading Standards to make a complaint.

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      The Met Office has issued a weather warning for Wales, heavy rain is expected from 1000 Tue 20 Oct to 1600 Tue 20 Oct

    • Outbreaks of heavy rain will spread across south Wales today with rainfall totals of 15 mm or more in three hours, and 25 mm or more in the period.

      • The public are advised to take extra care and refer to the latest Environment Agency, Floodline, and ‘Flood Warnings’ in force, and refer to ‘Traffic Wales’ for further advice on road conditions.

      Local areas affected :

      • Blaenau Gwent
      • Bridgend
      • Caerphilly
      • Cardiff
      • Carmarthenshire
      • Merthyr Tydfil
      • Neath Port Talbot
      • Newport
      • Pembrokeshire
      • Powys
      • Rhondda Cynon Taff
      • Swansea
      • Torfaen
      • Vale of Glamorgan

      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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      MacKay Corporate Brokers, based in Ayr, has become the 6th insurance broker in Scotland to achieve the CII’s Chartered Broker status.

      BIBA Chief Executive, Eric Galbraith, took time out of his recent political lobbying and member engagement visit to Scotland to acknowledge McKay’s commitment to professionalism and qualifications in the sector.

      Eric Galbraith, BIBA Chief Executive, said: “Congratulations to MacKays on their achievement.  BIBA membership is all about being involved in all aspects of professionalism and Chartered Status is one very important aspect of demonstrating professionalism and commitment to qualifications in our sector.”

      Ian Warnock Managing Director, from MacKay Corporate, added: “It is very important to recognise professionalism in our sector and we are delighted to achieved Chartered Status for our business. MacKay Corporate Insurance Brokers pride ourselves on being a professional business, and this helps differentiate ourselves within our sector.’

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      What is private medical insurance?

      Private medical insurance is designed to cover the costs of private medical treatment, for what are commonly known as ‘acute conditions’ that start after your policy begins.

      Most insurers define an acute condition as a disease, illness or injury that is likely to respond quickly to treatment and aims to return you to the state of health you were in immediately before suffering the disease, illness or injury, or which leads to your full recovery. Your insurer can tell you about their cover for this and other conditions, such as cancer and chronic (long-term) conditions.

      Why buy private medical insurance?

      Most people buy this type of insurance to:

      • be reassured, knowing that treatment is available quickly if they become ill or are injured;
      • have a choice about when treatment will take place, the specialist who treats them and the hospital; and
      • have the privacy of an en-suite room with a TV and other home comforts.

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      Leading Global SaaS Insurance Software Provider Hires Former R J Kiln & Co. Ltd., COO to Expand Services in the UK

      Unirisx, LLC, the SaaS provider of global insurance services, today announced the appointment of Marion Madden as Non-Executive Chairman to the London Market. In this role, Ms. Madden will leverage her expertise within the Lloyd’s market to further expand Unirisx’s presence in the London market.

      “Marion’s extensive corporate experience, particularly in the Lloyd’s insurance market, makes her an excellent candidate to oversee the London market space,” said David P. Hollander, CEO of Unirisx. “Her appointment further supports our efforts of an expanded presence in key markets such as the UK and Continental Europe.”

      Ms. Madden served as Group COO at R J Kiln & Co. Ltd., one of the largest managing agents operating in the Lloyd’s insurance market, where she redesigned end to end operations and developed the company’s IT strategy to ensure scalability of operations globally.

      “Having worked in the financial services industry for over 25 years and understanding how vital technology can be, this opportunity to reshape the London Markets with Unirisx is tremendously exciting and important,” says Madden.

      After beginning her career at NatWest, a global financial services provider, Ms. Madden spent 12 years with American Express where she was promoted to Senior Vice President of Global re-engineering. In 2002, she moved to Royal and Sun Alliance where she was responsible for change management programmes. Ms. Madden sits on several boards within the insurance industry and financial services.

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      Increased car crime is driving up car insurance premiums at their fastest rate for 15 years, according to a car insurance provider.

      Over the last three months, premiums have risen 5%, with thieves often targeting expensive vehicles.

      Once these are stolen they are often never found as they may be taken overseas, cloned or dismantled for parts.

      The car insurance provider believes that much of the car crime is down to driver carelessness.

      For example, there has been a 15% increase in claims this year from people who had their car keys stolen from inside their house.

      Common tactics include:

      • Fishing for keys through the letterbox;
      • Breaking in to a house at night or when it is obviously empty;
      • Pickpocketing or stealing handbags to get keys;
      • Breaking into places where drivers might have left keys such as gym lockers or cloakrooms;
      • Taking keys from desks, jacket pockets or drawers in workplaces;
      • Violently pulling drivers out of their car when parking.

      The car insurance provider also warned drivers against leaving their cars running to warm them up on frosty mornings.

      A spokesperson said: “Keys are the weakest link in the car theft chain and modern cars can’t easily be taken without them.

      “Unfortunately, many drivers still leave keys in their cars even for a moment, for example, popping back into the house because they have forgotten something, at petrol stations or while feeding a pay-and-display machine or parking meter.”

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      Small businesses and local partnerships across Britain can bid for a share of millions of pounds over the next two years to fund innovative projects to improve the health and welfare of their workers.

      Department for Work and Pensions (DWP) Minister Lord McKenzie is inviting small and medium sized businesses and local partnerships to bid for a share of the Health Work and Well-being Challenge Fund from today.

      Lord McKenzie said: “We are working with employers to provide the necessary support to help workers remain happy and healthy in their job. This fund will improve conditions in the workplace and will help to prevent workers taking time off sick.

      “We are looking for innovative and exciting ideas to improve the health and welfare of employees in the workplace. These can include projects to reduce stress, improve a work-life balance or provide healthy activities.”

      The DWP’s Health Work and Well-being Challenge Fund is worth £4m and will be available from now until March 2011.

      We are looking for projects that promote health and welfare at work, such as:

      • Reducing stress and improving other mental health conditions
      • Providing healthy activities
      • Ensuring work-life balance
      • Supportive management

      There will be two rounds of funding and successful projects can be awarded between £1,000 and £50,000 a year. Local Assessment Panels will decide which projects will receive funding, based on criteria aimed at promoting occupational health and welfare at work.

      Further details, including project criteria and guidance for entries, are available here

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        Certain insurance, sometimes known as protection insurance, can pay out in these instances, but they usually only pay out for a limited time and don’t cover all circumstances.

        State benefits may help but most don’t start immediately and usually only last for a fixed period.

        There are many insurances that could protect you in case of illness, disability, unemployment or income decreasabilty :

        To cover mortgage interest repayments :
        Mortgage payment protection insurance (MPPI)

        To be protected if you are diagnosed as suffering from one of the specified illnesses:
        Critical illness cover

        To be paid to help cover your monthly repayments on mortgages, loans, credit/store cards or catalogue payments if you are unable to work:
        Payment Protection Insurance
        Income protection insurance

        To bring financial security for people who depend on you in case you die unexpectedly
        Life insurance

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        If you die unexpectedly, this provides some financial security for people who depend on you.

        There are two main types of life insurance: whole-of-life insurance and term insurance.

        • Whole-of-life insurance pays out an agreed sum whenever you die.
        • Term insurance is the cheaper of the two, as it pays out the agreed lump sum only if you die within the term you’ve agreed. Once the term has ended, you get nothing.

        Life insurance (especially term insurance) can be taken out to cover mortgage repayments. It is worth noting that endowment mortgages automatically include life cover.


        • Mortgage protection insurance is a type of term insurance where the amount of cover decreases over the term of the policy. It is usually designed to tie in with the outstanding amount on a repayment mortgage.
        • Family income benefit is the cheapest type of term insurance, which pays out an income (rather than a lump sum) for the rest of the term.
        • Check – if you don’t have any dependants, you will probably not need life cover.

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        Also known as accident, sickness and unemployment (ASU) insurance. This is similar to PPI but specifically covers mortgage interest repayments. It usually starts one month after your income stops due to redundancy, accident or illness, and continues to pay out for 12 months.

        Check – look at the terms and conditions carefully, and check that it covers your circumstances.

        For example, check whether or not the policy would cover any medical problems you may have had in the past if they started again.

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        Once you take out any kind of loan, it’s very important that you make all the repayments in full and on time. If your loan is a mortgage or other loan secured on your home, you could risk losing your home if you don’t keep up the repayments.

        It could also affect your credit rating. These products are designed to protect your income or borrowing:

        • critical illness insurance
        • payment protection insurance
        • mortgage payment protection insurance
        • income protection insurance
        • life insurance

        If you are an employee and you fall ill, in most cases your employer must pay statutory sick pay for up to 28 weeks, though this will probably be a lot less than your full earnings. After that, you may have to rely on State benefits.

        However, some employers arrange group income protection insurance for their employees as a benefit of their job, and this can pay out an income after the statutory sick period. So check what your employer offers.

        Related articles on Income / borrowing protection :

        Critical illness cover : all you need to know

        Payment Protection Insurance : summary

        Payment protection insurance : what you should know ?

        Payment protection insurance: what are the main features?

        Payment protection insurance: where might you get it from ?

        Payment protection insurance : What is it ?

        Income protection insurance or borrowing ?

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        Barclays is due to find out if it has been successful in its bid to lift a future ban on the sale of controversial payment protection insurance (PPI) alongside credit agreements.

        The high street bank has challenged a recent decision by the Competition Commission to ban the sale of the insurance alongside credit cards, loans and mortgages from October 2010.

        Once the ban comes into force providers will have to wait for seven days before they can contact customers to sell them the cover.

        In a Competition Appeal Tribunal hearing in September, Barclays argued that the point of sale ban was not justified by the evidence collected as part of the Competition Commission’s investigation.

        The Competition Appeal Tribunal is due to give its verdict in the case on Friday.

        Barclays was supported in its appeal by Lloyds Banking Group, in which the Government holds a 43% stake, and Shop Direct Group Financial Services.

        It was opposed by the Competition Commission and City watchdog the Financial Services Authority.

        The point of sale ban is one of a number of measures which will be introduced next year in a bid to increase competition in the PPI market, alongside changes to make it easier for people to shop around for the cover and to change providers.

        The changes being implemented by the Competition Commission are expected to lead to a steep fall in the £4 billion a year that banks and insurers receive from PPI sales.

        PPI covers loan repayments if the holder is unable to work due to an accident or illness or if they lose their job.

        With Press Association

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        The Insurance Times Forum, Challenges for 2010 and Beyond has reflected upon the impact of the global financial crisis on the insurance industry, the impact of regulation and the consideration of challenges that lay ahead for the industry in 2010 and beyond.

        Speaking at this forum, Stephen Haddrill, the ABI’s Director General, talk about said: “We have come a long way in improving customer outcomes. We have been competitive and innovative to the customers’ great advantage. But we have further to go.

        “The risk in recession is that customer satisfaction will not improve as the focus on costs intensifies. As you know, fraud is increasing. Detected fraud increased in volume by 17% between 2007 and 2008, with in excess of 100,000 cases detected. The industry is bearing down on those it suspects. Rightly so. The challenge is not to alienate the honest customer in doing so.

        “Other risks are rising too and bringing new challenges for the relationship with customers. The greater risk of unemployment was pushing up rates for mortgage payment protection insurance earlier this year, to the dissatisfaction of the regulator.

        “And the search for new customers in a stagnant market makes existing customers wonder what is going on. The word on the street is that it is always better to switch. That creates a challenging market. Why, I am asked, does the industry not put as much effort into loyalty and retention as into switching?  Now I know many do but that is not how it seems out there.

        “And of course the growth of price comparison through the internet has intensified the focus on price. The FSA is asking more and more questions about the websites. As always their concern is about customer expectations. The internet policy and the policy sold over the phone by the same firm are not always identical. Why should they be if one is cheaper than the other? Because the customer expects them to be the same.”

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          Sainsbury’s Finance has launched an innovative reward approach which will see Sainsbury’s shoppers rewarded for buying its financial services products. Customers taking out selected Sainsbury’s Finance products will qualify for extra Nectar points on their Sainsbury’s shopping for two years

          Sainsbury’s customers will be able to earn double their normal Nectar reward points on Sainsbury’s shopping for two years when they take out a selected Sainsbury’s Finance product.  This is equivalent to an additional 1 per cent off their Sainsbury’s shopping bill.

          Sainsbury’s Finance is unveiling its new and enhanced reward proposition when many other financial services companies are reducing or removing theirs completely.  Research commissioned by Sainsbury’s Finance reveals that the proportion of credit cards offering holders a reward scheme for example, has fallen by over 11% in the past year. (1)

          The approach which is designed to further strengthen its relationship with its core shopper base will see the Sainsbury’s shopper rewarded with double Nectar points on their shopping, in store, online and in petrol filling stations, for two years, when taking out selected Finance products (Home & Pet Insurance, an Easy Saver account and Credit Card). This offer enhances an already competitive set of products with many having won industry awards and currently featuring in best buy tables.

          Supermarket banking is well known for challenging the traditional providers with their offerings of great financial products at competitive prices. New research commissioned by Sainsbury’s Finance indicates that additional reward incentives could be a major catalyst in getting people to consider supermarket banking. Research(2) commissioned by the supermarket bank indicates that 34% of people currently claim to have a financial services product from a supermarket, but that 70% of people would consider taking one out if they felt adequately rewarded for having one. It also found that 59% of people said that they would be likely to spend more in their supermarket if they had a financial services product that adequately rewarded them on their shopping(3).

          Neil Chandler, chief executive, Sainsbury’s Finance, said: “We know that only 13% of people are satisfied with the level of loyalty reward they currently receive from their finance provider, and 35% claim they don’t receive any at all(3) . Our new approach will allow Sainsbury’s Finance customers to save money every time they go in store, fill up their car or shop online with Sainsbury’s as well as benefiting from good quality, award winning financial products.”

          Justin King, chief executive, Sainsbury’s, said: “The development of our complementary non-food business is one of our key areas of focus and this is a significant opportunity for the bank to accelerate its future growth and customer acquisitions. This new approach further aligns our financial services business with our customer offer, providing greater rewards for our customers.”

          The four core products Sainsbury’s Finance is rewarding double Nectar points on are also among the most competitive in their respective markets.  The Easy Saver account and Credit Card regularly appear in best-buy tables. The supermarket bank’s Home Insurance offers unlimited buildings cover, which only 8% of policies do, and it does not apply charges for customers paying their premiums by direct debit – unlike 68% of policies(4) .  Sainsbury’s Pet Insurance is amongst only 3% of policies to offer as much as £7,500 of veterinary fee cover(4).

          In terms of the value of rewards customers would receive – if you spend £50 a week with Sainsbury’s and you have one of our four key finance products as well as your Nectar card, you would receive £52 worth of Nectar points a year.  With two products and the same spend you would receive £78 worth of Nectar points every year and with all four products, you would earn £130 worth of Nectar points every year on a £50 per week spend. This is equivalent to a 30 minute Flying Lesson and a family trip to Vue cinemas or a Eurostar return ticket to Paris, Lille, Brussels or Disneyland Paris with Nectar points left over.

          Jan Pieter Lips, Nectar’s Managing Director said: “This is a great opportunity for Sainsbury’s customers to get double Nectar points over two years which they will be able to redeem against thousands of different treats from cinema tickets at Vue through to days out at Legoland.  It is one of the biggest ongoing Nectar campaigns we’ve been involved in and really demonstrates Sainsbury’s commitment to rewarding their customers for both shopping and banking with them”.

          You can find out more about the Nectar reward offer and to use the Sainsbury’s Finance online Nectar calculator, by visiting www.sainsburysfinance.co.uk

          Note:

          (1) Defaqto analysis June 2009 and May 2008

          (2) ICM Research interviewed a random sample of 2,009 adults aged 18+ by online-bus between 25th – 27th September 2009. Interviews were conducted across the country and the results have been weighted to the profile of all adults.  ICM is a member of the British Polling Council and abides by its rules.  Further information at www.icmresearch.co.uk

          (3)  ICM Research interviewed a random sample of 2,053 adults aged 18+ by online-bus between 18th – 20th September 2009. Interviews were conducted across the country and the results have been weighted to the profile of all adults.  ICM is a member of the British Polling Council and abides by its rules.  Further information at www.icmresearch.co.uk

          (4)Defaqto analysis September 2009

          New Research(2) from Sainsbury’s Finance reveals that the most popular financial services product that people have from a supermarket is a credit card (22%), followed by savings accounts (11%) and home insurance (7%). However, if people received attractive rewards on their shopping as a result of having these products, 40%, 37% and 39% of people respectively would consider taking them out.

          Customers taking out a Sainsbury’s Finance Credit Card, Easy Saver account, Sainsbury’s Home Insurance or Pet Insurance qualify for the double Nectar offer.

          Easy Saver:  currently a Best-Buy product offering a rate of 2.80% AER

          Credit Card:  currently a Best Buy product offering 0% on purchases for 12 months on Sainsbury’s shopping and 10 months on all other purchases, plus 0% for 10 months on balance transfers

          Home Insurance:  “Best Direct Home Insurance Provider” for 2009 (Your Money awards)

          Sainsbury’s Home Insurance is underwritten by St Andrews’ Insurance plc which is authorised and regulated by the Financial Services Authority.

          Pet Insurance:  designed to offer some of the widest range of benefits available at a competitive price, including veterinary fee cover up to £7,500 per condition. “Best Online Pet Insurance Provider” for 2008 (Your Money awards)

          Double Nectar Points are only available with Sainsbury’s Pet Insurance Option 2 (up to £7,500 vet fees cover). There are two pet insurance products available.

          Sainsbury’s Pet Insurance is underwritten by AXA Insurace UK plc which is authorised and regulated by the Financial Services Authority.

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          Saga Personal Finance has launched an annuity service designed to deliver better pension income for people with pension pots of up to £100,000.  Saga’s new annuity service ensures there is a trusted brand offering competitive rates to meet the needs of the prudent savers of Middle Britain.

          The typical pension pot saved by a retiring Briton today is around £30,000 [1].  In fact, over 400,000 people retire every year with a pension pot of less than £100,000 [2].

          If people do not check out the annuity rates available before committing to a locked-in-for-life pension annuity they could be missing out on a significant sum.  The Saga Annuity Service pays either a flat rate of income or one that increases over time and includes enhanced options for those with medical conditions.

          The vast majority of people simply end up taking whatever is offered by their pension provider.  In fact only 40% of people take advantage of the open market option[3].  This means that someone with an average pension pot could be missing out on around £300 each and every year of their retirement [4].

          Research from Saga Personal Finance reveals that the over 50s would go to great lengths to be £300 a year better off – 37% said they would drive an extra 15 minutes to get to a cheaper supermarket – that’s 13 hours a year[5].  However, the majority of people taking out an annuity do not invest the time to shop around.  Those with the average pension pot of £30,000 could make £300 a year with just an eight minute phone call6 to Saga when buying an annuity – that adds up to £7,500 over 25 years.

          Andrew Goodsell, Executive Chairman, Saga Group, said          : “For too long, middle Britain has been doing the right thing and saving for their retirement; but then at the final hurdle many miss out on the best deals when they come to buy their annuity and are left out of pocket for the rest of their lives.  This is a locked-in-for-life decision and too many people are missing out.  More should be done by companies and the regulator to ensure that people take up the Open Market Option.

          Note:

          [1] Legal & General

          [2] Watson & Wyatt, In Retirement Study March 2008

          [3] Watson & Wyatt, In Retirement Study March 2008

          [4] On average the average OMO uplift is c. 20% therefore a male aged 60 in good health with an annuity of £30,000 may have been offered £1,500 income pa from their existing pension provider however if this were to be uplifted by 20% it would rise to £1,800 pa. Giving the customer an additional:

          • £25 per month for the rest of their life;

          • £300 per annum for life; or

          • £7,500 if they were to live for 25 years

          [5] Source Populus research carried out online amongst 9,441 people aged 50+ between 7th and 14th September 2009.

          [6] Average call time to L&G annuity service, actual call time will vary and the average for Saga customers may be different.

          Product range:

          The standard annuity will pay either a fixed-income or increasing income for the rest of the client’s life.

          The Annuity Plus is designed for those who suffer from certain medical/lifestyle conditions (people who smoke, are overweight or underweight, have high blood cholesterol or diet controlled type 2 diabetes) and may be eligible for a higher income than that offered by a standard Non Profit annuity.

          The Enhanced annuity is aimed at those with a more serious health complaint. Clients could be eligible for receiving an additional 20 per cent extra income. Furthermore, if clients opt to provide a spouse’s, registered civil partner’s or dependant’s income, they too could qualify for enhanced terms.

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          More and more colleges and universities are offering academic courses in motorsport engineering. Now one college is taking the whole idea up a level by not only teaching student;s motorsport, but also giving them the opportunity to get involved in a real team, on the track. To support the costs involved, the College of West Anglia’s motorsport team is being sponsored by a number of companies including Adrian Flux Insurance Services of East Winch in Norfolk.

          John Suckling, lecturer at The College of West Anglia, says: “The best way to hammer home a lesson is to go and experience the thing first hand. There’s no doubt that our students get a huge amount of benefit from actually being part of a team competing in motorsport for real, as opposed to just learning about it at desk and workshop.”

          “To help with funding, we decided to contact a number of companies for sponsorship and partnership deals,” he explains. “We involved the students in the presentation to sponsors, because it’s a significant part of being in a ‘real’ motorsport team. We approached Flux and they’ve been very supportive. As well as giving us cash to help cover the cost of racing, they’re giving lecturers and students on the course a discount on their car insurance.”

          For Adrian Flux Insurance Services, the sponsorship was attractive on several different levels. Flux’s operations director Gerry Bucke explains: “Cars are our core business, particularly performance cars, and we insure a lot of younger drivers. At the same time, most of our sponsorship supports local causes and, specifically, sports people. So sponsoring The College of West Anglia’s motorsport team ticks a whole load of boxes for us, all at the same time.”

          The College’s team is racing at Lydden Hill and Brands Hatch in the Semsec championship. “Students are working on the car and preparing it – they’re getting the experience that could win them a job as an engineer or mechanic in a top motorsport team,” explains John Suckling. “Currently one of the lecturers drives the car, but if a student has a racing licence and insurance, we’ll encourage them to get in the cockpit.”

          The idea of being part of a racing team is clearly an attractive one. “We started the motorsport course two years ago with 15 students,” adds Suckling. “This year we’ll have over 50, some of them commuting 60 miles to the College. Competing on the circuit makes them more interested and more enthusiastic about the whole course.” Currently the College of West Anglia offers two motorsport courses, at BTEC and National Diploma level, and plans to offer a foundation degree from September 2010.

          For information about courses at The College of West Anglia visit www.col-westanglia.ac.uk or call 01945 582561.

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          AEGON announces that it has successfully completed a capital management transaction that will make available approximately USD 650 million of additional regulatory capital to its US operations.

          The transaction, which has an initial size of USD 900 million, serves to realize the value of a portion of future profits associated with an existing book of traditional life business. The term of the transaction between AEGON and JPMorgan Chase Bank is ten years.

          Jan Nooitgedagt, CFO of AEGON said: “Improving returns of AEGON’s businesses continues to be one of our key priorities,”.  “This latest transaction, which is part of our capital preservation program, will further strengthen our overall capital position and enable us to manage our capital more effectively.”

          Between the third quarter of 2008 and the second quarter of 2009, AEGON released EUR 3.3 billion of capital from its businesses and is committed to exploring additional capital preservation initiatives.

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          The Market Reform Group has changed its name to the London Market Group and expanded its remit.  The LMG will in future look to extend its activities beyond process change to discussions where a cross market view, or some collaborative action, might be beneficial.

          Barnabas Hurst-Bannister, chairman of LMG, said: “MRG has been instrumental in delivering the substantial change we have seen over the last few years that has enhanced London’s position in the global marketplace.

          “Whilst we remain absolutely committed to delivering the Finish What We’ve Started programme – and further efficiency improvements beyond this – the need for fundamental ‘reform’ has passed and we should reflect this in our name.

          “The wider remit will ensure that we build appropriate consensus around any issue that affects the competitiveness of our market. This will ensure that London remains at the forefront of the global insurance industry.”

          Jonathan Palmer-Brown, chairman of the London and International Insurance Brokers Association, said: “LMG can help continue London’s progress and ensure its ongoing pre-eminence in the global insurance industry. This is the right move to ensure that we do not lose momentum and continue to deliver improvement to our clients.”

          Richard Ward, chief executive of Lloyd’s added: “The industry faces a range of issues that must be tackled as a market, issues that go beyond just reform. LMG is precisely the right vehicle to build on the achievements we have delivered to date, and deal with the future challenges.”

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