Sunday, November 24, 2024
Home Authors Posts by George Stobbart

George Stobbart

Profile photo of George Stobbart
1954 POSTS 0 COMMENTS
http://www.news-insurances.com

0 0

Privately held LLC will pay New York $10.6 million and give customers $1.4 million to settle a 2006 civil suit filed by the state’s attorney general in regarding payments to policy owners.

The attorney general’s office determined that the Philadelphia-based company should have paid owners $1.4 million more for the market value of their insurance. Coventry wasn’t assessed any penalty or fine in ending the case.

Coventry First is a leader in the growing multibillion-dollar life settlement industry, a business that helps people cash in life insurance policies before they die for a fraction of their value.

Chief Executive Alan Buerger on Friday thanked the attorney general’s office for its attention to consumer issues in the life-insurance industry, saying he hoped the office would continue to look into anti-consumer actions meant to deprive policy owners of their holdings’ full market value.

“We will continue to fight for consumers’ rights to access the market value of their life insurance policies,” Buerger added.

At the time of the suit’s filing, Eliot Spitzer was New York’s attorney general. He was succeeded by Andrew Cuomo as he left the post to become governor, but resigned later amid a prostitution scandal.

Spitzer contended at the time the suit was filed that Coventry First violated fraud and antitrust laws by making secret payments to competitors that stifled bidding and weren’t disclosed to policy sellers.

0 0

After unsuccessfully searching the markets for takeover targets, RSA has abandoned plans to raise one billion dollars in a rights issue.

In its effort to increase its presence across Europe and in emerging markets, the insurance group will now focus on smaller bolt-on acquisitions funded by existing capital.

The news has been greeted with shock across the insurance industry as RSA is rated one of the strongest insurers in the UK, having its regulatory capital requirement covered by almost 2.5 times over with a surplus of 1.7 billion pounds on its balance sheet.

    0 0

    Rich countries should make more vaccine available to poorer nations where the H1N1 virus is starting to hit, U.N. health officials said on Sunday.

    They said increased readiness for swine flu was needed in developing countries with weaker medical systems and with large, young populations, who are most vulnerable to the disease.

    “We may well see a different pattern of impact once this virus starts to take off and those explosive outbreaks occur in some of the poorer communities in the world,” said Julie Hall, an infections disease expert at the World Health Organisation, a U.N. agency.

    The WHO, which declared H1N1 a global pandemic in June, says a third of the world’s population of nearly 7 billion people could catch it.

    Some countries, such as the United States, Brazil and France, have agreed to make 10 percent of their national vaccine stockpile available to developing countries. Manufacturers have also donated about 150 million doses of vaccine.

    More is needed, said David Nabarro, the U.N. coordinator for fighting new emerging flu varieties.

    “The challenge during the next few weeks is to build up the solidarity between wealthy nations and poor nations to ensure that adequate vaccine is made available,” he said.

    September and October are usually just the start of flu season in the northern hemisphere, but there are signs of a second H1N1 wave after it first flared this year, Hall said.

    “Already we are seeing the U.S., many European countries, Japan and Mexico reporting over the past few weeks a sudden increase in cases,” she said.

    As of Sept. 20, swine flu had killed 3,917 people in 191 countries since being identified in April, the WHO has said

    0 0

    Insurance training and consultancy provider Searchlight has launched a dedicated regulatory compliance support service. The new service is aimed at SME insurance providers looking for a flexible high-quality outsourced compliance support service on either a one-off or an ongoing basis.

    The new service is headed by Searchlight director Peter Farmer who explains: “We have found that many firms, particularly medium-sized firms, in particular, are increasingly aware that satisfying the FSA’s open-ended requirements requires a level of expertise they cannot readily or affordably resource in house. We have brought together a team of individuals with the breadth and depth of experience to identify and manage any compliance-related issues they are likely to encounter. Employing this level of experience and expertise in-house is an expense most smaller firms are not willing to take on, so having us on call provides a much more practical and attractive alternative.”

    Searchlight’s regulatory and compliance support services are available on a very flexible basis offering a range of solutions, from a one-day health-check to add hoc project-based interventions and ongoing support via a regular monthly retainer. Searchlight is offering the assurance of a bespoke personalised service with a single dedicated point of contact over time.

    “Compliance consultancy is a very logical extension to our service offer at Searchlight,” Farmer continues. “We have offered training on all aspects of FSA regulation from day one; but for a number of reasons we have not previously felt the timing was right to offer a compliance consultancy service.

    “For one thing, the standard of provision available to SME firms has been distinctly mixed – and there is inevitably a reluctance to be associated with that – but I also think it has taken a while for people to appreciate that a rules-based colour-by-numbers approach simply doesn’t provide an adequate response to the FSA’s thematic principles-based regime.

    “A lot of the money spent on outsourced compliance services to date has not actually offered a particularly good return on investment.  We wanted to dissociate ourselves very clearly from the people who have come into (and, in many cases, now left) the market to make a quick buck. We have taken the time to put together a highly experienced, capable and practically-minded group of individuals capable of delivering the quality and scope of service SME insurance firms need at a price that’s highly affordable.”

    0 0

    Standard & Poor’s Ratings Services said today that it revised its outlook to stable from negative on Hungary-based Generali-Providencia Biztosito Zrt (Generali Providencia).

    At the same time, the ‘BBB-‘ long-term counterparty credit and insurer financial strength ratings were affirmed then withdrawn at the company’s request.

    Prior to the withdrawal, the ratings were significantly influenced by those on the Republic of Hungary (BBB-/Stable/A-3) because Generali Providencia’s investment portfolio is largely correlated to Hungarian sovereign risk.

    Other rating factors were the company’s strong competitive position and operating performance. In addition, the company is strategically important to its ultimate parent, Italy-based insurer Assicurazioni Generali SpA (AA-/Stable/–), the parent of the Generali group, which is Europe’s third-largest insurer.

    As a result of the rating withdrawal, Generali Providencia is no longer subject to surveillance by Standard & Poor’s. The outlook revision to stable from negative at the time of the withdrawal follows the outlook revision on the Republic of Hungary (for more information, see “Republic of Hungary Outlook Revised To Stable On Sustained Consolidation Effort; ‘BBB-/A-3’ Ratings Affirmed,” published today on RatingsDirect).

    This reflects that Generali Providencia’s credit quality will remain highly exposed to that of Hungary.

      0 0

      Aviva is launching a new series of TV adverts designed to encourage younger generations to start thinking about pensions. The campaign, which can be seen on UK TV screens from Sunday 4 October, looks at retirement planning from the point of view of a young father and highlights the financial and emotional challenges which today’s consumers face.

      The adverts are designed to underline the importance of planning for retirement from an early age. A recent Aviva survey of people in their first year of retirement – carried out to support the campaign – shows that 47% wished they had saved more and 41% regretted not saving into a pension sooner.

      The campaign builds on the success of two TV advertisements from Aviva’s Life business which aired in the summer to support its annuities and life insurance products.

      Paul Goodwin, head of pensions marketing for UK Life, Aviva says: “It is widely known that a large proportion of people are not saving enough, or starting their pension soon enough to provide the lifestyle they want in retirement.

      “At Aviva we understand the financial pressures that many people in their 20s and 30s are under, but we also know the importance of retirement planning. By getting into the savings habit from an early age and putting even a small amount into a pension each month, an individual could see a huge difference in their retirement income, compared to a similar person who waits.

      “This advert is designed to help educate people and encourage them to think about retirement planning from an early age, so we can help to bridge this gap.”

      A second advert will also be screened to support Aviva healthcare, specifically its MyHealthCounts service which was launched in July this year.

      0 0

      Accident-claim handler Helphire Group posted a full-year pretax loss mainly due to non-cash exceptional charges and said it was not declaring a dividend this year.

      The company said the current year started with trading in line with its expectation and it was continuing to generate operating cash.

      Helphire, which works with the insurance and motor industries to provide vehicles to motorists involved in accidents until their own vehicles are repaired or replaced, said it reduced net debt to 239.5 million pounds from 362.3 million pounds at the end of the previous year.

      Helphire, which paid a dividend of 12.3 pence per share for the year ended June 30, 2008, said it was not declaring a dividend this year.

      For the full year, the company reported a pretax loss of 149 million pounds, compared with a pretax profit of 43 million pounds last year.

      Adjusted operating profit before tax dropped to 4.7 million pounds from 55.4 million pounds a year earlier.

      0 0

      Italian bank Intesa Sanpaolo SpA is considering selling, listing or finding a partner for its insurance unit according to a financial source said on Friday, and a newspaper put its value at more than 3 billion euros ($4.37 billion).

      The move would be part of ongoing efforts by Italy’s biggest retail bank to boost capital. It turned its back on the state’s offer of crisis-fighting aid on Tuesday and issued a 1.5 billion euro Tier 1 hybrid bond to bolster capital ratios.

      “The insurance group is part of the list of assets that could be used to generate value as well,” said the source, who spoke on condition of anonymity. The source gave no details.

      Il Messagero newspaper said Intesa Chief Executive Corrado Passera presented a paper to the board on Tuesday that put the insurance unit among three non-core assets that could be sold to boost capital.

      The others are asset manager Banca Fideuram and Intesa Sanpaolo’s depositary service.

      An Intesa spokesman declined to comment.

      Sale of the insurance unit could be decided next year, Il Messaggero said, citing Passera’s document.

      The bank said last month that assets up for sale, listing or partnership included Fideuram. Exor SpA, the holding company for Fiat’s Agnelli family, has said it is interested in Fideuram.

      News reports have also said Intesa Sanpaolo was in talks to sell the depositary service to State Street Corp. The U.S. company has declined to comment.

      Intesa Sanpaolo said on Tuesday that it would carry out asset disposals worth 11 billion to 15 billion euros.

      Shares in Intesa Sanpaolo were off 1.52 percent at 2.915 euros at 1215 GMT, in line with the DJ Stoxx banks index.

      With Reuters

        0 0

        The second wave of swine flu has now begun, the chief medical officer (CMO) said on Thursday, as the latest figures showed that swine flu infections are steadily mounting.

        The past week has seen 14,000 new cases, a 45% increase over the previous week, with schoolchildren being most affected.

        This week has also seen the approval of a swine flu vaccine, which Sir Liam Donaldson, the CMO, expects to be available to at-risk patients later this month:

        “The good news is we’ve got the green light to approval of the vaccine at European level and we’re expecting to be able to start administering it in the second part of October.

        “We’re pleased that we’re able to start protecting people with underlying illness as quickly as this”, Sir Liam added during his weekly update.
        Weekly update

        Other hightlights :

        • There are 286 people in hospital with swine flu, 36 of whom are in critical condition. This represents a substantial rise.
        • To date, 84 people with swine flu have died in the UK. There have been 72 deaths in England, nine in Scotland, two in Northern Ireland, and one in Wales.
        • A swine flu vaccine has now received licensing approval, meaning the first doses of the vaccine should be administered in the second half of October.
        • There have been 79 school outbreaks (defined as at least 15% absenteeism or a marked increase in cases) since the pandemic began

          0 0

          In response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay, AIG provides the following facts :

          The U.S. government has provided support to AIG in several forms: direct equity investments in AIG, loans to AIG, the extension to AIG of a mostly untapped equity capital facility, access to a commercial paper funding facility[1] and loans to special purpose entities formed by the Federal Reserve Bank of New York (FRBNY). The loans to these special purpose entities are to be repaid by those entities, and not by AIG, from the proceeds of the assets owned by those entities.

          The Breakdown:

          • Loans to AIG, Including interest and fees: $38.8 billion

          Detail: The FRBNY has provided AIG a revolving credit facility of up to $60 billion for a five-year period. The US GAO reported on September 21, 2009 that as of September 2, 2009, AIG owed $38.8 billion under the FRBNY Facility, including accrued compounding interest and fees.

          • Equity capital: $44.8 billion

          Detail: The U.S. Treasury Department invested $41.6 billion in AIG preferred stock through its TARP program. The U.S. Treasury has also provided a commitment of up to $29.835 billion in connection with the issuance of additional TARP equity, of which, AIG has drawn $3.2 billion.

          Note: AIG and the FRBNY have agreed that AIG will issue to the FRBNY preferred interests in special purpose vehicles holding equity in certain AIG subsidiaries in exchange for a reduction in the outstanding debt under the FRBNY facility. When these transactions close, AIG’s debt to the FRBNY will be reduced by a total of $25 billion.

          Additional government funds provided for the benefit of AIG

          In the last quarter of 2008, the FRBNY created two financing entities (Maiden Lane II and Maiden Lane III) and made loans totaling approximately $44 billion to these entities which used the funds to purchase value-impaired assets from AIG and its counterparties.

          Maiden Lane II received $19.5 billion and used the funds to purchase residential mortgage-backed securities (RMBS) held in connection with AIG’s securities lending program. In addition to principal repayments, the FRBNY receives interest on the loan at LIBOR plus 1% (paid by proceeds from the RMBS assets). The GAO report notes that as of September 2, 2009, this loan has a balance of $16.9 billion.

          Maiden Lane III received $24.3 billion and used the funds to purchase collateralized debt obligations (CDOs) from counterparties to AIG Financial Products Corp. (AIGFP), an AIG subsidiary related to credit default swap contracts written by AIGFP, in connection with the termination of such CDS. In addition to principal repayments, the FRBNY receives interest on the loan at LIBOR plus 1% (paid by proceeds from the CDOs). The GAO report notes that as of September 2, 2009, this loan has a balance of $20.2 billion.

          Hightlights:

          Total authorized assistance: $182.3 billion (as reported in the GAO report)

          Total outstanding assistance: $120.7billion (as reported in the GAO report)

          Total debt and equity balance requiring repayment from AIG: $83.6billion (as reported in the GAO report) [2]

          [1] In October 2008, the Fed created a Commercial Paper Funding Facility (CPFF) to provide a liquidity backstop to U.S. issuers of commercial paper. AIG’s participation in the CPFF is on the same terms and conditions as other companies that participate in this program. Under the CPFF, the Fed purchases commercial paper from participating AIG affiliates. Proceeds from the issuance of the commercial paper are being used to refinance AIG’s outstanding commercial paper as it matures and meet other working capital needs.

          [2] The difference between the $83.6 billion to be repaid by AIG and the $120.7 billion in outstanding assistance is due from the Maiden Lane entities.

            0 0

            The powerful earthquake that hit Indonesia’s Sumatra island this week was seen having a limited impact on growth in Southeast Asia’s biggest economy, as the affected areas contributed less than 3 percent of GDP.

            The U.N. said some 1,100 people had been killed in Wednesday’s 7.6 magnitude quake. Thousands more were feared trapped under damaged houses. West Sumatra province was worst affected, with Jambi and Bengkulu provinces also hit.

            Following is a summary of the possible impact on trade, inflation, non-performing loans, the budget deficit and growth:

            • The government’s GDP growth target of 4.3 percent is seen largely unaffected. The three provinces contributed less than 3 percent of the national GDP.

            • The country’s most populous island of Java contributed half of the country’s GDP. Sumatra island contributed about a quarter, but mostly from North Sumatra, Riau and Lampung provinces.

            • The three provinces export commodities such as palm oil, rubber and coffee. But their exports accounted for only about 1.9 percent of the country’s total exports in the first half of 2009.

            • The quake has damaged some roads and was likely to push up prices in the three provinces. A central statistics bureau official, however, said the areas have small weightings in the calculation of the consumer price index.

            • The government has set aside at least 250 billion rupiah ($25.92 million) in initial emergency funds to cope with the quake, Finance Minister Sri Mulyani Indrawati said.

            • Local media reported 2.4 trillion rupiah in disaster funds not yet used in the 2009 budget. The amount mentioned by the finance minister indicated that the quake funds were unlikely to push up the 2009 budget deficit, forecast at 2.4 percent of GDP.
            • The quake’s impact on non-performing loans was likely to be limited. Outstanding bank loans in the three provinces were at 35 trillion rupiah, or 2.5 percent of total loans in the industry as of July. NPL ratio in the industry stood at 4 percent as of July. ($1=9645 rupiah)

            Source : Indonesia’s statistics bureau (www.bps.go.id), Bank Indonesia (www.bi.go.id)

            With Reuters

              0 0

              The U.S. Senate Finance Committee on Friday wrapped up debate on a massive overhaul of the U.S. healthcare system and prepared to vote on the legislation next week.

              Hightlights :

              • Senate panel wraps up healthcare debate
              • Panel prepares for vote on bill next week

              “We can be proud of what we’ve done here,” Committee Chairman Max Baucus said as the panel completed the amendment process and set a vote for next week. The panel is awaiting an official cost estimate on the roughly $900 billion measure before advancing the measure to the full Senate.

              The bill calls for sweeping insurance market reforms and seeks to rein in soaring medical costs and expand coverage to millions of uninsured people.

              U.S. President Barack Obama praised the panel’s work.

              “We are now closer than ever before to finally passing reform that will offer security to those who have coverage and affordable insurance to those who don’t,” he said in a statement.

              In its seventh day of debate, the committee moved to try to make the medical coverage people will be required to purchase more affordable. It also changed the proposed tax on high-cost insurance policies to provide for more generous plans for retirees and workers in high-risk professions before the tax kicks in.

              Deals for low income earners

              The bill would impose a 40 percent excise tax on insurance plans in excess of $8,000 for individuals and $21,000 for families. An amendment approved on a 13-10 party line vote raises those levels for retirees and high-risk professions, such as coal miners, to $9,850 and $26,000 respectively.

              The panel also voted 12 to 11 mostly along party lines in favor of a proposal by Democratic Senator Maria Cantwell that would allow states to negotiate deals with healthcare plans for those on low incomes.

              “We are going to do everything we can to drive down the cost of insurance … at least this amendment is a start,” Cantwell said.

              Healthcare reform is Obama’s top domestic priority and the the Senate Finance Committee is the last of five congressional committees to complete its work on the overhaul. The bill will be merged with one approved earlier by the Senate Health, Education, Labor and Pensions Committee before it is taken to the full Senate in mid-October.

              The panel also voted 14-8 for an amendment offered by Democrat Blanche Lincoln that would set a $500,000 limit on the amount of executive pay that health insurance companies can deduct from taxable income.

              The panel voted 22-1 for an amendment by Democratic Senator Charles Schumer and Republican Olympia Snowe that would exempt more lower income people from the requirement to purchase insurance and delay implementation of penalties for failure to purchase insurance.

              The Baucus bill would have allowed hardship waivers only if the cost of insurance exceeded 10 percent of a person’s income. The amendment lowered that threshold to 8 percent.

              Penalties delayed

              The amendment would also delay imposition of penalties on people who fail to purchase insurance. As a result, there would be no penalties for anyone who failed to purchase in 2013, while after that penalties would be phased in by increments of $200 a year, Snowe said.

              The bill eventually would impose a maximum tax penalty of $950 for individuals and $1,900 for families that fail to purchase insurance.

              Snowe, who holds a crucial Republican swing vote for the healthcare overhaul, argued against penalties until lawmakers are sure affordable health coverage is available.

              “Let’s make sure this system works for the average American,” she said.

              The proposal would create state-based exchanges where individuals without employer-sponsored coverage and small businesses could shop for insurance. But the exchanges would not include a government-run plan or “public option” backed by many Democrats.

              Instead, the committee’s bill would create nonprofit insurance cooperatives to create competition.

              The Cantwell amendment accepted by the committee would allow states to voluntarily negotiate with healthcare plans to provide coverage to people with incomes lower than twice the poverty level, about $44,000 for a family of four, but who are not eligible for the Medicaid health program for the poor.

              “It is a public plan, but negotiated with the private sector,” Cantwell said, adding that federal money would be provided to states that tried the program.

              With Reuters

              0 0

              RCM, Allianz’s equity fund management unit, is launching two new hedge fund products aimed at increasing its assets under management in the sector by more than 50 percent, its Chief Investment Officer said. Andreas Utermann told Reuters that RCM will launch, in the next few weeks, a new Luxembourg-domiciled cross-border UCITS equity fund, and will launch a new vehicle which invests across its existing long-short funds within the next two quarters.

              Highlights :

              • Eyes $100 million from two funds
              • Targets family offices, private wealth managers
              • Plans new market neutral strategies

              He said RCM found that clients — including family offices and private wealth managers — were happier with a Luxembourg UCITS structure than with Cayman Islands-based funds.

              RCM has “less than $200 million” under management in hedge fund products, Utermann said. RCM is hoping to raise at least $100 million through the new propositions.

              RCM only started marketing its hedge funds products last year but the credit crisis froze markets and triggered a flight to low-risk products such as government bonds.

              There was no “significant time pressure” to deliver the new asset flows, he said.

              The company already runs three long-short strategies — a balance of traditional bets on stocks rising and bets that prices will fall. It is also considering adding a couple of market neutral strategies, which involve selecting stocks to keep the portfolio buffered from severe market swings.

              Utermann said the new launches were “a strategic move,” that did not herald a step change in its hedge funds business.

              “It is opportunistic and client-centric. We have said we will only launch long-short strategies if we have demonstrable alpha streams and these have to be directly connected with what we already do,” he said.

              With Reuters

              0 0

              Bupa is launching a new flexible private medical insurance (PMI) product for businesses employing more than 50 people.

              Companies will be able to build their own tailored health insurance packages using benefit options previously available to larger employers.

              The design means businesses and staff will not have to pay for cover they don’t want or need.

              BUPA Select will be available from 1 December and alongside its core product, offers: out-patient, add-on cash packages and a range of underwriting and excess options.

              Companies can also choose to exclude cancer or psychiatric cover, have a rolling excess or add an annual benefit maximum to their policy, allowing them to control costs and minimise exposure to high claims.

              There are also packages available to cover overseas and off-shore employees.

              Fiona Harris, head of strategy and development at Bupa UK Health & Wellness said: “We know that many businesses are struggling in the current economic climate, but we also know how much they and their employees value their healthcare cover.”

              “Feedback from intermediaries has shown they need clarity of the benefits available and we are now able to provide a more flexible PMI product regardless of group size,” she added.

              0 0

              RSA has today announced that it has been appointed by West Bromwich Building Society as the sole provider of its buildings and contents insurance policies.

              New business will be accepted from Thursday 1 October 2009 and the new WBBS insurance product will be sold via RSA’s Stargate home insurance platform.

              RSA will assist the Building Society by providing:

              • Sales Consultants to work alongside West Brom’s sales teams to provide advice on driving sales and maintain confidence in RSA’s products and services
              • Key Account Managers to handle the day to day relationship with West Brom, working with them to deliver strategic activity plans and drive overall account performance.
              • Marketing Support, using RSA’s insight from MORE TH>N and Affinity teams, to grow the business and deliver campaigns that make West Bromwich Building Society stand out from its competition.

              Commenting on the announcement, Andy Elkington, Partnerships Director  at RSA said, “Winning this business is a further endorsement of our household offering and is another important progression in the growth of our Affinity division. This agreement demonstrates our commitment to working flexibly and providing first class products to serve the needs and wants of our customers.”

              Paul Field, Divisional Director, Operations, West Bromwich Building Society, said, “We are delighted to team up with RSA to bring our customers home insurance from one of the UK’s largest insurance groups. This new proposition is further evidence of how we are reshaping our retail business to ensure we meet our customers’ needs more effectively with a greater choice of new and innovative services.”

              0 1

              “As a country, Ireland’s demographic footprint is changing – people are getting older and are faced with a longer working life than previous generations” says Michael Gordon, investment expert with Hibernian Aviva Life & Pensions.

              Research reveals 50% of people are prepared to work past retirement age to fund their retirement and data from the Central Statistics Office (CSO) reveals those aged 65+ will account for one fifth of the population by 2036- in comparison to just 11% in 2001. Furthermore, the number of “oldest old” persons (those aged 80 and over) is projected to more than treble from a 2001 level of 98,000 to about 320,000 in 2030.

              Commenting on this grey evolution, Michael Gordon said: “These findings reveal the face of Irish society is changing with the ageing of the population. So it is important for pre-retirees talk to a financial adviser about their future financial security and start saving for retirement.”

              However, the research also reveals many consumers are putting a freeze on their retirement savings as a result of the economic downturn with 34% of people not regularly setting aside money for when they retire. Michael Gordon said: “The research reveals that consumers are clearly nervous about investing at the moment because of the current financial market turmoil. However by not saving for retirement Ireland’s consumers may be forced to live a very frugal lifestyle with just the state pension of €230.30 per week to live on or the equivalent of about €12,000 per year.

              “By talking to a financial adviser and saving for retirement, people can overcome these issues leading to a more balanced and relaxing lifestyle after the normal retirement age of 65,” continues Michael Gordon.

              Investors should consider euro cost averaging when it comes to retirement planning. “Despite the market turmoil since last September, many pension clients that pay their pension on a monthly basis have been pleasantly surprised to see that they have benefited from what is called Euro Cost Averaging. Essentially by regularly paying into their pension, these clients have bought at a lower price as markets fell and are now benefiting from the strong equity market rally that has occurred since March,” says Michael Gordon.

              For pension investors looking for a smoother investment journey Hibernian Aviva has launched the Aviva Irl BlackRock European Absolute Return Strategies Fund (EARS). “With the Aviva Irl BlackRock European Absolute Return Strategies Fund (EARS) we are helping Ireland’s investors smooth out the bumps in the financial market and avoid the risks associated with making once-off lump sum investments. It is so important that investors realise they can still make money and increase the value of their retirement fund during the recession by making regular investments”.

              0 2

              QBE is pleased to announce the appointment of Jean-Claude Gèze as Head of Aviation for QBE France. Jean-Claude will report to Emilio Di Silvio (Managing Director of Aviation) and Jean Basset (General Manager for QBE in France) and will be based in QBE’s Paris office.

              Jean-Claude was previously employed as Underwriting Director of Aviation at Allianz Global Corporate & Specialty (France), and before that had worked at Allianz Marine & Aviation and Assurance France Aviation during his 15-year aviation insurance career. QBE already has a sizeable portfolio of business in France from its existing product range, managed from its headquarters in Paris. With Jean Claude’s appointment QBE will be able to provide Aviation insurance products and services across the full spectrum of Aerospace risks in the region.

              Commenting on the appointment, Jean Basset, General Manager for QBE in France said: “This new line of business for QBE in France once again proves QBE European Operations’ long term commitment to the French market.” “We are very pleased to welcome Jean-Claude Gèze to head this new class of business for Paris and we expect to capitalize on his well-known franchise in this area to cross-sell other lines of business linked to the Aerospace sector, such as Casualty and Property.”

              Emilio Di Silvio, Managing Director for Aviation at QBE European Operations, commented: “This appointment is a very important step in the development of QBE’s long-term ambitions in the European Aviation sector. Jean-Claude is a knowledgeable, highly respected and well-connected individual within the French market and having worked with Jean-Claude for many years in different roles, I am delighted that he has now agreed to join QBE.”

              “As Head of Aviation in France he will be a key member of the European Aviation team, and will take a leading role in the continued evolution of this part of our business, whilst his long market experience and wide network of personal relationships will benefit all aspects of the French Aviation business”

              0 0

              Willis Group Holdings announced today that the Willis Commercial Network (WCN), its partnership with local independent brokers in the UK, will launch an initiative in conjunction with its insurer partners to eliminate inefficiencies in the joint renewal process.

              The initiative aims to eliminate or modify non-value add parts of network members and insurer partners processes. It will also focus on getting a joint agreement on timely and “right first time” renewal processes for the future, which will be delivered through efficient and effective internal procedures. This will save time and resource and will streamline the renewals process for both parties, but most importantly it will improve the service experience for clients.
              At the Willis Commercial Networks’ tenth anniversary conference in July, WCN members and representatives from Aviva, Allianz, Axa, Zurich and RSA took part in a Continuous Improvement Masterclass run by the Warwick Business School. At this workshop, inefficiencies in the renewals process – including what information is collected and how it is exchanged with insurers – were cited as one of the biggest stumbling blocks for brokers. The WCN members and insurers present resolved to work together on a project, spearheaded by the Willis Networks management team, to eliminate these inefficiencies.
              After taking part in the workshops at the conference, Janice Deakin, Corporate Sales Director, Aviva, commented, “I was taken aback by some of the inefficiencies in the current renewal process and was sure such processes could be streamlined even further with insurers’ input. I therefore gave a commitment that Aviva would actively engage in such an exercise with both the Willis Networks team and WCN members, as this will ultimately benefit all the parties to this partnership.”
              The Continuous Improvement Project began a year ago when Willis introduced its network members to Japanese Kaizen principles and tools to help them improve their business processes. The principle of Kaizen is to bring together the constituent parts of a team and office to collectively review real-life performance issues, with the aim of improving processes and resolving the issues.
              The Kaizen principles were initially applied in pilot programmes at several WCN-member brokers, in which process inefficiencies were identified and improvements put in place with great success. In these pilots, it was discovered that there were various underlying types of “waste” in most of the businesses, including duplication of work, poor access to and storage of information, and the incorrect allocation of administrative tasks to senior employees. Each member conceded there were certain efficiencies that could be achieved if they were able to include their insurer partners within this review and improvement process.
              Willis Networks Managing Director, Mark Radburn said, “I am excited by the launch of this project, which we are hoping will have dramatic positive repercussions among our members and the clients they serve. It is vital that the network community works together to help each other thrive, particularly in these tumultuous times. Through this project our members and insurer partners will be able to do more with the resources they each have because they will have tackled the daily process frustrations which currently get in the way.”
              Following on from the success of the previous workshops, the Willis Networks management team is currently organising a one-day workshop in October to kick off the new renewals improvement project. Participants will be drawn from WCN’s insurer partners, network members and the Willis Networks operations team.
              Willis Networks was established in 1999 and is comprised of the Willis Commercial Network, representing brokers placing annual premiums of between £3 million to £25 million, and Willis N2, which represents community brokers with up to £3 million in annual premium.

              0 1

              Munich Re intends to resume its suspended share buy-back programme and repurchase shares with a volume of up to €1bn by the 2010 Annual General Meeting. The buy-back is scheduled to start shortly.

              In the period from 1 October 2009 until the Annual General Meeting on 28 April 2010 at the latest, Munich Reinsurance Company intends to buy back shares for a total purchase price of up to €1bn. On the basis of the current share price, this would amount to around 9.2 million shares or 4.7% of the share capital. The repurchased shares are to be retired.

              Nikolaus von Bomhard, Chairman of Munich Re’s Board of Management said: “We are keeping our word and are resuming our share buy-back programme after a seven-month break. In our view, the economic environment has now stabilised sufficiently. We are consequently returning unneeded capital to our share-holders.” Von Bomhard stressed: “Our capitalisation is such that it enables us to continue taking selective advantage of opportunities for profitable growth despite the share buy-back. And we are still well equipped even if there should be a setback in the economic recovery.” The resumption of the share buy-back programme was proof of Munich Re’s flexibility, he added.

              Since November 2006, Munich Re has carried out share buy-backs with a total volume of €4bn, including €1bn in 2006/2007. As part of its Changing Gear programme in May 2007, it announced share buy-backs of more than €5bn. Of this amount, share buy-backs totalling €3bn have already been completed: €2bn in 2007/2008 and €1bn in 2008/2009.

              0 1

              The Hartford Financial Services Group, Inc. announced today that Liam E. McGee has been appointed Chairman of the Board of Directors and Chief Executive Officer, effective October 1, 2009. Until recently, McGee was President of the Consumer and Small Business Bank for Bank of America Corporation where he operated the nation’s largest retail bank, serving more than 50 million consumer households and small businesses with over 6,100 domestic banking centers, nearly 100,000 employees and the nation’s largest online and mobile bank.

              Michael G. Morris, The Hartford’s presiding director said: “Liam’s strong track record of success in leading large, complex financial services organizations makes him the ideal person to build on The Hartford’s strong foundation. “He has an outstanding combination of leadership skills, financial acumen and operational and technology experience, along with a demonstrated ability to evolve and profitably grow businesses in response to changing business environments and customer needs. We welcome Liam to The Hartford and look forward to working with him as he leads the company into its third century.”

              McGee stated: “The Hartford has a strong brand that has been associated with trust and integrity for 200 years, great business franchises, a talented team of employees, and enduring relationships with distribution partners. In an environment of intense competition, technological innovation and changing consumer and business behavior, there are clear opportunities to create competitive advantages. By leveraging and building on The Hartford’s strengths, we will enter our third century as an industry leader, well positioned to achieve the expectations of our customers, shareholders, partners and employees.”

              McGee succeeds Ramani Ayer, who in June announced his intention to retire from the Company. Ayer will resign as Chairman and CEO effective October 1, 2009 and will retire on November 1, 2009, following a brief transition period. Ayer has served as Chairman and CEO of The Hartford since February 1997 and has spent his entire career serving the company.

              Commenting on the announcement, Ayer said: “Liam is a proven leader in the financial services industry with an outstanding set of skills, a deep appreciation of balancing risk and return, and broad experience in a variety of financial businesses. He also shares The Hartford’s values, including product and customer service excellence, integrity, and a commitment to giving back to the communities in which we operate. I look forward to working with Liam to ensure a smooth transition.”

              “Ramani’s deep industry experience, integrity, and strong leadership skills have been instrumental to the success of The Hartford over the course of his 36-year career with the company,” added Morris. “We are grateful for the contributions he has made and for his continuing dedication to The Hartford. On behalf of the Board and our 29,000 employees, I sincerely thank Ramani for his lifetime of service to – and his distinguished leadership of – The Hartford.”

              Prev1...818283...98Next Page 82 of 98

              POPULAR POST

              Seroni Interactive is an independent publisher of information BtoC and BtoB sites in banking and insurance & specialist digital content. Our productions of brand content possible to affirm your image, positioning, demonstrate your expertise and create a traffic or a hearing and therefore advertising exposure for your brand.
              Contact us: contact@news-insurances.com

              SOCIAL

              34FansLike
              6Subscribers+1
              965FollowersFollow

              Popular category

              © Seroni Interactive