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George Stobbart

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Hibernian Aviva has announced today the plan to increase prices by an average of 12% from october 09.

The main reasons of these new rates are medical inflation and an increase in claims.

The change in premiums means that the cost of cover for a family of two adults and two children will go up by €140 a year to €1,990 under the insurer’s Level 2 Hospital plan.

Hibernian Aviva mentionned to have done the best to minimise the rise.

Many healtcare providers could also increase prices due to Hibernian’s announcement.

“While other healthcare providers are leaving their customers exposed by removing benefits from plans and applying excesses, Hibernian Aviva Health remains committed to maintaining superior benefits and coverage across all of its plan range,” insisted Hibernian’s Jim Dowdall.

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Motorists are getting their first car at a younger age than ever before, according to a survey published today by Swinton.

The study found that of those now aged between 18 and 24 more than two thirds (68%) had acquired their first car while still in their teens, compared with only 28% of drivers now aged 65 or over.

Young men have always been in much more of a hurry to get behind the wheel than young women.

Regardless of age, half (50%) of all men had become car owners by the time they were 20 compared with only 38% of women.

A spokesperson said: “At a time when the cost of car ownership is higher than ever, with both fuel and insurance costs rising steeply, getting a car remains a priority – especially for young men.

“Although the number of drivers of each sex who have passed their test before they’re 20 is similar (38% of men and 35% of women), owning a car seems to be a ‘rite of passage’ for young men.

“Unfortunately, one out of every five will also experience a serious accident within their first year of driving. Young men are twice as likely to be killed or seriously injured in a collision than young women and although the number of accidents on Britain’s roads is thankfully falling, the proportion suffered by young drivers is rising.”

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As part of its strategy to encourage general insurance brokers to help customers adapt to the impact of climate change, Zurich Financial Services Australia (Zurich) has established the national Zurich Climate Ready Broker Award.

The Climate Ready Broker Award recognises a broker who demonstrates leadership in the area of managing climate risks for their customers.

The inaugural winner of the award, which is to be an annual event, was named at the National Insurance Brokers Association (NIBA) Convention in Sydney today.

The winner is Peter Farrar, a director of RJ Vaughan & Monaghan Insurance Brokers, in Hornsby, NSW.

Presenting Mr Farrar with the award, Zurich Chief Executive Mr David Smith said, “With the increase and ferocity of weather-related disasters, such as the Victorian bush fires, more and more brokers are helping their customers understand the risks of climate change.

“Zurich established the Climate Ready Broker Award to reward brokers who are making a proactive approach to increase their customers’ resilience to severe weather events,” he said.

Mr Smith added, “Zurich and NIBA recently undertook a national survey to ask brokers their thoughts on climate change. The results clearly show that brokers are looking to insurers to assist them better understand climate change so they can help their customers. That is why Zurich established the award and is shortly launching climate change training for key brokers.”

Mr Smith said Mr Farrar won the award for:

  • providing insurance solutions for customers to help cope with the hazards of climate
  • engaging customers in discussions on climate change
  • adding cover or adjusted policies to help customers cope with climate change risk
  • helping customers to identify and manage risks.

As part of his prize, Mr Farrar will have access to Climate Risk, one of Australia’s leading climate change consultancies, which will spend one day providing advice specific to climate-related risks to a select group of Mr Farrar’s customers.

Mr Farrar participated in the pilot Zurich Climate Change Broker Training at the end of 2008. Vaughan & Monaghan Insurance Brokers was founded in 1923 and is one of Australia’s oldest independent Insurance Brokers.

The Climate Ready Broker Award is another example of how Zurich globally is committed to helping our customers adapt to the impacts of climate change, including developing new products and services, as well as engaging with global experts and universities to bring a multi-disciplinary approach to this issue.

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    Willis Group, the global insurance broker, announced today that its Board of Directors has approved changing the company’s place of incorporation from Bermuda to Ireland. Willis’ shareholders will be asked to vote in favor of completing the change in place of incorporation, also known as a redomestication, at a shareholders meeting to be held in approximately three or four months.  The redomestication will also be subject to approval of the Supreme Court of Bermuda, as well as receipt of customary consents, approvals and waivers.

    If the redomestication is approved by Willis shareholders and the Supreme Court of Bermuda, it is expected that a new Irish public limited company, Willis Group Holdings plc, would replace Willis Group Holdings Limited as the ultimate public holding company of the Willis Group.

    Joseph J. Plumeri, the company’s Chairman and CEO, said, “The Board of Directors has determined that the company’s redomestication to Ireland is in the best interests of Willis and our shareholders.  We reviewed a number of alternatives with our Board of Directors, and believe that incorporating in Ireland will provide Willis with economic benefits and help ensure our continued global competitiveness.”

    A member of the European Union, Ireland offers a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Willis does business.  In addition to providing a more stable environment with the financial and legal infrastructure to meet Willis’ needs, it also improves Willis’ ability to maintain a competitive worldwide effective corporate tax rate.  Most importantly, Willis has had ongoing operations serving a wide range of clients in Ireland since 1903 and currently is the largest insurance broker in Ireland.

    Willis does not expect the redomestication will have any material change on its financial results and day-to-day operations and the Willis Group will continue to conduct its current business operations after the redomestication.  Willis will continue to be registered with the U.S. Securities and Exchange Commission (SEC) and be subject to SEC reporting requirements, as if a U.S. domestic company.  Further, Willis will continue to be subject to the mandates of the Sarbanes Oxley Act of 2002 and the applicable corporate governance rules of the New York Stock Exchange, and will continue to report its financial results in U.S. dollars and under U.S. generally accepted accounting principles, in addition to any reporting requirements by Irish law. Willis’ shares will continue to trade on the New York Stock Exchange under the ticker symbol “WSH.”

    Full details of the proposed redomestication, and the associated benefits and risks, will be provided to shareholders in the coming months in a proxy statement with respect to a special shareholders’ meeting.

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      BIBA (the British Insurance Brokers’ Association) will be promoted in the next TV advertisement campaign of Aviva.

      The main objective of this partnership it both to promote the benefits of intermediaries and to encourage customers to contact their local broker for advice through an Aviva branded version of BIBA’s online ‘Find a broker’ search for its members.

      Eric Galbraith, chief executive of BIBA, said: “We are delighted to be working with Aviva on this fantastic opportunity for members. It is really important for insurers to support brokers and Aviva is demonstrating its commitment to brokers.”

      Brian Spinks, head of corporate sales and marketing of Aviva, said: “Aviva’s core commercial insurance strategy is to support brokers and by working with BIBA we are providing the UK’s businesses with the optimum broker search facility.

      “We hope that our advertising campaign will drive significant new business leads to brokers and I would encourage them to ensure that their BIBA listing is up-to-date to maximise those opportunities.”

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        HSBC Insurance Brokers has announced a plan to transfer its Bournemouth headquarters. Consequently, the operations could cease leaving 165 staff facing an uncertain future.

        Staff will be individually briefed on their future, a relocation to Glasgow or new roles within the HSBC could be considered.

        “HSBC decided to move from their offices at the top of the Triangle earlier this year causing staff a great deal of inconvenience.

        “Then a few months later there was a handful of people made redundant and now the sell-off to AXA.

        “We should have seen this coming.”

        She added few people were hopeful of getting another job in insurance because of the sheer number of people that would all be looking for alternative work.

        A statement from AXA said        : “AXA Insurance can confirm it will be providing business insurance on behalf of HSBC from 1 January 2010.

        “This business will transfer to AXA’s commercial operation in Glasgow from that date.

        “AXA is discussing employment opportunities with HSBC employees and is hoping that some employees will decide to join the AXA team.

        “Both AXA and HSBC will be working with all affected employees to ensure that they are fully supported during this unsettling time.”

        And a statement from HSBC said: “HSBC Bank has entered into a 10-year partnership with AXA to offer business insurance to its small to medium-sized business customers from 1 January 2010.

        “Under the partnership, AXA, the UK’s leading provider of insurance solutions, will provide insurance products for HSBC’s business banking and commercial customers.

        “HSBC’s insurance brokers staff based in Bournemouth are being briefed today on the implications of the announcement and the longer term plans for the insurance broking business.”

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        According to the latest ABI figures, trade credit insurance claims have fallen for the first time in four quarters. In Quarter 2, 2009 :


        • The total number of claims was 5,661, a decrease of 1% from 5,702 in Q2 2008.
        • The total value of claims was £81 million, an increase of 17% from £69 million in Q2 2008

        Meanwhile, provisional figures from the Insolvency Service show that the total number of company liquidations was 5,059 in Q2 2009, an increase of 37% from 3,689 in Q2 2008.

        Nick Starling, the ABI’s Director of General Insurance and Health, said:

        “Trade credit insurance continues to do a vital job in helping companies through the recession and remains a lifeline for many companies. Trade credit insurance helps clients to avoid risks when times are tough, and  pays claims when those risks cannot be avoided. It often makes the difference between a good business staying afloat or going under.

        “Trade credit insurance claims decreasing, while company insolvencies rise shows the crucial part that insurers play in helping to steer their customers away from risk.

        “But the economy is not out of the woods yet.  Many companies may still be vulnerable, making trade credit insurance more valuable than ever. Insolvencies are just as likely to happen while the economy is recovering as they are when it’s entering a downturn.”

        The figures show that there has been a quarter-on-quarter decrease in claims and their value.

        • The total number of claims in Q2 2009 was 5,661, a decrease of 39% from 9,213 in Q1 2009.
        • The total value of claims was £81 million, a decrease of 41%, from £137 million in Q1 2009.

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        Liberty International Underwriters Europe (LIU Europe), a division of Liberty Mutual Group, has made two appointments to spearhead a new product line for civil construction risks – Richard Williams as Vice President of Civil Construction and Paul Hampshire as Assistant Vice President of Civil Construction.

        Based in London, Williams and Hampshire will write a range of civil infrastructure business to complement LIU Europe’s existing range of construction products as well as look for high quality projects globally that display good levels of risk management.

        Richard Williams has spent 19 years in the London insurance market, most recently as director heading up the engineering and construction insurance unit of a major global reinsurance company. Prior to this, he worked as an engineer on sites in the UK and West Africa for Taylor Woodrow and Mowlem Building.

        Paul Hampshire joins from ARCADIS AYH where he was based in The Hague as Director, International Sector, responsible for key corporate accounts and relationships in EMEA. Prior to this role, Paul was MD for Bovis Lend Lease for France and Benelux and also managed key aspects of the Terminal 5 development, Euro Disney and Waterloo International projects.

        Commenting on the recruitment of the team, Sean Rocks, Chief Executive Officer, LIU Europe, said: “We already have a strong team writing construction risks and the addition of civil construction will nicely complement our existing book while providing our brokers and clients with a broader range of construction products. Richard and Paul both have exceptional expertise and experience within the civil construction sector and will prove to be a valuable asset to our business.”

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        The economic downturn has prompted nearly three-quarters (73%) of Europe’s leading transportation firms to review their approach to risk management, according to new research commissioned by Marsh, the insurance broker and risk adviser. In addition, almost four-fifths of respondents now believe that, as a result of the downturn, risk management has become more important at the most senior levels of their organisation. Most respondents (54%) felt that the transportation industry had been the sector hardest hit by the economic downturn.

        Yet, despite a heightened awareness of risk and many companies reviewing their risk management strategy in the transportation sector, Marsh’s research reveals that this does not translate into a reduction in risk appetite. Only 40% of participants believe that their board has become more risk averse, while a similar proportion see no change in risk appetite; 14% believe their organisations’ risk appetite has actually increased.

        Mark Pollard, Head of Industry Practices for Europe, the Middle East and Africa at Marsh, commented: “It is unsurprising that the European transportation sector feels that it has been hit extremely hard by the recession: the industry’s primary function is to transport goods and people, demand for which traditionally declines during a downturn.

        “However, it is extremely encouraging that firms have used the recession as an opportunity to review their approach to risk and build their resilience: 30% of participants expect their risk management expenditure to increase over the next 18 months, at a time when many are striving to cut costs and budgets in other areas, while just 8% of transportation companies expect budgets to decrease.”

        Marsh’s research reveals that customers currently present a significant concern for 62% of respondents, with many highlighting the increased risk of customer debt, credit lines and delayed and non payment as key challenges. Credit risk will continue to be a near-term concern for the transportation industry; a quarter of participants (26%) highlighted credit risk as a key organisational risk over the next 18 months and one in six indicated that their firm has been ‘fairly significantly’ or ‘very significantly’ affected by a reduced availability of trade credit insurance.

        Stephen Roberts, Leader of Marsh’s UK Strategic Risk Practice, added: “Many organisations find that the scope of their existing risk management does not capture their entire risk footprint. The recession has brought to the forefront strategic risks such as supply chains, business partnerships, fluctuating commodity prices, not to mention supplier and customer liquidity issues. These are just some of the flashpoints currently facing European transportation firms.”

        In addition to this report, Changing risks – changing responses: risk management in the transportation industry, Marsh’s Risk Consulting Practice has recently developed two industry risk registers for the public transport and logistics sectors. These identify 17 risks that most commonly feature in the risk registers of organisations in these industries and can be used by companies to benchmark themselves against their peers.

        Marsh’s report is a comprehensive study of risk management in the European transportation sector in the wake of the global financial crisis. Senior risk and insurance professionals in 115 firms with turnovers greater than €50 million across Europe were interviewed to examine their immediate risk management concerns, confidence in their ability to manage these risks, and how they plan to address risk management in the coming months.

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        Marsh Inc., the world’s leading insurance broker and risk advisor, today announced it has completed the acquisition of International Advisory Services Ltd. (IAS), the largest independent manager of captive and third-party insurance companies in Bermuda. Terms of the transaction were not disclosed.

        The acquisition strengthens Marsh’s position as a global leader in managing captive insurance companies and its rank as Bermuda’s largest captive management organisation. Captive insurance companies are owned by businesses, associations, or groups of businesses as formal mechanisms for self-insuring, funding, and managing risks.

        Worldwide, Marsh manages more than 1,100 captives. These entities are headquartered in 31 countries and other jurisdictions around the world that have specific regulations to accommodate these types of businesses. IAS, which manages over 150 captives, is headquartered in Bermuda where nearly all of the captives it manages are located.

        Dan Glaser, chairman and chief executive officer of Marsh, said: “IAS is a well managed company that represents an excellent fit with our business – both from a strategic perspective and culturally with its longstanding reputation for excellent client service. This combination reflects Marsh’s commitment to continue to invest in our core businesses around the world and to remain at the forefront of our industry in offering a full spectrum of solutions to clients’ risk management needs.”

        As the two firms combine their operations, David Ezekiel, founder and CEO of IAS, and David Pickering, executive vice president and COO, will be joining the leadership team of Marsh’s Global Captive Solutions Practice, which is led globally by Michael Cormier and includes Jill Husbands in Bermuda, and other representatives from around the world.

        Mr Ezekiel said: “I’m thrilled to be joining forces with Brian Duperreault, Dan Glaser, and the team at Marsh, and equally pleased to have David Pickering and the rest of the IAS team as part of the combined operation. Ever since IAS began operations, we have strived to offer the best service platform for our clients and we have maintained that commitment even as the challenges confronting clients have grown increasingly complex. Now, as part of Marsh, we can offer clients an entire portfolio of risk solutions to address the wide range of challenges they face today.”

        He added that IAS employees now will be part of a world class organization whose employees have the opportunity to develop their careers both within the realm of captive management and beyond that to the full range of risk services provided by Marsh.

        Mr Cormier said: “Captive use has continued to expand in all areas of the world. Bermuda remains a leader in providing innovative risk retention solutions to clients with complex risks. The combination of Marsh and IAS will bring together an unparalleled team of professionals who share a common focus and commitment to client service excellence.”

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        Sun Life Financial Inc. today announced the appointment of Stephen C. Peacher as Executive Vice-President and Chief Investment Officer, effective October 13, 2009.

        Mr. Peacher joins Sun Life Financial with over twenty years of credit and investment management experience in North American and international markets. He has extensive experience managing investment teams, portfolios and research across a wide range of assets, including public and structured bonds, investment-grade and high-yield corporates, emerging markets, and short-term instruments.

        Mr. Peacher was most recently Managing Director, Head of Fixed Income and Liquidity Strategies at Columbia Management, responsible for investment strategy, development and performance for the firm’s large fixed income and cash portfolios.

        Donald A. Stewart, Chief Executive Officer, Sun Life Financial said, “Steve has an impressive background in managing credit and bond portfolios that make him an excellent choice as our new Chief Investment Officer. He brings a disciplined and results-oriented approach which is a strong match with the strengths and discipline of our investments team.”

        As Chief Investment Officer, Mr. Peacher will be responsible for Sun Life’s invested asset portfolio, which had assets of $108 billion at June 30, 2009. He succeeds previous Chief Investment Officer, James M.A. Anderson, who retired from the Company earlier this year. Steve will be a member of the Company’s Executive Team and be co-located at Sun Life’s global headquarters in Toronto and its U.S. head office in Wellesley Hills, Massachusetts.

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          UK Broker Awards 2009 is now in their 16th successful year, these prestigious awards are opened to FSA-registered UK general insurance intermediaries and appointed representatives, with entries judged by an independent panel of judges. They are stylishly presented at the ceremony to over 500 of the industry’s leading figures to celebrate the achievements of the top insurance brokers.

          And the winners are….

          The e-business award:

          CETA

          The Technology award:

          Willis & Sequel

          Claims Service Provider of the year:

          Pi-Property

          Marketing Campaign of the year:

          MCE Insurance

          Customer Service Provider of the year:

          Romero Insurance Brokers

          Risk Management Service of the year:

          Marsh

          Private Clients Intermediary:

          HSBC Insurance Brokers

          Investment in people award:

          Kwik-Fit Insurance

          Personal Lines Initiative of the year:

          InsureCancer

          Commercial Lines Initiative of the year:

          BJP Insurance Brokers

          Schemes Intermediary of the year:

          Walker Midgley

          Intermediary of the year:

          MCE Insurance

          Young Broker of the year:

          Alan Inskip, Temporary Cover

          Broker Manager of the year:

          Ian Godsen, Higos

          The Achievement award:

          Alec Finch

          Please find below the description of each category :

          The E-business Award

          Sponsored by MMA Insurance

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. This will focus on the effective use of electronic information and communications technology at the transaction interface with the client, whether that be in a business-to-consumer or a business-to-business relationship. The innovative application of the latest technologies and evidence of success in generating profitable new business will be among the key features. The judges will also be looking for evidence of enhanced customer service/experience.

          The Technology Award

          Sponsored by APC Underwriting

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. Entries should focus on business and administrative processes and demonstrate that the application of new information and communications technology has enhanced the quality, efficiency and cost effectiveness of its business administration. The judges will be looking for evidence of greater efficiency, better customer service, lower error rates and effective implementation within agreed budgets and timetables.

          Claims Service of the Year

          Sponsored by Direct Fleet Insurance

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for evidence of delivery by the entrant of a customer-focused claims handling and/or claims management service. It will be particularly important to demonstrate the achievement of results against specified targets.

          Marketing Campaign of the Year

          Sponsored by HSBC Insurance Brokers

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The entrant must be able to demonstrate how a marketing strategy has been devised, researched and implemented as well as how success has been measured. A campaign is defined as the use of marketing techniques to either raise awareness of a certain issue, improve market share, enhance customer loyalty or break into new markets. It will be particularly important to demonstrate the achievement of results against set targets.

          Customer Service Provider of the Year

          Sponsored by MSL Legal Expenses

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for evidence of delivery of an excellent level of customer service supported by clear service standards and regular monitoring of performance, in addition to proof of the impact of a customer care strategy on retention, overall business and client satisfaction.

          Risk Management Service of the Year

          Sponsored by The Actuary

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for evidence that the entrant has made a significant contribution to the advancement of risk management, or can demonstrate the benefits of a specific risk management programme or service to its customer base. Proof of delivery of risk management services, the application of new techniques or effective identification and reduction of risk are likely to feature in successful entries.

          Private Clients Intermediary

          Sponsored by Oak Underwriting

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for evidence of a real commitment to meeting customer needs in the private clients sector, including the service offering and policy wording. Private clients are defined as relating to those with premiums of over £1,000 for home insurance related cover. The judges will be looking for evidence of a high quality service across all their activities, and a proven track record for innovation and expansion within existing or into new markets.

          Investment in People Award

          Sponsored by ULR MotorPlus

          Open
          to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. This award isdesigned to recognise investment in terms of both people and resources by companies, from specific training and team building initiatives to work/life balance initiatives. The judges will expect to see clear evidence of delivery and the impact on team morale, staff turnover and performance where relevant.

          Personal Lines Initiative of the Year

          Sponsored by Fortis Insurance

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for evidence of innovative and new ideas in the personal lines sector. This could include technology-led initiatives, identifying and effectively addressing special needs in the market or extending the range of added-value services provided to clients. The judges will expect to see evidence of clear, targeted planning and effective measurement of success.

          Commercial Lines Initiative of the Year

          Sponsored by QBE Insurance

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for evidence of innovative and new ideas in the commercial lines sector. This could include technology-led initiatives, identifying and effectively addressing special needs in the market or extending the range of added-value services provided to clients. The judges will expect to see evidence of clear, targeted planning and effective measurement of success.

          Schemes Intermediary of the Year

          Sponsored by ARAG Legal Services

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for a company that can demonstrate a real commitment to meeting specific customer needs and delivering a high quality of service across its schemes business. This should be coupled with a proven track record of success in terms of innovative and profitable expansion, either in existing or new markets.

          Intermediary of the Year

          Sponsored by LV

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for a company that can demonstrate a real commitment to meeting customer needs and delivering a high quality of service across all the lines of its business. This should be coupled with evidence of a proven track record of success in terms of innovative and profitable expansion, either in existing or new markets.

          Young Broker of the Year

          Sponsored by Equity Red Star

          Open to anyone working in the general insurance broking industry under the age of 30 on the entry deadline of 6 June 2008. This award will go to the person who has made significant strides in their career, clearly demonstrating their contribution to the team or department in which they work. The judges will also be looking for evidence of commitment to pursuing relevant professional qualifications and an interest in making their mark in the wider market. All nominations must be made by, or supported by, the person’s line manager.

          Broker Manager of the Year – NEW CATEGORY

          Sponsored by Professional Broking

          Open to any FSA-regulated general insurance broker or independent intermediary operating in the UK general insurance market. The judges will be looking for evidence of an outstanding broker manager, regardless of the size of the business or the size of their team. Evidence of a successful, innovative management strategy, commitment to investing in people, excellent leadership skills and outstanding results in terms of business growth and innovation will be required. Judges will be looking for an exceptional broker manager with a commitment to their team, the business and their clients. Brokers managing a division, team or entire business will be eligible.

          Achievement Award

          Sponsored by AIM Legal Expenses

          This special award will be presented to an individual who has made an outstanding contribution to the success, image or operation of the UK general insurance broking industry. Nominations are welcome but this award is decided by the chairman of the judging following consultation with the whole judging panel.

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          Householders hit by floods earlier this month will receive a £1,000 payment, it has been revealed.

          Parts of Belfast and Co Down were affected by the deluge with surface water making driving difficult.

          Environment Minister Edwin Poots visited one of the areas in Castlereagh caught up in the downpour.

          “Individual householders will be eligible for a £1,000 payment as an offer of practical assistance to those who have suffered severe inconvenience to ensure homes are made habitable as quickly as possible. It is not a compensation payment” he said.

          Councils can offer help and guidance including collection, retention and disposal of damaged household contents, assistance in making arrangements to clean up homes and gardens, and by providing de-humidifiers to dry out homes.

          Localised flooding was reported in several areas in the east of the city, with the Belmont Road and Sydenham by-pass affected.

          The aid for householders was approved by Finance Minister Sammy Wilson.

          Minister Wilson said: “I and my colleagues in the Executive want to help those most severely affected to get back on their feet again and to assist them in ensuring their homes are habitable,” he said.

          “That is why I am giving approval for this £1,000 payment to provide tangible support to those householders directly affected by recent floods.

          “As a locally elected administration, it is only right that we move in any way we can to provide help to local people when they need it most.

          “Working with and through councils, the aim of this scheme is to ensure that practical and financial help is delivered to those most severely affected as quickly as possible.”

          Steve Chelton, Insurer Development Manager, for Swinton home insurance, said: “It can be extremely stressful and distressing when a person’s home is flooded and we are also here to do everything we can to help and support people rebuilding their lives.”

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            Lloyds said it may scale back or cancel its participation in a state-backed scheme to insure it against credit losses, as a healthier economy has improved the outlook for bad debts.

            The part-nationalised bank on Friday confirmed for the first time that it was in talks with the government and the financial regulator over “possible alternatives” to the so-called asset protection scheme (APS), without providing further detail.

            “All possibilities remain open,” Lloyds said.

            Industry sources said last month that Lloyds was exploring ways of sidestepping the scheme, seen as expensive and potentially unnecessary following an upturn in the economy since it was first negotiated in March.

            But analysts say an outright withdrawal from the programme would be difficult as the bank would have to raise up to 20 billion pounds ($32.70 billion) of fresh capital — representing the biggest cash call on record — to satisfy regulators that it could absorb further credit losses on its own.

            “The idea of Lloyds exiting the APS is unlikely primarily because raising 15 to 20 billion pounds isn’t a viable option,” said Exane BNP Paribas analyst Ian Gordon.

            “The consensual position in the market is that Lloyds will end up with a hybrid of a slightly scaled-back APS, plus some capital raising.”

            According to Reuters reported on Thursday that the Financial Services Authority had set tougher-than-expected capital conditions on Lloyds’ potential exit from the scheme, making an outright departure less likely.

            Two of Lloyd’s biggest shareholders told Reuters last month that there was little enthusiasm for a cash call from the bank, which has already raised 4 billion pounds from investors this year.

            Under an outline deal unveiled in March, Lloyds is to hand 15.6 billion pounds in shares to the government in return for taxpayer-funded insurance against losses on 260 billion pounds of risky debt-backed assets. Final details of the programme have not been agreed.

            Lloyds, 43 percent owned by the government after an emergency 17 billion pound bailout last year, is also eager to limit its involvement in the APS because of concerns that its heavy reliance on state aid may prompt European regulators to order disposals. (Edited by Rupert Winchester)

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            Lack of cash is causing small businesses to cut corners acording to a research led by RSA Group.

            With many small businesses struggling to secure loans from financial institutions and new research from leading insurer RSA showing that the recession has led small businesses to scrutinise all expenditure down to the last paper clip, the insurer fears that some will cut corners on their insurance cover.  It warns this is extremely unwise in the current climate and firms that do this will ultimately pay a heavy price for poor risk management.

            RSA’s research found that the recession is driving key changes in business behaviour.  There is an enhanced scrutiny of costs and overheads to ensure value for money is achieved.  Given this, small businesses may consider cutting corners on their insurance cover on the grounds that they may not have made any recent claims and therefore underestimate the risks they now face.

            In these unpredictable times, insurance is even more important than before and all small businesses should ensure they are adequately covered for:

            • Business interruption – revenue and reputation are incredibly valuable at this time.  If anything were to happen to prevent a business from trading, the owner would want immediate support to get back up and running again without extensive cost
            • Professional indemnity – the recession has made Britain a more litigious society and therefore professional failures or mistakes that may have gone overlooked a few months ago are being challenged now
            • Contents cover – as in previous recessions, a rise in unemployment tends to lead to an increase in incidents of theft

            In addition to providing these covers and risk management advice, all of RSA’s products come with a monthly interest-free direct debit installments option, to help make budgeting easier.

            David Greaves, Director of Small Businesses at RSA, said, “All businesses face a large number of issues on a daily basis, regardless of their size.  A small business can be left vulnerable to many risks and with the loss of their livelihood a very real possibility, failure is not an option.

            “RSA’s know how in this sector has allowed us to build up a clear understanding of these issues and that is why we are calling on small businesses to be aware of the risks they face and ensure they are adequately protected.”

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            RSA Insurance Ireland Limited announces the acquisition of Benchmark Underwriting Limited.

            Benchmark is an underwriting agency offering commercial and personal lines insurance solutions. Established in 2004, the company is based in the International Financial Services Centre in Dublin and has established a strong record of growth and profit. 2007 Gross Written Premium was circa €10m.

            The transaction is consistent with RSA’s profitable growth strategy in Ireland and intent to build lead positions in targeted general insurance segments. Post acquisition, Benchmark will continue to operate under its own brand and structure.

            Philip Smith, Chief Executive, RSA Insurance Ireland said, “We have a very strong business in Ireland and this acquisition reflects our intent to achieve further profitable growth. The combination of RSA’s technical excellence and distribution network and Benchmark’s targeted product offerings creates an exciting platform for the future”.

            Benchmark’s Director, Martin Kennedy stated:- “Benchmark’s expertise in target segments and our distribution relationships will be significantly bolstered by the RSA scale, financial rating and technical insurance disciplines. The acquisition marks a very positive development for our company, staff and business partners”.

            The acquisition announced today builds on RSA’s strong record of investment and growth over the past couple of years – a period which has seen the business:

            1. Acquire Europa General Insurance (2007)
            2. Acquire Sertus Underwriting (2008)
            3. Launch a new global ‘RSA Brand’ (2008) – previously Royal & SunAlliance
            4. Relocate to new state of art Headquarter Offices in Dundrum, Dublin 14. (2008)
            5. Domesticate the Irish business (2009) – involving a €100m injection in additional capital into the local business.

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              Fortis and BNP Paribas Assurance acquire a majority stake in UBI Assicurazioni, one of the leading non-life bancassurance players in Italy. UBI Assicurazioni enters into a long term exclusive distribution agreement with UBI Banca, a Top 5 Italian bank.

              Fortis and BNP Paribas Assurance announce the acquisition of 50% + 1 share of UBI Assicurazioni, a market leader in property and casualty bancassurance in Italy. The transaction will be executed through a holding company (F&B Insurance Holdings), which will be held by Fortis (50% + 1 share) and BNP Paribas Assurance (50% -1 share). UBI Assicurazioni is currently 100% owned by UBI Banca. UBI Banca will keep 50% – 1 share. Fortis and BNP Paribas Assurance will pay a consideration of EUR 120 million in cash on completion. An additional consideration of approximatively EUR 40 million will be payable to UBI Banca in cash, dependent upon the achievement of certain volume thresholds in the future.

              Upon completion of the transaction, Fortis and BNP Paribas Assurance will build upon UBI Assicurazioni’s capabilities to further develop and market non-life insurance products and services, such as car insurance, household insurance and non-life creditor insurance. The products will continue to be distributed essentially via the retail branch networks of UBI Banca, with which UBI Assicurazioni will enter into a long term exclusive distribution agreement.

              UBI Assicurazioni is one of the leading non-life bancassurance players in Italy. In 2008, UBI Assicurazioni recorded gross written premiums of EUR 238 million. UBI Assicurazioni has 20 years experience in the Italian market where it distributes its products through the 2,000 branches of UBI Banca. UBI Banca is one of Italy’s top five banks with four million customers, a market share of approximately 6% and a strong presence in the wealthiest areas of Italy. UBI Banca is a cooperative banking group listed on the Milan stock exchange.

              The Italian non-life insurance market harbors considerable potential for bancassurance. Italy is Europe’s fifth-largest non-life insurance market with total non-life GWP of EUR 38 billion in 2007 and has experienced steady annual growth in excess of 4% since 2000. In 2007, only 1.8% of non-life gross written premiums were sold through the banking channel. However, bancassurance in Italy is expected to catch up with other European countries and therefore
              offers excellent growth opportunities.

              This transaction will enable Fortis to use its non-life bancassurance expertise to further develop opportunities to cross sell insurance products to banking customers and enhance the product mix of the P&C portfolio. The transaction will also enable Fortis to establish itself rapidly in the
              Italian market, and to jointly assess with BNP Paribas Assurance new growth opportunities.

              This operation provides BNP Paribas Assurance with an opportunity to accelerate the growth of its non-life insurance business in Italy, where it has a strong expertise in relation to creditor insurance through its subsidiary Cardif.

              Commenting on the acquisition of Ubi Assicurazioni, Bart De Smet, Chief Executive Officer of Fortis said: “This transaction is a great opportunity for Fortis to play its strengths: bancassurance, non-life insurance expertise and long-term partnerships. We are looking
              forward to teaming up with BNP Paribas Assurance, with whom we have established an excellent relationship, to generate strong and profitable growth in this new strategic partnership with UBI Banca, and with a view to exploring other opportunities in the future.”

              Eric Lombard, Chairman and Chief Executive Officer of BNP Paribas Assurance added: “This transaction constitutes a new step forward for BNP Paribas Assurance in Italy. It is perfectly in line with our strategy, which calls for an expansion of our product and service portfolio, particularly in Property and Casualty insurance, to better address the expectations of our partners. This operation is the first tangible initiative within the framework of the strategic partnership in insurance between Fortis and the BNP Paribas group. I have every confidence that it will prove a strong success.”

              The transaction is subject to regulatory approvals from relevant competition authorities and regulators. Transaction closing is expected to take place before the end of 2009.

              Transaction structure :

              Fortis BNP Paribas UBI Assicurazioni Transaction structure

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              Groupama Insurances has announced that Rosemary Whitfield-Jones, one of the insurance industry’s most respected legal professionals will be retiring from her role as Company Secretary and Legal Adviser in October 2009, after almost 20 years with the business.

              Rosemary joined the company in 1990 and has overseen many important changes during her long service. She single-handedly introduced the solicitors panel concept into the insurance sector which has been widely adopted across the industry, was made a Freeman of the City of London in 1992 and in 1993 became a lady liveryman of The Worshipful Company of Glaziers and Painters of Glass. Her achievements led to The Lawyer Magazine establishing her into the legal profession’s Hall of Fame in 2007 as part of its 20th anniversary celebrations.

              Rosemary’s responsibilities as UK Group legal counsel for Groupama Insurances will be assumed by Ben Speers who steps up from his position as Assistant Group Legal Adviser and he will continue in his role as Company Secretary of Groupama’s GUK Broking Services subsidiary. In addition to his existing role of Group Compliance Officer, David Ragan will take on Rosemary’s role as Company Secretary to Groupama Insurances. Both Ben and David will in future report to Paul Picknett as part of a widening of his responsibilities as Corporate Services Director.

              Commenting on Rosemary’s impending departure, François-Xavier Boisseau, CEO for Groupama Insurances said; “We have been extremely fortunate to have the benefit of Rosemary’s wise advice and counsel over many years. It goes without saying that we are very sad to be losing her valuable services as Company Secretary and as a trusted and highly respected Group Legal Adviser. We wish her a long and happy retirement”.

              “While we are sad to see Rosemary go, we are pleased to confirm the increased responsibilities for Paul, Ben and David. These appointments demonstrate their continued development at Groupama as well as our commitment to maximising the potential of the talent and expertise within our business”.

              Rosemary Whitfield-Jones comments “My years in the industry and with Groupama have been both challenging and rewarding. However, I now feel its time to step aside safe in the knowledge that I am leaving the business in very capable hands. Ben and David have precisely the skills and experience to see them prosper in their enhanced roles within the business. It has been a pleasure working with them as well as everyone else in Groupama and I will continue to follow its successes closely.”

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                AXA Insurance has today announced that it has secured a 10 year partnership with HSBC to provide insurance solutions to HSBC’s small to medium sized business customers.

                Following a competitive tender, HSBC will now offer AXA business insurance policies to new customers from 1 January 2010 and to existing customers at renewal.

                AXA and HSBC have a number of different partnerships across the world, reflecting the international presence and business knowledge of both companies. In the UK, AXA Insurance provides both travel and home insurance products for Marks & Spencer – which is part of the HSBC Money portfolio.

                AXA’s business insurance provides a competitive range of property, casualty and motor products, specially tailored to the needs of small to medium sized entities in the UK. Insurance has a huge strategic importance for HSBC and this new agreement will help grow this business.

                Anthony Middle, Managing Director of AXA Commercial said: “We are confident that our broad product portfolio, innovative solutions and value-added offerings provide a market-leading small business proposition. AXA is already a leading player in this market, providing insurance to around 25 per cent of the SME community.   It’s great to develop our relationship with a company with the same strong brand and inherent values that are part of our success”.

                Robert Lang, HSBC’s European Head of Insurance said: “We are focused on ensuring that our business and commercial banking customers continue to benefit from high quality insurance solutions. AXA is a market leader in the provision of business insurance to SME customers and we will work together to ensure that our UK customers benefit from their expertise”.

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                  Lloyd’s, the world’s leading specialist insurance market, today opened its first representative office in Sweden, which will act as the hub for all Nordic operations.

                  The office, in Stockholm, will be run by Lloyd’s Nordic Representative, Erik Börjesson, who has been building relationships with the regulatory authorities and developing business in the region since his appointment in January 2009. The office was officially opened by the British Ambassador to Sweden, Andrew Mitchell, and Enrico Bertagna, Lloyd’s Regional Manager, Europe.

                  At the opening, Mr Bertagna said:

                  “The relationship between Lloyd’s and the Nordic insurance buyers is extremely important. We have reported strong growth in the Nordic region over the past few years, with premium growth up to £350m in 2008. We expect this to increase now that we have a local presence.”

                  Lloyd’s Nordic Representative, Erik Börjesson, added:

                  “While the Nordic markets are small by international comparisons, they have demonstrated strong growth, have little volatility and are generally stable. We must make sure that the Lloyd’s market is well placed to capitalise on the opportunities. There is currently a healthy appetite for the region amongst businesses in the market with 18 managing agents seeking to develop their business there.”

                  The Nordic region as a whole (Norway, Sweden, Finland & Denmark) is Lloyd’s third largest European market, and presents many niche opportunities for profitable diversification of the Lloyd’s market, particularly in energy, aviation and property business.

                  Lloyd’s also hosted a networking event preceding the office opening, with representatives from the Nordic insurance industry and the Lloyd’s market listening to the latest developments in the region.

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