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George Stobbart

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Willis Group Holdings, today announced that it has completed the purchase of 100 percent of the share capital of Herzfeld Willis S.A. (Retail operation) and Willis S.A. (Reinsurance operation) in Argentina. The business will now be known as Willis Argentina S.A. Terms of the transaction were not disclosed.

Willis established a presence in Argentina in 1999 by acquiring 20 percent of Herzfeld & Levy, a leading national insurance broker, to become Herzfeld Willis, and setting up Willis S.A., a reinsurance company in which the Group took a 60 percent stake, with the remaining 40 percent owned by two private individual investors. In 2000, Willis acquired a further 20 percent stake in Herzfeld Willis and then in 2004, became the majority shareholder of Herzfeld Willis by acquiring a further 20 percent stake to move to an overall 60 percent holding. The latest deal sees Willis increase its stake to 100 percent in both the retail and the reinsurance operations.

Eugenio Paschoal, Chief Executive Officer for Willis Latin America, said: “We have taken full ownership of Willis Argentina because we see excellent growth prospects in this country and are committed to becoming the leading broker there. We have ambitious expansion plans for Latin America as a whole and a strong foothold in Argentina will help us maintain the double-digit growth momentum that we have built up in the region.”

Fabiana Scalone, Chief Executive Officer of Willis Argentina S.A., said: “Together with Willis, we have developed a dynamic hub of insurance and reinsurance broking expertise in Argentina. By coming fully under the Willis umbrella, we believe that our clients will continue to benefit from high-touch local service, backed by the extensive global resources and expertise of one of the world’s leading broker power houses.”

Willis Argentina has 130 Associates located in its office in Buenos Aires. All told, the global broker has 26 offices throughout Latin America in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.

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Swiss bank UBS is appointing a Morgan Stanley investment banker to head its insurance practice in North America, months after it lost two senior insurance bankers to Greenhill & Co.

Michael Ostow will join UBS as a managing director and report to Gary Howe and Halle Benett, Americas co-heads of the financial institutions group.

Ostow, 41, was co-head of the North American insurance group within Morgan Stanley’s FIG practice.

Halle Benett comments: “The insurance sector is currently undergoing enormous change, and we are seeing a significant pipeline of insurance-related transactions”.

In April, boutique investment bank Greenhill said it hired three bankers from UBS, including Alejandro Przygoda, who was head of UBS’s global insurance practice, and Steven Friedman, who was co-head of its insurance practice for North America.

Gary Howe added: “Two years after the start of the financial crisis, financial institutions continue to face unprecedented challenges, which have led to a high volume of transactions, from capital raising to restructuring to M&A”

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The Trustee of the Merchant Navy Officers Pension Fund (MNOPF) has secured around £500 million of pension liabilities through a bulk annuity contract purchased from Lucida plc, an insurance company focused on the annuity and longevity risk business.

The agreement entails Lucida insuring over half of the total pensioner benefits of the Old Section; a section of the fund which closed in 1978 and covers almost 22,000 retired members.

Andrew Waring, the Chief Executive of MNOPF said: “Security has been the Trustee’s watchword in deciding to de-risk, in selecting a provider and in negotiating the contract. This insurance policy takes a significant step along that path and is an important contribution to our wider strategy of progressively reducing risks across the Fund.”

Jonathan Bloomer, Executive Chairman of Lucida, commented, “We are delighted that MNOPF has chosen to partner with Lucida to help them manage their risks and protect their members’ benefits. Our team, our commitment to excellent customer care and our strong capital position enabled us to be successful in this competitive process.”

Watson Wyatt Project Lead and Senior Consultant, Paul Kitson said “Annuities and similar solutions are the ultimate matching asset for pension schemes and protect them from market movements and increasing life expectancy. Multi-billion pound pension funds like MNOPF are looking to de-risk in stages but be ready to move quickly and take advantage of opportunities such as this as they arise”

Robert West, Head of Pensions at Baker & McKenzie who provided legal advice, comments, “The uncertainties of the last year in the financial markets have left many trustee boards with a strong desire to increase members’ security through buy-in arrangements. This agreement between MNOPF and Lucida breaks new ground for industry-wide schemes and provides renewed impetus in the marketplace”.

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    The Financial Services Authority (FSA) has today announced a package of tough measures to protect consumers in the Payment Protection Insurance (PPI) market and ensure they are better treated when buying PPI or complaining about it.

    Firms representing more than 40% of face-to-face sales in the Single Premium Unsecured Personal Loan PPI market have agreed to review these sales and redress those consumers identified as mis-sold.  Ongoing supervisory action continues with the remainder of this market place.

    These measures build on the agreement the FSA obtained from the industry earlier in 2009 to stop selling Single Premium PPI on unsecured loans.

    For complaints about all PPI products, new measures will tackle the key issue that too many complaints are rejected by firms and then overturned by the Financial Ombudsman Service (FOS) in favour of the consumer:

    • new guidance (due to take effect by the end of the year) will ensure PPI complaints are handled properly, and redressed fairly where appropriate – the FOS has indicated support for the FSA’s proposed approach; and
    • a new rule will require firms to reopen some 185,000 previously rejected PPI complaints and reassess them against the guidance.

    In addition, the FSA is launching targeted assessment of sales practices for PPI on secured loans and credit cards; if the potential for mis-selling is identified, pro-active reviews by firms may be extended to these areas too.

    Jon Pain, FSA managing director of retail markets, said: “Consumers should not be pressured or deceived into buying PPI and they are entitled to have a policy properly explained to them.  It is unacceptable that despite previous warnings about poor sales practices, backed by 22 enforcement cases and significant fines, the PPI sector still needs the FSA to intervene on this.

    “And the outcome of a complaint about a PPI sale should not depend on whether or not the complainant persists past the firm on to the FOS.

    “The industry must show it can act fairly, consistently and in the best interest of consumers on PPI. All firms operating in this sector should take note and where necessary get their house in order. Where we find problems in PPI sales or complaint handling, firms can expect tough action, including requiring them to undertake reviews and, where appropriate, pay redress.”

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      The government has announced that it is to extend its car scrappage scheme by an additional 100,000 cars and vans – good news for anyone looking to trade in their old vehicle.

      The National Franchised Dealers Association (NFDA) noted Lord Mandelson’s decision to increase the number of vehicles eligible under the scheme will help provide a boost to the automotive and car insurance sectors in the UK, as newer cars are more expensive both to purchase and insure.

      Paul Williams, chairman of NDFA, commented: “The extension of the vehicle scrappage scheme by the government is a victory for common sense over dogma.”

      However, Alistair Jeff, director of Carsite.co.uk, recently noted it is becoming more difficult for young motorists to find affordable vehicles due to many of these cars being traded in for newer models.

      Mr Jeff stated this reduction in availability is artificially boosting the value of those older vehicles that are left on the market.

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        United States President Barack Obama declared American Samoa as “a major disaster”, after the remote Pacific island was hit by a tsunami that left at least 14 people dead there.

        “The president tonight declared a major disaster exists in the territory of American Samoa and ordered federal aid to supplement territory and local recovery efforts in the area struck by an earthquake, tsunami, and flooding,” a statement from the White House said.

        A tsunami triggered by a massive 8.0-magnitude earthquake struck American Samoa and neighboring independent Samoa, killing at least 36 people across the two remote islands. Of those, 14 were reported killed in American Samoa.

        The presidential declaration will make available both immediate resources for emergency response measures as well as federal funding for American Samoa, the statement said.

        The US Federal Emergency Management Agency has named Kenneth Tingman the federal coordinating officer for federal recovery operations in the affected area, the statement added.

        FEMA said they were dispatching two emergency teams to the region, though it was unclear how quickly its personnel would arrive. It has also pre-positioned supplies in Hawaii that could be used for emergency response.

        Officials in Apia in independent Samoa said the death toll from the earthquake and subsequent tsunami was at least 36, and was expected to rise significantly.

        “It was an earthquake, which caused a tidal wave 15 feet (4.5 meters) in height,” said Eni Faleomavaega, American Samoa’s delegate to the US Congress.

        “Some of the areas there are only a few feet above sea level, so you can imagine the devastation,” Faleomavaega told AFP by telephone.

        With AFP

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        Flagstone Reinsurance Holdings Limited announced today that it has reached an agreement to become the sole shareholder of Flagstone Reinsurance Africa Limited (FRA), previously called Imperial Re, by acquiring the remaining 35% share currently held by Imperial Holdings Limited. Based on the successful integration of all aspects of FRA into the Flagstone Group and the substantial progress made in terms of business development, Flagstone and Imperial have decided to accelerate the transition to full Flagstone ownership. The transaction is subject to necessary regulatory approvals.

        Mark Byrne, Chairman of Flagstone and Flagstone Re Africa, commented, “We are excited to have completed the integration work early, and with the substantial progress made in our African strategy. We would like to thank Imperial Holdings for their fine partnership, and look forward to a continuing business relationship with Imperial.”

        Flagstone had previously acquired a 65% majority shareholding of FRA in June 2008 at which time the company’s name was changed and an AM Best international rating of A- was attained.

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          Allianz SE and the BMW Group plan to intensify their collaboration on a global level. The CEOs of the two companies, Michael Diekmann and Norbert Reithofer, signed a declaration of intent to this effect in Munich yesterday.

          The focus is to offer clients vehicle and mobility related insurance products such as car insurance and used car guarantees. The Allianz products will supplement the comprehensive range of financial services that BMW Financial Services already offers its customers.

          “Allianz is a strong partner for the BMW Group and its customers,” said Michael Diekmann, CEO of Allianz SE, at the signing of the declaration of intent. “Allianz has in-depth product and sales expertise in insurance solutions for car manufacturers and their dealer networks, as well as a global presence and profound knowledge of the respective local market conditions. The global partnership builds on the existing successful cooperation between BMW Group and the international subsidiaries of Allianz.”

          “In Allianz SE we have an ideal partner who can support us and our customers all over the world with comprehensive, transparent and high-quality premium products,” added Norbert Reithofer, CEO of BMW Group. “That is one of the components in the implementation of our Number ONE strategy: we want to become the world’s leading provider of premium products and premium services for personal mobility.”

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          You are entitled to the basic State Pension if you have paid, been treated as having paid or been credited with enough UK National Insurance (NI) contributions:


          • If you are in paid work and you earn more than £100 in any week (for 2007/2008) from a single employer, you will pay NI contributions through your wages
          • If you are working and earning between £87 and £100 in a week (for 2007/2008) from a single employer, you will be treated as if you have paid NI contributions
          • If you have not been able to make NI contributions (for example, if you haven’t been able to work due to illness or because you have been looking after a sick or disabled person and getting Carer’s Allowance), you may be granted NI credits. Or, if you have been caring for children, been a foster carer, or been looking after a seriously ill or disabled person (but not able to get Carer’s Allowance), you may have the number of your qualifying years reduced to help increase your State Pension entitlement.
          • If you are self-employed, you must pay NI contributions unless you have made a successful application not to pay because of low earnings. You must make these payments to HM Revenue & Customs yourself
          • In some circumstances you may be able to use your wife’s, husband’s or civil partner’s NI contributions to help you get a better State Pension

          From April 2010, you may be credited with contributions for periods when you were:

          • receiving Child Benefit for a child under 12
          • caring for a sick or disabled person for at least 20 hours
          • an approved foster carer

          If you reach state pension age on or after 6 April 2010, periods for which you have been awarded HRP before this date will be converted to credits.

          If you have gaps in your National Insurance record which mean you will not get a full basic State Pension when you reach State Pension age you may be able to fill them by paying voluntary contributions. For further information please see:

          National Insurance Contributions on the HM Revenue & Customs website

          State Pension – Paying Class 3 National Insurance contributions

          Additional Voluntary National Insurance contribution factsheets

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            Your national insurance record will determine your entitlement to many social security benefits. These include:


            • State pension,
            • contribution-based Jobseekers Allowance,
            • contribution-based Incapacity Benefit,
            • contributory Employment and Support Allowance, and
            • bereavement benefits.

            To be entitled to one of these “contribution-based” benefits, you have to satisfy two contribution conditions (except for bereavement benefits).

            The first contribution condition is that you have to have paid enough actual contributions in one or more past tax years (the tax year runs from April 6th to April 5th). The second contribution condition is that you have paid paying, or have been credited with, enough contributions in the last two tax years before your claim for the benefit.

            Contributions and credits
            The national insurance record is built up from either actual contributions or contributions which are credited, or a combination of the two.

            Contributions may be actual deductions from earnings while you are in paid employment. The deductions are made between the age of 16 and state pension age, if you earn more than a certain amount of money.

            State pension age is currently 60 for women and 65 for men, but is set to rise from 2010. For more information see the Pension Service website.

            There are different classes of contribution depending on whether, for example, the contributions are made by the employee or employer or by a person who is self-employed. Different classes of contribution give entitlement to different benefits.

            In some circumstances you can be credited with earnings or “Class 1” contributions which may help you satisfy the entitlement conditions to certain benefits.

            If you are a carer receiving Carer’s Allowance you should be credited with Class 1 contributions for each week in which the benefit is paid. You would also receive credits if the only reason you are not receiving Carer’s Allowance is because you receive a bereavement benefit (see sections on carers credits and home responsibilities protection for more information).

            You can also receive credits:

            • for each complete week you receive Jobseekers Allowance or you are available for work and actively seeking work. Even if you are not entitled to Jobseekers Allowance, signing on at a Jobcentre Plus office will help protect your contributions record,
            • for one or two complete tax years when you are on a course of full time training, education or an apprenticeship,
            • for each week you receive either statutory maternity pay or statutory adoptions pay, or
            • for each week when you receive the disability element or severe disability element of working tax credit.

            The national insurance scheme
            The national insurance scheme is run by Her Majesty’s Revenue and Customs (HMRC). Your national insurance number is the number used to keep track of your national insurance contributions and your entitlement to benefits.

            The way in which national insurance credits can help you satisfy the conditions for different benefits is complicated. It may be a good idea to seek advice.


            With NHS Choices

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            The approximately 200 employees of Allianz Shared Infrastructure Services SE in Frankfurt who currently deliver application services for the former Dresdner Bank will be taken on by Commerzbank and integrated into Commerz Systems GmbH.

            Commerz Systems GmbH develops and maintains IT solutions for Commerzbank, for example for retail and corporate banking, payment and securities systems, particularly systems relating to risk and compliance. The company currently has 155 employees in Frankfurt and Bremen.

            In taking this step, Commerzbank intends to ensure that operation of the Dresdner Bank applications remains as stable and reliable as ever until the Dresdner Bank systems are finally decommissioned. In addition, Commerzbank is acquiring the years of experience and expertise of Allianz Shared Infrastructure Services SE employees in the IT banking sector for future projects and activities. An extensive qualification program is also being launched to help the employees with their start at Commerzbank Systems.

            The integration into Commerzbank offers the employees concerned reliable and excellent future perspectives. The exact time of the staff transition will be decided in the coming weeks, and discussions are already underway with works’ council representatives.

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            PartnerRe Ltd. today announced that it has entered into definitive agreements amending the previously announced acquisition structure of PARIS RE Holdings Limited, the French-listed, Swiss-based diversified reinsurer. By moving directly to a merger vote in lieu of an exchange offer, the amended structure is expected to expedite PartnerRe’s acquisition of PARIS RE, while keeping unchanged the consideration granted to PARIS RE shareholders.

            As previously announced, PartnerRe has entered into agreements to acquire 77%, and previously acquired approximately 6%, of PARIS RE’s outstanding common shares. In these transactions, PartnerRe offered (subject to certain adjustments) the same exchange ratio of 0.30 PartnerRe common shares for each PARIS RE common share. The closing of the 77% block purchase is currently expected to occur in October 2009, subject to certain conditions, including the approval of certain insurance and competition regulatory authorities. All PartnerRe and PARIS RE shareholder approvals required in connection with the closing of the 77% block purchase have been obtained. As a result of the closing of the purchase of the 77% of PARIS RE’s outstanding common shares referred to above, PartnerRe will hold 83% of PARIS RE’s outstanding common shares.

            Following the closing of the block purchase, PARIS RE has agreed to call a meeting of its shareholders to vote on a proposal to effect a merger, governed by Swiss law, of PARIS RE into a wholly-owned subsidiary of PartnerRe. Through such merger, PartnerRe would acquire the remainder of PARIS RE’s outstanding shares at the same 0.30 exchange ratio. PartnerRe expects that PARIS RE will provide its shareholders, together with the invitation for the shareholders’ meeting, a shareholders’ information letter detailing the revised acquisition structure and informing the PARIS RE shareholders of their right to inspect the merger documentation (including the merger agreement and a merger audit report) during the 30-day period prior to the meeting. The merger, when approved by the holders of at least 90% of all outstanding PARIS RE voting rights, is expected to become effective in December 2009.

            PartnerRe intends to obtain a listing for its shares on the Euronext Paris stock exchange, which will be effective upon completion of the merger. PartnerRe will also seek to implement measures to enhance shareholders’ access to liquidity including through the New York Stock Exchange. Further details as to these measures will be provided in another press release to be issued before the meeting of PARIS RE’s shareholders to vote on the merger.

            In the revised acquisition structure, the merger will no longer be preceded by a voluntary exchange offer. However, if (1) the affirmative vote of the holders of at least 90% of all outstanding PARIS RE voting rights in favor of the merger is not obtained at the shareholders’ meeting to be called by PARIS RE’s Board of Directors or at any adjournment or postponement thereof, or (2) the merger is not effective on or prior to January 31, 2010, the original transaction structure will be reinstated.

            In the coming weeks, PartnerRe may enter into agreements to purchase additional PARIS RE shares or secure voting commitments from certain other shareholders of PARIS RE in connection with the merger vote. Such purchases will be disclosed in filings with the Securities and Exchange Commission and with the Autorité des marchés financiers (the French listing authority) as required.

            Prior to the closing of the purchase of the 77% of PARIS RE common shares, the consideration payable in all stages of the transaction (including the initial purchases of 6%) remains subject to adjustment up or down if the parties’ relative tangible book values diverge significantly. In addition, the number of PartnerRe shares payable for each PARIS RE share in the merger will be appropriately adjusted upwards to account for any dividends declared on the PartnerRe common shares having a record date following the closing of such purchase and prior to the effective time of the merger.

            As previously announced, PARIS RE intends to effect a capital distribution by way of a reduction of the nominal value of all PARIS RE’s shares of up to CHF 4.17 per PARIS RE common share (the Swiss franc equivalent of $3.85 as of July 7, 2009, the date on which PARIS RE fixed the U.S. dollar/Swiss franc currency exchange rate to be used for the share capital repayment) to all of its shareholders. This distribution, which has been approved by PARIS RE’s shareholders, remains subject to the obtaining of regulatory approvals. To the extent that the distribution is not paid prior to the closing of PartnerRe’s purchase of the 77% of PARIS RE’s outstanding common shares described above, it will be paid immediately prior to the merger, or earlier, if all conditions to the payment of the capital distribution have been satisfied and PartnerRe has entered into commitments ensuring that the requisite PARIS RE shareholder approval for the merger will be obtained.

            The amended structure of the transaction does not change the companies’ stated approach to all renewals prior to July 1, 2010, for which PartnerRe and PARIS RE will renew their portfolios separately, and with the underwriting approach customary for each company.

            PartnerRe is listed on the New York Stock Exchange, and shareholders can obtain more information about PartnerRe from the documents it has filed with the SEC, which are available free of charge as described below.

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              Over half (56%) of small and medium-sized enterprises (SME) in the UK have taken deliberate steps to diversify their business in order to survive the recession according to new research by Aviva[¹].

              Diversification through new products or services, opening at weekends, trading for longer hours and targeting new customer groups were the most common actions taken by SMEs to weather the economic storm, compared to additional promotions and increased discounts (28%). Reducing staff pay, benefits and/or hours (18%), and reducing the number of permanent staff employed (10%) were other frequent actions taken by SME owners. Interestingly, only two per cent of those polled declared that they had applied for one of the Government’s business assistance programmes such as the Enterprise Finance Guarantee.

              The survey also highlighted the fact that the recession is forcing some SMEs into taking unnecessary risks; enforced reductions in overheads are leading to cut-backs on crucial areas of business protection and operational security. Over one in 10 (12%) SMEs admitted that they don’t have any commercial insurance in place. Given that employers liability insurance is required by law, there is a risk that some companies could be trading illegally. With an estimated 4.7 million SMEs in the UK[²], that means there could be around 560,000 businesses that are potentially at risk of being out of pocket should a disaster strike[3].

              David Bruce, commercial product manager at Aviva, comments: “Britain’s small business community remains entrepreneurial, creative and opportunist at heart, with an innate ability to be both flexible and versatile. The ability to anticipate and adapt to the changing environment is key for any successful business, and business owners are clearly leading the way in this regard.

              “However, it is worrying to see how many businesses have admitted they have no insurance at all. If one of your staff, or a customer, has an accident at work it is unlikely you would be able to pay out a claim that could run into thousands of pounds yourself. Protecting what you’ve already got and what you’re trying to build for the future should be fundamental for any conscientious business owner.”

              Other business concerns

              Cash flow
              It is clear that cash is still king, with 69% of SMEs polled citing cash flow as their toughest business challenge in 2009 and 38% describing it as the aspect of their business that worried them most.

              This concern is reflected across multiple business sectors. Of those polled, restaurants, pubs and companies trading in the leisure sector were the most concerned about money, with 75% citing cash flow as their primary area of concern. 70% of shops, salons and beauticians cited cash flow as their main challenge, while the Professional Services sector seemed least affected by financial worries.

              Despite the current economic environment, the survey revealed that almost a quarter of SMEs (23%) found dealing with paperwork, due to cuts to services from specialist providers, a tougher challenge than obtaining capital from the bank (19%).

              Bruce continues: “Running a business can be stressful at the best of times but you don’t have to be a ‘jack of all trades’ so play to your strengths and try to focus on the reason you became your own boss in the first place. Dealing with red tape and paperwork can be quite daunting but remember that expert advice need not be costly and can free up your time to concentrate on more important areas, like generating income.

              “For example, instead of worrying about what sort of insurance you should have why not let your local insurance broker sort it all out for you.  That would be one less job for you to do and peace of mind that your business is adequately protected.”

              Putting in the hours
              One in five SMEs of those surveyed regularly works over 50 hours per week, equating to 104 hours or 4.3 days per year over the EU Working Directive’s specified rules. Given this devotion, it’s perhaps no surprise that SME owners rate determination and hard work as the character traits most commonly found in successful businessmen and women.

              The hardest workers in the UK (calculated by number of hours worked) appear to be in Wales, with 23% of those polled regularly working 56+ hours per week. Greater London and the North East of England are also amongst the regions investing the most time into their businesses.

              Comparatively, the shortest working week, and possibly the best work-life balance is enjoyed by those based in Northern Ireland, with three in four SME owners (75%) working 35 to 40 hours per week and only six per cent working a 56+ hour week. Overall it appears that the recession is forcing SMEs to work longer hours in order to keep their businesses going; time is one of the first areas to be sacrificed in a recession.

              Table 1.0:  SME working hours, by region


              Region 35 to 40
              hours              		 46 to 50
              hours              		 56 +
              hours
              East Midlands 68% 15% 17%
              East of England 53% 29% 18%
              Greater London 53% 25% 22%
              North East 43% 36% 21%
              North West 69% 17% 13%
              Northern Ireland 75% 19% 6%
              Scotland 62% 24% 13%
              South East 54% 34% 12%
              South West 72% 17% 11%
              Wales 54% 23% 23%
              West Midlands 69% 28% 3%
              Yorkshire/Humberside 62% 31% 7%

              Bruce continues: “Businesses need to be aware that longer working hours can affect performance at work. For example, the result could be a higher number of accidents or injuries.

              “With 38% of all major accidents involving slips, trips and falls amounting to nearly 11,000 serious injuries in the workplace every year it is important to take steps to safeguard yourself against a claim[4]. Talk to your broker to make sure you have the right level of insurance for your particular business.”

              Sources of specialist business knowledge
              Aviva’s research found SMEs preferred the internet for sourcing specialist business knowledge, scoring higher than asking a family member or friend (35%), with 84 per cent of those polled looking online for solutions to their business challenges.

              Of those companies using specialist services, it seems the majority are concerned with staying on the right side of HM Revenue and Customs with 91% using accountancy services.

              Bruce said: “The internet is a fantastic research tool but the sheer quantity of sites you can visit for information can make finding help or advice a complicated and overwhelming task.

              “We know businesses already have enough to do every day without having to search around for the right advice so we have put all the information in one place. Our website provides free information on a range of legal and health and safety matters, as well as advice on risk and guides to sales, marketing and business planning to our customers.“

              [¹] Research conducted online by Red Shift Research with 500 SME owners in August and September 2009

              [²] The Department for Business, Enterprise and Regulatory Reform, 30 July 2008. http://stats.berr.gov.uk/ed/sme

              [3] 12% of 4.7 million SME’s = 564,000

              [4] www.hse.gov.uk/slips/index.htm and www.hse.gov.uk/slips/index.htm

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              Aviva today appoints Andrea Moneta, chief executive of Aviva’s European business, to its plc board with immediate effect. Andrea will join Aviva’s three existing executive directors on the board: group chief executive Andrew Moss, chief financial officer, Philip Scott and Mark Hodges, chief executive of Aviva UK Life.

              Aviva is a leading provider of life and pensions products in Europe. Aviva’s European business operates in 15 countries and the region is the single biggest contributor to Aviva’s group sales. Aviva is the largest bancassurer in the region and sales through this channel increased by 13% in the first half of 2009.

              Andrea Moneta joined Aviva in July 2008 to lead Aviva’s European operations outside the UK. He has extensive experience in European financial services. Before joining Aviva, Andrea was managing director of Dubai Financial Group. He also held senior executive positions with UniCredit, including group CFO, and previously worked for the European Central Bank and Accenture.

              Lord Sharman, chairman of Aviva, comments: “I am delighted that Andrea will join the board. Andrea’s deep experience in European financial services and his understanding of banking partnerships is a real asset as we develop Aviva internationally and further strengthen our bancassurance capability.”

              Andrew Moss, group chief executive, comments: “Andrea is leading the transformation of Aviva’s European business. He is an outstanding leader whose entrepreneurial approach, vision, and track record in financial services will help Aviva realise its full potential in Europe.”

              Aviva will hold a presentation to investors on plans for its European business on 22 October.

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              AXA UK has appointed Cheryl Toner as group marketing and communication director as Olivier Mariée, the incumbent director, takes up the global role of group marketing and distribution director based at AXA’s headquarters in Paris.

              Toner will take up her new role from 1 November, reporting directly to Nicolas Moreau,  group chief executive of AXA UK, and will become a member of the AXA UK Executive Committee.

              Toner will lead the overall development and implementation of the marketing, brand and communication strategies to ensure that AXA realises its ambitions to become the trusted market leader for its distributors and customers in the UK and in Ireland.

              Toner is currently AXA UK’s strategic marketing director responsible for marketing strategy and planning, customer insight and segmentation as well as for customer and distributor satisfaction programmes and tracking.

              Nicolas Moreau, chief executive of AXA UK, said, “I am delighted to welcome Cheryl to my senior team at AXA UK.  Over the last few years we have made great progress in our marketing communication approach resulting in our brand achieving top three status in the UK insurance market. Cheryl has been instrumental in developing the tools we use to measure our marketing effectiveness and ensuring that we build a customer-centric organisation.  Her wealth of knowledge and experience will be invaluable as we continue to build the brand in what is a highly competitive market.”

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              The Motor Insurers’ Bureau (MIB) has launched its ‘Stay Insured’ campaign, designed to target drivers who may be wavering when it comes to renewing their insurance policies due to increased financial pressures.  The campaign is being fronted by Natalie Pinkham, host of ‘You’re Nicked’ and ‘Police Interceptors’.  A new research report shows:

              • 1 in 10 18-34 year old drivers are unaware that car insurance is a legal requirement

              • 3 in 4 drivers are currently looking for ways to reduce motor insurance costs

              • About 900,000 driver under the age of 30 are currently driving without insurance

              • 60% of drivers think they are likely to be caught and only 7% are aware of all the possible consequences when they are caught.

              The Motor Insurance Database lies at the heart of being able to detect uninsured drivers and is used by the police to seize about 500 vehicles a day.

              The Stay Insured campaign highlights the consequences of driving without insurance which include: vehicle seizure by police, six licence penalty points, and a £200 penalty.

              Keith Morris, chairman of MIB, said ongoing financial difficulties being felt by many as a result of the economic downturn could be prompting people to cancel their car insurance, but this is something which should be avoided.

              He commented: “We want to help drivers by providing information on how they might save money, but still remain appropriately covered. We also want to emphasise the consequences of uninsured driving are severe.”

              Figures published the government recently showed that each year, £30 from every car insurance premium goes towards paying for damaged caused by uninsured drivers in the UK.

              This costs the insurance sector more than £380 million, with uninsured motorists more likely to be involved in road traffic accidents and criminal activities.

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              Chaucer Syndicates Limited (‘‘Chaucer’’) is proud to announce that its team has been awarded first place in the Total Objects Insurance Industry Challenge for the second consecutive year.

              The event took place at the Docklands Sailing and Water Sports Centre at the Isle of Dogs on Thursday 17 September and Chaucer scooped the main prize of the day, winning with an impressive 28 points after competing in three main events; dragon boat racing, a 5 kilometre bike race and a 2 kilometre run.

              The Chaucer team, captained by Steve Trautner, comprised Craig Axon, Clive Small, Martyn Rodden, Aaron Barclay, Emily Brimson, Tom Robertson and Daniel Golding. Tom Kirkman from Evans Cycles also joined the team. Thirteen teams from across the insurance Industry competed in the 2009 industry challenge, which was hosted by IT solutions company, Total Objects, who were raising money for the COINS Foundation, a charity that supports sustainable projects in some of the world’s most excluded communities. The Chaucer team raised a total of £2500.

              Steve Trautner, team captain of Chaucer, commented: “Although Chaucer’s boat had been the quickest through all the heats, we were by no way complacent and rightfully so, as in the final the other teams were determined to beat us. It was an extremely close finish. Somehow we managed to put just enough effort in to snatch a victory away from Hardy, who we thought might have just pipped us to the post.”

              Rich Law, Head of the COINS Foundation, commented: “The money raised by the insurance industry will have a real impact on people’s lives – it really will mean the difference between life and death for some people. It will also change their life prospects. We’re working on a wide range of projects that deliver sustainable change in communities – from building schools, hospitals and homes through to providing micro-finance to encourage local enterprise and providing clean, safe water to drink.”

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              International insurance and financial services group Groupama today announces the launch of Groupama Asigurari, a new leading player on the Romanian insurance market.

              Built upon the merger of Asiban and BT Asigurari, the new company will deliver the best possible value, service and performance to Romanian customers via both life and non-life insurance solutions.

              Denis Rousset, the general manager of Groupama Asigurari said: “Our clients will benefit from a strong service offering, an innovative product proposition and, during the current economic difficulties, the strength of one of the leading international insurance companies, which already proved itself to more than 16 million customers from all over the world,”

              Groupama Asigurari’s business model will be based on establishing long-term partnerships with customers and will leverage the knowledge and expertise which the France-based company has already successfully deployed in other 13 countries.

              Jean-Francois Lemoux, International General Manager of Groupama said: “With our strong track record, we are well placed to meet the demands of the Romanian insurance market and to play a leading role within it,”.  At the end of June 2009, the cumulated results of Groupama’s companies in Romania placed the group on the third place, with a 10% market share.

              Groupama Asigurari provides a competitive range of life, property, liability, agricultural and motor products, specially tailored to the needs of both retail and corporate customers. Over the next four years, the new company targets a 25% market share the non-life sector (excluding motor), plans to double its market share in life, to 20%, and to maintain its 15% market share in auto.

              To achieve these ambitious goals, Groupama Asigurari benefits from a completely rebuilt network structure, based on professionalism and efficiency. The sales network is spread across eight regions and counts 300 agencies and point-of-sales. To better serve its customers, the company has opened a claims center in Bucharest and plans to open a regional call center in Cluj Napoca, in 2010. The management team includes both local and international experts, from within the management of Asiban, BT Asigurări, OTP Garancia and Groupama.

              This structure will be further enhanced once OTP Garancia will also complete its integration in Groupama Asigurari, at the end of 2009.

              The new brand, Groupama Asigurari, will be supported by a comprehensive campaign which will include advertising, public relations and corporate responsibility programmes. The corporate image campaign will start on Monday, the 28th of September and will include all channels of promotion: TV, print, online, outdoor and unconventional projects – under the tagline: “Groupama Asigurari. We insure all that matters to you”.

              The first initiative in CSR on the Romanian market is being materialised through the support given to the Comedy Cluj Film Festival, on its first edition, taking place between 10-18 October in Cluj. Groupama Asigurari, sustained by the Foundation Groupama Gan for the Cinema, will present 4 Jacques Tati restored films (Les Vacances de M. Hulot, Mon Oncle, PlayTime, Trafic). The Foundation regularly lends its support to the restoration of film masterpieces from all over the world, for more than 20 years, Groupama has a worldwide experience in practising socially responsible values and principles, its commitment to society being a natural extension of its activities.

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                AXA Insurance announces today the IT platform chosen to support its commercial lines business and drive forward the commercial strategy.

                The EXAMPLE platform® by Duck Creek Technologies Europe (DCTE) and in partnership with Tata Consultancy Services (TCS) has been chosen to replace the current IT mainframe systems which have been operational for the past decade. The new system will provide a robust and flexible framework in which to support AXA’s commercial distribution channels and product variations. DCTE’s experience in the commercial market and flexible approach were key factors in the choice of IT platform while TCS’ project management, system integration and migration capabilities along with their track record within AXA made them the natural choice for IT partner.

                This multi-million pound investment over 3 years supports AXA’s commercial strategy to rejuvenate its product suite, broaden its product offering and improve service delivery, particularly in areas such as clear documentation and product flexibility. The new IT platform will also enable AXA to more easily enter into new lines of business, such as the mid-corporate arena.


                Anthony Middle, managing director of AXA Commercial said                : “This is an exciting development and a significant investment in our commercial business. We have listened to our customers and our employees, and we are reorganising our structure and processes to meet their needs – having the new IT platform will allow us to rejuvenate our product suite, improve our service capability, and help us continue to build on the positive changes we have made over the last 18 months or so.

                “The partners we have chosen have a strong and credible background. Duck Creek has a proven track record in helping companies to transform traditional administration systems and TCS bring with them not only a wealth of project management experience, but also their intimate knowledge of how AXA and its current systems operate.”

                Julian James, Managing Director Business Development, of Duck Creek Europe said: “We are excited to announce AXA as a new client. AXA scrutinised the European software marketplace to find a unique offering to replace their existing commercial lines system. The Duck Creek solution delivers speed to market without compromising quality of new product build.  At the forefront of modern technology the agility of our solutions meets the demands of today and future markets”.

                A.S. Lakshminarayan, Vice President and Head of Europe for TCS said:                 “We are extremely proud to have been working with AXA for approaching two decades and believe that this experience of working closely with our client on a number of large scale implementations will enable us to be an effective partner in delivering this critical business platform”.

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                Kiln, the international insurance and reinsurance underwriting group, has today launched a new specialist team to underwrite international logistics risks. The team will be part of the marine & special risks division of Kiln Syndicate 510 and will specialise in providing cover for clients in the freight and transport industry, and for ports and terminal operators. Peter Rogers will head up the team.

                Peter was previously managing director at Ipswich-based ITMU, a leading underwriter in the sector. Prior to ITMU he ran the freight liability unit at Allianz.

                In addition to underwriting this business at Lloyd’s, Peter will have responsibility for developing Kiln’s international logistics sector globally, and will ensure that producing brokers have access to these products through Kiln’s offices in Europe, Asia and South Africa.

                The Ipswich-based unit will join Manchester and Leeds to become part of Kiln’s UK regional network, and will further enhance the range of specialist marine hull and cargo products currently written there, in London and overseas.

                Paul Culham, active underwriter, marine & special risks at Syndicate 510, said: “Peter and his team bring substantial experience and specific knowledge of international trade and the particular needs of companies in the logistics sector, which will significantly enhance Kiln’s underwriting capability in this sector. It is an area that is changing rapidly and we are committed to ensuring that we evolve too in order to continue to meet the needs of our customers.”

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